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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

  • #67,861
  • Jul 1, 2010 2:58pm Jul 1, 2010 2:58pm
I Missed this PB
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  • #67,862
  • Jul 1, 2010 3:37pm Jul 1, 2010 3:37pm
Quoting ddinnov
AUD/USD daily looks nice if it closes as a PIN. Shame it's NFP Friday tomorrow..
Don't trade anything that you are not comfortable with. Do take a "demo" position and watch how the price action plays out. IMHO, it will help you gain confidence in this material.

K.I.S.S.
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  • #67,863
  • Jul 1, 2010 5:56pm Jul 1, 2010 5:56pm
Quoting KissFan
Don't trade anything that you are not comfortable with. Do take a "demo" position and watch how the price action plays out. IMHO, it will help you gain confidence in this material.

K.I.S.S.
Heya K.I.S.S.,

Could I ask what MAs those are on your chart. I assume it's 150ema... what's the other?
One Mind, Any Market
  • #67,864
  • Jul 1, 2010 6:30pm Jul 1, 2010 6:30pm
Hi All,

This is my first post. I've been lurking for a while, and want to thank all of you who have been so generous in sharing your knowledge. I've learned a ton already, but the most important thing I've learned is that I still have a lot to learn...

I took a trade (demo) on USD/JPY daily today based on a break of a multi-bar low (2/4, 3/11, 5/6 (flash-crash), and 6/29) at a weekly PPZ (88.40). I guess reading Mike's posts that have been referenced several times this past week had me looking for multi-bar highs/lows...

Entry: 88.18 (10 pips below 6/29 low)
Stop: 88.87 (10 pips above high of 6/30 inside bar)
Target1: 87.34 (minor PPZ)
Target2: 87.00 (BRN)

Price stalled right at T1 before spiking down to reach T2 and then reversed, so I'm feeling pretty good about the trade, but since nobody mentioned this setup on the thread today, I'm sure there are plenty of reason why I should not have taken it. One issue that I am aware of is that the multi-bar low is a little "sloppy" in that there is a bit of a range between the lows (41 pips if you discount the flash-crash spike, 58 if you count it).

Please be as critical as you like. I'm here to learn!

Thanks,

Eric
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  • #67,865
  • Jul 1, 2010 6:58pm Jul 1, 2010 6:58pm
Quoting Primi
Right, and if you need more, here is a nice post by Mike, the BRN expert.

http://www.forexfactory.com/showpost...ostcount=56751

P

Edit: OK, you win.
Thanks to all the 3 of you !! You guys are awesome..Just to let you know, I learnt this but I don't know why I moved away from this to look at some other techniques. Am finally back to this.. Everything else looks so complex out there
This is really simple. Haven't been able to master it though. Decided to start all over again!!
  • #67,866
  • Jul 1, 2010 7:01pm Jul 1, 2010 7:01pm
Quoting Cyrus
Heya K.I.S.S.,

Could I ask what MAs those are on your chart. I assume it's 150ema... what's the other?
Hello Cyrus-

I use the 40, 150, 365 and 729. I am watching the 21 for some testing and it was just best that I leave it on my charts. The same goes with the 175. I trade with fibs quite a bit and am just testing the 21 and 175 for confluence tendencies. In a few mos you could see different ones LOL!

K.I.S.S.
  • #67,867
  • Jul 1, 2010 7:05pm Jul 1, 2010 7:05pm
posted on May 20:

Quoting Dan Gilbert
this is pretty scary guys.... dow 5000!

Quoting jeurre
hey, Dan, what makes you think dow will break the 2009 low?


spelled out pretty clearly now.

how low can we go?

(SP500 futures chart)
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Many choose unhappiness over uncertainty.
  • #67,868
  • Jul 1, 2010 7:07pm Jul 1, 2010 7:07pm
1st tgt hit .....stop to break even
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  • #67,869
  • Jul 1, 2010 7:21pm Jul 1, 2010 7:21pm
Quoting KissFan
....
I use the 40, 150, 365 and 729...
wow, 729!

Quote
..In a few mos you could see different ones LOL!..
i think that's natural, hahah
  • #67,870
  • Jul 1, 2010 7:23pm Jul 1, 2010 7:23pm
boy i missed this one! Damn
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  • #67,871
  • Jul 1, 2010 7:27pm Jul 1, 2010 7:27pm
Quoting supremeChaos
wow, 729!


i think that's natural, hahah
The 729 is a mainstay for me. I use it on shorter TF's with good success as moving S/R. Remember that there is no magical MA. Just use one that works with what you are doing. The 150 and 365 are from here and I have used thm with great results since becoming a J16 disciple.

K.I.S.S.
  • #67,872
  • Jul 1, 2010 7:29pm Jul 1, 2010 7:29pm
Quoting nuclear62
...
Happy forthcoming weekend everyone, i´m getting ready for marathon.. It´s my first one. My goal is to step over the finish line
..
wow, a marathon. that's really great.
trading is a mental marathon too.
you can do it!!!!!
  • #67,873
  • Jul 1, 2010 8:04pm Jul 1, 2010 8:04pm
Quoting KissFan
Hello Cyrus-

I use the 40, 150, 365 and 729. I am watching the 21 for some testing and it was just best that I leave it on my charts. The same goes with the 175. I trade with fibs quite a bit and am just testing the 21 and 175 for confluence tendencies. In a few mos you could see different ones LOL!

K.I.S.S.
Ahhh... righteo. I totally know where you're coming from.

While we're on the topic of AUDUSD... and tinkering... check this out. New tool I added to the box. MA is 150ema as u already know. =)

I've VERY big on horizontal lines (PPZ, etc) not so on the diagonals like TLs, cause they're subjective. I don't use TLs for entry, only for analysis, but this one is beginning to change the game cause of a price-time element present.
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One Mind, Any Market
  • #67,874
  • Jul 1, 2010 8:08pm Jul 1, 2010 8:08pm
Hi Everyone, newbie here again.
Question, if one were limited to say 12 currency pairs, does it matter which ones are the best to follow? Also,
are there some here you would stay away from, or on the flip side would definitely have on there watch list. Thanks in advance.
  • #67,875
  • Jul 1, 2010 8:20pm Jul 1, 2010 8:20pm
Hello Sjr,
everyone follows & trades different pairs.
most trade the majors, because of high liquidity & 'familiarity', others explore other pairs.
try to avoid choppy/rangy pairs, unless u get enough experience to trade ranges (which are profitable in itself.)
the specific pairs to trade does not matter as long as u are familiar with them & u pick the best setups to trade. sooner or later u will expand from the '12pairs' u trade, in your continuing quest to find & trade the best setups.

Welcome & keep posting Sir!
  • #67,876
  • Jul 1, 2010 8:31pm Jul 1, 2010 8:31pm
Quoting Sjr
Hi Everyone, newbie here again.
Question, if one were limited to say 12 currency pairs, does it matter which ones are the best to follow? Also,
are there some here you would stay away from, or on the flip side would definitely have on there watch list. Thanks in advance.
Not abt the pairs friend. It's about the speculator. Everyone works the game differently but James16 and the seniors here teach reaaallly sound principles. Just that you gotta work itlooonnnong enough to make it your own. Kinda developing muscle memory.
One Mind, Any Market
  • #67,877
  • Jul 1, 2010 9:36pm Jul 1, 2010 9:36pm
Quoting supremeChaos
Hello Sjr,
everyone follows & trades different pairs.
most trade the majors, because of high liquidity & 'familiarity', others explore other pairs.
try to avoid choppy/rangy pairs, unless u get enough experience to trade ranges (which are profitable in itself.)
the specific pairs to trade does not matter as long as u are familiar with them & u pick the best setups to trade. sooner or later u will expand from the '12pairs' u trade, in your continuing quest to find & trade the best setups.

Welcome & keep posting Sir!
Thx Supreme.

Forgive the next question, but I'm assuming 12 pairs would be more than enough to follow, at least to start with?
  • #67,878
  • Jul 1, 2010 10:22pm Jul 1, 2010 10:22pm
Sjr,
Sure, it's more than enough to keep u busy.
it's very personal, actually. some look at & trade just 1, some 4 or 5, others monitor & trade 10-20pairs.
i hope u dont become rigid & get caught up with the 'number of pairs monitored & traded issue'. the main objective is for us to find & trade the high probability setups
  • #67,879
  • Jul 1, 2010 11:35pm Jul 1, 2010 11:35pm
Quoting supremeChaos
wow, a marathon. that's really great.
trading is a mental marathon too.
you can do it!!!!!
Thank you supreme, appreciate that True!

This one did it´s work, i´m fully out at 0.85.. Nasty resistance

Nuc
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  • #67,880
  • Jul 2, 2010 12:10am Jul 2, 2010 12:10am
Quoting nuclear62
Thank you supreme, appreciate that True!

This one did it´s work, i´m fully out at 0.85.. Nasty resistance

Nuc
I took it on my 'crazy/gambling' demo account. I have 2 demos, one for serious trading that I'm doing minimum requirements and one for trades that I'd love to take but not too sure if I should.

Did its job for me as well
Anything can happen.
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