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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

  • #59,381
  • Mar 27, 2010 1:34pm Mar 27, 2010 1:34pm
I have no clue what forex is all about, however, I am having dificulty understanding why we are having this argument which timeframe is the best to get rich quickly. The reasons of trading on longer time frames have been written many times on this forum.

If someone feels h/she will be better off trading on lower timeframes then that person should go ahead and test their capabilities on those time frames instead of challenging and arguing with others about their experiences.

Personally, I would be more interested in knowing the reasons behind other people conclusion in order to learn and avoid mistakes in future rather than challenging it.

Hope I didn't offend anyone with this post.

Have a good weekend.
  • #59,382
  • Mar 27, 2010 1:36pm Mar 27, 2010 1:36pm
Quoting chatzi
Yeah I was looking at making trades with no pa confirmation it gives a high R/R but the win rate will be lower I rekon than pa confirmed.

Dont post charts on it here, when i did I got told off.
No body was told off Chatzi.

You can always post charts about locations that you feel are very good/strong. I do that a lot. lol

You don't have to tell people that how you are going to trade this location i.e waiting for PA or Touch trading.

Every body has their own choice whatever they wan't to do with it.
.
  • #59,383
  • Mar 27, 2010 2:43pm Mar 27, 2010 2:43pm
The IB on GBP/USD daily caught my eye. Price is at previous low with divergence on MACD. I have not decided if I will place a pending long order or not. I marked the trouble areas. If I do place an order, my entry will NOT be at the break of the IB... my entry would be at the break of the first trouble area. It is all about support and resistance.

Scott
Attached Image (click to enlarge)
Click to Enlarge Name: gbp-usd daily 3-26-10.gif Size: 20 KB
  • #59,384
  • Mar 27, 2010 3:56pm Mar 27, 2010 3:56pm
Quoting bapxyz
Hey Ben

I am on the road with laptop. What pair is that #JPY ????
Hey bapxyz,

The symbol is #JPM
Swear I don't have a clue of what that means. But I don't care either. lol.

Ben
  • #59,385
  • Mar 27, 2010 4:06pm Mar 27, 2010 4:06pm
Well Ben in your post #59327 you have a chart. The chart is for the #JPN,Daily. Look in the upper left hand side of the chart.

Glad you don't care ?
  • #59,386
  • Mar 27, 2010 4:27pm Mar 27, 2010 4:27pm
Quoting bapxyz
Well Ben in your post #59327 you have a chart. The chart is for the #JPN,Daily. Look in the upper left hand side of the chart.

Glad you don't care ?
#JPM, JP Morgan
  • #59,387
  • Mar 27, 2010 4:29pm Mar 27, 2010 4:29pm
Quoting bapxyz
Well Ben in your post #59327 you have a chart. The chart is for the #JPN,Daily. Look in the upper left hand side of the chart.

Glad you don't care ?
Hey bapxyz,

If my eyes aren't tricking me, it's #JPM, not #JPN.

Quote
Glad you don't care ?
If I'm Glad?..umm..more in the direction of I don't care, lol.
For me a chart is a chart. Price is price. It doesn't matter for me what's the actual thing.

Ben
  • #59,388
  • Mar 27, 2010 4:49pm Mar 27, 2010 4:49pm
Quoting benji533
Hey bapxyz,

If my eyes aren't tricking me, it's #JPM, not #JPN.

If I'm Glad?..umm..more in the direction of I don't care, lol.
For me a chart is a chart. Price is price. It doesn't matter for me what's the actual thing.

Ben
Well you are just Too COOL benji. Thanks for all your help.
  • #59,389
  • Mar 27, 2010 4:59pm Mar 27, 2010 4:59pm
Quoting benji533
Hey bapxyz,

The symbol is #JPM
Swear I don't have a clue of what that means. But I don't care either. lol.

Ben
Hey! that's my banker! don't short them! LOL
Many choose unhappiness over uncertainty.
  • #59,390
  • Mar 27, 2010 8:31pm Mar 27, 2010 8:31pm
Quoting chatzi
...
If you still think demoing is the way to go see this post by THE master himself

http://www.forexfactory.com/showpost...39&postcount=1

I think that says it all really.
Hey chatzi, not picking sides here... that is up to each trader. I read the thread in your link, and it appears merlin retracted his statement in favor of demo for the novice trader.

Quoting merlin
... obviously there is far more use in demo trading for a novice.
I wouldn't care to post this, but I'm a big fan of merlin's stuff and just don't want other newbies to get mislead.

Thanks, and I'll politely butt out.

-- Danny
  • #59,391
  • Edited Mar 28, 2010 6:33am Mar 27, 2010 9:04pm | Edited Mar 28, 2010 6:33am
Quoting TiaForex
I know they are great for the futures markets but do you find them great for forex too Jim? Just curious as the jury's been out for me on that one.
I remember Jim commenting on this in the past.

If you don't mind, I'll comment too though...

I use them religiously on 15min and lower charts. (set to N.Y. 5pm close).

Forex having different start times in different markets causes probs with consistency, as you know,but as a confluence event they can be very very very handy at times. ...Though there are many days that they aren't worth being part of the decision process at all. After lots of chart time myself, I've gotten to know those times pretty well ahead of time. On some pairs they are useless most of the time, but the majors are pretty good.

The chart below is my trading screen as it stood when I closed it down Friday night. (With markers now, of course. )

You can see why I took the Pin @ "1". Previous resistance turned support is there, as you know, but having that pivot line up too is like adding nitro to my willingness to push the button on it. I often touch trade ones like that (no this one). Took full profit 5 pips before the next pivot. (I use them A LOT for targets. If you like, check my post from a couple of days ago take half profit at pivot)

Look what happened Friday though. Double bar pin @ "2". Many people here would enter there, but I personally wouldn't take the trade , starting reason because of the trend line being borderline distance for profit, but the main downer was the pivot line just above it, and the main pivot to boot. Confluence of crap, so to speak. lol

Looking at every bar in that chart and you can see how at least some traders place orders around these levels at even rubbish locations (silly traders. ). Very evident in the closing couple of hours this week.

Another benefit in these is as a basis for beginning my 'Touch' trades. If the level I want to 'touch enter' lines up with a pivot exactly , I'm in. The chances of an over shoot are minimal. Draw downs kept VERY minimal. Combined with Breakout-pullback trades, as an example, these are killer trades for me. Have to wait a while between them though.

So for me, YES, they are quite useful in forex.
Attached Image (click to enlarge)
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Bundy's status today: "Waiting..."
  • #59,392
  • Mar 27, 2010 9:27pm Mar 27, 2010 9:27pm
Quoting nasir.khan
You mentioned my name along with Rac.
That's a big one for me coming from you.
Thanks Jarroo.
.
i 'told' u.
u are nowhere near rac, but u certainly are 'up there' & moving up fast
  • #59,393
  • Mar 27, 2010 9:47pm Mar 27, 2010 9:47pm
Quoting chatzi
...
I agree with you, I guess my problem is people saying "wont happen", or I spent x years but I couldn't do it so everyone else must do it this way or you will fail!....
i understand how u feel.
if u think u are an outlier or a nonconformist, there is no problem with that.
but u dont have to bring it up here.
the seniors here mean well, & are speaking from experience. they care for all of us.
but if u think what they say here (general advice) doesnt apply to YOU, it's all good, just go on with your own ways.... & just do it, prove it, pursue it.

just realize this early that... if u follow your personal nonconformist path u have no one else to blame but yourself, if ever u fail. (self-accountability)

btw, this post is for all new traders & anyone who can relate to it.
  • #59,394
  • Mar 27, 2010 11:55pm Mar 27, 2010 11:55pm
You are asking the right questions. And askin them thoughtfully.

Consider the answer this way -

When learning to read, the text was simple "See Dick run" stuff. By the endof first grade you actually hadthe tools to 'read' Moby Dick.

You did not do that though, that window opened slowly - if ever.

Same thing with higher v slower timeframes. Learn your bAsics on the higher and build some neural pathways before you try to tackle he lower.

Your rate of learning will be largely propotional to the degree of cocentration you can muster up.

Enjoy he ride and take advantage of the time.

Quoting triggerju
Ok, please can I ask this: I totally get the idea of longer imefrmes meaning the pressure is off, we don't have to watch screens all day. I understand Jim has to cater for people who hve never seen a chart ever in thier life right though to people who have studied aready for a decade and now see the simplicity of J16 method.

So.... going back to the higher/lower timeframe debate: are you saying that without dubt, in your 28 years of experience, in every chart, in every market, in every way, that higher timeframe setups (DHLC, pinbars, inside...
I'm pretty much done with all this ...
  • #59,395
  • Mar 28, 2010 3:38am Mar 28, 2010 3:38am
Quoting bundyraider
Confluence of crap, so to speak. lol


Now that's funny, and useful. Can the powers that be add the "CoC" term to the acronyms used in this thread ?http://mail.yimg.com/us.yimg.com/i/m...mileys2/18.gif
  • #59,396
  • Mar 28, 2010 4:56am Mar 28, 2010 4:56am
my blown accounts (live and demo) are living testimony to James' saying that the lower time frame is no newbie's playground.

opponents to this need not take my word for it; pull up a daily and 1H chart, look at the pins or other price action set ups in them, which are more reliable?

you will have to be really smart and lucky to trade IB's successfully on a 1H timeframe. i learnt this the hard way: that is why after following this thread for years, i thought i could do it... you know, multiply my accounts and all those stuff.... anyway, i now realise i couldn't so am all out for James' methods and its working.
believe me people, its working. am almost getting my accout to BE and i don't trade a lot now. the kind of work i do, i don't have the luxury to sit in front of my pc every day (i work in an offshore platform and sometimes i can be gone for weeks)
based on james teachings, i only trade PA on the dailys, i will have to half my lot size to trade a very very very good set up on the 4H.

just wanted to share my 2 cents (i know i rarely post comments here, but i do read, appreciate and learn from every post)

regards,
nustra
  • #59,397
  • Mar 28, 2010 6:08am Mar 28, 2010 6:08am
Quoting bapxyz
Now that's funny, and useful. Can the powers that be add the "CoC" term to the acronyms used in this thread ?http://mail.yimg.com/us.yimg.com/i/m...mileys2/18.gif
LOL

"Geez (insert newcomer's username), that bar is just too close to a major CoC. I wouldn't take it."

...yeah, no. Might not come out right. lol
Bundy's status today: "Waiting..."
  • #59,398
  • Mar 28, 2010 7:40am Mar 28, 2010 7:40am
Hi Guys

Just wanted to ask if anyone is stalking any trades on the dailiesweeklies for the week ahead Good friday this week, will that affect the markets?

berti
PA is where its at!!
  • #59,399
  • Mar 28, 2010 7:42am Mar 28, 2010 7:42am
Quoting Nustra
my blown accounts (live and demo) are living testimony to James' saying that the lower time frame is no newbie's playground.

opponents to this need not take my word for it; pull up a daily and 1H chart, look at the pins or other price action set ups in them, which are more reliable?

you will have to be really smart and lucky to trade IB's successfully on a 1H timeframe. i learnt this the hard way: that is why after following this thread for years, i thought i could do it... you know, multiply my accounts and all those stuff.... anyway, i now...
nustra

totally agree....have been struggling with other methos/systems so now fully committed to J16 methods......dailiesweeklies rule for me at the moment.
PA is where its at!!
  • #59,400
  • Mar 28, 2010 7:45am Mar 28, 2010 7:45am
Quoting jarroo
I'm sure you meant to say . . . "I know they are great for the Mini Dow but do you find them great for forex too Jim? "

Jim may have mis-spoke. I don't think Jim uses floor pivots on the Euro.
Oops. Corrected. Thanks Jim.

And thanks bundy for the very useful answer. Can you point me to the indicator that leaves yesterday's pivots on the chart? Mine repaints every day (unlike yours) and so is no good for historical chart viewing.
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