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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

  • #61,801
  • Apr 25, 2010 7:56pm Apr 25, 2010 7:56pm
Quoting datogio
The trend is your friend is the oldest saying relating to trading and everyone seems to know and understand this, but our actions often contradict.

There was a time when I discovered that all my positions were CT. I took my time and thought about it a lot, why was i acting like a sucker and came to the conclusion that I was trying to catch the bigger moves, paradox but I was searching for that moves CT. You know why? because if the movement has just begun there has to be more out there, that is the mindset of a classic sucker IMO and I proved...
Great post.

Finding a J16 style piece of price action that is TREND-BOUND is like stumbling on $500 cash that you forgot you left in an old jacket.

Feels good.
Many choose unhappiness over uncertainty.
  • #61,802
  • Apr 25, 2010 8:10pm Apr 25, 2010 8:10pm
Quote
.....like stumbling on $500 cash that you forgot you left in an old jacket.
sometimes it feels like it's more than that.
.....
& sometimes it feels like a $€£ bill u fortunately saw & picked up on the street.
  • #61,803
  • Apr 25, 2010 8:13pm Apr 25, 2010 8:13pm
Quoting supremeChaos
sometimes it feels like it's more than that.
.....
& sometimes it feels like a $€£ bill u fortunately saw & picked up on the street.
I look forward to the day when a winning trade feels like eating oatmeal for breakfast

I don't think I'll ever get there
Many choose unhappiness over uncertainty.
  • #61,804
  • Apr 25, 2010 8:19pm Apr 25, 2010 8:19pm
Hey Dan,
why not?
u are one of the 'sponges' here (quick learners).
i believe u will get wherever u wanna go, just keep on keeping on

the journey/destination is in your mind.
so, the limit to your journey/destination lies in your mind as well..
  • #61,805
  • Apr 25, 2010 8:43pm Apr 25, 2010 8:43pm
ah ya. been working hard. just finished a new color scheme.
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  • #61,806
  • Apr 25, 2010 8:51pm Apr 25, 2010 8:51pm
4X=0,
cant see much of it, bro.
can u resize it? thanks
  • #61,807
  • Apr 25, 2010 8:55pm Apr 25, 2010 8:55pm
Quoting supremeChaos
Hey Dan,
why not?
u are one of the 'sponges' here (quick learners).
i believe u will get wherever u wanna go, just keep on keeping on

the journey/destination is in your mind.
so, the limit to your journey/destination lies in your mind as well..
no what I mean is, I enjoy my winning positions too much to not feel "happy" about them lol..... that's all.
Many choose unhappiness over uncertainty.
  • #61,808
  • Apr 25, 2010 8:58pm Apr 25, 2010 8:58pm
Quoting supremeChaos
4X=0,
cant see much of it, bro.
can u resize it? thanks
sure. that's a screenshot (captures all 3 monitors). one sec
  • #61,809
  • Apr 25, 2010 9:02pm Apr 25, 2010 9:02pm
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  • #61,810
  • Apr 25, 2010 10:30pm Apr 25, 2010 10:30pm
Quoting supremeChaos
Hey Dan,
why not?
u are one of the 'sponges' here (quick learners).
i believe u will get wherever u wanna go, just keep on keeping on

the journey/destination is in your mind.
so, the limit to your journey/destination lies in your mind as well..
LOL. Call someone a sponge in our neighbourhood and you'll end up with a fat lip.
Bundy's status today: "Waiting..."
  • #61,811
  • Apr 25, 2010 10:48pm Apr 25, 2010 10:48pm
Quoting bundyraider
LOL. Call someone a sponge in our neighbourhood and you'll end up with a fat lip.
ahahaha, I didn't even think of that.....
Many choose unhappiness over uncertainty.
  • #61,812
  • Apr 25, 2010 11:25pm Apr 25, 2010 11:25pm
Quoting Trndsurfer
Sounds like a bit of over trading my friend. Not sure why you went short on the Euro at 1.33, got a chart?



Thanks for the feedback, I think the biggest reason I shorted the euro was greed/ fear of missing out. there was a 1hr bearish PB but it should have been baby sat.
same thing for the cotton trade,
your right about the over trading, your not making money unless your trading right....wrong. not losing money is almost as good as making money right?
just have to look for a+ trades that suit the time I have available....
If you have limited time, I would suggest the Daily and Weekly time frames and view as many pairs as you can.

The Hourly PB wasn't to bad. Size could have been bigger, at a retracement level. But its very important to know what the Higher time frames (Daily/Weekly) are telling us before going down to the 4 hour/Hourly charts.

The Hourly PB was close to the 1.3300 so it did have chance and it did break through it. The next step would be protecting yourself once it did. These key levels on the Higher time frames can aide you greatly when on lower time frames. Check out the 4 hour IPB off one of these levels. A nice low risk trade.

Making money is better then not losing money. But not losing money is a key active role that we apply to our trade management when entrying a trade. Appling this to your trades (for me) is more important then setting a take profit, especially in the beginning.

Just some thoughts,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #61,813
  • Apr 25, 2010 11:38pm Apr 25, 2010 11:38pm
Quoting datogio
The trend is your friend is the oldest saying relating to trading and everyone seems to know and understand this, but our actions often contradict.

There was a time when I discovered that all my positions were CT. I took my time and thought about it a lot, why was i acting like a sucker and came to the conclusion that I was trying to catch the bigger moves, paradox but I was searching for that moves CT. You know why? because if the movement has just begun there has to be more out there, that is the mindset of a classic sucker IMO and I proved...

Ryanmcd would be proud of this post.

I'll take a PB at retracemnent level with the trend (confluencing with a PPZ level and BRN, of course. lol) every time.
Indicators show the past. Price Action "Indicates" the future.
  • #61,814
  • Apr 25, 2010 11:45pm Apr 25, 2010 11:45pm
Quoting packhorse
Mike,

As a UK member, I can only say how grateful I am for all of the guidance you give me/us; you really are an inspiration to us all.

Thanks again

Glynn
"Hear, hear"
Indicators show the past. Price Action "Indicates" the future.
  • #61,815
  • Apr 26, 2010 12:04am Apr 26, 2010 12:04am
Quoting lovejoy80
Some setups that I'll be taking @ market open (presuming no significant gaps) or watching tomorrow etc.

(note that I consider myself as a more aggresive trader than average).

1. NJ...breakout and retrace area to watch

2. S/JPY - same as (1) plus we havea continuation weekly BUOB

3. U/NOK - BEOB across a major PPZ - look how clear and defined that PPZ is with 150 EMA there too. Not the best size BEOB but the location is great...a buffer below the bars to the left and a FTA of the TL with SL just above the PPZ is how I'd play this.

4. G/CHF...
Nice charts lovejoy.

Watching the Gbp/Jpy 145.00 as well.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,816
  • Apr 26, 2010 12:06am Apr 26, 2010 12:06am
Quoting fxprocessor
I was hoping for a gap on GBPCHF tonight and sure enough we had one. I took an entry as soon as my broker opened. Let's see if price can break the BEOB low.
Damn that 1.6500.
Indicators show the past. Price Action "Indicates" the future.
  • #61,817
  • Apr 26, 2010 12:34am Apr 26, 2010 12:34am
Touch trade opportunity on the Gbp/Chf? I'll wait for some PA for the help.

Where's the Rac-man when you need him.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,818
  • Apr 26, 2010 12:39am Apr 26, 2010 12:39am
Quoting jarroo
Touch trade opportunity on the Gbp/Chf? I'll wait for some PA for the help.

Where's the Rac-man when you need him.
looks like the trend on this one has turned to UP, I was looking to buy @ 1.64 and manage tight, taking off all profits @ 1.65, but this thread isn't about touch trading
Many choose unhappiness over uncertainty.
  • #61,819
  • Apr 26, 2010 12:42am Apr 26, 2010 12:42am
while on the subject of touch trades, throw a fib retracement on the most recent swing down on EURUSD, and look where that 61.8 lines up with...............
Many choose unhappiness over uncertainty.
  • #61,820
  • Apr 26, 2010 12:48am Apr 26, 2010 12:48am
Quoting Dan Gilbert
looks like the trend on this one has turned to UP, I was looking to buy @ 1.64 and manage tight, taking off all profits @ 1.65, but this thread isn't about touch trading
lol Good point Dan. The touch trade does show important levels (locations) so I don't mind the touch trade charts.


Nice one at the 1.64, Res turning into Sup. 1.65 . . Res turning into Sup.

Will the 1.66 follow in the same foot steps, we shall see.
Indicators show the past. Price Action "Indicates" the future.
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