james16 Chart Thread | Page 1990 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #39,781
  • Aug 3, 2009 3:16pm Aug 3, 2009 3:16pm
Quoting Cyrus
This thread has been a God send Jarroo.
It's really great to find like minded traders.
I'd like to personally shake James' hand in thanks for starting it,
but I suspect the queue number is pretty damn long.
Haha.
Its great place, for sure.
Indicators show the past. Price Action "Indicates" the future.
  • #39,782
  • Aug 3, 2009 3:24pm Aug 3, 2009 3:24pm
Quoting KissFan
I have said this before but will make the observation again for the newer traders here. We have a strong up trend on this pair and I wouldn't be surprised to see it move on to 1.7 despite the massive divergence that we are all observing. In the back of our minds we all are thinking that this run will not last forever and are ready to bank some pips. Folks wait for some good solid PA based on J16 lessons. Keep your views on a conservative entry based on confirmation not anticipation. The reason why I caution here is that I can feel the apprehension...
Great post Kissman.

" . . confirmation not anticipation."
What a great way to say, "wait for the break". I'm stealing that one.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #39,783
  • Aug 3, 2009 3:34pm Aug 3, 2009 3:34pm
Quoting tradertt
Question to all:
Hey Trader

You will have both depending on where you are looking. So for example chart one below I have two fibs drawn from swing high points(the most obvious ones) to the current swing low point. This would give us potential resistance areas.

But likewise you can be looking for potential areas to go long, by drawing from swing lows to high(see chart 2). Because price is making a new high on the way up, we haven't really put that swing high in yet so we would have to move that if it goes higher until price starts to trickle down. I only drew the one since it is the main obvious fib.

Let me know if that helps
Mike
Attached Image(s) (click to enlarge)
Click to Enlarge Name: a.gif Size: 18 KB
Click to Enlarge Name: a2.gif Size: 16 KB
  • #39,784
  • Aug 3, 2009 3:48pm Aug 3, 2009 3:48pm
Thanks for the answer.

But I got a question:
If we drop from high to low

and Low to high

and there is 2 fibs that meet ( 1 from the High to low drawing and 1 from the low to high drawing)

Is that still considered confluence?
  • #39,785
  • Aug 3, 2009 4:19pm Aug 3, 2009 4:19pm
Am I wrong to draw it like that? Am I drawing just too much fibs?

P.S. I am trading off the H4 timeframe so I will be zooming in much more than this D1 time frame I show
Attached Image (click to enlarge)
Click to Enlarge Name: j16 010.jpg Size: 139 KB
  • #39,786
  • Aug 3, 2009 4:29pm Aug 3, 2009 4:29pm
I noticed on the thread from last night and early this morning a lot of "manufacturing trades" going on. I will not get specific, but you just cannot jump on every PB that floats by. Most of what I saw failed.

I observed:

 

  1. trading into Round numbers
  2. trading into PPZ's
  3. trading a PB without being at a PPZ
  4. trading without confluence


I am sure there is more, but today's efforts looked rather sloppy. I know things have not been real busy lately, but lets not pretend.

Sorry if this is poking you in the eye. OK, I am not sorry, and I hope it did poke your eye.

I'm pretty much done with all this ...
  • #39,787
  • Aug 3, 2009 4:34pm Aug 3, 2009 4:34pm
Quoting tradertt
Am I wrong to draw it like that? Am I drawing just too much fibs?

P.S. I am trading off the H4 timeframe so I will be zooming in much more than this D1 time frame I show
Just stick to one fib for now and measure the previous move. What you are looking for are target areas for a retracement. Best fibs lines are 50 and 61.8 for retracement.

There is no science to it really. If you get a fib that lines up with a PPZ, then you have an area with two reasons to watch it.

Look at the attached chart. Notice how the 50 and 61.8 line up nice with some important areas? Makes you think we might see some action there.
Attached Image (click to enlarge)
Click to Enlarge Name: gu 8-3 d1.gif Size: 23 KB
I'm pretty much done with all this ...
  • #39,788
  • Aug 3, 2009 4:42pm Aug 3, 2009 4:42pm
Quoting jarroo
Great post Kissman.

" . . confirmation not anticipation."
What a great way to say, "wait for the break". I'm stealing that one.


Jim
I just hope that the post paid off for some. I didn't get off one single trade today. I missed a couple of set-ups but I'd rather be here than losing my precious capital. There is always tomorrow.

K.I.S.S.
  • #39,789
  • Aug 3, 2009 5:12pm Aug 3, 2009 5:12pm
ok guys i have a question. We talk about ppz, location, swing high/low, divergence, the pa itself, all manner of confluence.

my question is this. does time matter? for example the gbpusd and the eurusd both are forming pins on the h4 (not that i trade h4 yet but i look)

If you saw a really good setup on the h4 but it was going into the asia session or at the end of new york would you trade it or would you wait for the next busy session for comformation of the trade?

Thanks guys as always I appreciate your help.
  • #39,790
  • Aug 3, 2009 5:15pm Aug 3, 2009 5:15pm
Storage Pro thanks for being the voice of reason. I myself will have to pay close attention becaus I have always been an overtrader by nature. this daily charts thing is like greek to me!!! But I can see a basic tentant to the James16 method is definatly patience and discipline as you wait for the a+ high probability trade.

Im glad you cracked the whip http://www.freesmileys.org/smileys/smiley-sex024.gif
  • #39,791
  • Aug 3, 2009 5:16pm Aug 3, 2009 5:16pm
Quoting KissFan
I just hope that the post paid off for some. I didn't get off one single trade today. I missed a couple of set-ups but I'd rather be here than losing my precious capital. There is always tomorrow.

K.I.S.S.

The ones that waited for the break on some setups this morning are now understanding why we do that. The ones that didn't wait for the break and then their trigger. . . well . . . . lesson learned.

Here's a great post from James16 replying to a post of mine how waiting for the break had saved me from many losing trades and will continue to save me from good setups that had other ideas.

http://www.forexfactory.com/showpost...ostcount=29519
Indicators show the past. Price Action "Indicates" the future.
  • #39,792
  • Aug 3, 2009 5:24pm Aug 3, 2009 5:24pm
Quoting johnnykanoo
Storage Pro thanks for being the voice of reason. I myself will have to pay close attention becaus I have always been an overtrader by nature. this daily charts thing is like greek to me!!! But I can see a basic tentant to the James16 method is definatly patience and discipline as you wait for the a+ high probability trade.

Im glad you cracked the whip http://www.freesmileys.org/smileys/smiley-sex024.gif
It happens - we all can fall prey to it.

I had exactly ONE trade today. Less than two hours from open to close. 1.82R. I saw several other possibilities, but they were all crapitola.
I'm pretty much done with all this ...
  • #39,793
  • Aug 3, 2009 5:43pm Aug 3, 2009 5:43pm
okay one more question

Is this considered a double top? Im not looking to trade it or anything I just want to make sure I undserstand the concept.

http://i27.tinypic.com/j0wchv.jpg


thanks, john
  • #39,794
  • Aug 3, 2009 6:02pm Aug 3, 2009 6:02pm
Quoting johnnykanoo
okay one more question

Is this considered a double top? Im not looking to trade it or anything I just want to make sure I undserstand the concept.



thanks, john
Yes it is. In fact, if you go to the start of the thread (Post 1) and start reading, you'll get an education of a lifetime. After the first 50 pages, you'll start cherry picking posts to read.

Look at the attached chart - I marked a double bottom. Same pair. Same time frame.

All we need now is PA to take a trade short.
Attached Image (click to enlarge)
Click to Enlarge Name: aj.gif Size: 24 KB
I'm pretty much done with all this ...
  • #39,795
  • Aug 3, 2009 6:04pm Aug 3, 2009 6:04pm
Quoting StoragePro
I noticed on the thread from last night and early this morning a lot of "manufacturing trades" going on. I will not get specific, but you just cannot jump on every PB that floats by. Most of what I saw failed.
I didnt even open my charts yesterday (the conflluence of bank holiday and my annual bonus being paid meant i spent all day drunk off my ass on the harbour), and so was fairly alarmed when i opened them up this morning.

'Oh god! Look at all the pin bars i missed!'

'Wait a second... that one is right into a ppz. And that one sux, its barely a pin. And that one was always going to fail...'

Without James' talk on 'this is critical' and Mikes 'look for a+++++++++ setups!', I would have got killed. Probably the reason people are told to demo this stuff first.
When you have to shoot, shoot. Dont talk.
  • #39,796
  • Aug 3, 2009 6:09pm Aug 3, 2009 6:09pm
Quoting joelcf
I didnt even open my charts yesterday (the conflluence of bank holiday and my annual bonus being paid meant i spent all day drunk off my ass on the harbour), and so was fairly alarmed when i opened them up this morning.

'Oh god! Look at all the pin bars i missed!'

'Wait a second... that one is right into a ppz. And that one sux, its barely a pin. And that one was always going to fail...'

Without James' talk on 'this is critical' and Mikes 'look for a+++++++++ setups!', I would have got killed. Probably the reason people are told...
Does anyone here get the feeling that Joel is faking - just a bit??

I mean - read his back posts. There is far too much substance in them for me to believe he is a green horn...



Cheers - I am glad you are here! Drunk or not.
I'm pretty much done with all this ...
  • #39,797
  • Aug 3, 2009 6:16pm Aug 3, 2009 6:16pm
thanks sp. i have read the first 100 or so pages of this forum and spend time in the pf too. Sometimes one needs to take a step back ands let info absorb. Im not new to pa just j16 and I just never fully understood the name double top or triple top and now it is confirmed I understand now i can work on 14bs and all the other crzy nicknames

I really am getting this and for the first time in my life IO am being picky. so when I see a pb or other pa i try to do my own analysis and then I watch it and see what happens and on occasion Ill ask here because I am definatly amongst some of the finest traders on earth and I know it.
  • #39,798
  • Aug 3, 2009 6:19pm Aug 3, 2009 6:19pm
Quoting StoragePro
Does anyone here get the feeling that Joel is faking - just a bit??

I mean - read his back posts. There is far too much substance in them for me to believe he is a green horn...



Cheers - I am glad you are here! Drunk or not.

Quoting joelcf
.

This is entirely based on the shape of the return distribition of the instrument - mainly, its standard deviation, skewness and any kurtosis present.

Random walk models are based on a binomial distribution. It isnt a triangle.

Look at it simply: does 3x p(1 SD) = p (3 SD) in a normal distribtion? No.

Either you didnt pay enough attention in your quantitative math class, or you have been reading too much into Van Tharp.
Yeah I couldn't even pronounce some this suff let alone understand it.

Fess up you . . . worldly . . . . hedge fund . . . market guy.

(also glad your here. )
Indicators show the past. Price Action "Indicates" the future.
  • #39,799
  • Aug 3, 2009 6:26pm Aug 3, 2009 6:26pm
Quoting jarroo
Yeah I couldn't even pronounce some this suff let alone understand it.

Fess up you . . . worldly . . . . hedge fund . . . market guy.

(also glad your here. )
My favorite part of his post is this
Quote
Look at it simply: does 3x p(1 SD) = p (3 SD) in a normal distribtion? No.
Huh???
sorry if I'm dumber than most of you guys...math was never my strong point
skype: ststroud. let's talk trading.
  • #39,800
  • Aug 3, 2009 6:37pm Aug 3, 2009 6:37pm
Ghous,
Is This a Valid IPB ?

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: ipb.gif Size: 18 KB
Trading methods are designed to put the odds in our favor, not predicting.
43 traders viewing now