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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

  • #7,941
  • Dec 2, 2007 10:43am Dec 2, 2007 10:43am
OK, lets look at USD/JPY... I have only looked for a moment so maybe I am wrong too... but, looking at monthly charts, I see a big triangle ( again !! ) and it looks to me like BUOB you are talking about is bouncing right off the bootom of that triangle... so more likely to me, I say we are going back up...

Gosh... and I know seeking wanted price to come down more.... now that I have looked at these charts this way... I don't know that we will get lower prcies here... we would have to break that lower trend line, which might not be so easy...

And as always I must point out... what the heck do I know...??? !!!

Quoting MattL4417
i am not certain and correct me if i am wrong, but i think buovbs are only reliable if they go with the trend, and in usdjpy it is definately a downtrend.
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  • #7,942
  • Edited 10:50am Dec 2, 2007 10:49am | Edited 10:50am
Hello folks. Just a few charts of what i am looking at.

1) Eur/Usd - what an incredible bull run on the weekly and daily. I am interested to see if it will continue to retrace below the daily trendline which is also resistance at about 1.46. If it does could be another nice drop. If not retracement could be over. I would never short a bull like this so i am waiting for confirmation that we are going up and then i will place a buy.

2) Usd/Cad - since i was burned on picking a bottom on this pair before i did not trust the pin .9050 and waited to see if it really was bottom. Well it appears that it was and this pair has been trending up since. There is obvious resistance at parity however i am thinking of placing a buy just above, perhaps 1.0050 or 1.0100 as confirmation that we are still heading up.

3) Eur/Gbp - Big sell candle on the weekly and looks like a dbhlc on the daily. Not at a swing high however there is some resistance there (7125). I am thinking a sell at .7100 might be good for 50 pips before it looks at facing major resistance at .7025.

Keep in mind that i don't claim to know what i am doing... just fumbling around in the dark still.
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  • #7,943
  • Edited 10:59am Dec 2, 2007 10:58am | Edited 10:59am
Could not fit this in on the first post.

Aud/Usd - Indecision candle on the weekly and a Tiki Triangle on the daily. Also two IB on the daily which suggests a break out. Which way however? Quick frankly i don't have a clue. But i am still under the impression you don't have to know what is gong to happen next in the markets to make pips. So i will wait for a break, perhaps up since this is a bull run and we are hammering against the top mini trenline.
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  • #7,944
  • Dec 2, 2007 11:05am Dec 2, 2007 11:05am
When I add the channel lines you have on your EUR/USD, I think it fits very well with my idea of where I would see price to go... my head & shoulders idea would work out nicely as a point where price would retest your daily trend line... at that point we would have to see if we get back in the channel, or continue back up the steeper up trend...


Quoting saskgui
Hello folks. Just a few charts of what i am looking at.

1) Eur/Usd - what an incredible bull run on the weekly and daily. I am interested to see if it will continue to retrace below the daily trendline which is also resistance at about 1.46. If it does could be another nice drop. If not retracement could be over. I would never short a bull like this so i am waiting for confirmation that we are going up and then i will place a buy.

2) Usd/Cad - since i was burned on picking a bottom on this pair before i did not trust the pin .9050 and waited to see if it really was bottom. Well it appears that it was and this pair has been trending up since. There is obvious resistance at parity however i am thinking of placing a buy just above, perhaps 1.0050 or 1.0100 as confirmation that we are still heading up.

3) Eur/Gbp - Big sell candle on the weekly and looks like a dbhlc on the daily. Not at a swing high however there is some resistance there (7125). I am thinking a sell at .7100 might be good for 50 pips before it looks at facing major resistance at .7025.

Keep in mind that i don't claim to know what i am doing... just fumbling around in the dark still.
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  • #7,945
  • Dec 2, 2007 11:21am Dec 2, 2007 11:21am
Another note on USD/JPY... and I know this really does not belong here in the PA thread... but there is nice Bullish regular divergence in the daily charts for this pair... and while in a trending market, these indicators might not work, but since technically USD/JPY is ranging right now, the indicators work well... I might go long here... first profit target 114.40
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  • #7,946
  • Dec 2, 2007 12:44pm Dec 2, 2007 12:44pm
Hi all,

Major lurker here.
Wouldn't mind your views on this area as a major turning point.
(1.4500, 50% fib and TL.)

Cheers
Attached Image
Enter Signature
  • #7,947
  • Dec 2, 2007 1:29pm Dec 2, 2007 1:29pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting Tiki Trader
Oh NO... I am seeing things again... !!! Seeking says he does not believe in slanted Head & Shoulders...

Someone tell me that does not look like a Head & Shoulders... SHORT down to the trend line...with a little bounce up first off that 62 ema...????
Tiki

I can't see a heads and shoulders pattern but the channel is quite clear.

I see a possible buy opportunity around 2.0500. If the price breaks 2.0500 then I see a nice sell opportunity.

What do you think?

TrevA
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  • #7,948
  • Dec 2, 2007 1:52pm Dec 2, 2007 1:52pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting cologg
Hi all,.

Major lurker here.
Wouldn't mind your views on this area as a major turning point.
(1.4500, 50% fib and TL.)

Cheers
Hi Cologg

I see 1.4525 as being major support. This level was tested twice (march, april) back in 1996. I cannot see 1.4500 as being as significant as 1.4525.

We broke through the 1.4525 resistance this month and have already tested it twice on two consecutive days.

It is highly possible that the market will test this price point again very soon.

Short term - sell with a price target of 1.4525.

Long term - If it breaks through 1.4525 then a strong sell signal is generated. If it bounces of 1.4525 then I would buy.

What do you think?

TrevA
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  • #7,949
  • Dec 2, 2007 4:17pm Dec 2, 2007 4:17pm
Thanks for input Treva
I simply chose 4500 as it was a nice round number!
Now I see your view on 4525 it makes a lot of sense.
Thanks.
Enter Signature
  • #7,950
  • Dec 2, 2007 11:50pm Dec 2, 2007 11:50pm
I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.

A bit of background. I had never traded before until I found Forex, 2 years ago. To me XXXX was a beer. I have tried to follow J16’s advice on how to be a good trader.

I spent 18 months on demo, doing like most others system hoping, but at the same time learning about how I like and dislike to trade. It wasn’t until I came across J16 post about trading just daily PB’s that and that alone could make you wealthy. I stopped trading all kinds of PA and just worked on PB’s until I finally proved I could trade PB’s successfully for three months in a row and archive 5% return. Now I am trading the same live as I did on demo, with a small amount of capital but every month that I archive my 5% I add more capital.

This month I added another zero by trading to the end of my account. So it was suggested that I write something to give hope to all those that are still struggling and let them know that it is possible.

The biggest thing I would suggest for anyone trying to master PA is to just pick one type of PA and trade that solely until profitable in demo then go live, with a small amount and build up as you grow more confident in your trading.

Another is money management. I am only risking 1% on any single trade. I don’t even think about that anymore it has become such a habit now that I don’t even think about it I just do it.

Also don’t forget to have a Trading Plan I cannot stress enough how important this is. It should cover every possible scenario like when to get in and how to get out but also a lot of areas that get missed that relate to how you will measure your success, how you will reward yourself for archiving success. A lot of my trading plan contains goals from daily to weekly to monthly even have yearly goals and rewards for there achievement. Check out Isotonic’s thread on it. http://www.forexfactory.com/showthread.php?t=4073
And if you don’t have a trading plan ask yourself why are you to cool for a trading plan ????

I would also like to thank Mike (mbqb11) as his input on exits was a great help in getting it over the line.

I still have a long way to go but I am that much closer now to reaching my goals and that it doesn’t seem so far away or impossible to archive.

Enjoy
Ademac
  • #7,951
  • Dec 3, 2007 12:07am Dec 3, 2007 12:07am
nice post Adam and just goes to show hard work and the right mindset can pay off

Thanks for updating us on your trading success


Great stuff!


Mike
  • #7,952
  • Dec 3, 2007 12:31am Dec 3, 2007 12:31am
so is the idea to simply look at daily PB and apply waht we learn from looking at james's charts posted here?
{Promotion Removed}
  • #7,953
  • Dec 3, 2007 1:31am Dec 3, 2007 1:31am
some treat it like a business and some treat it like its vegas. nice stuff ademac. not many like you i promise. after the new site is open i really will have time to be a dad again to this thread and im looking forward to it. whether those that follow this thread ever join us or not the new site will have a free guest chatroom to supplement this thread. not a wide open chatroom but a restricted small place for those of you that enjoy following and learning the material here.

jim

Quoting ademac
I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.

A bit of background. I had never traded before until I found Forex, 2 years ago. To me XXXX was a beer. I have tried to follow J16’s advice on how to be a good trader.

I spent 18 months on demo, doing like most others system hoping, but at the same time learning about how I like and dislike to trade. It wasn’t until I came across J16 post about trading just daily PB’s that and that alone could make you wealthy. I stopped trading all kinds of PA and just worked on PB’s until I finally proved I could trade PB’s successfully for three months in a row and archive 5% return. Now I am trading the same live as I did on demo, with a small amount of capital but every month that I archive my 5% I add more capital.

This month I added another zero by trading to the end of my account. So it was suggested that I write something to give hope to all those that are still struggling and let them know that it is possible.

The biggest thing I would suggest for anyone trying to master PA is to just pick one type of PA and trade that solely until profitable in demo then go live, with a small amount and build up as you grow more confident in your trading.

Another is money management. I am only risking 1% on any single trade. I don’t even think about that anymore it has become such a habit now that I don’t even think about it I just do it.

Also don’t forget to have a Trading Plan I cannot stress enough how important this is. It should cover every possible scenario like when to get in and how to get out but also a lot of areas that get missed that relate to how you will measure your success, how you will reward yourself for archiving success. A lot of my trading plan contains goals from daily to weekly to monthly even have yearly goals and rewards for there achievement. Check out Isotonic’s thread on it. http://www.forexfactory.com/showthread.php?t=4073
And if you don’t have a trading plan ask yourself why are you to cool for a trading plan ????

I would also like to thank Mike (mbqb11) as his input on exits was a great help in getting it over the line.

I still have a long way to go but I am that much closer now to reaching my goals and that it doesn’t seem so far away or impossible to archive.

Enjoy
Ademac
  • #7,954
  • Dec 3, 2007 4:05am Dec 3, 2007 4:05am
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting james16
some treat it like a business and some treat it like its vegas. nice stuff ademac. not many like you i promise. after the new site is open i really will have time to be a dad again to this thread and im looking forward to it. whether those that follow this thread ever join us or not the new site will have a free guest chatroom to supplement this thread. not a wide open chatroom but a restricted small place for those of you that enjoy following and learning the material here.

jim
James16

Firstly, I would like to say thank you for all the free advice that you and others like you contribute to everybody on this forum. The strict rules upon which this forum are based generally ensure forum integrity.

In reality though I am feeling a disappointed that you have setup the James16 group website and now charge a fee for what was once free.

I feel the FF community has been weakened by this precedent and it is a sad day when access to knowledge is bought and sold like a commodity.

What would happen to this community if everybody just setup their own websites and started controlling access by charging a fee for access to that knowledge?

Here is Rule 3 from this forum:
Quote
Promotional agendas tend to compromise the integrity of forum discussions and are therefore not permitted.* If you make money by servicing Forex traders in any way, shape, or form, you are NOT permitted to post in the forums unless you have prior approval. If you attempt to use the forums as a promotional tool you will be banned without warning!

Disappointed
TrevA
  • #7,955
  • Edited 5:53am Dec 3, 2007 4:24am | Edited 5:53am
Quoting TrevA
In reality though I am feeling a disappointed that you have setup the James16 group website and now charge a fee for what was once free.
It still is. This thread is and will remain public.

Quote
I feel the FF community has been weakened by this precedent and it is a sad day when access to knowledge is bought and sold like a commodity.
I would rather say this thread is one of the exceptions to a large part of the FF community - decency, help, encouragement.

Have you seen some of the rest of FF?

Quote
charging a fee for access to that knowledge?
IMHO you pay for getting support and service from people who are around to help you every day, not for the information.
Information is passive - that doesn't need to be paid(well some does, but I meant as in you can't pay information - that's an abstract idea). People actually listening to you, spending time on you, giving you personalized advice - doesn't that deserve something in turn?

Going by this post you can't have been inside the PF before

(If there's a misunderstanding as in that you thought that this thread is going to disappear / discontinue / be replaced by some paysite then some of the replies might be a bit off point. They're still true The PF is just different..)

Either way - no worries, this thread will stay and will continue to be updated by member contributions, discussions, etc =)

And as Jim's post just before indicated - he might even be around himself in the FREE chat room to talk with the serious and aspiring people from this very thread =)
So things will only get more and more interesting =)
Trust price. Know yourself.
  • #7,956
  • Dec 3, 2007 4:54am Dec 3, 2007 4:54am
Quoting TrevA
James16
In reality though I am feeling a disappointed that you have setup the James16 group website and now charge a fee for what was once free.
Disappointed
TrevA
Jim is just replacing one private membership site with a new better one. I'm not sure if you are aware of the PF. The PF is a private educational section of this forum that many of us have paid a membership fee to access. It is this private forum that is moving to the new website. The new web site is not an alternative to this thread and should not affect it. From what Jim just posted about a free guest chatroom it sounds like there will be more free services available than before.
  • #7,957
  • Dec 3, 2007 6:43am Dec 3, 2007 6:43am
ADEMAC

Quoting ademac
I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.

A bit of background. I had never traded before until I found Forex, 2 years ago. To me XXXX was a beer. I have tried to follow J16’s advice on how to be a good trader.

I spent 18 months on demo, doing like most others system hoping, but at the same time learning about how I like and dislike to trade. It wasn’t until I came across J16 post about trading just daily PB’s that and that alone could make you wealthy. I stopped trading all kinds of PA and just worked on PB’s until I finally proved I could trade PB’s successfully for three months in a row and archive 5% return. Now I am trading the same live as I did on demo, with a small amount of capital but every month that I archive my 5% I add more capital.

This month I added another zero by trading to the end of my account. So it was suggested that I write something to give hope to all those that are still struggling and let them know that it is possible.
  • #7,958
  • Dec 3, 2007 7:01am Dec 3, 2007 7:01am
Quoting ademac
I am doing as J16 has always said. You can be quite profitable just trading daily Pin Bars.

It wasn’t until I came across J16 post about trading just daily PB’s that and that alone could make you wealthy. I stopped trading all kinds of PA and just worked on PB’s until I finally proved I could trade PB’s successfully for three months in a row and archive 5% return.

This month I added another zero by trading to the end of my account.

Enjoy
Ademac


Really well done Ademac
Trust price. Know yourself.
  • #7,959
  • Dec 3, 2007 7:24am Dec 3, 2007 7:24am
I still have a long way to go but I am that much closer now to reaching my goals and that it doesn’t seem so far away or impossible to archive.

Enjoy
Ademac[/quote]


Well done, & congratulations.
You deserve it for all your patience, discipline & hard work.
Now go get that next zero.
Jeff
  • #7,960
  • Edited 1:47pm Dec 3, 2007 1:18pm | Edited 1:47pm
  •  TrevA
  • | Joined Oct 2007 | Status: my brain has a mind of its own | 166 Posts
Quoting cologg
Hi all,

Major lurker here.
Wouldn't mind your views on this area as a major turning point.
(1.4500, 50% fib and TL.)

Cheers
Hey Cologg

Did you take the EURUSD trade at 1.4525 today? I missed it because I was working and forgot to set the limit order and am hoping somebody profited from my analysis.

It had nice price action too.

TrevA
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