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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

  • #15,161
  • Nov 10, 2008 2:53am Nov 10, 2008 2:53am
Quoting bundyraider
Hey. While we're here, check out this inside pattern that's forming...
Usual rules of course. Watch first Take profit zones etc just in case. Good positions only etc etc.

Also hadn't drawn in previous TL break. Tend to not draw the obvious ones I can see easily. Lazy.
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Bundy's status today: "Waiting..."
  • #15,162
  • Nov 10, 2008 4:07am Nov 10, 2008 4:07am
100% Projection hit.... then reversal.

...so far.

The need to hit this projection often seems to overide any support/resistance. Even if the eventual direction is back the other way. (short break of IB pattern again for the pair to head south in this case)

So using this case as an example you can get a total disrepect of the 156.20 level on the way up, looking like a strong up move. Only to see the projection being satisfied and then a reversal and continuation downwards.

That's only an example of a projection only move. ....So many many times this signal (this case is long) can be the start of a very large move. The IB pattern becoming the very pin head of a daily pin etc. Awesome stuff.

Just to emphasize: You have to use the same "confluence" / "A+ trade only" / "bloody hell I have to wait again" etc attitude that all your trading should have.

"Where" is ALWAYS important.

Chart drawn on another PC , so not original studies....
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Bundy's status today: "Waiting..."
  • #15,163
  • Nov 10, 2008 10:09am Nov 10, 2008 10:09am
Can someone PM me and let me know why my downloaded indicators wont add to my chart.

Its listed on the lefthandside under navigator, but as I rightclick and click "add to chart" it doesnt, nor does it when I click and drag to the chart.

Thanks and good luck
DM if you have any questions
  • #15,164
  • Nov 10, 2008 10:32am Nov 10, 2008 10:32am
Can I ask a question: I often see Jim and Mike drawing levels on their charts using a pen tool in MetaTrader? Can you tell me where I can find this tool, please?
  • #15,165
  • Nov 10, 2008 10:46am Nov 10, 2008 10:46am
Quoting raczekfx
The most likely scenario is that we'll be trading in a range $58-86 for the next 6 months. Look for the best setup between those two ppz.
Personally I doubt, we'll be sitting below $60 for too long... and Ideally I'd love to see a PB off of 52.
.
... or you can go lower, look for your PPZs and trade accordingly, using PA (if you like intra-day action...)
.
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  • #15,166
  • Nov 10, 2008 11:09am Nov 10, 2008 11:09am
Quoting the_wizard
Can I ask a question: I often see Jim and Mike drawing levels on their charts using a pen tool in MetaTrader? Can you tell me where I can find this tool, please?
Hey Wiz

The only pen tool I use is when I record my webinars/videos using camtasia. MT4 doesn't have one. So when I mark up a chart for posting I just use the trendlines button with "ray" unchecked in properties.

Mike
  • #15,167
  • Edited 11:59am Nov 10, 2008 11:28am | Edited 11:59am
Quoting the_wizard
Can I ask a question: I often see Jim and Mike drawing levels on their charts using a pen tool in MetaTrader? Can you tell me where I can find this tool, please?
Are they capturing the window/screen then drawing on it?
That's what I do. You can use GIMP it's pretty nice.
http://www.gimp.org/downloads/

Good Trading!


Edit: Sorry if this isn't what you're asking about.
  • #15,168
  • Nov 10, 2008 11:50am Nov 10, 2008 11:50am
Okay my day, stopped for -9 then took +18 so +1% on the day, Missed the good trade as always. Not as many good ones as in the past but it happens. Not going to be mad at making money.
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Keep taking CT trades, I need more money
  • #15,169
  • Nov 10, 2008 12:04pm Nov 10, 2008 12:04pm
Just when i thought this was going to be difficult, Monday close brings about an opportunity.

Things setting up nicely o the Eur/Chf:

I am still thinking on me entry point though, the 4H tells me the trend line hasn't yet broken plus there is a good enough chance of a retracment back to the trend line even if we see a valid and genuine break given the short term trend is still up, maybe i should just watch the daily close and conservatively play the break of the low in this case...
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I believe . . .
  • #15,170
  • Nov 10, 2008 1:36pm Nov 10, 2008 1:36pm
Once again the best placement for a stop loss is above or below the trigger of your PA set-up.
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Indicators show the past. Price Action "Indicates" the future.
  • #15,171
  • Nov 10, 2008 3:49pm Nov 10, 2008 3:49pm
so , i just wrot the last week , the we will se the G-U coninue for shorting and the price as i saied the last time maybe will strugle around 1,5805 and then continue down , so now we need to see break of 1,5535 to know the price that will coninue down , so the next target should be 15527 and then 15315
hope for u nice trading guys
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The million dollar man Alkhatarey
  • #15,172
  • Nov 10, 2008 4:34pm Nov 10, 2008 4:34pm
Hello to all. Always nice to come back to this thread and see the great insight of great traders.

Here, is the trade that I have taken today which is a mix of James16 stuffs (bar formations) and Ryanmcd stuff (divergence between price and RSI 6)

It was a DBLHC on interbank fx and a BOB on another metatrader along with positive divergence between RSI and price.

Right now, I only take trades when there is a divergence between price and RSi along with a great bar formation.

This teach me patience as they do not occurs every hours even on a 5 min timeframe.

Sincerely

Shreem
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  • #15,173
  • Nov 10, 2008 4:43pm Nov 10, 2008 4:43pm
Quoting Ryanmcd
Okay my day, stopped for -9 then took +18 so +1% on the day, Missed the good trade as always. Not as many good ones as in the past but it happens. Not going to be mad at making money.
Ryan,

That's too funny. I missed the EXACT same trade you did (even chastised myself in my journal chart), and then proceeded to take the EXACT same trade you did next. The difference: I got in too early and was stopped out. On what basis did you time your entry on that second trade?

Looks like we even drew the same support lines!
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Money missed is better than money lost
  • #15,174
  • Nov 10, 2008 4:43pm Nov 10, 2008 4:43pm
suddenly everyone is posting m5 and m15s
  • #15,175
  • Nov 10, 2008 4:58pm Nov 10, 2008 4:58pm
Quoting Dahlia
Ryan,

That's too funny. I missed the EXACT same trade you did (even chastised myself in my journal chart), and then proceeded to take the EXACT same trade you did next. The difference: I got in too early and was stopped out. On what basis did you time your entry on that second trade?

Looks like we even drew the same support lines!

The 2nd one was just gut, I knew it was going to sell off and just went short at the close of the PB. I faded a PB on noes lol, it worked and I made a little today.
Keep taking CT trades, I need more money
  • #15,176
  • Nov 10, 2008 4:59pm Nov 10, 2008 4:59pm
Quoting shreem
Hello to all. Always nice to come back to this thread and see the great insight of great traders.

Here, is the trade that I have taken today which is a mix of James16 stuffs (bar formations) and Ryanmcd stuff (divergence between price and RSI 6)

It was a DBLHC on interbank fx and a BOB on another metatrader along with positive divergence between RSI and price.

Right now, I only take trades when there is a divergence between price and RSi along with a great bar formation.

This teach me patience as they do not occurs every hours even on a 5 min timeframe.

Sincerely

Shreem

You need to watch out on these, I used to trade this type of setup and it's damn hard, look at days that go down or up all day, they post divergence after divergence and you will be wrong on everyone. The key to these is take them in a FLAT market.
Keep taking CT trades, I need more money
  • #15,177
  • Nov 10, 2008 5:01pm Nov 10, 2008 5:01pm
Quoting ezz
suddenly everyone is posting m5 and m15s

That is not the case, I just post up everything I do. If you don't care about the 5min stuff just skip it. I do the same with the 4hr stuff. It's all about learning to trade and PA is PA no matter what timeframe.
Keep taking CT trades, I need more money
  • #15,178
  • Nov 10, 2008 5:37pm Nov 10, 2008 5:37pm
Quoting Ryanmcd
You need to watch out on these, I used to trade this type of setup and it's damn hard, look at days that go down or up all day, they post divergence after divergence and you will be wrong on everyone. The key to these is take them in a FLAT market.

Hello Ryan. Thanks a lot for your reply. Much appreciated. Will definitely keep your advise when looking at these trades.

Your right, in a trending market, divergence are certainely not the best, maybe apart the ones that are in the direction of the current trend.

Sincerely

Shreem
  • #15,179
  • Nov 10, 2008 6:00pm Nov 10, 2008 6:00pm
Quoting ezz
suddenly everyone is posting m5 and m15s
Sorry, I just posted mine because I thought it was such a funny coincidence that mine and Ryan's trades (and lack thereof) were so similar.

Back to lurking...
Money missed is better than money lost
  • #15,180
  • Nov 10, 2008 7:02pm Nov 10, 2008 7:02pm
Quoting ghous
Just when i thought this was going to be difficult, Monday close brings about an opportunity.

Things setting up nicely o the Eur/Chf:

I am still thinking on me entry point though, the 4H tells me the trend line hasn't yet broken plus there is a good enough chance of a retracment back to the trend line even if we see a valid and genuine break given the short term trend is still up, maybe i should just watch the daily close and conservatively play the break of the low in this case...
Thanks for the heads up ghous. Played the PB on the 8 hour (technically a BEOB). (sorry I can't post a chart)

It's never a bad decision to wait for the Daily to close and trade just them.
Indicators show the past. Price Action "Indicates" the future.
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