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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

  • #23,281
  • Mar 7, 2009 4:09am Mar 7, 2009 4:09am
hey, guys, im still demoing, but now I have 2 demo account. 1. real demo which i treated like live account 2. demo's demo which play my demo role

I took a trade on demo's demo yesterday basing on 1hr PB sitting on daily ppz. Can you guys please comments on this one and give some advice please:
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  • #23,282
  • Mar 7, 2009 5:05am Mar 7, 2009 5:05am
Wow Josh.....Great post.

Thanks for sharing, I like yourself have now spent many hours in this thread. The willingness and manner in which people help and share makes this an exceptional place for me.
I have learnt alot, and I thank all of those who contribute to this thread.
Some more great reading for the weekend so thanks again Josh.

Luds.
.
  • #23,283
  • Mar 7, 2009 6:14am Mar 7, 2009 6:14am
mini nasdaq 100
nice pin bar at swing low near psycho-support @ 1050
if it works the target should be @ 1150
what do you guys think?
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  • #23,284
  • Mar 7, 2009 6:18am Mar 7, 2009 6:18am
When traders are atnicipating a breakout sometimes a little channel forms just under/over the break point giving traders exact level for putting their buy/sell stop orders. I love those small consolidation areas before breakout becouse of smaller rate of failure and tight stop below the channel. Those properly recognised formations lot of time give very good r:r ratio.
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  • #23,285
  • Mar 7, 2009 6:51am Mar 7, 2009 6:51am
Quoting Jduester
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.
I have to say....this is amazing. I've read this thread all the way through (and the first 50-100 pages I have read and re-read many times) and this was a great way to spend a morning, getting a refresher of everything.

I congratulate you for your hard work, and also for making this available to everyone else. May it be rewarded. It must have taken you a long time. It also set off a few thoughts in me.

The paradox of forex trading is that, when you find your way to the right material, it is a simple and virtually guaranteed way to succeed financially. If you opened a restaurant, your success would be in the hands of fate, no matter how hard you worked. In this business hard work, patience and dedication almost guarantee success. So why do most fail? Because no other business will put you more in touch with your own shortcomings, the limits of your ego, your impatience, your fear, your greed. Trading will show you the promised land and then make you realise that you are the only obstacle standing between yourself and that land.

If you're having trouble, don't blame James16, don't blame the market, don't blame period. Ask yourself, are you following James' minimum requirements? Are you working hard enough at learning? Are you having patience? Have you read a large chunk of this thread? When you stop and see that the problem is something you're doing it's a really crucial moment. Because if it's something you're doing, then you can fix it.

I can't play the guitar. Nor can I speak french. But if I sat down and committed to 8 hours practice a day, day in day out, no matter what, then in a year I'd be a pretty mean guitar player. Or I'd be able to speak French like a native. It's not about innate ability, or a god given gift. No one can play the guitar when they first pick it up. Everyone who speaks French started not knowing a single word.

Patience, hard work, self awareness, dedication. Apply these, read this thread, and success is all but guaranteed.

(Written to inspire myself as much as anything else.... )
  • #23,286
  • Mar 7, 2009 6:53am Mar 7, 2009 6:53am
Hi all,
can't see any very good setup on weekly charts in the crosses i'm monitoring. So here there are some ideas..everything it's explained in the chart.
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  • #23,287
  • Mar 7, 2009 6:55am Mar 7, 2009 6:55am
And another analysis..
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  • #23,288
  • Mar 7, 2009 7:17am Mar 7, 2009 7:17am
Quoting Greenhaze
When traders are atnicipating a breakout sometimes a little channel forms just under/over the break point giving traders exact level for putting their buy/sell stop orders. I love those small consolidation areas before breakout becouse of smaller rate of failure and tight stop below the channel. Those properly recognised formations lot of time give very good r:r ratio.

Great, I really appreciate Your analysis Greenhaze,
clear an convincing as usually
Jesus Christ is my only Lord !
  • #23,289
  • Mar 7, 2009 9:12am Mar 7, 2009 9:12am
Quoting bakko85
And another analysis..
Hey Bud, nice work on the charts

I'll pick up the Chf/Jpy for now due to shortage of time and since it's the most interesting of the lot.

I would'nt want to decide my bias just yet, yes we are on a major major ppz area but nothing abt price being on a major ppz confirms a bounce. Don't undermine the fact that the bull run we just was off a doule bottom and we have'nt yet broken the neckline.

In times like these we need to be awake for all opprtunities so yes if we see a bearish pin bar here I'll dive head first into it, if we see a bullish Pin bar above 85-87 I won't hesitate either.

C ya later guys Bye.
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I believe . . .
  • #23,290
  • Mar 7, 2009 10:06am Mar 7, 2009 10:06am
Quoting bakko85
Hi all,
can't see any very good setup on weekly charts in the crosses i'm monitoring. So here there are some ideas..everything it's explained in the chart.
Quoting ghous
Hey Bud, nice work on the charts
Nice analysis guys.

No bias on direction, but bias on Location and PPZ levels which is good.
Let Price Action show us the way.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #23,291
  • Mar 7, 2009 10:50am Mar 7, 2009 10:50am
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Maybe not a perfect pin, or a pin all together by true definition, but looks ok. Would of liked to see it touch 1.30 before selling off. 1.27 area looks like a bit of a concern. Might be a decent play on a break of 1.27, as I don't see any sell order above there being to appealing with that level approaching. Any thoughts? Looks like a B trade maybe? Tough to find good weekly pins, infact never seen one besides that eur/usd one. Didn't even realize until posted I had MACD on there, less oversold at this high, then the previous... not good I suppose?
  • #23,292
  • Mar 7, 2009 11:15am Mar 7, 2009 11:15am
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Wondering if there is any breakdown play here? I know the trend is sideways in the near term, but the long term is down down down. Also makes a bear pennant on weekly. I really don't think this is a good play, there is resistance close by even if this were to break, and of course the very much sideways current trend. Given that it is on an all time low though, in a huge downtrend, is there any appeal to this play as a result?
  • #23,293
  • Mar 7, 2009 11:21am Mar 7, 2009 11:21am
gold weekly
pin bar off bar highs
possible target zone 1000$
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  • #23,294
  • Mar 7, 2009 11:30am Mar 7, 2009 11:30am
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Wondering too for raz, would that 133.50 level be one of those rare levels you'd enter without PA? Nice PPZ zone, round number, and between 50/61.8 fib retrace. Could be way off, trying to learn so much at once, probably don't learn anything to well lol. Oh well, let me know what you think please, ty. (will stop cluttering thread, have a nice weekend all).
  • #23,295
  • Mar 7, 2009 11:44am Mar 7, 2009 11:44am
feeder cattle () weekly
pin bar off pivot zone (bar lows + bar highs)
possible target 88 area
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  • #23,296
  • Mar 7, 2009 12:19pm Mar 7, 2009 12:19pm
Quoting Jlr
Attachment

Maybe not a perfect pin, or a pin all together by true definition, but looks ok. Would of liked to see it touch 1.30 before selling off. 1.27 area looks like a bit of a concern. Might be a decent play on a break of 1.27, as I don't see any sell order above there being to appealing with that level approaching. Any thoughts? Looks like a B trade maybe? Tough to find good weekly pins, infact never seen one besides that eur/usd one. Didn't even realize until posted I had MACD on there, less oversold at this high, then the previous......
Talking from the James16's school of thought...

What I am looking at on the daily is a great breakout and then the pullback to the 1275 price level where we had those cluster of bar highs. Moreover the day closed above this level with giving the Friday bar a more pin bar kind of a look.

Although we're at a swing high with divergence there hasn't been much of convincing PA if you ask me. The weekly closed more like an indecision bar than a pin bar, and the daily keeps giving me the impression that we want to test 1.29 at least...

Regards,
Ghous.
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I believe . . .
  • #23,297
  • Mar 7, 2009 12:22pm Mar 7, 2009 12:22pm
Quoting Jlr
Attachment

Wondering if there is any breakdown play here? I know the trend is sideways in the near term, but the long term is down down down. Also makes a bear pennant on weekly. I really don't think this is a good play, there is resistance close by even if this were to break, and of course the very much sideways current trend. Given that it is on an all time low though, in a huge downtrend, is there any appeal to this play as a result?
Keep watching.
I believe . . .
  • #23,298
  • Mar 7, 2009 12:29pm Mar 7, 2009 12:29pm
A couple of aggressive trades late on Friday. (Entirely on Support/resistance)

(Pullbacks are expected on Monday open.)
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I believe . . .
  • #23,299
  • Edited 3:03pm Mar 7, 2009 2:47pm | Edited 3:03pm
Quoting ikki
Who took USD/JPY, BEOB?
I bank some profits , rest breakeven.
I also took this and targeted 97.25-97.00 area. I closed half at 97.00 for 60 pips and set my stop on the other half to breakeven before the NFP came out.

I got stopped out at breakeven on the second half. The thing that worries me is that I risked 2 lots for about 200 pips each and I booked 60 pips profit on 1 lot and got stopped for 0 pips on the other lot. Granted, I have wait for an A setups like this for weeks and sometimes months, I can still see how one failed setup can take out multiple wins. I also realize that this doesn't account for the win rate which is usually very high with these types of setups.

Does anyone have any opinions or suggestions on this? My strategy is to book profit and move my stops up to breakeven at first S/R area but it seems like I'm usually getting out with far less than 1:1 risk to reward, and I know I'm going to see setups where I'm taking a full loss.
  • #23,300
  • Mar 7, 2009 3:21pm Mar 7, 2009 3:21pm
Quoting scott087
I also took this and targeted 97.25-97.00 area....
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What about using a S/L just above the 50 fib line I have marked. Its a pretty important fib area, and there are a few bar highs there to keep you in the trade. The 97 level seemed like a tough level to be breached, so I basically didn't see the best R:R using the top of the bearish outside bar as a S/L. Jim took this trade though, so I know it was still a very profitable trade, I just wonder if this would possible be a better way to trade it?
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