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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

  • #35,921
  • Jul 2, 2009 10:48am Jul 2, 2009 10:48am
Quoting jarroo
Also, you can say that this consolidation area (in green) is hanging around what area? The .8500 level. So some solid PA on the Daily away from this area, may not be bad at all.

Sorry, it could have already happened. (BUOB on the Daily at .8500)
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Indicators show the past. Price Action "Indicates" the future.
  • #35,922
  • Edited 11:54am Jul 2, 2009 10:55am | Edited 11:54am
Quoting LasVahGoose
I'm still in this trade from 1.9062 level with a 100 pip trailing stop. 62 pips locked in on a full position.

It it comes back and takes out my stop, I'm happy with 62 pips. If it keeps going all the better. There is a lot of room to move down and, my opinion, price has shot up so hard and fast a good retrace is due. But we can never know for sure what is going to happen.

That is how I'm playing this one.
GBP/CAD
Price reversed at the 1.8800 level and took out my trailing stop at 1.8888. 174 pips banked out of a counter trend move.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #35,923
  • Jul 2, 2009 10:56am Jul 2, 2009 10:56am
anyone still holding the GBP/CAD?
maybe i should have taken my profits already but that daily pinbar setup the other day just looked too good to resist, i'm in this one for the long haul.
  • #35,924
  • Jul 2, 2009 11:12am Jul 2, 2009 11:12am
Quoting ghous
It get's so much easier when you can sit on your butts open and close your charts day after day simply because you have learned to patiently wait for the best of setups and comfortably pass all the others because they are not worth your hard earned money.

That said, here is the Aud/Chf weekly IPB (first trade in 15 days) doing good.

I normally like to take it all off at the IPB high/low but the highs around the 8600 level hint towards the existence of a ppz. I'll like take some off here and move my stop to BE thanks.

Regards,
Ghous.
Hi Ghous,
i'm with you in this trade.



Did you remember that i talked also about an IPB on EurAud? I didn't take it but if you look at the chart it finally worked out..!
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  • #35,925
  • Jul 2, 2009 11:19am Jul 2, 2009 11:19am
Quoting bobability
There you go, there's a lot of info on this chart, suck it up. You can succeed trading this way, it's piss easy.

Edit: There's even a trade I missed, can you spot it?

Please tell me if I'm out of order here but I'm not sure I get it after 2 reads of this stuff.

To me the chart you posted showed range-bound PA - there is no real trend and I would need to see the H4 to determine the major trend.

To me this is very similar to James methods but on the lower tf.

You are still trying to pick tops and bottoms but waiting for confirmation.

I also thought that the reason James concentrated on the higher tf's was so that he only needed to look at the charts maybe once a day.

I do agree that to trade as James does you need a larger account because you need wider stops on the daily - something that makes me a bit uncomfortable.

Apologies if this is a bit off base - just trying to understand.

Having said all that I still think this is a great idea.
  • #35,926
  • Jul 2, 2009 11:22am Jul 2, 2009 11:22am
Quoting dengzhi
anyone still holding the GBP/CAD?
maybe i should have taken my profits already but that daily pinbar setup the other day just looked too good to resist, i'm in this one for the long haul.
Still holding and micromanaging. We're at the 50% retracement from the initial fall, a bearish bar has come up on the hourly, and we are also at the test of the initial broken trendline. On a break, I'll be adding to the position. If not, I'm already at breakeven and waiting for the daily to close. This will tell whether or not to hold or close. you?
I dream, therefore I become.
  • #35,927
  • Jul 2, 2009 11:25am Jul 2, 2009 11:25am
Quoting dengzhi
anyone still holding the GBP/CAD?
maybe i should have taken my profits already but that daily pinbar setup the other day just looked too good to resist, i'm in this one for the long haul.

I with you. I entered on the 4hr beob so I have a little more BE wiggle room. I probably should have moved my stop but had some big distractions around here and was already in stress free BE mode...
  • #35,928
  • Jul 2, 2009 11:39am Jul 2, 2009 11:39am
Quoting bobability
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this, you don't need to stare at 30 fx pairs, 4 will do, or start with 1, you will still earn. All that large account bollox is demeaning really. You can start a micro account and build up my friends. I will gladly show James16 a better way to trade too, better money management, as I feel he could trade so much better if he let's go of the 'large account' mentality.

I was even thinking of starting some type of live trading arena. Will look into it if enough interest....

Teaching people to trade a daily or weekly time frame also allows for a person to learn. It gives them what they need - time and a safety net. It avoids the quick flame outs that happen on lower time frames.

Most people here simply do not have the time available to trade markets at lower time frames. They are busy making a living. The reality most face is that they cannot simply drop a job in favor of trading. So daily time frames and lots of pairs or multiple markets make it possible to slowly and effectively grow an account, and to learn in a safe manner
BTW - Jim does and has taught lower time frames.

Remember - you yourself came from a cottony safe place - a Fund. You got out on your own after you learned the ropes, hence the transition is far different for you than a new trader who just so happens to work a day job as a teacher, accountant or programmer.

I'll let Jim speak for himself, but this I do know - he knows what works for Jim.

I'd be interested in seeing what you do. There is always something new to learn. Mike suggested a new thread. I second that. It would be effective in teaching others how to successfully trade the market and would allow you to gauge interest.

I'd follow it.

Cheers!
I'm pretty much done with all this ...
  • #35,929
  • Jul 2, 2009 11:54am Jul 2, 2009 11:54am
Quoting dengzhi
anyone still holding the GBP/CAD?
maybe i should have taken my profits already but that daily pinbar setup the other day just looked too good to resist, i'm in this one for the long haul.

See my post #35839.

K.I.S.S.
  • #35,930
  • Jul 2, 2009 11:58am Jul 2, 2009 11:58am
Quoting supremeChaos
Ryanmcd,

Let's see how far bob wants to take this.
So it's ON?

K.I.S.S.
  • #35,931
  • Jul 2, 2009 12:03pm Jul 2, 2009 12:03pm
Quoting bobability
Just wondering why James16 hasn't taught all you guys lower time frame stuff like this, you don't need to stare at 30 fx pairs, 4 will do, or start with 1, you will still earn. All that large account bollox is demeaning really. You can start a micro account and build up my friends. I will gladly show James16 a better way to trade too, better money management, as I feel he could trade so much better if he let's go of the 'large account' mentality.

I was even thinking of starting some type of live trading arena. Will look into it if enough interest....

I'm in. Been at this J16 stuff for year or so now. I had enough time to play with small TF's. If I hadn't my PR would look better. Having said that, I have no reason not to continue with the lower TF's, I just might have been better waiting a little.


So let's continue learning

For me the hardest part is still exits. Are you just using PA to get out?
  • #35,932
  • Jul 2, 2009 12:07pm Jul 2, 2009 12:07pm
Quoting StoragePro
Teaching people to trade a daily or weekly time frame also allows for a person to learn. It gives them what they need - time and a safety net. It avoids the quick flame outs that happen on lower time frames.

Most people here simply do not have the time available to trade markets at lower time frames. They are busy making a living. The reality most face is that they cannot simply drop a job in favor of trading. So daily time frames and lots of pairs or multiple markets make it possible to slowly and effectively grow an account, and to learn in a...
Can always use jankones thread: http://www.forexfactory.com/showthread.php?t=163972

Probably similar to what you do, and no point creating a ton of threads. But if you want your own, go for it
  • #35,933
  • Jul 2, 2009 12:13pm Jul 2, 2009 12:13pm
My new deal, so far 0 losses in the last 6 trades
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Keep taking CT trades, I need more money
  • #35,934
  • Jul 2, 2009 12:24pm Jul 2, 2009 12:24pm
900 S&P broke, gogog US$ lol
Keep taking CT trades, I need more money
  • #35,935
  • Jul 2, 2009 12:31pm Jul 2, 2009 12:31pm
Quoting raczekfx
we're sitting on a daily SR once again with TL confl.
Up from here or down we break?
I'd expect a bounce. If dow and oil starts cutting back losses, fiber should easily move up till 41 at least, imho
Hey raczekfx

I saw you sell Eur today on that chart...and you were right. How come you went short after DBLHC?? I actually went Long and was stopped with some loss.

Thanks
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  • #35,936
  • Jul 2, 2009 12:43pm Jul 2, 2009 12:43pm
4h pinbar on fiber,
i like the location,that big round 140 number price keeps bouncing off, but the bar could be longer so has it bounced once too many?? price is in a fairly strong uptrend though and there is some bullish divergence on both macd and rsi. i see res. at 140.50 and 141 so it would have to be played pretty tight.
any feed back welcome
jon
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PATIENCE... DISCIPLINE
  • #35,937
  • Jul 2, 2009 12:45pm Jul 2, 2009 12:45pm
Quoting g_j_hook@yah
4h pinbar on fiber,
i like the location,that big round 140 number price keeps bouncing off, but the bar could be longer so has it bounced once too many?? price is in a fairly strong uptrend though and there is some bullish divergence on both macd and rsi. i see res. at 140.50 and 141 so it would have to be played pretty tight.
any feed back welcome
jon

Dono if this helps any but it does me so I will post it. I also watch the S&P and dow very close, if they sell off the US$ goes up MOST of the time, just something else to add to the mix, also tomorrow will be slow just a fyi.
Keep taking CT trades, I need more money
  • #35,938
  • Jul 2, 2009 12:56pm Jul 2, 2009 12:56pm
Quoting Ryanmcd
Dono if this helps any but it does me so I will post it. I also watch the S&P and dow very close, if they sell off the US$ goes up MOST of the time, just something else to add to the mix, also tomorrow will be slow just a fyi.
thanx Ryan,The time of day/week was also bothering me.
i had just pulled up an S&P chart after reading your post. these corrolations are something i am just begining to learn about and am in the process of re arranging my chart setups to accomodate it. i had thought to ask if you ever work it the other way around? i.e. if you get some good bullish pa on the currencies would you concider entering the indices? And i also wanted to ask why you dont simply trade the S&P or the DOW ??
cheers
jon
PATIENCE... DISCIPLINE
  • #35,939
  • Jul 2, 2009 1:01pm Jul 2, 2009 1:01pm
Quoting g_j_hook@yah
thanx Ryan,The time of day/week was also bothering me.
i had just pulled up an S&P chart after reading your post. these corrolations are something i am just begining to learn about and am in the process of re arranging my chart setups to accomodate it. i had thought to ask if you ever work it the other way around? i.e. if you get some good bullish pa on the currencies would you concider entering the indices? And i also wanted to ask why you dont simply trade the S&P or the DOW ??
cheers
jon

I did the S&P or spooz for years on the 3min charts and made good money, left when the range started to get 6 points lol and have been doing this now for a few years. I can trade any markets really it's all the same, this is new so I will do this for a while and ya I do mess with the S&P some from time to time
Keep taking CT trades, I need more money
  • #35,940
  • Jul 2, 2009 1:06pm Jul 2, 2009 1:06pm
Out of usd/cad + 3.7% flat for Friday and the weekend, everyone have a good 4th if that's your thing cya.
Keep taking CT trades, I need more money
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