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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

  • #55,921
  • Feb 23, 2010 4:43pm Feb 23, 2010 4:43pm
Quoting michal7
What do you think guys about this setup? (Jim, Mike, jarroo?)

My take:
+nice BUOB engulfing several previous bars
+extrem low
+off of the strong support from few years back
+very close from BIG round number (1.5000)
+divergence

-first minor trouble area quite near (30 pips)
-it's against a trend that is lasting 14 months
-didn't close above 3 prevous bars (on gmt+2 time frame, might still close above on gmt+1 or gmt time frame)

I'd say it's A setup for me for sure. Any thoughts?

LOL, so you think you can stop a train going 100mph right at you? Come on ppl that's why I stopped posting because I can't take seeing people just get hammered. Why not just get on the train and enjoy the ride?
Keep taking CT trades, I need more money
  • #55,922
  • Feb 23, 2010 4:45pm Feb 23, 2010 4:45pm
Here is the daily, HOW CAN YOU LOSE? yellow line = buy/sell you can throw all the other BS out the window, you dont even need any fib's, cycles, EW counts, PB's, voodoo, or any other crap. Look at price and trade it.
Attached Image (click to enlarge)
Click to Enlarge Name: easy3.jpg Size: 128 KB
Keep taking CT trades, I need more money
  • #55,923
  • Feb 23, 2010 4:53pm Feb 23, 2010 4:53pm
Quoting Ryanmcd
Here is the daily, HOW CAN YOU LOSE? yellow line = buy/sell you can throw all the other BS out the window, you dont even need any fib's, cycles, EW counts, PB's, voodoo, or any other crap. Look at price and trade it.
And what is that pretty yellow line then? Some sort of Hull/zerolag/double or triple EMA?
  • #55,924
  • Feb 23, 2010 4:55pm Feb 23, 2010 4:55pm
Quoting Ryanmcd
LOL, so you think you can stop a train going 100mph right at you? Come on ppl that's why I stopped posting because I can't take seeing people just get hammered. Why not just get on the train and enjoy the ride?
Hey Ryan,
I'm not taking this trade, I rated it A(which was too high apparently), but I take only A+ so don't worry about me
In July 1999 same train(EURAUD) got stopped with daily BUOB at 1.52 level.
One question for you though: Would you jump into the train which is going very fast against very very thick wall of bricks (1.5000) which this train was not able to break in more than 13 years??

Cheers,
Mikey
  • #55,925
  • Feb 23, 2010 5:02pm Feb 23, 2010 5:02pm
Ryan,

I mostly trade EU, would you be so kind as to share what MA you are using for that yellow line? Or is it a MA?

Thanks,

Donnie
  • #55,926
  • Feb 23, 2010 5:04pm Feb 23, 2010 5:04pm
Quoting Ryanmcd
Here is the daily, HOW CAN YOU LOSE? yellow line = buy/sell you can throw all the other BS out the window, you dont even need any fib's, cycles, EW counts, PB's, voodoo, or any other crap. Look at price and trade it.
I might be a complete noob but I swear I do not understand this post.
  • #55,927
  • Feb 23, 2010 5:05pm Feb 23, 2010 5:05pm
Quoting benji533
I might be a complete noob but I swear I do not understand this post.
I agree, I thought the usefulness of voodoo was obvious.
  • #55,928
  • Feb 23, 2010 5:06pm Feb 23, 2010 5:06pm
Quoting nasir.khan
So Yen went up today. (as expected)

Will they intervene in the morning.??
.
BoJ? They didnt intervene at 84 (or any other time in the last 5 or 6 years), so it seems somehat unlikely that they would try a selloff at 90 in response to a (small) overnight unwinding of carry trades? Especially after the US just raised rates.

I'd be more worried that they are starting to eye off their currency reserves if they start to see a slip in GDP and have another shot at buying some recovery.

But anyhoo, how bout them pinbars?
When you have to shoot, shoot. Dont talk.
  • #55,929
  • Feb 23, 2010 5:12pm Feb 23, 2010 5:12pm
Quoting uraceulose
Ryan,

I mostly trade EU, would you be so kind as to share what MA you are using for that yellow line? Or is it a MA?

Thanks,

Donnie

Just a simple MA, I will let everyone else figure it out.
Keep taking CT trades, I need more money
  • #55,930
  • Feb 23, 2010 5:15pm Feb 23, 2010 5:15pm
Quoting Ryanmcd
Just a simple MA, I will let everyone else figure it out.

gee thanks man
  • #55,931
  • Feb 23, 2010 5:15pm Feb 23, 2010 5:15pm
Quoting Ryanmcd
Just a simple MA, I will let everyone else figure it out.
Sometimes it's too simple to figure out, so it's a SMA 100. Got it.
  • #55,932
  • Feb 23, 2010 5:21pm Feb 23, 2010 5:21pm
That's about it, hell it was on a 5min chart and I changed it to a daily. ANY MA WILL WORK, this shit is not magic as I said. you can make it superhard if you want through up 100 different things and think your real smart and still be broke, or just use easy stuff that makes money. If you cant explan it to a 5 year old you have too much shit going on.

It's funny how everyone wants something so hard to make them money, if it's easy it can not work


Then again you can put all this stuff up and show how smart u are
Keep taking CT trades, I need more money
  • #55,933
  • Feb 23, 2010 5:22pm Feb 23, 2010 5:22pm
Quoting uraceulose
gee thanks man

Anytime, thanks for all YOUR help, oh wait! Add something then I will help ya. Less memememememe plz..
Keep taking CT trades, I need more money
  • #55,934
  • Edited 5:36pm Feb 23, 2010 5:25pm | Edited 5:36pm
Quoting michal7
What do you think guys about this setup? (Jim, Mike, jarroo?)

My take:
+nice BUOB engulfing several previous bars
+extrem low
+off of the strong support from few years back
+very close from BIG round number (1.5000)
+divergence

-first minor trouble area quite near (30 pips)
-it's against a trend that is lasting 14 months
-didn't close above 3 prevous bars (on gmt+2 time frame, might still close above on gmt+1 or gmt time frame)

I'd say it's A setup for me for sure. Any thoughts?
Everyone else is pulling punches, but this is the second post this morning that has just had me shaking my head. This isnt aimed at you, but just for general consumption since there is clearly some kind of miscommunication happening here.

My take:
+nice BUOB engulfing several previous bars
That's an indecision bar, not a sign of the reversal of a five thousand pip downtrend. It barely even closed positive, let alone as a bullish bar. Look at your daily chart - does it really seem like you should be getting long?

Attached Image


+extrem low
This isnt really a reason to trade. Price is consistently making lower lows. Hrm.

+off of the strong support from few years back
Support from a few years ago doesnt really mean that much, if anything. Any reaction is more likely to be a coincidence than confluence. It isnt like there are going to be a ton of stops waiting there from 1999.

+very close from BIG round number (1.5000)
This is about the only good thing here. But still not a reason to trade countertrend.

+divergence
Only if you skip the three peaks in the middle that dont support your position. There is a bit of curve fitting here.

I'd suggest anyone who thought this was an 'A' setup rereads all of Mike and Jaroo's posts from the last hundred or so pages, pull out the ones that they considered good bars, and compare them to this dog. These guys give out charts of strong, high probability setups like candy.

Eat the candy.


Also, moving away from charts for a second - short Aussie, long Euro? I think I'd rather punch myself in the nuts. Repeatedly.
When you have to shoot, shoot. Dont talk.
  • #55,935
  • Feb 23, 2010 5:30pm Feb 23, 2010 5:30pm
Quoting michal7
Hey Ryan,
I'm not taking this trade, I rated it A(which was too high apparently), but I take only A+ so don't worry about me
In July 1999 same train(EURAUD) got stopped with daily BUOB at 1.52 level.
One question for you though: Would you jump into the train which is going very fast against very very thick wall of bricks (1.5000) which this train was not able to break in more than 13 years??

Cheers,
Mikey

It's your money, I don't care if you win/lose to be honest just trying to help out. The more I think about it all I am doing is making people better and in the long run it will make it harder for me to make money so why do it? Prob out for a few more months gota make that $$$$$$$$$$$$$$$ zzzzzzzzzzzzzzz
Keep taking CT trades, I need more money
  • #55,936
  • Feb 23, 2010 5:30pm Feb 23, 2010 5:30pm
Quoting yarin
what went worng?
am i the only one who gonna take a full bar loss on this one?
...and 40 hours ago, when the bar appeared

Quoting mbqb11
This is a very very very tiny bar vs a very very strong trend. What I would like to see you looking for are much larger size pinbars then this. While this might show price slowing down, it is not a very strong sign of reversal or anything significant. Against such strong downtrend we want to see some significant buying at a good level to qualify for a very high probability trade.


Quoting joelcf
Look at the size of the pin, and then look at the size of the move immediately preceeding it. I agree that the location is good, but the small pin following the big bars doesnt really give us much confidence.

Remember, what we are really looking for is a stop and reverse, rather than just a bar that looks like a pin. So if we are following a big move, we want a bar that has stopped and been rejected hard in the opposite direction... which will look like a big long nose.
When you have to shoot, shoot. Dont talk.
  • #55,937
  • Feb 23, 2010 5:40pm Feb 23, 2010 5:40pm
Quoting triger88990
you can recognise a false break, when price move above(which is our case on fiber) that congestion area and retrace back in and close below the higher boundary that define the congestion area.
Thanks Trigger
my experience is that this setup happens more on the 4H chart. for me, work limits my ability to monitor it all the time, but your thoughts was helpful.
  • #55,938
  • Edited 5:51pm Feb 23, 2010 5:40pm | Edited 5:51pm
Quoting Ryanmcd
Just a simple MA, I will let everyone else figure it out.
Simple or not, it is highly 'smoothed'. I've looked at Trend Following and something like a 60-day Simple MA can get results just buying above or selling below. Naturally it works best once you start to trend.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,939
  • Feb 23, 2010 5:41pm Feb 23, 2010 5:41pm
eur/aud looks like it may well end up a daily bear pin on my charts
Learning to be rigid in my rules & flexible in my expectations
  • #55,940
  • Feb 23, 2010 5:48pm Feb 23, 2010 5:48pm
Hi Guys.

I'm lurking and reading this thread over and over. I'm planning to join James 16 page soon. You are doing great job in here, and the patience, support and time that you are giving to novice traders is awesome.

I'm demoing at the moment, and saving cash for account.

I have a quick question at the moment, how do you draw you Fibbs in the down trend? Is it 0.0 at the high and 100 at the low?
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