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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

  • #37,061
  • Jul 9, 2009 11:45pm Jul 9, 2009 11:45pm
Quoting joelcf
This is the pin I am watching for too.

Stops are pretty huge though >:/

GBPJPY Daily pin (2d)
Nose to 146.76
Break at 152.35
Entry Target 152.45

Potential roadblocks: 152.84(ish) 200EMA
155.10 - big s/r ppz (daily), 61.8 retrace of last big move down

Potential stops:
149.90: r=255 - below big PPZ, 150.00 huge level, 38.2 retrace, H4 pin nose
149.40: r=305 - below 50% retrace
148.80: r=365 - below 61.8 retrace, H4 pin break, 23.6 retrace of last move
146.86: r=559 - below nose (10 pips)

Notes:
@1300: has retraced to the 23.6, formed...
Very nice joel.

The size may also work in your favor and break through some of your concerns.
Indicators show the past. Price Action "Indicates" the future.
  • #37,062
  • Jul 10, 2009 12:13am Jul 10, 2009 12:13am
Quoting ghous
Yes,

But in the context of your post nothing is simple then, because everything no matter how simple would require a skill to be mastered.

Perceiving the difficulty of the skill is up to you. So is waiting for an A+ trade at a prime location as Chris mentioned difficult? Your answer might differ from someone else's.

So in a nutshell of coarse trading is easy...when you know how to do it, just like everything else, and Chris was trying to outline this very thing.

Regards,
Ghous.
exactly, "when you know how to do it, just like everything else, and Chris was trying to outline this very thing."
everything in life is easy then
  • #37,063
  • Jul 10, 2009 12:13am Jul 10, 2009 12:13am
Quoting g_j_hook@yah
hi rossbennett, becarefull here mate, i think he only plays these crappy bars with the trend. im sure he'll correct me if im wrong though??
thats not to say they are not worth researching though.
jon

True and now on the 5min I run different risk for different times, I have one setup that works about 30% BUT my risk is 3 pips, target is 21 so it's 7:1, right now I am doing the small PB's on the 5min with 5 pip risk 20 target so I can lose 50-60% of the time and do well, sometimes I win 50-60% so it works well.
Keep taking CT trades, I need more money
  • #37,064
  • Edited 2:02am Jul 10, 2009 1:37am | Edited 2:02am
Here's a gj alternative view.
with 3 recent Fibs, 2 medium/long-term Fibs & a channel/Trendline.

1st chart gj H4
brown box highlights price touching ascending trendline/channel,
with triple Fib confluence
(fib from high of June30 -the CHOCOLATE Fib,
fib from the high of July 3 --VIOLET Fib, &
fib from the high of July7 -GREEN Fib, to the latest lows).
dodger blue horizontal lines are "minor" PPZs

2nd chart gj Daily
shows the ascending trendline/channel which just got broken.
i intentionally placed two sets of parallel lines (dodger blue & pink) to show that wherever u put the trendlines, it's all good. it got broken July8 & tested yesterday.

3rd gj weekly
shows 2 medium/long-term Fibs (DOTTED FIBS, from all time highs in July20'08 & lower swing hi @ Sept21'08), & PPZs (turquoise horizontal lines)

the lines & colors must be confusing. lol
but i hope u get the picture/perspective.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj h4 zoomed jul10'09.gif Size: 30 KB
Click to Enlarge Name: gj daily jul10'09.gif Size: 27 KB
Click to Enlarge Name: gj w1 jul10'09.gif Size: 25 KB
  • #37,065
  • Edited 1:57am Jul 10, 2009 1:51am | Edited 1:57am
Quoting supremeChaos
Here's a gj alternative view.
with 3 recent Fibs, 2 medium/long-term Fibs & a channel/Trendline.

1st chart gj H4
With 5 sets of fibs (so, 20 lines), 6 (or 8?) ppz/sr levels, a few round numbers AND 4 channel lines, I would be amazed if a bar didnt bounce off something on your chart!

I do agree that g/j could definitely just be retracing the big fall and about to head south.. depends whether it clears the 150.00 level (which should see it test 149.00, then maybe the low of the pin around 146.70) or bounces back and breaks through 152.40ish.

edit: it is dropping like a stone atm.
When you have to shoot, shoot. Dont talk.
  • #37,066
  • Jul 10, 2009 2:00am Jul 10, 2009 2:00am
joelcf,
that's the power of confluence. lol
actually, the 3 recent fibs, i only plotted them after i saw the posts about gj's 2day PB. as i "envisioned" a possible Fib "getting hit". & there indeed was a Fib that got hit (which turned out to be 3 Fibs).

the 2 long-term fibs, the PPZs, trendlines/channel have all been plotted way before in my demo chart. (the FXPro charts i posted above)

I had a sell at 151.53 earlier at my demo XTB MT4. 1position just hit my intended quick target at 150.70. the remaining position i'll try & target for 145- 147 area & probably below.

Hope i can create/accumulate a bigger account soon, so i can take advantage of gj's moves in a real account.
  • #37,067
  • Jul 10, 2009 2:02am Jul 10, 2009 2:02am
Quoting supremeChaos
Here's a gj alternative view.
with 3 recent Fibs, 2 medium/long-term Fibs & a channel/Trendline.

1st chart gj H4


2nd chart gj Daily

3rd gj weekly
I still find nothing wrong with the Gj daily IB for a long signal, with the current daily trend, great shape (bullish look) at a fib confluence.

Yes on the weekly we're headed against the overall down trend but the 150 level cannot be ignored and again nothing abt a down trend can keep it safe from being abolished,

Let's see what time reveals.

Ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: gj daily.gif Size: 19 KB
Attached Image
I believe . . .
  • #37,068
  • Jul 10, 2009 2:08am Jul 10, 2009 2:08am
im adding to my long on the GBPJPY (from the 4hr pin) at the break of the 2day pin... lets see if it gets taken up
Grabbing the bull by the horns!
  • #37,069
  • Jul 10, 2009 2:12am Jul 10, 2009 2:12am
Quoting dengzhi
i beg to differ..
have you read "The Outliers" by Malcom Gladwell?
well neither have i.. but one of the points he tries to make is the 10,000-hour-rule, meaning if you spend 10,000 hours at anything you are most likely going to get good at it..
And if you figure you spent 8 hours a day 5 days a week it would take almost 5 years to reach 10,000 hours. I think what he was saying is 10,000 hours to become a 'PRO' at what your doing, naturally you can be 'good' with less.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #37,070
  • Jul 10, 2009 2:24am Jul 10, 2009 2:24am
Quote
im adding to my long on the GBPJPY (from the 4hr pin) at the break of the 2day pin.....

whitegoodman,
what broker (& time if possible) is this 4hr PB found? demo MT4?
Thanks!
  • #37,071
  • Jul 10, 2009 2:31am Jul 10, 2009 2:31am
Quoting supremeChaos
whitegoodman,
what broker (& time if possible) is this 4hr PB found? demo MT4?
Thanks!
Presumably this one (this is an ibfx feed).

I missed this - being on the other side of the world can be inconvenient at times!

Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy h4.gif Size: 14 KB
When you have to shoot, shoot. Dont talk.
  • #37,072
  • Jul 10, 2009 2:45am Jul 10, 2009 2:45am
Quoting Ryanmcd
True and now on the 5min I run different risk for different times, I have one setup that works about 30% BUT my risk is 3 pips, target is 21 so it's 7:1, right now I am doing the small PB's on the 5min with 5 pip risk 20 target so I can lose 50-60% of the time and do well, sometimes I win 50-60% so it works well.
thanx for the confirmation. When you say you run different risk for different times, could you elaborate on that? i guess you mean different sessions ,i.e. assian sess. v gb/eu sess? this is something which interests me, i have noticed price react to 6am (eu time)quite often, and to this day i dont know why?!?!
btw do you/have you ever traded 15 min charts?? if so how did you find them?

cheers
jon
PATIENCE... DISCIPLINE
  • #37,073
  • Jul 10, 2009 2:48am Jul 10, 2009 2:48am
Quote
I still find nothing wrong with the Gj daily IB for a long signal, with the current daily trend, great shape (bullish look) at a fib confluence.

ghous,
yes nothing wrong with the 2-day PB in gj. it is still plausible.
if this is the case, then we are possibly retracing yesterday or the other day's huge daily candle, before heading up.

my only concern in the upside is, there's, currently, no demand to breach the 152 -152.50 area. we stalled in that area, so i shorted gj.
I expect traffic in 150 -150.50 area, hence i exited 1 position at my 150.70 target (mentioned in previous post).
I expect the 149 -150 area (or 149.50 -150.50) to be the critical point.
Then possibly the Fibs in your chart & mine above.

I forgot to mention the MAs. 365ema on H4 at 152.60, 200ema on Daily 152.91.

btw, thanks, your chart reminded me of that 2 fibs. i failed to include them in my above charts.
  • #37,074
  • Jul 10, 2009 2:54am Jul 10, 2009 2:54am
Quote
Presumably this one (this is an ibfx feed).
I missed this - being on the other side of the world can be inconvenient at times!

joelcf,
thanks for the chart.
hey, im from Asia too. im just -2 or -3hrs late vs. your time.
I just try to be up as much as i can. lol
& yes, we always hear that....
there's always a trade right around the corner.



Quote
....When you say you run different risk for different times, could you elaborate on that? i guess you mean different sessions....
g_j_hook@yah,
i think he meant risks taken are unique for every timeframe that he trades on: smaller risks/ stops on smaller TFs (like M5), etc...
for example, In his quote "....I am doing the small PB's on the 5min with 5 pip risk 20 target..."
  • #37,075
  • Jul 10, 2009 3:20am Jul 10, 2009 3:20am
Here's my thread, it's been moved from Interactive trading to Rookie discussions for some reason unknown to me.


http://www.forexfactory.com/showthread.php?t=181739
Be and do the opposite to what people expect.
  • #37,076
  • Jul 10, 2009 3:35am Jul 10, 2009 3:35am
Quoting supremeChaos
joelcf,
thanks for the chart.
hey, im from Asia too. im just -2 or -3hrs late vs. your time.
I just try to be up as much as i can. lol
& yes, we always hear that....
there's always a trade right around the corner.




g_j_hook@yah,
i think he meant risks taken are unique for every timeframe that he trades on: smaller risks/ stops on smaller TFs (like M5), etc...
for example, In his quote "....I am doing the small PB's on the 5min with 5 pip risk 20 target..."
ahha, you could be right SC. cheers
jon
PATIENCE... DISCIPLINE
  • #37,077
  • Jul 10, 2009 3:44am Jul 10, 2009 3:44am
Quoting Bobstar
Here's my thread, it's been moved from Interactive trading to Rookie discussions for some reason unknown to me.


http://www.forexfactory.com/showthread.php?t=181739
Quote
I don't want to be a hero, I have made it in monetary terms, now I want to do some good in this world, this way I see everyone wins.
Quote
I'm going to be upfront with you now, I will teach you basics here, you will make money, but if you want to be taught in a realtime enviroment I'm going to at some point in the future open a live traderoom, in there will be charts and live commentry, this I will charge for, you will get a reduced trial, if you don't like making money, then sure, don't carry on, go back to pretty charts and BS free BB talk, ye, some people are actually SCARED of making money, I will show you how to get through this too.
After all the posts about money!!?? hehe
would you buy a used car from this guy??
jon
PATIENCE... DISCIPLINE
  • #37,078
  • Jul 10, 2009 3:59am Jul 10, 2009 3:59am
Quoting g_j_hook@yah
After all the posts about money!!?? hehe
would you buy a used car from this guy??
jon
Yea I saw that too but didn't want to even acknowledge it here...LOL

My first, "set it up and go to bed" trades that actually worked. A nice 4H pin on EU. Took half at 3900.....

Be interesting to see if it can break 3900 but at this point, who cares...LOL

Set one up on GU as well after a nice bounce off the 6380 S/R. This one might get stopped out but at least I'm Be+ on it.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu 4h.gif Size: 29 KB
Click to Enlarge Name: gu4.gif Size: 25 KB
Ghost Rider - WWTBMD?
  • #37,079
  • Jul 10, 2009 4:56am Jul 10, 2009 4:56am
Quoting albchr
Yea I saw that too but didn't want to even acknowledge it here...LOL

My first, "set it up and go to bed" trades that actually worked. A nice 4H pin on EU. Took half at 3900.....

Be interesting to see if it can break 3900 but at this point, who cares...LOL

Set one up on GU as well after a nice bounce off the 6380 S/R. This one might get stopped out but at least I'm Be+ on it.


Spot on Buddy,
I believe . . .
  • #37,080
  • Jul 10, 2009 5:24am Jul 10, 2009 5:24am
Quoting billye
will we see a big dip in dow tonight?

Hi Billye

Please don't take offence to this but hell I can't read your charts that you post. It may be because they are quite small when you post them but you have so many lines there is hardly any space anywhere.

I love it when Jarroo posts a chart. Clean and simple and one can see exactly what hes talking about. May be a good idea to pull up one of his charts and then compare to yours and decide if you really need all those lines.

As I say it may just be the size and look quite different on your screen and you may have good reasons for it but this is just what I see when looking at the charts you posts and I tend to gloss over them now.

Please take this as constructive criticism as your contribution to this thread is very useful.

(PS. I'm no able to post as much as I'd like to so if I'm out of line here....)
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