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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

  • #71,201
  • Aug 10, 2010 10:27pm Aug 10, 2010 10:27pm
Quoting joelcf
Five hundred bucks?!
living expenses here are ridiculous & ridiculously cheap for many foreigners:
$100 - $1000 per month ($1k up is comfortable/VERY comfortable)

Asia (the Philippines) + experience +$500 = trading for a living

the longer equation would be
Asia + (ideal/comfortable) personal circumstance + experience + $500 (up to $10k) = trading for a living

think of it like this:
kangaroo meat in Philippines? unheard of.
kangaroo meat in Australia? as food?(i hope im correct, LOL)


again, $500 - $10k account: it's not for most people
  • #71,202
  • Aug 10, 2010 10:30pm Aug 10, 2010 10:30pm
Quoting joelcf
Obviously, you should question her and find out why she took so long to get home to prepare your lunch.

Sandwiches dont make themselves, you know.

Thanks for the moral support Joel!
  • #71,203
  • Aug 10, 2010 10:31pm Aug 10, 2010 10:31pm
Quoting Pinbar
Oh, I get it now.

Sorry, for some reason I thought you were referring to the the topic that we were talking about, that being S&R and PPZ actually being between these areas. I see your post was not actually related to that topic. I was so involved with that subject, I was oblivious to the point.


I see how we can leave these PPZ on our charts for months and if they are properly drawn they will still be valid.

Thanks Jarroo

Hope you get your more steam for your Internet connection.
You'll have to go back into May, look at the pairs where we plotted PPZ levels and see what they look like today.

http://www.forexfactory.com/showpost...ostcount=63487
Indicators show the past. Price Action "Indicates" the future.
  • #71,204
  • Aug 10, 2010 10:35pm Aug 10, 2010 10:35pm
Quoting joelcf

Pretty sure at this point in time we should all chip in and buy Jaroo (and Mike) dedicated connections

Quoting Pinbar
I hear you Joel.

Like this?


Jarroo, fasten that seat belt.

That would be cool . . .


Can you guys tell that I'm fading in and out every 20 minutes or so . . .or less?

(sucks)
Indicators show the past. Price Action "Indicates" the future.
  • #71,205
  • Aug 10, 2010 10:42pm Aug 10, 2010 10:42pm
Quoting unlv_tj
I don't see how someone can trade for a living with less than $200,000. If you can make 20% a year, that is $40,000 before taxes, that really isn't a large income.

Though $200,000 may not be a "large" account either, it certainly would be a large account to me. Obviously a million would do it, but hell, if you have a million dollars, you don't have to trade to live off of it, though it would be far more awesome if you could.

If trading for a living doesn't require...

- Large Account
- book pyschology
- perserverance
- experience

Then I...
would that be just 1 winning trade a month?
  • #71,206
  • Aug 10, 2010 10:54pm Aug 10, 2010 10:54pm
Quoting jarroo
That would be cool . . .
Can you guys tell that I'm fading in and out every 20 minutes or so . . .or less?
...
that's nothing.
recently there were days that i fade in & out every few seconds/minutes.
20minutes is a blessing.
  • #71,207
  • Edited 11:10pm Aug 10, 2010 10:55pm | Edited 11:10pm
Quoting Adilius07
If you don't mind... to me it looks almost bullish. The price closed right at the PPZ. Isn't it a price flip level? It also has build some base (almost like mini double bottom), have tried to push thtough 1.0500 but was rejected, I'm afraid it will go for the next try... Thought a lot about it I too like the Pin itself but the location is scary...
That's why its called a "PINocchio" Bar its lying to you with its long nose.

The only bullishness that I see are . . .
#1: The bearish PB is not at a swing high.
#2: Price is not at the top of its current consolidation area after a good size BUB from its bottom and that Price my hit the top of it, again.

Some quality bearish PA at the Top of this consolidation area (on say the 8 hour or 4 hour) at the 1.0600 or 1.0550. This would compliment the Daily PB nicely. (or a touch trade but I don't post them here)

Other then that, I'll wait for the break of the PB to the 1.0400 or bottom of consolidation.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #71,208
  • Aug 10, 2010 10:56pm Aug 10, 2010 10:56pm
Quoting supremeChaos
that's nothing.
recently there were days that i fade in & out every few seconds/minutes.
20minutes is a blessing.
Man . . that sucks, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #71,209
  • Aug 10, 2010 11:04pm Aug 10, 2010 11:04pm
I foregot where I read this, Jim16 ever encourage people develop skill of trading range market if one want to suceed in this business, coz 80% of the market are range market, according to him. I guess this is one of the situations he would recommend ?

jeurre

Quoting mbqb11
agreed benji, I find this easy to pass, but if you are a quick to b/e trader it could see 1.0400 like on your chart.

What kind of trader are you? (rhetorical question!)
  • #71,210
  • Aug 10, 2010 11:05pm Aug 10, 2010 11:05pm
Quoting jarroo
You'll have to go back into May, look at the pairs where we plotted PPZ levels and see what they look like today.

http://www.forexfactory.com/showpost...ostcount=63487


Just uploading them so I can see what you are pointing me towards.
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  • #71,211
  • Aug 10, 2010 11:11pm Aug 10, 2010 11:11pm
I may be off the mark here but, the first thing that strikes me is that I missed some important PPZ, the ones in Black.
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  • #71,212
  • Aug 10, 2010 11:14pm Aug 10, 2010 11:14pm
Quoting Pinbar
Just uploading them so I can see what you are pointing me towards.

Nice Pb . . .
Indicators show the past. Price Action "Indicates" the future.
  • #71,213
  • Aug 10, 2010 11:17pm Aug 10, 2010 11:17pm
Quoting jeurre
I forgot where I read this, Jim16 ever encourage people develop skill of trading range market...I guess this is one of the situations he would recommend ?
yes he did say that.
but he did not say that we should trade all range markets that we see. we still have to decide if we are comfortable trading a particular scenario/trade setup & if there is high probability of success.
  • #71,214
  • Aug 10, 2010 11:17pm Aug 10, 2010 11:17pm
Hi, Guys, anyone of you may want to help with this? EJ broke an important trendline, and looks like pullback and retested. now, we have inside bar as setup, where would you place your short stop order ?

jeurre
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  • #71,215
  • Aug 10, 2010 11:23pm Aug 10, 2010 11:23pm
Quoting jeurre
I foregot where I read this, Jim16 ever encourage people develop skill of trading range market if one want to suceed in this business, coz 80% of the market are range market, according to him. I guess this is one of the situations he would recommend ?

jeurre

Quoting supremeChaos
yes he did say that.
but he did not say that we should trade all range markets that we see. we still have to decide if we are comfortable trading a particular scenario/trade setup & if there is high probability of success.

Yes jeurre, I believe James16 would qualify this setup as one in a sideways market that is tradable. . .Usd/Chf Daily PB in consolidation.

Good points sChaos.
Indicators show the past. Price Action "Indicates" the future.
  • #71,216
  • Aug 10, 2010 11:24pm Aug 10, 2010 11:24pm
hey,sc, mind show me high probability scenario/setup ? still don't get a handle of how to identify one except pa as he teaches here. in hindsight and if price does reach 1.04, i wonder people will say, look, pa works

Quoting supremeChaos
yes he did say that.
but he did not say that we should trade all range markets that we see. we still have to decide if we are comfortable trading a particular scenario/trade setup & if there is high probability of success.
  • #71,217
  • Aug 10, 2010 11:27pm Aug 10, 2010 11:27pm
see, this is my brother, it's tradable, sc, bear in mind, jarroo is my brother, sc

but, breakout is important here, totally agree, jarroo



Quoting jarroo
Yes jeurre, I believe James16 would qualify this setup as one in a sideways market that is tradable. . .Usd/Chf Daily PB in consolidation.

Good points sChaos.
  • #71,218
  • Aug 10, 2010 11:37pm Aug 10, 2010 11:37pm
Quoting jeurre
see, this is my brother, it's tradable, sc, bear in mind, jarroo is my brother, sc

but, breakout is important here, totally agree, jarroo

I beleive its a good setup (nice Size) and that it should break with some good momentum. . .if it breaks.

But are you willing to see Price travel like this (chart) and still hit its target?
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #71,219
  • Aug 10, 2010 11:44pm Aug 10, 2010 11:44pm
yeah, high likely it will move around like what you drew, but, i favor a bit travel down and break the bottom sooner or later, for two reasons :
1] the selling pressure is bidding lower each time the bull tried to push up
2] the uptrendline sitting at the bottom of a big triangle looks appealling the price to fulfill its mission ? just try to draw it on monthly view if you wish?


jeurre



Quoting jarroo
I beleive its a good setup (nice Size) and that it should break with some good momentum. . .if it breaks.

But are you willing to see Price travel like this (chart) and still hit its target?
  • #71,220
  • Aug 10, 2010 11:45pm Aug 10, 2010 11:45pm
Quoting jeurre
hey,sc, mind show me high probability scenario/setup ? still don't get a handle of how to identify one except pa as he teaches here...
high probability setup would be an A+ setup that YOU trade. (it may not exactly be the A+ setups shown here)
if u find that setup u mentioned in that post as an A+ setup, then by all means go ahead & trade it.
u have to remember that each of us is unique & has different comfort levels when it comes to trading... & an A+ setup to u may not necessarily be A+ to me or to others & vice versa.
that's what i meant by "trade what u are comfortable trading & has a high probability".

Quote
in hindsight and if price does reach 1.04, i wonder people will say, look, pa works
it may or may not work. nobody knows for sure & it is immaterial, regardless. IMHO
what people say shouldnt matter too much to u. (again, everyone is unique)
what should matter most to u is how YOU trade & what u are comfortable with... basically everything about YOU is what matters.

Hope i made sense
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