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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

  • #30,041
  • May 14, 2009 9:23am May 14, 2009 9:23am
Quoting bundyraider
Yeah, I was trying to keep the explanation clear.

I look for verification of my fibs.
If price is forming obvious flip levels (PPZs) around a particular fib study's levels (like a monthly waves fib), that's when I give it weight in my planning. I try to erase all fib studies that have no clear evidence of influence in my charts.

Verification is important (in ALL line studies). Otherwise you'd freeze up over the multitude of possibilities.
Totally agree Bunny, excellent concept, verification of fibs. Fib levels sometimes become PPZ's but we need to check that visually. Same with round numbers.
Economists have forecast 9 out of the last 5 recessions
  • #30,042
  • May 14, 2009 9:24am May 14, 2009 9:24am
Quoting g_j_hook@yah
and to the pip almost!!
lol.. if id known you were going to post an explanation i would have left it to you!!
thanx for the PM, im sure i will be wanting MORE MORE MORE!!!!!!
lol. only joking
cheers
jon
No your examples work well in conjunction with mine. I didn't go into the types you did. So it's good to see them in two different posts.
Bundy's status today: "Waiting..."
  • #30,043
  • May 14, 2009 9:27am May 14, 2009 9:27am
Quoting g_j_hook@yah
not sure what you are getting at here.
if i dont hit the mark let me know
im sure theres loads a stuff here at ff but if you google it you get tons of hits.
jon
Thanks so much , try understand that.
  • #30,044
  • May 14, 2009 9:32am May 14, 2009 9:32am
I hope I'm wrong for those of you shorting this pair but it looks to me like a bullish pin is forming on the daily off the 38.2% weekly fib. Still, some way 'til close yet.
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  • #30,045
  • May 14, 2009 9:34am May 14, 2009 9:34am
Quoting TotalNewbie
I hope I'm wrong for those of you shorting this pair but it looks to me like a bullish pin is forming on the daily off the 38.2% weekly fib. Still, some way 'til close yet.
I'm sweating bullets right now
  • #30,046
  • May 14, 2009 9:39am May 14, 2009 9:39am
A bullish pin on the 4h TF i think should not frighten a trader who is short on daily tf..or not? Yesterday we had a BEOB at swing high, with confluence of Fibo ret. Maybe this is only a retrace, and then we will finally see it going down...
  • #30,047
  • May 14, 2009 9:43am May 14, 2009 9:43am
it looks a bit worrying at first glance but price has just broke that little double top it made and is retesting the breakline.which ...seems... to be holding out. im inclined to think price is doing what it shoud be doing in some sense. and that is pretty good res it came off, plus the 365 ema on the daily tf. im not giving up on it just yet. time will tell us for sure soon enough though.
cheers
jon
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PATIENCE... DISCIPLINE
  • #30,048
  • May 14, 2009 9:43am May 14, 2009 9:43am
Quoting mattfx
Collect Your Trophy
if your trophy is not redeemed it will go to charity......

haha I bet when Jim made pg 1 if you said page 2000 he would have laughed so hard

  • #30,049
  • May 14, 2009 9:43am May 14, 2009 9:43am
Quoting TotalNewbie
I hope I'm wrong for those of you shorting this pair but it looks to me like a bullish pin is forming on the daily off the 38.2% weekly fib. Still, some way 'til close yet.
Hi TotalNewbie,

A bullish pin bar needs to be at a swing low and have space to move, before I would consider it to indicate anything. Even so, some trades are losers, but its a bit early to be calling this one a loser, also sitting watching price move up and down is a waste of time, wait till the bar closes at the end of the day, then decide.
Economists have forecast 9 out of the last 5 recessions
  • #30,050
  • May 14, 2009 9:46am May 14, 2009 9:46am
Quoting marcelnyo
I'm sweating bullets right now
If you were trading the daily formation with the appropriate position size for your account there's nothing to worry about in a retracement.

This my chart as I've been watching it. (Ugly too. So I'm off to bed. ...I like cleaner "alignments.")
There's a few retrace targets there as possibilities.

If you're trading the daily , live by the daily.
.
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Bundy's status today: "Waiting..."
  • #30,051
  • May 14, 2009 9:51am May 14, 2009 9:51am
Quoting bakko85
A bullish pin on the 4h TF i think should not frighten a trader who is short on daily tf..or not? Yesterday we had a BEOB at swing high, with confluence of Fibo ret. Maybe this is only a retrace, and then we will finally see it going down...
I was looking at the 4 hour yesterday while in a daily trade, and asked the same question. Response was to ignore 4 hour as it might cause early exit of a trade.
Economists have forecast 9 out of the last 5 recessions
  • #30,052
  • May 14, 2009 9:54am May 14, 2009 9:54am
Quoting bundyraider
If you were trading the daily formation with the appropriate position size for your account there's nothing to worry about in a retracement.

This my chart as I've been watching it. (Ugly too. So I'm off to bed. ...I like cleaner "alignments.")
There's a few retrace targets there as possibilities.

If you're trading the daily , live by the daily.
.
I do trade with the appropriate position size, what made me worry is that if this trade goes bad, it will break my-since february-winning streak from daily/weekly TFs... It'll make me go through recovery process by backtesting again...

All I can do now is wait...
  • #30,053
  • May 14, 2009 9:58am May 14, 2009 9:58am
4h au/cad BUOB breaking hard, should be interesting to watch.
PATIENCE... DISCIPLINE
  • #30,054
  • May 14, 2009 9:59am May 14, 2009 9:59am
Quoting marcelnyo
I do trade with the appropriate position size, what made me worry is that if this trade goes bad, it will break my-since february-winning streak from daily/weekly TFs... It'll make me go through recovery process by backtesting again...

All I can do now is wait...
You can't let one loss shake you out of everything you have worked for. That is why evaluate your trading on a bigger scale. This is one of the reasons James describes doing things in blocks of 3 months. It is fantastic advice, to help one not take a loss and switch up everything they know.


Mike
Ps just responded to your email!
  • #30,055
  • May 14, 2009 10:11am May 14, 2009 10:11am
Quoting mbqb11
You can't let one loss shake you out of everything you have worked for. That is why evaluate your trading on a bigger scale. This is one of the reasons James describes doing things in blocks of 3 months. It is fantastic advice, to help one not take a loss and switch up everything they know.


Mike
Ps just responded to your email!
Yup, I've read your reply and it is exactly what I expect you would say mike, some part of me made me think I'm starting to reach the so called consistency, it's quite true that this year is a great pivotal point for my trading experience, I really have to start listening to myself rather than worrying what other people might do, but yet I think every beginnner needs a role model to start with (thinking : "what would mike do?")

I really have to go back to fiji's article and recollect.

Meanwhile, let's just "Hope" this AUDUSD trade works out

Thanks a lot
  • #30,056
  • May 14, 2009 10:12am May 14, 2009 10:12am
AUD/USD burned me. I had a 50 pip SL and i entered the trade on the break of the daily BEOB.
  • #30,057
  • May 14, 2009 10:15am May 14, 2009 10:15am
Quoting dengzhi
AUD/USD burned me. I had a 50 pip SL and i entered the trade on the break of the daily BEOB.
Hey D

I have to be honest here. You need to have a better game plan then a 50 pip sl on a daily bar that is 250+ pips. I understand wanting to minimize the S/L for a bigger position, but remember it needs to be logical as the market doesn't care what fixed number you pick. Looks like the pair moved 20+ pips then, so your stop should have been to b/e if you are using such a small stop loss.

Again this isn't meant to say some might not use some small stops, but logically if you are looking to be more aggressive, use some close s/r, or a fib, or something more technical in nature to base your stop on.

Hope that makes sense
Mike
  • #30,058
  • May 14, 2009 10:30am May 14, 2009 10:30am
Quoting marcelnyo
I'm sweating bullets right now
I heard Jim say that in one of his videos? Is that where you got it Marcelyno? Its a great saying wonder where it originated.
Economists have forecast 9 out of the last 5 recessions
  • #30,059
  • May 14, 2009 10:32am May 14, 2009 10:32am
Quoting mbqb11
Hey D

I have to be honest here....
Mike,
it wasn't totally a random 50 pip SL, but i did want to keep my SL at 50pips or lower, and i saw the close and open on daily bars (IBFX) 5/7 and 5/8 were at about .7550, and the daily low on 5/11 and 5/12 were also around .7560, so I thought it might be a decent place.. but yeah it's more like i already had in my mind a set SL and i was just looking to fit the graph to my desired static SL. (can't post chart now)

thanks for the advice!

-DZ
  • #30,060
  • May 14, 2009 10:32am May 14, 2009 10:32am
Quoting markmm
I heard Jim say that in one of his videos? Is that where you got it Marcelyno? Its a great saying wonder where it originated.
hehe, you are definitely not American
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