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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

  • #48,041
  • Edited 6:50pm Nov 12, 2009 6:30pm | Edited 6:50pm
saved the trade report - thank you, I will be using it.

365 EMA vs. SMA I believe you are correct - thanks.

And on another positive note - the alert/ea/ whatever you'd like to call it - -anyway - I've gotten my first step to work - where the mt4 platforms sends me an email when (criteria ) happens. (edit - sends to many emails - need to figure out how to send 1 then quit looking until next bar or something - i'll get there) Next I will be defining a pinbar recognition piece and hopefully I'll get an email when there is a pinbar.
Then build it up from there

I know - this is old stuff for most of you - but -I am having fun -
  • #48,042
  • Nov 12, 2009 7:24pm Nov 12, 2009 7:24pm
Quoting supermatt
man it is hard to sit here and see all you guys in winning trades. I havnt seen a decent trade in weekss lol.
Something my best bud said to me recently, not sure if you saw my post, but it helps me heaps to just type it out again,

"Its fine missing moves. If your system didn't encompass it, then it wasn't your money to take to begin with"

We recognise more trades as we get better Matt. Work's been really heavy this week, missed 2 or 3 good signals also, but those would have needed to be babysitted wrt my current understanding and comfort level.

Better to be on the ground wishing you were in the air than in the air wishing you were on the ground.

With persistence, we'll make it. Benji's just a prodigy.
But honestly, I also feel that it's because he hasn't had to clear out crap from his head, where as we (I assume you're not 17 ) have assumptions we have to clear out. It's a blessing to come to know James' material at an early age.

A large part of it is also psychology... which SC and I are thinking of starting a small thread on. I've been spending alota time introspecting on my psychology, and finding out what I LIKE to trade. That's helping heaps. Jung has helped us classify certain tendencies and weaknesses inherent in our wiring. Mine, for example, is a tendency to box things up abit too much. So in knowing that, I make a very deliberate effort to add "vagueness" for the lack of a better word... (I hope I'm making sense)

I personally have very little confidence trading divergences cause when I was still naive I tried it ALOT and kept getting smacked. I dont like trading CT (not yet), and a good bit of this week had CT type trades... But I find that when I trade stuff I LIKE, it works out 80% of the time... least tt's what the past 2 months have shown.

There's always next week, and the week after... and so on dude.
If the markets shut down, we all have MUCH greater problems to worry about... like nuclear war or judgment day.
One Mind, Any Market
  • #48,043
  • Nov 12, 2009 7:33pm Nov 12, 2009 7:33pm
Quoting bundyraider
(I entered a little lower) The break-out/pullback of that H/S on the 1 hour is the only trade I've taken all week. Good easy money. How it should be.
Thanks for the reminder Bundy!
One Mind, Any Market
  • #48,044
  • Nov 12, 2009 7:34pm Nov 12, 2009 7:34pm
thanks Cyrus. Nah lol im just the average age in here i think? mid 20s?
Its just hard to see everyone on these lower timeframes making trades.
Im going to stick to daily as I am going to stick to the minimum requirements.
Im just battling with myself at the moment with all these different ideas flowing through my head on how to trade.

Ill keep pushing through
  • #48,045
  • Nov 12, 2009 7:47pm Nov 12, 2009 7:47pm
Quoting Dan Gilbert
Someone please tell me why this is a bad trade, I'm going to post the monthly chart here too as a view of "reason to look for shorting NZD"

short on break of DBHLC?
I think this is not a bad trade. It just takes time to work.
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  • #48,046
  • Nov 12, 2009 8:06pm Nov 12, 2009 8:06pm
Quoting nasir.khan
Just watchout of the areas above.

Btw looking crap on the daily chart.

Can someone tell me where to get the MT4 indicator that shows current price in large bold letters like on the attached chart?
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  • #48,047
  • Nov 12, 2009 8:07pm Nov 12, 2009 8:07pm
Quoting KissFan
I hope that I sound respectful because you can't hear someone's tone via e-mail. Dan I can tell that you are really starting to get this stuff and this is a great question. These above are my observations only and questions that I would ask myself before I made this a trade.

K.I.S.S.
I've said once, I don't mind anybody here coming off as "disrespectful" I really want as much critical analysis as possible. I also have become very familiar with all the regulars in here, and none of you have ever shown any disrespect at all. This thread is easily the friendliest place on the internet.

As far as me understanding this method, this past week so far I feel like I have gotten further away from understanding, rather than closer to it. The problem I'm currently having is, finding an excuse to trade, instead of searching for a reason to NOT trade. Waiting is possibly the most prevalent feature of the j16 vets.

I do see your concern on the NZD dbhlc support directly below, but I also see your advanced experience level gives you a better ability to zoom in on the smaller time frames and pick out a much better, tighter entry. I look at a 4hr chart sometimes and can't see half of the stuff I need to see, which is usually quite clear on the daily's.

I'm considering opening up a second demo account, so I can place my orders on the daily charts in one account, and then continue explore the 4hr, and maybe even 1hr entry's that you guys continuously post here. (Or maybe even some of RAC's "touch trades"... who is this guy anyway? )

Thanks for all your help.
Many choose unhappiness over uncertainty.
  • #48,048
  • Nov 12, 2009 8:15pm Nov 12, 2009 8:15pm
Quoting Wamo
Can someone tell me where to get the MT4 indicator that shows current price in large bold letters like on the attached chart?
try

http://www.forexfactory.com/showthre...tor#post235318
  • #48,049
  • Nov 12, 2009 8:35pm Nov 12, 2009 8:35pm
Quoting mbqb11
try

http://www.forexfactory.com/showthre...tor#post235318
Thanks Mike! I did perform a quick search in the programming forum before posting my question here, but wasn't sure how to describe the thing to actually find it with forum search.
  • #48,050
  • Nov 12, 2009 11:58pm Nov 12, 2009 11:58pm
I'm keeping an eye on the daily BEOB on gold, it also may make a bearish weekly pin of it breaks downwards.
Positive is that it is at a swing high.
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If you can wait and not be tired by waiting...
  • #48,051
  • Nov 13, 2009 1:03am Nov 13, 2009 1:03am
Quoting glyder
I'm keeping an eye on the daily BEOB on gold, it also may make a bearish weekly pin of it breaks downwards.
Positive is that it is at a swing high.
It's not enough. Too small...

For a signal out by itself it's just not giving us a big enough statement.

Swing high is the only thing it has going for it. IMO

The best I can get at the moment is using the Fib expansion tool and using the 100.00% marks and the 161.8% Fib marks, for starters, on gold.

At the moment .....1318.50 ...is the one that looks more likely from history, going by the success of that particular fib expansion study on the chart. (target level is marked with the yellow 'X' on my chart ).

You can see on my chart a couple of clusters of fib expansion targets as well. I'm going to leave this chart like this and watch what happens. People will be watching those levels too. (1163.60 , 1171.80, 1189.50 are those first ones in line, by the way)

You don't want to get into the habit of watching for outside bars etc only. ....Not unless you see a real blinder of a retracement in that bar that says a LOT. (the ones you'll see Mike drool over! ...ok, and the rest of us! lol)

Watch for significant levels and wait for great bars off of great locations instead.

Trust me. It's always worth waiting for the best locations.
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Bundy's status today: "Waiting..."
  • #48,052
  • Nov 13, 2009 1:47am Nov 13, 2009 1:47am
Quoting perch
e/u 4hr nice pin forming?

basically on daily candles trend is up.

I put S+R about 1.918

Entry about 1.4873

My second - Popped out at me - so I consider this A+ - please let me know if I am missing something.
just got out of this trade.

50 fib , 150 ema, 4hr ppz (dashed line).

good space until 1.4900 round number.

entry - 1.4874

full TP at 1.4895.

stop below pin.

Major resistance at 1.4900. Sometimes i take half and move stop to b/e, but i decided to just take full profit on this one as first trouble zone was a major one and price did not break through it hard.
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  • #48,053
  • Nov 13, 2009 1:56am Nov 13, 2009 1:56am
Bundy,

Many thanks for the advice and analysis.......with gold being at an all time high I wasn't sure how to analyse aside from that fact makes it an obvious swing high!!

USDCAD
I'm also looking at USDCAD, there is a BUOB at he region of the 61% fib on the daily, and of course still that pin on the monthly..
(I might be a little over obsessed with watching this pair because of this pin).
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If you can wait and not be tired by waiting...
  • #48,054
  • Nov 13, 2009 2:05am Nov 13, 2009 2:05am
Quoting perch
USD/CHF -
Holy Crap - I've seen two other setups also - -- - but not as pretty -- -

again on 4hr
overall trend down

resistance at about 1.0125 or 1.0109
This could be a great trade also. but when i looked at the trouble zones i believe the first trouble zone (blue area) was to close to an entry point. Therfore not leaving much room for me to move stops to b/e. (5- 7 pips).

however......there is a lot going for this trade as well.

150 ema , 50 fib, 1.0200 ppz.


therfore i was in 2 minds on this one and i have learned when not sure its best to stay out. i preferred the eur/usd.

if you are comfortable managing this trade it could turn out to be great.
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  • #48,055
  • Nov 13, 2009 4:16am Nov 13, 2009 4:16am
Quoting Dan Gilbert
I've said once, I don't mind anybody here coming off as "disrespectful" I really want as much critical analysis as possible. I also have become very familiar with all the regulars in here, and none of you have ever shown any disrespect at all. This thread is easily the friendliest place on the internet.

As far as me understanding this method, this past week so far I feel like I have gotten further away from understanding, rather than closer to it. The problem I'm currently having is, finding an excuse to trade, instead of searching for a reason...
You are more than welcome. Two other things came to mind when I read your response. CHART TIME- There is only one way to get it and it is obvious how. MM-Here is an experiment that I tried but never told anyone about. I am not recommending it but it did help me. I just sold my company so that I could trade full time. It took me about 4 months to close on the sale. I knew that I was ready to trade but had not traded "full time" with big dollars. Almost any amount will do but I took 1000 bucks and traded with 10% risk every trade that I took. That's five to ten times my risk that I use now. I made a deal with myself, If I blew the account I'd look for something else to do. I don't want to waste your time with any other details, the point is I got REALLY picky about what trades I took. For me using substantial money with reasonable risk and vice versa is the same feeling. I don't have a $ amount that I set as a goal each week but I do have a family to raise and this money I'm trading with is all hard earned. I can't know exactly where you are in your journey but I can tell you that once I learned enough to trade with ok results I found myself taking losses without caring all that much. That's good if you are trading only A+ set ups. It's not if it's because " hey it's only 65 cents a pip". Most likely I'm still not picky enough. It's unsettling to me when I see someone like Bundy post "only took one trade this week". It makes me take pause. No offense Bundy you know I hang on your every post brother. Yall have a good weekend!

K.I.S.S.
  • #48,056
  • Nov 13, 2009 4:19am Nov 13, 2009 4:19am
damn I do not stop missing those setups lol
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  • #48,057
  • Nov 13, 2009 5:19am Nov 13, 2009 5:19am
Quoting faizal82
just got out of this trade.

50 fib , 150 ema, 4hr ppz (dashed line).

good space until 1.4900 round number.

entry - 1.4874

full TP at 1.4895.

stop below pin.

Major resistance at 1.4900. Sometimes i take half and move stop to b/e, but i decided to just take full profit on this one as first trouble zone was a major one and price did not break through it hard.

I did full TP @ 1.4981. Looks like it was a good decision so far, I'm going to wait until we hit the lower trendline before I look for a new long entry on eurusd.
Many choose unhappiness over uncertainty.
  • #48,058
  • Nov 13, 2009 6:37am Nov 13, 2009 6:37am
Quoting Dan Gilbert
I've said once, I don't mind anybody here coming off as "disrespectful" I really want as much critical analysis as possible....
Quote
I'm considering opening up a second demo account, so I can place my orders on the daily charts in one account, and then continue explore the 4hr, and maybe even 1hr entry's that you guys continuously post here. (Or maybe even some of RAC's "touch trades"... who is this guy anyway? )
I would consider this a bad idea. You need to keep it simple and the best way to do this is to seek consistency with the basic stuff (J16 PA of highly confluenced zones on the higher tfs), only and leave the rest to be poked at at a later stage.

Let me assure you, J16 basics is by far the easiest of all PA related trading methods. Who is Rac? He's a magical trader and his trades are admirable (go through his posts and you'll see what I mean) but his method clearly requires heaps and heaps and heaps of experience and practice.

So if you don't want to end up with a deadly 'system hopping' disease you should stick to one thing at a time, master it and then if you feel like it go venturing beyond which BTW is highly recommended by James too but not at the cost of mastering the basics

All the best

Ghous.
I believe . . .
  • #48,059
  • Nov 13, 2009 7:17am Nov 13, 2009 7:17am
Quoting bundyraider
...You don't want to get into the habit of watching for outside bars etc only. ....Not unless you see a real blinder of a retracement in that bar that says a LOT. (the ones you'll see Mike drool over! ...ok, and the rest of us! lol)

Watch for significant levels and wait for great bars off of great locations instead.

Trust me. It's always worth waiting for the best locations.
I think there is critical information/instruction here, which I have also seen elsewhere in this thread, that I could get great benefit from applying. Let me see if I can summarize the thought process:

1) Look for great locations, which generally means significant swing highs or lows, with "clear air" or "room" around the current price point to allow a trade to develop should one be taken after verifying the following conditions.

2) Once you have a great location, look for a confluence of support and/or resistance, including any combination of PPZs, MAs and Fib levels. This confluence of S/R should indicate a possible/likely turn at the current great location.

3) Once you have a great location with a confluence of support or resistance that indicates a turn, only then look for PA (pin bars, beob/buob, dbhlc, dblhc, etc).

4) Once you have all three of the above parts in place, then place your order as per the PA.

Is that the general idea?

My mistake has been looking for PA then trying to fit the identified price action to the other conditions. Given the above, that now seems completely backwards.
  • #48,060
  • Nov 13, 2009 7:30am Nov 13, 2009 7:30am
Quoting Wamo
I think there is critical information/instruction here, which I have also seen elsewhere in this thread, that I could get great benefit from applying. Let me see if I can summarize the thought process:

1) Look for great locations, which generally means significant swing highs or lows, with "clear air" or "room" around the current price point to allow a trade to develop should one be taken after verifying the following conditions.

2) Once you have a great location, look for a confluence of support and/or resistance, including any combination...
You got it Wamo. Follow that plan and you can't go far wrong. I'd add to stick to the higher timeframes first and to follow the minimum requirements from post one (that is, demo until you're successful for three months before going live with a small account)
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