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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

  • #105,481
  • Edited 9:09am Dec 31, 2011 7:33am | Edited 9:09am
Quoting the_wizard

Funnily enough, over Christmas, another friend told me about trading and how you can make huge amounts of money buying and selling currencies. I'm actually very excited about it. He said you can do well if you treat it like a business. I didn't like to say anything but of course, I thought to myself that it didn't sound like any business I know. In fact, it sounds as far removed from buying and selling clothes as one can get. Wouldn't you agree?
LOL,

Seeing that you have over a 1000 plus posts, are a ten voucher and have been on this forum for a couple of years, I would guess this is a morality tale. Kudos as it is an excellent one.
Kill the ego, or it will kill the mission.
  • #105,482
  • Dec 31, 2011 7:43am Dec 31, 2011 7:43am
Quoting the_wizard
I wonder if any of you guys can help me?

I can't understand what I did wrong this year.

I had such a great idea for a business but it just fell apart.

The idea was simple : I know a supplier that I can get items from really cheap and it was my intention to sell them on for a nice profit in the expensive area I live in (people will pay extortionate prices!!)

I guess my misfortune was a combination of a terrible economic climate and a good old dose of bad luck because my business failed right from the start.

Let me tell you...

haha class!!! absolutely brilliant!! lol



jon
PATIENCE... DISCIPLINE
  • #105,483
  • Dec 31, 2011 8:30am Dec 31, 2011 8:30am
Quoting AaronWard
LOL,

Seeing that you have over a 1000 plus points, are a ten voucher and have been on this forum for a couple of years, I would guess this is a morality tale. Kudos as it is an excellent one.
hehehe thanks!

Yes the idea came about because of a chat I had over Christmas with a friend of the family. The usual "you might be successful but don't kid yourself its a business, you are gambling" ideology.

I have to confess that its only in the last few years (I've been trading 11) that I have really seen it as a business.

One of the turning points (apart from good old J16 constantly telling us) was a talk I had with a security guard in Tesco. They have these checkouts installed where you serve yourself and its like an opportunity to rob them sooo easily. E.g. you put through a 99p doughnut but you tell the machine that its a 20p one...or you just put stuff in the bag and oh whoops I forgot to scan it...

Anyway, I said to him "this isn't a good bet. You've spent all this money installing these machines and you must lose so much in people stealing stuff via them"

And he said : "Oh we lose a fortune. But its still cheaper than hiring staff at the checkouts in the long run"

Here is a company that knows in advance they will take losses but make good decisions and prepare for those losses knowing they will come out ahead in the end.

Same parallel to trading - You take a loss on a trade but its the long term edge that counts.

Longevity.

That's what the games about :-)
  • #105,484
  • Dec 31, 2011 9:30am Dec 31, 2011 9:30am
I don't see what was abrasive. Anyone can look back at a two week old chart and tell me what took place 2 weeks ago. Everyone looks like a guru in hindsight. I want to see who is actually trading in a real account or at least in real time. I mean honestly, who would you rather hear from, someone who talks or someone who actually does? I have traded on other platforms and they do show the actual pnl on the chart so this feature is not exclusive to FXCM. You're probably right as far as me hanging around here. What's to be gained? A bunch of "traders" talking about this set up and that set up but never showing us an actual trade?
Quoting Pinbar
A rather abrasive post.

I take it you won't be hanging around here.

Not everyone is using FXCM.
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  • #105,485
  • Dec 31, 2011 10:32am Dec 31, 2011 10:32am
everyone please be Safe tonight celebrating(or those out now across the world).

Have a HEALTHY and happy new year!


looking forward to 2012
  • #105,486
  • Dec 31, 2011 11:32am Dec 31, 2011 11:32am
Quoting mbqb11
everyone please be Safe tonight celebrating(or those out now across the world).

Have a HEALTHY and happy new year!


looking forward to 2012
Hello mike, compliments of the season to you and everyone in dis forum. I have a question.... Is it normal for spreads to flunctuate for a particular pair? for example, EUR/USD is usually around 2 pips or so, i noticed its around 9 pips now.. or mayb there is something i dont understand about it .
  • #105,487
  • Dec 31, 2011 11:34am Dec 31, 2011 11:34am
Quoting yomex_y2
Hello mike, compliments of the season to you and everyone in dis forum. I have a question.... Is it normal for spreads to flunctuate for a particular pair? for example, EUR/USD is usually around 2 pips or so, i noticed its around 9 pips now.. or mayb there is something i dont understand about it .
Hey Y

Yep it is normal, most brokers have variable spreads. Spreads generally remain in an avg range(for example 1-2 on the euro for most brokers). At times when liquidity is less(for example now is the weekend, or during news events) it is very normal for spreads to widen. This is simply how markets work rather then something that is bad or good. Now depending on the broker the variation in spreads and particular pairs may vary.

Have a happy new year to you too
Mike
  • #105,488
  • Dec 31, 2011 11:47am Dec 31, 2011 11:47am
Quoting mbqb11
Hey Y

Yep it is normal, most brokers have variable spreads. Spreads generally remain in an avg range(for example 1-2 on the euro for most brokers). At times when liquidity is less(for example now is the weekend, or during news events) it is very normal for spreads to widen. This is simply how markets work rather then something that is bad or good. Now depending on the broker the variation in spreads and particular pairs may vary.

Have a happy new year to you too
Mike
many thanks mike, you are much appreciated!
  • #105,489
  • Dec 31, 2011 1:00pm Dec 31, 2011 1:00pm
Hi All

For those who have arrived .......and those about to arrive soon......a happy and prosperous 2012!!

Great post there Wiz!! Will read that a few times over so it sinks in deep!!

Good trading to all in 2012!

Kalbar
  • #105,490
  • Dec 31, 2011 1:26pm Dec 31, 2011 1:26pm
any takers on euro?

pinbar at swing low. not a good sized one though.

trend is DOWN but divergence forming for a potential CT trade.

location is on support formed nearly ago (early january this year) confluence with 1.29
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  • #105,491
  • Dec 31, 2011 1:45pm Dec 31, 2011 1:45pm
Quoting biDc
any takers on euro?

pinbar at swing low. not a good sized one though.

trend is DOWN but divergence forming for a potential CT trade.

location is on support formed nearly ago (early january this year) confluence with 1.29
that trade... no way... for suckers...
just messing with you. 70p to close the year.
happy new year everyone
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Be bullish on you.
  • #105,492
  • Dec 31, 2011 3:26pm Dec 31, 2011 3:26pm
To all J16ers,

Happy New Year 2012.

I started my forex trading in 2011 and I have been reading this forum for sometime. I am hoping I will be active in 2012 by posting in this forum with my charts.

Thanks
vyky
  • #105,493
  • Edited 8:01pm Dec 31, 2011 6:17pm | Edited 8:01pm
Happy New Year!

To Everyone & all the great people that make this thread, the Very Best!

Being in China, I get another crack at New Year on Jan 22.

Can my liver stand the Jack Daniels.
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  • #105,494
  • Jan 1, 2012 1:07am Jan 1, 2012 1:07am
happy new years guys/gals
  • #105,495
  • Jan 1, 2012 1:42am Jan 1, 2012 1:42am
Quoting mbqb11
happy new years guys/gals
happy new year buddy!!
  • #105,496
  • Jan 1, 2012 2:44am Jan 1, 2012 2:44am
Happy new year all
Anything can happen.
  • #105,497
  • Edited 10:19am Jan 1, 2012 4:00am | Edited 10:19am
Quoting the_wizard
One of the turning points (apart from good old J16 constantly telling us) was a talk I had with a security guard in Tesco. They have these checkouts installed where you serve yourself and its like an opportunity to rob them sooo easily. E.g. you put through a 99p doughnut but you tell the machine that its a 20p one...or you just put stuff in the bag and oh whoops I forgot to scan it...

Same parallel to trading - You take a loss on a trade but its the long term edge that counts.

Longevity.

That's what the games about :-)
I think you were probing the security guy for some inside information... (See attachment)

Great posts Wiz

T
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  • #105,498
  • Jan 1, 2012 4:26am Jan 1, 2012 4:26am
Quoting the_wizard
I wonder if any of you guys can help me?

I can't understand what I did wrong this year.

I had such a great idea for a business but it just fell apart.

The idea was simple : I know a supplier that I can get items from really cheap and it was my intention to sell them on for a nice profit in the expensive area I live in (people will pay extortionate prices!!)

I guess my misfortune was a combination of a terrible economic climate and a good old dose of bad luck because my business failed right from the start.

Let me tell you what happened....
Master class!
I believe . . .
  • #105,499
  • Jan 1, 2012 11:48am Jan 1, 2012 11:48am
Bit late, still recovering!

Happy New Year All.

I hope you all have a very good profitable year trading.

My first 3 months trading the daily charts live was going ok, until I got carried away across the Christmas period and took a short position on NZD/USD BEOB into the 365 EMA and took a full bar loss!!!!

My bad, reviewing the trade and I remember thinking at the time there was high probability that .7800 would be re-tested before down side movement.

As a result of this loss I finished my first 3 months live at exactly break even.
So clean slate for this year, review my mistakes from 2011 and follow this thread and hope that I can show some profit after the next 3 months.

Having real trouble taking profit on good trades, getting stopped for BE a lot, or getting out early with small profit only to see the trade run. If I could refine this area a full bar loss would not have been so devastating!!

Live and learn

Chin Chin

GP
  • #105,500
  • Jan 1, 2012 4:22pm Jan 1, 2012 4:22pm
Quoting the_wizard
I wonder if any of you guys can help me?

I can't understand what I did wrong this year.

Obviously, you bought the color of coats, the dogs were not too keen on.

Lamp Post Grey, is their favorite, I hear.

LOL

Great post Wiz.
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