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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

  • #60,061
  • Apr 6, 2010 6:03pm Apr 6, 2010 6:03pm
Quoting _S
Also an interesting setup in the weeklies

Although we have what constitutes a fortnightly pin off 0.9 BRN, I didn';t take this because there was no discernable swing low.

Is this what some of you guys would describe as a continuation play? I'm really scared I am in danger of overtrading here.
hi Pinnocchio, im not Steven but imo you were right not to take that two week pin for the reasons you mentioned. in fact i dont see anything to excite me on that tf PA wise except for the start of what looks like the break of that broadening pattern. yes you could call this a continuation trade or a breakout trade...i see it more as a break out trade that is going with the trend...??Who knows how far this will run?, we are running into res. at 93-94 so price could turn around there!!?? i hope to see 95 and beyond??(of course! lol). the pattern target gives us around the 9900 area but the all time high since 1990 (on 15/07/2008) is 9849 so that will pose some notable res. if price does get there!? i think we have a good chance of 9700 which is about the all time on the line chart.
just my 2 pips

jon
PATIENCE... DISCIPLINE
  • #60,062
  • Apr 6, 2010 6:18pm Apr 6, 2010 6:18pm
Quoting mbqb11
Those of you who played(and were patient) to wait for that break got paid off nice today
I want to ride this CHFJPY one for a long time. still in, s/l not yet to break even (stop @ 88.81)
Many choose unhappiness over uncertainty.
  • #60,063
  • Apr 6, 2010 6:20pm Apr 6, 2010 6:20pm
Quoting Pinnocchio_S
Also an interesting setup in the weeklies

Although we have what constitutes a fortnightly pin off 0.9 BRN, I didn';t take this because there was no discernable swing low.

Is this what some of you guys would describe as a continuation play? I'm really scared I am in danger of overtrading here.
yeah this daily would be a continuation play as the BUOB is at a swing high. Tough here as not much room to go before that last swing high and round number. For those that like to move stops quickly it is the area to watch, sometimes you get a hard break. So sort of a semi-breakout play. Not worth it in my book as just too much coming up that can hold us back. The biggest thing that can hurt people are simply trading the bars themselves(ie seeing a buob and just assuming we will keep going). Just have a plan going into it always at the least.

Best
Mike
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  • #60,064
  • Apr 6, 2010 6:29pm Apr 6, 2010 6:29pm
Would love some PA here. Currently a 4 hr BEOB, but very small, not worth it (to me anyway). Would anyone consider it given location? (sorry, don't know why 3 charts show, and won't let me delete 3rd)

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  • #60,065
  • Apr 6, 2010 6:35pm Apr 6, 2010 6:35pm
Quoting Jlr
Would love some PA here. Currently a 4 hr BEOB, but very small, not worth it (to me anyway). Would anyone consider it given location? (sorry, don't know why 3 charts show, and won't let me delete 3rd)

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dunno about a reversal of such a strong trend with that, but I sure like your grey line there when we make it back there We might be nearing the RAC zone? Right ahead of the 61.8
  • #60,066
  • Apr 6, 2010 6:48pm Apr 6, 2010 6:48pm
Quoting mbqb11
dunno about a reversal of such a strong trend with that, but I sure like your grey line there when we make it back there We might be nearing the RAC zone? Right ahead of the 61.8
Thanks Mike. Yeah, if I was in there, no way I take a loss when price hits that grey line, I know that much at least lol.
Rac zone ahead of the 61.8? Not exactly seeing it. I thought the zone we are at now was pretty strong, maybe not though. It was the only reason I even considered it to be a remotely tradeable bar, because of the location.
  • #60,067
  • Apr 6, 2010 7:05pm Apr 6, 2010 7:05pm
Quoting Jlr
Thanks Mike. Yeah, if I was in there, no way I take a loss when price hits that grey line, I know that much at least lol.
Rac zone ahead of the 61.8? Not exactly seeing it. I thought the zone we are at now was pretty strong, maybe not though. It was the only reason I even considered it to be a remotely tradeable bar, because of the location.
Hey J

Your larger Fib is approaching the 61.8 from what I have seen Rac stands up at a lot of these mid way b/w the 50 and 61.8. Was really just guessing on that one, I don't know too much about it!

Mike
  • #60,068
  • Apr 6, 2010 7:48pm Apr 6, 2010 7:48pm
Yeah that's the link I used. Your name is checked. And I'd send a few.

Quoting mbqb11
Hey Jag I have not gotten anything in my inbox

are you using

http://www.james16group.us/Guests/guestcontact.html

make sure to check my name off( I just tested it to make sure it is working too)

Mike
  • #60,069
  • Apr 6, 2010 7:58pm Apr 6, 2010 7:58pm
Quoting jagpip
Yeah that's the link I used. Your name is checked. And I'd send a few.
Yep I got it now, check your email now

Thanks
Mike
  • #60,070
  • Apr 6, 2010 8:09pm Apr 6, 2010 8:09pm
Some things I'm watching...

usd/jpy
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eur/jpy
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and of course, aud/cad
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skype: ststroud. let's talk trading.
  • #60,071
  • Apr 6, 2010 9:05pm Apr 6, 2010 9:05pm
The AUD/CAD BUOB got no reaction from me. The market is in a very tight sideways mood so I scratched that one off the list rather quickly. First trouble area is 0.9300 - 0.9315.

Scott

Quoting tyler812
Some things I'm watching...

usd/jpy
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eur/jpy
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and of course, aud/cad
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  • #60,072
  • Apr 6, 2010 9:20pm Apr 6, 2010 9:20pm
Quoting g_j_hook@yah
hey Cyrus, thanx for these files. they come in very handy and your work is appreciated.
cheers

jon
Glad it's useful Jon. It's helped me speed up my learning curve tremendously. =)

Quoting mbqb11
The biggest thing that can hurt people are simply trading the bars themselves(ie seeing a buob and just assuming we will keep going). Just have a plan going into it always at the least.

Best
Mike
You know Mike, things are coming a full circle for me, I remember when I 1st came to this thread some months back I was like, "what's he going on about this not just trading the bar thing? PA is PA isn't it?" LOL.

Am beginning to see the efficacy of "Location". Oh how much goes behind that word. It's like the clock on the wall that tells the time, but one does not see the complex mechanics that allow it to keep time accurately. Actually, I'd venture to say that I'm finding location to be more important than the bar (though it of course, is reaaallly great to see a nice pin @ a great location).

Thanks Mike. =)
One Mind, Any Market
  • #60,073
  • Apr 6, 2010 11:07pm Apr 6, 2010 11:07pm
Quoting NewinTown22
Hello....
I have a $500 account ( i know.. is nothing) but only need to make $500 a month... ( since i live in a third word country at the moment) i do not have 3 months to test and be better at things.. I really need help and comments how i should approach things ( again i'm pretty much againts the wall with a double sword infront of when it comes to get a job)...
Hello,
i have experienced a similar situation.
the possible differences are that my situation was 5-10x worse than yours,
but i can work under pressure, & my learning curve is a bit 'fast'.
despite these positive facts, i struggled immensely.

it's VERY difficult to trade well when you are under pressure. DO NOT trade live now. u will most likely lose all of your $500. & if that happens, it will aggravate your problem/s.

my suggestions
be VERY frugal, cut a lot of unnecessary expenses, find a job ASAP,
while learning/reading this thread & demo trading.
if u wanna speed up the learning process, read post #1 of this thread & absorb all u can from Cyrus' summaries (like this; view his post history for more).
Demo trade & ask questions... we are here to help!
God bless
  • #60,074
  • Apr 6, 2010 11:11pm Apr 6, 2010 11:11pm
Quoting supremeChaos
Hello,
i have experienced a similar situation.
the possible differences are that my situation was 5-10x worse than yours,
but i can work under pressure, & my learning curve is a bit 'fast'.
despite these positive facts, i struggled immensely.

it's VERY difficult to trade well when you are under pressure. DO NOT trade live now. u will most likely lose all of your $500. & if that happens, it will aggravate your problem/s.

my suggestions
be VERY frugal, cut a lot of unnecessary expenses, find a job ASAP,
while learning/reading this thread...
I missed that post, but PLEASE PLEASE take SC's advice here. Trying to trade for a living is the WORST thing you can add to your situation. Save that money, keep your head up and find a job and demo in the mean time. Things will get better, just keep positive!

Best
Mike
  • #60,075
  • Apr 6, 2010 11:11pm Apr 6, 2010 11:11pm
Quoting Cyrus
Glad it's useful Jon. It's helped me speed up my learning curve tremendously. =)



You know Mike, things are coming a full circle for me, I remember when I 1st came to this thread some months back I was like, "what's he going on about this not just trading the bar thing? PA is PA isn't it?" LOL.

Am beginning to see the efficacy of "Location". Oh how much goes behind that word. It's like the clock on the wall that tells the time, but one does not see the complex mechanics that allow it to keep time accurately. Actually, I'd venture to say...
  • #60,076
  • Apr 6, 2010 11:36pm Apr 6, 2010 11:36pm
Quoting supremeChaos

my suggestions
be VERY frugal, cut a lot of unnecessary expenses, find a job ASAP,
while learning/reading this thread & demo trading.
if u wanna speed up the learning process, read post #1 of this thread & absorb all u can from Cyrus' summaries (like this; view his post history for more).
Demo trade & ask questions... we are here to help!
God bless
Newin, Nasir has managed to get the entire threads posts summaries I compile onto the front page. They're probably somewhere near the last/latests link. =)
One Mind, Any Market
  • #60,077
  • Edited Apr 7, 2010 12:07am Apr 6, 2010 11:56pm | Edited Apr 7, 2010 12:07am
Quoting supremeChaos
it's VERY difficult to trade well when you are under pressure. DO NOT trade live now. u will most likely lose all of your $500. & if that happens, it will aggravate your problem/s.
Especially when you have no background, no experience, a micro account and want to make 100% per month, plus probably an extra 10% for account growth and to cushion against variance.

When someone says to me that they are almost broke, about to lose their job and need to support themselves, my first thought has never been 'you should try swing trading your entire savings on leveraged spot foreign exchange contracts over the internet'.
When you have to shoot, shoot. Dont talk.
  • #60,078
  • Apr 7, 2010 12:16am Apr 7, 2010 12:16am
Quoting Cyrus
Newin, Nasir has managed to get the entire threads posts summaries I compile onto the front page. They're probably somewhere near the last/latests link. =)
thanks bro..
i was looking for that (supposed to add it on my post above).

NewinTown22,
this one.
  • #60,079
  • Apr 7, 2010 12:25am Apr 7, 2010 12:25am
Hi guys,my name is kai and I am from Singapore.I have been reading the james16 thread for 2mths and have been demoing on the mt4.I have been profitable on demo and I am happy that I found this thread on FF.

It took me a while to read up Some of the threads and i don't think anybody could! Haha.

Anyway i have a question on what is a Rac zone and a Touch trade? I am hoping to get a detailed answer maybe with some examples.

Kai
  • #60,080
  • Apr 7, 2010 12:30am Apr 7, 2010 12:30am
Quoting mbqb11
yeah this daily would be a continuation play as the BUOB is at a swing high....

hello mike.....may i ask something about the trade.....is it not worthy because of it is near a ressistance.....?i am still learning about PA...would like to get as much info as i can.....
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