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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

  • #29,961
  • May 13, 2009 11:40pm May 13, 2009 11:40pm
Quoting LasVahGoose
Hmmmm.... I can't decide, take the break or wait for PA to form at the retrace around 50% or 61.8% Fib. and go long.... Daily Trend has been UP for 50 days or so.... Or do both?


Good point & nice chart Sir,
I have a indicator question.
I have not seen the 3 ducks, could you talk a little about them?
Thanks
John
  • #29,962
  • May 13, 2009 11:42pm May 13, 2009 11:42pm
LasVahGoose,
u could do both.
keep in mind aud already went down about 200pips. if 0.75 breaks convincingly, u can ride it until the move ends. it could precisely end in the Fib areas u've mentioned (or possibly prior these Fibs), with a PB perhaps. in that case, u get in, again, for the upmove.

daily & weekly charts of eur & aud seem to be strong, so the downmove in these two could be a short-term thing. seems it may take a few days/weeks for the 1.3730-50 area (eur) to break. This is just a scenario in my mind.. I still monitor the charts.
  • #29,963
  • May 13, 2009 11:45pm May 13, 2009 11:45pm
Quoting derondevoux
Good point & nice chart Sir,
I have a indicator question.
I have not seen the 3 ducks, could you talk a little about them?
Thanks
John

To be honest I don't trade it or use it anymore, I actually forget it is there. Do a search for it if you are curious and you should get a blog hit. I'd stick with the pure J16 stuff.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,964
  • May 13, 2009 11:48pm May 13, 2009 11:48pm
Hi Gov,
That 365 ema looks like about 100 pips apart, Iv'e added about that as a level to approximate the non sunday bar charts. btw can you tell me where the 365 is at the moment on your chart? I'll try and figure something....I've been using the 365, the usdchf was a classic example It provided resistance at the line early march and then support right up till last week where it was finally broken with gusto....(at least on my charts) on your charts I assume it oscillated back and forth, very interesting all the same.
Attached Image (click to enlarge)
Click to Enlarge Name: 365 ema USDCHF May. 14 14.46.jpg Size: 91 KB
Without women, money would have no meaning - Aristotle Onassis
  • #29,965
  • May 13, 2009 11:48pm May 13, 2009 11:48pm
Quoting supremeChaos
LasVahGoose,
u could do both.
keep in mind aud already went down about 200pips. if 0.75 breaks convincingly, u can ride it until the move ends. it could precisely end in the Fib areas u've mentioned (or possibly prior these Fibs), with a PB perhaps. in that case, u get in, again, for the upmove.

daily & weekly charts of eur & aud seem to be strong, so the downmove in these two could be a short-term thing. seems it may take a few days/weeks for the 1.3730-50 area (eur) to break. This is just a scenario in...

True, we do know the potential areas to look for PA... I think I need to stop over analyzing and try and keep it simple.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,966
  • Edited May 14, 2009 12:18am May 13, 2009 11:59pm | Edited May 14, 2009 12:18am
Which one's going to win the day here?
Weekly trendline down acting as support for a push higher or weekly PPZ with double top, 365ema, 38% fib, divergence and BEOB for back down south?

Steve.
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"The more I practice, the luckier I get." (Gary Player)
  • #29,967
  • May 14, 2009 12:08am May 14, 2009 12:08am
Quote
True, we do know the potential areas to look for PA... I think I need to stop over analyzing and try and keep it simple

LasVahGoose,
over-analyzing? u've got good company in me.
I used to do this. This thread has taught & is still teaching me to tone it down & keep things simple, & thus lesser stress/stress-free.
I'm relatively young, but it seems that, as with many things in life, keeping things simple really comes with age & experience.
I sincerely hope newer traders would learn from & heed this, & thus skip our mistakes & progress faster in this business.
  • #29,968
  • May 14, 2009 12:11am May 14, 2009 12:11am
Quoting mattfx
Hi Gov,
That 365 ema looks like about 100 pips apart, Iv'e added about that as a level to approximate the non sunday bar charts. btw can you tell me where the 365 is at the moment on your chart? I'll try and figure something....I've been using the 365, the usdchf was a classic example It provided resistance at the line early march and then support right up till last week where it was finally broken with gusto....(at least on my charts) on your charts I assume it oscillated back and forth, very interesting all the same.
G'day Matt

365ema on the audusd daily is at 7655.
With regard to the usdchf my 365 is tracking nearly identical to yours, but my 150 is quite similar to your 365 with 100???
I've read previously that the MA's alter depending on whether weekend bars are seperate or included in mondays bar. It makes sense that its going to be different when you add 1 additional bar (of information) every 5 to the ema calculation.
I only use the ema's at this stage to give confluence to PA.

Cheers, Gov
  • #29,969
  • May 14, 2009 12:15am May 14, 2009 12:15am
Quote
Weekly trendline down acting as support for a push higher or weekly PPZ with double top, 365ema, 38% fib, divergence and BUOB for back down south?

mrsingha,
make that BEOB steve.

I guess the latter will win, albeit very temporarily. some thoughts are in my previous (2nd to the last) post.
It's a guess, so let's see in a few days/weeks' time.
  • #29,970
  • May 14, 2009 12:19am May 14, 2009 12:19am
Quoting supremeChaos
mrsingha,
make that BEOB steve.
Whoops.
Thanks Chaos.
"The more I practice, the luckier I get." (Gary Player)
  • #29,971
  • May 14, 2009 12:33am May 14, 2009 12:33am
ok,

something silly..... who will be the first post on page 2000....
  • #29,972
  • May 14, 2009 12:38am May 14, 2009 12:38am
Quote
who will be the first post on page 2000
rustyjeff,
do u want to be the one?

the default seems to be 15 posts per page (for those who don't know.... default -- if u are not logged in; when u are logged in, # of posts per page may differ).

I'll post 12 more, so u'll be it. or u could wait for 12 individual/separate posters.
For sure people would scramble in to be the 1st post on page #2000, as we tend to love round numbers.
  • #29,973
  • May 14, 2009 12:43am May 14, 2009 12:43am
Quoting markmm
I put my order below .75, can you post a chart of the Trend line? I cant see it.
Sorry, I was sleeping
Attached Image (click to enlarge)
Click to Enlarge Name: aud-usd 13-05-09.gif Size: 27 KB
  • #29,974
  • May 14, 2009 12:46am May 14, 2009 12:46am
Quoting supremeChaos
rustyjeff,
do u want to be the one?

the default seems to be 15 posts per page (for those who don't know.... default -- if u are not logged in; when u are logged in, # of posts per page may differ).

I'll post 12 more, so u'll be it. or u could wait for 12 individual/separate posters.

no, not a desire but kind of a celebration.

i have been here a while & enjoy all that i have read. I have read this from the 1st post & will continue to read.

If I can contribute in a small way I will be happy....
  • #29,975
  • May 14, 2009 12:54am May 14, 2009 12:54am
Quote
no, not a desire but kind of a celebration.
i have been here a while & enjoy all that i have read. I have read this from the 1st post & will continue to read.
If I can contribute in a small way I will be happy....

rustyjeff,
indeed, a cause for celebration.
don't be silly, u should be happy. to me, u have contributed a lot. I just wish u'll get to have more time so u could post more & more.




ladies & gents,
i would like to enjoin u to answer (even just some) of the questions presented to us by ristab, about 24 hours ago.
it's very interesting for me to see traders' answers. waiting specially for answers of seasoned traders & most notably of Sir james16.
Thank you.

Quote
- How long do you typically spend trading per day?
- How many of those hours are actually spend in a trade?
- What do you do when you are not in a trade and there is no indication that you will enter one?
- How long did it take you to be consistently profitable?
- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?
- What do you think are the two most common mistakes that traders new to forex make?
-Why did you choose trading for a living?
  • #29,976
  • May 14, 2009 12:55am May 14, 2009 12:55am
Quoting deforexit
Sorry, I was sleeping
Wow, I didn't realize the .7500 level was such a major PPZ. I should have looked at the weekly. Looks like price has retested .7500 as support 3 times since the break north.

Which might mean it would have been a much stronger signal if the yesterday's BEOB closed below the .7500, instead of stopping like it hit the floor.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #29,977
  • May 14, 2009 1:04am May 14, 2009 1:04am
LasVahGoose,
alternatively, if u would look/have looked at volume in H1, we had several tests of 0.75 on lower volume. on H4 price has been knocking on 0.7500's door for about 12+ hours now.
So, unless a trader is not in yet with a short trade on aud (within the previous 200-pip downmove), it seems really prudent to get in a short trade below 0.75, concurring very well with the "sell below BEOB" strategy.

Jarroo's previous post seems to hold the key.

Quote
Beside a hard break of the BEOB, a hard break of the .7500 will also provide good confirmation.
  • #29,978
  • May 14, 2009 1:17am May 14, 2009 1:17am
Quoting supremeChaos
LasVahGoose,
alternatively, if u would look/have looked at volume in H1, we had several tests of 0.75 on lower volume. on H4 price has been knocking on 0.7500's door for about 12+ hours now.
So, unless a trader is not in yet with a short trade on aud (within the previous 200-pip downmove), it seems really prudent to get in a short trade below 0.75, concurring very well with the "sell below BEOB" strategy.

Jarroo's previous post seems to hold the key.
90pips would be nice
Attached Image
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  • #29,979
  • May 14, 2009 1:23am May 14, 2009 1:23am
Quoting supremeChaos
rustyjeff,
indeed, a cause for celebration.
don't be silly, u should be happy. to me, u have contributed a lot. I just wish u'll get to have more time so u could post more & more.




ladies & gents,
i would like to enjoin u to answer (even just some) of the questions presented to us by ristab, about 24 hours ago.
it's very interesting for me to see traders' answers. waiting specially for answers of seasoned traders & most notably of Sir...
i trade full time.
i average 4-6 hrs/day

I have no idea how many of these are spent in trades as i could be scalping or managing swings.

when not in a trade i am usually at the beach with my wife or sailing or fishing or.......


I am still trying to be more consistantly profitable..

skills that i think should be desired are patience, humility, confidence.. in that order....

most common misstakes...... thinking this is easy & will make me rich in 1 year.
listening to every guru & not doing the work/research that is required if you want to do this.....


I do this & started learning this years ago because my wife is from usa & i'm from aud, we travel alot & dont have a green card.
I have sailed all over the world for other owners & this is the only job that will let me do it on my own terms...
  • #29,980
  • May 14, 2009 1:26am May 14, 2009 1:26am
Quoting supremeChaos
rustyjeff,
indeed, a cause for celebration.
don't be silly, u should be happy. to me, u have contributed a lot. I just wish u'll get to have more time so u could post more & more.




ladies & gents,
i would like to enjoin u to answer (even just some) of the questions presented to us by ristab, about 24 hours ago.
it's very interesting for me to see traders' answers. waiting specially for answers of seasoned traders & most notably of...

- How long do you typically spend trading per day?

I glance when I have a chance but sit down and wait from 00:00GMT up to London open.

- How many of those hours are actually spend in a trade?

As long as it takes to make my 40-100 pips per day.

- What do you do when you are not in a trade and there is no indication that you will enter one?

Turn my screen off and do something active. Staring at price gets you making bad choices. My best trades have been within a few minutes of sitting down without having watched price in the last few hours.

- How long did it take you to be consistently profitable?

Or how much ... $3000.00. I was your typical newb.

- What do you consider to be the three most important skills that are necessary to become a consistently profitable trader?

Risk management.
Patience.
Buying at support, Selling at resistance.

- What do you think are the two most common mistakes that traders new to forex make?

Selling after price has already gone down and buying after price has always gone up. Buy dips and fade rallies.

Not learning to trade off the 4-hour and daily charts first before you decide to look at a 5 minute and think a doji star is a winner.

-Why did you choose trading for a living?

I do it as a hobby. I start medical school in the fall.
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