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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

  • #1,501
  • Dec 15, 2006 2:06pm Dec 15, 2006 2:06pm
Here is another trade I made today on the 30M Pin bar at a triple top(cant see in picture) Look what started and ended this trade. Price only! THANKS JAMES! Doesnt get easier or better then this. Great day to end the weekend.

Enjoy all,
Mike

there are diff ways to take profit here depending on your style especially on these smaller timeframes you gotta be careful. Using pivot points and fib extensions you still would grab 40 + on this one.
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  • #1,502
  • Dec 15, 2006 5:03pm Dec 15, 2006 5:03pm
Hey folks,
Just noticed that GBP/JPY 4H formed what looks like a nice pin formation.
I am using Alpari which is I believe GMT-1.
Woud apprecite your insights.
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  • #1,503
  • Dec 15, 2006 6:40pm Dec 15, 2006 6:40pm
VERY NICE MIKE. I WANT TO CAUTION YOU NEW FOLKS ABOUT TRADING THESE ON LOWER TIME FRAMES UNTIL YOU ARE GOOD AT DAILY AND WEEKLY. MIKE HAS BEEN AT IT FOR A WHILE. IF MORE NEW TRADERS WOULD SPEND A YEAR OR TWO PERFECTING THEIR SKILLS ON LONG TERM CHARTS FIRST THE 5 PERCENT SUCCESS RATE IN THIS BUSINNESS WOULD BE MUCH HIGHER. JUST MY TWO CENTS.
Quoting mbqb11
Here is another trade I made today on the 30M Pin bar at a triple top(cant see in picture) Look what started and ended this trade. Price only! THANKS JAMES! Doesnt get easier or better then this. Great day to end the weekend.

Enjoy all,
Mike

there are diff ways to take profit here depending on your style especially on these smaller timeframes you gotta be careful. Using pivot points and fib extensions you still would grab 40 + on this one.
  • #1,504
  • Dec 15, 2006 6:50pm Dec 15, 2006 6:50pm
ya i should have stressed that

LISTEN TO JAMES HE HAS CHANGED MY TRADING AND LIFE

Take care,
Mike
  • #1,505
  • Dec 15, 2006 7:10pm Dec 15, 2006 7:10pm
Can someone give me some guidance on this weekly chart for Gbp/Usd? What should I look for in planning to trade this in the upcoming week?
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  • #1,506
  • Dec 15, 2006 7:25pm Dec 15, 2006 7:25pm
IF YOU DONT STOP MIKE IM GONNA HAVE TO HIRE YOU. LOL. if someone had told me all those months ago that people would be saying things like that about my simple stuff i would not have believed it. still blows my mind. i guess thats what happens when you sit in a cave for 20 years working on something all by yourself. you cant see the forest for the trees. that certainly has been the case for me.
Quoting mbqb11
ya i should have stressed that

LISTEN TO JAMES HE HAS CHANGED MY TRADING AND LIFE

Take care,
Mike
  • #1,507
  • Dec 16, 2006 3:21am Dec 16, 2006 3:21am
Is the gbp/jpy reversing? With the IB Closing Lower then previous days high was that an indicator of the last day Bearish bar coming?
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  • #1,508
  • Dec 16, 2006 3:30am Dec 16, 2006 3:30am
could be a sign of reversal or at least retracement. My close is much lower then 3 pips.

I am a very conservative trader. So now i would take that bar in consideration and trade a sell signal on the lower time frames. This is a personal prefrence and how I am used to doing it.

good job really analyzing the possibilites. Now think about what you will do once in this trade. Have a plan and trade it.

Best always
mike
  • #1,509
  • Dec 16, 2006 5:41am Dec 16, 2006 5:41am
appreciate the comment. You say a much lower close. Do you normally look at it in a pip count or another way?


Quoting mbqb11
could be a sign of reversal or at least retracement. My close is much lower then 3 pips.

I am a very conservative trader. So now i would take that bar in consideration and trade a sell signal on the lower time frames. This is a personal prefrence and how I am used to doing it.

good job really analyzing the possibilites. Now think about what you will do once in this trade. Have a plan and trade it.

Best always
mike
  • #1,510
  • Dec 16, 2006 6:10am Dec 16, 2006 6:10am
Looking at this chart I would lean toward an uptrend beings that it has retraces beyoun 50% on the daily high and low and bounced off of 38.2 fib of the 12/6 low and 12/15 high. Once it reaches the high of 231.77 see it that becomes a resistent point (double triple tops) are breaks. The pound moves so much it's hard to put stops on it. One time a placed an order on it with a live account didn't due my due diligence on news announcements. Went long and I kid you not two minutes latter it dropped 100 pips in two seconds. Just keyed it in and then started thinking about stops and limits. It will keep you on your toes to say the least.
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  • #1,511
  • Dec 16, 2006 6:11am Dec 16, 2006 6:11am
Quoting goodthings
Looking at this chart I would lean toward an uptrend beings that it has retraces beyoun 50% on the daily high and low and bounced off of 38.2 fib of the 12/6 low and 12/15 high. Once it reaches the high of 231.77 see it that becomes a resistent point (double triple tops) are breaks. The pound moves so much it's hard to put stops on it. One time a placed an order on it with a live account didn't due my due diligence on news announcements. Went long and I kid you not two minutes latter it dropped 100 pips in two seconds. Just keyed it in and then started thinking about stops and limits. It will keep you on your toes to say the least.
need to spell check and grammar check my posts better
  • #1,512
  • Dec 16, 2006 11:01am Dec 16, 2006 11:01am
Quoting goodthings
appreciate the comment. You say a much lower close. Do you normally look at it in a pip count or another way?
well on your feed it almost looks more like a neutral bar, depending on the bar I do look at in a pip count way. Such as a DLHC bar I want it to be exact or 1-2 pip dependnig on the timeframe

hope this helps,
Mike
  • #1,513
  • Dec 16, 2006 11:04am Dec 16, 2006 11:04am
Quoting goodthings
Looking at this chart I would lean toward an uptrend beings that it has retraces beyoun 50% on the daily high and low and bounced off of 38.2 fib of the 12/6 low and 12/15 high. Once it reaches the high of 231.77 see it that becomes a resistent point (double triple tops) are breaks. The pound moves so much it's hard to put stops on it. One time a placed an order on it with a live account didn't due my due diligence on news announcements. Went long and I kid you not two minutes latter it dropped 100 pips in two seconds. Just keyed it in and then started thinking about stops and limits. It will keep you on your toes to say the least.
here is that same chart but in a different view. On my feed we ended with an Inside bar on a confluence area. Ill post the chart for you

best,
Mike
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  • #1,514
  • Dec 16, 2006 11:05am Dec 16, 2006 11:05am
James,
It's no wonder you're head is getting so big

Quoting james16
IF YOU DONT STOP MIKE IM GONNA HAVE TO HIRE YOU. LOL. if someone had told me all those months ago that people would be saying things like that about my simple stuff i would not have believed it. still blows my mind. i guess thats what happens when you sit in a cave for 20 years working on something all by yourself. you cant see the forest for the trees. that certainly has been the case for me.
Trade what you see - Not what you think
  • #1,515
  • Dec 16, 2006 11:06am Dec 16, 2006 11:06am
This is my first post. I have been trading pins on a daily chart (Forex) for some time now and this style of trading just blows me away. The consistency is unbelievable and the simplicity. Do I need to say more.

I just want to thank James16 for sharing this system with us. For the first time I can say without a doubt that I am confident that trading can work for me and not like before; that trading definitely works against me.

Thanks

Arc
  • #1,516
  • Dec 16, 2006 11:19am Dec 16, 2006 11:19am
Not to sound funny but can one chart be more reliable then the other? My day starts at 6pm eastern that might be the difference? Who do you have your chart with mine is neuimex (always have to look up the spelling not sure if that is right)



Quoting mbqb11
here is that same chart but in a different view. On my feed we ended with an Inside bar on a confluence area. Ill post the chart for you

best,
Mike
  • #1,517
  • Dec 16, 2006 11:43am Dec 16, 2006 11:43am
No funny questions, Any questions ya'll have I and many many others have and have asked. I use interbankFX for my feed. I dont think one chart is one reliable in that sense. As james has mentioned before he says "just play it as you see it on your charts". So I guess it eventually evens out, or maybe not lol. Best answer I can give you. So I just say chart with who your comfortable with, or maybe pull up 2 charting and compare as you trade.

Mike

Quoting goodthings
Not to sound funny but can one chart be more reliable then the other? My day starts at 6pm eastern that might be the difference? Who do you have your chart with mine is neuimex (always have to look up the spelling not sure if that is right)
  • #1,518
  • Dec 16, 2006 3:30pm Dec 16, 2006 3:30pm
Quoting mbqb11
No funny questions, Any questions ya'll have I and many many others have and have asked. I use interbankFX for my feed. I dont think one chart is one reliable in that sense. As james has mentioned before he says "just play it as you see it on your charts". So I guess it eventually evens out, or maybe not lol. Best answer I can give you. So I just say chart with who your comfortable with, or maybe pull up 2 charting and compare as you trade.
Mike
Yup, IBFX has been very reliable with these setups.
Mike, you still in the EurChf short? I'm still holding with a 200 pip limit.
Keeping it Simple
  • #1,519
  • Dec 16, 2006 3:41pm Dec 16, 2006 3:41pm
Quoting habeeb
Yup, IBFX has been very reliable with these setups.
Mike, you still in the EurChf short? I'm still holding with a 200 pip limit.

ya habeeb still holding on, keeps testing up and hitting a wall. Lets see what happens next week

best
mike
  • #1,520
  • Dec 16, 2006 10:39pm Dec 16, 2006 10:39pm
Merry Xmas From My Family To You And Yours. My Sons Trey And Ryan. The Little One Is Showing Signs Of Being Much Like His Father Which Concerns Me. Lol. Ryan Is Like His Mother Which Should Serve Him Well.
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