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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

  • #6,761
  • Oct 4, 2007 10:22am Oct 4, 2007 10:22am
Quoting SeekingLight
We really shouldn't be telling others how to trade nor be giving any direct trade advice.

This thread is to discuss and teach the PA patterns - not to influence people's trading! (important!)

("personally, that looks iffy to me / I probably wouldn't take it / I'd be worried about factor x y and z" ...whatever...but, er, not "do x / don't do x" - we're already pretty much pushing it by discussing stuff ahead of time..)
Fair enough
  • #6,762
  • Oct 4, 2007 10:31am Oct 4, 2007 10:31am
Quoting mimas
Hi Wizard,
Thanks for the tip, just a quick one why would you not short it ???
Going against trend ?????

Stay Lucky
Hi Mimas,

It's just a feeling I have. The counter trend factor is probably a part of it. At any rate, I'm sorry. I shouldn't be advising you just because I have a feeling - I'll start a journal...

Have a look at my post on EMA's above though. Same thing...you're shorting into the 10ema as the 50 starts a sharp move up. This is very dangerous in my opinion.
  • #6,763
  • Oct 4, 2007 10:41am Oct 4, 2007 10:41am
Quoting SeekingLight
We really shouldn't be telling others how to trade nor be giving any direct trade advice.

This thread is to discuss and teach the PA patterns - not to influence people's trading! (important!)
On Sept 12:

Quoting the_wizard
Will oil hit $80 this week?
Quoting SeekingLight
Yes
Quoting the_wizard
Hold the phone. Oil has passed $80!
Quoting SeekingLight
Who's your favorite 8-ball now!
  • #6,764
  • Oct 4, 2007 10:43am Oct 4, 2007 10:43am
Quoting the_wizard
Hey mimas,

Don't take that pin short.
At the same time don't consider going long until it breaks the triple top.

Just my thoughts
Would you take a break of this one....... if it forms?
.
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  • #6,765
  • Oct 4, 2007 10:51am Oct 4, 2007 10:51am
Quoting JoshDance
On Sept 12:
If you equal "don't take that pin" to "oil will reach 80$" then I really can't help you.

I could just as soon say GBPUSD will reach 3.0 and EURUSD 2.0. Or both 1.0.

Where exactly with that am I telling anyone to do anything by saying "Price will reach value x"?

I say price will reach x - neither when, nor how nor why. It's expressly clear that I am only voicing my opinion of future price development - eventually. As to when or how - this is open. Advice whereas to trade from or how to trade - there was none. (I've simply reiterated with that what I posted in late July in the oil thread)
Trust price. Know yourself.
  • #6,766
  • Oct 4, 2007 10:56am Oct 4, 2007 10:56am
Quoting raczekfx
Would you take a break of this one....... if it forms?
.
I would.
I just hope the week ends like that. Still a couple of days to go.

PS: Not advising anyone to do anything. Just personal opinion.
  • #6,767
  • Oct 4, 2007 11:12am Oct 4, 2007 11:12am
Quoting the_wizard
I'll start a journal...
I'd read it / check it out if you did. Would probably be very interesting.

Just be careful to post things well AFTER your entry

Or you're gonna end up with 50 posts a day from people following the +1000% guy saying "took that signal, too! hope it works! cheers!" and then 50 pips to the downside later, probably 40 pips after YOU left the trade already "account starting to look really bad, should I close it now? plz helpl"...

- I really wish I was kidding -
Trust price. Know yourself.
  • #6,768
  • Oct 4, 2007 11:16am Oct 4, 2007 11:16am
Quoting raczekfx
Would you take a break of this one....... if it forms?
.
Hi raczekfx,

If it ends as a weekly pin then that certainly adds strength to it...but I probably still wouldn't take it.

As I have said before we all have feelings / make judgements on the market based on our own experience of it (and perhaps also on what we have read or heard from other sources).

This leads us to enter the market with our own thought beliefs and style of trading. Just as many people wouldn't trade against the trend, others frequently try to pick tops and bottoms.

I am constantly in awe of how you enter trades seemingly right at the point they turn ("the touch" as you call it) and yet still others need to see a rejection and be more conservative.

Personally I am not very comfortable shorting into resistance. If it is a PPZ then I am confident but not when the trend is firmly up (has not been previously broken) and price keeps knocking on the resistance level. I do find myself trading more and more on instinct lately so I am not saying I would never take a similar setup but this time something doesn't feel right. I do appreciate Seeking rebuking me since this is not the psychic hotline, its a place to learn.

If anyone is up for an "opinion", you can PM me.

Wiz
  • #6,769
  • Oct 4, 2007 11:21am Oct 4, 2007 11:21am
P.S. If EUR/CHF nosedives can you all refrain from gunning me down. I do get things wrong...
  • #6,770
  • Oct 4, 2007 11:28am Oct 4, 2007 11:28am
Quoting the_wizard
this is not the psychic hotline, its a place to learn.






I've said before I, too, have most likely been guilty of this far too many times as well. If one wants - use Oil as an example or 500 other things. I could think of at least 2 other occassions.

Everybody please realize: no matter how many badges or posts we have, we're all just kicking crazy around - WE ALL REALLY DO NOT KNOW!!!!!!!!

We're just as clueless about the market as everyone else.

All PA can help us to do is to get an edge over randomness and gain a chance to make us some profit.

Please do not take anyone's comments here about pairs, directions, prices or anything in this regard as any sort of reliable trade advice.
Trust price. Know yourself.
  • #6,771
  • Oct 4, 2007 1:55pm Oct 4, 2007 1:55pm
Quoting the_wizard
Hi Mimas,

It's just a feeling I have. The counter trend factor is probably a part of it. At any rate, I'm sorry. I shouldn't be advising you just because I have a feeling - I'll start a journal...

Have a look at my post on EMA's above though. Same thing...you're shorting into the 10ema as the 50 starts a sharp move up. This is very dangerous in my opinion.
Hi Seeking, Wizard, Josh,
No need to fret on this one.....I asked what people thought.....so no problem, either way.
Joined the PF yesterday so have been too busy reading and have not had too much time for looking for bargin trades....
Stay lucky
  • #6,772
  • Oct 4, 2007 1:58pm Oct 4, 2007 1:58pm
Quoting the_wizard
P.S. If EUR/CHF nosedives can you all refrain from gunning me down. I do get things wrong...
And you DO get struck by lighting but who's counting :
  • #6,773
  • Oct 4, 2007 2:14pm Oct 4, 2007 2:14pm
OK, so this DBHLC has not kicked off... it's been a couple of days... Price went down maybe because of the 1hr double top a couple of days ago...

But doesn't this also qualify as a TBH ??? A trend continuation coming ??? And with NFP tomorrow...
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  • #6,774
  • Oct 4, 2007 2:40pm Oct 4, 2007 2:40pm
Quoting the_wizard
Hi raczekfx,

If it ends as a weekly pin then that certainly adds strength to it...but I probably still wouldn't take it.

As I have said before we all have feelings / make judgements on the market based on our own experience of it (and perhaps also on what we have read or heard from other sources).

This leads us to enter the market with our own thought beliefs and style of trading. Just as many people wouldn't trade against the trend, others frequently try to pick tops and bottoms.

I am constantly in awe of how you enter trades seemingly right at the point they turn ("the touch" as you call it) and yet still others need to see a rejection and be more conservative.

....


Wiz
Hi Wiz,

Yes, you're right about feelings and judgments; thank God, we're all unique and not clones...
How do you know I enter right at the turning points....,you're not lurking around my journal, are you....?
Let me tell you, It's just pure luck ... but I try to make it as live as possible...

Best,
R
  • #6,775
  • Oct 4, 2007 3:42pm Oct 4, 2007 3:42pm
We'll fiber have enough power left to charge through 61/TL/PPZ tonight or perhaps we'll revisit morning's low again....
.
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  • #6,776
  • Oct 4, 2007 4:41pm Oct 4, 2007 4:41pm
Quoting HipsterPipster
I just took profit and am positioning myself for a short. I don't have much confidence that price will continue to climb without a small drop.
Someone fly to Santiago, Chile and kick me!
  • #6,777
  • Oct 4, 2007 5:00pm Oct 4, 2007 5:00pm
Meet me at 901 Irrarazaval, Nunoa.... I'll be the one with boots on ...

Quoting HipsterPipster
Someone fly to Santiago, Chile and kick me!
  • #6,778
  • Oct 4, 2007 5:04pm Oct 4, 2007 5:04pm
Quoting Tiki Trader
Meet me at 901 Irrarazaval, Nunoa.... I'll be the one with boots on ...
Got it. I'll be the gringo in blue.
  • #6,779
  • Oct 4, 2007 5:14pm Oct 4, 2007 5:14pm
I hope not.. but after (3 days) reading 1200+ posts from the very start of this thread I've had it. Can't hack it. I give up. I lie down. I surrender... and joined the PF this morning.

English is not my first language so bear with me, and my spelling..
I have been dabbing about with e-mini dow daytrading mostly, and other index futures for a couple of years. Trying every method and indicator under the sun and was quite successful for a while trying to achieve a target of 1% per tradingday of the account. Managed to double my little account.. But then I got smarter and smarter and burned my fingers, badly, a couple of times on small idiotic things. Now I realise I have to start all over. Looking beyond the horizon. Not only trade futures (like a lucky madman) but see the future in trading.

And then I found this place... I am sure many of you recognise the feeling.. wow.. this james16 group and this thread and all.. this could actually be my lifeline! saving me from myself.. or at least my growing bad habits.
With kowledge and support, I'll do it, I'll do what ever it takes. Dig through the vast PF and repeat it over and over? -My first priority.
Leave scalping and intraday timeframes on the dow? - sure. Paper trade weekly and daily charts for 3 months instead? - Ok, I'll start tomorrow. Start with a tiny account and keep to the big timeframes for months? - Yes, I'll do that too - (grinding my teeth). Keep to strict MM even though the trade of the millenium develops in front of me..? OK, I don't know how I can promise that but - Ok, I promise.

But then I know I am not the only one with a few scars from trading life here, and the viking in me could just keep on collecting more and more till I can't stand up any longer..
and then I see that people almost seeme like reborn after having the james16 exerience...
so I realize the path in front is not easy at all, no, very painful and demanding actually, both physically and mentally.. but God, do I feel good allready!!!

Jim, I can't tell you how much I look forward to see you all on this forum and in the PF.
  • #6,780
  • Oct 4, 2007 5:15pm Oct 4, 2007 5:15pm
Hey folks,

as already said I am new to this thread and currently demoing price action setups. I have downloaded metatrader and have all available pairs on my screen. However, I'd like to test price action on commodities and indices as well. Is there any way of demoing commodities and indices on metatrader? I cant even trade NZD because it isnt available with the demo account. Any possibility to cirumvent this problem?


Happy trading and a nice weekend,
Chris
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