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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

  • #62,261
  • Apr 29, 2010 1:26am Apr 29, 2010 1:26am
Quoting mbqb11
lol when Ghous gets on here he's gonna crack up
So its like gauze with a "s" instead of a "z". Or grouse with out the "r" like the bird?
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Indicators show the past. Price Action "Indicates" the future.
  • #62,262
  • Apr 29, 2010 1:31am Apr 29, 2010 1:31am
pshhhhhhh some of the recent posts in here.... I don't even want to get started. I think many of the newest students are maybe just "too new" and this is perhaps their first thread they have studied (if so, lucky them) - but I see the whole OMG, LETS MAKE 20% A MONTH AND BE HAPPY!

I hope you guys realize that if you make those returns, you have warren buffet beat. And he's one of the richest people in the world.

It's a dumb argument. One of the worst arguments.

JIM, PLEASE RAIN ON THE PARADE. IT HAS BEEN A LONG TIME SINCE YOU HAVE DONE THAT, AND I THINK IT IS NECESSARY RIGHT NOW. THANK YOU.
Many choose unhappiness over uncertainty.
  • #62,263
  • Apr 29, 2010 1:32am Apr 29, 2010 1:32am
Quoting smikester
What is FFIMO anyway?:-(
FTSE 100 futures.
.
  • #62,264
  • Apr 29, 2010 1:32am Apr 29, 2010 1:32am
Listen to these.

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File Type: zip Gauss.zip   11 KB | 451 downloads
  • #62,265
  • Apr 29, 2010 1:32am Apr 29, 2010 1:32am
Quoting nasir.khan
Ok you mean like Daily beob's @ 1.55 and 1.60 on cable. Not enough bars to call it breakout but the authority (especially the first one) and size is really me something.

Recently i have started considering the size of the bars comparing to previous one's and it helps alot in interpreting the charts.
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Yes things like bar size, or the range an outside bar covers is very important to me too


Mike
  • #62,266
  • Edited 5:56am Apr 29, 2010 2:01am | Edited 5:56am
Quoting Dan Gilbert
pshhhhhhh some of the recent posts in here.... I don't even want to get started. I think many of the newest students are maybe just "too new" and this is perhaps their first thread they have studied (if so, lucky them) - but I see the whole OMG, LETS MAKE 20% A MONTH AND BE HAPPY!

I hope you guys realize that if you make those returns, you have warren buffet beat. And he's one of the richest people in the world.

It's a dumb argument. One of the worst arguments.
JIM, PLEASE RAIN ON THE PARADE. ...
If you really attained the 20% per month that the guy earlier claimed, in slightly less than 14 years, you would have compounded your $500 starter account into enough money to build a 50cm wide, 10cm thick walkway to the moon.

A walkway made of solid, 24kt gold.

-------------
l(km) 384,403 = 38,440,300,000cm
w(cm) = 50
d(cm) = 10
:. tv(cc) = 19,220,150,000,000


density=19.3g/cc
:. tot(g) needed = 370,948,895,000,000

g/oz= 31.1
:. tot(oz) = 11,927,617,202,572


5yr_av($/oz) = $ 705
:. cost = $ 8,408,970,127,813,500


P-$ 500
i 20%
n167.0316327mo = 13.9yrs

:. FV= 500(1+0.2)^(167.0316) = $8,408,970,151,136,560

It's a slow work day today
When you have to shoot, shoot. Dont talk.
  • #62,267
  • Apr 29, 2010 2:05am Apr 29, 2010 2:05am
Quoting joelcf
If you really attained the 20% per month that the guy earlier claimed, after 14 years, you would have compounded your $500 starter account into enough money to build a 50cm wide, 10cm thick walkway to the moon.

A walkway made of solid, pure gold.

It's a slow work day today
There should be a rule that those posts get no attention. Like, just a known rule that everyone collectively agrees to just ignore it... Unfortunately I think the people in this thread are way too nice, and even more patient.

*deep breath*
Many choose unhappiness over uncertainty.
  • #62,268
  • Apr 29, 2010 2:31am Apr 29, 2010 2:31am
Anyone know something called CT...............

Quoting fxeturn
PB at swing low, PPZ with bullish divergence. Looking for a break above 50 fib. 1st TP at 61.8, then set to BE and hopefully it'll reach around 1.5500 for 2nd TP.

Attachment

Mike, thanks again for the quick fix.
  • #62,269
  • Apr 29, 2010 2:39am Apr 29, 2010 2:39am
Quoting joelcf
Attrition bias is fun. The result from these competitions are largely meaningless, because the conditions are completely artificial. And so the constraints that ordinarily apply in the real world are removed.

There is no penalty for losing, and no reward for not winning (in real terms - you are talking $500 capital to win $25k) in a short timeframe. Which means there is a positive EV for taking on as much risk as possible. Someone here knows a little about that

So you only hear about those who gamble and win, not the ones who lose....
Hi Joel,

I respect that you know a thing or three about trading, but I have to disagree that the results of the contest are "largely meaningless." The probability that luck had much to do with the success of the 569-trade trader (making 523 or so successful trades out of 569) is infinitesimally small. His trades were open an average of about 23 minutes and he captured lots of small moves (averaging a few pips), not big moves during news events, so I seriously doubt he was "gaming the system" (i.e. cheating somehow). It appears he should be able to repeat his performance any time he wishes, market conditions permitting. In fact, he states in his survey that his only income comes from trading.

To say that "the conditions are completely artificial" is a bit of an exaggeration [If you think there is some advantage to trading a micro account over there, you are free to go open one and trade away .]. If you look at the trader reports, you will find that many (maybe most) actually do use reasonable leverage and sound money management. I have a micro account, but I personally just try to make good trades - nevermind any contest.

You are correct that FXCM's forum structure is a "train wreck." And yes I agree the contest is very smart marketing.

Happy Trading
  • #62,270
  • Apr 29, 2010 3:40am Apr 29, 2010 3:40am
Quoting joelcf
If you really attained the 20% per month that the guy earlier claimed, in slightly less than 14 years, you would have compounded your $500 starter account into enough money to build a 50cm wide, 10cm thick walkway to the moon.

A walkway made of solid, 24kt gold.

-------------
l(km) 384,403 = 38,440,300,000cm
w(cm) = 50
d(cm) = 10
[size=1]:. tv(cc)[font=Arial]...
Shouldn't you be using about $1168 per ounce for gold (not $705)? Or do you think you'll get a discount for quantity?

You know, we'll start affecting the markets before we ever trade up to $8.4 quadrillion.
  • #62,271
  • Edited 4:37am Apr 29, 2010 4:17am | Edited 4:37am
Quoting Dan Gilbert
There should be a rule that those posts get no attention. Like, just a known rule that everyone collectively agrees to just ignore it... Unfortunately I think the people in this thread are way too nice, and even more patient.

*deep breath*
Dan and others,

I know I am an infrequent poster here yet I just wanted to make comment in regards to some of the earlier posts.
Firstly, youthful exuberance is what it is, and leads many new traders to over trade and make many mistakes, we know this through experience, this is then capitalised by the patient methodical trader, the experienced trader. We are all youthful at heart, and personally I can relate to the comments full heartedly as I was there once also. Comments such as getting rich quick lure us all in, indeed these comments can draw you in with a rush of blood to the head, not good for trading, golf or much else, nothing in fact.... Yet we can all relate to these earlier learning experiences?


Good trading all
Without women, money would have no meaning - Aristotle Onassis
  • #62,272
  • Apr 29, 2010 4:39am Apr 29, 2010 4:39am
Quoting jarroo
Other example, Daily Aud/Usd PB.

Nice size PB with the trend, but not at the best location . . . Bullish PB at a swing low is what we look for and this one is at a swing high.

But let's apply the free trade and see what happens . . the up trend could continue.

Same as before, the 93.00 is a good obvious FTA about 20 pips away. Price hits it and the free trade is applied. Charts

We are then stoppped out for a net zero loss. It sure is easier (dare I say fun) to watch your trade once the free trade is applied, knowing that the worst...
Hi

Just wondered how rigid you might be on the free trade approach or do you allow some discretion to tuck your SL behind a BRN/PPZ if it might cost 5-10pips if price retraced. Sort of taking Joel's point about not necessarily advisable always to stick to rigid r:r ratios. Hope that make sense!

J
  • #62,273
  • Edited 6:03am Apr 29, 2010 5:52am | Edited 6:03am
Quoting jspeakman
Hi

Just wondered how rigid you might be on the free trade approach or do you allow some discretion to tuck your SL behind a BRN/PPZ if it might cost 5-10pips if price retraced. Sort of taking Joel's point about not necessarily advisable always to stick to rigid r:r ratios. Hope that make sense!
I'm a big fan on basing your stops on PA. Makes sense to me that if you are going to enter on PA, you can use it to give you an idea of what price might do after you enter. If there is a big PPZ sitting on a BRN, my short entry is always
going to be under it, so I see no reason not to put my stop behind it too - usually around ten pips. Be interested to hear J's thoughts.

Then again, I'm also a big fan of Cherry Coke Zero and McDonalds animal cookies, so feel free to disregard
When you have to shoot, shoot. Dont talk.
  • #62,274
  • Apr 29, 2010 6:02am Apr 29, 2010 6:02am
Quoting mattfx
Firstly, youthful exuberance is what it is, and leads many new traders to over trade and make many mistakes, we know this through experience, this is then capitalised by the patient methodical trader, the experienced trader.
This is a very nice way of saying dont tap on the glass
When you have to shoot, shoot. Dont talk.
  • #62,275
  • Apr 29, 2010 6:46am Apr 29, 2010 6:46am
Quoting joelcf
I'm a big fan on basing your stops on PA. Makes sense to me that if you are going to enter on PA, you can use it to give you an idea of what price might do after you enter. If there is a big PPZ sitting on a BRN, my short entry is always
going to be under it, so I see no reason not to put my stop behind it too - usually around ten pips. Be interested to hear J's thoughts.

Then again, I'm also a big fan of Cherry Coke Zero and McDonalds animal cookies, so feel free to disregard
You typically use a 10-20 pip stop... is that for PPZ breakouts our classic PA trades as well?

Ross
  • #62,276
  • Apr 29, 2010 6:54am Apr 29, 2010 6:54am
hi all - long time no speak

Did anyone take the USD/CHF PIN today?

To me it was in a nice position, swing high, no traffic but didn't close inside the PPZ. I took it and set my T/P at just above the BRN 1.0804, although looking now it's stalling around 1.0820.

I have my stop at BE+1 so going to let it run ab bit more ^_^
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 15 KB
Anything can happen.
  • #62,277
  • Apr 29, 2010 7:10am Apr 29, 2010 7:10am
Quoting nasir.khan
No you still did't get it. lol
.
These guys can not pronounce "gh" the way we do Nasir which is why I except Goss as the pronunciation.

g.
I believe . . .
  • #62,278
  • Apr 29, 2010 7:12am Apr 29, 2010 7:12am
Quoting joelcf
Someone needs to post an mp3 with the correct pronunciation. I am fascinated now.
The GH sound is close to a gargling sound Joel...
I believe . . .
  • #62,279
  • Apr 29, 2010 7:22am Apr 29, 2010 7:22am
Quoting ghous
The GH sound is close to a gargling sound Joel...
So I guess it's what it would sound like if Donald Duck said "Goss"?
Bundy's status today: "Waiting..."
  • #62,280
  • Apr 29, 2010 7:23am Apr 29, 2010 7:23am
Quoting ghous
These guys can not pronounce "gh" the way we do Nasir which is why I except Goss as the pronunciation.
...
Let me try
i believe i got a flexible tongue
i can pronounce Chinese, Japanese, Spanish etc words fairly well, so i dont think your name is that hard to pronounce.


EDIT:
we are having an early weekend discussion, heheh
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