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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

  • #13,321
  • Sep 2, 2008 6:42pm Sep 2, 2008 6:42pm
The USACAD pin is the only thing that caught my eye tonight but I am wary of the traffic to the left specifically the bar highs at 650 which, if you drop a line there are a key area of SR over the last few years. Also the bar lows at 600. The nose doesn't protrude too much from the 12th August bar. If the channel was more established I might consider it as a PA trade from the top of the "box" but as it is I am passing.
  • #13,322
  • Sep 2, 2008 6:56pm Sep 2, 2008 6:56pm
Quoting TiaForex
The USACAD pin is the only thing that caught my eye tonight but I am wary of the traffic to the left specifically the bar highs at 650 which, if you drop a line there are a key area of SR over the last few years. Also the bar lows at 600. The nose doesn't protrude too much from the 12th August bar. If the channel was more established I might consider it as a PA trade from the top of the "box" but as it is I am passing.
Hiya.... I guess it's open to interpretation but it seems like a pretty good PB for me coming off a double-top at a round number PPZ at 1.0700...I guess the traffic to the left is negated by the double-top in my eyes but I'm still a new kid at all this....if I was to trade it it would be on the break of the PB with partial profits taken at around the 1.0570 PPZ level.
  • #13,323
  • Sep 2, 2008 7:01pm Sep 2, 2008 7:01pm
Quoting jarroo
1st target .8480ish. And/or fib targets
Wow. A bit of a retrace on the Ozzie.
Indicators show the past. Price Action "Indicates" the future.
  • #13,324
  • Sep 2, 2008 8:01pm Sep 2, 2008 8:01pm
Quoting jarroo
Wow. A bit of a retrace on the Ozzie.
We might get some turn arounds yet though.

I like the Looney pin. (heh heh heh.... because it rhymes with 'Looney Bin'. ...My trading base. )
Bundy's status today: "Waiting..."
  • #13,325
  • Sep 2, 2008 8:34pm Sep 2, 2008 8:34pm
Aud is dead, I think we're going to see 8000 soon.
Patience + Humility + Study = Success
  • #13,326
  • Sep 2, 2008 8:42pm Sep 2, 2008 8:42pm
Quoting DutchTrader
Aud is dead, I think we're going to see 8000 soon.
I would have to agree with you. But I thought we would get a retrace up from the last move down. My s/l is just below the bottom of the 1st PB. And I will stay with it till the bitter end.
Indicators show the past. Price Action "Indicates" the future.
  • #13,327
  • Sep 2, 2008 8:46pm Sep 2, 2008 8:46pm
Quoting jarroo
I would have to agree with you. But I thought we would get a retrace up from the last move down. My s/l is just below the bottom of the 1st PB. And I will stay with it till the bitter end.
We're at a main PPZ, which has been tested once since the GDP, if that gives it's around 8270/80 then 8100 is in the cards. Let's see what PA tells us as usual.
Patience + Humility + Study = Success
  • #13,328
  • Sep 2, 2008 11:15pm Sep 2, 2008 11:15pm
Quoting DutchTrader
We're at a main PPZ, which has been tested once since the GDP, if that gives it's around 8270/80 then 8100 is in the cards. Let's see what PA tells us as usual.
I would say the downtrend is pretty strong.
Indicators show the past. Price Action "Indicates" the future.
  • #13,329
  • Edited 2:05am Sep 3, 2008 12:23am | Edited 2:05am
Quoting jarroo
I would say the downtrend is pretty strong.
... ya, sorry jarroo, i played this one short on daily j16 IB (dibs for any of you coffee drinkers ) and im up, up, up (and locked in at 1:1) ... im pretty stoked (forget sorry ... thank you jarroo ) ...
"Believe nothing you hear and half of what you see." Proverb
  • #13,330
  • Sep 3, 2008 3:18am Sep 3, 2008 3:18am
Jaroo,

Are you now (in general) trading more DIBS or PBs (or other PAs or smth else altogether...)? Thanks!
One Chart is Worth Ten Thousand Words.
  • #13,331
  • Edited 8:22am Sep 3, 2008 4:23am | Edited 8:22am
Good morning,

A BEOB on Aud/Nzd. "Daily graphic"

In the trend direction, next step the 61.3% of retacement // around the next ppz (blue zone)
Attached Image (click to enlarge)
Click to Enlarge Name: aud nzd daily.gif Size: 21 KB
Simple Things are the best
  • #13,332
  • Sep 3, 2008 5:34am Sep 3, 2008 5:34am
Quoting Forex007
Jaroo,

Are you now (in general) trading more DIBS or PBs (or other PAs or smth else altogether...)? Thanks!
I'm always looking for PA set-ups on higher time frames, but as you know, the "A" trades don't come by everyday.

When I'm available, I'm looking for DIBS (and 4 hour) set-ups with pairs that are trending strong. Like the Euro, Cable and Gbp/Jpy. Only taking the bottom breaks.
Indicators show the past. Price Action "Indicates" the future.
  • #13,333
  • Sep 3, 2008 8:32am Sep 3, 2008 8:32am
Quoting jarroo
Like the Euro, Cable and Gbp/Jpy. Only taking the bottom breaks.
"Only taking the bottom breaks" - because of the current downtrend?
One Chart is Worth Ten Thousand Words.
  • #13,334
  • Sep 3, 2008 8:40am Sep 3, 2008 8:40am
Well I guess post labor day's all about the working pins. Check out usd/cad
Patience + Humility + Study = Success
  • #13,335
  • Sep 3, 2008 9:04am Sep 3, 2008 9:04am
Since the daily USD CAD pin failed before it was triggered, I looked at H4 and I'm glad I did. I got in this and it shot to +70 so I'm riding it with a small profit stop.
Even though it was sitting in traffic I thought it could make it to the underlying support.
Attached Image
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #13,336
  • Sep 3, 2008 10:19am Sep 3, 2008 10:19am
Just wanted to post a huge thank you, as my first post, to james16, merlin, diallist, Jaroo, Bemac and tdion just to name a few of the folks posts I follow regularly. I've been following the james 16 thread for quite a while now (lurked under a different handle for a year or so) and after getting thru a few hundred of the first pages of the thread, I've learned more from you folks here than I have in 3 years of plodding around alone in this wilderness. I was going to try to make it thru the whole thread but I feel I will be better served to join the james16 group, if they will honor me so, to continue my education without having to filter out the noise of the nay sayers that are so distracting to the cause. I can't begin to express how lucky I feel to have stumbled upon this thread and the grattitude to the people that have been so generous with their time and experience. Thank you again and I am looking forward to getting to spend my time with you.



Rick
  • #13,337
  • Sep 3, 2008 11:14am Sep 3, 2008 11:14am
Quoting tehuringa
Hiya.... I guess it's open to interpretation but it seems like a pretty good PB for me coming off a double-top at a round number PPZ at 1.0700...I guess the traffic to the left is negated by the double-top in my eyes but I'm still a new kid at all this....if I was to trade it it would be on the break of the PB with partial profits taken at around the 1.0570 PPZ level.
Styles of trading this material are very discretionary, and some people veer towards the more conservative. I think there are very valid reasons for taking this setup, it's just that I'm trying to nudge my trading plan towards low frequency, extremely high probability trading.

I guess what I am saying, given that you're new to the material, is that I wouldn't be to worried about someone else saying they aren't going to trade a bar if you see good reasons to be in.

Hope that clarifies things.
  • #13,338
  • Sep 3, 2008 12:56pm Sep 3, 2008 12:56pm
Quoting gagiul
I suppose everybody is out by now from that Aud Cad Pin. God, how much did you guys risk coz the PB was quite large?

well, I suppose I will remember this summer as the hell for Pins. All the Pins I have traded have failed. Didnt take Aud Cad though, was waiting for a retracement.
This pin is not a failed pin because it was never validated. A pin is only tradeable after the high has been broken per James' rules.
  • #13,339
  • Sep 3, 2008 1:00pm Sep 3, 2008 1:00pm
Quoting rustyjeff
Just be aware guys.
Oz is week & expected to lower rates next tuesday. So the pin may pan out but I would expect a good retrace first as traders sell off before the announcement. If they dont lower rates the pin will fly...
You called it bud.
  • #13,340
  • Sep 3, 2008 2:56pm Sep 3, 2008 2:56pm
Quoting Ryanmcd
If you spread on the eur/usd is 3 pips you need a new broker. I used Oanda and DBFX, DBFX I have 0 spread on all pairs I pay a comission on it instead using a broker account. On Oanda I have a .9 spread just like everyone else. Also you are right, you need to have *0* emotion and just hit the button and let it do it's thing, I have been down 2-3 trades on the day and make it up being +10 as my goal. The think I like best about it is 2% gain is my goal per day and I get that 90%+ of the time per week, so 10% a week and most days my 1st trade is all I take and it happens in 1-3 hours sometime I have been done in 15min then I go out and do whatever. The problem I have with the 4hr is I am not home a lot of the time, so with the 5min once I get my +10 pips my day is done, I goto the lake and enjoy the rest of the day.
Thanks for the broker tip. less than one pip spread would make a big difference. I traded the Friday EURUSD session on 5 min. as well and even took some of the same trades you posted in your chart. The one spike out of that bull flag moved 30 pips in less than 3 seconds. That's the kinda stuff that scares the hell outa me trading 5 min charts. I get emotional and take trades that are substandard or trade bigger size than I should after losses. I know thats the kind of trading that will take me out of the game. The best trades I made were with the trend. Even had one that went 40 to 1. I'm still on demo Till I can prove myself profitable for 3 months like James talkes about.

Question If you take profit at 10 pips and call it a day. When do you take a loss? at - 10 pips? Then do you continue to trade after a loss or no? Thanks for the chart I was fun seeing someone else traded the friday session and took some of the same trades.

Jason
May the fish in your stream of life always bite.
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