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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

  • #5,041
  • Jul 27, 2007 9:06am Jul 27, 2007 9:06am
If you thinking of going long on yen crosses from here, don't forget to check a weekly chart first...
I'm a good catcher, but not this time..thanks.
Enjoy the weekend.

R
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  • #5,042
  • Jul 27, 2007 9:21am Jul 27, 2007 9:21am
Quoting raczekfx
Very nice mamutot.

I'm a bit more aggressive trader, so I added to my shorts when price retraced to PP, TL and 61 fib confluence. This is more risky and I don't recommend for new trades, but it might get you in a successful trade earlier.

R.

I KNEW it
As I wrote in the PF when outlining that trade, I bet you took that .618 and here you are

Got mine at 2.0551 myself =)
Scared me for a second when it moved 5 pips higher than I thought though hehehe. Still, was a sound decision as you wrote, with an additional justification for me via my own insane wave counting logic ;p
(end of a B before C down)


Congrats to an outstanding entry Raczekfx on goth GBPxx!




Catcher in the Y hehehehe (with Y as in Yen)
Trust price. Know yourself.
  • #5,043
  • Jul 27, 2007 9:30am Jul 27, 2007 9:30am
Quoting raczekfx
Price came back to previous, broken support at around 244, and 50 fib from previous day high (just for visual confirmation) There was something else, which I'm not allowed to discuss on the public side, since it's reserved for private forum. For those of you thinking of going long here (as many of my trading buddies wants to do now) I'll post chart in the next message...
I took a short there myselfI won't name any names but trader on another thread thought it was a bad idea I guess it did't fit his indicator hmm closed out with 150 pips hmm
  • #5,044
  • Jul 27, 2007 9:39am Jul 27, 2007 9:39am
Yeah,
my gut feeling tells me that reversing at this point is not a good idea. I took the day off in the end, see you all next week, Raz
Never say never.
  • #5,045
  • Jul 27, 2007 9:49am Jul 27, 2007 9:49am
Quoting SeekingLight
I KNEW it
As I wrote in the PF when outlining that trade, I bet you took that .618 and here you are

Got mine at 2.0551 myself =)
Scared me for a second when it moved 5 pips higher than I thought though hehehe. Still, was a sound decision as you wrote, with an additional justification for me via my own insane wave counting logic ;p
(end of a B before C down)


Congrats to an outstanding entry Raczekfx on goth GBPxx!




Catcher in the Y hehehehe (with Y as in Yen)

Thanks , It's been very loooong journey. GOD bless people like Jim, Dial, Fiji and PF.

I knew, you'd be wondering and that's why I posted here

I remember when 5pips against my trades used to scare me. What I do now is to take a look at all my rules, select my entries carefully, SET STOPS and go away for few hours. After all, I'm not scalping, so if I did my homework properly, I should be rewarded. If not that's what the stops are for...
This is what I did with fiber and cable a couple of days ago after initiating short positions. Few hours later Jacko called for fiber 'turning down' in his thread (which was a very nice confirmation for my positions BTW). Yesterday, I just added to my position during that spike higher to 1.3770 and 2.0560 and simply walked away...
  • #5,046
  • Jul 27, 2007 9:53am Jul 27, 2007 9:53am
Quoting 59fender
I took a short there myselfI won't name any names but trader on another thread thought it was a bad idea I guess it did't fit his indicator hmm closed out with 150 pips hmm
great work 59..
this is why you have to have confidence in yourself and ignore 'noise'
  • #5,047
  • Jul 27, 2007 10:03am Jul 27, 2007 10:03am
Hi!

I've read like 25 pages now. I will read them all. In the mean time I've tried to do some homework. Can you guys just take a look and see if it makes any sense?

The chart is here: http://i15.tinypic.com/67fh9om.jpg

Sorry if it's to big! AND, Jim, I will join your forum as soon as I accumulate some monies. It's not expensive at all, it's just that I'm a poor student a the moment..

Thanks
  • #5,048
  • Jul 27, 2007 10:51am Jul 27, 2007 10:51am
Quoting zunk
Hi!

I've read like 25 pages now. I will read them all. In the mean time I've tried to do some homework. Can you guys just take a look and see if it makes any sense?

The chart is here: http://i15.tinypic.com/67fh9om.jpg

Sorry if it's to big! AND, Jim, I will join your forum as soon as I accumulate some monies. It's not expensive at all, it's just that I'm a poor student a the moment..

Thanks
Hi Zunk,
I am no expert, but will give you my opinion. But firstly, remember that the shorter the timeframe the less reliable the PIN Bars and other PA formations are - so 4hrs is pushing it for a novice. Also you are not taking CONFLUENCE into account - and that makes all the difference. A great PB, if it is in traffic should be ignored!

1. 1st formation DBLHC : would have liked it to break high earlier, but otherwise good. There is also an IBR4 located 3 bars after the 1st bar of DBLHC.

2. 1st PB: yes it is a PB, but don't like the long tail on the longish Down bar 2 bars earlier.

3. 2nd PB: this one is a much better one in releation to previous bars - but it is in traffic.

3A. You do not mention the Pin Bar just before the 1st of your 3 Matching Highs.

4. Did you notice the false breakout of the IB formation just after your 3 Matching highs? Then it broke again as expected ( and with Trend).

5. There is another pair of matching lows starting 3 bars after the formation you noted. This is around the time that I got nervous and tightened my stops (was long).
Also Jacko (see thread Jacko's Forex House of Pleasure and Pain) also got nervous and exited his longs - and he is a Master of EURUSD.

6. There is no PB where you have marked the last one - do you mean the PB 2 bars later? That one looks marginal - the open/close of the PB should be covered by the range of the 2 'eye' bars on either side. Though of course since almost everyone enters on a break of the PB, at that time you do not always know if it will be.

Just my opinion,
Ian
  • #5,049
  • Jul 27, 2007 11:38am Jul 27, 2007 11:38am
Thank you very much for a reply. Yes, confluence (fib levels, pivots, trendlines, support and resistance) is not something I've involved into this as of yet. I was thinking I should try to get my head around some of these basic formations thirst, and then demo trade with confluence in mind. I'm just backtesting for nice formations at the moment. I'm also saving every picture thats been posted by jim (and others too) for me to study offline.

I will dwell on your post a bit longer to try and understand exactly what you've pointed out.

Thank you!
  • #5,050
  • Jul 27, 2007 12:14pm Jul 27, 2007 12:14pm
Hi Traders:

Can someone help how I can find Jim"s Forum. I have seen it mentioned here. You can send me a e-mail at [email protected]

Thanks
Zee
  • #5,051
  • Jul 27, 2007 12:18pm Jul 27, 2007 12:18pm
Quoting ZeeTrader
Hi Traders:

Can someone help how I can find Jim"s Forum. I have seen it mentioned here. You can send me a e-mail at [email protected]

Thanks
Zee
Hey Zee,

I think you mean the James16 Private Forum correct?
You need to sign up for that for a monthly fee.
The website is www .james16group. com

But if you haven't gone through this forum (the public/free one) I suggest you do that first.

Take care,
Tom
  • #5,052
  • Jul 27, 2007 1:15pm Jul 27, 2007 1:15pm
A nice monthly PB forming on EUR/AUD. It's sitting perfectly on the lower trendline as well as weekly pivot. Looks like it's going to break the monthly pivot, too. Also on the daily and weekly there's a bullish OB already formed. 2 trading days left till the end of July, I'm in this trade based on the BUOBs on daily and weekly, currently at +185 pips. I'll keep an eye on this one.
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Take a report.
  • #5,053
  • Jul 27, 2007 1:19pm Jul 27, 2007 1:19pm
Quoting 59fender
I took a short there myselfI won't name any names but trader on another thread thought it was a bad idea I guess it did't fit his indicator hmm closed out with 150 pips hmm
Must have been the cable thread

Raczekfx is right on the money - trade detached, ignore the noise!

Congrats on the trade =)
Trust price. Know yourself.
  • #5,054
  • Jul 27, 2007 1:21pm Jul 27, 2007 1:21pm
Quoting razldazl
yeah come back and tell us how you did it!
Well, finally the week is over, I have to say that by far this was the craziest and the longest week ever for me, very tiring to say the least. But happy to report that as of now, having closed almost 80% of all of the positions taken starting last friday and continuing throughhout this week, I'm up 40+% on the account(no I don't trade the minis, 20-40mil standart contract for me at this point), I'm so tired I think I'll sleep right through Sunday. If anyone read my posts you'll remember me calling the bottom on the cad and the tops on the majors right on the nose this past week on Monday I think, or was it last week, I don't remeber, in any case. My analyses based, on the PA, even though for this week all of my trades100%!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! worked out exactly according to the original plan, had changed. I have a very uneasy feeling in my stomach, that's why almost out completelly, realizing that due to exaustion can't possibly do a sound analyses and explanations at this point will post my complete analyses and possibilities on Sunday fo the week ahead.
Take care everyone,
Happy trading
  • #5,055
  • Jul 27, 2007 1:21pm Jul 27, 2007 1:21pm
Also there's a weekly PB on EUR/GBP, piercing through two fibo levels and the daily pivot.
I took it based on a daily BUOB, it's currently +15 pips. Didn't move much today.
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Take a report.
  • #5,056
  • Jul 27, 2007 1:30pm Jul 27, 2007 1:30pm
Quoting zunk
Hi!

I've read like 25 pages now. I will read them all. In the mean time I've tried to do some homework. Can you guys just take a look and see if it makes any sense?

The chart is here: http://i15.tinypic.com/67fh9om.jpg

Sorry if it's to big! AND, Jim, I will join your forum as soon as I accumulate some monies. It's not expensive at all, it's just that I'm a poor student a the moment..

Thanks
I'm not good with candles anymore, but the first one looks like a PB in traffic.
They can work out, but they're not the type you want to put big money on as a setup alone.
Don't know about the next three bar breakout since the highs aren't at the high of the range, but there is a BUOB that closes above those and that would have been a good setup.

There's also PB that you didn't mark before that red marked area that spiked downwards. Although also trafficked, that most likely caused that whole rise. Made a nice slope down to that PB then price PULLLLLLLS up again. Bit like an airplane. Can you see what I mean?
If you ever played a realistic flight sim you should know the slope

Price is a bit like that, it takes a while to ppppuuuuuuuuuull back and change direction. Well, depending on conditions. But you get the idea.

Then the matching lows - same story again, not at the very low so that doesn't count for me. However I can see you could connect the lows of the prior bars and get a rising trendline.
That was lost and a 4h BEOB formed, price paused a bit, then that giant bearish bar came and price fell down after losing the TL.

Finally the last blue PB isn't a PB but a BUOB as it completely engulfed the prior bar. However note that it didn't close above it, so again, not so hot, even if the next bar get's to move up a bit.

Please note here how price fell first, made a small retrace to around the area of where the red text is => prior lows, and then fell down in a second step (or third if you so want).

Price will do this A LOT. Step one down, pull back a little, step two down.

Watch out for it. Market loves the three step. Forward, back, forward, cha-cha-cha. Or cha-ching if you traded it right

Sorry to make it so complicated, that's just what I see.

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,057
  • Jul 27, 2007 2:00pm Jul 27, 2007 2:00pm
I just wonder if it would be worthwhile buying some September mini dow, s&p september contracts or option calls. how about selling some yen contracts? This week was driven by panic selling and I'm sure there will be some quick correction on Mon or Tue...? But then again I'm no expert at all....

here's what I'm watching..
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  • #5,058
  • Jul 27, 2007 2:15pm Jul 27, 2007 2:15pm
Quoting raczekfx
I just wonder if it would be worthwhile buying some September mini dow, s&p september contracts or option calls. how about selling some yen contracts? This week was driven by panic selling and I'm sure there will be some quick correction on Mon or Tue...? But then again I'm no expert at all....

here's what I'm watching..


Watching the very same chart. Actually both EURCHF and GBPCHF. Have some strong suspicions about both. But shhhh, don't tell.

Also believe that given the bar tango 1-2-3 step that next week might see some consolidation.
However, since you mention futures, I must say I've gone a little bit cuckoo lately...I'm thinking about stuff like this now(not saying it will happen, but it would make an awesome chart to look at again in 2015):
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Trust price. Know yourself.
  • #5,059
  • Jul 27, 2007 3:57pm Jul 27, 2007 3:57pm
I'm short mini Dow til it reverses.

p.s SeekingLight I am also Demoing this broker Windsor Direct but I doubt that I am ever going to send them any cash even though they are only a 40 minute flight away from here and it would be rather easy to visit.

Does anyone know of a MT4 supportive broker that has Metals, Futures and Forex all bundled up like these guys?

pps. Their forex quotes seem to be way different than Interbank FX at any given time!
  • #5,060
  • Jul 27, 2007 6:50pm Jul 27, 2007 6:50pm
Quoting the_wizard
razl dazzles

You're a legend!

Although whether you trade against the trend is a difficult decision.

Only a few posts ago I was saying how all my counter trend trades are losers and I still maintain that if you trade against the trend, you will lose a lot of the time. But then again, how many of these do you need to make it all back up???

There is really only one word for this...rout?
can you please post another FTSE chart showing the Double Top like you did yesterday ?
thanx alot
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