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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

  • #8,281
  • Dec 17, 2007 3:20am Dec 17, 2007 3:20am
Quoting creeper
Hi,

thanks for your answers. I am gonna play this bar as an inside bar.

CADJPY:

TBH with the trend and off 61 and 76 fib

NZDCAD:

big pinbar off resistance, two EMAs and with the longer term downtrend. Unfortunately my chart only goes back so far and I would like to have more data but the setup looks good to me.

Chris

Hey Chris. I don't see any TBH on CADJPY? You can use arrows to highlight stuff under Insert/Arrows in MT4 to point out what/where you mean when posting charts

As for not having enough data, I would feel uncomfortable trading something I am not sure I have all the important levels / areas of, but maybe that's just my fragile psyche

Maybe some other feeds have more?
Trust price. Know yourself.
  • #8,282
  • Dec 17, 2007 5:22am Dec 17, 2007 5:22am
Icant tell you howexcited i was to click onto j16 site only to find it had been updated with their new site...so there was i going thru all the freebies in the guest area and other bits 'n' pieces , and i thought 'yes' ..finally i was going to join the pf...months of waiting over...

But alas no..still not accepting new subscribers....Booo...Hoooo !!!!

Can anyone say when this site is live...

yours desperate to join'

Rye
  • #8,283
  • Dec 17, 2007 5:36am Dec 17, 2007 5:36am
Quoting Ryecatcher
Icant tell you howexcited i was to click onto j16 site only to find it had been updated with their new site...so there was i going thru all the freebies in the guest area and other bits 'n' pieces , and i thought 'yes' ..finally i was going to join the pf...months of waiting over...

But alas no..still not accepting new subscribers....Booo...Hoooo !!!!

Can anyone say when this site is live...

yours desperate to join'

Rye
We're all in the same boat...waiting and waiting but very excited
  • #8,284
  • Dec 17, 2007 6:55am Dec 17, 2007 6:55am
I saw a pin bar in GBPUSD, 4 hour. Price retrace back to 79% fib, is this a good price level to go long ?

Thankyou.
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  • #8,285
  • Dec 17, 2007 7:30am Dec 17, 2007 7:30am
A story to share and to remind myself that i will learn from this experience.

------------------------------------------

Today i made the mistake of not following what i should do. I rushed into a trade(LIVE).

In my journal, i wrote that i'm supposed to wait for bullish candle/bar in the daily before deciding to go long. But the next day, when the market opens, I went long EUR and GBP, feeling confident (strings of positive pips lately). Ahhh... fools rushed in... I need to admit that I am influenced by chat room noise i went ahead w/o daily confirmation which i normally dont.

The yellow area is the area I expecting support....so i'm SUPPOSE to wait for a PB or some signs of support to go long....

I lost 20pips in EUR(stopped out). GBP still holding. What frustrates me is not the lost in $$ but the manner of my entry. My lack of discipline this time.

Enuff of rambling!
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  • #8,286
  • Dec 17, 2007 7:36am Dec 17, 2007 7:36am
Welcome to the club bud...!!! You picked a good avatar to say how you feel today !!!


Quoting ellipses
A story to share and to remind myself that i will learn from this experience.

------------------------------------------

Today i made the mistake of not following what i should do. I rushed into a trade(LIVE).

In my journal, i wrote that i'm supposed to wait for bullish candle/bar in the daily before deciding to go long. But the next day, when the market opens, I went long EUR and GBP, feeling confident (strings of positive pips lately). Ahhh... fools rushed in... I need to admit that I am influenced by chat room noise i went ahead w/o daily confirmation which i normally dont.

The yellow area is the area I expecting support....so i'm SUPPOSE to wait for a PB or some signs of support to go long....

I lost 20pips in EUR(stopped out). GBP still holding. What frustrates me is not the lost in $$ but the manner of my entry. My lack of discipline this time.

Enuff of rambling!
  • #8,287
  • Dec 17, 2007 7:40am Dec 17, 2007 7:40am
I would be very wary of this pin.
First it is not that big & more importantly to me, it has just broken below support & price is now testing that area as resistance.
In fact, on the daily that is where i was looking to short this. 2.0200.
If it breaks higher than 2.0200 strongly then maybe. but right now I think sentiment is short.
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  • #8,288
  • Dec 17, 2007 7:54am Dec 17, 2007 7:54am
AGREED !!!!!!!!!!!!

Quoting rustyjeff
I would be very wary of this pin.
First it is not that big & more importantly to me, it has just broken below support & price is now testing that area as resistance.
In fact, on the daily that is where i was looking to short this. 2.0200.
If it breaks higher than 2.0200 strongly then maybe. but right now I think sentiment is short.
  • #8,289
  • Dec 17, 2007 7:56am Dec 17, 2007 7:56am
Hi everyone,

I Just wanted to give you all the good news and say that a really big dream of mine has come true and I am going to work as a professional trader. I took my trading records to a prestigious prop firm here in the UK and they've agreed to back me as a full time futures trader.

Every single penny of the profit I made on those accounts was due to what J16 taught me. I suppose the point of this post is really to say thank you (once again) to J16 and let everyone know that you can achieve success in this game no matter how bad it gets and that this is the best place to get your training.

I still get PMs from people that are reading through this thread and reading my posts back when things looked desperate and asking me how I came through it all.

In all honesty the key to the success I have had so far is simple: Jim personally gave me the perseverance to come back after my early failures. I read and reread his work both here and in the PF. It made sense to me.

Most groundbreaking for me was his teaching on S/R. Everyone knows what support and resistance is. It's one of the first things you learn in technical analysis. And yet until I found J16 I didn't UNDERSTAND it. Then it all clicked into place and I honestly cannot believe the power of being able to put a line on a chart and see the market turn at it. It happens to me so much it actually humbles me.

So now I prepare my charts beforehand (s/r pivots and fib confluence) and I sit back and wait for the market to come to me on TF I trade (hourly and more frequently the daily). When everything lines up right, I take a trade.

PATIENCE is the single most important factor that has enabled me to run my account up 2,811% in 6 months. Patience not to trade unless the setup is literally crying out to be taken. In other words the patience to treat this like a business and not a way to get rich quick.

Part of this is about thinking in terms of what the potential loss will be before I take the trade. Too many traders think of how much they might win before they think about what they might lose. You have to get it the other way round. It's taken me a long, long time to get that.

Finally I would thank Mike and Seeking. Mikes exceptional video on his Eur/Usd trade management is still the reason I was able to hold my latest Wheat trade to the biggest win I have yet had and Seeking delivers gems of wisdom (the retrace bus is one of my favourite) and keeps my ego in check

So thank you again to ALL of you! Happy Christmas and a prosperous New Year!

Tom (Wiz)
  • #8,290
  • Dec 17, 2007 8:16am Dec 17, 2007 8:16am
Congrats wiz, seems christmas came early

I hope all goes well!

Best of luck!
Trust price. Know yourself.
  • #8,291
  • Dec 17, 2007 8:21am Dec 17, 2007 8:21am
Congratulations Tom,
It is allways good to hear someone achieve their goals.
Well done, good luck with the new job & have a happy christmass & an even more prosporous new year.
Cheers Jeff
  • #8,292
  • Dec 17, 2007 10:03am Dec 17, 2007 10:03am
Quoting rustyjeff
I would be very wary of this pin.
First it is not that big & more importantly to me, it has just broken below support & price is now testing that area as resistance.
In fact, on the daily that is where i was looking to short this. 2.0200.
If it breaks higher than 2.0200 strongly then maybe. but right now I think sentiment is short.
Ya, i see your point. But i was thinking if i can go long at 2.0130, i have a room to move up to monthly pivot 2.0225, its about 90 pips move. Should took profit before price hit 2.0225. Comment ?

Btw, how to join the chat room ?
  • #8,293
  • Dec 17, 2007 10:48am Dec 17, 2007 10:48am
Hi,

AUDUSD appear to have a Pin bar on 17 Dec. Now price to retrace to 0.8565. There are 3 confluence of events taking place at this price level, MOnthly S1 at 0.8520; Daily S1 at 0.8547 and fib 50% retracement at 0.8547
So should i wait for break of pin bar at 0.8606 or go long at retracement now ? At 07:30 ET, there is news come AUD. So can we trade before news ?

Appreciate your comments.
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  • #8,294
  • Dec 17, 2007 12:48pm Dec 17, 2007 12:48pm
Quoting nico28
Hi,
AUDUSD appear to have a Pin bar on 17 Dec. Now price to retrace to 0.8565. There are 3 confluence of events taking place at this price level, MOnthly S1 at 0.8520; Daily S1 at 0.8547 and fib 50% retracement at 0.8547
So should i wait for break of pin bar at 0.8606 or go long at retracement now ? At 07:30 ET, there is news come AUD. So can we trade before news ?
Appreciate your comments.
Hey nico,
Those are a lot of questions.
Let me start off by saying, you have to practise for a while trading all these setups to see which way you like the most and what works best for you.
I dont recommend entering trades based on what other people tell you. And most people here in the J16 forum will not make trade recommendations.

To answer some of your questions, the safest way to play pin bars, is on the break. Entering on a retracement is a little riskier and should only be used if you're more experienced.
Everyone has different opinions on trading before the news. Some believe that if you see a good PA setup take it and dont worry about the news. Others keep a closer eye on the news (bigger news).

I hope that helps a litte bit.
Tom

PS: Just to give my personal opinion (not to be taken as a recommendation), I don't like the look of this pin so I stayed out. It might be a good trade, but it doesn't fit MY trade criteria so I didnt take it.
  • #8,295
  • Dec 17, 2007 1:33pm Dec 17, 2007 1:33pm
I just wanted to say this tendency to "indicatorize" even PA imho stunts growth. It just keeps you reliant on other things, as you don't pick out stuff via eye or examine your charts closely, since your visual recognition matrix limits it's responses to the pretty smiley faces and icons instead of the bars.

That way you won't learn the behavior and recognition of price; you will simply stay enslaved to something other than yourself to tell you how to interpret what you are seeing.

Just my 2 cents.
Trust price. Know yourself.
  • #8,296
  • Dec 17, 2007 4:47pm Dec 17, 2007 4:47pm
mmmm,
still time till close, but is it looking a little bit like Mikes'
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  • #8,297
  • Dec 17, 2007 4:58pm Dec 17, 2007 4:58pm
Hey,

haven't seen any charts from you lately seeking. But I don't have anything on my charts tonight either. My canadian shorts have taken off quite well but I don't know if it's just a spike or if cad dollar is gaining strength again. Moved stop do break even in any case... USDJPY is lurking around my entry and doesn't seem to want to go higher. I guess EURUSD has to take another drop before my target is hit.

What I meant with TBH is highlighted in the chart at the bottom. It's not consecutive bars but shows some kind of resistance nontheless. I did not play this, however.

Chris
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  • #8,298
  • Dec 17, 2007 5:13pm Dec 17, 2007 5:13pm
Quoting rustyjeff
mmmm,
still time till close, but is it looking a little bit like Mikes'
i am not sure about it...we 3 weeks of bearish weekly bars..nothing such as a good ppz or a TL or either ema to look at...
i would not take it..not convincing enough.

and - lets see how it closes.
  • #8,299
  • Dec 17, 2007 5:19pm Dec 17, 2007 5:19pm
Quoting creeper
Hey,

haven't seen any charts from you lately seeking.
Well but I posted the two EURUSD 4h PBs a while ago. And there was also a daily IB(shoulder levels/ s/r and nice round number). That's really all you need - one entry, then you let it run.

And the EURCAD IB that helped make the weekly IB / 2 bar PB, well, dunno. I just was too focussed on USD to notice I guess.

And there really wasn't anything else very sexy. Most of my focus currently is on maintaining my PF journal to show stuff, making videos, thinking about structure/ideas for more videos and material/my section and so forth..and the market just is 80% on holiday it feels like..erratic bursts.
Trust price. Know yourself.
  • #8,300
  • Dec 17, 2007 5:20pm Dec 17, 2007 5:20pm
I am not going to consider this a PB... but seeking is very right about the IB...
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