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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

  • #6,121
  • Sep 19, 2007 4:20am Sep 19, 2007 4:20am
Quoting Sky Walk
I would like an example.

Okay, here's a nice one: AUDUSD. Really lovely. An old PB connected with the original lows on the far left let's us build the TL.

Then we later get a weekly BUOB which triggers by a handful then PBs on 4h, falls down to the TL+.618 and PBs again. And that's the morning of the FOMC. TL +.618 + 4h PB after weekly BUOB = in before FOMC.

EURUSD had a similiar 4h PB on top of around 1.3830, but that was just insanely high..


Mike also posted the most awesome GJ 4h PB in the trader room "geppy" thread
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Trust price. Know yourself.
  • #6,122
  • Sep 19, 2007 4:49am Sep 19, 2007 4:49am
Could this be a nice bounce off the TL for a move long ???
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  • #6,123
  • Sep 19, 2007 5:46am Sep 19, 2007 5:46am
Quoting mimas
Could this be a nice bounce off the TL for a move long ???
Hey Mimas...

You should bear in mind that a TL is not valid until the third test. This makes sense, since a line can easily be drawn between any two points on a chart.
  • #6,124
  • Sep 19, 2007 5:53am Sep 19, 2007 5:53am
Quoting mimas
Could this be a nice bounce off the TL for a move long ???
Hi Mimas,
I don't see much there - and don't you need 3 low points to draw in your trend line?

Ian
  • #6,125
  • Sep 19, 2007 6:35am Sep 19, 2007 6:35am
Quoting SeekingLight
Okay, here's a nice one: AUDUSD. Really lovely. An old PB connected with the original lows on the far left let's us build the TL.

Then we later get a weekly BUOB which triggers by a handful then PBs on 4h, falls down to the TL+.618 and PBs again. And that's the morning of the FOMC. TL +.618 + 4h PB after weekly BUOB = in before FOMC.

EURUSD had a similiar 4h PB on top of around 1.3830, but that was just insanely high..


Mike also posted the most awesome GJ 4h PB in the trader room "geppy" thread
Thanks for the example Seeking.
Someone humble lies about being lucky, someone arrogant simply lies.
  • #6,126
  • Edited 7:05am Sep 19, 2007 6:49am | Edited 7:05am
Quoting mimas
Could this be a nice bounce off the TL for a move long ???
I expect 2.3350 to get a retest for now..we've lost a TL and gone past a prior low, it's pretty much a "must"..but nothing's really ever a must in this market ;p

2.32 and 2.2825 could be in if GBPUSD loses the last trendline...

This might be the crystal ball for GBPUSD's future, the chart looks the same, just a week or two ahead of GBPUSD..or is it behind?

Either way, market's a mess!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_190907_big_chart.gif Size: 25 KB
Trust price. Know yourself.
  • #6,127
  • Sep 19, 2007 6:51am Sep 19, 2007 6:51am
Quoting Sky Walk
Thanks for the example Seeking.
You're welcome
Trust price. Know yourself.
  • #6,128
  • Sep 19, 2007 8:04am Sep 19, 2007 8:04am
Quoting the_wizard
Hey Mimas...

You should bear in mind that a TL is not valid until the third test. This makes sense, since a line can easily be drawn between any two points on a chart.
Hi Wizard, Ian,
Thanks for your feedback.... was going to play this one on the break of the high of the pin, may not take this one now !!!

If you scan out you can see it does hit three points.....also I think Tom demark TL chooses nearest point in price action to next nearest point with one or two lower bars each side......I guess there are so many variations.....
It's a minefield heh........LOL's
Stay Lucky Mimas.
Attached Image (click to enlarge)
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  • #6,129
  • Sep 19, 2007 8:07am Sep 19, 2007 8:07am
Quoting mimas
Hi Wizard, Ian,
Thanks for your feedback.... was going to play this one on the break of the high of the pin, may not take this one now !!!

If you scan out you can see it does hit three points.....also I think Tom demark TL chooses nearest point in price action to next nearest point with one or two lower bars each side......I guess there are so many variations.....
It's a minefield heh........LOL's
Stay Lucky Mimas.
Ah, that chart looks much better now we can see the three points, mimas!
I've got Demarks book in the pile at home waiting to be read...so much to get through and so little time...I don't think I'll be up to date with the info in the PF if I live to be 100...
  • #6,130
  • Sep 19, 2007 2:35pm Sep 19, 2007 2:35pm
gosh there is an awful lot of lurkers isn't there? i see lots of people viewing the thread but mostly the same people posting...come on everyone - don't be frightened!
  • #6,131
  • Sep 19, 2007 3:27pm Sep 19, 2007 3:27pm
I have seen this thread just about everytime i have visted FF. I never bothered to start reading it from the beginning until just the other week. I must say the method first presented at the very start of this thread is, just as others had been saying in earlier posts, pure gold!! My first four trades using these setups have resulted in +50, +120, +35 and +43 pips thus far. It seems just to be a matter of patience on waiting for the right setups..... I wish I had started reading this thread a lot sooner!
  • #6,132
  • Sep 19, 2007 3:34pm Sep 19, 2007 3:34pm
welcome g,

pure gold? probably not but pretty good if people use your suggestion of patience.

Jim

Quoting GFI
I have seen this thread just about everytime i have visted FF. I never bothered to start reading it from the beginning until just the other week. I must say the method first presented at the very start of this thread is, just as others had been saying in earlier posts, pure gold!! My first four trades using these setups have resulted in +50, +120, +35 and +43 pips thus far. It seems just to be a matter of patience on waiting for the right setups..... I wish I had started reading this thread a lot sooner!
  • #6,133
  • Sep 19, 2007 3:34pm Sep 19, 2007 3:34pm
Quoting GFI
I have seen this thread just about everytime i have visted FF. I never bothered to start reading it from the beginning until just the other week. I must say the method first presented at the very start of this thread is, just as others had been saying in earlier posts, pure gold!! My first four trades using these setups have resulted in +50, +120, +35 and +43 pips thus far. It seems just to be a matter of patience on waiting for the right setups..... I wish I had started reading this thread a lot sooner!
Good for you GFI, good going with the patience. Dion
  • #6,134
  • Sep 19, 2007 4:27pm Sep 19, 2007 4:27pm
Could'nt agree more.
Thats been something I've had to focus on being new. Staying out waiting for the good setups, then striking... gold usualy.
I think Jim has said it a thousand times. Dont trade for the sake of trading. Wait & the good trades will come.
  • #6,135
  • Sep 19, 2007 5:00pm Sep 19, 2007 5:00pm
I agree too, BUT easier said than done !!! When one is starving for good set-ups and there isn't one.

However, since I started J16... my pips winnings have gone far far up... instead of getting 20 or 30 pips on a trade.... good set ups get me 600 ( last months aud/usd PB... ) or last thursday's PB on gbp/jpy 240 pips ( 2 posistions )

I too, will like to see more poeple post here...


Quoting rustyjeff
Could'nt agree more.
Thats been something I've had to focus on being new. Staying out waiting for the good setups, then striking... gold usualy.
I think Jim has said it a thousand times. Dont trade for the sake of trading. Wait & the good trades will come.
  • #6,136
  • Sep 19, 2007 5:07pm Sep 19, 2007 5:07pm
OK... so are we going to call this a PB or not ??
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  • #6,137
  • Sep 19, 2007 5:14pm Sep 19, 2007 5:14pm
How this as a three day doji... ??? Does this mean we might be ready for the breakout ??
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  • #6,138
  • Sep 19, 2007 5:15pm Sep 19, 2007 5:15pm
Quoting Tiki Trader
OK... so are we going to call this a PB or not ??
Hey Tiki

Hope you & yours are well!

I was looking at this one too and also at EURCAD with a similar set up. I may still trade both with a tight s/l just under the daily low but I guess on the USDCAD trade we are in unchartered territory with no historical support.

Hmm, was going to stay out of the market today as there are no other good set ups I see and the markets have been very unpredictable lately.

Kind Regards
Steve
  • #6,139
  • Sep 19, 2007 5:17pm Sep 19, 2007 5:17pm
I'm getting ready.............
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  • #6,140
  • Sep 19, 2007 5:18pm Sep 19, 2007 5:18pm
usd/cad burns me a lot... but it seems to work well on things like PBs or H & S... I think I will probably give it a try... price is so far down... time to come up a bit... and Put Seeking out of his short trade here...

Quoting steviet
Hey Tiki

Hope you & yours are well!

I was looking at this one too and also at EURCAD with a similar set up. I may still trade both with a tight s/l just under the daily low but I guess on the USDCAD trade we are in unchartered territory with no historical support.

Hmm, was going to stay out of the market today as there are no other good set ups I see and the markets have been very unpredictable lately.

Kind Regards
Steve
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