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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

  • #59,061
  • Edited 12:47am Mar 25, 2010 12:26am | Edited 12:47am
Quoting james16
CHART
Yeah Jim . . . . I remember.

http://www.forexfactory.com/showpost...ostcount=52095

I believe someone else remembered your post when that BUOB was presented but I forgot who.

How did Jim know? Is he psychic?

No . . . He just has seen this happen time after time and over and over again.

If you want to get ahead of the learning curve of J16 Price Action I would suggest you view James16's charts very often . . . every day if your new here (or old here). It did for me.

Two charts tells it all.

Last one is Jim on a recent hunting trip.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #59,062
  • Mar 25, 2010 12:32am Mar 25, 2010 12:32am
Quoting Dan Gilbert
don't even look at anything less than a daily chart for a long time. focus your brain on the dailies.

You think Jim, who has been studying tech analysis for 25 years, doesn't know what he's talking about?

he went through all the BS so you wouldn't have to.

stick to dailys for a while, play around on demo with the 4hr bars.
Thanks again Dan. Yay, I will gladly take your advice.
Before reading this thread, I was demo-ing on 1 hr and even 15 mins with some so-called "tried-and-worked systems", needless to say I lost and lost at the end of the day.....

So now I'll just stick to PA and the higher TF and demo....
Dreams are hard to follow, but don't let anyone, tear them away...
  • #59,063
  • Mar 25, 2010 12:35am Mar 25, 2010 12:35am
Quoting jarroo
Yeah Jim . . . . I remember.

http://www.forexfactory.com/showpost...ostcount=52095

I believe someone else remembered your post when that BUOB was presented but I forgot who.

How did Jim know? Is he psychic?

No . . . He just has seen this happen time after time and over and over again.

If you want to get ahead of the learning curve of J16 Price Action I would suggest you view James16's charts very often . . . every day if your new here (or old here). I did for me.

Two charts tells it all....

J16 isn't a signal service... Yet here he was basically tapping all of us on the shoulder more than a month in advance... I took the trade . Although I got out before the consolidation range started
Many choose unhappiness over uncertainty.
  • #59,064
  • Mar 25, 2010 12:40am Mar 25, 2010 12:40am
Quoting s005606
Thanks again Dan. Yay, I will gladly take your advice.
Before reading this thread, I was demo-ing on 1 hr and even 15 mins with some so-called "tried-and-worked systems", needless to say I lost and lost at the end of the day.....

So now I'll just stick to PA and the higher TF and demo....
PA for life. I wish everyone was fortunate enough to have the "forextester" software. I have been backtesting different MA "systems" with some success, on some pairs.... But when the market starts consolidating, and you keep playing these "systems", you get RAN OVER. Jims idea of using S/R, and PA saves your ass in a big way.

When I look at dailys/weeklys and run the tester, I can always get a better year-end return % on old fashion long term PA+s/r...

I read books about PA before finding this thread, and those books did not even explain HOW to play the bars, or WHERE to find them. Just what they look like, and what they "do"

That is not even 10% of the battle.
Many choose unhappiness over uncertainty.
  • #59,065
  • Mar 25, 2010 12:42am Mar 25, 2010 12:42am
Hello again, i just got stopped out on the EURUSD pair from what i thought was a perfect pin bar set up.

Anybody experienced the same thing?

I know on lower time frames it is not as accurate. But could anybody perhaps shed some light on where i might have possibly gone wrong?

thanks..

http://i801.photobucket.com/albums/y...g?t=1269495702
  • #59,066
  • Mar 25, 2010 12:42am Mar 25, 2010 12:42am
Quoting Dan Gilbert
J16 isn't a signal service... Yet here he was basically tapping all of us on the shoulder more than a month in advance... I took the trade . Although I got out before the consolidation range started

Hanging on to a trade for the long term is a totally different mind set. You have to be prepared to endure big swings in the amount of pips each day and trust the BRNs and/or PPZ levels, like the 90.00 in this case.

James16's and Mike's charts will help you understand that it can be done.
Indicators show the past. Price Action "Indicates" the future.
  • #59,067
  • Mar 25, 2010 12:45am Mar 25, 2010 12:45am
Quoting jarroo
Yeah Jim . . . . I remember.

http://www.forexfactory.com/showpost...ostcount=52095

I believe someone else remembered your post when that BUOB was presented but I forgot who.

How did Jim know? Is he psychic?

No . . . He just has seen this happen time after time and over and over again.

If you want to get ahead of the learning curve of J16 Price Action I would suggest you view James16's charts very often . . . every day if your new here (or old here). I did for me.

Two charts tells it all....
Thank you Jim for re-posting James chart, I wasn't even around this thread at that time. While I still haven't had much to share here, I've been following your posts too Jim, brilliant posts as always, pls keep them coming, so I can be learning from you and all the seniors.

p.s. the last photo almost had me laughing off the chair, there was snail here yesterday, and this today......
Dreams are hard to follow, but don't let anyone, tear them away...
  • #59,068
  • Mar 25, 2010 12:47am Mar 25, 2010 12:47am
Quoting jarroo
Two charts tells it all.
Last one is Jim on a recent hunting trip.
Jim
http://www.worldsgreatestbusinessmin...16-create.html
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #59,069
  • Mar 25, 2010 12:49am Mar 25, 2010 12:49am
Hi James16 (just to differentiate from other Jim(s) here),

Very glad to see you here again and with the great charts, very very good as always. Those charts are what keep us newbies learning and saved us from desperation.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #59,070
  • Mar 25, 2010 12:51am Mar 25, 2010 12:51am
Quoting LasVahGoose
http://www.worldsgreatestbusinessmin...16-create.html
I seen those before and sent them too.

funny stuff.
Indicators show the past. Price Action "Indicates" the future.
  • #59,071
  • Mar 25, 2010 12:56am Mar 25, 2010 12:56am
Quoting Dan Gilbert
PA for life. I wish everyone was fortunate enough to have the "forextester" software. I have been backtesting different MA "systems" with some success, on some pairs.... But when the market starts consolidating, and you keep playing these "systems", you get RAN OVER. Jims idea of using S/R, and PA saves your ass in a big way.

When I look at dailys/weeklys and run the tester, I can always get a better year-end return % on old fashion long term PA+s/r...

I read books about PA before finding this thread, and those books did not even explain...
Couldn't have agreed more. I've also tried some MA cross systems with this and that strange number MA and indicators, had some initial success and thought it was such a holy grail....just when the market started to range, there came loss and loss.
Dreams are hard to follow, but don't let anyone, tear them away...
  • #59,072
  • Mar 25, 2010 12:58am Mar 25, 2010 12:58am
Quoting s005606
Thank you Jim for re-posting James chart, I wasn't even around this thread at that time. While I still haven't had much to share here, I've been following your posts too Jim, brilliant posts as always, pls keep them coming, so I can be learning from you and all the seniors.

p.s. the last photo almost had me laughing off the chair, there was snail here yesterday, and this today......

Study James16's and Mike's charts every day. Its how I got started. After some time, I'm sure we will be seeing some of your charts too.


Yeah, we do have some fun here from time to time.
Indicators show the past. Price Action "Indicates" the future.
  • #59,073
  • Mar 25, 2010 1:00am Mar 25, 2010 1:00am
Quoting jarroo
Hanging on to a trade for the long term is a totally different mind set. You have to be prepared to endure big swings in the amount of pips each day and trust the BRNs and/or PPZ levels, like the 90.00 in this case.

James16's and Mike's charts will help you understand that it can be done.
My theory is that you don't even need to wait out these big swings/consolidation because you can re-enter at the next sign of good PA+location.

I closed up that daily BUOB just a couple trading days after I entered - BUT - I still managed to catch the big breakout on USDJPY by taking a weekly PA trade.... Helps me sleep....
Many choose unhappiness over uncertainty.
  • #59,074
  • Edited 2:21am Mar 25, 2010 1:28am | Edited 2:21am
Quoting Dan Gilbert
My theory is that you don't even need to wait out these big swings/consolidation because you can re-enter at the next sign of good PA+location.

I closed up that daily BUOB just a couple trading days after I entered - BUT - I still managed to catch the big breakout on USDJPY by taking a weekly PA trade.... Helps me sleep....
Good points Dan.

Long term trading is just a different approach that I work on all the time. You learn alot about how a certein pair moves. I'm still in the Usd/Chf trade from the weekly PB from Jan., albeit with my 2nd half.

Going up and down from 600 pips down to 350 pips over a few weeks is different but not that much different if you just take off the last "0" (zero). 60 pips to 35 pips.


The Usd/Jpy Inside(lost count)Bar on the Weekly was a no brainer and picture perfect in my book. Mike W noted it from last week. . . Nice.

You got love the hard break.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #59,075
  • Mar 25, 2010 1:38am Mar 25, 2010 1:38am
Quoting fascist
Hello again, i just got stopped out on the EURUSD pair from what i thought was a perfect pin bar set up.

Anybody experienced the same thing?
Let's see... small pin (the nose looks real small compared to that sharp move down) in the middle of nowhere? Trying to stem a tidal wave with nothing backing you? Something like a huge dam/dike, a.k.a. PPZ, backing you up would be nice.

Relative newbie chipping in here (I don't even watch the 4H) coz it seems your post was a little neglected with celebrity James16 dropping in on the thread.
  • #59,076
  • Mar 25, 2010 1:48am Mar 25, 2010 1:48am
Quote
......it seems your post was a little neglected with celebrity James16 dropping in on the thread.
arctos,
not really.

if u look at fascist's posts, u'll notice he is a relatively new member with a very few posts.
new member's posts goes through admin moderation, that's all. that in turn made the post appear in this thread a bit late than usual (as opposed to appearing real-time).
  • #59,077
  • Mar 25, 2010 1:49am Mar 25, 2010 1:49am
Quoting arctos
Let's see... small pin (the nose looks real small compared to that sharp move down) in the middle of nowhere? Trying to stem a tidal wave with nothing backing you? Something like a huge dam/dike, a.k.a. PPZ, backing you up would be nice.

Relative newbie chipping in here (I don't even watch the 4H) coz it seems your post was a little neglected with celebrity James16 dropping in on the thread.

I agree arctos. You may want to up your newbie status.
Small PB to fight that strong tidel wave down with no support.

The 4 hour time frame needs all of the criteria of an A+ trade to come together to really be effective. Big Bars, BRNs, and many supporting confluences.

Good post arctos.
Indicators show the past. Price Action "Indicates" the future.
  • #59,078
  • Mar 25, 2010 2:16am Mar 25, 2010 2:16am
Quoting fascist
Hello again, i just got stopped out on the EURUSD pair from what i thought was a perfect pin bar set up.

Anybody experienced the same thing?

I know on lower time frames it is not as accurate. But could anybody perhaps shed some light on where i might have possibly gone wrong?

thanks..

Also, check out James16's chart on the Usd/Chf. Although the size of the PB was not as big as we would like, the location was very strong due to its many supportive confluences.
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Indicators show the past. Price Action "Indicates" the future.
  • #59,079
  • Mar 25, 2010 2:37am Mar 25, 2010 2:37am
Quoting jarroo
Also, check out James16's chart on the Usd/Chf. Although the size of the PB was not as big as we would like, the location was very strong due to its many supportive confluences.
I think that is one of the most important points about J16 - location, location, location.

I remember when I first started reading this thread and started demoing trades, it was all about looking for PA, scanning the higher time frame charts for outside bars and pin bars and getting excited whenever I found one. You then have the mindset that you WANT to find reasons to take the trade i.e. you want to find enough supporting confluences in order to convince yourself that it is a valid trade...it is also harder in that the higher timeframes require you to be patient as trades don't come along everyday, where as a newbie you want to trade and get excited about taking a trade.

I learned soon enough (through failed trades and constant reading and learning and demoing) that actually PA is secondary and the real message is about marking up those key locatoins i.e PPZ areas, fibs, MA's, BRN and then waiting to see how price reacts at those levels.

The one advice I would give a newbie is don't go looking at your charts for pin bars go look at your charts at heavily confluenced areas and learn how price behaves at these areas. Approaching your daily, weekly charts like this will keep you from taking cr*p setups whenever PA presents itself and help you learn to be patient (one of the hardest thing about trading higher time frames I found) and wait for price to come to your location and show you how it will react.

That U/J trade also requires patience... to hold it all that time through that consolidation zone requires a lot of patience and confidence and not traiding your P/L...which can be hard when you are in 'account building' mode but I always try and leave some on the tbale, even if it is a small amount to see where it will go.

Personally, I find it much more satisfying taking a trade on a longer time frame and being able to hold it and steadily lock in profit and only exiting when my charts tell me to than a trade that just takes off, as that requires no skill (beyonf picking the setup) as you have no chance to think...thinking and analysing for me only ever leads to the wrong decision - keeping it as simple as possible is always best...and as Jim says, this stuff is actually pretty easy, what makes it so difficult at times is ourselves.
  • #59,080
  • Mar 25, 2010 2:54am Mar 25, 2010 2:54am
Quoting supremeChaos
if u look at fascist's posts, u'll notice he is a relatively new member with a very few posts.
new member's posts goes through admin moderation, that's all. that in turn made the post appear in this thread a bit late than usual (as opposed to appearing real-time).
Ah sorry about that, I didn't notice. Plus this thread moves at bullet train speed it seems, so posts that appear 1, 2 pages back sometimes get left out (which makes it worse if it lags due to moderation).

Quoting jarroo
I agree arctos. You may want to up your newbie status.
Thanks for the kind words jarroo. I guess I can consider myself a newbie no more when I get the consistent 3 months in a row. For now I'm sitting on my hands so much that it feels like it's going numb.
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