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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

  • #40,381
  • Aug 7, 2009 11:57am Aug 7, 2009 11:57am
Quoting mbqb11
Jeff I might be wrong but like a year ago I could swear you didn't even know how to get into excel, and turning on the computer to get to the forums was about as far as you were.

Was that you or someone else. LOL
yep... I still get angry at excel when it doesnt give me the numbers I want.
stupid software.....

I was sposed to be rich by now.
  • #40,382
  • Aug 7, 2009 11:59am Aug 7, 2009 11:59am
Quoting rustyjeff
yep... I still get angry at excel when it doesnt give me the numbers I want.
stupid software.....

I was sposed to be rich by now.


I am not making fun of Jeff, I know him a long time now. Actually the point to be taken no matter who you are, or who you think you are doesn't guarantee your success in forex. Those that usually fall the hardest are the ones with the degrees in everything from nuclear science to how to butter a roll. It means nothing in trading and can often cloud the better judgment b/c they THINK they know what it takes.
  • #40,383
  • Aug 7, 2009 12:00pm Aug 7, 2009 12:00pm
Quoting rustyjeff
yep... I still get angry at excel when it doesnt give me the numbers I want.
stupid software.....

I was sposed to be rich by now.
Same here quite hoesntly,

Just can't work on excel...
I believe . . .
  • #40,384
  • Edited 12:31pm Aug 7, 2009 12:07pm | Edited 12:31pm
Quoting ghous
NFP is for me probably the only news that can add to the cons of a trade setup but I know there are many who won't even hesitate to go for a "good looking" BUOB a few hours before the NFP.

Since it's your first NFP on the "bright and sunny side" you should probably look to sit this and a few others out and watch how adorable PA can get. Jig came up with a good post abt "news vs PA" which explains a lot.

Cheers,
Ghous.
Thanks Ghous...for the most part I sat this NFP out...but I just couldn't resist nibbling at the USDCAD Long....The natives are getting restless up here in Canada...$CAD is way too strong for our manufacturing exports heading State-side. When I saw a weekly PB forming (4 day PB complete), I snacked on it with 1/2% and another 1/2% when it dipped lower. There is some resistance ahead...I'll be sure to cover my ass this time (unlike my EU and AU winners turned losers).

The nice thing about this NFP is that it looks to have made a few nice setups ready to trade on Sunday....

GregB
  • #40,385
  • Aug 7, 2009 12:12pm Aug 7, 2009 12:12pm
Hi guys,
would somebody kindly post me a gu weekly chart??? Ive got no chart access but looking at the price it must be close to pinning , and off a ppz and 50 fib zone too! That would make me a happy bunny! Have a great weekend all! xx
Never say never.
  • #40,386
  • Aug 7, 2009 12:18pm Aug 7, 2009 12:18pm
Quoting razldazl
Hi guys,
would somebody kindly post me a gu weekly chart??? Ive got no chart access but looking at the price it must be close to pinning , and off a ppz and 50 fib zone too! That would make me a happy bunny! Have a great weekend all! xx
Here you go. Looking good to me
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  • #40,387
  • Aug 7, 2009 12:20pm Aug 7, 2009 12:20pm
Thanks Scott! Looks good to me too! Lets see where it closes...take care all, Raz
Never say never.
  • #40,388
  • Aug 7, 2009 12:26pm Aug 7, 2009 12:26pm
Here is the euro too Raz.

looks similar..
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  • #40,389
  • Aug 7, 2009 12:40pm Aug 7, 2009 12:40pm
Quoting ghous
Hi Ross,

It reversed on me when it was near 80 pips.

On an NFP Friday on the daily time frame when you try and tame a beast like Gj, you've got to have yourself covered...completely!

My first target area was the 157 level, and it was here where I would have taken some off, but no way was I going to wait that long to give it a free ride, I moved it to BE the moment price was up +50,

Like I said before I do tend to be a little cautious on NFP days, on another day I might have let this run (and it probably should have) today I wasn't prepared...
Thanks Ghous! I really appreciate your insight and willingness to help us learn what you have.

Ross
  • #40,390
  • Aug 7, 2009 12:42pm Aug 7, 2009 12:42pm
Theres nothing more frustrating than not being able to open a chart...funny how nobody in the real world could understand a phrase like that!!! lol, sometimes I really feel like a martian..take care, Raz
Never say never.
  • #40,391
  • Aug 7, 2009 1:49pm Aug 7, 2009 1:49pm
Quoting mbqb11
Yeah it really adds no benefit to this thread. A market doesn't have to be as rational as if X happens Y happens. ANd if Y would have happened then X would have happened. Just not that clean cut. Those who know a little microstructure understand their are a lot more functions at work then for it to be that simple. Or at least to make that sort of "logical leap".

Stick to the charts boys and girls

Mike
Mike,

thanks for this (again!!)

whats that below?

it
-----------------------------------------


(A line drawn under it....) sorry its friday....
  • #40,392
  • Edited 6:05pm Aug 7, 2009 5:44pm | Edited 6:05pm
PA rules - and will very often tip its hand of the outcome of news.

Have a look.

http://www.forexfactory.com/showpost...ostcount=40216

All you gotta do is trust.

Does PA ALWAYS show the way in advance? NO. Often? YES. Is it more often right or wrong? You'll have to experience this yourself.
I'm pretty much done with all this ...
  • #40,393
  • Aug 7, 2009 6:04pm Aug 7, 2009 6:04pm
Quoting StoragePro
PA rules - and will very often tip its hand of the outcome of news.

Have a look.

http://www.forexfactory.com/showpost...ostcount=40216

All you gotta do is trust.


Lol I was wondering when you were going to post SP, I was just thinking to myself after it happened "I just hope SP's stop has some leeway" hehe.
  • #40,394
  • Aug 7, 2009 7:08pm Aug 7, 2009 7:08pm
Hey guys (: just want to share my thoughts about the GBPUSD.

1.7000 is a very strong PPZ. Look at the picture.

We are based at swing high right now, under a super major PPZ....ideal place to look for a bearish setup? ...I think yes.


http://img146.imageshack.us/img146/821/23951256.jpg


Now lets zoom into the daily. Look at the second picture. We have just jumped out of a consolidation area. The market was in indecision mod for a long time now...so that means we might see a strong breakout to one of the directions. IMO that divergence can help us see where price is heading. Lets add to it the strong PPZ 1.7000 at a round number.

Basically, that breakout in the last days was a false breakout (it is summed up with a Pinocchio bar....in other word, price lied by forming a false breakout), and it just adds strength to the bears by making that divergence stronger.


http://img141.imageshack.us/img141/4932/63329526.jpg


Now lets go back to weekly...picture number three. The location is good, but we need price action confirmation. No PA = no trade.

Look on the weekly...there is a pin bar forming. Well that pin bar is nice, but not an A pin bar IMO cause it's nose is quite short if we compare it to the surrounding bars...ummm...
The thing that jumped out at me though was that 50.00 ret level that Jim always mentioned.


http://img218.imageshack.us/img218/7696/92304472.jpg


Basically if I'll take that trade, I expect the next bar to reach he bottom of the consolidation box (might have trouble with the minor PPZ within it), and than move my stop to BE if the box will breakout.

The 150ema and 365ema are straight above that pin....(at least in the right direction lol).

To sum it up, I'll want to see price breaks through that box again before I play that pin. Maybe I'll only play the breakout of the bottom of the box..umm...than there will be space for price to move.


ok to be honest I think I'll skip it....Any thoughts....guys?

Have a fantastic weekend folks!


Ben
  • #40,395
  • Aug 7, 2009 7:15pm Aug 7, 2009 7:15pm
Quoting benji533
Hey guys (: just want to share my thoughts about the GBPUSD.

To sum it up, I'll want to see price breaks through that box again before I play that pin. Maybe I'll only play the breakout of the bottom of the box..umm...than there will be space for price to move.

ok to be honest I think I'll skip it....Any thoughts....guys?
Ben
I'm seriously considering the GBPUSD short myself....GregB
  • #40,396
  • Aug 7, 2009 8:21pm Aug 7, 2009 8:21pm
Quoting benji533
Hey guys (: just want to share my thoughts about the GBPUSD.....
Nice work.
skype: ststroud. let's talk trading.
  • #40,397
  • Aug 7, 2009 8:56pm Aug 7, 2009 8:56pm
Quoting tradertt
No I did not take that as it was not the setup I was looking for guess it shot up for some reason or other. Anyway its fine. more next time
Hello Tradertt can i get a copy of the indicator that identify the price action?
  • #40,398
  • Aug 7, 2009 9:00pm Aug 7, 2009 9:00pm
GBP/USD weekly PB looks like a poodle to me. I almost fell off my chair laughing when James posted the poodle versus pitbull chart. I will pass on this one myself.

Scott

Quoting benji533
Hey guys (: just want to share my thoughts about the GBPUSD.

1.7000 is a very strong PPZ. Look at the picture.

We are based at swing high right now, under a super major PPZ....ideal place to look for a bearish setup? ...I think yes.


http://img146.imageshack.us/img146/821/23951256.jpg


Now lets zoom into the daily. Look at the second picture. We have just jumped out of a consolidation area. The market was in indecision mod for a long time now...so that means we might see a strong breakout to one of the directions. IMO that...
  • #40,399
  • Aug 7, 2009 9:26pm Aug 7, 2009 9:26pm
Hi there. Time for another one of those awkward first posts.

Firstly, I just want to say hello to everyone and thank you all for contributing to one of the most interesting threads I've ever seen. I get the feeling that stumbling across this thread could be the catalyst to a series of life changing events for me. I really feel there is that much potential in the methods that you all preach here.

My plan of action is going to take time but I believe the wait will be worth the rewards. At the present time, Im studying for an exam at the end of August and although that gets first preference, once I get that out of the way I plan to dedicate all my free time to understanding every nook and crany that this system has to offer.

I've started a little backward as I have a somewhat basic foundation in PASR trading, but nowhere near the standard of any of the average posters here. I plan to start from the beginning and work my way through the treasure trove of info that this thread has stored away in abundance and get to a level of understanding I'm happy with. Ive been following the last 300 pages or so as best I can. The reasoning behind this was two-fold. Firstly, I wanted to watch potential trades play out in motion in an attempt to 'experience' them for myself if you will. Ive been there for some of Ghous' inside bars, Jaroo's hard-break pins, and even the occasional trade where Jim awakes from his slumber to play a perfect A+ pin. Some of these moments, I have to say guys, have been absolutely magical.

The second reason was because I didnt think I was in a suitable study environment to really knuckle down and give it my complete and undivided attention. Come September, once my exam is out of the way, the entire J16 methodology will get the attention it deserves.

A bit about myself, if I havnt bored ye enough already!
Im a 19 year old student from Ireland, and from the second I learned about the concept of trading and how fortunes are won and lost on the battleground of the markets its been my dream to get in on the action. I'm a math head by nature, so numbers were always my thing and my education seems to be pushing me in this direction to boot. One thing Ive noticed so far in my life, is that from an early age, I often find something I have potential to be good at and get completely enveloped in my betterment until I finally get to a level where I feel Im one of the best. I suppose you could say I have an obsessive personality. Im hoping this is a trait that will serve me well on my trading journey.

One last note I want to make is just to say a personal thank to Ghous. As another guy to have taken such a huge interest in the markets at an early age, its inspiring to see what you have achieved in such a short amount of time. Your postings are always helpful, never patronising and forever insightful. As someone who has felt many of the emotions you have spoke of previously, I just want to say thanks for all your posts and heres to your continued success in all your endeavours.

Okay, thats my introduction done. I might post a chart based on the CAD-CHF weekly pin bar that I have a few questions about tomorrow, its getting kinda late now over here. Then its back to study!

Thanks guys...
  • #40,400
  • Aug 7, 2009 10:45pm Aug 7, 2009 10:45pm
Quoting scott087
I don't know if anyone else took this, but here is another trade I took. This is already my second trade this month, which is unusual because I usually only take between 1 to 4 daily trades per month.

GBP/CHF daily DBHLC. Price broke hard and hit the first trouble area and reversed. See chart.

Sorry for the blurry chart, I'm still working on a fix.

Scott
Great post Scott.

You just move away from the 95% on the unsuccessful traders (don't like the word "losers") into the 5% of successful traders.

It sure looks like a simple, common sense way to manage a trade but as you said in your earlier days (mine too) it sometimes not as easy as it should be. Meaning, "Is really that simple? " . . . Yes it is.
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Indicators show the past. Price Action "Indicates" the future.
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