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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

  • #44,521
  • Sep 24, 2009 2:24pm Sep 24, 2009 2:24pm
No stopping you now bro!

Inserted Video


Sorry, I was watching top gear...

Quoting benji533


Why didn't any tell me?!?!??!?!?!
It was saving me all this blablabla with my father!

PS - Thank you benmen
  • #44,522
  • Sep 24, 2009 2:26pm Sep 24, 2009 2:26pm
Quoting rustyjeff
no stopping you now Ben...

go get some...
Haha beaten to the punch. Great minds think alike eh?
  • #44,523
  • Sep 24, 2009 2:34pm Sep 24, 2009 2:34pm
Anyone take the 1HR pin...thoughts?

Fair few PPZ areas below and into strong USD bull...but size of pin is good and at a swing high...
  • #44,524
  • Sep 24, 2009 2:40pm Sep 24, 2009 2:40pm
Quoting rustyjeff
no stopping you now Ben...

go get some...
Quoting Rocket!
No stopping you now bro!

http://www.youtube.com/watch?v=GSADxMocaHs

Sorry, I was watching top gear...
LOL, thanks guys!
  • #44,525
  • Sep 24, 2009 3:02pm Sep 24, 2009 3:02pm
the kid gets it.

what else can i say.



Quoting benji533
.
  • #44,526
  • Sep 24, 2009 3:32pm Sep 24, 2009 3:32pm
Quoting Cyrus
My small tribute to the J16 thread.

In essence, have grabbed all of the posts from James16, mbqb11, raczekfx from page 1 to 2500 of the thread and stuck them into 1 file.
Awsome! Thank you! I started reading more than a months ago but didn't get past page 58 yet, as I am only able to read the old posts on the weekends. Keeping up with the new ones too needs a lot of time already

Thank you a lot for your work!
  • #44,527
  • Sep 24, 2009 3:37pm Sep 24, 2009 3:37pm
Quoting benji533
You are right. But it was based on a little different style, which gave me the green light. The pin on the lower TF was a B+ pin though (better then mine...it's probably because this month I'm way far far above my monthly gain %...so the adrenalin goes up to my brain lol....but basically diffenetly not an A+ trade )

Ben
Nice trade - I caught the same move off of the 15 min ICCE today. This week has been excellent. Also caught another monster on the GBPAUD that started last night, and finished while I slept.

I love that old ad - Sleep and Make Money...

Oh - and having Oanda take your biz - Good for you. Just let your father know - as a Dad myself, I can tell you that owe him that much.

See you in the pipstream.
I'm pretty much done with all this ...
  • #44,528
  • Sep 24, 2009 4:15pm Sep 24, 2009 4:15pm
Quoting lovejoy80
Anyone take the 1HR pin...thoughts?

Fair few PPZ areas below and into strong USD bull...but size of pin is good and at a swing high...
I like it now that it turned into a 4 hour pin for me. Damn, we are blessed ladies and gents. Don't forget it either.
Attached Image (click to enlarge)
Click to Enlarge Name: i like it now that it turned for fourrrr.gif Size: 20 KB
I dream, therefore I become.
  • #44,529
  • Sep 24, 2009 4:22pm Sep 24, 2009 4:22pm
Quoting StoragePro
I love that old ad - Sleep and Make Money...
Indeed SP....just crawled out of bed to be pleasantly surprised by the GBPUSD
  • #44,530
  • Sep 24, 2009 4:38pm Sep 24, 2009 4:38pm
I am struggling with leaving my order on with this one, 1.09 is a big level off that round number and 365 ema, huge pin, just afraid of traffic.


Quoting mike w
I like it now that it turned into a 4 hour pin for me. Damn, we are blessed ladies and gents. Don't forget it either.
  • #44,531
  • Sep 24, 2009 4:41pm Sep 24, 2009 4:41pm
Sup guys! I'm very much liking what EU has on offer:

Pros:
- Weekly/Daily Cherry Pin with longterm trend
- Off major PPZ
- Major 61.8% weekly fib
- Divergence on 4hr and weekly
- Quite a bit of space IMO(hence the cherry like nature of the pin!)
- Bearish pins in motion/formation on S&P daily/Gold Weekly respectively(correlation)

Cons:
- EU is in a Daily uptrend
- No EMA confluence
- Heavy traffic once we get into 1.445 area(thats still a good, healthy 200 pips away though...)
- Price currently above 61.8% fib(I dont like this and its the major drawback tbh)

In my opinion, this could be the start of a renewal of the longterm EU downtrend and has the potential to form a SWEET Weekly pin. Of course you could look at this as a 4day pin if you want to play the daily. A hard break of Mondays low would take out the 61.8 fib and we're good to go.

So it looks like a winner...then why oh why is my gut telling me this one might not be so easy? Maybe waiting for the weekly bar to form is the optimal course of action...

Thoughts and opinions guys?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eu_dailypin_d_24_sep09.gif Size: 26 KB
Click to Enlarge Name: eu_dailypin_w_24_sep09.gif Size: 25 KB
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  • #44,532
  • Sep 24, 2009 4:52pm Sep 24, 2009 4:52pm
Quoting Flem26
I didn't take it either J.

Understandable Flem. It tells me that your being very picky about your setups. A true characteristic of a successful J16 trader.

Watching lower quality setups go to the moon is part of the business. Remember also, that watching the same lower quailty setups fizzel out and die is also part of the business. This was one of many "Ah-Ha" moments for me.
Indicators show the past. Price Action "Indicates" the future.
  • #44,533
  • Sep 24, 2009 5:01pm Sep 24, 2009 5:01pm
Quoting LasVahGoose
One mans long term downtrend is another mans long term uptrend.
Haha duely noted! Great point, thanks Las. Shines a different perspective on it.

Rocket
  • #44,534
  • Sep 24, 2009 5:04pm Sep 24, 2009 5:04pm
Quoting Rocket!
Haha duely noted! Great point, thanks Las. Shines a different perspective on it.

Rocket
Dang, I went to edit my post and deleted it. I was going to add that a small pin like that (small nose) is unlikely to reverse a trend, but not saying it's impossible.

With a strong move up like that, we are due for a correction of some sort.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,535
  • Sep 24, 2009 5:09pm Sep 24, 2009 5:09pm
Hehe I was just about to edit my post too so I could say:

Looking again at the potential weekly pin, its just not big enough. We want PITBULLS not POODLES dammit!!

Thanks for the advice Las, you've made it easier to pass on.
  • #44,536
  • Sep 24, 2009 5:10pm Sep 24, 2009 5:10pm
Quoting Rocket!
Thanks for the advice Las, you've made it easier to pass on.
Don't blame if it works out though.
Either way, let's see how it closes.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #44,537
  • Sep 24, 2009 5:17pm Sep 24, 2009 5:17pm
Quoting jarroo
Understandable Flem. It tells me that your being very picky about your setups. A true characteristic of a successful J16 trader.

Watching lower quality setups go to the moon is part of the business. Remember also, that watching the same lower quailty setups fizzel out and die is also part of the business. This was one of many "Ah-Ha" moments for me.
"Don't trade to trade . . . trade to win." - James16
  • #44,538
  • Sep 24, 2009 5:23pm Sep 24, 2009 5:23pm
Quoting LasVahGoose
Don't blame if it works out though.
Either way, let's see how it closes.
Don't worry mate, the only person I can blame in this game is myself.

And as the mighty Jaroo just pointed out, nobodies to blame when a substandard trade goes to the moon. Its part of the game.

Not taking small frys and waiting for the big fish is what makes or breaks you in this business, no? At any rate, watching how this one plays out is gonna be fun!
  • #44,539
  • Sep 24, 2009 5:25pm Sep 24, 2009 5:25pm
Quoting dmc
I am struggling with leaving my order on with this one, 1.09 is a big level off that round number and 365 ema, huge pin, just afraid of traffic.
Are thinking of leaving a long order on? You could, and I have done so on a PB, but move your stop up underneath it.

Normally, if I have a trade on, and it is in profit, I evaluate the PB this way - if I would in no way trade it, I will move my stop under the bar to give it a chance to continue. Crappy bars sometimes don't do jack.

If it is a borderline or a good PB to trade, I close the order and if it is a great bar at a great location, jump in on the reverse.
I'm pretty much done with all this ...
  • #44,540
  • Edited 5:58pm Sep 24, 2009 5:46pm | Edited 5:58pm
Quoting StoragePro
Are thinking of leaving a long order on? You could, and I have done so on a PB, but move your stop up underneath it.

Normally, if I have a trade on, and it is in profit, I evaluate the PB this way - if I would in no way trade it, I will move my stop under the bar to give it a chance to continue. Crappy bars sometimes don't do jack.

If it is a borderline or a good PB to trade, I close the order and if it is a great bar at a great location, jump in on the reverse.
Excellent SP as always.
This is a great way to manage a profitable trade and keep it profiable with room to grow.

If I could add one more stop loss placement when an opposing PA setup presents itself against your trade. Look for the 1st target that the crappy, good or great PA (PB in this case) would reach and hide your stop loss there.

Sorry I can't post charts right now. Maybe dmc (or someone else) could show us if that PB broke, where is the 1st trouble area it would reach? (4 hour Cad)
Indicators show the past. Price Action "Indicates" the future.
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