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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

  • #16,941
  • Dec 16, 2008 9:43am Dec 16, 2008 9:43am
hi all,

I'm here as I have blow 5 accounts and am looking for a better way. getting bogged down with stochastics, MACDs, RSI, 5min, 1min, 1hour. too stressful and too difficult. tried tonnes of systems and none have worked.

lets see how I get on beginning with daily timeframes.
  • #16,942
  • Dec 16, 2008 10:04am Dec 16, 2008 10:04am
Quoting Almfx
Here is a PB on EJ of some PPZ off minor ret. level
With Daily trend...

ALM

Attachment
Ej was beautiful, took it myself too,

Abt Gu i did'nt take it, the setup is valid but looks riskier given that the last time price was here it was in a consolidation, the highs and lows of the overall range may become a hurdle.
Attached Image (click to enlarge)
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I believe . . .
  • #16,943
  • Dec 16, 2008 10:08am Dec 16, 2008 10:08am
This may be the last time i take this one.
Gonna take profit early.
Attached Image (click to enlarge)
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  • #16,944
  • Dec 16, 2008 10:11am Dec 16, 2008 10:11am
Quoting advfntrader
hi all,

I'm here as I have blow 5 accounts and am looking for a better way. getting bogged down with stochastics, MACDs, RSI, 5min, 1min, 1hour. too stressful and too difficult. tried tonnes of systems and none have worked.

lets see how I get on beginning with daily timeframes.
Don't feel bad mate, atleast you were smart enough to outgrow the loosing mindset. Glad you understood the reality abt all indicators finally. I assure you that you've come to the right place welcome aboard.

My advice to you is to go through the thread and while you're at it get yourself a demo account and start trying out things. james16 here has changed the way most of us newbies were trading. You're not alone in terms of the background you have. I was referred to the thread by a friend of mine when i had lost complete hope in trading and was abt to give up, as a last try my friend insisted i should go through the thread to see if i can find myself around.

Since then i haven't looked back and believe me that wasn't too far ago 8 months ago to be precise

Feel yourself at home and you're free to ask anything you may want to.

PS I am also glad you are willing to start off things on the right track, daily's the way to go
I believe . . .
  • #16,945
  • Dec 16, 2008 10:15am Dec 16, 2008 10:15am
Quoting Mr Trend
raczek... you put on a lot of trades, ya know that? You'd laugh at how many I do a month.
Lol...You're right about one thing... I put too many posts for sure.
See ya in the new year...
  • #16,946
  • Dec 16, 2008 10:19am Dec 16, 2008 10:19am
Quoting advfntrader
hi all,

I'm here as I have blow 5 accounts and am looking for a better way. getting bogged down with stochastics, MACDs, RSI, 5min, 1min, 1hour. too stressful and too difficult. tried tonnes of systems and none have worked.

lets see how I get on beginning with daily timeframes.
Hey adv,

Sorry to hear about your blown accounts, and glad to see you getting away from all that other stuff and taking Jim's advice. You will find this less stressful, and after spending some time with this stuff you won't look back

Best of luck and post or PM if you have any questions

Mike
  • #16,947
  • Dec 16, 2008 10:30am Dec 16, 2008 10:30am
Hello mate,

Welcome to the thread! Are you the same advfntrader that posts on Spanish's thread on ET? If you are then I think you will find what is taught in this thread a breath of fresh air! However, if you're used to trading such small timeframes I think the first thing you will need to learn is patience - sit back, relax and wait for the trades to come to you!

This is a great thread, take you time to read through it, ask some questions and demo trade until you become consistently profitable! Be prepared though, it will take time and hard work.

All the best

Quoting advfntrader
hi all,

I'm here as I have blow 5 accounts and am looking for a better way. getting bogged down with stochastics, MACDs, RSI, 5min, 1min, 1hour. too stressful and too difficult. tried tonnes of systems and none have worked.

lets see how I get on beginning with daily timeframes.
  • #16,948
  • Dec 16, 2008 10:32am Dec 16, 2008 10:32am
Quoting LasVahGoose
Well, it looks like there was a break of the Pin off the daily. Looking at the hourly price seems to be in consolitation above the previous resistance (now support) is that a good sign or bad?

Previous Charts:
http://www.forexfactory.com/showpost...ostcount=16827
http://www.forexfactory.com/showpost...ostcount=16850
82.50 looks to be the next stop as we succesfully navigated the 78.77 area
Patience + Humility + Study = Success
  • #16,949
  • Dec 16, 2008 10:33am Dec 16, 2008 10:33am
Quoting rustyjeff
This may be the last time i take this one.
Gonna take profit early.
Not this time.. out @ be. It might still take off but price not acting the way i like to see it
  • #16,950
  • Dec 16, 2008 10:43am Dec 16, 2008 10:43am
mmmmm,
Attached Image (click to enlarge)
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  • #16,951
  • Dec 16, 2008 10:49am Dec 16, 2008 10:49am
some areas to keep an eye on.
Attached Image (click to enlarge)
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  • #16,952
  • Dec 16, 2008 10:51am Dec 16, 2008 10:51am
Hey man, nice trade.
But you mean 1st or 2nd arrow? 1st with pin and div is nice too.
Keep posting ! I'll will post too , if i catch something, i was busy.
Good luck man ! Let's learn m5 style.
THX Ryan, We miss you


Quoting stoli7188
Here are some 5min trades (done on demo - still working this method out).

Ryan, rusty, jankone, thank you for your charts and Ryan especially, thank you
for opening my eyes to trading pins with the trend and the simplicity of it.

For some reason just the way you phrased it I had a few 'ah hah' moments.
  • #16,953
  • Dec 16, 2008 10:54am Dec 16, 2008 10:54am
Quoting rustyjeff
some areas to keep an eye on.
Return from whence you came, as they say.
Patience + Humility + Study = Success
  • #16,954
  • Dec 16, 2008 10:59am Dec 16, 2008 10:59am
Quoting DutchTrader
Return from whence you came, as they say.
Over & over again. rinse repeat. gotta love s/r plus pa...
  • #16,955
  • Dec 16, 2008 11:00am Dec 16, 2008 11:00am
Quoting raczekfx
Lol...You're right about one thing... I put too many posts for sure.
See ya in the new year...

Yeah.. now we all know your secrets Rac theres no need to post.
  • #16,956
  • Dec 16, 2008 11:32am Dec 16, 2008 11:32am
came out too early on my IB4 trade (+170pips) - it has gone another 200pips

will be watching to see if it can break through current support on the 4hr at 11380
if it gets to 11300 might see a retrace - weekly PPZ and 61fib on 4hr
Attached Image (click to enlarge)
Click to Enlarge Name: USD_CHF (16-DEC-08).png Size: 19 KB
  • #16,957
  • Dec 16, 2008 11:37am Dec 16, 2008 11:37am
I am wondering if anyone got short the EURGBP.

I went short based on a 1H bar following what was a BEOB on the 4H time frame.

I knew it was counter trend, so I didn't put much behind the trade. Just looked to have a good risk/return ratio. So far, it has gone up (with a chance a few hours back to get out at break even).

I decided this one I would fight the pain and hold until I got a clear sign to get out, or my stop was hit, or my TP is hit.

Short at .8940
SL at .9040
TP at .8765
  • #16,958
  • Dec 16, 2008 11:50am Dec 16, 2008 11:50am
Quoting DutchTrader
82.50 looks to be the next stop as we succesfully navigated the 78.77 area
I like the sound of that.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #16,959
  • Dec 16, 2008 12:02pm Dec 16, 2008 12:02pm
Quoting unlv_tj
I am wondering if anyone got short the EURGBP.

I went short based on a 1H bar following what was a BEOB on the 4H time frame.

I knew it was counter trend, so I didn't put much behind the trade. Just looked to have a good risk/return ratio. So far, it has gone up (with a chance a few hours back to get out at break even).

I decided this one I would fight the pain and hold until I got a clear sign to get out, or my stop was hit, or my TP is hit.

Short at .8940
SL at .9040
TP at .8765
I shorted it too... stopped out
:-(
  • #16,960
  • Dec 16, 2008 12:11pm Dec 16, 2008 12:11pm
Quoting canados
I shorted it too... stopped out
:-(
Glad someone else took it, thank you for posting this.

I did get "tweezer bottoms" on the 4H chart, and it tempted me to cut my losses short. But I looked at the EURUSD and the GBPUSD, and I believed the GBPUSD had more room to still go long, so I held on.
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