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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

  • #29,321
  • May 6, 2009 1:39pm May 6, 2009 1:39pm
Quoting gododdin
Thanks Alexandra - all useful stuff. I tend to be more conservative (especially as a beginner) so I guess I did the right thing.

No doubt - Honestly, the goal I think is to ride the weekly/daily wave in the same direction. Then it's easy...but, obviously spotting those against the perceived pressures to trade is a challenge for all of us. Stripping the charts, avoiding the intraday noise, and seeing the price action seems to be the best course. We'd probably all be better off with a dozen trades a year and another hobby!
  • #29,322
  • May 6, 2009 2:00pm May 6, 2009 2:00pm
Quoting ikki
Hey mea,
It's all depends how much you know the material. Look I took the AUD/USD. and for me wasn't a loser.
you are very right, like old Nitzsche said, I would have lost and it would have made me weaker.
good trade for everybody made money on it.

All what it is about is making money, but if you risk this much ( entry : S/L ) one should make much, or am i wrong?
  • #29,323
  • May 6, 2009 2:15pm May 6, 2009 2:15pm
Quoting markmm
Yeah, on my feed it wasnt really a pin bar when it closed. Tonight I only see a BUOB or DBLHC (2 pip diff) on the AUD/CAD, but it's in traffc and still below a PPZ at the moment.
If I was trading full time I would probably be looking harder for entries but as is I just look for the ones that scream at me now
  • #29,324
  • May 6, 2009 2:22pm May 6, 2009 2:22pm
Quoting fxprocessor
If I was trading full time I would probably be looking harder for entries but as is I just look for the ones that scream at me now
Im working full time so daily/weekly is perfect for me so little time is needed to look for potential trades, and as you say nothing screams out. I also want to get into a trade where I can ride it for maybe a week to get a good reward.
Economists have forecast 9 out of the last 5 recessions
  • #29,325
  • May 6, 2009 2:28pm May 6, 2009 2:28pm
Hi Athan,

A lot of good stuff said to you.

Just to let you know that I'm extremely jealous of the people in here who trade profitably after only two or three years. Even five years would have been nice. Took me waaaay longer. Even James16 took waaay longer.

Do not beat yourself up about loosing 18 months of your life. It's chicken feed!

To second those that have given good reasons to read the whole thread...
...You'll see people here in your situation exactly early in the thread , that are really down in the dumps. Then when you look at some of the successful guys posting right now , you'll see the same names. (You'll follow their journey.)
That's got to make you feel better about spending more time reading.
.
Quoting athan00
Hi everyone!

Many many thanks to all of you guys for your replies. You realy made me feel better and well. I ll definately try James16 thread. As you all said I ll start from the 1st post. To be honest I don't like higher timeframes and the highest I ever used were Daily and this periodicaly just to check S&R. I never thought I would need to check weekly charts!

I ll start demo trading and maybe later real trading with microlots just for more realistic results.
Also since I m new to this thread, who is James16? Is there a website I can find...
Bundy's status today: "Waiting..."
  • #29,326
  • May 6, 2009 2:34pm May 6, 2009 2:34pm
Quoting DutchTrader
Rac, you're the man
Price has touched weekly (last touched back in September 08) and monthly (last touch Nov 08) 55 EMA, gets a strong bounce 70% of the time.
Money & Pain Respect the market, protect your capital, be patient
  • #29,327
  • May 6, 2009 2:50pm May 6, 2009 2:50pm
Quoting markmm
Im working full time so daily/weekly is perfect for me so little time is needed to look for potential trades, and as you say nothing screams out. I also want to get into a trade where I can ride it for maybe a week to get a good reward.
I'm with you there buddy
  • #29,328
  • May 6, 2009 3:20pm May 6, 2009 3:20pm
hey guys, what do you think of the euro?

price broke 50fib, TL, 150, PPZ, and 1.33 round number and now found support on all of them. I am looking at 61.8fib as the first target and 1.3480 as the second target.

Any comments?
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  • #29,329
  • Edited 9:04pm May 6, 2009 3:20pm | Edited 9:04pm
Quoting alter
Hello raczek
Why did you take fiber at 1.3360 which is 61.8 fib ret + solid resistance.
I thought you like 50% ret which would be at 1.3340 level + it is also kind resistance area.
In fact it has bounced from this level and went for about 60 pips before it went back up to your entry.
Thank you
alter
I sold it, not bought it.

1. good 4hr ppz@ 3370
2. it broke down and price retested area in the morning
3. it was also 50/61fib confluence
4. dow touched round number 8500 and good resistance at the same time
5. stress results to be announced tomorrow (all the good news is out?)
6. ECB announcement tomorrow (only gamblers will push fiber higher before it happens. Im not a gambler)
7. weakness on yen crosses. dow's up, yen unchanged (warning sign?)

What else can I put it... maybe just repeat myself again that j16 is a method NOT a system and you have to find something that works and use j16 to give more Power to what you already have.
That's it in a nutshell.

p.s.
1st lot was good for +80ps
2nd half stopped out +40
it's now a waiting game. cards are on ecb table
  • #29,330
  • May 6, 2009 3:26pm May 6, 2009 3:26pm
Quoting mea
Hi raczekfx
looks to me this turned into a loser ?

May I ask which MAs you use.
ty
mea
Mea- I'll tell you how I traded this set-up for profit. I took two short positions at the break of the pin. (7364) My take profit on the first position was 7344 for 20 pips. Then I moved my second position to break even. I was stopped out at my second position for 0 pips. Net profit 20 pips. Not much, but not a loss either. I hope this can give you some food for thought.

K.I.S.S.
  • #29,331
  • May 6, 2009 4:32pm May 6, 2009 4:32pm
I'll be watching the AUDUSD in the next few days as it nears the .7600 R/61 fib/365 EMA... this would be a nice place for a pin!
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  • #29,332
  • May 6, 2009 4:52pm May 6, 2009 4:52pm
It sure seems like it's been slim pickin's on finding great trades using PA on the daily and weekly charts recently. No May trades yet, which means no live trades yet. Still holding a few demo trades from mid/early April (GBP/CHF weekly BUOB (4/6) and NZD/CAD daily BEOB (4/14)).

Was tempted to add to the NZD/CAD tonight with the weak pinbar, but thought better of it.
- Rejected PPZ and close < open BUT...

- Not really a swing high to me.
- Some direct traffic to the right.
- Not long compared to other bars

It might work out, which would be great, since it would probably then reach my final TP (0.6680) on my open position...

Ah well... sometimes the best position for your account is no position...Wait for the best trades... only takes a few/month to reach a nice monthly return.

Josh
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  • #29,333
  • May 6, 2009 4:58pm May 6, 2009 4:58pm
Quoting frankm7
I'll be watching the AUDUSD in the next few days as it nears the .7600 R/61 fib/365 EMA... this would be a nice place for a pin!
This thing has just triggered a doulbe bottom

it's going to go through the bloody roof
  • #29,334
  • May 6, 2009 6:43pm May 6, 2009 6:43pm
Quoting frankm7
I'll be watching the AUDUSD in the next few days as it nears the .7600 R/61 fib/365 EMA... this would be a nice place for a pin!

yes is going to be a good place to watch. I actually played the bakeout-pullback off of the res. @0.73. with today BUOB it should be heading north around 0.77.

lets see what happen next...
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  • #29,335
  • May 6, 2009 7:08pm May 6, 2009 7:08pm
Quoting athan00
Hi!

I m also trading for almost 16 months now! First time I learned about forex is more than 18 months! Guess what... I m still loosing!!! I ve read books, ebooks, watched videos, tutorials, signed in educationals and signal services etc! And so far I m only loosing! I m actually almost ready to quit! Every trade I place is turning against me! I m starting thinking if I should start trading the other way of what I think!!!
Maybe is my psychology. Whenever I see loosing too many pips I exit the trade. I only trade small timeframes up to 15M.

So...
I know exactly what you are talking about, I have been at that point too,where I felt like I should probably trade in the opposite direction of where I wanted to trade, because as soon as I entered a trade, that would be the exact turning point where price started to reverse, so in a long trade, I would get in at the exact top, it was quite frustrating.
But I can tell you that I have been trading for almost 4 years now, spent several thousands of $$$ and blown 3 (minor luckily) accounts, and I am still not at a point where I can trade profitably on a consistent basis. At this point I am more of a 'Break even' trader, and have been at this stage for some time now, it seems like its quite hard to get over the last hump, to become a consistent profitable trader, but that's probably why so few get there. But I am sure that that is the story of most trades. I think that it is very few that's good at it right of the bat.
If it was easy, everybody would do it.

Good luck in your future trading.
You got to know when to hold them, and know when to fold them.
  • #29,336
  • May 6, 2009 7:30pm May 6, 2009 7:30pm
Quoting tormo
hey guys, what do you think of the euro?

price broke 50fib, TL, 150, PPZ, and 1.33 round number and now found support on all of them. I am looking at 61.8fib as the first target and 1.3480 as the second target.

Any comments?
i dont mean to be rude - but do you even know what this thread is about ??

How do u see pins/other pa on a line chart ??

  • #29,337
  • May 6, 2009 8:17pm May 6, 2009 8:17pm
Quoting ikki
I'll be watching.....
... just an observation.
.
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  • #29,338
  • May 6, 2009 8:46pm May 6, 2009 8:46pm
I see....

Thanks,

Quoting raczekfx
... just an observation.
.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,339
  • May 6, 2009 8:50pm May 6, 2009 8:50pm
Ive put myself in the penalty box for fumbling monsters over last 2 weeks havent placed a trade this week. Gettin my head right think I figured it out after much displaced energy its called PATIENCE read reread and read some more and its really simple when I step back Patience the ability to sit tight Livermore . Its really that simple!!! Trading with the trend 1 must really go against all human instincts fear greed etc look at the monster straight up! Flucuations shake the weak 2 really win 1 must overcome all this and sit tight and look at the big Picture!!! Really had my !st AAAH HA moment! Ephinany arent they great!! Finally!! Sorry mega burst of energy!!Back to earth dont think this puppy will look back I missed the bus could care less plenty more 2 come!! E/U 1.3300 magnetic or What??
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  • #29,340
  • May 6, 2009 9:46pm May 6, 2009 9:46pm
Hey J16 traders!

There is much chatter that the Australian employment numbers are a one month abberation.

Very nice looking doji here....
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"Timing Is Everything. Really I Swear It Is"
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