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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

  • #28,561
  • Apr 29, 2009 7:23am Apr 29, 2009 7:23am
Quoting catiron
I reviewed both of these last night; played the USD. After a move up of about 30 pips, set stop to BE and went to bed. Stopped out. EUR action was very similar, but I would still be in the trade. For those of you who chose EUR over USD, what was your rationale? They both looked decent to me, but I thought USD had a clearer path up. Thanks.
Good am catiron go to uj daily and snap a line at 97.00 and look at all those daily lows stacked along there. Tough resistance
  • #28,562
  • Apr 29, 2009 7:26am Apr 29, 2009 7:26am
kurtik,
u were never forgotten...
Welcome!
I believe this thread is 1 of the correct paths in our trading journey to success. Good luck, & never stop learning!
  • #28,563
  • Apr 29, 2009 7:27am Apr 29, 2009 7:27am
jpa0827, 4fun,
congrats to your profitable trades...!
  • #28,564
  • Apr 29, 2009 7:29am Apr 29, 2009 7:29am
Quoting supremeChaos
Billy73, Schneeule,
u play around with it, depending on your preference...
again: fib properties> fib levels> under description, double-click on the fib level u want to edit, then do what jon/gj said above (type "%$"). or alternatively type, for example, "38.2 %$", "%$ 38.2", "38.2 --- %$" or even "38.2 (%$)", whichever one u prefer.




Schneeule,
u'd be surprised that that pattern happens often... only, it happens in different pairs & different timeframes, in uptrends as well as downtrends... probably not daily, but often!...
Chaos,

Thanks for the encouragement, I need it! This is week 2 of my initial 3 month period as per J16 methods(daily+weekly only) and I am still awaiting my first trade. Aiming to take what I see as A+ only, and whilst there have been a couple of tempting trades (eg E/J pin from yesterday) I have passed on them. Difficult part is to go through this forum and see guys taking good trades while I am on the sidelines but I suppose at least I am developing my patience and discipline.

Good trading to all,

berti
PA is where its at!!
  • #28,565
  • Apr 29, 2009 7:33am Apr 29, 2009 7:33am
Quoting g_j_hook@yah
click on the fib properties, and type %$ in front of the "discription"
e.g. %$ 50% fib, and this shows the price also.
jon
EDIT: p.s it seems to be an off topic day here today, hehe. mostly my fault so i wouldnt worry about it.
Great works a treat, thanks very much for that
  • #28,566
  • Apr 29, 2009 7:44am Apr 29, 2009 7:44am
Quoting DanUK
Hi,

That's ok I don't mind sharing... basically my thinking is that when the A+++ trades break, they tend to break pretty hard and fast so it isn't always necessary to have a stop loss right at the other end of the price action setup. Please have a look at the chart as an example of what I mean by the hard and fast break.

Which, as Forex007 points out, you get a better R:R......
thnx for making that clear dan
appreciate it
take care man
Simplicity is the key to success
  • #28,567
  • Apr 29, 2009 7:54am Apr 29, 2009 7:54am
Quoting jpa0827
Shorted the USD/CAD last night almost at the very top of the bar. 1.2214 was my entry. What a nice move to wake up to in the morning. I loaded up nice on this one, due to the false break of the inside bars on the daily. This is one of the patterns that I am very confident with. Moved my stop to BE +40 and giving it room to run. so far this week has been very good to me. +400ish pips so far.

Just want to thank everyone here for all the help and support. This has been one of the best experiences an turn arounds in my trading career so far.
nice trade bro . i passed on this last night but had i noticed the false break element i would have looked twice more!!when you say your connfident with this setup do you mean the false break or the pin alone?
cheers ,
jon
PATIENCE... DISCIPLINE
  • #28,568
  • Apr 29, 2009 8:01am Apr 29, 2009 8:01am
Quote
This is week 2 of my initial 3 month period as per J16 methods(daily+weekly only) and I am still awaiting my first trade

bertie123,
u are doing great. alternatively, while u are "still awaiting" your first daily/weekly trade, u can try demoing H4 A+ trades, as these occur more often. A+ trades on daily &/or weekly can really take some time to present itself (not to mention the "trade preference" factor wherein u decide to pull the trigger or not when a trade comes), so demoing on H4 A+ trades will help u maximize your time & probably increase your learning & experience.
Just a suggestion
  • #28,569
  • Apr 29, 2009 8:08am Apr 29, 2009 8:08am
Quoting Forex007
Do you check correlated pair(s) for extra clues in situations like that?
not really, If I trade e/j, I'd look for strength of fiber (supporting PA) and equity futures. If both align, they the light turns green.
  • #28,570
  • Apr 29, 2009 8:14am Apr 29, 2009 8:14am
Quoting supremeChaos
jpa0827, 4fun,
congrats to your profitable trades...!
Thanks Supreme
"Luck favors the prepared mind"
  • #28,571
  • Apr 29, 2009 8:27am Apr 29, 2009 8:27am
Good looking pin on the 4hr NZDUSD.
50% fib, big number 0.57. PPZ. Swing high.
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"The more I practice, the luckier I get." (Gary Player)
  • #28,572
  • Apr 29, 2009 8:30am Apr 29, 2009 8:30am
Quoting supremeChaos
bertie123,
u are doing great. alternatively, while u are "still awaiting" your first daily/weekly trade, u can try demoing H4 A+ trades, as these occur more often. A+ trades on daily &/or weekly can really take some time to present itself (not to mention the "trade preference" factor wherein u decide to pull the trigger or not when a trade comes), so demoing on H4 A+ trades will help u maximize your time & probably increase your learning & experience.
Just a suggestion
I must kindly disagree. From what Bertie has said, he is following James16 minimum requirements, which means he is demo trading day and weeks only right now. By also demoing 4 hour, you are completely missing the point of what the first 3 months should teach... patience, and discipline to only take the best setups. Taking a few trades a month, that have 90+% chance of winning is enough to really build an account over time. I have taken less trades each month of my 3 month demoing so far. It takes time to form a good habit.
That said, Bertie's right... it is frustrating to see 4hr/8hr/16hr, etc trades that others take and are successful at. To combat this, I try to stay as busy as I can during the day...whether that's a different job, or reading this thread, or Clockwork's thread, videos, backtesting, etc.
The first few weeks are the toughest Berti. I have no desire currently to start learning to trade intraday, because I can see how great daily charts are treating me...
I took the EUR/JPY pin but agree that it wasn't perfect. Took first TP and will now have at least a B/E trade. Took it over the USD/JPY because of the 97.00 PPZ that the U/J closed below (while the E/J closed above 126.)

Just my opinions and happy trading guys.

Josh
  • #28,573
  • Apr 29, 2009 8:31am Apr 29, 2009 8:31am
Tons of pins forming on USD pair, TF 4h.
Have I to post some charts???

UsdChf is interesting because i see a divergence on macd..
UsdCad is in PPZ zone..
EurUsd, i can't see any confluence..
  • #28,574
  • Apr 29, 2009 8:40am Apr 29, 2009 8:40am
Quoting bakko85
Tons of pins forming on USD pair, TF 4h.
Have I to post some charts???

UsdChf is interesting because i see a divergence on macd..
UsdCad is in PPZ zone..
EurUsd, i can't see any confluence..
only the usdcad 4h closed inside the previous bar on my feed & it has nice divergence but u wld be trading into the the 1.21 ppz round no....
be careful imo
Simplicity is the key to success
  • #28,575
  • Apr 29, 2009 8:48am Apr 29, 2009 8:48am
Quoting squeezy
only the usdcad 4h closed inside the previous bar on my feed & it has nice divergence but u wld be trading into the the 1.21 ppz round no....
be careful imo

15 min to close on my feed I will not take the usdcad since i'm short..this morning i'm short on the break of the weekly pin.
I think UsdChf is tradable for some quick profit..Waiting for the close.
  • #28,576
  • Apr 29, 2009 8:50am Apr 29, 2009 8:50am
Quoting bakko85
15 min to close on my feed I will not take the usdcad since i'm short..this morning i'm short on the break of the weekly pin.
I think UsdChf is tradable for some quick profit..Waiting for the close.
Any chance u could post a chart of usd/chf, can't see any 4 hr pins on my feed !
  • #28,577
  • Apr 29, 2009 8:59am Apr 29, 2009 8:59am
Quoting mrsingha
Good looking pin on the 4hr NZDUSD.
50% fib, big number 0.57. PPZ. Swing high.
I'm not an expert on this, so take this for what its worth. This is the third time we've tested this level in the last 4 trading days. To me that's too much traffic and it might be ready to take the level out. If I had been long on this pair from lower levels and saw that pin, I'd be thinking about taking some profit off the table, but probably not exiting completely. This to me is a "C" at best if even that.
  • #28,578
  • Apr 29, 2009 9:00am Apr 29, 2009 9:00am
Not sure if these pin bars meet the criteria and i know they are on 1 hr chart but might be worth looking at ?
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  • #28,579
  • Apr 29, 2009 9:01am Apr 29, 2009 9:01am
Quoting Billy73
Any chance u could post a chart of usd/chf, can't see any 4 hr pins on my feed !
I didn't post it because i wanted to wait how it closes.. and, in fact, it didn't close as i expected Pass on this trade and still waiting for good setup!
  • #28,580
  • Apr 29, 2009 9:08am Apr 29, 2009 9:08am
Quoting Billy73
Not sure if these pin bars meet the criteria and i know they are on 1 hr chart but might be worth looking at ?
Careful here. These are not pins by this thread's definition. I like the minor hourly support for this BUOB, but I personally wouldn't trade it. The X is where price most likely would have trouble on this TF.
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