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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

  • #34,961
  • Jun 25, 2009 9:46am Jun 25, 2009 9:46am
Big Ben getting grilled. This is getting good...
Keep taking CT trades, I need more money
  • #34,962
  • Jun 25, 2009 9:50am Jun 25, 2009 9:50am
Quoting Ryanmcd
Big Ben getting grilled. This is getting good...
No joke. Ben looks to be getting a little hot under the collar. He is usually so even keeled.
  • #34,963
  • Jun 25, 2009 9:51am Jun 25, 2009 9:51am
Quoting raczekfx
1/3 off the table at 6275. 1/3 aimed @ 6030. remainder @ 1.5530
hard targets with stops at BE. I will add 1/3 back on PA pointing south.
this one has been good for me so far too. shorted one lot at .6450 ("rac attack") & shorted 2nd lot at .6350 (break of pin). closed 2nd lot at .6275 & sl at be for 1st. in a free trade & hoping for more. the only thing i didnt like about this setup was the traffic to the left, but since this pair is ranging & not able to break higher, the good-looking pb told me it was going back down. i felt confident about it at least going to between .6250-.6300 area. i should have closed the 2nd lot closer to .6250, but oh well.
one of the biggest things that i have learned here the past few months is patience & not worrying about missing trades. there will always be more. this past week i identified 2 good ones on the 4h. while i was honing down my entry, sl, & tp both of the trades took off w/o me leaving me behind. i knew better not to chase them, so i moved on. i longed the a/j pin from tuesday. was quick to move sl to b/e. should have got out when the first level of resistance was reached, did not, so it turned around & stopped me out at be. i dont mind this at all. much rather have a be than a loss. my frame of mind is more capital preservation that risk tolerance. i have learned so much here so thank you guys very much.
  • #34,964
  • Jun 25, 2009 9:54am Jun 25, 2009 9:54am
Quoting TotalNewbie
Thank you so much for th eencouragement. It's good to know that even the pros were where us newbies are once. I took the cable pin today and placed my stop at the top of a 4h bar. Got out with 40 pips at 1:1 R:R. I know its not much, but its better than BE so maybe I'm starting to make progress. Thanks again for the help.


I'm glad I could help TN.

It looks like you took the BarBreak off the hourly time frame, which is fine. But it works best with the same time frame that the setup was given.

You can even use 15 min Bar Break off the Daily setup which in this case was the same as the Hourly BarBreak. This may work on some setups, again depending on the quality.

Jim
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #34,965
  • Jun 25, 2009 9:58am Jun 25, 2009 9:58am
Quoting fishoutawata
No joke. Ben looks to be getting a little hot under the collar. He is usually so even keeled.
You think so? Always seems like a nervous wreck to me. I don't think I've heard as many voice crackles in a teenage boy then I have from him.
Btw, does anyone know where I could get some futures charts? My fxpro ones seem to have all broken, and this time the month didn't end either hehe
  • #34,966
  • Jun 25, 2009 10:03am Jun 25, 2009 10:03am
Quoting jarroo
I'm glad I could help TN.

It looks like you took the BarBreak off the hourly time fram ...
Jim
Almost spot on! I was aware of the same TF issue but I wanted to wait for 1.64 to be broken before entering. Again, this is probably a confidence thing. I just wanted to be absolutely sure before I pulled the trigger. I had 1.635 as the first minor PPZ so set my limit at 1.6355. I was able to walk away from this trade and when I came back from a game of tennis, I had 40 pips in the bag. Even though that only works out at around $30 it still felt pretty good.
  • #34,967
  • Jun 25, 2009 10:05am Jun 25, 2009 10:05am
Quoting Jlr
You think so? Always seems like a nervous wreck to me. I don't think I've heard as many voice crackles in a teenage boy then I have from him.
Btw, does anyone know where I could get some futures charts? My fxpro ones seem to have all broken, and this time the month didn't end either hehe
Haha your right about the way his voice cracks. To me i read his demeanor from those dead eyes of his.

I'm not sure if these charts will work for you but http://futuresource.quote.com has futures charts that are pretty decent.
  • #34,968
  • Jun 25, 2009 10:08am Jun 25, 2009 10:08am
Found this on a different thread I was reading. They are all pretty good (not all applicable trading in dailies), but #39 is gold. Jarroo mentions this often
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File Type: pdf 40 Bits Of Wisdom.pdf   97 KB | 1,578 downloads
  • #34,969
  • Jun 25, 2009 10:26am Jun 25, 2009 10:26am
Quoting fishoutawata
Haha your right about the way his voice cracks. To me i read his demeanor from those dead eyes of his.

I'm not sure if these charts will work for you but http://futuresource.quote.com has futures charts that are pretty decent.
Ya, not to shabby, thanks. Was hoping for something in trading platform form, but this works too.
  • #34,970
  • Jun 25, 2009 10:34am Jun 25, 2009 10:34am
Quoting Jduester
Found this on a different thread I was reading. They are all pretty good (not all applicable trading in dailies), but #39 is gold. Jarroo mentions this often
Thanks Jduester, some very important points to digest, especially No. 38 where you realise your real self is being revealed through your trading results .

Forexhen
Forget What You BelieveBelieve What You See
  • #34,971
  • Jun 25, 2009 10:41am Jun 25, 2009 10:41am
Quoting james16
chart
Indeed the book doesn't lie! Almost 100pips up from bounce of 23% fib level. Its times like these I wish I wasn't trading demo. But the humbling times, and they still do happen remind me that I should stick to demo'ing for while yet.
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non si dimentichi mai
  • #34,972
  • Jun 25, 2009 11:02am Jun 25, 2009 11:02am
Quoting Jlr
You think so? Always seems like a nervous wreck to me. I don't think I've heard as many voice crackles in a teenage boy then I have from him.
Btw, does anyone know where I could get some futures charts? My fxpro ones seem to have all broken, and this time the month didn't end either hehe
Poor Ben. He is a smart dude, and then he has to come in and answer to a bunch of ignorant A-Holes who built the structures that put us where we are today. He ought to start naming names...
I'm pretty much done with all this ...
  • #34,973
  • Jun 25, 2009 11:02am Jun 25, 2009 11:02am
Quoting 50pips
http://4.bp.blogspot.com/_Y1NsSzhuw-...6%2Buj%2Bw.jpg
hi 50pips, are you gonna expand a little??maybe a chart?? hehe
welcome from the shadows.
jon
PATIENCE... DISCIPLINE
  • #34,974
  • Jun 25, 2009 11:20am Jun 25, 2009 11:20am
They sure like to play games during the New York session . . . not in anything but just watching the clowns at the circus. For those that can day trade this madness, again my hats off . . .
"Don't trade to trade . . . trade to win." - James16
  • #34,975
  • Jun 25, 2009 11:30am Jun 25, 2009 11:30am
Quoting StoragePro
Poor Ben. He is a smart dude, and then he has to come in and answer to a bunch of ignorant A-Holes who built the structures that put us where we are today. He ought to start naming names...
I personally love to see him get drilled, makes for good tv, and also think hes doing a lousy job. Won't go to off topic though, would probably just make an ass of myself
  • #34,976
  • Jun 25, 2009 11:47am Jun 25, 2009 11:47am
Quoting Jlr
I personally love to see him get drilled, makes for good tv, and also think hes doing a lousy job. Won't go to off topic though, would probably just make an ass of myself
He's doing a wonderful job for the Fed shareholders, shame their goals and those of the Country and people don't coincide.
  • #34,977
  • Jun 25, 2009 11:48am Jun 25, 2009 11:48am
Short on the retrace of Wed PB.
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Never underestimate an idiot.
  • #34,978
  • Jun 25, 2009 11:51am Jun 25, 2009 11:51am
Still long GBP/JPY and AUD/JPY, not seein notin on the 4hr lunch time!
Keep taking CT trades, I need more money
  • #34,979
  • Jun 25, 2009 11:52am Jun 25, 2009 11:52am
Quoting Vourvoul
Hey Squeezy,

I don't like this setup for a few reasons. Textbookwise that is a BEOB but I prefer (as per J16) to have the close lower than the low of the previous bar.

Also, and I believe more importantly I don't see space for it to run. Potential areas of support are shown with the blue dotted lines (4H Chart) which are very close to the PA. That would mean moving stops to BE almost instantly after the break. (entry would be below the 96.00 level).

This pair has been moving in a range for quite some time and we are almost at the bottom of this...
Exactly my thoughts,

This setup was one of those where a quick break is what we really want. So since this was a 4H BEOB I would have liked a break of the BEOB low within the first hour at least. As vourvoul pointed out there was decent support at the 96 level a hint of which was provided from the failure of the BEOB to close near or at it's low.

As I see it the BEOB hasn't broken at all after 4 hours of forming and it confirms the setup not as a failure but rather a "momentum lacking" one, which can not be considered A+. It then comes down to your risk appetite which would be crucial in deciding whether you want to pull your order off or leave it waiting...

Regards,
Ghous.
I believe . . .
  • #34,980
  • Jun 25, 2009 11:56am Jun 25, 2009 11:56am
Quoting g_j_hook@yah
thanx Rac, i take it these are round number targets with a 30 pip buffer??

hey Ghous, nice trade mate do you ever trade these bars on different TFs??
cheers
jon
They've worked for me right from the weekly to the 1H. Again depending on the 3 prime factors (Shape, Space and Location) for their validity just like any other PA setup.

Cheers.
Ghous.
I believe . . .
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