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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

  • #28,041
  • Apr 24, 2009 8:57pm Apr 24, 2009 8:57pm
Hi everyone

The James16 method is fabulous. And this thread is a wonderful discussion.

I just had to join up!

Complete newbie here, but I don't want to bore you with my story... suffice to say I just started demoing; started studying this method about a year ago, but had to take time off.

I really wanted to reply to Altar. I understand where you're coming from. But every system will lose sometimes, don't trade till you have faith in the system. I'm not trying to convince you to have faith in this particular system, but you really gotta demo and backtest till you believe in it. Good luck!

And thanks everyone for having this James16 conversation...
  • #28,042
  • Edited 10:34pm Apr 24, 2009 9:51pm | Edited 10:34pm
I am posting a weekly chart for Gold. I do not plan on trading this setup, but wanted to see what others thought about it. To me it looks like a high probability trade (possibly A+): BUOB at a swing low, through the PPZ and nice round number of 900.00, with confluence of a 38.2 fib. The BUOB is large relative to the previous bars and in my opinion has a decent amount of space. Also, it looks like we are at the end of a retrace from a strong uptrend that started in Sep 2008.

I was following the discussion between Mike and Alter and have had similar problems of determining when highs/lows of recent bars should be considered as reasons to stay out of a trade. Just about every trade I have seen posted on this forum has had an area within 30-50 pips of price that looked like a possible minor PPZ of concern in my opinion. (Maybe that's the reason many folks on this forum like James16 and Jaroo like to take profit quickly and move to BE.) For example, the 1.23 area of the recent USD/CAD setup seemed like a possible roadblock in my opinion, but price cut through it like butter.

The current setup on Gold reminds me of the recent USD/CAD pinbar(s) because the area near 926.00 seems like a possible area of resistance. If a PPZ exists on a higher time frame, you have space, confluence and a nicely shaped pinbar/outside bar/etc. at a swing high/low, I suppose that a minor PPZ on a lower time frame becomes much less significant. Is this correct? That's the impression I got from one of Mike's posts today. If so, then in my opinion the area near 926.00 on the weekly gold chart looks like a speed bump trying to stop a bulldozer. When I look at the chart it tells me that the price of gold is about to reach 950.00 or maybe even 1000.00 in the near future. Am I wrong for having so much confidence in this setup? Maybe there is an obvious reason to reject this trade that I am missing.

I can still hear a little voice saying that as price approaches the 920s, be careful of a reversal, but a much loader voice is saying that this area of resistance will be obliterated as 1.23 was with USD/CAD.

Maybe the answer to my questions lies within the type of trader I am? Am I the type of trader who takes profits and minimizes risk early or am I the type of trader who holds on longer for more pips while risking more? I still have not found my style. I want to be able to take trades from daily/weekly timeframes and only look at charts at the end of the day for an hour or so every day, but I don't know if I have the stomach for that style.

I have digressed from the main point of this post which is to ask: How would you rate the current weekly setup on Gold? Would you trade it if you saw something similar on a foreign currency chart? Do you see any possible resistance areas of trouble (like the region near 926.00 I have spotted)? How would you manage the trade if you were to enter?
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  • #28,043
  • Apr 24, 2009 11:03pm Apr 24, 2009 11:03pm
Quoting toyboy tramp
While we're talking about consciousness, this here is the definitive book on the subject,
The Matrix of Illusion (10 minute video on the nature of consciousness)
Great links, thanks man.

Ive been research this stuff on and off for years (works for Jordan Maxwell, David Ike, and many others) and some how it led me to trading and Forex (trading forex came out of nowhere for me) and the more I get into trading the more I feel like I'm coming full circle to the study of consciousness.

Strange...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #28,044
  • Apr 24, 2009 11:06pm Apr 24, 2009 11:06pm
Quoting TiaForex
Guy Finley is great. He was first recommended to me by James16 over on the PF.

I can also second the value of meditating. A few months of doing this showed me that if left unchecked my emotions would just go haywire.
I placed an order for Meditation for Dummies. Got to start some place.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #28,045
  • Apr 24, 2009 11:32pm Apr 24, 2009 11:32pm
Quoting PipGator
I believe you are correct, forexngo. BE is when you move your stop loss to break even, which results in a risk-free trade. BE+1 is when your stop loss is moved 1 pip above/below break even, which results in a risk-free trade with at least one pip of profit. Some people use this method because they trade large position sizes where 1 pip is worth a lot of money. Other people use it so that their trade can be recorded as a winner instead of a break even.
Thank you PipGator
Great explanation and highly appreciate for that
good luck
  • #28,046
  • Apr 25, 2009 12:27am Apr 25, 2009 12:27am
Quote
How would you rate the current weekly setup on Gold? Would you trade it if you saw something similar on a foreign currency chart? Do you see any possible resistance areas of trouble (like the region near 926.00 I have spotted)? How would you manage the trade if you were to enter?
PipGator,
Nice topic! i was about to sleep/take a nap (it's past lunch time here; only had about 3hrs of sleep as i was checking charts, threads), but i saw your post & thought it's an interesting topic to reply to.

Very sleepy so i'll pass off on putting some charts here. i initially took a look at Gold in KVB Kunlun/Forexstar MT4 (most likely, will check FXPro & others' version later)


Looking at H4 - Monthly charts, here are my thoughts:
(NOTE: again i'm using KVB Kunlun/Forexstar MT4 for this)
--i think a large part of the major move has past (starting @ around 864, April20 Daily BUOB/double bottom); possible latest chance to enter was from the huge H4 BUOB @ higher swing hi, late April23
--possible minor resistance @ 915 area; then resistance/ppz @ 920-930, & 950-960, then open skies until 990-1000 area

If i were to trade this, & given a chance, i'd wait for these areas &watch price action:
-PB/BUOB @ 860-870 (previous Daily double bottom), better if lower ;
-wait for a break & retest of/pullback to 890-900, 920-930, & 950-960, looking for a swing low in these areas with a PB/BUOB;
-AND possible swing hi & PB/BEOB @ these same 3 areas (keeping an open mind for possible reversals)


I would also consider risk profile. Aside from the setup/s mentioned immediately above, alternatively, u can enter immediately above the Weekly BUOB, problem is a bigger stop & "risk" of Breakeven trade or quick exit around 915, 920-930 area. This is not an ideal setup though, hence i prefer the setup/s above.

Let's see the developments soon...
  • #28,047
  • Apr 25, 2009 12:33am Apr 25, 2009 12:33am
pricey,
WELCOME! Please do indulge in all the priceless infos we have here. Persist & u will exist well... Indeed, it is fabulous.



LasVahGoose,
thanks for "reminding" me to thank toyboy tramp too.
  • #28,048
  • Apr 25, 2009 12:37am Apr 25, 2009 12:37am
jarroo,
it seems u are still online.... where in the US are u in? Take some rest, would u?

Have a healthy weekend guys/gals...
  • #28,049
  • Edited 1:42am Apr 25, 2009 1:20am | Edited 1:42am
Quoting PipGator
I am posting a weekly chart for Gold. I do not plan on trading this setup, but wanted to see what others thought about it. To me it looks like a high probability trade (possibly A+): BUOB at a swing low, through the PPZ and nice round number of 900.00, with confluence of a 38.2 fib. The BUOB is large relative to the previous bars and in my opinion has a decent amount of space. Also, it looks like we are at the end of a retrace from a strong uptrend that started in Sep 2008.

I was following the discussion between Mike and Alter and have had similar...
Very nice PipG. Well thought out.

Technically it is a BUOB, but I also catagorize it as a Triple Bar Low Higher Close, (TBLHC) which is obviously stronger then a DBLHC.

The big questions are : Is the swing Low, low enough? And: How strong is the current uptrend?

I like your Weekly PPZs and your concerns with the 926.00.

By lower time frames do you mean the 4 hour and hourly then Yes, they are less significant. But the Daily PPZ will play a role. The break of this BUOB may find trouble at the 916.ish. (blue area on the daily), which may trigger the retest of the 900.

If it breaks hard and runs or retests the 900 and the runs upward, then trend is very strong. If it doesn't break or if the break is weak and retest the 900 and drops even more, then a deeper swing Low ( 50/61.8 fib) may be in its sights.

Yes, it does depend on what type of trader you are, Gator man. You know my style, I would place a order just above the trigger, with a tight stop and see how she's breaks. I would like the swing Low much lower to really give me confidence in this setup. Also she may not be done with that 900 level just yet.

Should be fun to watch.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #28,050
  • Apr 25, 2009 1:22am Apr 25, 2009 1:22am
Quoting supremeChaos
jarroo,
it seems u are still online.... where in the US are u in? Take some rest, would u?

Have a healthy weekend guys/gals...
Michigan, the Great Lake State.
Indicators show the past. Price Action "Indicates" the future.
  • #28,051
  • Apr 25, 2009 1:53am Apr 25, 2009 1:53am
Quoting jarroo
I apologize for being short with you alter. But your posts came across to me as being contentious for no reason. It also told me you haven't read the Thread.

If you had read the Thread you would know that I am one of...
I know Jaroo, you post trades before the fact. What I meant to say is, that after the fact we can always find reasons why the setup was not perfect. I saw a lot of times posts with B or even C setups that were winners , but what I rarely can see is reasoning, why these setups were bad ("great trade" is common responds). What would you say if EURCAD is huge winner? A lot of people here post just winners, but I learn more from losers, therefore I posted this trade and I really didnt mean to be rude. Im sorry if I sound that way.
alter
  • #28,052
  • Apr 25, 2009 2:10am Apr 25, 2009 2:10am
Quoting alter
I know Jaroo, you post trades before the fact. What I meant to say is, that after the fact we can always find reasons why the setup was not perfect. I saw a lot of times posts with B or even C setups that were winners , but what I rarely can see is reasoning, why these setups were bad ("great trade" is common responds). What would you say if EURCAD is huge winner? A lot of people here post just winners, but I learn more from losers, therefore I posted this trade and I really didnt mean to be rude. Im sorry if I sound that way.
alter
Point taken and well received alter.

Yes, much can be gained from a failed PA setup that looks to be of high quality, your B and C setups. Price Action can be a powerful thing even with these lower quality setups.

Its tough to see a B trade that you would have taken in the past but now ignore, run to the moon. But that's what you do. Because the one important thing these setups do not have is consistency. That's what we want to have in our trading and that's what we want in our setups.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #28,053
  • Apr 25, 2009 2:23am Apr 25, 2009 2:23am
What about this weekly PB on EUR/JPY, comfirmed by a daily PB ?

The weekly chart shows a retracement (fib level) and EUR/JPY have now good place to take off. Let's see.
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  • #28,054
  • Apr 25, 2009 2:32am Apr 25, 2009 2:32am
Quoting mattfx
Here is a post in "Ghous" style of that PB on the loonie trade..1.3000 seems like eons ago...?
not sure exactly which bar you're referring to Matt, I assume you're talking of the one where you had your cursor,

Personally I would not even bother watching it, so far I've only been observing them at good key locations, at decent swing highs and lows or at major pullbacks/retracments (near or on the 50 or the 61.8 fibo) and at trebd lines and horizontal support and resistance levels...

Looking at your bar I don't see anything it was not at a swing high, in fact it occurred "AFTER" price showed it's reluctance to break 1.3 once again.

Here are a couple of IPBs on the Eur/Nzd both of which were at superb locations and hence played out brilliantly, the first one actually had the power to reverse the trend.

Regards,
Ghous.
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I believe . . .
  • #28,055
  • Apr 25, 2009 2:37am Apr 25, 2009 2:37am
Quoting ghous
not sure exactly which bar you're referring to Matt, I assume you're talking of the one where you had your cursor,

Personally I would not even bother watching it, so far I've only been observing them at good key locations, at decent swing highs and lows or at major pullbacks/retracments (near or on the 50 or the 61.8 fibo) and at trebd lines and horizontal support and resistance levels...

Looking at your bar I don't see anything it was not at a swing high, in fact it occurred "AFTER" price showed it's reluctance to break 1.3 once again.

Here...
Quite frankly I was pretty appalled to see this one fail.

IT actually worked out eventually but I can see that under all kinds of sensible stop placements this would have ended up as a looser.

The world isn't a perfect heaven is it.
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I believe . . .
  • #28,056
  • Apr 25, 2009 2:52am Apr 25, 2009 2:52am
Quoting ghous
Quite frankly I was pretty appalled to see this one fail.

IT actually worked out eventually but I can see that under all kinds of sensible stop placements this would have ended up as a looser.

The world isn't a perfect heaven is it.

Interesting ghous. Do you play the break of these IPB?

Can you show an example of an A++ IPB setup?
Indicators show the past. Price Action "Indicates" the future.
  • #28,057
  • Apr 25, 2009 4:13am Apr 25, 2009 4:13am
Abit late to go Long...I must say... Many overhead await.....1.337x level

Carefull on Monday...If we have an unusual run up during Asian session...it it likly DOWN when euro come in....

Sonic
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  • #28,058
  • Apr 25, 2009 4:49am Apr 25, 2009 4:49am
Here is my view for the next week: there are some interesting setups, but i don't think they are A+, maybe A- or B.
I'd like to read your ideas about these setups (there is also a weekly pin on eur/jpy but i don't like it very much).
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  • #28,059
  • Edited 5:49am Apr 25, 2009 5:33am | Edited 5:49am
hi guys ,look at these charts below...
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  • #28,060
  • Apr 25, 2009 7:17am Apr 25, 2009 7:17am
Quoting raczekfx
How do you know...?
do you have any pictures of your air fleet to share...
Be glad to,
This one is one of the latest. 30% PAU Extra 330L. DA 50 canister setup, all Futaba Radio gear and Hitec Servo,s. Very sweet ariplane to fly.
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