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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

  • #68,561
  • Jul 13, 2010 3:51pm Jul 13, 2010 3:51pm
Quoting guntothehead
my question was re:-my first post on eu,will eu see 12740 today .I was looking
for a second opinion and ofcourse eu missed that target by 1 pip.
Hey G

Yeah I saw just wasn't sure if you had a specific question on a PA bar, or location etc.

Generally speaking I was watching E/U on a retrace to 1.2500 was hoping to see PA there. To play off the H&S formation we saw forming on the delay. The 1.25 was lining up with a break of that formation/neckline. I did not find an entry personally.

Best
Mike
  • #68,562
  • Jul 13, 2010 3:57pm Jul 13, 2010 3:57pm
Quoting mbqb11
Hey G

Yeah I saw just wasn't sure if you had a specific question on a PA bar, or location etc.

Generally speaking I was watching E/U on a retrace to 1.2500 was hoping to see PA there. To play off the H&S formation we saw forming on the delay. The 1.25 was lining up with a break of that formation/neckline. I did not find an entry personally.

Best
Mike
I see ,well i just put a gun to my head and press the mouse button ;0)
  • #68,563
  • Jul 13, 2010 3:58pm Jul 13, 2010 3:58pm
Quoting guntothehead
I see ,well i just put a gun to my head and press the mouse button ;0)
lol so that is where you got the name. Sounds stressful
  • #68,564
  • Jul 13, 2010 4:02pm Jul 13, 2010 4:02pm
im watching this guy at the moment ,dont know if this is allowed ,theres only one way to find out.http://www.livestream.com/cristo1
  • #68,565
  • Jul 13, 2010 4:10pm Jul 13, 2010 4:10pm
Thx Greenhaze and Mike.
I currently am Demoing (sp) an acct and certainly wont entertain the idea of a real $ acct until I have many months of winning behind me. I have studied the futures markets and paper traded those for some time when I was living in the US. The reason I got into Forex is because of the time difference and I have access to 4hrly charts etc, which allows me to trade smaller positions , if that makes sense. Its funny thou, I wake up sometimes, to see some excellnet pb's etc that occur between 1am and 5 am my time on the 4 hrly chart. But sometimes they show up thru the day for me as well.
BTW, is there anyone else out there on the Forum who doesn't live in the US? and if so, what are your thoughts/recommendations from experience on trading in different time zones?

Thx SR
  • #68,566
  • Edited 4:29pm Jul 13, 2010 4:11pm | Edited 4:29pm
Quoting mbqb11
lol so that is where you got the name. Sounds stressful
lol yeh i actually got it from a programme i watched called Make Me A Trader a million dollar trader it was about two traders who took 8 normal everyday people and trained them up over a few weeks to prove that anyone could trade ,the one who provided the funds was Lex Van Dam and the other guy who supervised was Anton Kreil ,that was one of his sayings "its gun to the head" time lol
  • #68,567
  • Jul 13, 2010 4:16pm Jul 13, 2010 4:16pm
from here
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  • #68,568
  • Jul 13, 2010 4:25pm Jul 13, 2010 4:25pm
Hi Guys, i have read many times have a trading plan and trade your plan. Is it compulsory or necessary to have trading plan? I think the most important thing in trading is MM which Mike has emphasised many times that i (we) should not trade more than 2% of our equity even if my SL is 1500pips, it must still be 2% of my equity. Am i correct? More explanation will be appreciated. Thanks
  • #68,569
  • Jul 13, 2010 4:28pm Jul 13, 2010 4:28pm
Quoting kdee1
Hi Guys, i have read many times have a trading plan and trade your plan. Is it compulsory or necessary to have trading plan? I think the most important thing in trading is MM which Mike has emphasised many times that i (we) should not trade more than 2% of our equity even if my SL is 1500pips, it must still be 2% of my equity. Am i correct? More explanation will be appreciated. Thanks
Hey Kdee

A trading plan encompasses everything from MM, to rules etc. MM is usually a pretty hard and fast rule. Meaning for example someone knows if they trade 2% per trade, they calculate their position size and that is that. The rest of a trade plan might have entry/exit/etc rules. Mine is not something written down per say, but just years and years of doing things and now it is in my head. Some people do have pretty strict rules and plan they can write down. I think when learning it is good to have some sort of guide.

But you are correct about MM. If you use %R MM, then 2% is 2% no matter a 10 pip stop or 1000 pip stop.

Best
Mike
  • #68,570
  • Jul 13, 2010 4:56pm Jul 13, 2010 4:56pm
hi guys any opinions on eu monthly chart 14580 ish seems to stand out .
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  • #68,571
  • Jul 13, 2010 4:59pm Jul 13, 2010 4:59pm
my view of gbpchf.. lets see how it works out
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  • #68,572
  • Jul 13, 2010 5:55pm Jul 13, 2010 5:55pm
I know some folks are watching GBPUSD as they are holding Long positions.
Wish I had got In where some of them did.

Lokks pretty comfy to me.
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  • #68,573
  • Jul 13, 2010 5:56pm Jul 13, 2010 5:56pm
This is my first post so hello to all. Just found FX 2-3 months ago and it's got me gripped. Pottering along with demo trading ATM and hoping to get a handle on all the info on this brilliant thread.

This pair seems at a low point with some recent activity and compression of swings on the daily. Anyone agree this appears ripe for a breakout?. Confluence of 50 fib and resistance at 1.472. Any comments would be welcome.
  • #68,574
  • Edited 7:06pm Jul 13, 2010 6:50pm | Edited 7:06pm
ciao everybody
just wanna say thank you for all the files I have downloaded from this thread from you all
I have copied and modified some of them
now its my turn, my two cents to the community, to post it in the hope somebody could find it interesting
thanks
Andrea

PS the compounding file is made from the public video from Fiji on the james16group.com guest area, thank you Fiji!
Attached File(s)
File Type: zip trading tools.zip   30 KB | 712 downloads
  • #68,575
  • Edited 8:08pm Jul 13, 2010 7:51pm | Edited 8:08pm
Quoting jarroo
Your looking for other confluences, not as many lines, less MAs . . you'll get there Pb.

Quoting Pinbar
You mean, I should kill the 150 EMA?

I am wondering if zooming in more will be beneficial and looking for bar lows and highs, after of course I have marked the price flips zoomed out.

I notice the Big guy does this a lot and Benji mentioned something about zooming in.

I mean, this is pretty zoomed in.

The Big guys chart.
Quoting proletary
Jarroo, this statement left me wondering. Sorry my language skills could be better and I might have misunderstood you - could you explain what you mean by 'other confluences'?
Pls correct me if I'm wrong but isn't it true that the more confluencing factors the better the setup? Of course I understand that there is a treshold where any additional line just confuses the picture and/or leads to decision paralysis.

Best regards
proletary,

I quess this came out wrong. I was just noting to Pb that looking at his current charts compared to his earlier charts they are more clearer. He has less lines and less MAs on the them.

Also, he was not just looking at the 89.00 level and the 38.2 fib to support this small, badly structured PB but he was also looking at the trend line where Price broke out (blue line) as an added confluence. He was looking for other confluences to support this setup. Many new traders will just see a PA formation and try to trade it without looking for more information to support a setup.


Pb,
No, I would not kill the 150 ema nor the 365 ema. They can be a great confluencing tool with PPZ levels and Price targets. I was indifferent about MAs until I was shown how to use them by James16. Some people don't find them useful which is fine, but if James16 still uses them after close to 30 years of trading and find them valuable in his trading , guess what? I'm using them.

Looks like that small PB on the Daily Usd/Jpy hit its targets. Yes, it true that some "so-so" setups do work out but many more do not. Its part of being a picky J16 trader.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,576
  • Jul 13, 2010 8:10pm Jul 13, 2010 8:10pm
I , like many am trying to understand when/when not to trade these hanging men formations - or wot we like to call here IPBs .

Any thoughts on these dual ones on the daily - traffic overhead but i think there are a few pips in there.
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  • #68,577
  • Jul 13, 2010 8:20pm Jul 13, 2010 8:20pm
Quoting pipmyride
I , like many am trying to understand when/when not to trade these hanging men formations - or wot we like to call here IPBs .

Any thoughts on these dual ones on the daily - traffic overhead but i think there are a few pips in there.

A good rule of thumb, as with any PA formation, is SIZE. If that Inverted PB was a "verted " PB would you take it? Pretty strong down trend to counter. It is at a swing low so it does have potential.
Indicators show the past. Price Action "Indicates" the future.
  • #68,578
  • Jul 13, 2010 8:32pm Jul 13, 2010 8:32pm
Quoting Pinbar
Right, no more messing around.

I have marked the weekly and daily PPZ on these 8 charts, now I dig in and wait for PA that CLEARLY stands as a definitive PA bar around these areas, I DO NOT chase a setup, I WAIT with patience and don't try to fade the market.


Once I find a PA setup, I look for confluence and if I find obvious confluence with fibos, RN & trendlines, I work out the FTA and the RR ratio. If it all adds up, I place my order and manage the trade accordingly.

Any other thoughts folks?

I like your trading plan Pb. Two thumbs up . . .
Indicators show the past. Price Action "Indicates" the future.
  • #68,579
  • Edited 9:25pm Jul 13, 2010 9:03pm | Edited 9:25pm
Quoting jarroo
I like your trading plan Pb. Two thumbs up . . .

Thanks for the info Jarroo.

I am trying to use the EMA for slope direction but primarily as S&R and perhaps target areas.

Just looking at EUR/USD which seems to be showing a So so setup with a BUEOB with MACD div on D1, the weekly is showing us an uptrend although we are just below a BRN of 1.2800
It is at a swing high and not a swing low.

I don't think I will take this even on demo but I will watch how it addresses the 1.2800 area & I have the FTA taken from the weekly high and low bars at the blue rectangle at 1.2880.

It is interesting that the market allows me to see this setup just by leaving these PPZ on the charts and digging in. Previously, I was redrawing everyting on the charts everyday. I think this is not a good thing to do, it may give us plenty of practice but it may also lead to curve fitting and not being able to find a trade because there is always another PPZ being drawn. LoL

Hopefully, I may be onto something with this methodology.
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  • #68,580
  • Jul 13, 2010 9:22pm Jul 13, 2010 9:22pm
On the so so setup above, I just took a quick look at H4 which seems to show this sort of speaker on a stick flagging going on. Perhaps it is going to pop, one way or the other come LO.
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