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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

  • #55,961
  • Feb 23, 2010 9:27pm Feb 23, 2010 9:27pm
I realize the original post answers this question to some extent (but not fully), but I'd like confirmation from real traders. If i subscribe for, say, 2 months to the official James16 website, would i be able to print everything I need within that time frame? I realize after the 2 months there would be continuous updates which i'd miss out on, but that aside, is this option viable?

edit: been going through the posts on this thread, very interesting so far but got a lot to read (which is good its fun)
  • #55,962
  • Feb 23, 2010 9:43pm Feb 23, 2010 9:43pm
Quoting supremeChaos
I agree. in general, here is where the younger people (20 - 30y.o. & younger) are lucky. in general, fewer wrong stuff are ingrained in their brains.
yeah, but at the same time there is fewer right stuff in there too. I must be getting old, people in their 20's look like kids to me.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,963
  • Feb 23, 2010 10:06pm Feb 23, 2010 10:06pm
Quoting spookie94
new to thread. Where can i find the j16 manager post?
Here.
"The more I practice, the luckier I get." (Gary Player)
  • #55,964
  • Feb 23, 2010 10:31pm Feb 23, 2010 10:31pm
Quoting LasVahGoose
yeah, but at the same time there is fewer right stuff in there too. I must be getting old, people in their 20's look like kids to me.
fair enough, we look like kids. but we are kids.

.... seriously, i agree Sir. fewer right stuff nowadays ('needle in a haystack' issue, specially in this '(Mis-)Information' Age). all/most of the 'good/right stuff' (that we all need) have been mentioned/are found in the past +/-30-50yrs.
  • #55,965
  • Feb 24, 2010 1:38am Feb 24, 2010 1:38am
Hi all

just had a a-ha moment

drew a horizontal line on the monthly where i thought was a ppz (1.0389)

then checked it out on the weekly and it would have made for a good entry after the PB

and on the daily it shows as a ppz and breaking would have been a strong bullish move

am i making any sense?
  • #55,966
  • Feb 24, 2010 1:42am Feb 24, 2010 1:42am
Quoting joelcf
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?

Attachment ...
Hi Joel,
thanks for response. This was actually helpful. Although I still believe location is good, thoughts about bar itself, (which also Mike pointed out) made me think hard.

Cheers,
Mikey
  • #55,967
  • Feb 24, 2010 1:49am Feb 24, 2010 1:49am
Quoting NosferatuMan
Does this makes sense to anyone else?

- Rejection of PPZ
- Swing High
- Double top
- Divergence
- big BEOB
- With the trend

How would you rate this one? A (managed tightly)?
the divergence is not a brerish one...
u forgat one trend line from the top at 13.10.09, and 50% fibo.
but ya I think it can go to 0.87 without a problem,then BE.
im short.
Wellcome to the good life!
  • #55,968
  • Feb 24, 2010 2:08am Feb 24, 2010 2:08am
Although your post was not aimed directly at me I guess, I'd like to reply.

I do value opinions of other members and I do think hard about what they say. But often, they're not in sync always(someone might like setups, someone not, depending on style). I must say however that I skip Ryan's posts since I have zero interest in 5min charts(no offense Ryan!)

Quoting Cbh123
...why do you think the day you decide to look for trades happens to be the end of a trend that has lasted for months? It is so much easier to wait for retraces to fib/ppz/ema/etc. confluence levels and then take an obvious (<--- this is key) pin bar or BEOB than to take a counter(huge)trend trade just because it's the only formation (pinbar, outside bar, etc.) that shows up that day on the charts.
Well, don't know about others but I do look for trades every (working) day. And really trend might revers regardless of whatever you or me think. In this EURAUD I cannot help myself, but i consider location to be very good, with SPACE which is hard to get in some minor retraces. Maybe my criteria is not good but I do look for major swings, strong S/R and extremes.
Quoting Cbh123
Be patient, and you will be rewarded. This has been such a hard lesson for me, I hope this helps at least one person to make the decision to be ultra-picky now and save themself the trouble of losing over and over again getting hit by bullet trains.

/end rant

Cory
I'm patient and I'm trying to be picky. I have no trade in February yet, and as I stated I was not taking this bar, it was not A+ for me, it was A and plus sign was missing because of the minuses I pointed out(close, counter-trend, minor trouble area). But if it closed higher, above 1.5200 no one could probably talk me out of it. Also I got a feeling from Mike's post that if bar closed above 1.5200 he would maybe took it(?), since he likes location(?).

For me it was just setup that was closest to A+ setup this month from my 25 pairs I have.

Thank you all, I DO APPRECIATE your responses.
All the best,
Mikey
  • #55,969
  • Feb 24, 2010 2:16am Feb 24, 2010 2:16am
Quoting michal7
Although... I must say however that I skip Ryan's posts since I have zero interest in 5min charts....
Hey Mikey,
Ryanmcd posts not only about M5 chart trading, he posts about his experiences & trading in general as well.
  • #55,970
  • Feb 24, 2010 2:17am Feb 24, 2010 2:17am
Joel, this 2 things keep bugging me.

Quoting joelcf
+extrem low
This isnt really a reason to trade. Price is consistently making lower lows. Hrm.
I watched lot of Jim's and Mike's videos but aren't they also mentioning extreme highs/lows and major swings? Doesn't extreme say something about overbought/oversold with a nice chance for at least some retrace if PA is confirming this?

Quoting joelcf
+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.
Ok, this is new for me. I'm not expecting orders to be there from 1999. But isn't it something that also big guys notice? Really strong area, with 3 nice bounces off of it, not broken in more than 13 years?

Thanks Joel,
Cheers,

Mikey
  • #55,971
  • Feb 24, 2010 2:19am Feb 24, 2010 2:19am
Quoting antgal23
Hi all

just had a a-ha moment

drew a horizontal line on the monthly where i thought was a ppz (1.0389)

then checked it out on the weekly and it would have made for a good entry after the PB

and on the daily it shows as a ppz and breaking would have been a strong bullish move

am i making any sense?
Yep!

You'll learn to fine tune your selection of the level (closer to round numbers sometimes etc) , but you're definitely on the right track, man.
Bundy's status today: "Waiting..."
  • #55,972
  • Feb 24, 2010 2:23am Feb 24, 2010 2:23am
thnks Bundy,

appreciate the comment especially from you who has been around since the beginning

peace!
  • #55,973
  • Feb 24, 2010 2:25am Feb 24, 2010 2:25am
Quoting Cyrus
I'm quite the tech retard... there's a trading simulator that shows you how price was reacting in the past??
Here you go Cyrus
http://www.forexfactory.com/showpost...ostcount=55313

I actually went back to F12 as it doesn't allow you to switch timeframes, which for this method is essential, but useful just to sit and watch how price moves.

Mark
  • #55,974
  • Edited 2:36am Feb 24, 2010 2:26am | Edited 2:36am
Quoting antgal23
Hi all

just had a a-ha moment
And example of what I meant by how you'll get better at it....

(Even better when you get many factors, such as other fibs., lining up too, of course. )

edit: By the way. Everyone develops their own preferences for doing this. So Learn what works for you.
Attached Image (click to enlarge)
Click to Enlarge Name: uc fib and ppz examp.gif Size: 17 KB
Bundy's status today: "Waiting..."
  • #55,975
  • Feb 24, 2010 2:28am Feb 24, 2010 2:28am
Quoting Piggleop
I realize the original post answers this question to some extent (but not fully), but I'd like confirmation from real traders. If i subscribe for, say, 2 months to the official James16 website, would i be able to print everything I need within that time frame? I realize after the 2 months there would be continuous updates which i'd miss out on, but that aside, is this option viable?

edit: been going through the posts on this thread, very interesting so far but got a lot to read (which is good its fun)

I did and have all the videos etc, hope that is ok lol.
  • #55,976
  • Feb 24, 2010 2:33am Feb 24, 2010 2:33am
Quoting michal7
Joel, this 2 things keep bugging me.


I watched lot of Jim's and Mike's videos but aren't they also mentioning extreme highs/lows and major swings? Doesn't extreme say something about overbought/oversold with a nice chance for at least some retrace if PA is confirming this?



Ok, this is new for me. I'm not expecting orders to be there from 1999. But isn't it something that also big guys notice? Really strong area, with 3 nice bounces off of it, not broken in more than 13 years?

Thanks Joel,
Cheers,

Mikey
PA is pa whether on the 5 min or 1 month, so if Ryan and every other senior trader is telling you it was a high risk trade then I would take their word for it.

In the videos you will also hear the guys saying that after a quick drop a small reversal bar has almost no chance. If price gently trends down then a decent size bar appears at a recent PPZ then its one to consider.

Mark
  • #55,977
  • Feb 24, 2010 2:36am Feb 24, 2010 2:36am
Hi Chatzi

NZUS starting to look good!! http://cdn.forexfactory.com/images/icons/icon10.gif
What you do is a reflection of you....what I do is a reflection of me.
  • #55,978
  • Feb 24, 2010 2:38am Feb 24, 2010 2:38am
Hi Bundy

so the 38 fib acts as resisitance on the daily and weekly tfs?
  • #55,979
  • Feb 24, 2010 2:39am Feb 24, 2010 2:39am
Quoting james16
Attached Image
I don't doubt that the next one would be another masterpiece from the man himself,

and only those who would take note will be rewarded and be safe for not get their asses kicked over and over.

all the best!
  • #55,980
  • Feb 24, 2010 2:45am Feb 24, 2010 2:45am
Nice post Cory.
It is informative for me to know how u guys view a potential trade involving CT.
Also appreciate your being a mediator here to avoid possible hard-feelings being generated (regarding the 'bluntness' aspect that is).

CY

Quoting Cbh123
I hope people who have posted trade ideas the last few pages will not be offended by Ryan or Joel's bluntness. Please know that they are both very respected here, and have each contributed a lot of wisdom to the thread.

Thanks guys.

The thing is, they are trying to help you, so please learn from what they are saying. The honest thing is, major trends only change once in a blue moon, so if a pair is plummeting down or shooting up, why do you think the day you decide to look for trades happens to be the end of a trend that has lasted for months?...
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