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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

  • #49,901
  • Dec 16, 2009 7:48pm Dec 16, 2009 7:48pm
Quoting KissFan
Take your time learning this material. You have time, I assure you.

A major mistake early on can keep you from enjoying the ride that you have yet to experience.

K.I.S.S.
Heya KISS.

Man, this hit home. I started out years back knowing jack all with zero guidance and made some really dumb (noob)^10 mistakes.

It's only been the past few days that I've realised that I've been taking getting this right too seriously, and that enjoyment is an integral element of the learning curve.

How are we gonna play a game for life if we ain't gonna enjoy it?
One Mind, Any Market
  • #49,902
  • Dec 16, 2009 8:41pm Dec 16, 2009 8:41pm
Hey guys,

Thought I'd share this. Just came across it.

I used futuresource.com for my Dollar Index.

Mainly to figure out where we are on the road map.
Dollar tagged major PPZ, 74.00 with a double pinbar in the weekly recently,
and we're seeing the EUR (major component of Dollar) slide like a biatch cause of that, in addition to really nice PA in the Fiber dailies.

It helps me alot, so yeah, see if anyone else finds having a Dollar Index chart on MT4 handy. There's EUR Index too

I installed another MT4 for this. Easier.

--------
http://www.ikonfx.com/mt4/Mt4-platform/20090903313.htm

Do you know how to use MT4 platform to see dollar index? We need to take three steps.
Firstly, putting dollar Index into MT4 server
Add dollar Index into the server of MT4 software and the address is “mt.forexua.com:443”. Through a new setting for MT4 server, we can get new resources.
Secondly, registering a new simulated account
We need to open a new simulated account. The new simulated account uses dollar index server and the data of dollar index can be transmitted continuously on the chart of the new account.
Thirdly, transferring dollar index out
Because the MT4 server was modified, we can see dollar index. Therefore, real account can not use this method.
Want to know more information of forex and use MT4.
One Mind, Any Market
  • #49,903
  • Dec 16, 2009 8:53pm Dec 16, 2009 8:53pm
Quoting TiaForex
You and I are riding the same train already Roger. 1H BEOB at a big round, 4H pin and the daily 150 almost to the pip. Seems to be some anti pound action building up finally.

I shorted GU too early and paid for it today but now there's a beauty of a bearish outside bar off the 1H 150 that is playing out nicely.

And the GBPAUD 4H pinbar with hidden divergence at a double top that printed 45 minutes ago was another beauty.

Of course three trades is a huge exposure to one currency especially with FOMC coming so I hugely scaled back my position...
Hey Aaron! The theme of the day seems to be "chart time" and there you are! I'm still in GU and GBPCHF short but I'm watching closely. I just keep getting a sense that GU especially is headed on down and soon. Maybe it's just the weakness on EU that has me biased. GBPAUD is not one that I can trade with my broker so I don't watch it. Many neat looking bars at good places today but no real runners yet. I could have had 40 pips easy now twice on GBPCHF and at least once already on GU. I'm still open for business as of now on both and as I type this we are testing 1.70 again on GBPCHF. I'm off to the excercise bike before I call it a day. Best of luck to you and I wish you a very special and fulfilling Christmas.

K.I.S.S.
  • #49,904
  • Dec 16, 2009 9:06pm Dec 16, 2009 9:06pm
shorting NZD/USD is fun


S/L moved to even
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Many choose unhappiness over uncertainty.
  • #49,905
  • Dec 16, 2009 9:11pm Dec 16, 2009 9:11pm
Quoting wh1zz0
Great post IMHO.

For me, one thing I love about trading is that it teaches the human being a lot of hard facts as many analogies and concepts of life are seriously related to trading. I'm basically not the same person I was about 3 years back.

You will learn much about yourself here.

K.I.S.S.
  • #49,906
  • Dec 16, 2009 9:16pm Dec 16, 2009 9:16pm
Took the GBP/JPY H4 short on this inside bar against resistance. I know some seniors are against IB's in < daily time frames, but the pin bar 2 bars prior gave me extra confidence. We've also got divergence with the trend.

There is trouble 30 pips below my entry, so I'll keep a tight leash on this trade.

Anyone in this?

-- Danny
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  • #49,907
  • Dec 16, 2009 9:26pm Dec 16, 2009 9:26pm
Quoting Cyrus
Heya KISS.

Man, this hit home. I started out years back knowing jack all with zero guidance and made some really dumb (noob)^10 mistakes.

It's only been the past few days that I've realised that I've been taking getting this right too seriously, and that enjoyment is an integral element of the learning curve.

How are we gonna play a game for life if we ain't gonna enjoy it?
I have a friend who attempted suicide back in 1984 when he was just 17. A perfectly healthy lad who had his whole life ahead of him. He came to terms with his future a few years ago. He has been a quadriplegic since his mistake. He will not be with us much longer as his health is starting to deteriorate quickly now. This all started over a girl he "loved". It seems stupid now doesn't it. I guess that at least he fell in love with something (someone) who was at least capable of loving him back even though she didn't. We all love being right. Being right can't give us love in return. Don't fall in love with your trades or being right. Look for satisfaction that you could follow your plan and improve your skills with each passing day.

K.I.S.S.
  • #49,908
  • Dec 16, 2009 9:45pm Dec 16, 2009 9:45pm
Quoting KissFan
I have a friend who attempted suicide back in 1984 when he was just 17....
Sorry to hear tt Kiss.

I dont hv problems taking losses, etc etc. For me it's wanting to win too much. Strange that it's a problem? It made me try to rush things, and over stretch myself to try take more than what I could handle. So it went nowhere.

Completely agree with you that satisfaction, day by day and improvement, little at a time must be savored for longevity. Progress then becomes a necessary consequence, not something one strives to achieve.

It's quite paradoxical. But perhaps its the law of attraction; get what you want by doing the things that attract it/cause it to happen.

Thanks for sharing Kiss.
One Mind, Any Market
  • #49,909
  • Dec 16, 2009 9:51pm Dec 16, 2009 9:51pm
that USDCAD bunch up is popping north......
Many choose unhappiness over uncertainty.
  • #49,910
  • Dec 16, 2009 9:55pm Dec 16, 2009 9:55pm
im speechless.

lol

Quoting TiaForex
I just noticed this and it made me laugh. (Jim says that by the way I talk he swears I'm from Texas, he can't believe I am English....lol)

That's right Jim. I am Bill from down the road. I told ya that time that I'd get ya good didn't I? Who's laughing now?

  • #49,911
  • Dec 16, 2009 9:57pm Dec 16, 2009 9:57pm
well im honored for you to say that sir.



Quoting Bemac
Just wait until you are my age...
8 years ago I was looking at being secure within a decade.
You (yes You James) assisted in getting me there.
co - incidentally; My only Son's name "James Robert..."
  • #49,912
  • Dec 16, 2009 11:20pm Dec 16, 2009 11:20pm
$10k demo accounts. You guys are the best. Good night.
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Many choose unhappiness over uncertainty.
  • #49,913
  • Dec 16, 2009 11:38pm Dec 16, 2009 11:38pm
Hello, i'm new here

i'm halfway through james' videos and it really inspire me
i more than often mess up my trades and as by now, busted 60% of my $6000 investment
now looking to get it back, slowly...(i know i had been very very reckless)

i'm 21 years old indonesian,
nice to meet you all.

anyway, enough of me, i need some help actually, i am now watching EUR/USD H1, and i kinda not confident with my analysis, can you help me? is the pinbar and the target i made with my chart is at the right place?

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sorry for the noob question...
  • #49,914
  • Dec 16, 2009 11:48pm Dec 16, 2009 11:48pm
Quoting Revcatze
Hello, i'm new here

i'm halfway through james' videos and it really inspire me
i more than often mess up my trades and as by now, busted 60% of my $6000 investment
now looking to get it back, slowly...(i know i had been very very reckless)

i'm 21 years old indonesian,
nice to meet you all.

anyway, enough of me, i need some help actually, i am now watching EUR/USD H1, and i kinda not confident with my analysis, can you help me? is the pinbar and the target i made with my chart is at the right place?

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sorry for the noob...
Hey Rev

Welcome to the thread and your story is not somthing many here are unfamiliar with . I hope you will go straight to demo as there is no need to lose our hard earned money while we learn.

None of those bars on your charts are pins. The first bars are too small to be considered much of anything but indecision and waiting bars. And that last bar we want to see the close way up high on the bar and a nice long nose protruding out.

Here on my chart I marked some pins for you to see. There are some more on here but wanted to give you a wide range of examples. The better ones are the first 3. Remember big long noses and big bars

Hope this helps and welcome

Mike
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  • #49,915
  • Dec 17, 2009 12:09am Dec 17, 2009 12:09am
Quoting Scot Pippin'
Metals, Oil, and Mini Dow at FXPRO
Good to know pippin. I figured you experienced PA traders had figured out which markets have better rythm.

I'll try to get to those 1st 200 posts. I take it not much has change since then, or has anyone condensed the essence of this thread to a pdf? I spent last 2 days looking at j16group guest area on website. Much thanx James16 for all the free videos. Just got to do my homework now. This is gonna take awhile so pls forgive my PA trading newbness. Ill do my best not to repeat already asked questions.

BTW, i see eur/usd on monthly/weekly going much further down. Next logical support on daily and weekly looks to be 1.4300 level and monthly looks like we could easily test 1.4200 and 1.4100 soon. Im just sorry i missed the last month because divergence was very obvious. anyone else share this sentiment?

bulls
Whats happening in EUR/USD should be happening to you!
  • #49,916
  • Dec 17, 2009 12:10am Dec 17, 2009 12:10am
Quoting mbqb11
Hey Rev...

Mike
yeah, went back to demo to practice, i can be confident in demo without the thought of losing my dying investment ^^

oh, i get it, so a pin bar is something that looks almost similiar to a doji with a long shadow which is in the direction of the trend?
and the 1st target when i take my position there is determined by the closest support/resistance?
  • #49,917
  • Dec 17, 2009 12:19am Dec 17, 2009 12:19am
wow, i havent read anything this wise for sometime. I've heard ride the coat tales of the bigdogs before, but not laced with this wisdom. We all need to be reminded of this every so often...

bulls


Quoting Bemac
The Markets; A Paradox; Human Intervention:

Who Made that a Pinocchio Bar?

I wanted to build my own house but I know nothing about foundations so I hired the pros to look after that bit.
Then I built the house of my (actually my Wife's) dreams on top of it.

Anyone see a problem there?

I actually did build my wife's house of her dreams but I didn't let anyone else have any say on how it should go.
(I've supervised the construction of over 1,000 homes for other people)

So What?
Here's what.
There is no joining in half way through because you...
Whats happening in EUR/USD should be happening to you!
  • #49,918
  • Dec 17, 2009 12:38am Dec 17, 2009 12:38am
Quoting Revcatze
yeah, went back to demo to practice, i can be confident in demo without the thought of losing my dying investment ^^

oh, i get it, so a pin bar is something that looks almost similiar to a doji with a long shadow which is in the direction of the trend?
and the 1st target when i take my position there is determined by the closest support/resistance?
It is similar but it has a much longer tail in the opposite direction of where price is going. Pinocchio bar is if it is lying to you is where the name comes from.

As for targets, the first s/r area is a good trouble spot to watch, but targets, exits are highly dependent on the trader. I like to look at each trade and determine the best course of action

Best
Mike
  • #49,919
  • Dec 17, 2009 1:02am Dec 17, 2009 1:02am
Hi,

Would do you guys make of this BUOB for a breakout on the 1hr usd/chf.

I'm looking at the longer time frames showing s/r at the 1.045 level that has been tested twice on the 1h


Appreciate your thoughts.
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Learning to be rigid in my rules & flexible in my expectations
  • #49,920
  • Dec 17, 2009 1:12am Dec 17, 2009 1:12am
Quoting Treefingers
Hi,

Would do you guys make of this BUOB for a breakout on the 1hr usd/chf.

I'm looking at the longer time frames showing s/r at the 1.045 level that has been tested twice on the 1h


Appreciate your thoughts.
Hey Tree

Remember we want to see BUOBs at swing lows, this is up at a swing high point. Generally trading into that new high can be very dangerous. Taking out that new high is where new sellers often sit. Best to stick to trading these bars in the prime locations especially when new.

I hope that helps
Mike
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