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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

  • #58,481
  • Mar 17, 2010 12:31pm Mar 17, 2010 12:31pm
Quoting mbqb11
Hey Whizz

This has to do with broker closing times. There can be a separate close for each of the 4hrs thus aggregating the price into a different look.

My answer to you trader(good to see you bud ) is that price only broke by like 5 pips and any buffer(4hr I would say at least 10 pips) would keep you out of this trade. If you are less strict on your break then when you see it doesn't break hard you can at least cut out for a small loss. But I want to see a substantial break on all my bars.

Hope all is well
Mike

Hi Mike!

Well all is as well as can be expected. I few things happening in my life that have kept me distracted for a while but I am getting back in the game and getting my feet planted firmly on the ground with my trading and the rest of my life. Jim is working with me on a few things now which I think will really help get me moving back in the right direction.

Thanks for the input. I like the 10 pip filter, it seems to make good sense. In my mind it's like making the market prove itself to you by letting it come to you first.

Thanks again,
Steve
Nothing is impossible, with a willing mind!
  • #58,482
  • Mar 17, 2010 12:35pm Mar 17, 2010 12:35pm
Quoting Bleek
I was looking at the USDCHF and I don't see why you couldn't put a limit on that just above the BRN, you only need a small stop to confirm 25-30 pips.

Target the daily PPZ ~650.
You're right, but the purpose of this thread is to teach people PA. Once that is out of the way (learning PA that is), everyone can diversify in whichever direction (touch trades, scalping etc).

Since Bam (I suppose) and I are begginers in this PA thing, we'll (or I'll) go with the basic teachings until we (or, once again, I) get a good grasp of them.
  • #58,483
  • Mar 17, 2010 12:37pm Mar 17, 2010 12:37pm
Quoting neutro
You're right, but the purpose of this thread is to teach people PA. Once that is out of the way (learning PA that is), everyone can diversify in whichever direction (touch trades, scalping etc).

Since Bam (I suppose) and I are begginers in this PA thing, we'll (or I'll) go with the basic teachings until we (or, once again, I) get a good grasp of them.
Fair enough.
"I made all my money by selling too soon"
  • #58,484
  • Mar 17, 2010 12:50pm Mar 17, 2010 12:50pm
does anyone here trade through a spread betting firm... i am looking to move my operations into a tax free setup. What i would like to know is if there are any full time traders out there trading through a SB
  • #58,485
  • Mar 17, 2010 1:01pm Mar 17, 2010 1:01pm
it seems that lots of guys used to trade through a spread betting firm but at times when they didnt know a lot about trading so naturally assumed it was SB. i understand a slightly wider spread but thats not significant enough to not look at this as a viable option if your consistent
  • #58,486
  • Mar 17, 2010 1:12pm Mar 17, 2010 1:12pm
Quoting Forex007
Money means nothing in itself. It's what a person does with money that makes a difference between being good and being evil. Look at Buffett, Gates, Kamprad, Jobs etc - are they evil or bad (as human beings)? Just think how many poor AND evil people are out there...

Money itself should not be the goal of one's life, for sure; but all those good things you can do with (a lot of) money are good motivators. Don't be afraid of money as such. There is nothing wrong with being paid WELL for what you do (well).

It's like a knife: it can...
It's not about good or evil.
well I first found out about making money online then forex only because there was something I really really wanted to get, but had no time and willingness to spend my free time working a regular job at my age.
Money controls our world and almost anything comes down to money at the end of the day. But the way this world works is bullshit because I think it is bullshit seeing my mom work 10hrs a day and come back late to cook diner. WTF is this life.
Money is bullshit because people live their life chasing around money nonstop instead of doing what they want and what they like. What's the difference between someone which needs to do something he doesn't want to all his life for a piece of green paper and The Israeli people which were slaves in Egypt at stone age? Main difference is that now days you born into society that makes it look regular and fine. I do not want more than I need. If I will become rich I would find something valuable to do with the money. I don't need a palace or a ten million car I will never dare to use. I want to be free for doing what I want to instead of wasting my life about bullshit.
A person which is trading just to have more money is wasting his time because he will always want more and more and never be satisfied.
I trade to achieve my goals if it's because I want to prove to myself I CAN DO IT and be successful or if it's to be a free person doing whatever I want.
I am sure my dad is a doctor cause he loves it. I know it. But trust me he is never happy to hear his bipper waking him up at 2AM in the morning calling him to drive down town for another long day without sleep.
Money will never make you happy. Good or evil. It's just a tool. Damn tough tool to get your hand on, that's sure. But nothing more.
Now if you spend all your life trying to get enough of this tool, you will have enough of it only when you will be old and fat. Trading is a great way to make enough and enjoy your share.
Now everybody can say I'm just a kid that doesn't understand anything about life but I don't care.
  • #58,487
  • Mar 17, 2010 1:24pm Mar 17, 2010 1:24pm
Quoting joelcf
Jim Cramer would probably argue with that. And win by a margin of around $57,999,000.
I don't know this guy but I know for a fact that all those brilliant talking heads, personal trainers and so smart and knowledgeable analysists that have reasons for everything wouldn't keep doing what they do if they were truly making money out of this story.
Market has memory. If you are able to execute your trades the same way they would have worked in the past you can make what any smart professor can't do with his huge brain and crappy mind.
  • #58,488
  • Edited 1:38pm Mar 17, 2010 1:36pm | Edited 1:38pm
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
[quote=benji533;3560461]I don't know this guy but I know for a fact quote]


Hey Benji:

we're a little off topic for the forum (since im new i don't want to be a disruption) but Jim Cramer is a really loud guy with a TV show on CNBC... Some like him, some hate him... in my experience there aren't too many in between. I'm only chiming in because I started reading a book called the 4 hr work week. (a short preface to anything i'm going say here... I'm only 50 pages in to the book so far, so if it turns out to suck then its not my fault but he has a very similar outlook on life. as do I... :-) ). That and the to turn the once derogatory term "New Rich" into a positive term.

Any way, I just wanted to chime in to see if you've heard of this book. I have already disagreed with some stuff in it but seems like it should be a pretty good read... time will tell...


Michael
  • #58,489
  • Mar 17, 2010 1:49pm Mar 17, 2010 1:49pm
Quoting benji533
It's not about good or evil.
well I first found out about making money online then forex only because there was something I really really wanted to get, but had no time and willingness to spend my free time working a regular job at my age.
Money controls our world and almost anything comes down to money at the end of the day. But the way this world works is bullshit because I think it is bullshit seeing my mom work 10hrs a day and come back late to cook diner. WTF is this life.
[b]Money is bullshit because people live their life chasing around money...
wow nicely said so deep and so true especially the thing that i underlined. You've got me thinking about the purpose of life... lol

BTW have you guys seen that were on the page 3900!!!
  • #58,490
  • Mar 17, 2010 1:58pm Mar 17, 2010 1:58pm
Quoting Bam Fx


Hey Benji:

[color=black][font=Verdana]we're a little off topic for the forum (since im new i don't want to be a disruption) but Jim Cramer is a really loud guy with a TV show on CNBC... Some like him, some hate him... in my experience there aren't too many in between. I'm only chiming in because I started reading a book called the 4 hr work week. (a short preface to anything i'm going say here... I'm only 50 pages in to the book so far, so if it turns out to suck then...
Hey Michael,
If he's so famous and I didn't hear about him it's probably because I don't really watch international TV channels around here lol. I did not hear about that book but sounds interesting. I rather watch movies than read books anyway. lol.
Enjoy your reading

Ben
  • #58,491
  • Mar 17, 2010 2:10pm Mar 17, 2010 2:10pm
Quoting benji533
If he's so famous and I didn't hear about him it's probably because I don't really watch international TV channels around here lol.Ben
Been a long time since my last post but from what I read if you "Short Cramer" your account size would've yielded 25% in a month.

Source:
http://online.barrons.com/article/SB...el_article%3D1

Cheers
Going to go Hunt for some large pips
  • #58,492
  • Mar 17, 2010 2:12pm Mar 17, 2010 2:12pm
Quoting benji533
Market has memory. If you are able to execute your trades the same way they would have worked in the past you can make what any smart professor can't do with his huge brain and crappy mind.
Someone really needs to try and teach a 5 years old kid that has an artist's eyes how to read the market and identify patterns without explaining anything further about money. Let him take a decision each day before going to bed based on his pure knowledge and care free mind of child. I bet he will make more money than most of these great analysists that know everything about orderflow etc.
  • #58,493
  • Mar 17, 2010 2:22pm Mar 17, 2010 2:22pm
  •  Bam Fx
  • | Joined Apr 2009 | Status: Using Small Live Account as Demo | 28 Posts
Quoting relict07
Been a long time since my last post but from what I read if you "Short Cramer" your account size would've yielded 25% in a month.

Source:
http://online.barrons.com/article/SB...el_article%3D1

Cheers


I've heard that before but never saw the article... thanks for posting...
  • #58,494
  • Mar 17, 2010 2:27pm Mar 17, 2010 2:27pm
Quoting Aad
Hahahahaha! Nice one, respect indeed...
Hey Aad.

Long time no see. Good to see you my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #58,495
  • Mar 17, 2010 2:43pm Mar 17, 2010 2:43pm
Much confluence at 1.37. BRN, long side fib off weekly range the 618 retrace from yesterdays range and a valid three touch trendline in place. PA will give me an entry somewhere around there.

K.I.S.S.
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  • #58,496
  • Mar 17, 2010 2:51pm Mar 17, 2010 2:51pm
Quoting benji533
(1) WTF is this life.

(2) Money is bullshit because people live their life chasing around money nonstop instead of doing what they want and what they like.

(3) If I will become rich I would find something valuable to do with the money.

(4) Now everybody can say I'm just a kid that doesn't understand anything about life but I don't care.
Sorry for an off-the-topic post, everybody, but psychology is an important part of trading (as is money).

Let me start with (4). Benji, you are making a good progress with your trading from what I can see. I used you several times as an example of what (and how fast) can be achieved in this field. At your age, you are not a kid anymore. Irrespective of the age, your opinion is as valid for you as mine is for me. We are all free to choose what own opinions to have, and what others' opinions to listen to.

(1) Do you already know YOUR answer to that?

(3) Why wait? Take $10 and do something valuable with it TODAY.

(2) Do you think there is anyone out there who really LIKES cleaning public toilets? I don't think so. So, if we ALL did what we LIKE, who'd clean the toilets (and do hundreds of other things which nobody LIKES to do)?..
One Chart is Worth Ten Thousand Words.
  • #58,497
  • Edited Mar 18, 2010 10:06am Mar 17, 2010 3:00pm | Edited Mar 18, 2010 10:06am
Quoting ppfx

Seems it did act as a support and it had gone nicely to the first trouble area. Hope you took it, since it has moved so smooth and fast



Usually i look the bar charts but i saw that in this case the line chart looks even better
No, I didn't add to my position at the 1.5200. Although it would have been a great place to do so since it complimented the Daily BUOB nicely. I am still in this trade with my 2nd half. 1st half was taken off near the 1.5200.

I will add to my position when an obvious PA setup presents itself. I would like to see this happen at the 1.5500.

Yes, the continuation PB I have drawn on my chart is actual size. lol.
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Indicators show the past. Price Action "Indicates" the future.
  • #58,498
  • Mar 17, 2010 3:04pm Mar 17, 2010 3:04pm
Agree Ben.

I was out of college for 2,5 years during the age 19-22. In the first year of that time I put 3 webshops. The last 1,5 years I spent studying and demoing Forex.

Around 80% of that time was spent on the lower timeframes (5m) which meant I was the whole day behind my screens.

I'm back in college now and I'm trading 4hr and higher. I love being able to do other stuff than being glued to my screen, especially during my 20's


Quoting benji533
And when I finish army I will very rarely trade lower than daily and weekly. Simply because I am not trading for being rich. Money is bullshit. It is nothing more than a tool. I am trading so I will be able to live and enjoy life like I want. By being glued to the screen all my 20's I will just miss the point. A part of the fact that watching bars raise and fall all day is much more boring than enjoying the sun outside.
Being able to put a trade and walk away for the next 24hrs is what trading is about. Being careless of the next single result....
  • #58,499
  • Edited 8:27pm Mar 17, 2010 3:05pm | Edited 8:27pm
Kudos to Mike & Jim Jarroo & all the others BUT;
"Some" of you appear to be glomming onto someone else to 'Call The Shot'.

I totally appreciate the "Nurturing Incubator" but, at some point in time, you have to fledge Your Wings.

I know & expect some hardship from this post but...
When it is time to Fly, (scarey, I know) Why should it be considered so different from...
When it is time to Study.

You will never know 'Who You Are' until you let 'You' fly.

MM is your Safety net. Get that in place and discover your aptitude. (SP.?)
  • #58,500
  • Mar 17, 2010 3:16pm Mar 17, 2010 3:16pm
Quoting Forex007
(3) Why wait? Take $10 and do something valuable with it TODAY.

(2) Do you think there is anyone out there who really LIKES cleaning public toilets? I don't think so. So, if we ALL did what we LIKE, who'd clean the toilets (and do hundreds of other things which nobody LIKES to do)?..
Amen to that. Strip away the layers and reveal your soul. You gotta give yourself up and then you become whole. You're a slave to yourself and you don't even know.

Just a good song that reminded me of. Matisyahu- king without a crown.

10 bucks really can stretch if you understand how to use it. And 100 bucks is potentially life changing to some; believe me when I say that's true, especially in places like Honduras.
I dream, therefore I become.
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