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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

  • #35,421
  • Jun 29, 2009 9:20am Jun 29, 2009 9:20am
jplo,
imho, it's not in a good location.
gbp$ is & has been in a range for some time, as evidenced in your chart.

this may still be tradeable, but u must be aware of & quick to respond to the possible trouble areas below the PB.

Alternatively, u may want to wait for better trades tomorrow until Friday.
the markets are pretty quiet as is this thread today. not much news today for news readers/traders to pounce on.
  • #35,422
  • Jun 29, 2009 9:24am Jun 29, 2009 9:24am
Quoting jplo
Hi ,
What do you think guys about this GBPUSD 4H PB which has just closed?...
I think it is in a good location...
hi jplo, for what its worth,i think the bar is in a good location but is very small compared to the recent bars. it is also fighting the BUOB which formed the bar before and a lot of traffic. there is also a 38.2% fib at 1.6437 ,which has been very active lately,to contend with if it does break.
im not saying it wont work out but imo its definately one to play tight.
jon
PATIENCE... DISCIPLINE
  • #35,423
  • Jun 29, 2009 9:29am Jun 29, 2009 9:29am
Quoting supremeChaos
jplo,
imho, it's not in a good location.
gbp$ is & has been in a range for some time, as evidenced in your chart.

this may still be tradeable, but u must be aware of & quick to respond to the possible trouble areas below the PB.

Alternatively, u may want to wait for better trades tomorrow until Friday.
the markets are pretty quiet as is this thread today. not much news today for news readers/traders to pounce on.
Hi Supreme,
I meant by "good location" that it was placed just on the top boundarie of that range you pointed up....
I know it is not a "really" good setup, but as you say, market is quite strange today....
For sure I'm gonna wait until tomorrow for better posible setup, it was only to know your opinions about a PB placed on a boundarie in a range....
Knowing it is a risky setup, because range=traffic, do you take any of these PB anytime or avoid them always?
  • #35,424
  • Edited 10:09am Jun 29, 2009 9:59am | Edited 10:09am

jplo,
yes, it's on the top of that range. but, "good location", in this thread's terms, would mean PA in swing hi/low, &/or with confluences (PPZs, etc). we cannot/should not take all PAs (PBs) point-blank.

market is not strange. like i said, we lack substantial news today. news usually moves the markets. liquidity maybe thin & whipsaws rampant. apart from that, it's almost month AND quarter-end, meaning most may have exited positions &/or have avoided taking on new positions.

to be honest, i haven't looked much at many charts today, i only based my opinion on your chart, so my observation/opinion could be incomplete. g_j_hook@yah may have posted a better insight. lol

Quote
Knowing it is a risky setup, because range=traffic, do you take any of these PB anytime or avoid them always?
i'm not profitable as u might think, so I'm really not the best person to answer this. but to answer your Q, i have learned to avoid these types of setups (setups in a range, but not all i avoid; not all range setups should be avoided. Sir james16 mentioned this in a chart & his latest video at the guest area of their PF). At first glance on your chart, my initial response was not to take it (based on your chart & on the sentence above). like i said, i made an "incomplete" observation & this PB may still be tradeable/profitable.
To be on the safe side, if u think this is a risky setup, let it go & look for other better entries. we should always be mindful of which trades to take & which ones are risky/poor/not-so good setups.

Hope this helps a bit.




boxingislife,
i see u are online. Glad to see u, it's my first time to see u here.
Hope u post here too.

11.02pm (Local time; Asia)
  • #35,425
  • Jun 29, 2009 10:00am Jun 29, 2009 10:00am
Quoting Jduester
Can we PLEASE take these off topic posts to the members lounge....
this is what we will eventually have to do Josh...I guess....because of the exponential rise in the post rate in this thread, this is soon going to go out of reach for newbies...at least for most of them...

And I agree with you the thread should not loose it's basic discussion. Please guys enough off it, let's get back to what we do best

Regards,
Ghous.
I believe . . .
  • #35,426
  • Jun 29, 2009 10:05am Jun 29, 2009 10:05am
Quoting ghous
this is what we will eventually have to do Josh...I guess....because of the exponential rise in the post rate in this thread, this is soon going to go out of reach for newbies...at least for most of them...

And I agree with you the thread should not loose it's basic discussion. Please guys enough off it, let's get back to what we do best

Regards,
Ghous.
Oh!...this was my 2000th post.

Time's fleeting away I tell ya, Seems like only a few months when I made my first post here.

Damn I am going to be old sooner than I think.
I believe . . .
  • #35,427
  • Jun 29, 2009 10:08am Jun 29, 2009 10:08am
Quoting supremeChaos
jplo,
imho, it's not in a good location.
gbp$ is & has been in a range for some time, as evidenced in your chart.

this may still be tradeable, but u must be aware of & quick to respond to the possible trouble areas below the PB.

Alternatively, u may want to wait for better trades tomorrow until Friday.
the markets are pretty quiet as is this thread today. not much news today for news readers/traders to pounce on.

You beat me to this one and said pretty much exactly what I was going to. Although I did rip off a quick 3 lot profit on the previous two hour drop (short @ 6547 and out @ 6409), I'm still waiting for price to interact with the 6600 level to make any "longer" term entry decisions.

Still a wait and see game for me right now.
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Ghost Rider - WWTBMD?
  • #35,428
  • Jun 29, 2009 10:09am Jun 29, 2009 10:09am
Quoting ghous
Oh!...this was my 2000th post.

Time's fleeting away I tell ya, Seems like only a few months when I made my first post here.

Damn I am going to be old sooner than I think.

Congrats on #2000 ghous...
Ghost Rider - WWTBMD?
  • #35,429
  • Jun 29, 2009 10:10am Jun 29, 2009 10:10am
Quoting jplo
Hi ,
What do you think guys about this GBPUSD 4H PB which has just closed?...
I think it is in a good location...
Jon and Chaos both made great points...

I would just like to echo their sound advices,

mastering trades like these is really one of the last stages of gaining ultra expertise over this methodlogy. So this is also means these setups are "NOT" for the newbies,

But I won't contradict the idea of trying these on demo and learning from the failures while taking note of the winners.

Jplo you're right that for a ranging market the Pb is at a nice location, but again great care must be taken, betting real money over these setups at this stage will almost be suicidal.

Regards,
Ghous.
I believe . . .
  • #35,430
  • Jun 29, 2009 10:11am Jun 29, 2009 10:11am
Please, posts containing individual posting stats and discussing the age of the thread are just taking up room. How are the newbies to get through all this.
  • #35,431
  • Jun 29, 2009 10:16am Jun 29, 2009 10:16am
ghous,
like i said a little earlier, after your 1999th post, u are doing great. good 2000th post.



albchr,
Congrats on your green pips chris... u have been doing well Sir.



lol, ok this is for real... have a good one, everyone
  • #35,432
  • Jun 29, 2009 10:20am Jun 29, 2009 10:20am
Nice activity accross the JPY should be followed loosely.
  • #35,433
  • Jun 29, 2009 10:22am Jun 29, 2009 10:22am
Quoting joebryce
Please, posts containing individual posting stats and discussing the age of the thread are just taking up room. How are the newbies to get through all this.

I've read this thread in it's entirety 3 times now. It's not hard to spot the posts to skip. Just like this one....
Ghost Rider - WWTBMD?
  • #35,434
  • Jun 29, 2009 10:23am Jun 29, 2009 10:23am
Alexandra, Are you looking for opportunities to sell?


...exactly albchr
  • #35,435
  • Jun 29, 2009 10:32am Jun 29, 2009 10:32am
Quoting supremeChaos
SomTam,
as per james16 method, try this (below) to improve your strategy:
your rule 2 should be rule 1, & your rule 1 should be rule2.

& then your revised strategy should look like this:
rule 1 locate resistance & support levels, PPZs (on Daily, weekly, monthly charts)
rule 2 locate PA (Price Action) setups located on areas in rule 1 -- such as pinbar, BEOB, DBLHC, etc
rule 3 be aware of critical...
nice supreme a good "summary" of what we do

Mike
  • #35,436
  • Jun 29, 2009 10:50am Jun 29, 2009 10:50am
Quoting joebryce
Please, posts containing individual posting stats and discussing the age of the thread are just taking up room. How are the newbies to get through all this.
ok mate ,lets grow up please. i am also tired of reading peoples opinion on politics. we are here to learn how to trade!
i was waiting for you to get the last word in! please dont respond to this i am just (i feel) voicing the opinions of all those who have a hard time getting throught this thread or even just trying to keep up.
cheers
jon
PATIENCE... DISCIPLINE
  • #35,437
  • Jun 29, 2009 10:55am Jun 29, 2009 10:55am
lets see what happens....
it looks like it may close a BUOB for the day??
jon
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PATIENCE... DISCIPLINE
  • #35,438
  • Edited 11:38am Jun 29, 2009 11:20am | Edited 11:38am
Quoting joebryce
Alexandra, Are you looking for opportunities to sell?


...exactly albchr

Selling Yen if that's what you mean...long across the board for now on the various pairs....in MM mode for those.

It's EURUSD that has my attention now as it hits resistance.
  • #35,439
  • Jun 29, 2009 11:34am Jun 29, 2009 11:34am
Quoting jplo
Hi ,
What do you think guys about this GBPUSD 4H PB which has just closed?...
I think it is in a good location...
I don't have a 4hr pinbar on the netdania chart, what chart software are you using out of interest?
  • #35,440
  • Jun 29, 2009 1:13pm Jun 29, 2009 1:13pm
Quoting g_j_hook@yah
lets see what happens....
it looks like it may close a BUOB for the day??
jon
i guess she broke!!
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PATIENCE... DISCIPLINE
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