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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

  • #39,681
  • Aug 2, 2009 9:14am Aug 2, 2009 9:14am
Quoting Jigsaw
Damn,

That DOES have a nice ring to it doesn't it ? !
I'd pay for stuff with those kind of taglines

I HAVE paid for those kind of tag lines.........

Don't take a loss, Be the Boss! Let Ghous The Boss Trading be your guide!
Ghost Rider - WWTBMD?
  • #39,682
  • Aug 2, 2009 9:54am Aug 2, 2009 9:54am
@ batesmotel thanks for the detailed explanation, just so i have this straight then a double top means simply two peaks that made the same high at the same resistance level and a double bottom means that two troughs (lows) found support at the same level.

I do understand the lower low senario in your example i would say this is a definitive sign that the trend is reversing because to me the simplest definition of a trend is when price prints higher highs and higher lows and vice versa lower highes and lower lowes.

now if price prints higher lows but lower highs than there is a consolidation or a period of indecision in the market.

so i think i got that part down i was just unfamilar with the terminology allthough I have heard it before

Guys I hate to burst anyones bubble but I think the "Boss" is already taken

ghous the only pf I want to see you in is james16 pf the only pf worth joining. I have a watch I don't need a clock lol!!!
  • #39,683
  • Aug 2, 2009 10:06am Aug 2, 2009 10:06am
Anyone looking at the USD/JPY for a short. I have a weekly pin on my charts. Although it is not at a high. It is with the trend. I figure it might be a nice conituation move on the weekly. Thoughts? Any Pairs you like better?
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"Luck favors the prepared mind"
  • #39,684
  • Aug 2, 2009 10:33am Aug 2, 2009 10:33am
Quoting Jigsaw
Damn,

That DOES have a nice ring to it doesn't it ? !


Be the Boss of the Forex markets !

Work from home at forex with Ghous the boss and be your own boss !

The Boss teaches you to be the boss !
Quoting albchr
I HAVE paid for those kind of tag lines.........

Don't take a loss, Be the Boss! Let Ghous The Boss Trading be your guide!
Probably Clock wasn't at fault then...

I believe . . .
  • #39,685
  • Aug 2, 2009 10:36am Aug 2, 2009 10:36am
Quoting jpa0827
Anyone looking at the USD/JPY for a short. I have a weekly pin on my charts. Although it is not at a high. It is with the trend. I figure it might be a nice conituation move on the weekly. Thoughts? Any Pairs you like better?
I would be careful here. It's sitting on some pretty good support right now and that bar is more of an indecision bar to me. You need to plot the strong PPZ's from weekly and daily on your chart (as I see none). I personally wouldn't be looking at this without further PA to guide me.

Looks like it's heading (if not at) into trouble to me.
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Ghost Rider - WWTBMD?
  • #39,686
  • Aug 2, 2009 10:37am Aug 2, 2009 10:37am
Quoting johnnykanoo
@ batesmotel thanks for the detailed explanation, just so i have this straight then a double top...
you got the double top/bottom thing right Johnny...

Abt the highs and lows, just make sure you use them as only supporting confluence like stuff just like Greg did in his post.

because the markets don't operate in a perfect world and pattern. An uptrend doesn't always move in a higher high higher low pattern and doesn't always reverse when such a pattern breaks...same for a down trend...

Just sayin' so you get this absolutely right while you're still at the initial stages of discovery and learning.

I'll join the pf...soon... (A little short on cash, I mean common I am a 19 year old university student still very much dependent on my dear ol' dad lol )

Ghous.
I believe . . .
  • #39,687
  • Aug 2, 2009 10:55am Aug 2, 2009 10:55am
Quoting jpa0827
Anyone looking at the USD/JPY for a short. I have a weekly pin on my charts. Although it is not at a high. It is with the trend. I figure it might be a nice conituation move on the weekly. Thoughts? Any Pairs you like better?
This pair I was looking to short hard the middle & end of June with that nice h/s pattern and lots of resistance overhead. It didnt drop in the manner I was looking for and had plenty of pa for both long and short. Its respecting a falling tl and still still looks to me to be on the short side but a case could be made either way.
I like Albchrs thoughts on being carefull letting pa do its stuff for clues, I will look to the 95 level for pa and take it from there heres charts how I see it.
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  • #39,688
  • Aug 2, 2009 11:03am Aug 2, 2009 11:03am
I forgot to add that the last 2 months bars look bearish to me
  • #39,689
  • Aug 2, 2009 11:23am Aug 2, 2009 11:23am
Just one more perspective on UJ. The 4H has a slight up trend (retrace) and bouncing nicely off the TL, Support and the 38.2 fib. Not saying it will but I wouldn't be at all surprised to see it retrace to the 50%.
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Ghost Rider - WWTBMD?
  • #39,690
  • Aug 2, 2009 11:27am Aug 2, 2009 11:27am
Just a post from Pelion where i am on holiday, trying not to think about my gbp/aud long

was going to post a pic but can't do it from the iPhone.

see u soon

mark
I hear and I forget. I see and I remember. I do and I understand.
  • #39,691
  • Aug 2, 2009 3:14pm Aug 2, 2009 3:14pm
Quoting ghous
Your blue area would also have been an interesting area for the IPB, I referred to the 154 as it marked a major reversal earlier and was a better "zone" for an IPb to be in...at the moment it seems to be hanging nowhere

here's a chart of how I would have liked it, worked hard on it

Ghous.

Great illustration Boss . . . . I mean . . Ghous.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #39,692
  • Aug 2, 2009 3:16pm Aug 2, 2009 3:16pm
Quoting johnnykanoo
hey guys it is a slow saturday so i thought i would post a picture of my motivation

His name is John Michael. I was thinking I have aprox 18 years to get good at this stuff so when he goes to college but he is already almost 25 pounds so i'm thinking i better get on the ball if i want to be able to afford grocerys lol!!!

guys/gals have a great weekend, john
lol Cute kid.

Looks like he just saw that PB on the Weekly Cad/Chf. lol
Indicators show the past. Price Action "Indicates" the future.
  • #39,693
  • Aug 2, 2009 3:22pm Aug 2, 2009 3:22pm
was I imagining a nice PB on monthly AUD/JPY or is anyone else out there keeping an eye on it...?
Nihil inimicus quam sibi ipse Marcus Tullius Cicero
  • #39,694
  • Aug 2, 2009 3:23pm Aug 2, 2009 3:23pm
I'd just like to say that I hope you are all ready for this week, it looks like we could see some major moves. There is lots of major news out this week, the kind of news that could set some major long term trends off.

Sharpen those pencils, adjust your glasses (if you wear them), wiggle your ass so its sits better on your chair (assuming that you are sitting down), and most important of all: fasten your seatbelt, I think this is going to be a big one!!!
The customer is always right!
  • #39,695
  • Aug 2, 2009 3:27pm Aug 2, 2009 3:27pm
Thanks for your reply TiaForex.

Sorry I didn't reply earlier, but much appreciated.

I expect to be around a lot from now on, and I'll be joining the other side sooner rather than later, I think.
  • #39,696
  • Aug 2, 2009 3:49pm Aug 2, 2009 3:49pm
Quoting TiaForex
Jarroo, can I ask you to say something on first areas of trouble, using this bar as an example? It's something I'd like your opinion on.

We are all by now familiar with Jim's 'this is criticial' post, but often when I see his charts he seems to not pay much attention to the very first PPZ if the trigger bar is super close to it. It's almost as if the bar itself is "off" that PPZ.

There are a few ways to deal with this. Your style from what I can see is to have a greatly reduced stop on a pinbar, looking for a hard break, so a break even/partial...
I would think Jim pays very close attention to these near term areas of trouble like the green area on the Weekly Cad/Chf. But I understatnd your point.

The quality of this Weekly PB (Cad/Chf) is very high and a strong momentum break inherent in this type of setup will usually blow right pass this previous Highs. I, like Jim, would see that area and move to break even and/or take a partial position. Since those Highs line up with the round number, 0.9800 I will be more apt to do so. (Daily chart)

If it does hit this level and then retraces or just retraces into the formation after the break, I may look to reenter on a fib level 61.8 on the formation itself which just happens to line up with the 1.0000. Or look for Bearish PA on the 4 hour at this level. (4 hour chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #39,697
  • Aug 2, 2009 4:00pm Aug 2, 2009 4:00pm
Quoting tyler812
a small pb on weekly, and a beob on daily....

Looking good tyler.
Indicators show the past. Price Action "Indicates" the future.
  • #39,698
  • Aug 2, 2009 4:08pm Aug 2, 2009 4:08pm
Quoting JamesL
LOL OK, I wont.

Come to think of it, there will be some points when i go back again and re-read the replies....

One thing I had wondered in the meantime.. how does the knife system work - just an outline if someone would - timeframes, tools used, entries, exits etc in brief..

Also, I wondered what live daily discussion there is in there about the individual markets (each fx pair, gold etc) as the charts are unfolding, what positions might be taken when the next bar closes in 30 mins - aggressive, conservative options etc -, which are actually...

You couldn't do it JamesL. LOL

I like your enthusiasm. Reading the whole thread takes a lot of time so does trading. So don't be in a hurry and take you time.

You will be amazed at how many questions will be answered once you begin getting deeper in to the thread.
Indicators show the past. Price Action "Indicates" the future.
  • #39,699
  • Aug 2, 2009 5:24pm Aug 2, 2009 5:24pm
Quoting jarroo
I would think Jim pays very close attention to these near term areas of trouble like the green area on the Weekly Cad/Chf. But I understatnd your point.

The quality of this Weekly PB (Cad/Chf) is very high and a strong momentum break inherent in this type of setup will usually blow right pass this previous Highs. I, like Jim, would see that area and move to break even and/or take a partial position. Since those Highs line up with the round number, 0.9800 I will be more apt to do so. (Daily chart)

If it does hit this level and then...
Thanks Jim. It's moot for me as my broker doesn't carry the pair but I have a demo broker that does so I can get experience.
  • #39,700
  • Aug 2, 2009 5:45pm Aug 2, 2009 5:45pm
took this us/chf 4 hr short at the break of the PB, going for 1:1RR, when I got to 1.5% I moved my SL to BE, after getting hit, it (obviously ;-) dropped like a rock.
I feel very happy with the trade, cause I followed my plan exactly.
I'm thinking of next time moving my SL a few pips above/below entry point, thus allowing room to retest and continue, what do you guys think?

BTW, my new avatar is my tribute to the big guy!
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