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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

  • #51,341
  • Jan 12, 2010 10:20am Jan 12, 2010 10:20am
Quoting Forex007
Giving Rac your money would have been a much wiser decision... You cannot trade off recommendations, without knowing what you are doing. Who will be telling you when to move SL to BE, when to take profits etc etc?
lowest draw down possible please.
  • #51,342
  • Jan 12, 2010 10:24am Jan 12, 2010 10:24am
im hoping for a breaout
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  • #51,343
  • Jan 12, 2010 10:30am Jan 12, 2010 10:30am
Quoting nasir.khan
No problem trust me.
Ha ha...........wouldn't a hammer have been sufficient Nasir?!?!

I wondered what caused price to turn in these markets.........
  • #51,344
  • Jan 12, 2010 10:33am Jan 12, 2010 10:33am
Quoting ehrek
Just shorted 750,000K 4543, based on raczek's theory..

i trust him
Wow, that's a bad idea hombre. When you base a trade off someone else's recomendations, it leaves you with no power at all- just hope.
I dream, therefore I become.
  • #51,345
  • Jan 12, 2010 10:35am Jan 12, 2010 10:35am
Quoting Dan Gilbert
I have been waiting for this yellow line to get touched.... for a long time now... *ZZZZzzzzz*
hey Dan,
for your touch trades, how wide is your stop? Let's say for this particular 4h setup?
Obviously touch trades have lower success ratio but when they work out the reward is good. But I just can't make it work for me... I tend to use about 25 points on 4h and move sl to be at about 30. The success ratio is just way too low... thanks
  • #51,346
  • Jan 12, 2010 10:35am Jan 12, 2010 10:35am
Quoting advfntrader
have you looked at the daily. you are trading against a Daily Pin !!
I was aware of that, but I think already gave (at least for the moment) part of its profits, just looking for a small retracement here....
Altough, not looking good @ the moment....
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That which does not kill me, makes me stronger.
  • #51,347
  • Jan 12, 2010 10:39am Jan 12, 2010 10:39am
Quoting Dan Gilbert
I have been waiting for this yellow line to get touched.... for a long time now... *ZZZZzzzzz*
Hey, I just touched the yellow line for you.........now what?
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  • #51,348
  • Jan 12, 2010 10:42am Jan 12, 2010 10:42am
Quoting ehrek
Just shorted 750,000K 4543, based on raczek's theory..

i trust him
Ahhh Rac my master, he has taken me light years ahead, Owe him big time.

But i would always believe the guy i see in the mirror.
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  • #51,349
  • Jan 12, 2010 10:56am Jan 12, 2010 10:56am
Quoting raczekfx
Based on xxxxxxxxxxxxx about eu..
.
xxxxxxxxxxxxx = On Fundamentals

or

xxxxxxxxxxxxx = On Charts

thanks.
  • #51,350
  • Jan 12, 2010 10:57am Jan 12, 2010 10:57am
Quoting RajFX
hey Dan,
for your touch trades, how wide is your stop? Let's say for this particular 4h setup?
Obviously touch trades have lower success ratio but when they work out the reward is good. But I just can't make it work for me... I tend to use about 25 points on 4h and move sl to be at about 30. The success ratio is just way too low... thanks
in my opinion, in order to trade a touch trade, you need a VERY valid trendline with a minimum of at least 3 bar touches to that line, if that line breaks, and retraces, you have a good chance it has flipped from support to resistance, or resistance to support, depending on the scenario (and the trend). as far as a stop, I would say, just above any near by bar high, or bar low to the left of the touch.

In this pic, the purple horizontal line is an area where if price does not stop there, it will just plow right through that thing and keep going.

the "X" I have draw on that bar low is the indication as to why.

the red dotted line is 12 pips above this area (the actual stop area), this gives me 12 pips of breathing room before confirming the touch trade, and if it fails at that point, it wasn't meant to be, and I get stopped out @ 1.0254.
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Many choose unhappiness over uncertainty.
  • #51,351
  • Jan 12, 2010 10:59am Jan 12, 2010 10:59am
and here is the daily bar chart showing how the red stop is a good area, based on the blue rectangle.
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Many choose unhappiness over uncertainty.
  • #51,352
  • Jan 12, 2010 11:07am Jan 12, 2010 11:07am
Quoting dobe_r_man

Keep doing things by the book until you have played enough pins to look at other techniques.

Nathan
Nathan,

Thanks for replying. Yeah intend to keep things simple for now. I have plenty to learn on the simple set-ups to keep me busy for a while.

Cheers,

Glen
  • #51,353
  • Jan 12, 2010 11:31am Jan 12, 2010 11:31am
spotting these setups after the fact is easy, but with the 1.25 very big round number, i think a lot of people must have seen this coming and acted on it.
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Many choose unhappiness over uncertainty.
  • #51,354
  • Jan 12, 2010 11:42am Jan 12, 2010 11:42am
hello evryone!

its been a while since i my last post in here.. so many great traders inside.

hello ghous, raczket... u guys still doing KISS.

bdw, i 2nd racs trade BUT on daily EU will tune in 1st for their HH before heading to south.. Watchya margin!
  • #51,355
  • Jan 12, 2010 12:28pm Jan 12, 2010 12:28pm
Good solid EU trades this morning;

Nice long 9:00am EST - > nice bullish intra-day trendline, on the 3rd touch for 64 pips, and currently short from the top.


Must see how it reacts around my TL, bounce, or break..
lowest draw down possible please.
  • #51,356
  • Jan 12, 2010 12:46pm Jan 12, 2010 12:46pm
Quoting ehrek
Good solid EU trades this morning;

Nice long 9:00am EST - > nice bullish intra-day trendline, on the 3rd touch for 64 pips, and currently short from the top.


Must see how it reacts around my TL, bounce, or break..
You are a rich man now.
  • #51,357
  • Jan 12, 2010 12:54pm Jan 12, 2010 12:54pm
Quoting nasir.khan
Ahhh Rac my master, he has taken me light years ahead, Owe him big time.

But i would always believe the guy i see in the mirror.
Ok stopped out. (on a small loss and a big gain)

Stoped out on Gold and Oil also.

Quoting dobe_r_man
Ha ha...........wouldn't a hammer have been sufficient Nasir?!?!

I wondered what caused price to turn in these markets.........


Hey Nathan here is anther example for you, keep learning.

.
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  • #51,358
  • Jan 12, 2010 1:02pm Jan 12, 2010 1:02pm
Quoting nasir.khan
Ok stopped out. (on a small loss and a big gain)



Hey Nathan here is anther example for you, keep learning.

lol


funny picture, I like it

let see how strength have the hammer punch.

I have just follow my plan

wish you the best!

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  • #51,359
  • Jan 12, 2010 1:09pm Jan 12, 2010 1:09pm
Quoting raczekfx
Not any better then yourself or anybody in this thread, trust me.

We just might process information differently....., for now.




No, the other talked about why, when and how......
I'll check rac's archives when time permits.
There are much better vids (by Jim & Mike) on j16 site in a guest section.
we'll get Mark to do some more videos one of these days
  • #51,360
  • Jan 12, 2010 1:10pm Jan 12, 2010 1:10pm
Quoting Bocajunior
Hey folks,
It's not forex but a stock chart of Procter Gamble. A real nice pin! At a PPZ and 60.00 round number.

Cheers
Boca
Yep was talking to someone about that, real nice!

Mike
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