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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

  • #16,801
  • Dec 13, 2008 4:24am Dec 13, 2008 4:24am
Quoting ghous
So when price does hits an important level what makes you decide whether ......................
wow...I've just told you guys..hey a pin formed on eur/gbp near an historical high..that's it!!
tha fact that I shorted like I did is another fact...I really don't understand your last posts..maybe for my so so english
  • #16,802
  • Dec 13, 2008 4:47am Dec 13, 2008 4:47am
Quoting canados
wow...I've just told you guys..hey a pin formed on eur/gbp near an historical high..that's it!!
tha fact that I shorted like I did is another fact...I really don't understand your last posts..maybe for my so so english
You did'nt take the trade off the Pb infact you realized after the you took the trade that the bar actually formed a PB. Fine you got it in at a better price then say a James16 PA trader might have but there won;t many such instances

Best of luck with your trading

Regards,
Ghous.

ps ps you're english's fine, we can understand you
I believe . . .
  • #16,803
  • Edited 9:28am Dec 13, 2008 9:15am | Edited 9:28am
A few thoughts re the USDJPY Daily Pin.

Negatives

  1. Only a pin bar by 1 pip on my feed.
  2. Counter trend
  3. Limited visible support on my chart
  4. Limited liquidity price could have less respect than usual for the pin.

Positives

  1. Long nose
  2. Divergence (MACD)
  3. Price closed above the major 90.00 round number after penetrating it.
  4. Price closed above the 23/10/08 weekly low after penetrating it.
  5. Limited liquidity price could take off.

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  • #16,804
  • Dec 13, 2008 9:28am Dec 13, 2008 9:28am
any new views on the aud usd? ok we have to wait for monday but that 6600 level looked to me as being prime territory for a launch upwards....

maybe I'm just jumping the gun...or perhaps the real test was the 6650 level...
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #16,805
  • Dec 13, 2008 10:35am Dec 13, 2008 10:35am
Quoting coscorp
any new views on the aud usd? ok we have to wait for monday but that 6600 level looked to me as being prime territory for a launch upwards....

maybe I'm just jumping the gun...or perhaps the real test was the 6650 level...
The 6600 level sure is a major hurdle, but looking at the 4H i see that we have formed more then just one single price level as the hurdle.

Based on your ideas similiar to yours Coscorp i entered a long on the AU off the break of the pin but the trade was caught up with heavy resistance around the highs around 0.664 - 0665.

For my money i'll now be waiting for the break of this level now, as it is the daily is'nt showing anything interesting either to indulge in on Monday open.
I believe . . .
  • #16,806
  • Dec 13, 2008 11:32am Dec 13, 2008 11:32am
Quoting ghous
... i am not sure if any of these guys took the trade you took. ...
I posted my setups on e/g in the PF on Friday and then executed my trades an hour or so later.
Traded a bit more that I usually do () at .8986 and added more at .8971.
  • #16,807
  • Dec 13, 2008 11:37am Dec 13, 2008 11:37am
Quoting raczekfx
I posted my setups on e/g in the PF on Friday and then executed my trades an hour or so later.
Traded a bit more that I usually do () at .8986 and added more at .8971.
So will you just merely take a short when price approaches a key area for support and resistance? I can bet it is'nt as easy as tthis. What i have seen from posts from ya'll is that you fine tune your entries on the lower tfs to get in early, i.e catch the very early intentions of price as it approaches a possible turning point, right?

the guy blindly shorted Eg as it touched a historical region, is this what R-Db is all abt or is it more abt what i wrote in the Paragraph before this.
I believe . . .
  • #16,808
  • Dec 13, 2008 11:41am Dec 13, 2008 11:41am
Quoting raczekfx
I posted my setups on e/g in the PF on Friday and then executed my trades an hour or so later.
Traded a bit more that I usually do () at .8986 and added more at .8971.
Yeah I know, This type of set up is your favourite. I'm about to post your r-db set up. Just give me a second. Hope you can chime a few word.
Go figure.. Simplicity work
  • #16,809
  • Edited 12:23pm Dec 13, 2008 11:51am | Edited 12:23pm
Hmmm!. Something interesting imh novice opinion to watch next week.

See how price pullback to the weekly confluence of T/L and PPZ. On daily, price stop exactly at the crossover of T/L and PPZ and formed PB on H4 and H1 tf and 50% fibo from last swing low.

Guys, what do you think?

p/s: raczekfx, I bet you are hawkishing this setup and I'm not surprise if you are already in
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Go figure.. Simplicity work
  • #16,810
  • Dec 13, 2008 12:08pm Dec 13, 2008 12:08pm
Quoting fxprocessor
A few thoughts re the USDJPY Daily Pin.

Negatives

 

  1. Only a pin bar by 1 pip on my feed.
  2. Counter trend
  3. Limited visible support on my chart
  4. Limited liquidity price could have less respect than usual for the pin.

Positives

  1. Long nose
  2. Divergence (MACD)
  3. Price closed above the major 90.00 round number after penetrating it.
  4. Price closed above the 23/10/08 weekly low after penetrating it.
  5. Limited liquidity price could take off.

Great post Nick! You've stacked it all in perfect order! are you playing it??
I believe . . .
  • #16,811
  • Dec 13, 2008 12:16pm Dec 13, 2008 12:16pm
Quoting ghous
Great post Nick! You've stacked it all in perfect order! are you playing it??
He forgot to mention that whole "Oh, the BoJ jumped in at the 88 handle." That helps as well.
  • #16,812
  • Edited 12:34pm Dec 13, 2008 12:18pm | Edited 12:34pm
Here is something nice to look at on the usd/cad daily.

The Ib is nicely placed bouncing right off the 1.24 ppz and the 23.6 fib. looking at the overall trend what's intereting is that the uptrend is quite intact.

I may be looking to play it's break. Certainly one on the cards
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I believe . . .
  • #16,813
  • Dec 13, 2008 12:20pm Dec 13, 2008 12:20pm
Quoting ghous
Finally I would once again like to remind you that you've been misunderstanding Jim's teachings here completely. He has done all he could to help us understand that the shape and size of the bar is'nt the only most important thing look for in a trade. Infact I am not alone when i think that location is perhaps far far more important than the shape and overall look of the bar.

Regards,
Ghous.
As I state in my videos for the James16 group (on more than one occasion) - THE WHERE (location) IS MORE IMPORTANT THAN HAVING THE PERFECT SHAPE OF BAR 99% OF THE TIME.

However, there is a certain danger here with newer traders using that as a license to over trade. But the above statement by ghous is SO TRUE.

Clockwork
  • #16,814
  • Dec 13, 2008 12:24pm Dec 13, 2008 12:24pm
Quoting clockwork71
He forgot to mention that whole "Oh, the BoJ jumped in at the 88 handle." That helps as well.
yeah right! what's it got below 88? It seems like it will do anything to keep it above this level
I believe . . .
  • #16,815
  • Dec 13, 2008 12:47pm Dec 13, 2008 12:47pm
Quoting ghous
Oh and BTW in the qouted post i am extremely unsatisfied with the words in bold. If only you waould have waited for the bar to close, you could have been more confident over the trade AND even more important would have been that you would have "STAYED OUT OF THE TRADE" taking the pin conservatively and waiting for the break.

Rac, RustyJeff, Mr.T, and HP they are all professioanals in their fields and methodlogies and trading techniques. Were you trying to imitate them, the R-DB stuff?? There is nothing wrong with trying the pro stuff but...

MATE,
dont be so hard on yourself,
Its fine to take these trades, or any trades when you see them... As long as its on a demo & for practise not the live money acc.
Thats one of the benefits of demo thats not often emphasized.
Just the fact that you took the trade & have now written this says to me, if not yourself, that you gained/learned something from the experience.
Never discount a percieved misstake as a bad thing. As this is how we learn... & thats what a few demo acc's are for.
Ask anyone who does this for a living & they will all tell you a demo acc or many demo's is for trying ideas, theories or just to throw down a trade for fun if you need to. Just keep the real one for business.
Hey, i will admit to occasionly being a bit drunk, turning on the computer & seeing an "awsome" trade. BUT i learnt early to only take it on a demo acc.
How did i learn???? cause i made the misstake.
This is the real benefit of demo's as i see them. If you dont have a plan for the trade or if its a hunch, whatever, demo it.... see what happens.
Just keep the business side of trading to what is proven, most probable.
Keep going Ghous, you will be gratefull when your my age.
  • #16,816
  • Dec 13, 2008 1:03pm Dec 13, 2008 1:03pm
Quoting canados
it can happen..sure
I'm in at 0.8980
I know others have taken the same trade but for me I waited.
not because of any reason other than i wanted to see price touch or go through 90 first, trigger some stops & then come back down.
Being late on a friday i'm more likely to wait for another push higher when the market opens & then take it.
If it goes straight down now, so what? There are allways others.
But the point is thats how i'm planning this one.
Yes others might be doing it differently but that doesnt mean its the only or right way.
I know its been said...
Plan your trade & trade your plan.
If it works great, we learn. If it doesn't we learn. point is, it takes some of the variables out if we stick to our original plan or idea for the trade.
we are not left afterwards thinking, if i just did what i first thought, or why did i close out early, how did i not see that s/r area.
You know everything changes once your in & have money on the line.
This is why a plan is important. We are probably thinking better or more logically than when the trade is on.
Why do you think entries are not everything to trading? Why do exits seem so hard? Stick to what you think of to start with, then if your right or wrong you will know & you will learn from it & therefore improve...
  • #16,817
  • Edited 1:28pm Dec 13, 2008 1:12pm | Edited 1:28pm
Quoting ghous
So when price does hits an important level what makes you decide whether to go short or long? James16 strategy in it's most simplest of form is watching for price action on important confluence and res/supp zones for a possible entry. You haven't followed his strategy like you should or admit that you have your own strategy, what you mentioned above is not what James16 has been teaching through these 1000 pages of posts.

Abt your trade specifically if you're risking 18 pips on the trade (i assume you have your SL 18 pips away) you are'nt following...
Not having a go Ghous,
If you look very early in this thread or at some of the first vid's you'll see that James tends to put more importance on areas of ppz's & use pa as the trigger for the trade.
If one wants to develop his own strategy or play touches thats fne. James teaches the basics cause thats where we should start. Its up to the trader to make it his/her own. That when you start to really gain confidence. cause your not relying on others but on yourself & it works..



And now i see Chris has said the same thing but in less words.
  • #16,818
  • Dec 13, 2008 2:31pm Dec 13, 2008 2:31pm
Quoting ghous
So will you just merely take a short when price approaches a key area for support and resistance? I can bet it is'nt as easy as tthis. .....
No, it's not that simple....
It's based on system that proved itself over time, but since it's not PA based, I will not discuss it here.
  • #16,819
  • Dec 13, 2008 2:36pm Dec 13, 2008 2:36pm
Quoting tokwanden
...

p/s: raczekfx, I bet you are hawkishing this setup and I'm not surprise if you are already in
No, I'm actually bearish on u/chf...from 1.1950.. till about 1.12..
  • #16,820
  • Dec 13, 2008 2:41pm Dec 13, 2008 2:41pm
Quoting clockwork71
He forgot to mention that whole "Oh, the BoJ jumped in at the 88 handle." That helps as well.
I was going to say the same thing..... Yes, they intervened.
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