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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

  • #24,321
  • Mar 20, 2009 4:10am Mar 20, 2009 4:10am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
what do you mean by win hands down? sorry for my poor English, I don't understand. also, what about Virgin Mary? if some virgin can make things happen, I am afraid this might be a disaster world for young girls. but, doesn't matter, let me contest with myself, one account for the disciplined trading, the other go crazy......

Quoting simoncs
No contest - Mike will win hands down - he has the patience of the Virgin Mary
  • #24,322
  • Mar 20, 2009 5:37am Mar 20, 2009 5:37am
Not a difficult trade....
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Without women, money would have no meaning - Aristotle Onassis
  • #24,323
  • Mar 20, 2009 6:09am Mar 20, 2009 6:09am
Would this be considered a good set up off the 4H?

Bearish outside bar off of 38% FIB and a major S&R zone.
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  • #24,324
  • Mar 20, 2009 6:57am Mar 20, 2009 6:57am
I still see the EUR long to 3800 so I would only look for a retracement into the long position, no time to short this now, we live in extraordinary times with $US flooding the market so I see it as simple over supply of $US which will reduce the value and favour the opposing currency...maybe this strategy will give the kick start required ?
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Without women, money would have no meaning - Aristotle Onassis
  • #24,325
  • Mar 20, 2009 7:44am Mar 20, 2009 7:44am
Quoting james16
example chart
love this pin bar, first eye = the previous bar of the current long pin bar?

where do i buy in? when the 2nd eye appear? and where is the stop loss should be?

http://i39.tinypic.com/2eewx7n.jpg
  • #24,326
  • Mar 20, 2009 8:10am Mar 20, 2009 8:10am
Quoting joebryce
Actually Mike, I was referring to the Usd/Jpy, not sure how to link to my previous post so here is what I saw. I didn't like the chf pb as it was pointing right into a ppz. This on the other hand formed right at where I wanted it. I entered on the 1hr and the fruit seems to be ripening. Do you see much difference between this and the chf?

This is something I have just started trading. As I have gotten better at defining my ppz I see pairs almost always gives something in these areas. I would have been out already but with the 4hr pin I set my stop...
Joe, I just wanted to point out that your trade has moved nicely. Good job and I hope you grabbed some.
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  • #24,327
  • Mar 20, 2009 8:19am Mar 20, 2009 8:19am
Quoting Chisan
love this pin bar, first eye = the previous bar of the current long pin bar?

where do i buy in? when the 2nd eye appear? and where is the stop loss should be?
Hi Chisan,

You would buy at the break of the pin around 141.60. And your stop loss would be just below the low of the pin. (most people will add a few pips to the high for the entry and minus some pips from the low to set their stop loss)
Those are the typical/conservative entries and exits for pins.

Tom
  • #24,328
  • Mar 20, 2009 8:34am Mar 20, 2009 8:34am
Quoting johnnyonspot
I was just looking at this chart and saw these, as well as the smaller bearish pin bar above, which seems insignificant to me vs. the bullish pins, none of which have failed. Then cam to post and its all over the board. Am I seeing this right? Bullish on g/j?

On edit: Interesting what the differences are between the 1st FxPro chart and 2nd Alpari chart. I think the Bullish is more bullish than the bearish is bearish. Huh???

Hi, yes i was wondering too, when I got to see the G/J chart I checked all kind off charts I have as DEMO and just could not find the same pattern.

What does mean if we trade each off induvidual charts?
  • #24,329
  • Mar 20, 2009 9:12am Mar 20, 2009 9:12am
Quoting bertie123
Hi GUYs

So, what have I decided to do? Take the advice of James, Mike etc and go back to basics and treat this like a business. That means going back to the Weekly, Daily and no lower than 4h TFs, demotrade microlots and practice, practice, practice. For any newbie out there reading this, there are no shortcuts my friends, you should listen to everything James tells you. I am also reworking my way through this entire thread (yes, some 25K of posts!) as I try to realign my thinking and look to the longterm. I still believe I can do it but...
Berti,
I'm glad you are going to go this route. It took some time for me to realize all the mistakes I've been making. It took time to then admit them and to admit I needed to change. But once you do that, forgive yourself, move on with new focus. That's what I've been doing. No more overtrading, because in it's own way, overtrading is simply gambling. It often means you don't have a good reason for taking the trade, which makes results hard to judge/measure/learn from.

Keep it up Berti. The group of us following James16 minimum requirements will get this to work for us. Don't wander from this thread either... I often find bad thoughts of overtrading and searching out new strategies when I start reading other threads... As Rac says, don't pollute your mind with information that will detract from learning the method you wish to employ.

All the best,

Josh
  • #24,330
  • Mar 20, 2009 10:11am Mar 20, 2009 10:11am
Does anybody trade shares or CFD with this method? My broker offers just 20-25 forex pairs so I don't have enough trades per day. Do you think it is viable?
Thank you.
alter
  • #24,331
  • Mar 20, 2009 10:22am Mar 20, 2009 10:22am
Quoting alter
Does anybody trade shares or CFD with this method? My broker offers just 20-25 forex pairs so I don't have enough trades per day. Do you think it is viable?
Thank you.
alter

If you think you don't have enough trades everyday, I think you are probably missing the point of all of this. Please start at the beginning of the thread again.
  • #24,332
  • Mar 20, 2009 10:28am Mar 20, 2009 10:28am
Quoting clockwork71
If you think you don't have enough trades everyday, I think you are probably missing the point of all of this. Please start at the beginning of the thread again.
Exactly,

One of our main aims IS to curtail the number of trades

Slow and steady wins the race
I believe . . .
  • #24,333
  • Mar 20, 2009 10:31am Mar 20, 2009 10:31am
Quoting ghous
Exactly,

One of our main aims IS to curtail the number of trades

Slow and steady wins the race

I am going to bet this comes down to trying to make a million out of a thousand. Leverage isn't really your friend in the end. Well.....not 400 to 1 leverage anyways.
  • #24,334
  • Edited 10:47am Mar 20, 2009 10:36am | Edited 10:47am
thought I'd let you guys know what happened with my Eur/Nzd setup.

The key here was to treat it strictly like a weekly trade.

The 2.43 was of some significance on the daily but on the weekly the 2.4 round number seems the obvious destination, my first TP rests here.

At first the pullback off 2.43 was slightly worrying as price did make it's way through a strong ppz at 2.48 but it's nice to see that as the week progressed price was rejected off 2.48 and the BEOB played out.

Patience is trading and trading is patience...synonyms as I see it

Regards,
Ghous.
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I believe . . .
  • #24,335
  • Mar 20, 2009 10:37am Mar 20, 2009 10:37am
Quoting ghous
thought I'd let you guys know what happened with my Eur/Nzd setup.

The key here was to treat it strictly like a weekly trade.

The 2.43 was of some significance on the daily but on the weekly the 2.4 round number seems the obvious destination, my first TP rests here.

At first the pullback off 2.43 was slightly worrying as price did make it's way through a strong ppz at 2.48 but it's nice to see that as the week progressed price was rejected off 2.48 and the BEOB played out.

Patience is trading and trading is patience...synonyms...
Did you go for this one Chris? (CW)
I believe . . .
  • #24,336
  • Mar 20, 2009 10:45am Mar 20, 2009 10:45am
Quoting ghous
I'd love it to somehow make it to 1.38, that would be super cool!

problem is this beast really doesn't always grant you with what you dearly want, some negotiation may have to be done
Quoting HipsterPipster
I personally am holding out for it. A nice thrust and temporary exhaustion should get us there. 1.3825 looks very appealing.
looks like some negotiation is inevitable HP

I'd still consider this a bounce (rejection would have been better) off my blue rectangle ppz,

Could be a nice play as a 2 day Pin or a a daily IB.

Regards,
Ghous.
I believe . . .
  • #24,337
  • Mar 20, 2009 10:48am Mar 20, 2009 10:48am
Quoting ghous
looks like some negotiation is inevitable HP

I'd still consider this a bounce (rejection would have been better) off my blue rectangle ppz,

Could be a nice play as a 2 day Pin or a a daily IB.

Regards,
Ghous.
Yep, that ppz is nice.
  • #24,338
  • Mar 20, 2009 10:52am Mar 20, 2009 10:52am
Quoting clockwork71
If you think you don't have enough trades everyday, I think you are probably missing the point of all of this. Please start at the beginning of the thread again.
I thought the point is to take perfect setups. A+ tades. Maybe it's just me but wouldn't be easier to find A+ setup if we can trade 78 markets than just 20?
I took this week just EURNZD weekly beob, GBPUSD weekly buob, silver daily buob and nzdjpy H4 PIN, so I dont think I overtrade just asking if it is smart to trade shares.
  • #24,339
  • Mar 20, 2009 10:54am Mar 20, 2009 10:54am
Quoting alter
I thought the point is to take perfect setups. A+ tades. Maybe it's just me but wouldn't be easier to find A+ setup if we can trade 78 markets than just 20?
I took this week just EURNZD weekly beob, GBPUSD weekly buob, silver daily buob and nzdjpy H4 PIN, so I dont think I overtrade just asking if it is smart to trade shares.
hey alter

Yes you are correct more markets give you more opportunities

I think clock was just reading into your statement "i dont have enough trades per day" . Even if you watch 80 markets you might have zero trades every day/week

But yes watching more markets with very strict criteria of what to trade is better then watching 2-3 pairs and forcing the issue

Have a great weekend
Mike
  • #24,340
  • Mar 20, 2009 11:07am Mar 20, 2009 11:07am
HipsterPipster,
"nice" is an understatement.


ghous,
negotiation? could be a "rest"/ time for price to relax a bit after the big run up.

most traders have probably taken profit ahead of the weekend. probably even related to Japanese fiscal year-end (March).
let's see what the next 1-2weeks will bring. 1.40 onwards so soon?

between 1.32-1.35 would be a discount buy, i think. 1.29-1.32... a huge bargain?
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