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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

  • #29,601
  • Edited 1:34am May 11, 2009 1:10am | Edited 1:34am
LasVahGoose,
yes... it goes without saying that there are certain REAL/LIVE account situations that are unavailable/lacking in demo.


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Personally, I consider a $50 - $100 account trading nano lots 'a demo account' with the added benefit of some real psychology.This is more like sparring because you feel it, but you don't really get hurt.
You are talking of traders' individual perceptions/viewpoints/perspectives here... This is very understandable, to some $50-100 "would not hurt", but (if we are compassionate enough to think about the general global financial situation) to a greater majority(of traders, & specially of people around the world) it does hurt. Having said that, a scar is a scar, a bruise is a bruise, a minor cut is still a cut, so losing $50 - $100 (or even just $1) is still a loss.



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My take on the James16 method saying demo for 3 months of consecutive gains is so that you learn the mechanics of identifying PPZ's, price action, etc, etc and execute the trades correctly so it gets ingrained and becomes a good habit, the 3 months of demo is not there to assist with psychology. That is why the next step is go in 1/2 your stake. That is when the real trading starts.
Agree
  • #29,602
  • May 11, 2009 1:39am May 11, 2009 1:39am
Hi all, I have glimpsed this thread on FF homepage for the last 8 months and did not take a look until the past weekend. Of course i had to keep reading page after page.

Anyway. If i knew then what i know now (since reading the thread) I would have definitely traded this. I think is the A-setup James has always talked about. Not being in the open with a shotgun but in the bushes with a rifle.

Correct me if I am wrong anyone but 139.00 was a HUGE price to go long at.

4 Fib levels overlapped PERFECTLY there, the DAILY S2 PIVOT, the fact that it has been a KNOWN DOUBLE-ZERO SUPPORT for a long time (since last year) as well as PRICE ACTION confirmation with a pinbar setup.
I know this trade has passed but I am just checking with the members of the thread to see if my analysis is correct.

Wish i knew this earlier but there will always be many more.
Thanks to the starter of this thread.

Who would imagine that a person new to the thread wud start reading the entire thread with posts 4 years old? Yup i am at page 40 and I'm learning.

Thanks again James16.
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  • #29,603
  • May 11, 2009 1:59am May 11, 2009 1:59am
Hwd,
looking exclusively at your chart, the upmove after the fairly huge PB (April27?) is the entry. i think if u look at H4 during that time, u'll have a chance at an earlier entry. There's indeed traffic around 139.50-141.50 that stalled the downmove for good, creating a swing low(& PB).


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Who would imagine that a person new to the thread wud start reading the entire thread with posts 4 years old? Yup i am at page 40 and I'm learning.

This is a given, i believe. Many would imagine/expect every reader of this thread (all threads for that matter) to read from the start(pay special attention to links on Post#1 & get to know the generous&seasoned traders here). & Learning is a universal, continuing process.
Welcome & good luck!
  • #29,604
  • May 11, 2009 1:59am May 11, 2009 1:59am
Quoting Hwd
Hi all, I have glimpsed this thread on FF homepage for the last 8 months and did not take a look until the past weekend. Of course i had to keep reading page after page.

Anyway. If i knew then what i know now (since reading the thread) I would have definitely traded this. I think is the A-setup James has always talked about. Not being in the open with a shotgun but in the bushes with a rifle.

Correct me if I am wrong anyone but 139.00 was a HUGE price to go long at.

4 Fib levels overlapped PERFECTLY there, the...
Welcome to the thread hwd. Excellent decision to read the entire thread from beginning to end! You won't ever look back.

Yep, the GBPJPY trade you mentioned as well as the EURJPY trade on the same day were some quality setups, a lot of folks on here took these trades and made some good pips. It's all about setting up your charts and having the patience to wait for quality setups like these to come to you. Rifle shots

Good luck with your journey through this thread and shout if you have any questions. There are plenty people on this forum willing to help ..... including some of the old senior members who you will see posts from in the beginning of the thread.

Cheers,
MM
  • #29,605
  • May 11, 2009 2:01am May 11, 2009 2:01am
A good way I've found of ramping up the pressure a little on demo trading, in order to add some real-money type pressure, is to run a live, time-stamped blog of your trading. It's surprising how quickly, after inviting your friends and family to observe, you learn to tighten up your entries.
Just a thought.
  • #29,606
  • May 11, 2009 3:13am May 11, 2009 3:13am
MinceMeat,
Awesome sig. there ---
"'Study the past, if you would divine the future'
Confucius, c.550-c.478 BC, Chinese philosopher "
U have silently joined the discussion with that signature.



Interceptor,
"monitored accountability" method. That is 1 good way to do it.
  • #29,607
  • May 11, 2009 3:20am May 11, 2009 3:20am
Quoting supremeChaos
MinceMeat,
Awesome sig. there ---
"'Study the past, if you would divine the future'
Confucius, c.550-c.478 BC, Chinese philosopher "
U have silently joined the discussion with that signature.
Lol, I was going to join in on the discussion but didn't think there was much more I could add that you guys didn't.

Enjoy your posts bud, keep em up!

Cheers
MM
  • #29,608
  • May 11, 2009 3:39am May 11, 2009 3:39am
N/J - Double Top @ PPZ + MACD Divergence. I'd like to see it break those old tops. Looks more interesting on the 4HR chart.


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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,609
  • May 11, 2009 3:45am May 11, 2009 3:45am
Quoting LasVahGoose
N/J - Double Top @ PPZ + MACD Divergence. I'd like to see it break those old tops. Looks more interesting on the 4HR chart.


.
I'm monitoring how it developes. On the 4h tf on my feed there is actually a nice BEOB; on daily we've a big divergence & double top as you have already noticed.
  • #29,610
  • May 11, 2009 3:50am May 11, 2009 3:50am
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Thought this was an ok play. Gap up, gap fill, consolidation on daily PPZ, then a break through with almost a bearish outside bar. Put my S/L above the 134 PPZ and took half as it started to pull away from first T/P area. Stop on 2nd half at B/E. Any thoughts, ok play?
  • #29,611
  • May 11, 2009 3:53am May 11, 2009 3:53am
Quoting bakko85
I'm monitoring how it developes. On the 4h tf on my feed there is actually a nice BEOB; on daily we've a big divergence & double top as you have already noticed.

Here is the 8HR on IBFX. Looks even better. Only problem is, lots of places for price to stall.


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Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,612
  • May 11, 2009 3:56am May 11, 2009 3:56am
Quoting Jlr
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Thought this was an ok play. Gap up, gap fill, consolidation on daily PPZ, then a break through with almost a bearish outside bar. Put my S/L above the 134 PPZ and took half as it started to pull away from first T/P area. Stop on 2nd half at B/E. Any thoughts, ok play?
If you made money it's a good play. You chart looks very similar to my chart on the 1HR.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,613
  • May 11, 2009 3:59am May 11, 2009 3:59am
Quoting LasVahGoose
If you made money it's a good play.
Not if it fails 60 percent, and I caught the 40 At the present time tho, no complaints
  • #29,614
  • May 11, 2009 4:00am May 11, 2009 4:00am
Below there is my chart: very important BEOB. In the yellow zone i underlined trouble zone on the 4h time frame, imho.
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  • #29,615
  • May 11, 2009 4:02am May 11, 2009 4:02am
Lots of talk about demo accounts, psychology etc these last couple of days, interesting and thought provoking as pretty much most things discussed here are.
One thing I did read elsewhere over the weekend was with regard to going full time trading. The question was "based on your track record up to now, would you hire you to make money in the future?"
The article also delved into the fact that you need to have an extremely strong financial position ie: be debt free, have at least 12 months of living expenses capital in a seperate account and have alternate income streams.
IMO all things to make it easier to carry out the J16 rules.

Anyway enough on that.

One of the trades I couldn't take late last week was on the EURAUD. The bar on my trading platform didn't close as a PB. Friday's PA has created a IB and I still see it as a viable trade. Trading the long break of the preceding bar to the IB. Confluence 1.7650 area tested, also this area is at 61 monthly fib ret july 07-oct 08 also bullish divergnce on MACD.
Buy at 1.7843 Stop at 1.7640 TP 1.7970.
1 position, not trying to get too fancy yet. That can come later.
BTW demo only.

Gov
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  • #29,616
  • May 11, 2009 4:09am May 11, 2009 4:09am
Quoting Gov
Lots of talk about demo accounts, psychology etc these last couple of days, interesting and thought provoking as pretty much most things discussed here are.
One thing I did read elsewhere over the weekend was with regard to going full time trading. The question was "based on your track record up to now, would you hire you to make money in the future?"
The article also delved into the fact that you need to have an extremely strong financial position ie: be debt free, have at least 12 months of living expenses capital in a seperate account and...
I'm a bit freaked out reading that, as it's more or less word-for-word and pip-for-pip my own position!
  • #29,617
  • May 11, 2009 4:09am May 11, 2009 4:09am
Quoting bakko85
Below there is my chart: very important BEOB. In the yellow zone i underlined trouble zone on the 4h time frame, imho.
Yeah, I see price in an short term Uptrend, so this down move I would guess is a retrace, maybe back down a little before testing the 60.00 level again. Who knows, I guess all I can do is play the price action at the key levels.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,618
  • May 11, 2009 4:28am May 11, 2009 4:28am
Quoting Interceptor
I'm a bit freaked out reading that, as it's more or less word-for-word and pip-for-pip my own position!
Good for you! if I understand you correctly?

Cheers, Gov
  • #29,619
  • May 11, 2009 4:50am May 11, 2009 4:50am
Quoting fxprocessor
As it turns out I like the way that price has reacted to this setup and have sold with a view to holding into next week.

TP is the previous swing low.
Have taken partial profits and stop now at BE.

I wouldn't be suprised if it's another week or so before another good setup comes along but it will and I will be waiting patiently.
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  • #29,620
  • May 11, 2009 5:09am May 11, 2009 5:09am
Fxp, I'm still in the EURGBP with half profits taken at 1st TP and the 2nd half is now at BE.

In hindsight the GBPCHF trade was a better one in my opinion but this one still worked out. Good choice!
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