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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

  • #88,761
  • Feb 11, 2011 9:38am Feb 11, 2011 9:38am
Quoting aserbfx
or this here?
After this week's huge run-up on u/j, this reeks of friday profit-taking. Considering the bar size relative to the up-swing, I would likely stay away.

Just my thoughts,

-- Danny
  • #88,762
  • Feb 11, 2011 9:43am Feb 11, 2011 9:43am
Quoting bluetrader

Just my thoughts,
and that's why i post here. to hear others thoughts.
meine augen sind die sterne
  • #88,763
  • Feb 11, 2011 9:47am Feb 11, 2011 9:47am
Overall sideways market.Last month IPB.Last week buob.Yesterday dblhc,witch closed above small consolidation between 50-61.8 fibb.Target 0.99 BRN.
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Nothing personal,just business
  • #88,764
  • Feb 11, 2011 9:47am Feb 11, 2011 9:47am
Quoting aserbfx
and that's why i post here. to hear others thoughts.


BTW, awesome stock trades lately. Have been a keen follower.

-- Danny
  • #88,765
  • Feb 11, 2011 10:22am Feb 11, 2011 10:22am
Quoting aserbfx
or this here?
That was a nice move. I bought at 82.58 and closed at 83.45 on daily. Was going to hold over the weekend if price could stay above 83.50 but it seems to be struggling. Will see on Monday if I should have held
  • #88,766
  • Feb 11, 2011 10:51am Feb 11, 2011 10:51am
Any comments on my ideas for majors next week?
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  • #88,767
  • Feb 11, 2011 11:02am Feb 11, 2011 11:02am
I always hear the seniors speak about slowly growing an account and the power of compounding. James talks about having a large account and being picky.

Well, I'm a numbers guy and I sometimes need to see what that means. I created a spreadsheet to answer the universal question:

How many years will it take to be financially independent?


Example: Let's say I can average a 3% return every month consistently with an account of $60k. It will take me almost 3 years to achieve my monthly goal of $5k income every month.

The only prerequisite is your monthly income goal. This is dependent on the trader... I prefilled an example for illustration purposes.

* Please keep in mind this spreadsheet is for educational purposes only, it will in no way help your trading... it only serves to clarify (using math) what the seniors mean by slowly growing an account.

Hope this helps, it was a real eye-opener for me. I realized that having a large account helps speed things up tremendously. The only other variable is the monthly return, something we all need to be realistic with. Unless you're Rac, don't think you'll average 10% every month.

-- Danny
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  • #88,768
  • Feb 11, 2011 11:13am Feb 11, 2011 11:13am
Quoting bluetrader
I always hear the seniors speak about slowly growing an account and the power of compounding. James talks about having a large account and being picky.

Well, I'm a numbers guy and I sometimes need to see what that means. I created a spreadsheet to answer the universal question:

How many years will it take to be financially independent?


Example: Let's say I can average a 3% return every month consistently with an account of $60k. It will take me almost 3 years to achieve my monthly goal of $5k income...
Beautiful spreadsheet Danny.

So simple, so clean

and the formulae. =MAX(LN(($B$2/B$4)/$A8)/LN(1+B$4)/12,0)
Beautiful

And the info it contains. Well, that speaks for itself

Well done and thanks

Michael
  • #88,769
  • Feb 11, 2011 11:22am Feb 11, 2011 11:22am
Quoting fxgroup
Overall sideways market.Last month IPB.Last week buob.Yesterday dblhc,witch closed above small consolidation between 50-61.8 fibb.Target 0.99 BRN.
  • #88,770
  • Feb 11, 2011 11:47am Feb 11, 2011 11:47am
Talking about confusion.... triggered BUOB triggers BEOB
Which one will beat the other....

I bet for the red one
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  • #88,771
  • Feb 11, 2011 11:57am Feb 11, 2011 11:57am
stop was initially @ 0.8500
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Many choose unhappiness over uncertainty.
  • #88,772
  • Feb 11, 2011 12:05pm Feb 11, 2011 12:05pm
possible touch trade on nzd/cad.
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meine augen sind die sterne
  • #88,773
  • Feb 11, 2011 12:32pm Feb 11, 2011 12:32pm
Quoting bluetrader
I always hear the seniors speak about slowly growing an account and the power of compounding. James talks about having a large account and being picky.

Well, I'm a numbers guy and I sometimes need to see what that means. I created a spreadsheet to answer the universal question:

How many years will it take to be financially independent?


Example: Let's say I can average a 3% return every month consistently with an account of $60k. It will take me almost 3 years to achieve my monthly goal of $5k income every...

Wow Danny this is excellent.. thx

Dreams can come true...
Trade Smart
  • #88,774
  • Feb 11, 2011 12:58pm Feb 11, 2011 12:58pm
Quoting Osman
Wow Danny this is excellent.. thx

Dreams can come true...
I'm pretty gutted though that on a $2,000 investment at 12% profit per month it would take 6 years to earn $1,000,000 per month.
Very disappointing
  • #88,775
  • Feb 11, 2011 12:59pm Feb 11, 2011 12:59pm
The M IPB'top reached at 13 pips difference.Partial profit banked and SL moved below M ppz.
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Nothing personal,just business
  • #88,776
  • Feb 11, 2011 1:03pm Feb 11, 2011 1:03pm
Quoting Ifmyante
I'm pretty gutted though that on a $2,000 investment at 12% profit per month it would take 6 years to earn $1,000,000 per month.
Very disappointing


Michael, you know if you had a $1,000,000 account, it would only take 1.6 years.
  • #88,777
  • Feb 11, 2011 1:30pm Feb 11, 2011 1:30pm
Quoting bluetrader


Michael, you know if you had a $1,000,000 account, it would only take 1.6 years.
Thanks for the advice. Consider it done
  • #88,778
  • Feb 11, 2011 2:34pm Feb 11, 2011 2:34pm
Is it ill advised to place a trade right before the close on Friday?
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  • #88,779
  • Feb 11, 2011 2:39pm Feb 11, 2011 2:39pm
Would love to hear from some of the "gurus" on this:
ghous, SC, mbqb, jarroo...

I mark S/R levels day in and day out (I'm a smaller timeframe guy and watch about 20 or so pairs) and only mark the real obvious ones, usually obvious swing highs/lows. Interestingly, these become what everyone here calls PPZ's . Or, it is just another swing confirming an established PPZ.

Here's what's driving me nuts. I see price take nice bounces from my levels VERY FREQUENTLY and ACCURATELY but don't see PA to validate entering into a trade. (in the same timeframe I'm watching) I look for pins and engulfing types of PA at the levels.

So naturally it makes me think that there must be another way to trade this. I don't like the idea of touch trading as I want price to stop at the level and show me it's being respected. Of course, that's why pins/engulfs are so good, they show respect and rejection.

I do see inside bars form at these levels a lot. Maybe taking the break of the inside bar would be another option. mbqb11 replied to this once but I'm still investigating this IB idea.

Love to hear some thoughts!!
  • #88,780
  • Feb 11, 2011 2:47pm Feb 11, 2011 2:47pm
Quoting crusen
Would love to hear from some of the "gurus" on this:
ghous, SC, mbqb, jarroo...

I mark S/R levels day in and day out (I'm a smaller timeframe guy and watch about 20 or so pairs) and only mark the real obvious ones, usually obvious swing highs/lows. Interestingly, these become what everyone here calls PPZ's . Or, it is just another swing confirming an established PPZ.

Here's what's driving me nuts. I see price take nice bounces from my levels VERY FREQUENTLY and ACCURATELY but don't see PA to validate entering into a trade. (in the same timeframe...
Hey C

Definitely no guru here

But this is sort of just the give and take of waiting for bar confirmation. You could of course use just closes of bars, or combine bars to formulate bars(ie a 2hr pin etc). This is something I deal with too. I mark up my areas and very often it pans out the way I suspected but I look at waiting for my confirmation as part of my edge so I don't let it bother me(much lol)

Have a nice weekend
Mike
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