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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

  • #14,541
  • Oct 17, 2008 5:06pm Oct 17, 2008 5:06pm
IB's galore on the dailys and weeklies that could give some trading opportunities next week.

GBPCHF on the daily looks promising with two IB's off the bottom extremity of it's recent 1300 pip trading range....coupled with an IB on the weekly and a possible pinbar setting up on the monthly...but again picking a bottom in current conditions is rather risky.

Also the EURAUD 4hr pinbar at the bottom extremity of it's recent.....rather large trading range...at the 1.9300 PPZ. I would have liked to have seen the pinbar close higher than it opened but it might just gap higher on next weeks opening with the possibility of a move North towards the trading range central pivot around the 2.0000 mark.

I would have liked to see a bit more space around that PB though....anyway...something to keep an eye on.

Have a good weekend all.

Cheers

T
  • #14,542
  • Oct 17, 2008 11:37pm Oct 17, 2008 11:37pm
Quoting nAVIN2007
the way i justify the cost is...one way or other u have to pay for this education and seeing jim and mike webseminar really helps and u also get to see their thought process behind taking trades.

i am very thankfull for this opportunity

anyways im rambling to much now...stupid cable dont want to give a direction...
It's smelling bulls...
I believe . . .
  • #14,543
  • Oct 18, 2008 12:07pm Oct 18, 2008 12:07pm
Here's what I'm looking at for next week. Dollar/Cad, Cad/Yen, and Dow and S and P Futures. Dow daily and weekly and loonie charts attached.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dow_daily.gif Size: 13 KB
Click to Enlarge Name: dow_weekly.gif Size: 13 KB
Click to Enlarge Name: loonie_weekly.gif Size: 19 KB
"Don't trade to trade . . . trade to win." - James16
  • #14,544
  • Oct 18, 2008 1:25pm Oct 18, 2008 1:25pm
Quoting sonicdeejay
Monthly USD$100+..kinda steep for me..at the moment..
If you're live trading and losing currently, the 100 you would spend for a month of learning would be compensated for by either not taking further bad trades where you'd lose that much or by taking good trades and earning more than that much. If you can afford just one month instead of worrying about coming up with the money every month, just do one month. You'll have many more Eureka moments in the first login than you'd ever had in discovering any hot new threads and "systems" on public forums and you'd thank yourself for spending 100 after all. Take a look at my journal on here for the last few months...how simple it's become compared to the first 14 or so pages from the past year.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #14,545
  • Oct 18, 2008 2:01pm Oct 18, 2008 2:01pm
Quoting Interceptor
A friend of mine joined James' group a couple of months ago, and he loves it. From what he's mentioned to me it sounds as though he's really benefiting from the experience, both on his immediate trading discipline, and his increasing knowledge of s + r etc.
However, one thing he's related to me causes me some concern.
Apparently, he's been told that he should utterly disregard all fundamental information. Now my own belief, and that of many others, revolves around the principle of \"Trade the technicals, but know the fundamentals\". As he has been told to 'forget' about fundamentals, he's subsequently got no interest in learning about the structure of the fx market, avoiding 'red flag' trades, stop-hunting sweeps, what s + r really is or any of the other 'basics'. This to me seems like trading with one eye closed, if you know what I mean.
I struggle to reconcile what, on the one hand, is obviously a very highly regarded mentor and teaching programme, with, on the other hand, an almost nonchalant approach to what the actual 'thing' is which we are all doing.
Any comments?
Yeah, I have a comment:

Once I started ignoring all that non-sense, I became profitable. My streak goes back 13 months.

Go figure. Simplicity works.

Clockwork
  • #14,546
  • Oct 18, 2008 3:34pm Oct 18, 2008 3:34pm
Quoting Flem26
Here's what I'm looking at for next week. Dollar/Cad, Cad/Yen, and Dow and S and P Futures. Dow daily and weekly and loonie charts attached.
That is interesting Flem. What is your reasoning for longing USD/CAD if you don't mind?
  • #14,547
  • Oct 18, 2008 3:53pm Oct 18, 2008 3:53pm
Quoting Interceptor
I think that is my friends misunderstanding.
He's taking the advice to 'ignore the fundamentals' at it's broadest and most literal meaning!
I don't think the message is to ignore the fundamentals, but rather focus on chart reading. Of course if you are a scalper and don't pay attention when valid news releases come out for your currencies, well, then you’re stupid. The issue that can happen though is that we get so biased based on fundies, that we make bad trading decisions, ignore signals, get scared...etc, because we just can't believe price is going where it is. It’s kind of like voting for your party candidate only because they are with your party and everything coming out of their mouth is contrary to what you believe.
  • #14,548
  • Oct 18, 2008 4:01pm Oct 18, 2008 4:01pm
Quoting HipsterPipster
That is interesting Flem. What is your reasoning for longing USD/CAD if you don't mind?
I'm not in the trade at this point on my real account. I jumped the gun on demo, so I wouldn't forget about the set up for next week. On the weekly, an inside bar has formed off of the 200 ema.

All in all, this reminds me of the inside bars that formed on the dailys a week before last. I'll be watching for a break to make a move.
"Don't trade to trade . . . trade to win." - James16
  • #14,549
  • Oct 18, 2008 6:28pm Oct 18, 2008 6:28pm
I didn't find much in the way of PA trades this weekend.

I did find this trade on AUD/USD with the Vegas 4H tunnel method.

AUD/USD is in a major down trend, as based on the weekly chart. Price on the 4H is above the 55 SMA and the 8 SMA is flat just above the 55, getting ready to turn downward. It would be a short on Monday if price declines below the the current pin bar. This would be a prime trade based on Vegas' documentation. My target would be somewhere around .660. The .660 level occurs on a fib line, the lower TL, and it it also a 78 fib retracement.

The USD/JPN is in basically the same situation. Long term down trend and price and 8 SMA above the 55 SMA. It needs a few more bars before the 8 SMA turns downward.

There's still MACD divergence on the daily GBP and EUR charts indicating a possible increase in price of both currencies.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD-10-17-08K.gif Size: 49 KB
  • #14,550
  • Oct 18, 2008 6:31pm Oct 18, 2008 6:31pm
Quoting HipsterPipster
\"It’s kind of like voting for your party candidate only because they are with your party and everything coming out of their mouth is contrary to what you believe.\"
Off topic... ....but one of my 'pet' hates. So many people are blind followers of a party.
Bundy's status today: "Waiting..."
  • #14,551
  • Oct 18, 2008 7:39pm Oct 18, 2008 7:39pm
Quoting bundyraider
Off topic... ....but one of my 'pet' hates. So many people are blind followers of a party.
i agree. the canadian and american political party groupers are the worst, but i'll take canadian politics over the american politics any day.
"Don't trade to trade . . . trade to win." - James16
  • #14,552
  • Oct 19, 2008 5:51am Oct 19, 2008 5:51am
Quoting clockwork71
Yeah, I have a comment:

Once I started ignoring all that non-sense, I became profitable. My streak goes back 13 months.

Go figure. Simplicity works.

Clockwork
Am I correct in assuming that you totally ignore interest rate announcements and NFP's then?
If so, how wide are your stops?
  • #14,553
  • Oct 19, 2008 6:33am Oct 19, 2008 6:33am
Quoting Interceptor
Am I correct in assuming that you totally ignore interest rate announcements and NFP's then?
If so, how wide are your stops?
News announcements can cause a stop out, but they can create new PA signals too occasionally. So if you're trading daily charts, for example, you really don't need to take them into account. They leave their footprints on the charts for us to read.
Bundy's status today: "Waiting..."
  • #14,554
  • Oct 19, 2008 4:04pm Oct 19, 2008 4:04pm
Quoting bundyraider
Off topic... ....but one of my 'pet' hates. So many people are blind followers of a party.
May the fish in your stream of life always bite.
  • #14,555
  • Oct 19, 2008 8:34pm Oct 19, 2008 8:34pm
Quoting Interceptor
This to me seems like trading with one eye closed, if you know what I mean.
Hi Interceptor.

There are many trading systems out there with each forcused on different aspects and elements.

J16's system is almost purely technical. Trading purely technical does makes sense most of the time. It's more based on human behavior side. Basically, it teaches you to trade along with the big guys, whether it's trend reversal or continuation.

Once a successful commercial trader told me this: "If you can research thoroughly, you invest, or you speculate". We as retail traders do not have all the information available to us. Often, what we have got are "old news" just like lagging indicators do. In this regard, it's better to focus more on the techical side to give us some edge.

I have learnt much from James16 and I have finally learned to read the market based on the chart. It helped me not to go against the market which is very important. In addition, I also learned to find the best area to enter my trades and where to exit. J16's forum here and his private site have made a huge differnce for me.

Join J16 group, you won't regret!

Ken
  • #14,556
  • Oct 19, 2008 9:09pm Oct 19, 2008 9:09pm
1 hour pin on E/J. Not the prettiest pin but good location. This pair has been stuck in a range for a while now and we're at top of range.
Attached Image (click to enlarge)
Click to Enlarge Name: ej 1hr.gif Size: 15 KB
  • #14,557
  • Oct 19, 2008 9:58pm Oct 19, 2008 9:58pm
Quoting Betard
1 hour pin on E/J. Not the prettiest pin but good location. This pair has been stuck in a range for a while now and we're at top of range.
1/2 out, rest at BE. hope some others got in on the action!
Attached Image (click to enlarge)
Click to Enlarge Name: ej 1hr result.gif Size: 14 KB
  • #14,558
  • Edited 11:53pm Oct 19, 2008 10:54pm | Edited 11:53pm
Quoting Betard
1 hour pin on E/J. Not the prettiest pin but good location. This pair has been stuck in a range for a while now and we're at top of range.

http://www.forexfactory.com/attachme...1&d=1224468517

So... u r the one who bring the EJ down...
to me..it looks like a mere flag... more upside ahead...and I m glad that ur SL @ BE now..becoz I dun wanna take $$ fr fellow forumer...



Sonic
  • #14,559
  • Oct 20, 2008 3:59am Oct 20, 2008 3:59am
Quoting goodtiding5
Hi Interceptor.

There are many trading systems out there with each forcused on different aspects and elements.

J16's system is almost purely technical. Trading purely technical does makes sense most of the time. It's more based on human behavior side. Basically, it teaches you to trade along with the big guys, whether it's trend reversal or continuation.

Once a successful commercial trader told me this: \"If you can research thoroughly, you invest, or you speculate\". We as retail traders do not have all the information available to us. Often, what we have got are \"old news\" just like lagging indicators do. In this regard, it's better to focus more on the techical side to give us some edge.

I have learnt much from James16 and I have finally learned to read the market based on the chart. It helped me not to go against the market which is very important. In addition, I also learned to find the best area to enter my trades and where to exit. J16's forum here and his private site have made a huge differnce for me.

Join J16 group, you won't regret!

Ken
Thanks for that.
I think I will.....!
  • #14,560
  • Oct 20, 2008 10:42am Oct 20, 2008 10:42am
Quoting Betard
1 hour pin on E/J. Not the prettiest pin but good location. This pair has been stuck in a range for a while now and we're at top of range.
Nice one betard, the recent ranging in most pairs is obviosuly keeping us J16 traders pretty much out, the only trade i took was of the Gu pin before friday close, banked 50 pips before it went staright down to hit the rest of my position which was sitting at breakeven.

Regards,
Ghous.
I believe . . .
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