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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

  • #5,961
  • Sep 10, 2007 9:19pm Sep 10, 2007 9:19pm
Quoting dltvn
words of wisdom , thanks Mike
I have been burned so many times lately with this Aud/Usd that I guess I have turned very conservative and want to say " Show Me " . I just don't trust these in traffic signals and feel that it is better to have a clear sign that we have a new direction.
I am probably missing on some action when I get that conservative.
Dan
  • #5,962
  • Sep 10, 2007 9:34pm Sep 10, 2007 9:34pm
Quoting dltvn
I have been burned so many times lately with this Aud/Usd that I guess I have turned very conservative and want to say " Show Me " . I just don't trust these in traffic signals and feel that it is better to have a clear sign that we have a new direction.
I am probably missing on some action when I get that conservative.
Dan
When in doubt stay out. I am sure you have heard that 100 times and it is the truth. I am an extremely conservative trader, as most know inside the PF. Don't regret missing a move.
  • #5,963
  • Sep 10, 2007 9:58pm Sep 10, 2007 9:58pm
Hello Gentlemen,

I am seriously considering joining the James 16 group. But I was told before I do, I should go through this thread first. So I did (the first 12 pages at least).

My problem is that I'm such a newbie (only learned the word "Forex" 3.5 days ago) and I'm confounded by all the abbreviations... RET FIB PIN. I've been through the babypips.com course (which I would highly recommend to other total noobs), but as good as that is, it doesn't cover a lot of the cryptic stuff mentioned in this thread...stuff seasoned veterans would take for granted.

Ok, here's an example of what I'm talking about... Look at the chart from post #30. It says "Put your stop above the two bars." I think stop means STOP LOSS, but which bars? I see about 500 bars there. LOL.... Oh and by the way... What part of the chart am I looking at anyway?
http://www.forexfactory.com/attachme...2&d=1119134974

SO.. my question is:
Is the James16 Private Forum written in plain English simple enough for an idiot like me to follow? Or is it a more in-depth continuation of this forum? If it's the latter, then I have much learning to do before I can catch up to the rest of the class.

BTW... As I said, this is only my 3rd day knowing about Forex. So I feel EXTREMELY fortunate that I've found you guys before I made any costly mistakes... Whatever you call it, a Blessing, Good Fortune, Karma, whatever... I'm thankful.
  • #5,964
  • Sep 10, 2007 10:06pm Sep 10, 2007 10:06pm
Quoting Brainwrek
Hello Gentlemen,

I am seriously considering joining the James 16 group. But I was told before I do, I should go through this thread first. So I did (the first 12 pages at least).

My problem is that I'm such a newbie (only learned the word "Forex" 3.5 days ago) and I'm confounded by all the abbreviations... RET FIB PIN. I've been through the babypips.com course (which I would highly recommend to other total noobs), but as good as that is, it doesn't cover a lot of the cryptic stuff mentioned in this thread...stuff seasoned veterans would take for granted.

Ok, here's an example of what I'm talking about... Look at the chart from post #30. It says "Put your stop above the two bars." I think stop means STOP LOSS, but which bars? I see about 500 bars there. LOL.... Oh and by the way... What part of the chart am I looking at anyway?
http://www.forexfactory.com/attachme...2&d=1119134974

SO.. my question is:
Is the James16 Private Forum written in plain English simple enough for an idiot like me to follow? Or is it a more in-depth continuation of this forum? If it's the latter, then I have much learning to do before I can catch up to the rest of the class.

BTW... As I said, this is only my 3rd day knowing about Forex. So I feel EXTREMELY fortunate that I've found you guys before I made any costly mistakes... Whatever you call it, a Blessing, Good Fortune, Karma, whatever... I'm thankful.
I would suggest you at least go through this thread, from beginning to end, every word first. And try reading some journals in the journal forum. And demo trade for a while. Use whatever system/method/approach you like. And this stuff may make more sense to you.
Take a report.
  • #5,965
  • Sep 10, 2007 10:08pm Sep 10, 2007 10:08pm
Quoting Brainwrek
Hello Gentlemen,

I am seriously considering joining the James 16 group. But I was told before I do, I should go through this thread first. So I did (the first 12 pages at least).

My problem is that I'm such a newbie (only learned the word "Forex" 3.5 days ago) and I'm confounded by all the abbreviations... RET FIB PIN. I've been through the babypips.com course (which I would highly recommend to other total noobs), but as good as that is, it doesn't cover a lot of the cryptic stuff mentioned in this thread...stuff seasoned veterans would take for granted.

Ok, here's an example of what I'm talking about... Look at the chart from post #30. It says "Put your stop above the two bars." I think stop means STOP LOSS, but which bars? I see about 500 bars there. LOL.... Oh and by the way... What part of the chart am I looking at anyway?
http://www.forexfactory.com/attachme...2&d=1119134974

SO.. my question is:
Is the James16 Private Forum written in plain English simple enough for an idiot like me to follow? Or is it a more in-depth continuation of this forum? If it's the latter, then I have much learning to do before I can catch up to the rest of the class.

BTW... As I said, this is only my 3rd day knowing about Forex. So I feel EXTREMELY fortunate that I've found you guys before I made any costly mistakes... Whatever you call it, a Blessing, Good Fortune, Karma, whatever... I'm thankful.
Welcome to forex world , if you are ready for the long haul I have to say you certainly stumbled onto the right place(FF and this thread). I would recommend to start in the beginner section of the FF forum located here

http://www.forexfactory.com/forumdisplay.php?f=56

Go through all the stickies in particular.

To get the most out of the public thread, and the PF you should be as informed as possible. The PF covers things from start to finish, in regards to PA(price action), but being 3.5 days young into Forex, it is in your best interest to hold off for the time being. At the least go through this thread 2-3 times(I know that sounds like a lot, but if you are dedicated it is worth it). Going through the beginner section as well as other sections will help you pick up on a lot of the lingo, and little things that will make the transition easier.

Of course feel free to ask questions as well

As for that chart James is referring to the bar formation(as you will read going through this thread), called DBHLC. This is the 2 bars I circled, and he is referring to placing your stop(stop loss), above the 2 bars. In this case price RET(retraced) to the 61.8 FIB(Fibonacci Retracment) and then formed a DBHLC(Double High Lower Close).

Just for reference,

Ret = Retracment
Fib = Fibonacci
Pin = Pin bar( a bar formation)

Things may seem cryptic now, and they certainly are. Expect a lot of studying and many many hours of screen time, both learning and reading. Just don't get overwhelmed and best of luck

Take care
Mike
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  • #5,966
  • Sep 10, 2007 10:37pm Sep 10, 2007 10:37pm
Thank you Cateful.

And thank you, Mike, for your clear and thoughtful advice. I do appreciate it. I will do as you've suggested and go through the other forum threads first. Looks like I won't be actually trading for months and months. But that's alright. I'm patient. Thank you again.
  • #5,967
  • Sep 11, 2007 3:40am Sep 11, 2007 3:40am
Quoting mbqb11
Interesting setup forming on the aud. Last week was an I4B on the weekly. On the daily we have a pinbar(in traffic) forming on support, after a break of the trendline
Also EURAUD did a PB @ s/r, .382 and prior TL underside.

(leveraged AUD long in effect)

Has s/r along the way however. Shooting for 1.6430, above the lows we established for either a close out or a stop move.
Attached Image (click to enlarge)
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Trust price. Know yourself.
  • #5,968
  • Sep 11, 2007 3:44am Sep 11, 2007 3:44am
Quoting Brainwrek
Looks like I won't be actually trading for months and months. But that's alright. I'm patient. Thank you again.
Hello Brainwrek and welcome abroad! You are very lucky to find this thread so early into your adventures as a forex trader! I know there are many of us that wish they had. As you will become aware - professional trading is about taking a setup that has a very high probability of working and using good money management so that even if it that trade doesn't work, over time you will come out ahead.

There are many different ways to trade and many different props that people use in their trading from news to technical indicators. Here we try and keep things as simple as possible and look at what the price is doing on the chart and see if we can predict points where it may turn or continue the existing trend. You will find many people here are willing to help you and with a few months of demoing you should gain confidence and ability in the setups Jim has taught and continues to teach. Best of luck!

Wiz
  • #5,969
  • Sep 11, 2007 4:30am Sep 11, 2007 4:30am
Hi ALL,

I thought you may be interested in this H&S setup. I am showing it because it has been reciprocated on the weekly. Just one to watch for a failure of 1.0475 especially after a 1HR BEOVB that has taken us into this netherland.
Comments welcome.
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  • #5,970
  • Sep 11, 2007 5:01am Sep 11, 2007 5:01am
Btw, I don't "know" EURAUD, so I'm really just saying what appears to be there.


Since I am bored - Oil had a terrific setup. Looked this up since we still need to buy heating oil for the winter and I guess we sorta missed our chance there...


Maybe the prices will have a bit of a delay trickling through
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Trust price. Know yourself.
  • #5,971
  • Edited 6:47am Sep 11, 2007 6:22am | Edited 6:47am
Quoting SeekingLight
Since I am bored - Oil had a terrific setup.

That weekly pin bar you show had an incredible entry on the 1hr timeframe. Price retraced to the low of the left eye and formed two back to back pin bars. You simply could not have got a better entry than that.
Attached Image(s) (click to enlarge)
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  • #5,972
  • Sep 11, 2007 6:22am Sep 11, 2007 6:22am
Quoting lava
Hi ALL,

I thought you may be interested in this H&S setup. I am showing it because it has been reciprocated on the weekly. Just one to watch for a failure of 1.0475 especially after a 1HR BEOVB that has taken us into this netherland.
Comments welcome.
Hi Lava, i have been following this one too and although it passed the PPZ I have, the real test for me will be if it passes the s/r at 1.0429, I will be a believer at that time. I am careful in my approach here. LOL Dan
  • #5,973
  • Sep 11, 2007 6:38am Sep 11, 2007 6:38am
Hi Dan,

I have gone short but getting whipped on every trade I do this week. They are being very agressive so I have changed my trading style to suit the new conditions.
Every September it changes.
Holidays are over!!
Wish me luck.
  • #5,974
  • Sep 11, 2007 6:53am Sep 11, 2007 6:53am
Quoting lava
Hi Dan,

I have gone short but getting whipped on every trade I do this week. They are being very agressive so I have changed my trading style to suit the new conditions.
Every September it changes.
Holidays are over!!
Wish me luck.
Hi Lava,
Have a very short stop just in case that this was another "teaser". I am not sure what you mean by changing your trading style or what are the new conditions ....... to me every day the market presents new conditions but I do want to wish you GOOD LUCK coupled with wise moves, we can all use that. I am like you, got some losses in the last few days right after having a great trading day on last Friday and before that too. LOL , Dan
  • #5,975
  • Sep 11, 2007 7:23am Sep 11, 2007 7:23am
On the subject of head and shoulders...BE CAREFUL
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  • #5,976
  • Sep 11, 2007 7:45am Sep 11, 2007 7:45am
Quoting the_wizard
On the subject of head and shoulders...BE CAREFUL
Yep... I keep seeing talk of head and shoulders, but I have seen very few charts where it actually works. As it's one of the most commonly taught patterns, it's bound to be subject to manipulation.
  • #5,977
  • Sep 11, 2007 9:20am Sep 11, 2007 9:20am
Instead of waiting for USD/CAD to break outside the range, like I usually do; I traded the range instead. Very boring, but successful trading should be boring

Looking at my 4h chart I see a ton of price action patterns, look how nicely the price was contained between the lower range limit (1.0470) and the 200 simple ma. Plenty of small trading opportunities for a bored price action trader like me LOL

Happy trading!
Attached Image (click to enlarge)
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  • #5,978
  • Sep 11, 2007 9:34am Sep 11, 2007 9:34am
Quoting Goozman
Instead of waiting for USD/CAD to break outside the range, like I usually do; I traded the range instead. Very boring, but successful trading should be boring

Looking at my 4h chart I see a ton of price action patterns, look how nicely the price was contained between the lower range limit (1.0470) and the 200 simple ma. Plenty of small trading opportunities for a bored price action trader like me LOL

Happy trading!
It seems like the r/s line of 1.0429 is holding against the down action of the Cad. I am glad to see that you are making money on the 4H time frame. LOL , Dan
  • #5,979
  • Sep 11, 2007 9:42am Sep 11, 2007 9:42am
Quoting Goozman
Instead of waiting for USD/CAD to break outside the range, like I usually do; I traded the range instead. Very boring, but successful trading should be boring

Looking at my 4h chart I see a ton of price action patterns, look how nicely the price was contained between the lower range limit (1.0470) and the 200 simple ma. Plenty of small trading opportunities for a bored price action trader like me LOL

Happy trading!
Great stuff Goozman, it is for this very reason that I found USD/CAD fairly easy to trade although I use 1hr. Keep up the good work!
  • #5,980
  • Sep 11, 2007 10:02am Sep 11, 2007 10:02am
Quoting HipsterPipster
Pin bar on the monthly and daily. Daily pin is off of support 1.0467.
Hope nobody listened to my ignorance.
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