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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

  • #5,861
  • Sep 6, 2007 7:32am Sep 6, 2007 7:32am
Quoting razldazl
You guys might be interested in this you tube vid, Im not crazy about felix but its quite a good explanation of how things go...take care, Raz
http://www.youtube.com/watch?v=EQUlbxubHx4
LOL

According to Felix, MBTrading is the only safe broker to trade with.

EVERY OTHER BROKER could be involved with market manipulation.

OK, Felix.

Wonder if he gets commission when new users sign up?
  • #5,862
  • Sep 6, 2007 7:35am Sep 6, 2007 7:35am
Quoting the_wizard
LOL

According to Felix, MBTrading is the only safe broker to trade with.

EVERY OTHER BROKER could be involved with market manipulation.

OK, Felix.

Wonder if he gets commission when new users sign up?
Yeah, like I said, Im not crazy about felix, but the explanation is good, Raz
Never say never.
  • #5,863
  • Sep 6, 2007 7:44am Sep 6, 2007 7:44am
Quoting SeekingLight
I'm still long from 665$, 666$ and 674$, stops at b/e, 670$ and aiming for 700$+++ since I believe that if 681.5$ s/r and 685$ TL goes, there's a really good shot at 700$.

Mike must be burping right now, the 685$ level was chock full with stops right behind the TL it appears. Rose 4$ in a straight line in a few seconds once triggered in a cascade. Stops at 677$ now, entry was 666$ + 674$ addon.

Now, about that 700$... ;p (693$ first is okay, too!)

Maybe the gods will smile on me and give me a retrace free move?


The 674 entry was that tiiiiiiiiiiiiiiiiiiny IB on the way, can you see it?
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Trust price. Know yourself.
  • #5,864
  • Sep 6, 2007 8:43am Sep 6, 2007 8:43am
Great entry Seeking and very close to mine.

When I looked at that Gold chart with Jim's ppz's in mind it felt clear as day that if $675 went, then we would see $680 and then $688.

Infact, the only thing that was unpredictable, imo, about that move was the speed with which it happened.

Personally, I don't see any resistance in the way of the multi-year highs now.

Let's see...
  • #5,865
  • Sep 6, 2007 9:10am Sep 6, 2007 9:10am
When price keeps hammering at a resistance like the Euro is with 3670, I think eventually the chances become high it will give way forcefully.

The fake out last week resulted in price coming back to trade beneath this resistance but the hourly time frame (4 bars with the same high - 72 - to the pip) show me that this level is under attack again.

If it breaks and is not a fake out I would expect 3730 and then 3840.
  • #5,866
  • Sep 6, 2007 9:33am Sep 6, 2007 9:33am
Quoting the_wizard
When price keeps hammering at a resistance like the Euro is with 3670, I think eventually the chances become high it will give way forcefully.

The fake out last week resulted in price coming back to trade beneath this resistance but the hourly time frame (4 bars with the same high - 72 - to the pip) show me that this level is under attack again.

If it breaks and is not a fake out I would expect 3730 and then 3840.

What was it....markets can stay irrational longer than you can stay solvent?

This market reminds me of that quote ;p
Trust price. Know yourself.
  • #5,867
  • Sep 6, 2007 10:49am Sep 6, 2007 10:49am
Demo'ing makes me more prone to take trades...

I went short on GBP\JPY last night, because on MT4, I saw a triple low bar develop. While in fact the 1st bar was 6 pips higher in its low, doh!

Anyways, I'm at -70 pips now;

I also found some fib retrace confluence, and figured that would help my case...
hoping the weekly trend is getting broken and heading south...

Am I totally off here?
"Please sir, may I have some more pips?"
  • #5,868
  • Sep 6, 2007 11:01am Sep 6, 2007 11:01am
OMG look at gold go!!!
  • #5,869
  • Sep 6, 2007 11:47am Sep 6, 2007 11:47am
Quoting the_wizard
OMG look at gold go!!!
I must have been a good boy to've gotten my wish so early

3$ shy of 700$ so far

I'll just leave stops at 677$ and see where it takes me. 703-4$ next target, then 711$. 723$ might also be hit some day, possibly causing a bit of a breather.

Just toying with this atm, it's not a big position even at 3 parts
Trust price. Know yourself.
  • #5,870
  • Edited 12:29pm Sep 6, 2007 11:55am | Edited 12:29pm
Quoting J2FcM
hoping the weekly trend is getting broken and heading south...

Am I totally off here?
Hope is a dangerous thing in the markets

Since your initial analysis was wrong, best to just cut your position. That is a bad habit to develop

The good thing is you are on demo, and making mistakes is how you learn. Close out, and move on


Mike
  • #5,871
  • Sep 6, 2007 12:11pm Sep 6, 2007 12:11pm
Quoting J2FcM
Demo'ing makes me more prone to take trades...

I went short on GBP\JPY last night, because on MT4, I saw a triple low bar develop. While in fact the 1st bar was 6 pips higher in its low, doh!

Anyways, I'm at -70 pips now;

I also found some fib retrace confluence, and figured that would help my case...
hoping the weekly trend is getting broken and heading south...

Am I totally off here?
Hiya J2,

you should try and take demo as serious as live else why do it?

If you need the live factor to do it more disciplined put 20$ into Oanda and use those

Keep in mind even triple bar lows need to be broken first and in direction of the main / current trend, as well, else it's dangerous.
Heck, EURUSD showed breakout trading is dangerous even with the trend. I don't like those (breakout trades)one inch. Much prefer early entries and being sitting secure when things are hitting big s/r.

Like Mike said - trade off the chart, not off of hope

Take care,

SeekingLight
Trust price. Know yourself.
  • #5,872
  • Sep 6, 2007 12:28pm Sep 6, 2007 12:28pm
I wouldn't even consider putting on a position till we can get out of this range look at that support it found, unless that breaks --
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  • #5,873
  • Sep 6, 2007 12:46pm Sep 6, 2007 12:46pm
thanks for the replies...

and holy crap, yeah trading off hope is lame. Thanks for pointing out I said it, without even realizing it.

I have some follow up questions though...

When do I determine my trade went wrong? I have the stop loss set above the triple low bars... and I'm only half way there - plus, there was a drop that only set me off to -40 pips.

And also, is there more incite to this trend in specific? I mean, although the weekly has been going up up up, the last chunk of the chart shows a definitive drop - below the bullish support

Finally -
It is my understanding that double and triple low bars are "trend continuation" patterns... I looked at the daily and saw that things were heading down in general, and saw the low bars were at a 50% retrace.
This told me, that there was a sign of upward movement stopping, and the triple\double low bar told me the same thing - the trend was about to continue downward.
Correct?
and should these double and triple bars only be played... a few bars after they form? So that a "breakout" may be confirmed??? ie. I played them too early.
"Please sir, may I have some more pips?"
  • #5,874
  • Sep 6, 2007 12:57pm Sep 6, 2007 12:57pm
My views in bold below

Quoting J2FcM
thanks for the replies...

and holy crap, yeah trading off hope is lame. Thanks for pointing out I said it, without even realizing it.
one can learn a lot going over past posts, and seeing their writing, it helped me a lot. That is why a journal(personal or public) can help a lot of people.

I have some follow up questions though...

When do I determine my trade went wrong? I have the stop loss set above the triple low bars... and I'm only half way there - plus, there was a drop that only set me off to -40 pips.
This is a question I always ask myself prior to entering a trade. Some people believe their trade is only considered wrong once their stop loss is hit others don't. When you entered the trade(if you could post a chart of where you entered it would helps also), did your plan say, once a break below these bars, the trend is continuing, unless my stop gets hit. Then you should still have confidence in the trade. IF on the other hand you wanted to see momentum through those TBL formations, this would be a good time to cut your losses(remember "cut your losses ride your profits".

And also, is there more incite to this trend in specific? I mean, although the weekly has been going up up up, the last chunk of the chart shows a definitive drop - below the bullish support
This depends on the timeframe you are looking at. The longer term timeframe is still up. Zoom out on the weekly, but the shorter timeframe is down.

Finally -
It is my understanding that double and triple low bars are "trend continuation" patterns... I looked at the daily and saw that things were heading down in general, and saw the low bars were at a 50% retrace.
This told me, that there was a sign of upward movement stopping, and the triple\double low bar told me the same thing - the trend was about to continue downward.
Correct?
Trend continuation when they are broken, trend stall(or reversal) when formed. If we are in a move up, and we make a TBH, this is showing exhaustion, now some might choose to play this exhaustion, but I like to play a breakout of these bars for continuation. Still always remember it is crucial WHERE these bars are located. TBH/TBL occur left and right, playing all of them would be suicide in my opinion.
and should these double and triple bars only be played... a few bars after they form? So that a "breakout" may be confirmed??? ie. I played them too early.
Again depending on what timeframe they form, where they form can depend on how you play them. If we have a nice TBH on the weekly, price moves down for some time, and comes back towards that TBH weeks later, you can be looking to sell(double Top), or buy a breakout). Nothing is concrete here, going to be up to the trader to put this together, that works for them
  • #5,875
  • Sep 6, 2007 1:20pm Sep 6, 2007 1:20pm
thanks again for your thoughts.


I think I am still a little hazy on how to react to TBH, TBL's and their Double variants.

I've mostly just paid attention to Pin bars and Pinnochio formations; and jumped a the chance to get "ALL UP ONS" a TBL formation.

Re-reading your thoughts, I have a question on "what is broken":

I see a TBL, on daily... The only way it can be broken is if the next day, a bar forms that goes below all the TBL's... and closes below them too I assume. True???


I think previously I was assuming a TBH = trend continue upward, TBL = trend continue down. - doh
"Please sir, may I have some more pips?"
  • #5,876
  • Sep 6, 2007 1:28pm Sep 6, 2007 1:28pm
Quoting J2FcM
thanks again for your thoughts.


I think I am still a little hazy on how to react to TBH, TBL's and their Double variants.

I've mostly just paid attention to Pin bars and Pinnochio formations; and jumped a the chance to get "ALL UP ONS" a TBL formation.

Re-reading your thoughts, I have a question on "what is broken":

I see a TBL, on daily... The only way it can be broken is if the next day, a bar forms that goes below all the TBL's... and closes below them too I assume.


I think previously I was assuming a TBH = trend continue upward, TBL = trend continue down. - doh
When an actual TBH/TBL forms, it is showing exhaustion, when that then breaks it can be a continuation. So it is both in a sense.

Here is the EURO, We had a TBH(three bar high over 5 days) this is exhaustion of the sharp move up, strong strong resistance. This brought us back to a trend line, and then sometime later when that area broke, it set is off again(trend continuation).

Hope this helps

Mike
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  • #5,877
  • Sep 6, 2007 1:37pm Sep 6, 2007 1:37pm
it does!

Thanks... I only have 38 pages of this thread printed, so... hopefully I can find more incite and not harrass you so much for your valuable knowledge!...

But from now on I will recognize the fact that TBL and TBHs require a little art in their interpretation.
"Please sir, may I have some more pips?"
  • #5,878
  • Sep 6, 2007 2:52pm Sep 6, 2007 2:52pm
Quoting J2FcM
it does!

Thanks... I only have 38 pages of this thread printed, so... hopefully I can find more incite and not harrass you so much for your valuable knowledge!...

But from now on I will recognize the fact that TBL and TBHs require a little art in their interpretation.
I would try and think of it in more objective rather then subjective terms.

What mbqb11 is trying to clarify is the fact that it can be either a continuation or exhaustion point, you have to watch the market and wait for it to break above or below the TBH or TBL pattern
  • #5,879
  • Sep 6, 2007 3:14pm Sep 6, 2007 3:14pm
OK - then the TBH\TBL is more of a signal to "perk your ears up"... and see where the next few bars go.

If the trend was going up, and you got a triple bar high, then you got 2 bars going down you would then view the TBH as an exhaustion signal.
If the next few daily bars went up you would then assume that the uptrend is continuing up up up on its merry way.
"Please sir, may I have some more pips?"
  • #5,880
  • Edited 3:59pm Sep 6, 2007 3:41pm | Edited 3:59pm
Just incase anyone is new to this forum and wondering what this is all about and if it works, I would like to update you on my success with J16.

The reason I choose now is because it's almost 6 months since I first found this forum. At the time I had given up work to try and make a go of this but with hindsight I really didn't know what I was doing and went onto lose my £1,000 stake and another £1,000 from a member of my family, learning to trade.

Everyone here was so supportive to me, especially James, and by working through every single post, asking questions, absorbing information and practicing, I managed to get confidence in my trading. This hasn't happened overnight, but it has happened. The PF is incredible - if you aren't in there - you have no idea what you are missing. What you see here is literally the tip of the iceburg.

I will tell you the truth about what I have made so far with James16. I hope no one thinks I am bragging but at the end of the day while I hope a lot of us do this for the love, it's also about the money and money is something that no one really talks about much. I know myself and others on here, wonder if it is possible to get rich, or even to make a living doing this and how much people really make when they call these monster moves

Well, after winning some and then losing some and getting nowhere, I talked through things carefully with someone very close to me about my lack of progress and reasons for it, took a short break and then decided to come back and take this seriously.

I put a small stake down over two months ago. It was £150 that I got free when I opened an account with a broker and I added another £50 to it, to make £200. In two months I have made upwards of 40 trades using what Jim has taught me and my stake is now £3,453.

Whether I will keep growing like this, I don't know but I do know that each and every one of you with Jim at the forefront has helped turn me into a confident (and I think capable) trader.

I will say one more thing because I saw some negative posts about J16 on another website. Jim has shown me how to trade but I still needed to apply what he taught, be patient and be disciplined. At the end of the day Jim can show you high probability setups, he can show you how to think, tell you how to feel and how to act but he can't trade for you.

And anyone that frequents this board knows I am not bullsh*tting about this. I have been posting on here since November. They can read back and verify everything I have said. If anyone wants proof of what I am saying, then send me a PM and I will send you screenshots of my trades.

Special thanks to Jim, Diallist, Fiji, Mike (mbqb11), seekinglight, razl dazl, The Wizard of Oz, 2mas, and anyone else I left out. This would be too long if I mentioned you all.

You are all an inspiration. Best wishes to all of you.

Wiz
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