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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

  • #66,381
  • Jun 15, 2010 8:38am Jun 15, 2010 8:38am
Quoting fxeturn
I believe I'm one of those people who initially thought this thread is too long and just wouldn't spend some time to read and understand it. I went everywhere else then. Now this is the only thread I've bookmarked and read on FF, and the amazing thing is I've made far fewer losses, more BEs and a little more profit than I've ever had. I don't know if every senior here is real or not (not that I doubt them), but I just know THIS IS IT.

And so I'd like take the opportunity on this thread's anniversary to extend my gratitude to everyone involved in...
This is why this thread is where it is. I think when people are done looking around at BS indicators etc they sit down and start to read this thread and see some light, then a bit more. Not to say there isn't other great stuff out there. Of course there is. But a lot more bad stuff LOL.

I can assure you my lack of sleep doesn't make me a robot

Mike
  • #66,382
  • Jun 15, 2010 8:46am Jun 15, 2010 8:46am
Quoting six gun
I suspect there is more to this meat head guy.

From the thread I can see he has been warned by the admin of Babypips to lay off as it looks like he is simply dissing J16 and there is nothing constructive in what he is doing.

He has a big issue about the fee for the private site.
Maybe he wanted to join but didn't want to pay.
Maybe a lot of things but I think there is a grudge somewhere in this which is festering in his mind.

I suspect from his self chosen name, "Meat Head" there is nothing more to him. These people are non starts in trading and always will be, they hate sucesful traders simply because they themselves are inadequate.

Best just forget it and concentrate on trading.

Genuine people who read that at baby pips are not going to be taken in and even if they are, that is their fate, if they don't look into the real deal on this forum or indeed Jim's PF.
  • #66,383
  • Jun 15, 2010 8:54am Jun 15, 2010 8:54am
I think that guy is probably having some personal issues and instead of dealing with them, he is reverting to bashing.

Mike, your post was nr. 66382 on this thread. If we were to take a conservative multiplier, say 5 minutes, this means that 66382*5=331'910 minutes, or in other words, 5'531 hours of effort has gone into writing these posts (some took longer, some took less)! And this doesn't even count in the time it took to think the thoughts, post the charts, let alone analyze the charts. I can't even imagine the hours of work put into this altogether. And now multiply this with whatever hourly wage you want, but you still come up with a heckuva large number.

Guys. We're not sitting on a gold mine here, we are sitting on the keys to the vault!

I've been a reader of this thread for about 6 months now and I've got a folder full of charts and tens of pages of quotes, thoughts and calculations form Mike, James16, Diallist and a whole list of other participants. To say that this is worthless is just beyond me.

B-day is coming soon, let's not let the party-poopers ruin it.
If you don't risk, you don't ever have to lose.
  • #66,384
  • Jun 15, 2010 8:56am Jun 15, 2010 8:56am
It appears to me that the round # 0.87000 would be a great target for this pair with 50 fib and ppz acting as confluence. My question is, what type of bar would you find most favorable to entering a long position, Mike?
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  • #66,385
  • Jun 15, 2010 8:56am Jun 15, 2010 8:56am
Quoting mbqb11
This is why this thread is where it is. I think when people are done looking around at BS indicators etc they sit down and start to read this thread and see some light, then a bit more. Not to say there isn't other great stuff out there. Of course there is. But a lot more bad stuff LOL.

I can assure you my lack of sleep doesn't make me a robot

Mike
Yes! back to why this thread is here.

I'm wondering whether to pull the plug on this trade or stick with it. I took the pin bar this morning without waiting for it to break the low of the bar (+ a few pips).

part of me thinks that I put my stop where I put it for a reason and another part of me thinks that it may just be time to cut losses if it hasn't started moving in my direction by now..
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Anything can happen.
  • #66,386
  • Jun 15, 2010 8:57am Jun 15, 2010 8:57am
Quoting Pinbar
I suspect from his self chosen name, "Meat Head" there is nothing more to him.
LOL I called him meat head - he is meat robot.

Meat robot, meat loaf, meat head - what does it matter.
  • #66,387
  • Jun 15, 2010 8:57am Jun 15, 2010 8:57am
Quoting bluetrader
... I have an open order on the 4 Hour EUR/JPY based on a DBHLC (1 pip difference). My stop is above the bar high, but I'd be happy if the 111.83 resistance held...
Out on this one.

-- Danny
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  • #66,388
  • Jun 15, 2010 9:03am Jun 15, 2010 9:03am
Quoting manperm
It appears to me that the round # 0.87000 would be a great target for this pair with 50 fib and ppz acting as confluence. My question is, what type of bar would you find most favorable to entering a long position, Mike?
I was watching the lower timeframes as we approached this area. I would have like to see a pin that pierced through as my chart shows. Again for me I am always thinking of these situations with my different pairs and then when things materialize I execute and manage. If they come close, I sit on my hands.

Mike
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  • #66,389
  • Jun 15, 2010 9:06am Jun 15, 2010 9:06am
Quoting ddinnov
Yes! back to why this thread is here.

I'm wondering whether to pull the plug on this trade or stick with it. I took the pin bar this morning without waiting for it to break the low of the bar (+ a few pips).

part of me thinks that I put my stop where I put it for a reason and another part of me thinks that it may just be time to cut losses if it hasn't started moving in my direction by now..
Hey D

I don't take pins on the close for this reason. Not that it is bad if you want to be more aggressive(same with retracements but I like either taking a break or a retracement as I think it makes more sense market dynamics wise then just entering on a close), but I think before you do this you should decide on a cut out point, or have an idea of where it goes you are out. Now that MAY be above the high of the bar and then it that case you are sort of a bit handcuffed.

Best
Mike
  • #66,390
  • Jun 15, 2010 9:08am Jun 15, 2010 9:08am
As dumb as this may sound, it never occurred to me to watch the 4 hour chart to see if this pair will tip its hand. Thanks for the advice Mike.
  • #66,391
  • Jun 15, 2010 9:16am Jun 15, 2010 9:16am
Here's one more setup I'm watching. It appears a pb is forming on the daily (prematurely, yes), but a beob is also forming on the 4 hour just short of ppz. What would be a good target if the beob on the 4 hour holds?
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  • #66,392
  • Jun 15, 2010 9:16am Jun 15, 2010 9:16am
Quoting manperm
Here's one more setup I'm watching. It appears a pb is forming on the daily (prematurely, yes), but a beob is also forming on the 4 hour just short of ppz. What would be a good target if the beob on the 4 hour holds?
Your trouble areas look great my friend
  • #66,393
  • Jun 15, 2010 9:21am Jun 15, 2010 9:21am
I've been nibbling around with EC since Friday, but that's about all you can do - pick around 20 pips off the table. There are too many strong PPZ for my risk appetite. Still keeping an eye on it though, because there just might be an opportunity on the W1 or MN.
If you don't risk, you don't ever have to lose.
  • #66,394
  • Jun 15, 2010 9:31am Jun 15, 2010 9:31am
Quoting six gun
LOL I called him meat head - he is meat robot.

Meat robot, meat loaf, meat head - what does it matter.

Oh, that was just a subconscious a slip?

They have all got meat in them anyway.

My imagination was working over time, as usual.

Good one 6G.
  • #66,395
  • Jun 15, 2010 9:33am Jun 15, 2010 9:33am
Quoting ddinnov
Yes! back to why this thread is here.

I'm wondering whether to pull the plug on this trade or stick with it. I took the pin bar this morning without waiting for it to break the low of the bar (+ a few pips).

part of me thinks that I put my stop where I put it for a reason and another part of me thinks that it may just be time to cut losses if it hasn't started moving in my direction by now..


What is that pair....?

I have never seen that pair before.
  • #66,396
  • Jun 15, 2010 9:36am Jun 15, 2010 9:36am
Quoting Pinbar
What is that pair....?

I have never seen that pair before.
I'm sure you have. It's the Dow aka Dow Jones Industrial Average.
If you don't risk, you don't ever have to lose.
  • #66,397
  • Jun 15, 2010 9:42am Jun 15, 2010 9:42am
Quoting ddinnov
I'm wondering whether to pull the plug on this trade or stick with it. I took the pin bar this morning without waiting for it to break the low of the bar (+ a few pips).

part of me thinks that I put my stop where I put it for a reason and another part of me thinks that it may just be time to cut losses if it hasn't started moving in my direction by now..
Ddinnov,
I'm not an expert on J16 style (slowly getting there), but I've been trading with the S&P500 for some time now. The Dow, Nasdaq and the S&P500 move in unison, so if you see a pin bar or some other attractive chart formations, I suggest you double-check other stock indices. I've found the S&P500 and Nasdaq 100 to be far more accurate than the Dow or Nasdaq.

On a sidenote, I'm long the S&P500 for other reasons than just price action (I use different breadth measures and TA for stock indices). If you're interested, let me know, I can probably send you a few charts or start another thread, I just don't want to post them here.

Hope this helps.
If you don't risk, you don't ever have to lose.
  • #66,398
  • Jun 15, 2010 9:45am Jun 15, 2010 9:45am
Yeah, the more I look at that nice looking beob on the 4 hour, the less I like how close the 1st problem area is to it. I fear it will drop to around 1.39000 round #, which is also past resistance, and bounce back up. I'm going to stay out of this one. Thanks for all of the help, everyone.
  • #66,399
  • Jun 15, 2010 9:46am Jun 15, 2010 9:46am
Quoting bug
I'm sure you have. It's the Dow aka Dow Jones Industrial Average.

I see, many thanks.

I do not have this in my FXDD account.
  • #66,400
  • Jun 15, 2010 9:57am Jun 15, 2010 9:57am
Quoting bug
Ddinnov,
I'm not an expert on J16 style (slowly getting there), but I've been trading with the S&P500 for some time now. The Dow, Nasdaq and the S&P500 move in unison, so if you see a pin bar or some other attractive chart formations, I suggest you double-check other stock indices. I've found the S&P500 and Nasdaq 100 to be far more accurate than the Dow or Nasdaq.

On a sidenote, I'm long the S&P500 for other reasons than just price action (I use different breadth measures and TA for stock indices). If you're interested, let me know, I can...
This is the first time I've traded anything like this, I did see s few identical pins on some of these and chose this one. I think I should probably learn a bit about these markets.

I think I'm getting a bit overconfident after the last couple of weeks. Need to reign myself in a bit. Some charts and insight would be great - send me a PM or better still maybe start a thread in the stocks/commodities section?
Anything can happen.
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