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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

  • #56,081
  • Feb 24, 2010 3:06pm Feb 24, 2010 3:06pm
Quoting daveoz001
Hi all,
Looking for someone to have a look at this chart it is the GBPAUD Daily.
I am guessing I got it completely wrong when I thought this was a Bullish outside bar?
Or has it not had enough time to move?
Would it be retracing 1st, before moving up?
I ask because once it broke the top I thought it was away!!!
Anyway could someone give their opinion as to what to expect from this!!!
Thanks,
Dave.
Hi Dave,

A couple notes just based on looking at your chart.

1. I think you answered your own question with the lower blue line. I don't trade this pair, but from the looks of your chart, that is a round number and at least a minor ppz. We would expect the price to bounce there. In this case, you can do 1 of 4 things: Move stop to breakeven, take some off the table, do nothing and hope it breaks through, or wait until the area is breached to enter your trade. (Thanks Jarroo! Hope this was right, just from memory after reading 1000 times.) I usually do the last one, in which case I would have put my entry order 10 pips or so above the blue line.

2. BUOBs and BEOBs very often do retrace part way into the bar.

3. Is that bar a full day bar that is being engulfed, or a Sunday bar? (Sorry I don't have this chart on my feed, so just wondering) If it is a Sunday bar I would ignore it, which would invalidate the setup.

Keep asking questions like these Dave, it is the best way to learn. Also, make sure to read the whole thread (this is advice for everyone, if you haven't or think it's too long you are doing yourself a great disservice.)

Good luck!

Cory
  • #56,082
  • Feb 24, 2010 3:07pm Feb 24, 2010 3:07pm
Quoting Ryanmcd
Bill Williams, is all I have EVER used forever and it works. J16 just showed me a few bars too look at really the rest is Bill's stuff. It's all simple trend stuff, and finding a low risk way to get into a trend on a pullback or if it's hammereing up/down.

I've got a video of Bill Williams talking about Chaos and Fractals etc, pm me if you want a copy.
  • #56,083
  • Feb 24, 2010 3:09pm Feb 24, 2010 3:09pm
Quoting LasVahGoose
I was reading an article or a post that said every trader should at some point trade a system that they would never consider. The point was basically, by trying something you'd never consider your probably going to learn a few things. One you really do like it or solidify what you are currently doing. This is definitely a method I would never try. With that said, I'm thinking I should at least at one point actually take a look and try it. Who knows what I'll discover.

The key for me is to know what everyone the 95% is thinking when I get into a position. I can see when we get a move around support and watch people jump in, even though it's a CT trade but had some kind of support in their mind and they talked themselfs into how good of a trade it was so then they have to take it.

I do watch the 80/20 RSI a lot though because that is the end of a move in most cases, not to CT it but just to look to scale out some then build back in on the pullback.
Keep taking CT trades, I need more money
  • #56,084
  • Feb 24, 2010 3:11pm Feb 24, 2010 3:11pm
Quoting stewrigh
I read this post this morning and didn't have time to respond then but just have to say something now...

IMHO this is the most valuable post I have EVER read anywhere!!!

I spent nearly 10 years studying Forex looking for the holy grail of indicator BS and almost gave up in frustation. RSI, MACD etc etc - I used them all - My charts were works of art - but about as useful as a poke in the eye with a sharp stick.

Then I had an AHA moment and started to see things differently - I don't know why or how it happened but I started...
Yeah most traders can trade a trend, its not difficult, problem is the market ranges a high percentage of the time.
  • #56,085
  • Feb 24, 2010 3:22pm Feb 24, 2010 3:22pm
Quoting chatzi
Yeah most traders can trade a trend, its not difficult, problem is the market ranges a high percentage of the time.
I get a trend everyday on the 5min and it's a lot harder then the longer times. Well maybe not everday but 95% I get a trend I can get in on.
Keep taking CT trades, I need more money
  • #56,086
  • Feb 24, 2010 3:27pm Feb 24, 2010 3:27pm
Quoting chatzi
I've got a video of Bill Williams talking about Chaos and Fractals etc, pm me if you want a copy.


Thanks but I got the home study kit deal from 2000 then the update from 2008 and sat his class and traded realtime with him, learned a good bit
Keep taking CT trades, I need more money
  • #56,087
  • Feb 24, 2010 3:27pm Feb 24, 2010 3:27pm
Quoting Cbh123
Hi Dave,

A couple notes just based on looking at your chart.

1. I think you answered your own question with the lower blue line. I don't trade this pair, but from the looks of your chart, that is a round number and at least a minor ppz. We would expect the price to bounce there. In this case, you can do 1 of 4 things: Move stop to breakeven, take some off the table, do nothing and hope it breaks through, or wait until the area is breached to enter your trade. (Thanks Jarroo! Hope this was right, just from memory after reading 1000...
Yes that's right, James16's "This is Critical" : http://www.forexfactory.com/showpost...ostcount=15568

There is a bit of traffic on this one which isn't that bad. The size could be a lot bigger though. Fighting a strong down trend. (I hear Ryanmcd talking to the screen on this one. lol)

It hasn't failed yet although a tough one to hang on to.

(Not a Sunday bar, its Monday's)
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #56,088
  • Feb 24, 2010 3:31pm Feb 24, 2010 3:31pm
Quoting Ryanmcd
The key for me is to know what everyone the 95% is thinking when I get into a position.
Well, I've heard a few successful traders say something similar. Seeing fear and greed on the chart is another way I've heard it stated. It's still a big mystery to me, but maybe it just comes with time over the years, IF you make it in this business. Thanks for your posts, you've actually touched on subject I'd filed away and forgotten about and got me thinking a little.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #56,089
  • Feb 24, 2010 3:32pm Feb 24, 2010 3:32pm
I just spotted this daily pin on aud/jpy, but it doesn't convince me due the short size although is setted on a PPZ,365 ema and 38 fib and round number 80.00

What u think??
Attached Image (click to enlarge)
Click to Enlarge Name: audj.gif Size: 25 KB
Patience is essential
  • #56,090
  • Feb 24, 2010 3:43pm Feb 24, 2010 3:43pm
Quoting benem
I just spotted this daily pin on aud/jpy, but it doesn't convince me due the short size although is setted on a PPZ,365 ema and 38 fib and round number 80.00

What u think??
Let's see how she breaks.
Indicators show the past. Price Action "Indicates" the future.
  • #56,091
  • Feb 24, 2010 3:48pm Feb 24, 2010 3:48pm
Quoting Ryanmcd
Thanks but I got the home study kit deal from 2000 then the update from 2008 and sat his class and traded realtime with him, learned a good bit
Wow nice, can I ask, did you start off on higher TF or just think f*** it I am going to master the 5 min?

Mark
  • #56,092
  • Feb 24, 2010 3:49pm Feb 24, 2010 3:49pm
Quoting jarroo
Let's see how she breaks.
be quiet!!
  • #56,093
  • Feb 24, 2010 3:51pm Feb 24, 2010 3:51pm
Quoting triger88990
be quiet!!
Hey triger. Who are the new babes you got there.
Indicators show the past. Price Action "Indicates" the future.
  • #56,094
  • Feb 24, 2010 3:53pm Feb 24, 2010 3:53pm
Quoting jarroo
Hey triger. Who are the new babes you got there.
got to decide between blonde vs brunete

I have to made a difficile choice

PS: is more simple if I had to choose between a huge PB and a small PB
  • #56,095
  • Feb 24, 2010 4:14pm Feb 24, 2010 4:14pm
Quote
I have to made a difficile choice

Ah, I have waiting for this.

I have an Idea that the same struggles we men have choosing a mate and making a commitment are very similar to the struggles we have choosing a method, making a capital commitment to it, then learning to trade it.

Just wanted to take advantage of the topic, to put this idea out there.


Best regards

Dale
  • #56,096
  • Feb 24, 2010 4:16pm Feb 24, 2010 4:16pm
Quoting chatzi
Wow nice, can I ask, did you start off on higher TF or just think f*** it I am going to master the 5 min?

Mark

Naa mentor did the 3min deal and I just went to 5min. Just what I know and how I am wired, ADD = not a good long term trader.
Keep taking CT trades, I need more money
  • #56,097
  • Feb 24, 2010 4:17pm Feb 24, 2010 4:17pm
Quoting triger88990
got to decide between blonde vs brunete

I have to made a difficile choice

PS: is more simple if I had to choose between a huge PB and a small PB

I say get long them both, have to stick with the trend
Keep taking CT trades, I need more money
  • #56,098
  • Feb 24, 2010 4:19pm Feb 24, 2010 4:19pm
Quoting Ryanmcd
I say get long them both, have to stick with the trend
LOL.

Hedge. Take a position in both at the same time.
Bundy's status today: "Waiting..."
  • #56,099
  • Feb 24, 2010 4:22pm Feb 24, 2010 4:22pm
Quoting bundyraider

Take a position in both at the same time.
That's my dream. lol
Indicators show the past. Price Action "Indicates" the future.
  • #56,100
  • Feb 24, 2010 4:23pm Feb 24, 2010 4:23pm
Quoting Dale
I have an Idea that the same struggles we men have choosing a mate and making a commitment are very similar to the struggles we have choosing a method, making a capital commitment to it, then learning to trade it.
Clearly, the solution is to trade them both, but on different timeframes to avoid correlation issues - otherwise, your positions might cancel each other out...

...and you will end up trading against yourself.
When you have to shoot, shoot. Dont talk.
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