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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

  • #16,821
  • Dec 13, 2008 2:54pm Dec 13, 2008 2:54pm
Hi all,

Just learning, i wanted to ask that how do u determine good location for pin bar;

posted is a pin bar on my daily uj chart, i wanted to ask that how do u guyz play this.

Thanks

hope raczekfx,jarro,ghous et al could use this chart to answer my question.

alwayz ready to learn
Mike
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  • #16,822
  • Dec 13, 2008 2:55pm Dec 13, 2008 2:55pm
Quoting raczekfx
I was going to say the same thing..... Yes, they intervened.
Do you know that confirmed. I suspected it as the yen hasn't been this strong for a long time. It shook me out of a great short i had on it. But i'm not convinced its going to go strait up from here.
curse that Boj...
  • #16,823
  • Edited 3:21pm Dec 13, 2008 3:06pm | Edited 3:21pm
Quoting Naijafx
Hi all,

Just learning, i wanted to ask that how do u determine good location for pin bar;
...
Hey Mike
I will not talk about PB you posted, but if you want to know how I see a perfect pb location, I'll throw a chart. Again this is only my opinion (others might have different views, which is fine), but I use it in my position/swing trading on top of intraday plays. Notice the location of that PB. It's off of strong price pivot and 61fib confluence. If people were patient enough to wait for these setups, this thread would have 2 or less posts per day....

You only need a handful of these setups to double your large acc in a year.. Hope this helps.
R.
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  • #16,824
  • Dec 13, 2008 3:19pm Dec 13, 2008 3:19pm
Quoting raczekfx
Hey Mike
...
Let's now extend this price pivot to the right a bit and go down to daily chart to see if we can find some good trades.... It's a trader's paradise if you know what you'll looking for....
Enjoy the rest of the weekends guys. Check your charts on higher TFs and get ready for a new week.
BTW. I don't think forex will be around when ghous gets to rusty's age, but we still have plenty of time....
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  • #16,825
  • Dec 13, 2008 3:27pm Dec 13, 2008 3:27pm
Quote
You only need a handful of these setups to double your large account per year.. Hope this helps.
R

ha, that's A++ trade, switch between support and resistance with fib confluence. Golden whale.

thanks man
  • #16,826
  • Dec 13, 2008 4:10pm Dec 13, 2008 4:10pm
Ok, let me give this a shot. I'm thinking maybe my monthly fibo is overkill since it is over an 8 year time frame, but it looks like one big wave up to me.
My eyeball see's the 76.90 ish area as a major s/r line looking off the monthly chart.

I don't know much about the fundamentals or history of this pair.

MNthly
---------
61.8 Fibo + Major S/R @ 76.90

Daily
-------
Pin bar (is this considered in Traffic?)

Thoughts on the CHF/JPY?
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,827
  • Dec 13, 2008 4:23pm Dec 13, 2008 4:23pm
Quoting raczekfx

BTW. I don't think forex will be around when ghous gets to rusty's age, but we still have plenty of time....

Oi.. wth... Me & my wife are the only people that get to insinuate i'm old...



Have a great weekend Mark.
no, seriously have a good one.
  • #16,828
  • Dec 13, 2008 4:27pm Dec 13, 2008 4:27pm
Quoting raczekfx
BTW. I don't think forex will be around when ghous gets to rusty's age, but we still have plenty of time....
There will always be indicies and Commodities, I hope. PA will work for that as well, eh? Maybe we will all be posting on the Corn Factory.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,829
  • Dec 13, 2008 4:50pm Dec 13, 2008 4:50pm
Quoting LasVahGoose
There will always be indicies and Commodities, I hope. PA will work for that as well, eh? Maybe we will all be posting on the Corn Factory.

Yeah, I think comodities will be here forever.
pa, plus s/r works everywhere.. Dont listen to Mark..
  • #16,830
  • Dec 13, 2008 6:14pm Dec 13, 2008 6:14pm
Quoting rustyjeff
Yeah, I think comodities will be here forever.
pa, plus s/r works everywhere.. Dont listen to Mark..
Yeah, don't listen to that old guy, he does'nt know what he is talking about.
  • #16,831
  • Dec 13, 2008 6:20pm Dec 13, 2008 6:20pm
Quoting raczekfx
No, I'm actually bearish on u/chf...from 1.1950.. till about 1.12..
With intermittent trouble at 1.1600.
  • #16,832
  • Dec 13, 2008 6:51pm Dec 13, 2008 6:51pm
Quoting HipsterPipster
Yeah, don't listen to that old guy, he does'nt know what he is talking about.
That's right guys. Never, ever listen to rac. I'd even put him on the ignore list. He's a pretender....
  • #16,833
  • Dec 13, 2008 8:09pm Dec 13, 2008 8:09pm
along the banks of the Thames just in front of 'The Tower'

<Bemac swings open his London Fog Top-Coat...
Hey buddy, wanna buy some futures?
  • #16,834
  • Edited 10:30pm Dec 13, 2008 10:06pm | Edited 10:30pm
Quoting Bemac
along the banks of the Thames just in front of 'The Tower'

<Bemac swings open his London Fog Top-Coat...
Hey buddy, wanna buy some futures?
<As the grey mist feathers through the two . . .the stranger replies>
"what you asking for bellies?"
Indicators show the past. Price Action "Indicates" the future.
  • #16,835
  • Dec 14, 2008 12:01am Dec 14, 2008 12:01am
Quoting raczekfx
That's right guys. Never, ever listen to rac. I'd even put him on the ignore list. He's a pretender....

OMG he sure is.....
  • #16,836
  • Edited 1:11am Dec 14, 2008 1:00am | Edited 1:11am
Quoting rustyjeff
Just thought i'd give a physc. perspective on how i managed this uj trade.
Was it the best way?? maybe , maybe not but it was the plan that i had.

My thinking for the trade was to get in at the initial break of 91.35.
If it broke 9o.85 (the previous low) I would ride the initial push low then take 1/2 off. set stop to break even & let it run.
Well of course it went all the way to 88.36 looking good right.
first 1/2 was taken at 90 so i was feeling prety good about life also knowing that my 2nd 1/2 was at be & just above a 61.8 retacement...
rustyjeff : an observation.

Your post is well written and will be helpful to many. (Thank you)

But what confuses me about this trade is this: Was this a short term trade, which is usually with the Hourly time frame. Or was this a long term trade placed on the Hourly?

The mark of a good trader is the long term trade and dealing with the riggers (stress, anxiety, etc) that accompanies it. Dealing with pips swings that you have mentioned (300 to 1000 pips) is normal with long term trades and should be expected. My guess is that this was a long term trade because you had a plan and stuck to it no matter the pip swings that were involved.

Well done.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #16,837
  • Dec 14, 2008 1:33am Dec 14, 2008 1:33am
Quoting raczekfx
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.
There. That's what i wanted to hear. (oh i mean read)

thnx.
I believe . . .
  • #16,838
  • Dec 14, 2008 1:39am Dec 14, 2008 1:39am
Quoting raczekfx
Let's now extend this price pivot to the right a bit and go down to daily chart to see if we can find some good trades.... It's a trader's paradise if you know what you'll looking for....
Enjoy the rest of the weekends guys. Check your charts on higher TFs and get ready for a new week.
BTW. I don't think forex will be around when ghous gets to rusty's age, but we still have plenty of time....
what the?!?!? i had a dream yesterday where i am sitting right beside my grand children teaching them to trade

Who here thinks we don't deserve to trade forex, I want to know
I believe . . .
  • #16,839
  • Dec 14, 2008 2:36am Dec 14, 2008 2:36am
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...
I think your closer to a ghous16 Chart Thread then I thought.

Keep on keeping on ghous
Indicators show the past. Price Action "Indicates" the future.
  • #16,840
  • Dec 14, 2008 6:09am Dec 14, 2008 6:09am
Quoting rustyjeff
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.
You're right there Rustyjeff. I would have rather congragulated him on the trade had he said that he took the trade with his system and the pin that he now sees just puts the icing on the cake"

here is one of his posts... (post number 16798)

Quote
thanks for you postes
I open a position when price approaches a level ONLY when it's strong, so, confluence or important historical level. I think that trade was a good opportunity, my stop is very very tight and the potential profits are interesting. I'm risking just 18 pips!!
regarding the pin it depends on the data feed and on fxpro it's a pin,and,like Jim says, trade when you see them...but no confirmation yet

the highlighted stuff is what made me attend to canados, because from his words i could make out that he was confused with James16's stuff and his own

Sorry Canados, not sure how you feel. Your posts coming up again and again and my replies to them. Hope you're not feeling bad, we are all trying to help you out succeed in this great business

Regards,
Ghous.
I believe . . .
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