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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

  • #25,321
  • Mar 30, 2009 6:19am Mar 30, 2009 6:19am
Question, since i am looking for the best trades, how many pairs should I be looking at? Originally i started with the EU/USD but now I have all the major pairs up, and besides volatility, is there anything else I should be wary of when trading these other pairs ?
  • #25,322
  • Mar 30, 2009 6:22am Mar 30, 2009 6:22am
EURGBP progression over time.

From the idea for a potential breakout from a sloping wedge to daily bar setups and a "zone to pass" marker that lead into the next higher level marker, which to me was a "if this pops, price probably will get a run" level.

Charts:
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbp_090225_4h_formation.gif Size: 33 KB
Click to Enlarge Name: eurgbp_090301_daily_buob_forming.gif Size: 22 KB
Click to Enlarge Name: eurgbp_090309_daily_buob_update.gif Size: 22 KB
Click to Enlarge Name: eurgbp_090323_daily_update.gif Size: 23 KB
Click to Enlarge Name: eurgbp_090324_daily_update_02.gif Size: 23 KB
Trust price. Know yourself.
  • #25,323
  • Mar 30, 2009 6:26am Mar 30, 2009 6:26am
Just posting this chart to show the price action and using the ppz to take profit at that 54.00 level. Two good set up's in a row especially that double high and then a PB at 56.30 to confirm, yet see how past resistance now support came into play at 54.00, anticipating that level at 54.00 was the key to taking profit, because we had another entry today from from the 2 day PB which just went straight to the 54.00 ppz once more...who cares where it goes from here, certainly I don't......
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPY Mar. 30 22.13.jpg Size: 81 KB
Without women, money would have no meaning - Aristotle Onassis
  • #25,324
  • Mar 30, 2009 6:38am Mar 30, 2009 6:38am
Feast your eyes on this weekly PB on the ej straight down to past support at the 126 level
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURJPYWeekly Mar. 30 22.34.jpg Size: 70 KB
Click to Enlarge Name: EURJPY Daily Mar. 30 22.37.jpg Size: 77 KB
Without women, money would have no meaning - Aristotle Onassis
  • #25,325
  • Mar 30, 2009 6:46am Mar 30, 2009 6:46am
It threw in the steak knives as well, another weekly PB, unbelievable....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: CHFJPY Weekly Mar. 30 22.41.jpg Size: 81 KB
Click to Enlarge Name: CHFJPY Daily Mar. 30 22.43.jpg Size: 81 KB
Without women, money would have no meaning - Aristotle Onassis
  • #25,326
  • Mar 30, 2009 7:09am Mar 30, 2009 7:09am
Food for the speculative engine.........wait and see....
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY Daily Mar. 30 23.06.jpg Size: 107 KB
Without women, money would have no meaning - Aristotle Onassis
  • #25,327
  • Mar 30, 2009 7:27am Mar 30, 2009 7:27am
Quoting SeekingLight
EURGBP progression over time.

From the idea for a potential breakout from a sloping wedge to daily bar setups and a "zone to pass" marker that lead into the next higher level marker, which to me was a "if this pops, price probably will get a run" level.

Charts:
Yes, I like your charts "first arrow reached" was exactly where I would have taken profit as well...lol
Without women, money would have no meaning - Aristotle Onassis
  • #25,328
  • Mar 30, 2009 8:00am Mar 30, 2009 8:00am
Hey frank,

You definitely should try looking at at least 10+ especially since beginners should be trading the Daily and Weekly(I am assuming you are a J16 a beginner correct me if wrong). I personally look at about 12-15. If you you are trading dailys this could be managed very easily and without much stress.

You can look at every pair your broker offers but just trade only the 10 you feel comfortable with(read: non choppy pairs). The more charts you look at with J16 the more you will learn and become better at siphoning the A+ trades from the rest.

Best,

Dave


Quoting frankm7
Question, since i am looking for the best trades, how many pairs should I be looking at? Originally i started with the EU/USD but now I have all the major pairs up, and besides volatility, is there anything else I should be wary of when trading these other pairs ?
  • #25,329
  • Mar 30, 2009 8:09am Mar 30, 2009 8:09am
Here is one of my current trades...

Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 23 KB
  • #25,330
  • Mar 30, 2009 8:12am Mar 30, 2009 8:12am
Well everyone knows the EJ weekly pin was an absolute beauty, but can the pros tell me what they think about this lower TF H1 pin which may continue the move down.
I don't normally trade the H1 so any thoughts appreciated ( i will feel quite excited if u tell me it is a good find - maybe i'm getting it ! )
Attached Image (click to enlarge)
Click to Enlarge Name: ej_h1_2903.jpg Size: 126 KB
  • #25,331
  • Mar 30, 2009 8:18am Mar 30, 2009 8:18am
Quoting pipmyride
Well everyone knows the EJ weekly pin was an absolute beauty, but can the pros tell me what they think about this lower TF H1 pin which may continue the move down.
I don't normally trade the H1 so any thoughts appreciated ( i will feel quite excited if u tell me it is a good find - maybe i'm getting it ! )
Your chasing at this point. price has broken down and bounced off support. It may continue on but I don't see any reasons for trading that pin. Take a look at my post from last night if you want to see how I use lower time frames to enter bigger moves.

by the way I'm no pro
  • #25,332
  • Mar 30, 2009 8:22am Mar 30, 2009 8:22am
Gee - looking good already
Attached Image (click to enlarge)
Click to Enlarge Name: ej_h1_2903b.jpg Size: 137 KB
  • #25,333
  • Mar 30, 2009 8:25am Mar 30, 2009 8:25am
well you have your answer - looks like it !

Quoting pipmyride
Well everyone knows the EJ weekly pin was an absolute beauty, but can the pros tell me what they think about this lower TF H1 pin which may continue the move down.
I don't normally trade the H1 so any thoughts appreciated ( i will feel quite excited if u tell me it is a good find - maybe i'm getting it ! )
  • #25,334
  • Mar 30, 2009 8:34am Mar 30, 2009 8:34am
Quoting joebryce
Your chasing at this point. price has broken down and bounced off support. It may continue on but I don't see any reasons for trading that pin. Take a look at my post from last night if you want to see how I use lower time frames to enter bigger moves.

by the way I'm no pro
Not really chasing if the PA gives you the signal ...
  • #25,335
  • Mar 30, 2009 8:38am Mar 30, 2009 8:38am
Banked 200 pips between EJ and UCAD, set the rest to break even. Completely relaxed from this point on . Many thanks to everyone in the thread and especially Jim.
  • #25,336
  • Mar 30, 2009 8:41am Mar 30, 2009 8:41am
Quoting pipmyride
Not really chasing if the PA gives you the signal ...
Just trying to help here so entertain me...a one hour pin is not tradable in and of itself, so what makes that one tradeable? If you reason for entering is the weekly pin then you are certainly chasing. If you have a plan for trading one hour pins at 38% retracements and pointing right into resistance great!

Where is your exit?
  • #25,337
  • Mar 30, 2009 9:00am Mar 30, 2009 9:00am
Quoting joebryce
Just trying to help here so entertain me...a one hour pin is not tradable in and of itself, so what makes that one tradeable? If you reason for entering is the weekly pin then you are certainly chasing. If you have a plan for trading one hour pins at 38% retracements and pointing right into resistance great!

Where is your exit?
Weekly pin? Where will it be in a few weeks?

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  • #25,338
  • Mar 30, 2009 9:06am Mar 30, 2009 9:06am
Quoting smikester
Weekly pin? Where will it be in a few weeks?
1.13 or lower and I'd be dancing in the streets. I'm still not so sure that makes the one hour pin valid. From my experience those sort of trades when they work out cause much future heartache as they encourage less than ideal setups to be traded.
  • #25,339
  • Mar 30, 2009 10:25am Mar 30, 2009 10:25am
Quoting pipmyride
Well everyone knows the EJ weekly pin was an absolute beauty, but can the pros tell me what they think about this lower TF H1 pin which may continue the move down.
I don't normally trade the H1 so any thoughts appreciated ( i will feel quite excited if u tell me it is a good find - maybe i'm getting it ! )
So what now, did you get out with profit, maybe break-even? Hopefully you are not in a draw down.

I am not a pro and that is why I would not have traded that pin. You have about 3min after it forms to come up with a plan. If you don't then you just went on a rollercoaster ride. Worse case, you watched it come back into drawdown, realized your errors and took a small loss just to end it. Then price runs back for a profit and you tell yourself you had it right and just messed up.

One step forward, two back. Not fun, been there.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.gif Size: 17 KB
  • #25,340
  • Mar 30, 2009 11:13am Mar 30, 2009 11:13am
Quoting SeekingLight
Hey guys.
I've been asked via PM why I haven't been posting lately, and the answer is pretty simple: I've been quite busy and pretty much all of my available time I do spend with making charts, posts and explanations goes towards the J16 site material and my journal and threads there.

But I would be lying if it weren't also the still black/white difference of what goes on on a public forum(spirit and quality of posts and attitude overall) vs what you get on a private one. I don't even want to begin to remember some of the fights I've had (I'd in...
Ehm Ehm....lol!

Glad to see you SL, you were missed,

Your charts strangely made me feel I was finally deprived of an unusual thirst

Welcome back!

Regards,
Ghous.
I believe . . .
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