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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

  • #70,741
  • Aug 6, 2010 9:41am Aug 6, 2010 9:41am
Hi Ppfx and thanks for the welcome!

Thanks also for the link - it has been bookmarked!

Not sure why there aren't more girls interested in this game - we want financial independence just as much you chaps!

I bet there have been fortunes won and lost this afternoon...
  • #70,742
  • Aug 6, 2010 9:42am Aug 6, 2010 9:42am
Ooh, I'm not being hand moderated anymore! Must have proved I'm a grown up!
  • #70,743
  • Aug 6, 2010 9:46am Aug 6, 2010 9:46am
Quoting Delite
....
Have recently found this thread and am working my way through the edited highlights and the early pages - loads of really useful information.
...........
Hello Delite,
welcome...
u've made an awesome choice to read & learn from this thread.
Determination is a big factor in achieving success. Keep it up!!

again, welcome!
it's a Delight to have u here

by the way, thanks for confirming that not all ladies are expensive


Quoting Delite
...
Not sure why there aren't more girls interested in this game - we want financial independence just as much you chaps!......
Delite,
just goes to show that u are part of a select few.... in short, u are part of the (D)elite



btw, happy weekend all!
  • #70,744
  • Aug 6, 2010 9:46am Aug 6, 2010 9:46am
Quoting Delite
Ooh, I'm not being hand moderated anymore! Must have proved I'm a grown up!
welcome D we got a lot of ladies here, many lurkers ...IMO more level headed to learn to trade too

prob a good thing when you take the testosterone out of the picture with things like trading
  • #70,745
  • Aug 6, 2010 9:55am Aug 6, 2010 9:55am
Quoting mbqb11

prob a good thing when you take the testosterone out of the picture with things like trading
Maybe I should be taking some female hormone pills to improve my trading>>>remember its the wknd ....easy does it
  • #70,746
  • Aug 6, 2010 9:57am Aug 6, 2010 9:57am
Shucks! Guys, such a welcome - thanks!

For what its worth, this is, by some considerable margin, the most difficult challenge I have ever undertaken. Yet, with each hurdle, comes renewed determination that I will achieve my goal.

Blooming hard though sometimes!
  • #70,747
  • Edited 11:15am Aug 6, 2010 10:43am | Edited 11:15am
Quoting ts63
Check this GBP/CAD chart. Long lasting resistance @ 1,6200 finally broken and retested. Will the resistance turn into support? Is it worth going long now even though there's a huge macd divergence. Thanks.
GC now 1,6427...got my answer
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  • #70,748
  • Aug 6, 2010 11:05am Aug 6, 2010 11:05am
this week was a yawn fest for me....

hopefully the NON-nfp weeks will be glorious!
Many choose unhappiness over uncertainty.
  • #70,749
  • Aug 6, 2010 12:11pm Aug 6, 2010 12:11pm
Good day, all. I have a question to ask, hope you guys can help.

I am a small trader with a very tiny capital to trade, is there any good to use the suggestion/method/system in this thread, considering I may end up only be able to trade in micro or even nano trade size ?

Please do not shoot me down as I'm am still a learning trader bashing his way through the misty forex jungle. Thank you.

Your humble trader with regards,
RP
  • #70,750
  • Aug 6, 2010 12:21pm Aug 6, 2010 12:21pm
Quoting random pips
Good day, all. I have a question to ask, hope you guys can help.

I am a small trader with a very tiny capital to trade, is there any good to use the suggestion/method/system in this thread, considering I may end up only be able to trade in micro or even nano trade size ?

Please do not shoot me down as I'm am still a learning trader bashing his way through the misty forex jungle. Thank you.

Your humble trader with regards,
RP
Hey Random pips

You can still trade any method, the correct thing that you need to learn is Money Mgmt and about position sizing. So if you have $50, or $500,000 dollars and want to risk 1% of your account per trade it doesn't matter how big your stop is. You simply have to be able to position size correctly. Check out the posts here specifically 18-33 on MM, this should help get you started to better understand this topic and allow you to trade any size account(but I highly recommend trading demo before putting any real money on the line till you can prove it on demo).
http://www.forexfactory.com/showthread.php?t=6948

Hope this helps
Mike
  • #70,751
  • Aug 6, 2010 12:27pm Aug 6, 2010 12:27pm
PA works on every chart as long as the location and confluence is there. BEOB + 50 Fib + 365 MA + BRN

Trade at BE now.
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  • #70,752
  • Aug 6, 2010 12:29pm Aug 6, 2010 12:29pm
Quoting mbqb11
Hey Random pips

You can still trade any method, the correct thing that you need to learn is Money Mgmt and about position sizing....

I am a firm believer that risk management is the only way to be successful here. technique comes in a distant 3rd place to risk management 1st, and psychology 2nd, which are both one in the same in my opinion.
Many choose unhappiness over uncertainty.
  • #70,753
  • Aug 6, 2010 12:58pm Aug 6, 2010 12:58pm
Quoting sakrani
PA works on every chart as long as the location and confluence is there. BEOB + 50 Fib + 365 MA + BRN

Trade at BE now.
Excellent sak!
  • #70,754
  • Aug 6, 2010 12:58pm Aug 6, 2010 12:58pm
Quoting Dan Gilbert
I am a firm believer that risk management is the only way to be successful here. technique comes in a distant 3rd place to risk management 1st, and psychology 2nd, which are both one in the same in my opinion.
yeah MM should be routine and the easiest thing a trader deals with in my opinion. Plug in your numbers and go!
  • #70,755
  • Aug 6, 2010 1:06pm Aug 6, 2010 1:06pm
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Hmm, wheat.
  • #70,756
  • Aug 6, 2010 1:08pm Aug 6, 2010 1:08pm
Quoting mbqb11
Hey Random pips

You can still trade any method, the correct thing that you need to learn is Money Mgmt and about position sizing. So if you have $50, or $500,000 dollars and want to risk 1% of your account per trade it doesn't matter how big your stop is. You simply have to be able to position size correctly. Check out the posts here specifically 18-33 on MM, this should help get you started to better understand this topic and allow you to trade any size account(but I highly recommend trading demo before putting any real money on the line till...
Good day & thank you, Mr Mike.
  • #70,757
  • Aug 6, 2010 2:58pm Aug 6, 2010 2:58pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Yesterday a friend and I were talking about the usd/cad daily pin bar. We wanted to figure out where the PPZ/FTAs would likely be. Trying our best to channel J16, we drew the FTA lines at 1.0200, 1.0275, and 1.0300. And what do you know, today it peaked at 1.0302 and will close right around 1.0275. Isn't it funny how prices just love those PPZs?
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  • #70,758
  • Aug 6, 2010 6:14pm Aug 6, 2010 6:14pm
Quoting ppfx
now after the NFP news release i think it will close more likely as a bullish bar... at least now it looks like it will close like this... it seems like nothing can stop this up trend. loll ... will see


and also the previous swing high doesnt hold on anymore....

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Nice analysis.

It was wishful thinking on my part. LoL
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  • #70,759
  • Aug 6, 2010 7:31pm Aug 6, 2010 7:31pm
Quoting mbqb11
yeah MM should be routine and the easiest thing a trader deals with in my opinion. Plug in your numbers and go!
Yes even if your a crap trader ie got the happy trigger finger you can still maintain or grow an account just by limiting your loss and
Maximising your profits (I am a case in point) you can give yourelf an added edge, in fact it is theoretically impossible to go broke by using a 2% risk criteria (ie stop loss at 2% of equity) as your account decreases so your 2% becomes 2% of your new total equity. Obviously this a theoretical statement as in the real world if you lost half you account you wouldn’t be able to just keep on doing what your doing, but it does give you a lot of chances to get it right.
I know you guys know this, just writing it down so I listen to myself
  • #70,760
  • Edited 9:33pm Aug 6, 2010 8:59pm | Edited 9:33pm
Quoting Trndsurfer
Yes even if your a crap trader ie got the happy trigger finger you can still maintain or grow an account just by limiting your loss and
[font=Calibri][size=3]Maximising...

Good reminder to us all.

I have posted this before but it may be beneficial for new people.

This is a quite comprehensive Money Management indicator that shows us quite clearly, what position size of a given equity we should be using, the Risk reward ratio in percentage, pips and monetary value.

Just make sure you setup the indicator so that it corresponds with your account, if it is micro, mini or regular account.
Move the Stop Loss, Entry Point. and Take profit lines to where you want them and the indicator will automatically calculate the trade and display the details on the screen. You may have to switch back and fourth the time frames to get it to recalculate although it does calculate it even if you don't, at the next pip, I believe.

This indicator shows us very quickly if a trade is worth taking or not.

Hope someone finds it useful.
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