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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

  • #14,621
  • Oct 22, 2008 11:26am Oct 22, 2008 11:26am
Hey gang have I missed anything? Just kidding.

Peeking in from Toronto, Canada. (Damn real job)

Looks like the BEOB on the Cable is looking good.

PA RULES!

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #14,622
  • Oct 22, 2008 11:42am Oct 22, 2008 11:42am
Quoting jarroo
Peeking in from Toronto, Canada. (Damn real job)
Looks like the BEOB on the Cable is looking good.
I'm checking in on the BEOB from Bloor & Avenue Rd right now...best trade yet.
"Support and Resistance either holds or it doesn't." -Anonymous hillbilly
  • #14,623
  • Oct 22, 2008 12:01pm Oct 22, 2008 12:01pm
Also checking in from Toronto. Luckily indoors so I'm not freezing my nuts off.

Enjoying this nice trend.
People would have to be crazy to go long EUR or GBP.
You could've gone short at any point with any of those pairs and made money.
The trend is your friend might be a bit corny for some people, but it's so true.

That is one very important point that needs to be passed to all new (or even some not so new) traders. No need to try and swim upstream. Go with the flow.

Take it easy folks.
Tom
  • #14,624
  • Oct 22, 2008 1:13pm Oct 22, 2008 1:13pm
CHART
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  • #14,625
  • Edited 3:06pm Oct 22, 2008 1:26pm | Edited 3:06pm
Quoting james16
CHART
I love when I'm on the same page as Jim. It took some time to do.

Thanks Jim
Indicators show the past. Price Action "Indicates" the future.
  • #14,626
  • Oct 22, 2008 1:34pm Oct 22, 2008 1:34pm
chart
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  • #14,627
  • Oct 22, 2008 1:54pm Oct 22, 2008 1:54pm
CHART
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  • #14,628
  • Oct 22, 2008 1:59pm Oct 22, 2008 1:59pm
Quoting james16
CHART
thanks for posting everytime u do this i gain from it..
  • #14,629
  • Oct 22, 2008 2:18pm Oct 22, 2008 2:18pm
Quoting james16
chart
Thank you James, I'm with Navin, I gain each time you post a chart. I have James16 folder on desktop for reference with all your charts in them.

Do you ever let your positions run or do you always take money off the table at first s/r target?

Thanks,

Jason
May the fish in your stream of life always bite.
  • #14,630
  • Oct 22, 2008 2:26pm Oct 22, 2008 2:26pm
Quoting james16
chart
I see 4 things that make these two stand out.

1) they had room to run till they hit first S/R target.
2) they closed in the direction of the trade ( down )
3) at least 75% of the bar was the nose.
4) the third bar could never take out the 1st bars high.

How is that? Please tell us if that is on target or I missed something.

Best wishes,
Jason
May the fish in your stream of life always bite.
  • #14,631
  • Oct 22, 2008 2:27pm Oct 22, 2008 2:27pm
THANK YOU,

this thread has been a true thrill for me for years now. the only thing that seperates me from any of you is the time i have been doing it. im able to manage my trades better and that simply comes from experience. the simple truth is that if your ultra picky on your entries its actually hard to lose money with this material. problem is many of you are convinced that your going to start on an hourly chart or even lower. i cant help people that choose to do that because i couldnt even help myself years ago when i went down the same road.

jim

Quoting aSandman
Thank you James, I'm with Navin, I gain each time you post a chart. I have James16 folder on desktop for reference with all your charts in them.

Do you ever let your positions run or do you always take money off the table at first s/r target?

Thanks,

Jason
  • #14,632
  • Oct 22, 2008 2:34pm Oct 22, 2008 2:34pm
ok i will go along with those.

jim

Quoting aSandman
I see 4 things that make these two stand out.

1) they had room to run till they hit first S/R target.
2) they closed in the direction of the trade ( down )
3) at least 75% of the bar was the nose.
4) the third bar could never take out the 1st bars high.

How is that? Please tell us if that is on target or I missed something.

Best wishes,
Jason
  • #14,633
  • Oct 22, 2008 3:12pm Oct 22, 2008 3:12pm
Quoting ghous
Hahaha! Nice one Jarroo, would you believe it, i was waiting for this setup for soooo longggg and when the opporunity came i missed it was just too busy lately! HUH! I was talking earlier of the possibility of Gu returning to a bearish mode after that intial Pin it formed sown south, DAMN! Nice ride for you anyways, i am sure most would have caught this one. As for me i'll be waiting for another move to catch while i enjoy the fact that i atleast shunned that inside feeling of wanting to get in without enough time to think over the trade. Better to be out wishing i was in rather than in the market wishing i was out the 1.7 level was right in the way anyways...

Regards,
Ghous.
Great line ghous.
Indicators show the past. Price Action "Indicates" the future.
  • #14,634
  • Oct 22, 2008 3:31pm Oct 22, 2008 3:31pm
Quoting mbqb11
Hey Bertie,

Firstly congrats on your success, it is a great feeling when the studying practicing starts to click.

I am a very conservative trader, so for me this is a trade I wouldn't take. Not because it wouldn't give some pips, but just doesn't fit my style. Jarroo might be more likely too.

My reasons for staying out would have been the sideways market the it is located in. This would tend to hold price up at some of the trouble areas(blue box area). Had you been watching your short around this area that would be the time to lock in profit, scale out, move to b/e etc. So overall I think you still played it well as you knew not to get carried away with a trade in traffic.

This is where James would say, if you take a loss on a trade like this you are crazy, because of the location of the bar.

Well done

Mike
Mike is right.

I would have taken take PB on the G/J if available. S/L above the left eye (Sunday bar ignored). I like the confluence with the trendline.

I like learning and practising on these "B" type trades, but I usually will not use a full position.

I'm sloooowwwwlllyy turning into a more conservative trader like Mike. I don't like saying "conservative trader" it's more like "Smarter Trader".

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #14,635
  • Oct 22, 2008 4:56pm Oct 22, 2008 4:56pm
Would the inside bar on the USD/JPY weekly that broke a few hours back have been a legit trade?

It looked like the low of the inside bar was sitting on a band of resistance from the open and closes of the March 08 weeks. So a break to the downside was what i was more interested in.

Also we're now again below the line running under the lows of 1999 and 2004/05.

Stop: Top of inside bar/dailies show S/R at this level (103.30)
Entry: 99.26
First target: 97.90 (Outside bar low)
Second target: 95.74 (March low)
Third target: 88ish (S/R back in 1995)

Thoughts, comments?
  • #14,636
  • Oct 22, 2008 5:21pm Oct 22, 2008 5:21pm
Jarroo,

I seem to be going down the same road as yourself - have had a raft of winners with these type of trades lately.However I too would like to be a more conservative trader like mike, but I guess it is all a learning experience.
What I am happy about is that the longer time frames seem to fit my style more and I do not feel in any rush at the moment to go down to the short time frames, hopefully this will serve me well. For the first time I am really optimistic about my trading - I see light at the end of the tunnel and thankfully it is not an oncoming train! many thanks to you, mike and the others for helping my education. Keep your charts and comments coming, always look forward to them,

cheers,

Bertie
PA is where its at!!
  • #14,637
  • Oct 22, 2008 7:37pm Oct 22, 2008 7:37pm
James thank you very much for those new charts, its always very refreshing.

Anyway here's my trade from today, seemed like a lot of pairs had big moves so i didn't have any setups on those pairs.

Playing the inside bar (indecision) with a break out to the short side. Feel free to comment, stop at 1.9495, sell stop entry at 1.8887.
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  • #14,638
  • Oct 22, 2008 7:41pm Oct 22, 2008 7:41pm
Quoting james16
chart

http://www.forexfactory.com/attachme...1&d=1224700472

This is All I can say... Sir...



Sonic
  • #14,639
  • Oct 22, 2008 7:42pm Oct 22, 2008 7:42pm
looks like a good BUOB on EURCAD daiy chart. My worry is that we are almost at a resistance point. Good trade or stay away
  • #14,640
  • Oct 22, 2008 7:51pm Oct 22, 2008 7:51pm
Here is one for your reference!

After the price shot up and passed the multi-year high 1.9110, we had the second test, with the first one being a PIN. Yesterday's bar is an I4B and multi-day IB, too. Something big is cooking on this pair.

In light of the gold drop, we might see AUD to play catch up on the drop as we have witnessed on EUR and GBP in the last 2 days. I will buy once the top of the yesterday's bar is broken. Stop is first put @ 1.8950 and will trail as the price goes.

Ken
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