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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

  • #23,601
  • Mar 12, 2009 1:49pm Mar 12, 2009 1:49pm
Quoting bertie123
Hi Guys

Just wondering if anyone took this 4h pin on GJ? EAsily over 200 pips in a few hours
+260 160 locked. Letting it ride.

Quoting pipmyride
Nice .. on the same one - tp ?
I can see 140 in the immediate ..
So can I.

Quoting scott087
I'm following the minimum requirements that james has outlined for traders new to these methods. I have been trading this method for 4 months being ultra picky on daily charts. I have taken only 3 setups and they have all been winners. I know James requires 3 profitable months in a row to move to the next step. Do you guys think that I should keep trading for a few months until I move to the next step since I have only taken 3 daily setups?
100% profitable trades!!

Way to go!

The only time I had that good of a percentage was on my first winning trade!
  • #23,602
  • Mar 12, 2009 1:52pm Mar 12, 2009 1:52pm
If this daily holds for a pinbar. What do you think A pinbar? Bounce of the 60 day MA.
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  • #23,603
  • Mar 12, 2009 1:55pm Mar 12, 2009 1:55pm
Quoting james16
DAMN I FREAKIN LOVED THIS MAN.

Scott nothing can stop you if you continue like this and i mean nothing. VERY VERY VERY few people actually do what you have done and im damned proud of you. They say only 5 percent make it for more than a year or two in this business but im here to tell all of you sdomething.

IF you will do this like Scott has and KEEP that picky attitude for several years while you fund and build a large account the mountain top will be in view. [b]those last few feet to the top will happen when the large account is combined...
Jim,

Thanks so much. That really means a lot to me. Again I'd like to thank everyone in here for the support and information you guys provide. I'm amazed at my progress over a few short months.

Scott
  • #23,604
  • Mar 12, 2009 1:58pm Mar 12, 2009 1:58pm
Confluence PPZ at the 50 Fib retrace. Waiting for price action to let me know what to do. Any comments?
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  • #23,605
  • Mar 12, 2009 2:00pm Mar 12, 2009 2:00pm
Quoting wired2199
If this daily holds for a pinbar. What do you think A pinbar? Bounce of the 60 day MA.
at this point, i'm hoping for a close over 137.00 for a bullish outside bar . . . then it could head straight to 140 - 141 with a break of course . . .
"Don't trade to trade . . . trade to win." - James16
  • #23,606
  • Mar 12, 2009 2:02pm Mar 12, 2009 2:02pm
Quoting bundyraider
Monster fib. confluence , proven reaction area and very very nice pin like that? ...No target. I'll trail the price action.

Hookie pointed out a great target. That's where my alerts are getting set.
can you explain more in detail how trailing the price action is done?

thanks.
  • #23,607
  • Mar 12, 2009 2:17pm Mar 12, 2009 2:17pm
Quoting unlv_tj
Just a few random thoughts...

Lately, I have been more picky....
TJ, is this what you are referring to in 'Clockwork's thread?' I have it on my 'to read' list...

http://www.forexfactory.com/showthread.php?t=155431

Josh
  • #23,608
  • Mar 12, 2009 2:23pm Mar 12, 2009 2:23pm
Welcome, bjelakrez.

Most people recommend reading the entire thread to learn price action. I know this seems like a daunting task (I have not done it myself), but it is well worth the effort.

jdeuster, who recently made the commitment to read the entire thread, posted an excellent summary here:

http://www.forexfactory.com/showthre...99#post2585699

Quoting bjelakrez
can you explain more in detail how trailing the price action is done?

thanks.
  • #23,609
  • Mar 12, 2009 2:29pm Mar 12, 2009 2:29pm
Quoting Jduester
TJ, is this what you are referring to in 'Clockwork's thread?' I have it on my 'to read' list...

http://www.forexfactory.com/showthread.php?t=155431

Josh
Yes, I am really enjoying all the hard work he is putting in over there.
  • #23,610
  • Mar 12, 2009 2:40pm Mar 12, 2009 2:40pm
yes i know and i lay awake at night and stare at the ceiling thinking about that exact fact. this thread has taken on a life of its own and i truly believe its being directed in some ways beyond what i understand. this thread has forced me to think before i speak and that alone has been a great blessing to me. is this thread purpose to teach me or others? its damn sure taught me a lot. my trading is exponentially better than it was 5 years ago and the life lessons it has taught me are beyond description.

the single biggest thing it has taught me is this. i always thought we were different. i dont think i really looked at those of you in other countries with real respect like i did my countrymen before this thread. i was like most americans. work hard and feel proud that my country could kick ass on any rogue idiot that might jack with us and feel hurt that our friends in europe and elsewhere seemed to not like us.

what i have discovered is there is no difference betwen us at all and learning that has been so profound it brings tears to my eyes. were all the same just raised in different places which produces different thought processes.

WHAT WE ALL CAN NEVER FORGET IS THAT THERE IS EVIL IN THE WORLD and if we dont ban together to fight it we will lose everything.

your a great help here ghous as are many of you and you all should know you DO NOT go unoticed. i am fully aware of all of you.

jim




Quoting ghous
Sure Jim!

Your hard work has paid off

We have a bunch of ppl along the same lines as Scott,

Congratulations

Regards,
Ghous.
  • #23,611
  • Mar 12, 2009 2:47pm Mar 12, 2009 2:47pm
wow thats cool. how do we keep that from getting lost?

jim

Quoting PipGator
Welcome, bjelakrez.

Most people recommend reading the entire thread to learn price action. I know this seems like a daunting task (I have not done it myself), but it is well worth the effort.

jdeuster, who recently made the commitment to read the entire thread, posted an excellent summary here:

http://www.forexfactory.com/showthre...99#post2585699
  • #23,612
  • Mar 12, 2009 2:50pm Mar 12, 2009 2:50pm
Quoting james16
wow thats cool. how do we keep that from getting lost?

jim
Jim you could link that in your first post somewhere
  • #23,613
  • Mar 12, 2009 3:04pm Mar 12, 2009 3:04pm
Well, we made it through that center resistance and it looks like it is well on its way to where we would expect. Maybe we will have a retrace and test of .7650-.7675 before we head up the ~.8000 area.
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  • #23,614
  • Mar 12, 2009 3:24pm Mar 12, 2009 3:24pm
yes, i know. i'm reading it from the beginning, as well as following it for a few months. i just haven't seen 'trailing price action' yet. does that mean putting s/l below the next closed bar (assuming uptrend, after recent g/j pin), then below the next closed and so on?

Quoting PipGator
Welcome, bjelakrez.

Most people recommend reading the entire thread to learn price action. I know this seems like a daunting task (I have not done it myself), but it is well worth the effort.

jdeuster, who recently made the commitment to read the entire thread, posted an excellent summary here:

http://www.forexfactory.com/showthre...99#post2585699
  • #23,615
  • Mar 12, 2009 3:45pm Mar 12, 2009 3:45pm
Quoting Chris P
...as the only trade CHF based you should have been in was CHF/JPY, in which case price gave a good indication as to where it wanted to go, and also gave you plenty of time to move your stops.
this was a great & much needed post, but there was a buob on the eur/chf earlier this past week. i identified it on the daily, but since i am still in learning mode & i was managing a different trade on my demo, i opted to just watch instead. but now i will be watching for pa at the top of this one.
another point i would like to re-emphasize is patience. i remember just a couple/few weeks ago all us newbies were all on here complaining about how the market sucked and that there werent any good trade signals. & how did all the seniors reply?....lo & behold this past week there were so many signals i had to narrow them down to the best one (u/j short for me). so thanku chris_p & all the other sr's here for continuing to share & teach us the real way to trade and for being patient w/ us as we learn to be patient w/ the market. especially during this choppy/consolidation period, the breakouts are coming & pa will show us the way.
  • #23,616
  • Mar 12, 2009 3:48pm Mar 12, 2009 3:48pm
Quoting pakiestra
That wouldn't explain the magnitude of the move, especially the cut was in the cards.
SNB (Swiss National Bank) has purchased a foreign currency to prevent CHF appreciation mainly against Euro.
It has done quite good to my trailing position (long EUR/CHF) based on the BUOB earlier this week.
As many curriences are at their historical levels (even some went further) the probability of such an intervention in others (Yen, Pound) is quite high.
I think I'm done for the week for now
great trade!
  • #23,617
  • Mar 12, 2009 3:50pm Mar 12, 2009 3:50pm
Quoting enculée
yes - SNB cut interest rates...

yen options expiry day was especially fun
where can i find more info on options expiry days & know how to look out for them? (like we look out for nfp & rate changes). thx.
  • #23,618
  • Mar 12, 2009 3:53pm Mar 12, 2009 3:53pm
Quoting raczekfx
Yes, but it was just a short intraday trade for me (lack of time lately). I'll check tomorrow how the weekly closes.....
.
10 min trade? geez...this is a scalp for this guy....
  • #23,619
  • Mar 12, 2009 4:00pm Mar 12, 2009 4:00pm
ok thanks mike.

jim

Quoting mbqb11
Jim you could link that in your first post somewhere
  • #23,620
  • Mar 12, 2009 4:05pm Mar 12, 2009 4:05pm
Hey guys, it is SO true what Jim says about being picky. You know if you wait for the best setups - price action at areas of strong confluence - you cannot fail to make money in this business over time.

The high probability setups are there but they don't come at a rate of ten a day. They come when they come.

Many traders, think that they have to be making money every day.

This is because society has taught us that unless we are extremely fortunate, we are rewarded for how hard we work.

For most of us it is a natural thought process to connect hard work with time spent working.

A new trader takes this attitude into the marketplace.

It seems fairly logical - A trader makes his money being IN the market. Therefore the more I trade, the more time I am in the market and the more chance I have of making money.

HOWEVER, this thinking is, in most cases, fundamentally flawed.

Traders don't work for a living. They take risk. There is a subtle but very important difference.

For most traders, the WORK we put in is in the time we are NOT trading. In the time we spend studying the markets past movements to gain an edge, reading up on the market to improve our understanding, analysing any trades we may have taken, constantly thinking about how to improve ourselves.

When we ARE trading, the WORK we will do is WATCHING and WAITING. CONCENTRATING and being PATIENT.

Actually entering the market by buying or selling is the reward for the work we have done.

JUST LIKE those that work in almost every other career (for example an IT technician gets paid by the company he works for) we make our money from other people when we trade (the party that assumes our risk by taking the other side of our trade).

BUT UNLIKE those that work in almost every other career, we risk something.

As traders, we bring more to the table than your average worker who brings a skill to a job that enables him to do the job.

In addition to our skill we also bring our capital. And for most of us that is our hard earned money.

If a skilled worker loses his job (unless it is due to something like an injury) he STILL has his skill but NOT his income. In other words, he STILL has a means of making money but has to find another job.

If a trader loses his capital, he loses his MEANS of making money.

So, wait. Be patient. And then trade with confidence.

This is my first trade in a week. This is despite watching the markets for 14 hours per day, each and every day.

It was in the Swiss Market Index (Swiss equities) which I have NEVER traded before.

The price began an uptrend on the hourly. It pulled back to a clean s/r pivot which had confluence with the 38% fib and formed a pin.

This was an easy and highly profitable trade.
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