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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

  • #61,941
  • Apr 26, 2010 10:31pm Apr 26, 2010 10:31pm
Quoting pizdun
counter trend trading can be profitable if you know what you are doing...... i no longer take little pinbarss short after a month long bullish move... but miltiple tops with div i have no problems with.. of course to each his own...
Amen.
Cap
  • #61,942
  • Apr 26, 2010 11:36pm Apr 26, 2010 11:36pm
This one worked out nicely: 4hr BEOB on AUDCHF.
Attached Image (click to enlarge)
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Thanks J16, Sam Seiden, Udine and Jacko
  • #61,943
  • Apr 27, 2010 12:49am Apr 27, 2010 12:49am
Quoting ghous
When did he say that?!

Damn this was a costly miss

thanks J.

g.

I got it from TiaForex (Aaron). It was his signature but now it seems to be removed.

Quoting TiaForex
..
Indicators show the past. Price Action "Indicates" the future.
  • #61,944
  • Apr 27, 2010 12:53am Apr 27, 2010 12:53am
Quoting HanSolo
My take on the AUDCHF:
BUOB on 4hr. Will probably close under well respected BRN 1.0000. Price did not make it to the last high. Next TFA @ 0.9935 (not marked on attached chart).

What do you think?

Quoting HanSolo
This one worked out nicely: 4hr BEOB on AUDCHF.

Nice work HanS. Looks excellent.
Indicators show the past. Price Action "Indicates" the future.
  • #61,945
  • Apr 27, 2010 1:09am Apr 27, 2010 1:09am
Quoting Daneel
Many thanks for your reply Mike. I think I'm going to like it here, everyone seems friendly and courteous

Hey Daneel. Again welcome.

Mike gave, as always, a great post to your questions. If you haven't already, check out the guest videos here they are great to learn from and view what we do here:

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

I would agree with Mike, that S/R levels ( Price Pivot Zones or price flip levels) are the core of a great Price Action setup. View the videos many times then view them again. You'll see how Jim (James16) and Mike uses these PPZ levels very much because they are very important.

But then again, all Mike needs is a Chart, a Big Round Number and a Chair. lol


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #61,946
  • Apr 27, 2010 1:12am Apr 27, 2010 1:12am
Quoting jarroo
and a Chair. lol


Jim
I need a new chair
  • #61,947
  • Apr 27, 2010 1:14am Apr 27, 2010 1:14am
Quoting mbqb11
I need a new chair
Its on its way buddy. lol
Indicators show the past. Price Action "Indicates" the future.
  • #61,948
  • Apr 27, 2010 1:28am Apr 27, 2010 1:28am
Lower High's and Lower Lows.

Going down???

Or i wont mind a 1H PB too (cause i know how i'll manage it).
.
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  • #61,949
  • Apr 27, 2010 2:00am Apr 27, 2010 2:00am
Quoting jarroo
Nice work HanS. Looks excellent.
Thank you very much. It feels incredible to look at a chart and to know what chances are.
Thanks J16, Sam Seiden, Udine and Jacko
  • #61,950
  • Apr 27, 2010 2:04am Apr 27, 2010 2:04am
Thought I'd chime in a little bit. This touches quite heavily on the style that I've been working with. Not been super active here cause I dont' want to complicate things. This has been what's worked for me.

Quoting The Captain
So you were the guy who was saying the same thing at all of these areas?
Quoting bundyraider
That's true, but at the same time, reversals are the dangerous ones to "hope" for.
"He who pick bottom get smelly finger" as someone once said. lol
To play reversals you really want it to say "Sellers came in, and buyers got the hell out of their way, ....then joined them"
I personally find CT trading extremely stressful. Sure, there're those that work out great, but the one thing that has stuck with me on reading ROASO for like the 6th time is: the big money is in the big swing

"That is about all I have learned to study general conditions, to take a position and stick to it. I can wait without a twinge of impatience. I can see a setback without being shaken, knowing that it is only temporary."

Setback imo = a CT move.

Quoting Dan Gilbert;
I don't want people to think I'm some kind of crazy trend only kinda guy, but honestly, there's a few pairs you have to be insane to trade against right now. Mainly the commodity currencies...

I just don't see any reason to go anti trend WHEN THERE IS A STRONGGGGG TREND PRESENT. unless you want to take a riskier trade than is necessary to make profit.
I'm with you on cmdty ccys dan.
Here's some food for thought: What drives commodity currencies? =)

Quoting Dan Gilbert;
If you find me one highly successful fund manager who swears by anti-trend trading, and constantly on the search for a "trend reversal" the search will be as hard as finding a needle in a haystack.
yeeeaaaah
One Mind, Any Market
  • #61,951
  • Apr 27, 2010 2:13am Apr 27, 2010 2:13am
Quoting HanSolo
Thank you very much. It feels incredible to look at a chart and to know what chances are.
Hey Hans.

You basicly got it. Now you just have to wait for the next. Just be very picky: bigger bars, less traffic, strong PPZ levels (like on the Daily and Weekly if your trading on the 4 hour, etc). The really goods one will stand out in a crowd.

Keep it up my friend, you'll get there. Easy stuff.
Indicators show the past. Price Action "Indicates" the future.
  • #61,952
  • Apr 27, 2010 2:26am Apr 27, 2010 2:26am
Quoting Cyrus
Thought I'd chime in a little bit. This touches quite heavily on the style that I've been working with. Not been super active here cause I dont' want to complicate things. This has been what's worked for me....

So do you not trade in a ranging markets? You either find a market (pair) that's trending and/or wait for a trending market to emerge from its ranging condition?
Indicators show the past. Price Action "Indicates" the future.
  • #61,953
  • Edited 2:59am Apr 27, 2010 2:47am | Edited 2:59am
Quoting jarroo
So do you not trade in a ranging markets? You either find a market (pair) that's trending and/or wait for a trending market to emerge from its ranging condition?
I've found that I enjoy the intra-day alot? Really hit home when I caught a 2big fig move made 1:2.5 and my mate made 8% from stacking it on in the smaller TF. Probably differences in aggressive level. I introduced him to this business. So yeah. Massive food for thought for me.
I can't wait 1hour/4hours for a pinbar. I get tooo bored and start doing silly stuff. So the short TF feeds that.

It's bread and butter in the intra-day... and that feeds the funding of long term positions... I derive that view with economics. I have a view and I pick a direction, looking to build positions. For the longer term, I really don't care that much, cause as long as I don't lose, I just want exposure to the major swings. Joel and I hold pretty much the same view wrt position trading... more or less. Cause... well, the big dog looking to take a 10yard position is not going to be flipping back and forth.

I can't just do PA only. It's like when I'm in a plane, I need to know abit about the law of lift, thrust, propulsion, etc etc. I don't necessarily need to know how to build the plane or something, but I guess I"m the kinda fella who just needs to know how stuff works.
Previously Cable and Fiber were somewhat correlated, so why's it that they're not now?
Know what I mean? I can't just do PA on Cable & Fiber alone, cause then I'm thinking, "what about the Dollar component?"

PA and style wise, it's very much derived from James, Mike & you seniors sir.
I do use PA, but I somehow don't feel "secure" doing that alone.

Apologies if this doesn't fit too well with the thread that's pure PA only. This just happens to be what I'm getting really comfy with.
You can see why this can get complicated... it'll go into GDP growth, bond yields, corporate profits, risk aversion/appetite etc etc.
Call it mental jackin' off, but it helps me take a more convicted stand on what I'm doing. I admit that I take alot more to know something than usual.

If this is not appropriate with the thread, please feel free to delete these posts.
One Mind, Any Market
  • #61,954
  • Apr 27, 2010 2:49am Apr 27, 2010 2:49am
Hi all, it's been quite a while since I last posted here. While I was not posting, I was still reading this thread every day and learning a lot from you great guys here....

Below pls find the NZDUSD charts, as some members suggested pages ago, this pair was breaking out of the range (blue box highlighted), now can we say it's re-testing the breakout? How do I tell if it's making a breakout+pullback or the previous breakout was just a fake-out and price is now heading back down?

I've read a lot here that great breakout trades may come with a pullback and we can enter from the pullback. As in this NZDUSD case, assuming right now price is making a pullback (pls correct me if I'm wrong here), how should I make the entry? And what confirmation should I look for to enter (in order to go long)?

p.s. sorry for my messy PA remarks
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Dreams are hard to follow, but don't let anyone, tear them away...
  • #61,955
  • Apr 27, 2010 2:50am Apr 27, 2010 2:50am
Quoting Cyrus
I've found that I enjoy the intra-day alot?
And also studying long term trends and getting on board for a loong ride.

It's bread and butter in the intra-day... and that feeds the funding of long term positions... I derive that view with economics. I have a view and I pick a direction, looking to build positions. For the longer term, I really don't care that much, cause as long as I don't lose, I just want exposure to the major swings.

I guess I can't just do PA only. It's like when I'm in a plane, I need...
That's what it is all about applying it in a way that aligns with your beliefs about the markets. Of course if it doesn't work sometimes we have to shift some views till we get there, but there is no one right way. Take PASR and apply it to what you already know or do and its bound to help most people

Mike
  • #61,956
  • Apr 27, 2010 2:51am Apr 27, 2010 2:51am
Quoting jarroo
So do you not trade in a ranging markets? You either find a market (pair) that's trending and/or wait for a trending market to emerge from its ranging condition?
I would say know your market and trade how it should be.

I mean i made some 200+ pips on EJ and GU yesterday and 100+ pips today on GC, GU and GJ shorts today.

I took all these trades in tight range's so i treated them the way they should've been i.e no partial profits or moving the stops (mainly today). OUT AT FTA.

But when markets will break these ranges i'll be in the trend trading mode again as i was a month ago.
.
  • #61,957
  • Apr 27, 2010 2:54am Apr 27, 2010 2:54am
Quoting Cyrus
I've found that I enjoy the intra-day alot?
And also studying long term trends and getting on board for a loong ride.

It's bread and butter in the intra-day... and that feeds the funding of long term positions... I derive that view with economics. I have a view and I pick a direction, looking to build positions. For the longer term, I really don't care that much, cause as long as I don't lose, I just want exposure to the major swings.

I guess I can't just do PA only. It's like when I'm in a plane, I need to know abit about the law of lift,...
Its all good Cyrus. It fits well. Trading with the trend or PA with the trend is a good thing. Just ask Ryanmcd. lol

Thanks .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #61,958
  • Apr 27, 2010 2:56am Apr 27, 2010 2:56am
Quoting nasir.khan
I would say know your market and trade how it should be.

I mean i made some 200+ pips on EJ and GU yesterday and 100+ pips today on GC, GU and GJ shorts today.

I took all these trades in tight range's so i treated them the way they should've been i.e no partial profits or moving the stops (mainly today). OUT AT FTA.

But when markets will break these ranges i'll be in the trend trading mode again as i was a month ago.
.

Well said nasir.
Indicators show the past. Price Action "Indicates" the future.
  • #61,959
  • Apr 27, 2010 3:17am Apr 27, 2010 3:17am
Quoting s005606
Hi all, it's been quite a while since I last posted here. While I was not posting, I was still reading this thread every day and learning a lot from you great guys here....

Below pls find the NZDUSD charts, as some members suggested pages ago, this pair was breaking out of the range (blue box highlighted), now can we say it's re-testing the breakout? How do I tell if it's making a breakout+pullback or the previous breakout was just a fake-out and price is now heading back down?

I've read a lot here that great breakout trades may come with a...

Looks good s00. A nice BUOB or bullish PB off that 7200 is what I would be looking for to go long. Breakout-pullback with PA.
Indicators show the past. Price Action "Indicates" the future.
  • #61,960
  • Apr 27, 2010 3:25am Apr 27, 2010 3:25am
Quoting jarroo
Looks good s00. A nice BUOB or bullish PB off that 7200 is what I would be looking for to go long. Breakout-pullback with PA.
Thank you so much Jarroo.....yay, I just realized how foolish I was to ask this question, I just should be looking for PA AGAIN.
Dreams are hard to follow, but don't let anyone, tear them away...
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