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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

  • #17,341
  • Dec 21, 2008 12:58pm Dec 21, 2008 12:58pm
Anyone take this on last one hour PB on the G/J ? ( not the one highlighted in red ) No bad news on the G until tuesday so im hopefull this has more to go up.

Chart One - Hourly chart, I took off a majority of my position at around 133.50, due to a confluence of minor PPZ, 61fib, 50 psych level and the price action on the 15M. I watched it like a hawk due to the time and day.

Uncharted territory here considering price hasn't been around here since 1995.

Chart Two - Weekly chart from 1995 , strong support at 132.28 ! http://www.james16group.us/forums/im...es/biggrin.gif
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  • #17,342
  • Dec 21, 2008 1:04pm Dec 21, 2008 1:04pm
Quoting Jigsaw
Anyone take this on last one hour PB on the G/J ? ( not the one highlighted in red )...
AH! was wondering when you'll be making your first post Jigsaw,

SAW V really was a cracker!

Anyways yeah the Pb was valid, but i don't like the look of pound these days for any longs out there, saw that Pb on Gu?
I believe . . .
  • #17,343
  • Dec 21, 2008 1:41pm Dec 21, 2008 1:41pm
Quoting ghous
SAW V really was a cracker!
Why thankyou kind sir, some of my best work (in all seriousness im a major fan)

Yeah to be frank I will be looking to short the GBP all week before Christmas and I begin my yearly routine of attending family parties and abusing chocolate.

Pb on GU you say ? I am unaware, oh wait a minute (looked again at charts just this minute) are you combining the last two daily bars there ? Im not experience whatsoever at visually "combining" those, I first noticed it a month or two ago and thought I had invented the idea !

hmmm . . . .
  • #17,344
  • Dec 21, 2008 2:28pm Dec 21, 2008 2:28pm
Quoting ghous
I was just abt done for the year, but the winter break from school and the end of school exams have given space to a lot of extra time, i guess i'll have to be around, since Xmas is'nt part of my religious events I have nothing to do

So what i am currently looking at is the Uj,

for quite some it's been showing a bullish mood without actually restraining the bears. We saw a lovely pin bar earlier that failed, but all is'nt lost it's a good idea to keep a close watch at the divergence on the daily which still holds valid,

thursday even...
I liked that DBLHC. I actually started position trading this pair long when when talk of intervention coincided with the 4hr move back above 88. Also bought some March 111 yen ETF calls.

Lets see what happens....
  • #17,345
  • Dec 21, 2008 3:22pm Dec 21, 2008 3:22pm
Hey guys, I just wanted to post a heads up about trading during this low liquidity. As many of you know this thread stresses trading using multiple "signals or tools", IE, price pivot zones, price action, and your preference of other confirmation such as fib levels or MACD. During the holidays low liquidity can and as we have just seen, transform many of our preferred trading pairs into something "other" than its normal behavior. Do not be surprised when price completely ignores your ppz area, fib level, or even indicator. I do believe that what James has taught us gives us a trading advantage over other styles, even in low liquidity, but none the less be aware that low liquididty price moves may or may not "respect" those levels formed during higher liquidity. Keep on your toes if you choose to enter the markets now. Money of course can be made, if you are used to trading GBP/JPY and you are now trading EUR/USD. Cheers and Happy Holidays!
  • #17,346
  • Dec 21, 2008 3:25pm Dec 21, 2008 3:25pm
Quoting HipsterPipster
Hey guys, I just wanted to post a heads up about trading during this low liquidity....

You are most kind and wise. Happy Winter Solstice
  • #17,347
  • Dec 21, 2008 3:27pm Dec 21, 2008 3:27pm
Quoting HipsterPipster
Hey guys, I just wanted to post a heads up about trading during this low liquidity....
agree
thanks for remembering it. very important thing to trade in holidays dates... and august.

happy holidays !
  • #17,348
  • Dec 21, 2008 4:11pm Dec 21, 2008 4:11pm
Quoting HipsterPipster
Hey guys, I just wanted to post a heads up about trading during this low liquidity....
Trading these days sure is risky - technical analysis should be put aside until everyone gets back to work...
  • #17,349
  • Dec 21, 2008 6:21pm Dec 21, 2008 6:21pm
Ghous,

That Usd/Chf correction to 1.09ish is playing out precisely as you charted it.
Patience + Humility + Study = Success
  • #17,350
  • Dec 21, 2008 8:46pm Dec 21, 2008 8:46pm
Quoting ghous
At first i thought you missed the entire action, but reading your post carefully reveals that you did actually see the Pb but did not take it? There has to be a reason for this, did you find some sort of reasoning against the trade?
these crazy markets have been messing with my mind. stupid fear kept me out. i was able to relax quite a bit this weekend and get away from the charts. now i'm refreshed and ready to go. with low liquidity though, it may be best to take this week off.
"Don't trade to trade . . . trade to win." - James16
  • #17,351
  • Dec 21, 2008 9:10pm Dec 21, 2008 9:10pm
Hi everyone. I'm fairly new in forex or investments for that matter, and I've been trying to 'catch up' to this thread. I'm not able to understand so many terms people use here.. like PPZ and actually there's a few more. I've understood some of them so far. I assume most here play on a higher TF like daily? I see many here seem in favor of PA over indicators but how exactly do I learn PA? There anything I should do/learn to be on the same level as everyone here? I've been reading/(memorizing) candlesticker.com but that don't seem to work all the time. Hope someone wouldn't mind giving a few tips Great thread by the way, I hope I'll be able to join in soon
  • #17,352
  • Dec 21, 2008 9:27pm Dec 21, 2008 9:27pm
Quoting biatche
Hi everyone. I'm fairly new in forex or investments for that matter, and I've been trying to 'catch up' to this thread. I'm not able to understand so many terms people use here.. like PPZ and actually there's a few more. I've understood some of them so far. I assume most here play on a higher TF like daily? I see many here seem in favor of PA over indicators but how exactly do I learn PA? There anything I should do/learn to be on the same level as everyone here? I've been reading/(memorizing) candlesticker.com but that don't seem to work all the...

Page 1 of this thread is a perfect place to start.

And don't worry, you won't be missing out on anything important happening this end of the thread. Your time will be SOO much better spent reading through the entire thread.
  • #17,353
  • Dec 21, 2008 9:32pm Dec 21, 2008 9:32pm
Quoting biatche
Hi everyone. I'm fairly new in forex or investments for that matter, and I've been trying to 'catch up' to this thread. I'm not able to understand so many terms people use here.. like PPZ and actually there's a few more. I've understood some of them so far. I assume most here play on a higher TF like daily? I see many here seem in favor of PA over indicators but how exactly do I learn PA? There anything I should do/learn to be on the same level as everyone here? I've been reading/(memorizing) candlesticker.com but that don't seem to work all the...
You've made a good choice in trying to learn PA as opposed to using indicators. IMO don't worry about trying to "catch up" in this thread, rather take your time to read through the posts and look at the charts to see if you can see what the poster is describing. Start on page 1 and pay close attention to all of James16's posts.

Many people pop in and ask where to begin because it seems overwhelming to start on page 1 but all those people who stick around and succeed at this stuff began there.

To learn PA you spend the time and effort (which is never as easy as it sounds) to learn the patterns and then go find them on your own. Look at the daily's each day and use a demo account to trade what you think is a good setup, post them here and you'll get feedback. Also take time to print or scroll back through charts and look for PA setups and see what happens.

When I was learning this stuff I printed out several years of daily charts for the majors and went through each chart with a pen and highlighter picking out the setups and looking at what worked and what didn't/ what they actually look like on a chart. I can't give myself too much credit for doing this exercise because at first I did it (when I was getting fed up with indicator systems) to get some sort of expectancy and see how much money I could potentially make but as I went through the charts I started to realize this was the way to trade not some silly indicator. Good luck.
  • #17,354
  • Dec 21, 2008 10:00pm Dec 21, 2008 10:00pm
Thanks for the feedback guys. So now, I assume that many here aren't scalpers or day traders. Right? I've came across scalping and I thought that would be good to learn, and I thought I could use PA on a 5 or 15min TF. They do use indicators though. Now I'm seriously confused lol.

Was my judgement correct? I don't want to drag the topic for too long as I know everyone here would like to stay within the topic Please tell me, so I know how I can use this topic best according to my situation.

If my judgement is correct, then, PA on daily could help me determine the trend, and watch out for trend reversals so that I could play 5-15mins along the trend. Probably safer this way. I'm sure I can make a lot of good out of this thread.

Once again, thanks for the replies
  • #17,355
  • Dec 21, 2008 10:03pm Dec 21, 2008 10:03pm
Quoting DutchTrader
Ghous,

That Usd/Chf correction to 1.09ish is playing out precisely as you charted it.

hiya, where did Ghous chart this at? been searching but can't find it

thanks
  • #17,356
  • Dec 21, 2008 10:06pm Dec 21, 2008 10:06pm
Quoting biatche
Thanks for the feedback guys. So now, I assume that many here aren't scalpers or day traders. Right? I've came across scalping and I thought that would be good to learn, and I thought I could use PA on a 5 or 15min TF. They do use indicators though. Now I'm seriously confused lol.

Was my judgement correct? I don't want to drag the topic for too long as I know everyone here would like to stay within the topic Please tell me, so I know how I can use this topic best according to my situation.

If my judgement is correct, then, PA on daily could...
Hey Biatche, I would read the thread and start out learning to trade daily. This question has come up before, and you may find many of your other questions are already answered.
  • #17,357
  • Dec 21, 2008 10:17pm Dec 21, 2008 10:17pm
Quoting biatche
Thanks for the feedback guys. So now, I assume that many here aren't scalpers or day traders. Right? I've came across scalping and I thought that would be good to learn, and I thought I could use PA on a 5 or 15min TF. They do use indicators though. Now I'm seriously confused lol.

Was my judgement correct?

I really understand where you are, but trust me when i say, that is a bad place to start. I'd suggest you have a like a the j16 group introduction and free stuff. It has some brilliant suggestions on the best way to approach forex trading.

Otherwise, you will go down a similar path many have trodden before, and the results can be pretty scary.

Weekly and daily timeframes is where you should really start. I could write a lengthy reply as to why but its been covered throughout this thread. Just take your time to read it all carefully. As you progress through the thread, names of those who will benefit you stand out pretty clearly, so pay particular attention to those posts.

You may get to 5-15 min tf's eventually, but please.. don't start there.
  • #17,358
  • Dec 21, 2008 10:28pm Dec 21, 2008 10:28pm
Quoting mirex
hiya, where did Ghous chart this at? been searching but can't find it

thanks
It's post numer #17282 and a few posts after that.

Regards,
Ghous.
I believe . . .
  • #17,359
  • Dec 21, 2008 10:45pm Dec 21, 2008 10:45pm
Quoting ghous
It's post numer #17282 and a few posts after that.

Regards,
Ghous.

ahh, i see it, thanks , i took your suggestion last friday to TP at 1.112, but didnt see your 1.09ish, jumped the gun at 1.100

with the low liquidity, you think it's going to break 1.112? or would have to wait for PA at london time to see?

where do you think this is heading? 61.8 or 50 fibo?
  • #17,360
  • Dec 21, 2008 11:03pm Dec 21, 2008 11:03pm
Aud/Usd - BEOB - Daily.
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Indicators show the past. Price Action "Indicates" the future.
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