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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

  • #23,781
  • Mar 15, 2009 1:13am Mar 15, 2009 1:13am
I am a bit reluctant to long the Swissy at the moment due to the SNB's intervention last week. My view is that, if they devalued it once, and it starts sliding back toward the point at which they devalued it, why would they not do it again?
  • #23,782
  • Mar 15, 2009 1:22am Mar 15, 2009 1:22am
Quoting johnnyonspot
I am a bit reluctant to long the Swissy at the moment due to the SNB's intervention last week. My view is that, if they devalued it once, and it starts sliding back toward the point at which they devalued it, why would they not do it again?
Let your charts dictate terms
I believe . . .
  • #23,783
  • Mar 15, 2009 1:28am Mar 15, 2009 1:28am
Quoting ghous
Let your charts dictate terms
Is that another way of saying keep it simple stupid?
  • #23,784
  • Mar 15, 2009 1:33am Mar 15, 2009 1:33am
Quoting johnnyonspot
Is that another way of saying keep it simple stupid?
Sure is

You just need to believe and trust price to show you the way...the correct way, it does that more often than you think
I believe . . .
  • #23,785
  • Mar 15, 2009 4:51am Mar 15, 2009 4:51am
Quoting bundyraider
Yes. A whole world of hurt than can be totally avoided by just letting them go untouched in the first place and just wait for a good one that you CAN catch.
Just what it means 'psychologically' shouts out at me. If you're that desperate to get in on a trade, then..... well ....I shouldn't have to say anymore.
i know that feelin bundy,spot on mate.
Dan...listen to him mate! youlle be suprised how fast the next trade will come along.

EDIT: another famous cock-up used to often make (and still do!)is re-entering the market minutes after iv just closed my position,greedily trying to squeeze a few more pips out of it..derrrr, it must have cost me the good trade many a time!!
PATIENCE... DISCIPLINE
  • #23,786
  • Mar 15, 2009 8:08am Mar 15, 2009 8:08am
Well, it's early days yet, but I've read all the early posts again and watched all the vids on the site, and this is making huge sense to me already - a real lightbulb moment (or more accurately a - hopefully continuing - series of light bulb moments)!

But I can see that there is a lot to learn and practice (it's all about seeing it on the charts I guess - a deceptively simple-sounding statement but not so easy to achieve!). I'm certainly going to follow the time scales set out in the first post and on the site and demo trade for a fair while to come, but I'd also like to develop a structured learning strategy which enables me to grasp the details over time.

With this in mind, can I ask a very beginners question? I've been looking back at daily charts of just one currency pair (might as well stick to what I'm used to for now) and I can see the critical importance of support and resistance, and that there are these very important pivot points, where price breaks through resistance, and that price level then becomes support. My question is - when you refer to use of pivots in this approach, are you also referring to pivots in the 'traditional' sense of yesterday's (or last week's) averaged OHLC and RI, R2, S1, S2 etc? I'm just wondering if I can stay away from that and just concentrate for now on the pivots that I can actually see, or if I need to factor the other sort of pivots into my learning strategy (or am I misunderstanding and they are in fact the same thing)?

Also, if anyone else has come up with a learning strategy which breaks things down into achieveable steps over a given period I would be grateful if you would share your thoughts. I will be more than happy to share mine once I've thought it through (though it will no doubt evolve over the next couple of years).

My sincere thanks to Jim for his amazing dedication and insights, and to everyone else who has contributed to this approach - it's a real pleasure for me to be able to ease up and relax about the whole thing, and accept that this is going to take a fair bit of time to get used to (time that I can also use to build up my trading capital!).

To use a metaphor, trading must be the only activity where you can be handed the keys (do they have keys?!) to an F16 fighter plane and be told to take her for a spin right away - and there are plenty of 'snake oil salesmen' out there who will claim to be able to show you how to fly it in a weekend (for a fat fee of course)! But for me it's back to ground school, then perhaps a small prop plane for a couple of hundred hours - hell, I may never be good enough to fly an F16 but who cares - I can still cover the distance in a small plane - it will just take a bit longer...!
When in doubt, sit on your hands...
  • #23,787
  • Mar 15, 2009 9:18am Mar 15, 2009 9:18am
Okay, my first shot at this, not even demo trading, just 'thinking'. Looking at the daily GBP/USD on my chart (GFT) shows a pin bar on Thursday and price continuing up on Friday when price closed at 137.09. There is previous resistance at around 140.00. Now from what I've read so far this would be a potential trade exiting or at least halving position and stop to breaking even on the remainder at 140.00. Am I on the right lines? Am I also right in thinking that the fact that this resistance is at a round number makes it particularly significant?

Finally, should this trade have been taken on Friday, or was it right to wait for the Friday bar to close? Also, I believe you recommend not trading on Sunday so would it be best to leave this until Monday? Not that I'm going to demo trade it, like I said - just thinking for now.
When in doubt, sit on your hands...
  • #23,788
  • Mar 15, 2009 9:43am Mar 15, 2009 9:43am
As a follow up to the above post, I notice that on Feb 9th there was resistance at 137.39. That's pretty close to where price is now. Does that invalidate this trade?
When in doubt, sit on your hands...
  • #23,789
  • Mar 15, 2009 9:44am Mar 15, 2009 9:44am
Quoting Jduester
This summary is in no way intended to replace reading the whole thread.

It’s simply a single post
Josh

Quoting Jduester
I completed goal 1
Finally treating this like a Business,

Josh
WOW . . . . !!
I did the same thing with saving post to "favorites" but nothing like this.

Great job. You have added a very helpful post for all to benefit. I'm sure it took much of your time to but this together . . . well done.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #23,790
  • Mar 15, 2009 10:00am Mar 15, 2009 10:00am
Hi Josh,

this is very well done and I found it a very useful collection!

Thanks,

ao

Quoting Jduester
EDITED

This summary is in no way intended to replace reading the whole thread....
  • #23,791
  • Mar 15, 2009 10:14am Mar 15, 2009 10:14am
Quoting Bemac
I know this is a multiple posting but felt I had to do this...
I already posted this on the PF...

I reserve the right to change my mind on a whim. After all, I do Trade.

The Recent PA {over the last month or so if that's recent to you} has given me point to ponder.
Regardless of FA the USD has Gained accross the Board & I, thankfully, increased my cargo by playing in that direction.
NOW, after checking charts from TF's 15Min to 1 Month, it appears that is about to change.

You don't turn a MegaShip on a dime. It takes both Time & Distance.{Diplomats...
To All : Remember this post, a few months from now.

(add to favorites)
Indicators show the past. Price Action "Indicates" the future.
  • #23,792
  • Mar 15, 2009 10:22am Mar 15, 2009 10:22am
future smi weekly
buovb at swing low on strong support
possible tp @ 5100

more or less the same thing on f-ftse100, f-cac40, f-dax and mini-nasdaq100
we will see...
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  • #23,793
  • Mar 15, 2009 11:34am Mar 15, 2009 11:34am
usd index weekly
beovb at swing high
has anyone already noticed this?
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  • #23,794
  • Mar 15, 2009 12:00pm Mar 15, 2009 12:00pm
Quoting Bemac
Have to agree.

btw, you know what they say about Triple Tops don't you...

"They never last."

You got a Quad in your hands.
with divergence on it?
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Respect a man, and he will do all the more.
  • #23,795
  • Mar 15, 2009 12:29pm Mar 15, 2009 12:29pm
Hey G my answers below in bold FF has some new quote system thing so It will look a bit weird.

Quoting gododdin
Well, it's early days yet, but I've read all the early posts again and watched all the vids on the site, and this is making huge sense to me already - a real lightbulb moment (or more accurately a - hopefully continuing - series of light bulb moments)!

Yes many more lightbulb moments will come, but glad you had a big one you will never look back
Quoting gododdin
But I can see that there is a lot to learn and practice (it's all about seeing it on the charts I guess - a deceptively simple-sounding statement but not so easy to achieve!). I'm certainly going to follow the time scales set out in the first post and on the site and demo trade for a fair while to come, but I'd also like to develop a structured learning strategy which enables me to grasp the details over time.
yes it is simple in concept and execution of it is rather simple, but the learning process to get to that point takes awhile, but it is NOT impossible and is just a matter if patience, discipline, and dedication

Quoting gododdin
With this in mind, can I ask a very beginners question?...
The pivots referred into this thread are Price Pivot Zones, or commonly reffered to as PPZ. These are different then trader pivot points. PPZs are flips in support and resistance. Check here for more information

http://www.forexfactory.com/showpost...ostcount=14084

Quoting gododdin
To use a metaphor, trading must be the only activity where you can be handed the keys (do they have keys?!) to an F16 fighter plane and be told to take her for a spin right away - and there are plenty of 'snake oil salesmen' out there who will claim to be able to show you how to fly it in a weekend (for a fat fee of course)!...
Very good analogy. It is true for anything in life. It takes time. To think that we can conquer and run a business in a few months or fly a plane after a few weekends would be crazy. So why is forex any different? It isn't and those that realize this like yourself have a shot.

Take care
Mike
  • #23,796
  • Mar 15, 2009 12:54pm Mar 15, 2009 12:54pm
Thanks for clarifying PPZ Mike - that's great and is what I'd hoped - the links are very useful too.
When in doubt, sit on your hands...
  • #23,797
  • Mar 15, 2009 1:00pm Mar 15, 2009 1:00pm
Quoting urchman
A follower of james 16 thread was lost but back and better. i missed not posting here for long time. hope there's room for a prodigal fellow like me?...jaroo hope u still remember me....dibs trader
The prodigal son returns. Welcome back.

I do remember you urchman. Can wait to see some of your A+ PA setups.

G/J Daily PB may not have been A+, but in the A catagory in my book. Good for some solid pips.
Indicators show the past. Price Action "Indicates" the future.
  • #23,798
  • Mar 15, 2009 1:06pm Mar 15, 2009 1:06pm
I was a bit unlucky with my short on the 2 day pin bar on the daily earlier, had to embrace BE

But it's nice to see price action give you another chance.

The weekly BEOB is looking savory

Anybody still holding on to that 2 day pin bar trade? Fx-genius? Johny?
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I believe . . .
  • #23,799
  • Mar 15, 2009 1:09pm Mar 15, 2009 1:09pm
Quoting james16
chart
"We're not trying to trade every day, we're trying to win every time we trade."

Another classic J16 line that hits home. Gotta love it.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #23,800
  • Mar 15, 2009 1:15pm Mar 15, 2009 1:15pm
Quoting jarroo
"We're not trying to trade every day, we're trying to win every time we trade."

Another classic J16 line that hits home. Gotta love it.

Jim
His voice and words specially the way he delivers them literally haunts me, all the way through my trading decisions!

This Guy's a magician "James16"
I believe . . .
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