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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

  • #7,461
  • Nov 6, 2007 9:04pm Nov 6, 2007 9:04pm
And one of these days I'll tell you about the girl who fell of the last step of the bus when she saw me and saw my blonde hair !!! It was really funny... poor girl... not that I am handsom or anything... just you don't see much blonde hair or gringos down there... at least when I was there... caught her off guard !!!

Quoting HipsterPipster
Yeah, just took the train south this weekend. It was nice. My wife and I just got suckered into getting filmed for one of those tourist promotions they show on tv. You know, the one where the tourists go to some exotic place, party and get drunk. We had no idea what was going on. You may see us on Sabado Gigante visiting the little unknown town of Chimbarongo, Chile.
  • #7,462
  • Nov 6, 2007 9:05pm Nov 6, 2007 9:05pm
And they just raised the prices down at the corner store too !!!

Quoting milan47
There is a Chinese repo man in my driveway picking up my Jaguar.
  • #7,463
  • Nov 6, 2007 10:31pm Nov 6, 2007 10:31pm
Not new to trading, but new to this thread. Very different approach. What can I do to know more? Is there a page or site that explains the basics?
Thanx
  • #7,464
  • Nov 6, 2007 10:50pm Nov 6, 2007 10:50pm
Quoting mbqb11
I was too busy on the phone with china officials
Yeah, right... I believe you {thousands wouldn't} More like Too Busy Placing Trades you *&%$#

:
  • #7,465
  • Nov 6, 2007 10:52pm Nov 6, 2007 10:52pm
Quoting milan47
There is a Chinese repo man in my driveway picking up my Jaguar.
Don't worry.
He's sitting in the Passengers Seat trying to find the Steering Wheel. :
  • #7,466
  • Nov 6, 2007 11:02pm Nov 6, 2007 11:02pm
Quoting Bemac
Yeah, right... I believe you {thousands wouldn't} More like Too Busy Placing Trades you *&%$#

:
:
  • #7,467
  • Nov 7, 2007 12:57am Nov 7, 2007 12:57am
Quoting zinc6
Hey Tiki ... thanks for your concern ... I'm currently on my way to katmandu nepal to go treking in the mountains ... just logged in to check up on you all



Thanks Ademac for your kind words ... I'll be back mid december ...

Razldazl ... maybe we should catch up for a latte and form our own minority lobby group of blonde female J16 30+ traders ... more rights for blondes with high iq's :

Go well everyone ...

zinc6
Anytime...just let me knowspeak soon, RAz
Never say never.
  • #7,468
  • Nov 7, 2007 2:17am Nov 7, 2007 2:17am
Quoting Tiki Trader
Couldn't you have said something BEFORE the spike ???
IB on the 5th on EURUSD - and here I was thinking you liked them enough to notice them!

Also IMHO a trend doesn't need chinese officials as an excuse
Trust price. Know yourself.
  • #7,469
  • Nov 7, 2007 2:19am Nov 7, 2007 2:19am
Quoting HipsterPipster
Congrats SP,
Everyone, I will be gone for about a month. I need to travel through Argentina to Paraguay by bus (30+ hrs) for business and visiting friends.
Take care and travel safe =)
Trust price. Know yourself.
  • #7,470
  • Nov 7, 2007 6:24am Nov 7, 2007 6:24am
Quoting SeekingLight
IB on the 5th on EURUSD - and here I was thinking you liked them enough to notice them!

Also IMHO a trend doesn't need chinese officials as an excuse
OK, I see the IB on the 5th... give me some more clues...

Is there something special about this IB ?

Is the idea to trade every IB ?

I see a high % of times where I would have gotten stopped out by trading an IB... like times where price opened and order, then came back and hit stop, THEN continues on in the traded direction...

Are you saying or thinking that IBs are a good place to jump onto the trend ???

Trade the IB, or wait for more confirmation, like the candle after the 5th ?

What else... ???
  • #7,471
  • Nov 7, 2007 6:29am Nov 7, 2007 6:29am
Hmmmmmmmmmmm... IB on the 5th on aud/usd too... Hmmmmmmmmmm, lots of IBs on the 5th all around... why would I think someting special ? ( I know I 'm going to get kicked on that question ) Just a slow day ? Retrace Mondays...? ( someone said that somwehere )

OK, less jibber jabber from me today... some one teach me... I'm listening
  • #7,472
  • Edited 3:31pm Nov 7, 2007 3:04pm | Edited 3:31pm
Hello! I'm Matt, I'm pretty new to forex and trading. I would like to thank james16 for sharing his secrets with everyone . Using the james16 method, I would like to know if entering this with a low would be a good trade on the GBPJPY.- well there's no way to be sure whether it would be good or not.. but based on the DBHLC would this be something people enter using this method? I'm trying to get a feel for the whole thing
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  • #7,473
  • Nov 7, 2007 3:58pm Nov 7, 2007 3:58pm
Quoting MattL4417
Hello! I'm Matt, I'm pretty new to forex and trading. I would like to thank james16 for sharing his secrets with everyone . Using the james16 method, I would like to know if entering this with a low would be a good trade on the GBPJPY.- well there's no way to be sure whether it would be good or not.. but based on the DBHLC would this be something people enter using this method? I'm trying to get a feel for the whole thing
Hey Matt welcome to the J16 club

Yep you have correctly identified the DBHLC formation and this could be the clue out of this current consolidation on the gbp/jpy

Best
Mike
  • #7,474
  • Nov 7, 2007 4:01pm Nov 7, 2007 4:01pm
Quoting MattL4417
Hello! I'm Matt, I'm pretty new to forex and trading. I would like to thank james16 for sharing his secrets with everyone . Using the james16 method, I would like to know if entering this with a low would be a good trade on the GBPJPY.- well there's no way to be sure whether it would be good or not.. but based on the DBHLC would this be something people enter using this method? I'm trying to get a feel for the whole thing


Hi Matt.
IMHO you already missed the two entries of the last two setups, both IBs (sorry to say that).
Tiki says hi
Today's bar will end up as a BEOB and most likely either test or break that upper s/r line. Then I believe things get interesting.



Even though the BEOB might be considered a setup to me it would feel akin to chasing the move that's already in progress from the IB break.

P.S. Mike remains the fastest Postslinger in the Wild FX West ;p

P.S. 2 - another reason I wouldn't like taking GJ this "late" is that I am already in USDJPY - the real reason the crosses are hanging heavy. If the majors were to show bearish setups on their own, okay, maybe take them as well(but does anyone want to be LONG USD right now???). But the crosses lately have had a VERY stubborn mind of their own and trading USDJPY has been HEAPS more rewarding, as that is the true carry core imho.
Attached Image
Trust price. Know yourself.
  • #7,475
  • Edited 4:23pm Nov 7, 2007 4:11pm | Edited 4:23pm
Heyho,

DBHLC on this pair. We are in a downtrend and have broken previous resistance around 114.00. I'll most likely wait for a retrace and enter short then. Any opinions on this?

Happy Trading,
Chris

edit: I have an important question. For those who enter PBs, DBHLC etc. on retracements. How do you determine when to enter. I have seen seeking likes the area between the 61 and 74 fibs but I do not know if the next bar will retrace this far.
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  • #7,476
  • Nov 7, 2007 4:13pm Nov 7, 2007 4:13pm
Quoting creeper
Heyho,

DBHLC on this pair. We are in a downtrend and have broken previous resistance around 114.00. I'll most likely wait for a retrace and enter short then. Any opinions on this?

Happy Trading,
Chris
I agree with you. Im just waiting on retracement to jump back into this trade.
I dream, therefore I become.
  • #7,477
  • Nov 7, 2007 4:19pm Nov 7, 2007 4:19pm
Another one that should turn out nicely. The Aus/Nzd. This is a bullish engulfment right off of a support area thats in an uptrend on the dailies. I plan on milking this teat for 100 + pips. lol
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I dream, therefore I become.
  • #7,478
  • Nov 7, 2007 4:23pm Nov 7, 2007 4:23pm
Quoting mike w
Another one that should turn out nicely. The Aus/Nzd. This is a bullish engulfment right off of a support area thats in an uptrend on the dailies. I plan on milking this teat for 100 + pips. lol
The news tonight should be the catalyst for this to move up and really fast. Plan for a large stoploss however.
I dream, therefore I become.
  • #7,479
  • Nov 7, 2007 4:51pm Nov 7, 2007 4:51pm
We have a two day pinbar at a swing low on this pair. However, there is a VERY strong downtrend that has been lasting for the complete year now. Besides, there is no consolidation or resistance above the pinbar. It could be a reversal point but I wont play this one because of the strong anti dollar trend on all majors.

Chris
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  • #7,480
  • Nov 7, 2007 4:53pm Nov 7, 2007 4:53pm
Quote
DBHLC on this pair. We are in a downtrend and have broken previous resistance around 114.00. I'll most likely wait for a retrace and enter short then. Any opinions on this?
Okay, everyone, I am going to be very mean for a second now because this problem bugs the living crap out of me

(Bugs me because I believe it's bad for your bottom line to exhibit this behavior.)


What I am seeing is: once the market's already gone and done a 2-500 pip nosedive, everyone suddenly sees bearish setups. Well, yes, that's because the chart is already bleeding red.

But entering at the break of the giant bear stuff is imho the same as if you go back to MA crossover land and get two EMAs to cross after a 500 pip dropoff. Obviously they will cross - and obviously you will enter AFTER the move in which you should have been in BEFORE it occured.

This is why I always say I don't like break entries - I like to be in BEFORE the actual move happens. And it doesn't have to be retrace entries, either, I meant the actual move as in on the a little bit bigger picture.

The USDJPY setups I posted just a day or two back would have done fine. They triggered, the chance was missed and now that the move that was to happen is over, everyone is regretting missing the pips and wants in still.

No.

You need to be daring to risk your money BEFORE the big moves happen and enter the setups that will kick the market off into the big moves.
This is where the money is.

Chasing after things after they've already up and gone is just not going to be very prudent. And I know this dilemma. It stems from being too afraid to go in BEFORE around 300+ pip blowouts confirmed that there will indeed be strong moves.

What I mean is - chasing comes from being afraid and lacking confidence to be in for the move before it happens.
This is also what I mean with the dare to dream analogy..you need to see the stuff happening before it does, not see it and then wish you would have been in..

This is one of the "getting there" cliffs one has to manage to jump off to progress down the road(eurgh I just turned my own stomach for using two different metaphores in such a terrible way...but it's understandable what I mean I think)...it's still hard to do for me, too, but one has to be careful not to be led into chasing when one does shy back from entering in time and then sees the boat has left the island already..

Not saying everyone's a bad boy and doing it all wrong - but instead trying to put focus on a phenomenon that has a lot to do with trading psychology, which I still believe is the make and break of this all.

Just wanted to use these posts as an excuse to point this out again

Sorry if I sounded mean

As always - this post is really meant for myself / addressed to me. (I find this is a good thing as I have the talent to make / have made basically almost every and any mistake you can on the way to realization on a lot of issues - so there's always something to talk about.)

Update to the chart posted before:
Attached Image
Trust price. Know yourself.
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