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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #50,321
  • Dec 23, 2009 7:52am Dec 23, 2009 7:52am
my NZDUSD trade is retracing right now. i closed out half of my position @ 7017, and it looks like the other half is going to be stopped @ B/E. I still have the other short I placed higher up, I closed out a third of that position a while ago, I'm thinking it will be safe from this correction... I like closing partial pieces of the trades.... this prevents fear and greed, and also gives me a change to catch a real swing trade; with confidence and ease.
Many choose unhappiness over uncertainty.
  • #50,322
  • Dec 23, 2009 8:48am Dec 23, 2009 8:48am
Quoting Forex007
Hi Mike,

I noticed that you used TL in the same "format" as Raczek did recently: using Highs (or Closes) rather than Lows. What's the trick? MANY THANKS!
Hey Fx007

Not quite sure what you mean here. In that post I was simply showing divergence of price moving higher and MACD moving lower.

Sorry if I missed your question here let me know
Mike
  • #50,323
  • Dec 23, 2009 8:48am Dec 23, 2009 8:48am
This was probably my last trade of the month/year.
IB (not my favourite PA) in PPZ with divergence and entry just above round number 0.8900.
Exit just below big round number 0.9000 for just above 1R profit.
This could/can go higher but this TP was what I was aiming.

After 2 months of demo trading I am just above 3% in my account balance (some of you guys get this in just one day) but I am really playing this as closest as possible to live trading.
BE seems to be like a magnet to me but I hope in the next months to step out of this "zone" (up, if possible ).

Wish james and all you guys a Merry Christmas and a great 2010.

Nos
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  • #50,324
  • Dec 23, 2009 8:53am Dec 23, 2009 8:53am
Hi perch,

I'm in a similar situation to yours. Focusing heavily on daily/weekly and avoiding any trades intraday.

Quoting perch
what do you do in the interim?
I stare at charts actually. I mark up my daily/weekly charts to see what locations held/broke. I look at the nice pins that moved price compared to the tiny midget pins that are in clusters of traffic. I also replay historical prices trying to refine "my" plan based on my style of trading/comfort zone.

Quoting perch
is it ok to go to lower time frames just for practice sake or for looking for my own strategy so to speak - or does this just confuse the issue for most beginners?
I'm just a newbie, but anytime I start telling myself this it usually means I'm bored and need "action". I think 99% of newbies suffer from this -- myself included. I take comfort in the fact that I can have the discipline to treat demo like I would my real account and just wait.

Quoting perch
Anyone else expecting to graduate in 2010?
I look forward to many more than 3 consecutive months in 2010. I'm in no rush, because I don't need to be a successful trader to be a successful person. I don't need that kind of pressure.


Just my opinion of course. Good luck with the weather and happy holidays perch.

-- Danny
  • #50,325
  • Dec 23, 2009 9:03am Dec 23, 2009 9:03am
Quoting Dan Gilbert
Well i got my S/L to break even after the trade went 95 pips in my favor, so here's my trade/analysis....

NOTE: no PA was used in the execution of this trade, just a very strong zone with a great potential R/R trade...
wow another touch trader in the zone, great trade.

Btw any reason for not considering/highlighting 145.70.

Missed the UC by one pip.
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  • #50,326
  • Dec 23, 2009 9:32am Dec 23, 2009 9:32am
Quoting perch

Anyone else expecting to graduate in 2010?
Yes, i am devoting my trading career now to learning J16 trading methodology. Just in the little time i been here, things rub off on you. I started to read a thread last night on another forex board about these incredible indicators and an algo that was a holy grail that they wanted to turn into an ea. Thanx to this thread i immediately thought that theres no way you can abandon PA analysis and just let an ea with some indicators calling the trades work. As i followed the thread they worked so hard at adding this filter and modifying that indicator until at the end, several months of posts, reality set in that you cant automate indicators and the filter everyone was looking for was the trader being able to read PA for entries and exits. Thanx to this thread i knew that and didnt get sucked into some new fad trade. But to give the guys some credit, they did make money and the ones that already new how to trade had benefit from the indis. Anyhow thanx to all the teachers here and hope you christmas is merry.

bulls
Whats happening in EUR/USD should be happening to you!
  • #50,327
  • Dec 23, 2009 9:50am Dec 23, 2009 9:50am
As I prepare to celebrate the Christmas holidays with my family, I would like
to take the opportunity to say thank you all of you wonderful people who use and
enjoy this forum.

Best wishes for a wonderful holiday filled with family and
friends, laughter, love, peace and happiness.


And may the New Year begin on a prosperous note.

here is something to enjoy yourself


Inserted Video
  • #50,328
  • Dec 23, 2009 10:07am Dec 23, 2009 10:07am
In case I don't make it by over the next week or so, just wanted to wish Jim and the gang a Merry Christmas and a happy New Year. I've come a long way with my trading this year and could not have gotten there without the fine folks from this chart thread. This is truly where it all began for me. Take care.
"Don't trade to trade . . . trade to win." - James16
  • #50,329
  • Dec 23, 2009 12:34pm Dec 23, 2009 12:34pm
Not to be original here, I'd like to wish all the people that contribute to this thread a very merry and joyful Christmas.

As I'm working my way through the thread from the beginning I see that some of the giants don't visit here much anymore, but a special thanks go out to, among other, Habeeb, SeekingLight, TheWizard, Mbqb11, RaczekFX and many more!


Merry Christmas from Sweden!

  • #50,330
  • Dec 23, 2009 12:44pm Dec 23, 2009 12:44pm
is this divergence spotted correctly?

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  • #50,331
  • Dec 23, 2009 12:47pm Dec 23, 2009 12:47pm
Quoting 4X=0
is this divergence spotted correctly?

Attachment
yep sure is

Mike
  • #50,332
  • Dec 23, 2009 3:56pm Dec 23, 2009 3:56pm
Couple of Pins on the 4h eur/usd & nzd/usd after there recent retraces. Would this be a good opportunity to increase a position?
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Learning to be rigid in my rules & flexible in my expectations
  • #50,333
  • Dec 23, 2009 4:12pm Dec 23, 2009 4:12pm
Quoting StoragePro
I am at another place - secret.
Very jealous.

----

Have a good Christmas and New Year, everyone. See you again in 2010 to compound some more dollars
When you have to shoot, shoot. Dont talk.
  • #50,334
  • Dec 23, 2009 4:38pm Dec 23, 2009 4:38pm
Merry Christmas :-)

It's trending tree.
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  • #50,335
  • Dec 23, 2009 4:42pm Dec 23, 2009 4:42pm
LOL I wonder how divergence should look like on that picture.

Thanks for your contributions by the way Jankone!

Merry Christmas to ya'll!

Quoting Jankone
Merry Christmas :-)

  • #50,336
  • Dec 23, 2009 4:43pm Dec 23, 2009 4:43pm
Quoting mbqb11
Hey Fx007

Not quite sure what you mean here. In that post I was simply showing divergence of price moving higher and MACD moving lower.

Sorry if I missed your question here let me know
Mike
No, that was it, thanks a lot, Mike! It just was that Raczek recently posted several charts where all his uptrend lines were done in the same fashion (he later kindly explained it was part of his trading system) and I got worried I was missing a main fashion trend in charting!
One Chart is Worth Ten Thousand Words.
  • #50,337
  • Dec 23, 2009 4:47pm Dec 23, 2009 4:47pm
Shall I be politically correct and send you all my "Season's Greetings" or shall I actually go ahead and at least wish you and your families a very Happy New Year?..

Either way, Happy Holidays! (hm, was that a compromise )
One Chart is Worth Ten Thousand Words.
  • #50,338
  • Dec 23, 2009 5:35pm Dec 23, 2009 5:35pm
There comes a time when the characature of a Hug just falls short of the intended sentiment to all my (net) buddies.

From My Heart & Soul, I wish all those that know me,

A few more breaks this coming year.
The $hits when I attempt to Enter Early
A Head Cold when I panic & try to Grab Profit too early

The list is long but the hope is the same.
Capital Preservation suggests that you can survive another year.
Capitalist Preservation suggests that you can strip a subject naked.

Get your head in the game...

2010 will be the year that many people will explode from mediocrity to riches. Do you intend to be one of them?
Luck or knowledge?
  • #50,339
  • Dec 23, 2009 7:25pm Dec 23, 2009 7:25pm
how do you use this divergence?

is it confirmation? criteria?

is this one correct too?


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  • #50,340
  • Dec 23, 2009 9:22pm Dec 23, 2009 9:22pm
Quoting Bemac

2010 will be the year that many people will explode from mediocrity to riches. Do you intend to be one of them?
Luck or knowledge?
Yes sir, I do.

Sticking with the stuff we can relate to and with the right knowledge of odds & PA we should be riding along side with luck.

Thank you for the exhortation.
One Mind, Any Market
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