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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

  • #46,761
  • Oct 24, 2009 6:04am Oct 24, 2009 6:04am
Quote
I have traveled all over the world & lived in many countries so I have my eye on a few tax havens. to retire in... but anything can change.... http://cdn.forexfactory.com/images/s...m/big_grin.gif

have u been to Nigeria before?
  • #46,762
  • Oct 24, 2009 7:49am Oct 24, 2009 7:49am
Quoting PeterPan
Hello to everyone,

This is my first ever use of a forum so I hope I 'm posting the right way.

This is my background:

I traded FTSE100 for about a year. Small account lost about 20%. Did not worry me from the financial point of view because my first aim was to learn. I stopped when I realised I wasn't getting anywhere! Howver my mind was all the time made up to go back, learn more and succeed in trading.

My biggest problem is that I am in a very demanding job which does not leave much space for anything. Which is the reason why I looked at...
Hey PeterPan

Welcome!

The really great thing about PA are the rules are there for you to do whatever fits your life. My suggestion is to trade only the daily and weekly. The actual chart time is very little. For daily once a day if need be, if that is too much stick to the weekly and check once a week. Read every single one of James16 posts.

If you have questions post here or shoot me a msg too

Have a great weekend
Mike
  • #46,763
  • Oct 24, 2009 8:06am Oct 24, 2009 8:06am
Quoting Dan Gilbert
Hey fellas, what are we doing about USDJPY at this juncture? wait for 50% retracement/pin? wait for pin now, and short?

My theory is the 92.00 line will get cracked, and a pin will form at the 50% fibo line, and I'll short it right there ... One can dream....

Here's the daily UJ.... 92.00 PPZ, divergence....

Looks good Dan.

The Weekly/Daily PPZ level lines up nicely with the 50% retracement and the 93.00 round number with the 150 ema (blue) creeping in for added confluence. Some bearish Price Action would be supported nicely.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,764
  • Oct 24, 2009 8:18am Oct 24, 2009 8:18am
Daily BEOB on the Gbp/Jpy is looking good. Let's see how strong that big RN 150.00 really is. Meaning that Price could still bounce up from the 150 level and retrace into the BEOB and then break the 150.00 downward.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,765
  • Oct 24, 2009 8:26am Oct 24, 2009 8:26am
Weekly Gbp/Usd PB and BEOB on the Daily. Should be an interesting week.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,766
  • Oct 24, 2009 8:32am Oct 24, 2009 8:32am
Quoting jarroo
Looks good Dan.

The Weekly/Daily PPZ level lines up nicely with the 50% retracement and the 93.00 round number with the 150 ema (blue) creeping in for added confluence. Some bearish Price Action would be supported nicely.
thanks Jarroo!
Many choose unhappiness over uncertainty.
  • #46,767
  • Oct 24, 2009 8:48am Oct 24, 2009 8:48am
Quoting Dan Gilbert
thanks Jarroo!
Your welcome Dan. I just wanted to point out the Weekly/Daily PPZ level since you didn't mention it in your post.

50% retracement levels, 61.8, 38.2 Fib levels, trendlines, etc., are important levels, especially on higher time frames. But when they line up with a strong PPZ level is when they show their true strength.
Indicators show the past. Price Action "Indicates" the future.
  • #46,768
  • Oct 24, 2009 8:57am Oct 24, 2009 8:57am
James,
that quote from someone who left Britain to live abroad, is so spot on.
I've lived in UK for all my 40 odd years on this planet so far, I love the place, its geography,beauty, the people and its many strengths, but I'm beginning not to recognise the country as it was anymore. This is as you say, down to socialist government's taking other people's hard earned cash and spending it on remodelling society with the overriding aim to keep themselves in power.
Sadly, I don't think the UK will be the place where my children should grow up.
I'm yet not sure where is. But somewhere where, as far as is possible, people are left to their own devices.


Quoting james16
"my country left me long before i left it"
If you can wait and not be tired by waiting...
  • #46,769
  • Oct 24, 2009 9:40am Oct 24, 2009 9:40am
Quoting jarroo
Your welcome Dan. I just wanted to point out the Weekly/Daily PPZ level since you didn't mention it in your post.

50% retracement levels, 61.8, 38.2 Fib levels, trendlines, etc., are important levels, especially on higher time frames. But when they line up with a strong PPZ level is when they show their true strength.
I didn't mention the 93.00 PPZ level because I didn't see it . Now it's clear.
Many choose unhappiness over uncertainty.
  • #46,770
  • Oct 24, 2009 12:04pm Oct 24, 2009 12:04pm
I can relate to the struggle that you and every part-time trader has--balancing a full-time job and trading. I work a full-time job that demands close to 50hrs a week and a lot of travel. Also, I'm getting geared up to move to California in a couple of months (Live in South Carolina now, so that's quite a move!). At one point, I was trying to watch 4H and even some 1H charts throughout the day via my cell phone, and I finally had to quit and take a step back, because I my brain was about to explode from trying to work, trade, and keep up with my other responsibilities. Not to mention, my trading success was also suffering. So for now, I only trade weekly and, when I can, daily charts.

My encouragement to you would be, don't lose sight of your goal. If your goal is to trade for a living, do everything you can now to save money and study, knowing that one day you will not have to work a 9-5 job. I don't know about you, but I don't mind putting in a few extra hours studying and demo trading so that I don't have to work for somebody else for the rest of my life

Quoting PeterPan
Hello to everyone,

This is my first ever use of a forum so I hope I 'm posting the right way.

This is my background:

I traded FTSE100 for about a year. Small account lost about 20%. Did not worry me from the financial point of view because my first aim was to learn. I stopped when I realised I wasn't getting anywhere! Howver my mind was all the time made up to go back, learn more and succeed in trading.

My biggest problem is that I am in a very demanding job which does not leave much space for anything. Which is the reason why I...
skype: ststroud. let's talk trading.
  • #46,771
  • Edited 12:41pm Oct 24, 2009 12:12pm | Edited 12:41pm
A couple of the other yen crosses at interesting locations....

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Quoting jarroo
Daily BEOB on the Gbp/Jpy is looking good. Let's see how strong that big RN 150.00 really is. Meaning that Price could still bounce up from the 150 level and retrace into the BEOB and then break the 150.00 downward.
skype: ststroud. let's talk trading.
  • #46,772
  • Oct 24, 2009 2:56pm Oct 24, 2009 2:56pm
Quoting Mikali
Hi Folks,
Did anyone take a look at the USDZAR bearish PB on the daily chart?
Late last night I placed a pending sell stop order @ 7.3733 SL @ 7.5429 TP1 @ 7.2916 and TP2 @ 7.2276.

Why I Placed the Trade:
The market is presently trending downwards which supports the bearish PB price action. The PB itself has a small body and a long nose that protrudes above the recent price bars giving it some space. I also noted there was confluence of a PPZ and 23 Fibs's.

Would anyone like to comment or offer some feedback or analysis.

With thanks,
Mikali...
Hi Mikali,

Without having the access to the chart, I can only make a guess. So please understand that this is not a recommendation, just an opinion which could be totally wrong!

I would forget about this setup. Here is the reason:

I bet there was some sort of divergence between the last two lows. We may actually see the start of the USD bullish move cycle. For downward movement, this retracement hasn't hit any resistance yet so the quality of the signal is not optimal.

In fact, even AUD has hit weekly PPZ already so some sort of the pull back is in store.

Remember, in currency trading, it's normally USD against others, where most other non-USD currencies are somewhat related.

Can you make some money on the setup? Maybe, but the downside room is rather limited.

Ken
  • #46,773
  • Oct 25, 2009 2:39am Oct 25, 2009 2:39am
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye.

My personal best to each and every one of you. May you and yours find and hold happiness, joy and prosperity for the entire measure of your lives.

See you in the market.
Another good trader has decided to leave the forum. A very disappointing situation.
  • #46,774
  • Oct 25, 2009 3:28am Oct 25, 2009 3:28am
I wonder if you guys ever played with parallel lines?
ok Friendo? This is madness!?!? - THIS, IS, FOREX!!!
  • #46,775
  • Oct 25, 2009 3:53am Oct 25, 2009 3:53am
Quoting PeterPan
Hello to everyone,

This is my first ever use of a forum so I hope I 'm posting the right way.

This is my background:

I traded FTSE100 for about a year. Small account lost about 20%. Did not worry me from the financial point of view because my first aim was to learn. I stopped when I realised I wasn't getting anywhere! Howver my mind was all the time made up to go back, learn more and succeed in trading.

My biggest problem is that I am in a very demanding job which does not leave much space for anything. Which is the reason why I...

Peter,

I feel your pain brother. I'm in a similar situation, a 60 hr week would be a "light" week.....and not to mention the steadily increasing stress by the ill treatment by employers in general ......"hey Peter, were gonna need you to come in on Saturday, we lost some people this week and we kinda need to play catch-up....." (Office Space)


And for inspiring thoughts: You found the right place, the people here in the FF thread and the Private Forum of the James16 Group have a sincere interest in your success as a trader. I joined the group about a month ago and my only regret is not doing it earlier. Take what James and Mike say very seriously, you will not find better instructors period.

Why would you feel guilty for wanting to trade?
  • #46,776
  • Oct 25, 2009 4:47am Oct 25, 2009 4:47am
Quoting Liger86
I wonder if you guys ever played with parallel lines?
all the time, it can make a big ole mess of your chart if your not careful. lol
try it on the yen x,its amazing!!! it takes a lot of time and messing to find the ones useful to trading,at least for me, but they can give a symmetry to the market moves that is pretty astounding at times!!
jon
PATIENCE... DISCIPLINE
  • #46,777
  • Oct 25, 2009 4:54am Oct 25, 2009 4:54am
Mmmmmm...why is it my real account never looks like this!!??
if there is any sound advise out there to help me hang on to my trades i would dearly like to hear it!!
cheers jon
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PATIENCE... DISCIPLINE
  • #46,778
  • Oct 25, 2009 5:04am Oct 25, 2009 5:04am
this gb/cad might proove to be interesting!!??
jon
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PATIENCE... DISCIPLINE
  • #46,779
  • Oct 25, 2009 5:25am Oct 25, 2009 5:25am
Quoting g_j_hook@yah
this gb/cad might proove to be interesting!!??
jon
Jon,

You don't say, but I think you're looking at going long....

Be very careful....

Fundamentals are all against you.

UK GDP figures published on Friday were much worse than expected. Canada is an Oil based economy and Oil price is going up....
  • #46,780
  • Oct 25, 2009 5:59am Oct 25, 2009 5:59am
Peter Pan, I would suggest take it slowly on demo with the J16 technique put what time you can into it, as much as possible, I gave it six months of demo, more than three were consecutive profit months as James suggests....I wanted to have the trading methods as second nature as could be before starting live, and force myself to develop some patience.
And then I have started with what I consider to be a small account, which I will only increase in small steps, several profitable months between each step.

If you feel guilty to learn to trade is it because of your loyalty to your career / employer? If so I think you should resolve this conflict in your mind before going live. I've been through that myself. There should be no reason for a conflict if you are learning a new profitable skill. Trading needs your heart and soul in it to work out. I'm just saying you must be comfortable and at ease with your trading strategy from all angles to be successful....not that you must give up the day job first, thats not necessary, or even the aim for everyone!!!


Quoting PeterPan
My biggest problem is that I am in a very demanding job which does not leave much space for anything. Which is the reason why I looked at trading as a possible way to come out. I even feel guilty trying to learn to trade!

Anyone one of you who can relate to this? Any inspiring thoughts or personal experiences to share?
If you can wait and not be tired by waiting...
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