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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

  • #59,521
  • Mar 30, 2010 3:01am Mar 30, 2010 3:01am
[quote=Dale;3595261]Here is a pic someone fly fishing
and some links/quote]
Thanks.
lengthy line..awesome

Quoting jarroo
Hey Dale....
Casting is more enjoyable when you get to keep the same bait (capital). ..
another cool analogy
  • #59,522
  • Mar 30, 2010 3:11am Mar 30, 2010 3:11am
Quote
This one looked good. At a swing high, with the over all trend down, although the short term was up. 138.00 was an obvious TP

Why I went out with the pro fishermen (guide) he taught me to do a few cast in each hole to see if there where any fish there, then move to the next spot.

And he thought he was teaching me to fish, it almost took me all day to relax and stop thinking about the market that day.

Since that day I have learned to stay relaxed when I fish ... and when I trade.


Best Regards.

Dale
  • #59,523
  • Mar 30, 2010 3:19am Mar 30, 2010 3:19am
Quoting Dale
Why I went out with the pro fishermen (guide) he taught me to do a few cast in each hole to see if there where any fish their, then move to the next spot.

And he thought he was teaching me to fish, it almost took me all day to relax and stop thinking about the market that day.

Since that day I have learned to stay relaxed when I fish ... and when I trade.


Best Regards.

Dale
Well said Dale.

Once one learns that a relaxed patience is better then an anxious patience (casting wildly), things start to make sense.
Indicators show the past. Price Action "Indicates" the future.
  • #59,524
  • Edited 3:38am Mar 30, 2010 3:23am | Edited 3:38am
jarroo,

I am not saying this lightly; "That one hit me right between the eyes".

Quote
relaxed patience is better then an anxious patience

I will remember your words for a long time.


Thankyou

Dale

Quote
Once one learns that a relaxed patience is better then an anxious patience (casting wildly), things start to make sense
  • #59,525
  • Mar 30, 2010 3:58am Mar 30, 2010 3:58am
Hi Jarro.

I love the way you make entries and TP's look so simple!

My question to you;based on the chart you have drawn when would you consider the trend to have reversed or at least a reversal have been confirmed? When it breaches the high on the extreme left of the chart or at some other juncture?

Thanks.

MP.

  • #59,526
  • Mar 30, 2010 4:17am Mar 30, 2010 4:17am
Quoting Dale
Any of you more experienced guys /Gals ever looked into Zulu trade as a way of receiving extra trading income? I am looking into it.. Honestly looking for objective opinions. Just saw the other day when surfing.


Thanks

Dale

Hope I am not breaching any protocols, If so will remove the post.
You should try opening a demo with them to see how it goes.
Use a provider like pro-b5 or myfairswing or mcleven
Put custom stop value at 100 and only let 2 positions open
try this for a few weeks to see how it goes
If you want more info tell me
  • #59,527
  • Mar 30, 2010 4:36am Mar 30, 2010 4:36am
Quoting raczekfx
Missed it by 1pip.
.
and this time?

Especially if Oil gets near 83.30 at the same time.
.
  • #59,528
  • Mar 30, 2010 4:59am Mar 30, 2010 4:59am
Hi peteraus,

I deleted my original post becuase a kind trader let me know I may get in trouble.

Oops I want to respect The Factory

Thankyou for you reply


Dale
  • #59,529
  • Mar 30, 2010 5:08am Mar 30, 2010 5:08am
anyone planning on short here?
its trending down, im still waiting for confirmation,
any suggestion?
its near ppz.

thanx
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  • #59,530
  • Mar 30, 2010 5:10am Mar 30, 2010 5:10am
sorry i didnt mention earlier it is the eurusd chart on 4h timeframe
  • #59,531
  • Mar 30, 2010 5:25am Mar 30, 2010 5:25am
Quoting Dan Gilbert
yep!

it's called "squeeze alert" lol

Thx Bro!

K.I.S.S.
  • #59,532
  • Mar 30, 2010 6:10am Mar 30, 2010 6:10am
I bet most of you would be all over it if it was a forex pair.
Man I found that I have 170 different things I can trade on one of my demo accounts. Why not trading only dailies and still be very picky with your trades? I bet I can find much more than 3 slam dunks per month on daily and weekly only with this kind of list.
Now I just need to find a broker that offers me to trade these live with good data, and I'm done. Trade station is too expensive for me, and FXPro would require at least 20K to start with if I want to be able to position size myself smartly. Bummer.

I do not think that starting on the 1H is the solution for growing your account faster. In fact, blowing it faster is more sensible imo. Also, believe me, after a while it really becomes boring. And when it's boring and you are not patient, the whole mess begins. You don't really want to spend all your life in front of these charts.
Recently I found that technically trading becomes quite boring in terms of feeling excitement every time I see a new opportunity. But can't say I am not highly enjoying it lol. I like this stuff. Also I found a new passion which is called trading psychology.
Also what's cool about these 8H markets is that it opens exactly when I come back home, and closes before I go to sleep If I'm at home, all I really need is a sound alert, and during the neighs and school I can be free from thinking about anything related to the markets (if it's not a flat TP).

Now look at this chart and tell me what's the difference between it and any other forex pair.

Ben
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  • #59,533
  • Mar 30, 2010 6:56am Mar 30, 2010 6:56am
Benji

Would just like to ask how many good(A) setups would you expect to see on an FX pair over the course of a year, on average? 4 or 5?

berti
PA is where its at!!
  • #59,534
  • Mar 30, 2010 7:06am Mar 30, 2010 7:06am
Quoting TiaForex
Oops. Corrected. Thanks Jim.

And thanks bundy for the very useful answer. Can you point me to the indicator that leaves yesterday's pivots on the chart? Mine repaints every day (unlike yours) and so is no good for historical chart viewing.
Did I miss the post that attached these indicators? I'd like to have those too if anyone has and uses them...

- Pivot indicator that leaves previous days' on the chart
- Indicator that draws a line showing previous day high/low.

Thanks guys/gals!

(I can't read fast enough to keep up with this thing.)
  • #59,535
  • Mar 30, 2010 7:15am Mar 30, 2010 7:15am
Quoting bertie123
Benji

Would just like to ask how many good(A) setups would you expect to see on an FX pair over the course of a year, on average? 4 or 5?

berti
Hey berti,

That's a difficult question to answer because it really depends on how you define an A++ setup by your criteria. Also, I really don't like to make expectations of anything regarding the markets. I found some pairs provided more and some less over the last year. Also it can be 10 great setups in one month, and then 5 months in a raw with only 1 good setup. The market is random and I believe it's better just focusing more on being patient and preparing yourself for a proper reaction when it comes.
One FX pair can yield 12 setups this year, and only 6 next year. Another one can yield 9 this year and 20 next year. It's very random.

When I have said I bet there would be more than 3 slam dunks per month it was very general. It was in purpose of making a point that people which are complaining about lack of setups on daily while watching only 20 FX pairs, can get much more by expanding there watch list and still be picky with there selections instead of forcing themselves to take crappy bars.

Hope that helps
Ben
  • #59,536
  • Mar 30, 2010 7:27am Mar 30, 2010 7:27am
benji

thanks for that response. I am watching about 20 fx pairs!! A+ setups on weeklies and dailies do not come along too often so I will have to add some more markets to my watchlist. Have taken many wrong turns but finally settling down to follow the J16 minimum requirements, no longer even looking at 4hr. Dailyweekly rule for me for the next few months!

berti
PA is where its at!!
  • #59,537
  • Mar 30, 2010 7:32am Mar 30, 2010 7:32am
Quoting bertie123
benji

thanks for that response. I am watching about 20 fx pairs!! A+ setups on weeklies and dailies do not come along too often so I will have to add some more markets to my watchlist. Have taken many wrong turns but finally settling down to follow the J16 minimum requirements, no longer even looking at 4hr. Dailyweekly rule for me for the next few months!

berti
cut down to 10 pairs as they are all correlated...
  • #59,538
  • Mar 30, 2010 7:53am Mar 30, 2010 7:53am
Quoting bertie123
benji

thanks for that response. I am watching about 20 fx pairs!! A+ setups on weeklies and dailies do not come along too often so I will have to add some more markets to my watchlist. Have taken many wrong turns but finally settling down to follow the J16 minimum requirements, no longer even looking at 4hr. Dailyweekly rule for me for the next few months!

berti
Yes it is really hard to be picky on weekly charts when you are watching only 20 pairs. You can wait months with no trade, and when it comes you expect it to be a runner and get knocked off. You start getting excited from every single crappy bar at a crappy location just because it has the right shape. You start chasing the market instead of letting it fall into your net.

I do not think there is anything wrong with 4H after you get good at dailies first. I do them as well when I spot them forming. But in the future I just don't wanna be glued to my charts checking new bars every hour. It's more a question of comfort zone and life style in the long term imo.

Check FXPro. They have many things to watch. Only problem is the bad data on many of these.

Ben
  • #59,539
  • Mar 30, 2010 8:00am Mar 30, 2010 8:00am
Benji,

Alpari UK has also a lot of different pairs/stocks.
Maybe they have better conditions dan fxpro?
  • #59,540
  • Mar 30, 2010 8:32am Mar 30, 2010 8:32am
Quoting Thierry
Benji,

Alpari UK has also a lot of different pairs/stocks.
Maybe they have better conditions dan fxpro?
Hey Thierry,

I have downloaded their demo platform and the data kind of sux. Also they are not engulfing all forex pairs like GBPNZD, CADCHF etc.
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