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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

  • #53,481
  • Jan 31, 2010 6:45am Jan 31, 2010 6:45am
Quoting nasir.khan
By looking at what happened after june 17 and march 10, It's going to fall. The pin in G-CHF is still valid and see how price retraced and came back nicely from Fib and the Round number. Euro is't showing any strength either.
EUR/CHF,
On March 12th price shot up and on June 24th price shot up, so surely we are expecting price to head up (EUR strength, CHF weakness)?
  • #53,482
  • Jan 31, 2010 7:56am Jan 31, 2010 7:56am
Quoting MattW
EUR/CHF,
On March 12th price shot up and on June 24th price shot up, so surely we are expecting price to head up (EUR strength, CHF weakness)?
OMG,

I was posting from my mobile all this time and when Rac posted the E-C chart, i thought

March 12 was March 10.

Jun 24 was Jun 17.

sorry guys.
  • #53,483
  • Jan 31, 2010 7:57am Jan 31, 2010 7:57am
Go through babypips school. Read two books "Pring on Price Patters" by Martin Pring & "Trade Your way to financial Freedom" by Van Tharp. Then after you do all that open a demo account and read the entire J16 thread or at least the first 300 pages or so.www.babypips.com

Don't bother with anything else. Should take you a week to a month to complete the above.

Quoting printer69
dear Mr James,

but this goes to everybody as well

after weeks reading forex forums trying to understand about the people and the honestly seems this one is the one...

so I give it a try
would like to ask for your advice about

- how to start trading forex from zero
- remember when you were at my zero level?
- hope to have the right path from you experienced people
- am ready "to invest" some money in my training education (max 2000$)

please consider

1. I know nothing
2. I know nothing
3. I know nothing
4. BUT I like the idea of a system...
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #53,484
  • Jan 31, 2010 8:19am Jan 31, 2010 8:19am
Quoting MattW
So are we likely to see the 1.500 line in the sand revisited? Possibly as new resistance?
well as i see it, if the price will really go up it should go up to the 1.5000-1.5080 level (look at the projections i made on my chart)

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  • #53,485
  • Jan 31, 2010 8:31am Jan 31, 2010 8:31am
Quoting LasVahGoose
Go through babypips school. Read two books "Pring on Price Patters" by Martin Pring & "Trade Your way to financial Freedom" by Van Tharp. Then after you do all that open a demo account and read the entire J16 thread or at least the first 300 pages or so.www.babypips.com

Don't bother with anything else. Should take you a week to a month to complete the above.
I've gone through those steps and I'll be the first to second what LasVahGoose suggests.

Haven't read Van Tharp yet even though I have it. I'll have to get on that.
  • #53,486
  • Jan 31, 2010 8:33am Jan 31, 2010 8:33am
Quoting LasVahGoose
Go through babypips school. Read two books "Pring on Price Patters" by Martin Pring & "Trade Your way to financial Freedom" by Van Tharp. Then after you do all that open a demo account and read the entire J16 thread or at least the first 300 pages or so.www.babypips.com

Don't bother with anything else. Should take you a week to a month to complete the above.
4 lines to financial freedom...

nuff said...

g.
I believe . . .
  • #53,487
  • Jan 31, 2010 8:42am Jan 31, 2010 8:42am
i've just seen an interesting situation on a few monthly charts of some stock markets... it seems like there has formed a reversion on them, looks like the main trend has changed from bullish to bearish (nice BEOB at swing high)

will see what will happen...
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  • #53,488
  • Jan 31, 2010 8:50am Jan 31, 2010 8:50am
Quoting printer69
dear Mr James,

but this goes to everybody as well

after weeks reading forex forums trying to understand about the people and the honestly seems this one is the one...

so I give it a try
would like to ask for your advice about

- how to start trading forex from zero
- remember when you were at my zero level?
- hope to have the right path from you experienced people
- am ready "to invest" some money in my training education (max 2000$)

please consider

1. I know nothing
2. I know nothing
3. I know nothing
4. BUT I like...
Hmmm no senior is around. (cause it's Sunday and everyone have a life)

So i'll have a go and see how it turns out. (first time doing this)

Ok the first advantage you have is that your are starting from Zero.

Cause most (not all ) people come here are already in Minus $$ (losses and blown accounts) (like me). So you don't have any burden in you mind to recover quickly any $$. You will surely have a nice start.

Second advantage you have is that you don't have to spend Money on training/education.

If you go to the very first post you will understand this part easily. Open a demo account (Fake money account) and practice the basics. Start Reading the thread from Page 1 and don't push your self to complete it all quickly. When you will complete the first 100/200 pages you would be pretty much familiar/educated with all the stuff. While reading the thread keep up with the current pages also (or you would never be able to finish it LOL), ask questions about anything, by anything i really mean anything that you don't understand.

Then if you are successful with your trading for at least 3 months on Demo (Fake money) open a real money account of 100$-250$ and then after success with real money also, add funds like 500$-1000$ every month to this account.

Third and biggest advantage you have is that YOU KNOW NOTHING

Pretty much like first one, Most (not all ) people come here with with a lot of "knowledge" (useless information) (like me).

It takes a lot of time and mental struggle to get rid of this "Knowledge" in order get any sort of success in this business. Trading is so much simple, i'll again say so much simple that it's so hard to believe it. But believe me it is actually very simple. Cause i can you show you a 15 year boy doing it in just 3-4 months, Ohhh and we have a 12 year one also. It's not rocket science if it were they would't be able to do it.

And believe me you don't have to know whats happening with economy, what they are saying on tv and wallstreetjournal, you don't have to worry about banks or lobbies.

You need one simple clean chart to make money.

Thats All.

EDIT: Ohhh yeah BabyPips is a must read.

EDIT-2: Ghous and LVG you spoiled my 30 mins.
  • #53,489
  • Jan 31, 2010 9:02am Jan 31, 2010 9:02am
Had a look at my charts again .... did a similar thing ... just show you how careful you must be!!


Quoting nasir.khan
OMG,

I was posting from my mobile all this time and when Rac posted the E-C chart, i thought

March 12 was March 10.

Jun 24 was Jun 17.

sorry guys.
  • #53,490
  • Jan 31, 2010 9:10am Jan 31, 2010 9:10am
Quoting nasir.khan
Hmmm no senior is around. (cause it's Sunday and everyone have a life)

So i'll have a go and see how it turns out. ...
I agree with you with everything, except for "you don't have to know whats happening with economy, what they are saying on tv and wallstreetjournal, you don't have to worry about banks or lobbies."

Why on earth would you ignore such vital information , which will effect the chart you look at? Why would you ignore the effect of interest rates, carry trades etc. In my honest opinion, J16 has good setups, but it's best for daytrading, i can't see how people can swing trade the dailies without understanding the capital flows flushing in and out of economies!

Maybe that's just me, pin bars are good.
  • #53,491
  • Jan 31, 2010 9:24am Jan 31, 2010 9:24am
Past results are not necessarily indicative of future results.

I'm still short GC, NC & NU, trading my plan.
  • #53,492
  • Jan 31, 2010 9:29am Jan 31, 2010 9:29am
Quoting johnbaem
I still bullish BIAS on this buddy.
Id one entry on this. It based on pin at 4H at 28/1. Closed for 80 pips.

IN at 1.0520 SL at 1.0470 an TP at 1.0600.

Anyone had this as well?
  • #53,493
  • Jan 31, 2010 9:32am Jan 31, 2010 9:32am
Quoting johnbaem
Im so sleepy today... Lotsa work at office. Meeting. I love my job and i love trade too!

So whats up on my trade???

MY GU.... Waiting.....

[ignore bold red line, order no]

Attachment
finally it reach there instead im on conference and unable to see the range market that almost make me lose my bullets.
  • #53,494
  • Jan 31, 2010 9:51am Jan 31, 2010 9:51am
Quoting nasir.khan
So i'll have a go and see how it turns out. (first time doing this)
.
And it was a damn good first! If printer takes heed to your knowledge, he could be dangerous. (Dangerous is exaggerating just a bit, but he could very well become a great trader over time.)
I dream, therefore I become.
  • #53,495
  • Jan 31, 2010 10:31am Jan 31, 2010 10:31am
[quote=printer69;3416675]dear Mr James,

but this goes to everybody as well

after weeks reading forex forums trying to understand about the people and the honestly seems this one is the one...

so I give it a try
would like to ask for your advice about

- how to start trading forex from zero


Printer,
You just found the best place to learn. There isn't anywhere that you'll find more honest and helpful people with your journey. Be glad that you found this place near the beginning of your trading endeavor. It will take a great effort on your part, but the good people on this thread will certainly help you find your way.
Good luck,
Dave
  • #53,496
  • Jan 31, 2010 10:37am Jan 31, 2010 10:37am
I understand why the 365ema holds (days in 1 year). But why does the 150ema hold? Does it still hold in today's markets?
  • #53,497
  • Jan 31, 2010 11:13am Jan 31, 2010 11:13am
So I am assigned the challenge - 4 bullets - I get four shots to fire in Feb.
I already hate the challenge because - well simply because I only get four.

So that brings on my first option - and I am trying to figure if it's worth shooting that first one already.

I am thinking if a break low - entry at 2.2670 - with a TP at 2.2575 using a SL of 2.3000 - where my conservative side will probably watch this thing if/when it breaks - -- and decides to go the wrong way I may close early before hits the SL

So now for the important stuff Analysis:
Why am I thinking this - so folks please point out what you see.

I see a round number holding 2.300
I see a few times in the past - an area holding for 4 or 5 attempts and then drops. (basically looking at the swign highs)
In that same thought looking at the current 4 bars pushing to a high - but seems to have stalled and is ready to move back down.
The purple line is the 150 - so that shows it's also near the 2.300 another little indication of the resistance.

So here is what I want to be able to say- but I cannot yet - I need more experience -
If this breaks below the BEOB, I know it has a super chance it's going to go to 1.2570.


Will you trade this? why? thanks a bunch.
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  • #53,498
  • Jan 31, 2010 11:14am Jan 31, 2010 11:14am
Quoting albertsy2
I understand why the 365ema holds (days in 1 year). But why does the 150ema hold? Does it still hold in today's markets?
I'm not sure about the 365 either - as there isn't actually 365 trading days in a year! Most charts show 5 day weeks, or 6 day weeks but usually not 7!
  • #53,499
  • Jan 31, 2010 12:10pm Jan 31, 2010 12:10pm
Quoting TGpop
I agree with you with everything, except for "you don't have to know whats happening with economy, what they are saying on tv and wallstreetjournal, you don't have to worry about banks or lobbies."
That line was directed only towards printer69 cause for a new guy, i think he should only concentrate on charts for next several months. Anyways it's his call.

Quote
Why on earth would you ignore such vital information , which will effect the chart you look at? Why would you ignore the effect of interest rates, carry trades etc.

Yes i agree with you completely here. This information can help a great deal in analyzing the general conditions and trends.

Quote
i can't see how people can swing trade the dailies without understanding the capital flows flushing in and out of economies!

They are actually.

Spend some time here and see for yourself.
  • #53,500
  • Jan 31, 2010 12:26pm Jan 31, 2010 12:26pm
Quoting TGpop
I agree with you with everything, except for "you don't have to know whats happening with economy, what they are saying on tv and wallstreetjournal, you don't have to worry about banks or lobbies."

Why on earth would you ignore such vital information , which will effect the chart you look at? Why would you ignore the effect of interest rates, carry trades etc. In my honest opinion, J16 has good setups, but it's best for daytrading, i can't see how people can swing trade the dailies without understanding the capital flows flushing in and out...
Fundamental analysis is shown through technical analysis. 'Tis true, whether it's believable to you or not yet. I haven't looked at news events for a very long time, other than the biggies like FOMC and NFP days, and I'm still able to hold onto positions for weeks (if it's in a trend and necessary).

"I ignore news like the plague" The granddaddy of this thread wrote that up. With his credentials, I found it wise to follow suit and it's paid off.
I dream, therefore I become.
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