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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

  • #16,841
  • Dec 14, 2008 7:10am Dec 14, 2008 7:10am
Quoting ghous
Great post Nick! You've stacked it all in perfect order! are you playing it??

Hey Ghous

Yes I will play it.


Quoting clockwork71
He forgot to mention that whole "Oh, the BoJ jumped in at the 88 handle." That helps as well.
Yes this is something that is a possibility and adds weight to the trade idea but BOJ don't confirm these things until quite some time later usually. If anyone has confirmation would be very interesting to know but I doubt they do at this stage.

cheers
  • #16,842
  • Dec 14, 2008 7:18am Dec 14, 2008 7:18am
ghous, I see a lot of confusion

I shorted because price approached a really strong resistence area, so I thought, "wow, nice occasion, I can open a nice short here, let's try". Jim doesn't suggest this if you don't know what you are doing

One hour later I opened the fxpro platform and I see the formation of the pinbar, so I thought, "now I visit the Jim's thread and inform the guys about this pin"....not confirmed yet

I've been trading with Jim's stuff for one year now and I'm doing fine, however I need to improve some aspects yet, like more patience and trade management...my equity is increasing slowely

I said
and,like Jim says, trade when you see them...but no confirmation yet

because you said that you don't have a pin on your platform feed...stop....I don't what to say because I don't understand what you understood

sorry
  • #16,843
  • Dec 14, 2008 7:24am Dec 14, 2008 7:24am
Quoting canados
ghous, I see a lot of confusion

I shorted because price approached a really strong resistence area, so I thought, "wow, nice occasion, I can open a nice short here, let's try". Jim doesn't suggest this if you don't know what you are doing

One hour later I opened the fxpro platform and I see the formation of the pinbar, so I thought, "now I visit the Jim's thread and inform the guys about this pin"....not confirmed yet

I've been trading with Jim's stuff for one year now and I'm doing fine, however I need to improve some aspects yet, like...
great, thanks for the clarification!

Best of luck with your trading,

Regards,
Ghous.
I believe . . .
  • #16,844
  • Dec 14, 2008 7:26am Dec 14, 2008 7:26am
Quoting fxprocessor
Hey Ghous

Yes I will play it.




Yes this is something that is a possibility and adds weight to the trade idea but BOJ don't confirm these things until quite some time later usually. If anyone has confirmation would be very interesting to know but I doubt they do at this stage.

cheers
I believe . . .
  • #16,845
  • Dec 14, 2008 9:27am Dec 14, 2008 9:27am
Hello all,

Is it possible to scaling out a position using the MT4 'New Order' command : for example, buy 2 lots and sold one lot at the first TP ? Please, if yes how else ?

Thanks for your attention and sorry for disturbing you with that

Have a good week end

Cheers

Angel65
  • #16,846
  • Dec 14, 2008 10:36am Dec 14, 2008 10:36am
Hello,

May I get some feedback on previous post regarding a daily pin on CHF/JPY? I would most appreciate it.

http://www.forexfactory.com/showpost...ostcount=16827


I think I have identified a major support / demand area on the monthly time frame and a pin in that area on the daily. Feedback and comments appreciated very much. Thank You!
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,847
  • Dec 14, 2008 11:26am Dec 14, 2008 11:26am
Quoting LasVahGoose
Hello,

May I get some feedback on previous post regarding a daily pin on CHF/JPY? I would most appreciate it.

http://www.forexfactory.com/showpost...ostcount=16827


I think I have identified a major support / demand area on the monthly time frame and a pin in that area on the daily. Feedback and comments appreciated very much. Thank You!
Hi LVG,

That trade has got to be one of the better trades in my opinion, it's Ct ofcaorse but what makes me confident is that we have successfully broken through the resistance line which could well have been one of the biggest hurdles.

Watch how price breaks through and then retests the trendline and finally ends up with a bullish Pb (in a great shape) along with dheavy divergence, when you have all that on the daily chart you have most of the odds stacked in your favour

If i trade this, I would first of all look into the immediate highs right beside the pb which are slightly above the high of the pb itself, instead of playing the break of the pb i would be looking to play the break of these highs to enter, somewhere around the 78 region.

Regarding the stop loss it has to be somewhere around the grey highlighted reagion, note that this recatangle also coincides with the 50% - 61.8% retrcament of the pin bar and lies below the trendline, a stop just below the 61.8 fib might be a nice location to have it at

Regards,
Ghous.
Attached Image (click to enlarge)
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I believe . . .
  • #16,848
  • Dec 14, 2008 12:00pm Dec 14, 2008 12:00pm
Hey guys

so tomorrow i start life as a full time day trader!!
unfortunately not by choice though.
still hopefully something will turn up next year, if not i'd better get good real quick

So to this end i thought i'd i'd start a journal to see how it goes. Hopefully it will be a credit to all of you who have helped so unselfishly by posting in this thread. If it weren't for James16 and the rest of you, this would be a fair more daunting task.
In some respects I almost can't wait for the challenge...
http://www.forexfactory.com/showthread.php?t=137115

anyhow this is what i will be looking at when trading resumes...

EURJPY
on 4hr chart descending trendlineand S/R line seem to intersect, also round number. and fib61.8 is close

EURUSD
on daily 2 trendline intersect with PPZ and 76fib

USDCHF
broken through TL on 4hr also through weekly PPZ, 4hr PPZ and 50fib confluence - not sure if will be a bounce at this point or continuation of recent trend.

USDJPY
large Pinbar on daily with MACD divergence (though I am not convinced about this one, as have no data far back enough to see signs of S/R)

have a great trading week all

Simon
Attached Image(s) (click to enlarge)
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  • #16,849
  • Dec 14, 2008 12:18pm Dec 14, 2008 12:18pm
Quoting ghous
Hi LVG,

That trade has got to be one of the better trades in my opinion, it's Ct of coarse but what makes me confident is that we have successfully broken through the resistance line which could well have been one of the biggest hurdles.

Watch how price breaks through and then retests the trendline and finally ends up with a bullish Pb (in a great shape) along with heavy divergence, when you have all that on the daily chart you have most of the odds stacked in your favour

If i trade this, I would first of all look into the immediate...
I have printed this out and placed it in my notes. There is so much here I never considered (Trendlines, the fib on the pinbar, previous candles [highs and lows], and never looked for divergence).

I drew (2) Trendlines. Purple how you drew it and Green how I would draw it. I think they still communicate the same message. I added CCI and now see the divergence you mentioned. This is great stuff.

Another question... On the picture with the monthly chart, is it significant that price has come back to the 61.8 fib? Or is the 8 year period just overkill? I guess even without the monthly chart, there is so much going on with the daily that maybe it isn't overly significant other than the PPZ.

This gives me a more confidence that I'm starting to look at the correct areas. Thank you.
Attached Image (click to enlarge)
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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,850
  • Dec 14, 2008 12:27pm Dec 14, 2008 12:27pm
Quoting simoncs
Hey guys

so tomorrow i start life as a full time day trader!!
unfortunately not by choice though.
still hopefully something will turn up next year, if not i'd better get good real quick

So to this end i thought i'd i'd start a journal to see how it goes. Hopefully it will be a credit to all of you who have helped so unselfishly by posting in this thread. If it weren't for James16 and the rest of you, this would be a fair more daunting task.
In some respects I almost can't wait for the challenge...
http://www.forexfactory.com/showthread.php?t=137115...
Congrats on the new journal, congrats for going live full time and congrats for reaching this stage!!!

Just make sure your first few trades end up the way you want them to, would be of great help!

Congrats again!

Regards,
Ghous.
I believe . . .
  • #16,851
  • Dec 14, 2008 12:39pm Dec 14, 2008 12:39pm
Quoting LasVahGoose
I have printed this out and placed it in my notes. There is so much here I never considered (Trendlines, the fib on the pinbar, previous candles [highs and lows], and never looked for divergence).

I drew (2) Trendlines. Purple how you drew it and Green how I would draw it. I think they still communicate the same message. I added CCI and now see the divergence you mentioned. This is great stuff.

Another question... On the picture with the monthly chart, is it significant that price has come back to the 61.8 fib? Or is the 8 year period just overkill?...

that sure was a great setup you plucked LVG!

I don't look at the monthly but yeah that 61.8 fib of the monthly can also be one of the odds you stack in your favor, that 8 year trend is valid as far the fibs are concerned untill you see the break of the 100 fib retracment.


Regards,
Ghous.
I believe . . .
  • #16,852
  • Dec 14, 2008 12:46pm Dec 14, 2008 12:46pm
K, i gotta log off for some sleep Monday open only a few hours now is an even i don't want to miss, some important descions to make...

C ya guys later Bye.
I believe . . .
  • #16,853
  • Dec 14, 2008 12:56pm Dec 14, 2008 12:56pm
Quoting Angel65
Hello all,

Is it possible to scaling out a position using the MT4 'New Order' command : for example, buy 2 lots and sold one lot at the first TP ? Please, if yes how else ?

Thanks for your attention and sorry for disturbing you with that

Have a good week end

Cheers

Angel65


"Yeah you can...open up the order thingie and in the Volume change the Lot size to 1 and close it"

btw Hello everybody

hmm my first post here, was recommended by Ghous, intending to learn the mystery of James16 wish me luck.


Ghous thanks for the recommendation as i found it interesting and valuable.

Good Pipping all.
  • #16,854
  • Dec 14, 2008 6:59pm Dec 14, 2008 6:59pm
welcome Fx,

jim

Quoting FxPhreak
"Yeah you can...open up the order thingie and in the Volume change the Lot size to 1 and close it"

btw Hello everybody

hmm my first post here, was recommended by Ghous, intending to learn the mystery of James16 wish me luck.


Ghous thanks for the recommendation as i found it interesting and valuable.

Good Pipping all.
  • #16,855
  • Dec 14, 2008 8:06pm Dec 14, 2008 8:06pm
Well as much as i like this pin i will only demo the trade. My edge is looking a s/r and taking bar action off of them, if with the trend i am more comfortable. This pin is against immediate resistance and fighting a strong trend. My entry will be 92.20 and first tp (and possible only) is 93.20.
Attached Image (click to enlarge)
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  • #16,856
  • Dec 14, 2008 8:09pm Dec 14, 2008 8:09pm
Scanning through this entire thread for the 2nd time, don't have the time to actually read the whole thing! Its weird looking at some of the "old" prices on these charts. GJ 250, GU 2.11, etc. A long long time ago in a capitalist galaxy far far away. The great thing is that PA works whether GJ is 250 or 150. Its also great to the evolution of those who have stuck it out. For all newbies, this stuff works. You must have persistence, patience and faith though. Demo demo demo. Test test test. Have rules and let the trades play out.

One of these days I will have to join the PF. Right now my schedule is such that I don't know if I'll have the time to read all the valuable info in there.

Keep up the good work!
  • #16,857
  • Dec 15, 2008 5:51am Dec 15, 2008 5:51am
9 Hours without a post! What's going on
  • #16,858
  • Dec 15, 2008 6:04am Dec 15, 2008 6:04am
Quoting willf
9 Hours without a post! What's going on
Thanks Willf! Atleast you broked this long scary silence..!!!
Lets look at this GJ 4H having BEOVB off the PPZ and TL

ALM

Attached Image
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #16,859
  • Dec 15, 2008 6:07am Dec 15, 2008 6:07am
Quoting LasVahGoose
I have printed this out and placed it in my notes. There is so much here I never considered (Trendlines, the fib on the pinbar, previous candles [highs and lows], and never looked for divergence).
Here are a couple of areas I would keep in mind. Especially that double low in October, the center bar is Sunday. I would pay less attention to the TL. Take care, HP
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  • #16,860
  • Dec 15, 2008 6:33am Dec 15, 2008 6:33am
Quoting Almfx
Thanks Willf! Atleast you broked this long scary silence..!!!
Lets look at this GJ 4H having BEOVB off the PPZ and TL

ALM

Attachment
the daily Pb is enough to keep me away from any shorts
I believe . . .
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