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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

  • #24,221
  • Mar 19, 2009 10:36am Mar 19, 2009 10:36am
Quoting Chisan
i have read about 40+ pages of the thread.. long way more to go! i seen many mentioned Pin Bar, what does it exactly means?
i would tell you what its short for.....but i cant spell it !!
PATIENCE... DISCIPLINE
  • #24,222
  • Mar 19, 2009 10:54am Mar 19, 2009 10:54am
Quoting alter
Right. So the question is, who?
A market purchasing goods and services with dollars will generally decrease dollar strength as this would be considered dollar selling. Banks have obligations to sell and purchase dollars with their everyday normal business. Keep in mind that the market is an aggregate of all world buying and selling, and this includes all of those little guys that make regular foreign exchange transfers per their business needs. What does this mean? Anyone receiving dollars in payment for a good or service is a dollar buyer.
  • #24,223
  • Mar 19, 2009 11:01am Mar 19, 2009 11:01am
aahhhhhhhhh....

i'm writing this on my wife's old G4 mac.
why, you ask??

last night while innocently shorting the hell out of the us dollar, 3/4 of the screen on my computer failed.

I managed to close my positions by guessing where stuff was & moving it so i could see it but I was up 10 % at the time.

So.. to anyone who has gone through being shut down like this. I feel your pain.
  • #24,224
  • Mar 19, 2009 11:14am Mar 19, 2009 11:14am
Quoting rustyjeff
aahhhhhhhhh....

i'm writing this on my wife's old G4 mac.
why, you ask??

last night while innocently shorting the hell out of the us dollar, 3/4 of the screen on my computer failed.

I managed to close my positions by guessing where stuff was & moving it so i could see it but I was up 10 % at the time.

So.. to anyone who has gone through being shut down like this. I feel your pain.
That sucks, but at least you didn't trade poorly all by yourself. Closed out my dollar shorts last night, about 3 am PST. Figured if it had wanted to run more it would of by then. Guess my timing was like 15 mins off lol....... Well needless to say I made nothing, and it ran hard... oh well, will be more chances I just hope I have more patience in the future....
  • #24,225
  • Mar 19, 2009 11:15am Mar 19, 2009 11:15am
Hello all,
Just wanted a little feed back on this.There is a potential daily BEOB forming.But there has already been a BEOB on the 4 hour,actually this is the second one that has formed within this potential daily BEOB.My question,is this smart to go down to lower timeframes to get in early?I would think this could work well...but waiting for the daily to form would be the safest way huh?
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  • #24,226
  • Mar 19, 2009 11:29am Mar 19, 2009 11:29am
Quoting raczekfx
why? this not las vegas

we still have at least 100ps to go.
yep...
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  • #24,227
  • Mar 19, 2009 11:39am Mar 19, 2009 11:39am
Its what we wait for.
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Indicators show the past. Price Action "Indicates" the future.
  • #24,228
  • Mar 19, 2009 11:44am Mar 19, 2009 11:44am
Quoting jarroo
Its what we wait for.
indeed , I love this setups
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #24,229
  • Mar 19, 2009 11:50am Mar 19, 2009 11:50am
Quoting jarroo
Its what we wait for.
I am so f***ing pi**ed off at myself. I pulled the order about 1 hour before the FMOC meeting, due to it not breaking strongly, and the worry that the meeting might get me into the trade and then eventually shake me back out.

I was waiting for this set-up for weeks (thanks to Clockwork's excellent thread), and then I chickened out.

I read a post a few pages back that said on the larger time frames, often P/A is already figured in based on the most likely outcome of the news, due to the big money guys having some ideas of where things will go and positioning themselves.

So I will not allow myself to get scared out again, if I am playing daily and up.

I am still working to get the hang of this stuff, and there is a lot more work to go.

I often think of Mike, and how he said he got into trading after playing poker. I almost wonder if I shouldn't play some poker, for pennies, to learn how to manage a loss, manage a win, and know that nothing is 100%. Coming from the computer field, everything is 100% or failure.

ARGGG, I gotta get out of this damned job.
  • #24,230
  • Mar 19, 2009 11:50am Mar 19, 2009 11:50am
Quoting jlmac27
Hello all,
Just wanted a little feed back on this.There is a potential daily BEOB forming.But there has already been a BEOB on the 4 hour,actually this is the second one that has formed within this potential daily BEOB.My question,is this smart to go down to lower timeframes to get in early?I would think this could work well...but waiting for the daily to form would be the safest way huh?
I personally go down in timeframe AFTER given a daily trigger. The only time I take a smaller timeframe is if it falls directly on a clear ppz.
  • #24,231
  • Mar 19, 2009 11:53am Mar 19, 2009 11:53am
Quoting jlmac27
Hello all,
Just wanted a little feed back on this.There is a potential daily BEOB forming.But there has already been a BEOB on the 4 hour,actually this is the second one that has formed within this potential daily BEOB.My question,is this smart to go down to lower timeframes to get in early?I would think this could work well...but waiting for the daily to form would be the safest way huh?
I was looking at this also on the daily. It looks to me like it could form a nice 2 day pin, although I would prefer to see the close of the first bar a little bit lower. I've never traded a 2 day pin but this one looks pretty good to me.
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  • #24,232
  • Mar 19, 2009 11:58am Mar 19, 2009 11:58am
Quoting unlv_tj
I am so f***ing pi**ed off at myself. I pulled the order about 1 hour before the FMOC meeting, due to it not breaking strongly, and the worry that the meeting might get me into the trade and then eventually shake me back out.

I was waiting for this set-up for weeks (thanks to Clockwork's excellent thread), and then I chickened out.

I read a post a few pages back that said on the larger time frames, often P/A is already figured in based on the most likely outcome of the news, due to the big money guys having some ideas of where things will go...
I've been there tj, trusting a setup took time for me to develop as well.
Now, if I have pair of Bullets I'm all in . . . I mean . . . 2%. lol
Indicators show the past. Price Action "Indicates" the future.
  • #24,233
  • Mar 19, 2009 12:01pm Mar 19, 2009 12:01pm
unlv, I missed the usd/cad too.I was waiting for it for quite awhile also(damn sleep!)
Joebryce,thanks for the feedback.

Scott, I was just seeing a potential BEOB,but you are right it could also form a 2 day pin.Will keep my eye on this.
  • #24,234
  • Mar 19, 2009 12:06pm Mar 19, 2009 12:06pm
Quoting jarroo
I've been there tj, trusting a setup took time for me to develop as well.
Now, if I have pair of Bullets I'm all in . . . I mean . . . 2%. lol
Thank you Jarroo. I think the hardest part is realizing that in this business you will lose, often, and that is expected. In most everything else, if you lose, you fail. In this business, losing is part of it, and it is a tough adjustment.

I guess like Poker, you wait for the best set-ups, then when you get it, you play it and can only really wait and watch.

I have gotten my patience down, maybe even too much. Now the patience mixed with trusting what the chart tells me.
  • #24,235
  • Mar 19, 2009 12:13pm Mar 19, 2009 12:13pm
If you've seen me say this before just ignore it, but trading is all mental. It's bringing out either the best or worst in each trader and how you harness that determines success. As I said before, I'm great ONLY when I get out of my own way and trust myself. Hope that makes sense.
Patience + Humility + Study = Success
  • #24,236
  • Mar 19, 2009 12:15pm Mar 19, 2009 12:15pm
Quoting mbqb11
Here is one I am watching

Silver 12.00 is a big ppz(see weekly chart),

Big bar BUOB, a break of buob would be break of a small trendline around 13.10

Not a recommendation
an update

j16 > all
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  • #24,237
  • Mar 19, 2009 12:23pm Mar 19, 2009 12:23pm
Quoting HipsterPipster
A market purchasing goods and services with dollars will generally decrease dollar strength as this would be considered dollar selling. Banks have obligations to sell and purchase dollars with their everyday normal business. Keep in mind that the market is an aggregate of all world buying and selling, and this includes all of those little guys that make regular foreign exchange transfers per their business needs. What does this mean? Anyone receiving dollars in payment for a good or service is a dollar buyer.
so fundamentally as far as u.s. trade balance/deficit goes: it is better when u.s. exports more goods/services than it imports & worse vice-versa. this is probably common knowledge, i just want to confirm. is there any other market besides u.s. that purchases goods/services? i know oil can only be purchased w/ usd. so how does the usd being the world reserve currency factor into all this? i think it is best idea to only trade from what you see on the charts, but i also want to keep up w/ the fundies as much as i can too. thx.
  • #24,238
  • Mar 19, 2009 12:26pm Mar 19, 2009 12:26pm
Quoting mbqb11
an update

j16 > all
Mike, I got busy and forgot all about you posting this set-up.

Good call. I should have been paying more attention.
  • #24,239
  • Mar 19, 2009 12:32pm Mar 19, 2009 12:32pm
Hi,

I just received this video... it made me wonder and share with you.
If you want to get really... but really good at something the you have to practice before you go and do your thing, play, dance or what ever. Last frames should have been a James16 "darn simple" clip.

As Jim says : Why do you think you can go trading forex without practice... at least for 3 months + 3 months + 6 months.

BTW, this massage was intended for me...

Have fun (hope it works...)

http://www.4shared.com/file/93808632...1c/140309.html
  • #24,240
  • Mar 19, 2009 12:43pm Mar 19, 2009 12:43pm
Quoting mbqb11
an update

j16 > all
A nice one for sure.
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