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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

  • #63,041
  • May 6, 2010 5:40pm May 6, 2010 5:40pm
Quoting Dan Gilbert
MB trading.

https://www.mbtrading.com/commission...?page=Futures#


go to that link, and if you click on the "product name" (mini wheat, mini gold, etc) you will get the low down on price per point, etc etc. check it out.
Thanks Dan, I'll check that out
  • #63,042
  • May 6, 2010 5:47pm May 6, 2010 5:47pm
Quoting joelcf
If by 'live', you mean wade into the pit with a bunch of slips... then no.

If you mean trading futures with actual money, then yes I trade futures, rather than cfds over futures, so slightly different. Higher margin, but less getting shafted on execution, position financing, spreads and roundtrip fees. But pretty sure CFDs/spreadbetting is illegal in the US anyways. Interactive Brokers all the way.

*edit* stupid forexfactory, overwriting my link with their br0kerspam. http://www.interactivebrokers.com/en/p.php?f=products then...
I did mean live in the pits! lol..do you know anyone who works there that can hook me up? On second thought, I'd rather just trade PA on the charts in my home...much more comfortable

I will def. check into Interactive, I have heard good things about them. Thanks for the insight joel.

Scott
  • #63,043
  • May 6, 2010 6:11pm May 6, 2010 6:11pm
Anyone caught the DBHLC at the swing high for USDJPY (IBFX MT4 trader)?

I made a decent gain from it (demo) and taking profit after watching the market plunge left me feeling buzzy (beginner) . Like a emotional high.

How to cope with the emotional highs and lows from the market?

Regards
mwql

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  • #63,044
  • May 6, 2010 6:59pm May 6, 2010 6:59pm
The USD/JPY Daily and Wheat weekly trades worked out very nicely.

I believe the XOM Daily IPB failed lol. I guess my stop was a little too tight...maybe next time I'll have to use a wider stop
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  • #63,045
  • May 6, 2010 7:20pm May 6, 2010 7:20pm
Quoting scott087
The USD/JPY Daily and Wheat weekly trades worked out very nicely.

I believe the XOM Daily IPB failed lol. I guess my stop was a little too tight...maybe next time I'll have to use a wider stop

hahaha Yeah you definitely needed a wider stop!
Bundy's status today: "Waiting..."
  • #63,046
  • May 6, 2010 7:22pm May 6, 2010 7:22pm
Quoting jeurre
unbelievable, only one stock coursed those reactions among currency,commodities and equity? what a fragile market .
That one is more of an effect than a cause. Just an amusing one.

But yeah, fragile is an understatement at the moment.

Quoting bundyraider

hahaha Yeah you definitely needed a wider stop!
Do you ever sleep?!
When you have to shoot, shoot. Dont talk.
  • #63,047
  • May 6, 2010 7:24pm May 6, 2010 7:24pm
Saw the chance yesterday...
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plotted the move...
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but I didn't trade it...
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If everything worked as it should, the 1st bar after the DBHLC should trigger the short entry, which however followed by a BUOB pair and another bar which makes newer high and low. All these have to be endured in 16 hours before it finally worked as thought out.

Even if I did enter the trade, I have to endure that 16 hours torture including a BUOB that signals against me, before finally giving in to my favor. Forex really trains your mental defense.

Give it a harder thought, if my initial stop was at the top of the DBHLC, and I didn't monitor the screen for 24 hours (didn't have chance to see the 4 bars that signaled against me and not freaking out), I'd have pocketed 250 pips by now...
  • #63,048
  • May 6, 2010 7:47pm May 6, 2010 7:47pm
Quoting scott087
The USD/JPY Daily and Wheat weekly trades worked out very nicely.

I believe the XOM Daily IPB failed lol. I guess my stop was a little too tight...maybe next time I'll have to use a wider stop
hi,

I've not come accross ipb's before - what are they and how do they fit into the J16 PA method please?

Cheers
  • #63,049
  • May 6, 2010 7:52pm May 6, 2010 7:52pm
Quoting scott087
The USD/JPY Daily and Wheat weekly trades worked out very nicely.

I believe the XOM Daily IPB failed lol. I guess my stop was a little too tight...maybe next time I'll have to use a wider stop
lol..

That's the beauty on the IPB, inherent small stops.
Indicators show the past. Price Action "Indicates" the future.
  • #63,050
  • Edited May 7, 2010 12:30am May 6, 2010 7:54pm | Edited May 7, 2010 12:30am
Quoting fxeturn
Saw the chance yesterday...


plotted the move...


but I didn't trade it...

If everything worked as it should, the 1st bar after the DBHLC should trigger the short entry, which however followed by a BUOB pair and another bar which makes newer high and low. All these have to be endured in 16 hours before it finally worked as thought out.

Even if I did enter the trade, I have to endure that 16 hours torture including a BUOB that signals against me, before finally giving in to my favor. Forex really trains your mental defense.

Give it a...

That's why we like DBHLCs or BEOBs at swing Highs. Not at Swing Lows.

That's how they usually behave at swing lows.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,051
  • May 6, 2010 7:54pm May 6, 2010 7:54pm
Quoting joelcf
That one is more of an effect than a cause. Just an amusing one.

But yeah, fragile is an understatement at the moment.



Do you ever sleep?!
LOL ....Yeah. I just woke up middle of the night. Often do.

I could ask the same of you. Seen you at some weird hours too!

I switched to NYC trading hours for a month in April. That'd make it look worse.
Bundy's status today: "Waiting..."
  • #63,052
  • May 6, 2010 7:59pm May 6, 2010 7:59pm
Quoting bundyraider
I could ask the same of you. Seen you at some weird hours too!

I was going to say the same thing to joel. lolll
Indicators show the past. Price Action "Indicates" the future.
  • #63,053
  • May 6, 2010 8:02pm May 6, 2010 8:02pm
Quoting jarroo
That's we like DBHLCs or BEOBs at swing Highs. Not at Swing Lows.

That's how they usually behave at swing lows.
Oh . . . by the way skinfx . . .we hit the 1.64 on the Gbp/Chf . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,054
  • May 6, 2010 8:52pm May 6, 2010 8:52pm
Is it wise to be careful trading now after a day like today? Will any PAs be A+ setups for a day or two? Plus its friday. Any suggestions?
  • #63,055
  • May 6, 2010 9:12pm May 6, 2010 9:12pm
Quoting spookie94
Is it wise to be careful trading now after a day like today? Will any PAs be A+ setups for a day or two? Plus its friday. Any suggestions?
Careful trading against strong trends, as always. You can take any valid set up that meets your criteria otherwise.

Remember long term you are after a result over 'X' trades. That's why you only risk a small percentage on any trade.
Any possibility of a trade going against you 200000pips is just as likely to go your way that much if you trade correctly.

When things are extra volatile use wider stops and size your trades accordingly.

When you're uneasy you make mistakes. So if you're uneasy, stay out. You don't lose money when your flat the markets. Come back next week when you're less 'excited' , if you feel you are.
Bundy's status today: "Waiting..."
  • #63,056
  • May 6, 2010 10:57pm May 6, 2010 10:57pm
Quoting ghous
I have been itching to share a recent successful experiment with ya'll. The idea was to present it once the result was really certain but like I did with the IPB I'll mention it anyway to poke at a few pondering heads.

This one's actually reminiscent of a damn good trading system which I am working on (extensive back testing and forward testing)

50 EMA
Bollinger Bands.

Price action with the trend preferably at a confluence of the 50 EMA with one of the lines of BB. Moderate trends give lot's of such entries.

Strong trends can be...

Thanks for sharing Ghous!

Any particular timeframes? 4hr only?
Any particular pairs?
  • #63,057
  • May 7, 2010 12:08am May 7, 2010 12:08am
Quoting spookie94
Is it wise to be careful trading now after a day like today? Will any PAs be A+ setups for a day or two? Plus its friday. Any suggestions?
I wouldn't touch anything until next week sometime. Tommorow is NFP, so you wouldn't typically want to trade that day anyways.

With the gains we got from the markets this past week (commodities and currency combined, nearly 9% for me on 2% risks. Only 1.8% on live account ), I will proudly sit out for a while.

Good work guys.
Many choose unhappiness over uncertainty.
  • #63,058
  • May 7, 2010 12:34am May 7, 2010 12:34am
I am at a point in my trading life that others want me to manage their funds. Which is the best way to charge for this service #1 and then # 2 Is it okay to do so in the US and then #3 Do you need to take a test or become certified? I am not greedy I just want to give potential clients a bit of a better deal than most Money Managers.

"Get some Pips and then Dip"
  • #63,059
  • May 7, 2010 12:48am May 7, 2010 12:48am
Quoting Dan Gilbert
With the gains we got from the markets this past week (commodities and currency combined, nearly 9% for me on 2% risks. Only 1.8% on live account ), I will proudly sit out for a while.

Good work guys.
Good work guys? Screw that. Good work Dan! That's awesome.

Quoting FlyCapital
I am at a point in my trading life that others want me to manage their funds. Which is the best way to charge for this service #1 and then # 2 Is it okay to do so in the US and then #3 Do you need to take a test or become certified? I am not greedy I just want to give potential clients a bit of a better deal than most Money Managers.
hrm...

Quoting FlyCapital
I am new to trading and have a cousin that trades with Williams Capital here in NY. I have been studying this thread for weeks and plan on joining the PF and becoming a senior member.
Quoting FlyCapital
I am new as well so the first thing I did was go thru Baby Pips. I then started to read about candlestick reading a lil more. Then I started to study from a person named Tymen1 who has a good trend thread. After that I started to read all of the back post from James16 thread. I started to create my style and now I am practicing via a demo account with GFT.
Yeah, this is gonna work out well
When you have to shoot, shoot. Dont talk.
  • #63,060
  • May 7, 2010 12:54am May 7, 2010 12:54am
Quoting joelcf
Good work guys? Screw that. Good work Dan! That's awesome.
I cannot wait to start live trading futures... but, like james says... 3 months of demo. Yes sir.
Many choose unhappiness over uncertainty.
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