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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

  • #71,581
  • Aug 13, 2010 11:10am Aug 13, 2010 11:10am
Quoting Atc
I haven't posted lately due to family matters(my teenager) and have only taken' 3 trades this month, but all were positive based on the help I recieve here from reading all of your posts.

To all have a great weekend and thanks for making this a great place to be!

Special thanks to Mike, SC, Ghous, Jarroo and to the other seniors I forget to mention.

Bill
awesome Bill
  • #71,582
  • Aug 13, 2010 11:16am Aug 13, 2010 11:16am
Quoting Geofract
Wow, I am really pleased you said that Ghous, because I took that trade I closed 2/3rd for +35 for a free trade, and then closed the remainder for BE following positive CAD news at 1.30pm. I had more luck with the BEOB on Wednesday to be honest, but anyway, I'm just glad to see I can pick an A+ setup sometimes!

I trade CAD/JPY a lot on H4, it's very technical I find. It's where I have the most success anyway.

Haha, happy days
That was some professional trade management. You obviously understood that the since Cad/Yen's chopping around even minor S/R flips need t come into the equation. This one still did what was expected of it (hit the FTA).

g.
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I believe . . .
  • #71,583
  • Aug 13, 2010 11:17am Aug 13, 2010 11:17am
Quoting Atc
I haven't posted lately due to family matters(my teenager) and have only taken' 3 trades this month, but all were positive based on the help I recieve here from reading all of your posts.

To all have a great weekend and thanks for making this a great place to be!

Special thanks to Mike, SC, Ghous, Jarroo and to the other seniors I forget to mention.

Bill
Great stuff bro!

g.
I believe . . .
  • #71,584
  • Aug 13, 2010 11:29am Aug 13, 2010 11:29am
@ Rustam

Not sure how you managed the Usd/Cad Pin bar but the setup sure should teach you a thing or two.

Notice that price never made it to the trend line you wanted to use as your TP. It in fact bounced off the consolidation box low which isn't a surprise.

These consolidation boxes serve as great S/R zones specially when they are as obvious (nice cluster of bars) as the one on Usd/Cad...look out for them - always.

g.
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I believe . . .
  • #71,585
  • Aug 13, 2010 11:43am Aug 13, 2010 11:43am
i have a question: EURCAD H4 huge pin forming ..but Daily showing bearish.. so the daily will prevail or?
  • #71,586
  • Aug 13, 2010 12:25pm Aug 13, 2010 12:25pm
I have decided to post this question in this thread as i noticed some of the people that post here where involved in promoting the post as a sticky in the rookie section of this forum and i thought they or other may be able to shed some light.

This is a quote from therealthing

"I've had good years and slow years, while very successful over the long haul, thought I better tell those who think that trading can replace their job have the better odds winning the Powerball. Really! There are hundreds more who have won big in the Powerball than actually earn their money from private trading."

taken from this thread:

http://www.forexfactory.com/showthre...799#post205799

Which was recommended by Hanover in another thread i was reading.

I am having trouble digesting this statement properly.

I am from the UK where many people play the national lottery, which i guess is the equivalent of the powerball. They play in hope of winning millions, quitting their job and retiring in the sun. I don't play the national lottery. I consider it gambling as there is only a 1 in 14 million chance of guessing the correct numbers. Even though i play poker for a living i am not a gambler - i have a positive expectancy and poker is a game of skill as well as chance.

My question is;

If there really is such an astronomically low chance of success in private trading then whats the point in trying to begin with?

i have been doing really well lately and making massive leaps forward in my trading after 18 months of full time study but reading posts like this make me think to much about the negatives and only serve to temporarily take the wind right out of my sail.

I am not disagreeing with the original poster who is obviously well respected. i am simply trying to put the statement into perspective and despite reading his explanations i was unable to do so. Hope someone can help.

Meanwhile, i'm off to buy my first ever lottery ticket, apparently i'm better off doing that than i will be spending the next year forward testing my trading ideas.

S
  • #71,587
  • Aug 13, 2010 12:29pm Aug 13, 2010 12:29pm
so long ?
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  • #71,588
  • Aug 13, 2010 12:30pm Aug 13, 2010 12:30pm
??????????
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  • #71,589
  • Aug 13, 2010 12:59pm Aug 13, 2010 12:59pm
Quoting mistersimple
so long ?
well there seems to be a ppz just above the close of the pinbar.
any opinions about the setup appreciated...

edit: the nose just touched the 38.2% fib. (not drawn in the chart)
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meine augen sind die sterne
  • #71,590
  • Aug 13, 2010 1:15pm Aug 13, 2010 1:15pm
Quoting mistersimple
i have a question: EURCAD H4 huge pin forming ..but Daily showing bearish.. so the daily will prevail or?

I like to focus on the timeframe I am trading off. In this case though and likewise for you eur/aud this to me is not strong buying so late on a friday. Smells more like weak profit taking and people wrapping up for the weekend. I prefer to stand aside when it is this dead on a friday

Mike
  • #71,591
  • Aug 13, 2010 1:15pm Aug 13, 2010 1:15pm
@mistersimple.... aserbfx is right. And i would say its the same with EURAUD. I added a PPZ area on the chart you have posted. So if you wanna take the pin you have to be very careful, because FTA is very close. But i'd consider to skip it.

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  • #71,592
  • Aug 13, 2010 1:17pm Aug 13, 2010 1:17pm
Hey Ghous, I didn't take it in the end. I noticed the cluster of bars but for some reason gave them no weight :S. Once you highlighted them on your chart they became very obvious and I decided to leave it because there was so little room to move. Had i entered, I think i would have moved to BE very quickly and would have gotten stopped out for 0... I'd rather wait for a better setup tho, less stress

I am quite curious to see what will happen with GU next week though. retraced to what I think is an important area so I'd like to see some bullish PA to go long!
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  • #71,593
  • Aug 13, 2010 1:21pm Aug 13, 2010 1:21pm
Quoting Majestic12
I have decided to post this question in this thread as i noticed some of the people that post here where involved in promoting the post as a sticky in the rookie section of this forum and i thought they or other may be able to shed some light.

This is a quote from therealthing

"I've had good years and slow years, while very successful over the long...
I think the perspective is good. it makes people immediately understand this is NOT get rich quick. How many people honestly don't think that when they first find it. Not many. And then most fail and can't even get to a point where they realize it takes hard work.

The fact is simple this is a business, and must be treated like one. How many business fail? I will let you look up the number. Forex is no different. Saying you have a better chance winning the lotto, again I think it is perspective more then any kind of factual number you have to take to heart. The issue isn't even just learning how to trade, it is knowing how to grow and maintain your business too. There are a lot more factors then pressing buy and sell and sipping a margarita from a beach. To me this is a life long endeavor where I intend to continue to grow and put me in a position to continuously better myself financially. A process. Not an A to Z. At least that is my business plan.

Do I think you have a better chance of learning to trade then win the lotto if you have gotten this far? Yes I do(b/c you understand the above- I can clearly tell). Do I know if you or anyone else can make it? That is up to you really. The thing is to give yourself a shot. This is why James and others say thing like Demo. Who would read about a topic like owning a restaurant, buy space and open it tomorrow and expect it to work. For some this is all cliche and words, but it is also the reality.

I would take the post as encouraging rather then discouraging. I think anyone who reads that or this post and says I want it NOW NOW NOW, i need to be profitable in 4 months, or I need to quit my job tomorrow, or I have no job I need to live off my trading by next month(and I get these emails EVERY single week it scares the shit out of me, excuse my language). Those people will not make it ever with that mentality and I would wish/pray them to move on to a different business pursuit and save themselves money and heartache. For those that want it, it is there though.

I hope my post was an upper and not a downer on a friday! I appreciate the hard work it takes and that people I never talk to are doing.

Have a great weekend
Mike
  • #71,594
  • Aug 13, 2010 1:24pm Aug 13, 2010 1:24pm
thanks to all for your quick answers, i prefer stay away..
by the way look at EURAUD weekly..12 weeks within the range !
  • #71,595
  • Aug 13, 2010 2:51pm Aug 13, 2010 2:51pm
Quoting ghous
That was some professional trade management. You obviously understood that the since Cad/Yen's chopping around even minor S/R flips need t come into the equation. This one still did what was expected of it (hit the FTA).

g.
I do understand the idea of scaling out for free trades quite well, it's something I do often to try and manage risk. But also I had a very slight doubt about the setup, as looking at H1 showed me the move back up to 83 was far more bullish than the move down on Wednesday, and also 82 is a big number on the daily, so I had to respect that and manage my risk.

Thanks to everyone who contributes to this thread btw. Some things I've read have been a real eye opener. Very useful, with friendly and helpful locals too
  • #71,596
  • Aug 13, 2010 3:41pm Aug 13, 2010 3:41pm
Quoting mbqb11
updated chart
update 2
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  • #71,597
  • Aug 13, 2010 3:51pm Aug 13, 2010 3:51pm
Evening all.

I just bought the book "Cloud computing for Dummies"..

This stuff is going to build my account over the next few years

That's plenty of time for practice
Anything can happen.
  • #71,598
  • Aug 13, 2010 3:52pm Aug 13, 2010 3:52pm
Quoting ddinnov
Evening all.

I just bought the book "Cloud computing for Dummies"..

This stuff is going to build my account over the next few years

That's plenty of time for practice
is that your weekend reading? seems heavy


mine will be the side of my beer can
  • #71,599
  • Aug 13, 2010 3:59pm Aug 13, 2010 3:59pm
Quoting mbqb11
is that your weekend reading? seems heavy


mine will be the side of my beer can
I have to learn this stuff as I start work doing it on Monday hehe.

I bought a Soros book as well "The Soros Lectures".

I need to have my wallet confiscated before I enter book shops, I just lose all control
Anything can happen.
  • #71,600
  • Aug 13, 2010 4:03pm Aug 13, 2010 4:03pm
Quoting ddinnov
I have to learn this stuff as I start work doing it on Monday hehe.

I bought a Soros book as well "The Soros Lectures".

I need to have my wallet confiscated before I enter book shops, I just lose all control
uh oh you better crack a beer and get reading
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