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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

  • #78,601
  • Oct 27, 2010 7:02am Oct 27, 2010 7:02am
Quoting Pinbar
If we are looking at monthly bars, GBP/CHF looks big enough.
zoom out, it's still relatively small.
but possibly hinting at future direction.
a possible huge monthly double bottom, too.

Quoting Atc
Here's one for the wklies!
sure, but it already triggered & hit it's FTA!
  • #78,602
  • Oct 27, 2010 7:09am Oct 27, 2010 7:09am
Quoting supremeChaos

sure, but it already triggered & hit it's FTA!
Hey ---I'm no signal service! LOL
  • #78,603
  • Oct 27, 2010 7:11am Oct 27, 2010 7:11am
Quoting Atc
Hey ---I'm no signal service! LOL
u could offer one, when u are not out riding the dirt
  • #78,604
  • Oct 27, 2010 7:13am Oct 27, 2010 7:13am
Quoting supremeChaos
u could offer one, when u are not out riding the dirt
I am starting to ride "dirt simple"....after eating the dirt one to many times...thx SC
  • #78,605
  • Oct 27, 2010 7:22am Oct 27, 2010 7:22am
Quoting mbqb11
here ya go
Mike, thank you very much! A great analysis! I would make a practice of drawing these lines to see the space until I train my eye to easily identify it.
Cool. Every day I feel more and more confident with this method!!!

http://cdn.forexfactory.com/attachme...1&d=1288142026
  • #78,606
  • Oct 27, 2010 7:30am Oct 27, 2010 7:30am
Hi Pinbar
What's a Jarroo special please
Grahame
  • #78,607
  • Edited 8:18am Oct 27, 2010 7:45am | Edited 8:18am
Thinking of taking a Long on CHF/JPY but see very strong FTA above,

Two PB in that area
61.8& RET
82.50 strong resistance
Divergence.
(Chart Attached)

Comments are welcomed.

*** Trade canceled, PB closed very weak, it seemed more of an indecision candle than a strong PB. ***
Attached Image (click to enlarge)
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Trade Smart
  • #78,608
  • Oct 27, 2010 8:19am Oct 27, 2010 8:19am
Triggered short on the U-J, trying to preempt a potential break of the 4H-BEOB.
Attached Image (click to enlarge)
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Pipcrawler
  • #78,609
  • Oct 27, 2010 8:47am Oct 27, 2010 8:47am
Quoting xmzhang
Triggered short on the U-J, trying to preempt a potential break of the 4H-BEOB.
Price has hit daily PPZ @ 8150, closed 1/2 position for a 15 pip profit.
Pipcrawler
  • #78,610
  • Oct 27, 2010 9:02am Oct 27, 2010 9:02am
Quoting Edonya
I
Could like to thank all the posters of FF and mostly the James16 thread, among them JAMES16,Jaroo, Ghous,mbqb11,Nasir among the many. The list is long.
i didnt know that one day i will be able to analyze charts in my own way the way i am doing right now. What i did i started an account with 100$ on 21 Oct 2010. My aim was to blow it with overlevarage but using only price action,Fibonnaci, S&R and some MAs i learned from Phillip Nel. To my surprise i have made almost 300% within that one week. I cant belief and i dont trade now with emotions...
Does that sound something similar?????

Here is Mike's response.

Here is the result....

I dont want to sound harsh and i dont want to spoil the party. I am just being honest.

But be very careful my friend. Yeah i know it's just 100$ who cares,......

BUT ITS ABOUT THE HABIT,.. RISKING HIGH % IS A BAD HABIT.

Bad habits should not be practiced (need a better word) cause they get stronger as you keep practicing them and than its so hard to get rid of them that it could take months to years.

Been there done that.

Good luck anyway.
.
  • #78,611
  • Oct 27, 2010 9:04am Oct 27, 2010 9:04am
Quoting xmzhang
Price has hit daily PPZ @ 8150, closed 1/2 position for a 15 pip profit.
Sh*t, stopped out @ BE for my remaining position, just haven't any luck with my remaining positions lately.
Pipcrawler
  • #78,612
  • Oct 27, 2010 9:25am Oct 27, 2010 9:25am
Quoting Dan Gilbert
I have been chillin like a G lately... not really taking any real positions, because there has been no A+ opportunities... just runaway trends. ran a few experimental touch trades on the dips with the trends on AUDUSD, and EURUSD.... some success, some fail.
where's the evidence that you've been chilin? show it, otherwise you're a liar! sorry, had to say that after reading all your 'practical' comments on 'that' other post.
  • #78,613
  • Oct 27, 2010 9:36am Oct 27, 2010 9:36am
PA + PPZ
even in sideways mkts, as long as u know where price is going
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Simplicity is the key to success
  • #78,614
  • Oct 27, 2010 9:54am Oct 27, 2010 9:54am
Quoting Edonya
I
Could like to thank all the posters of FF and mostly the James16 thread,...
Quoting nasir.khan
Does that sound something similar?????

Here is Mike's response.

Here is the result....

I dont...
I can only chime in with Nasir on this one. Be very careful that this does nott become a habit. The longer it works for you the harder it will be to get rid of it.

When I started trading a few years ago I opened up an eToro live account (never do that!) with only 50$ (never ever do that!) and traded with a leverage of 1:400 (never ever, ever do that!). In the first month I raised my account by over 1000% and did not even know sh*** about trading, it was by mere chance. Near the end of the month I lost all of it. Thankfully, I say with hindsight.

I guess you're at a point where you know more about trading and PA than I knew back then, but I doubt you are aware of what greed combined with big leverage can do to you and your account (I don't say you're greedy but you can become it the longer your high leverage trading works). If you're lucky you will just loose that 100$. If you're unlucky, like Nasir said, it will get a bad habit, you lose money big time and it will be painful to get out of it.

In the beginning of my trading "career" I partly fell into this trap of greediness and furious fast money (not only with trading). I lost some hundred bucks with forex and a few thousand with other dicey investments. And I'm really thankful that I haven't blown one account after another like many other guys did to learn it the hard way. I luckily found this and some other threads to keep me away from it.

My advise to you is this: You seem pretty good at J16 trading for a beginner. That's a gift, man. Don't throw it away. Use it wise and build your account slowly but sustainable (it will still be faster than you think, I guess). And whatever you do, remember: You can always come back here and start from scratch.

All the best for you and your trading
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,615
  • Oct 27, 2010 10:10am Oct 27, 2010 10:10am
Quoting HanSolo
That clears up part of my question here. Thx.



Thanks, Mike. While backtesting lately I found that even bars like these often work out if, like you said, you move your stop to BE pretty fast. Still most of the time one probably ends up with Stop@BE.
I was just wondering why Ghous' AUDCAD and EURCAD were considered...
I don't think either is very different actually

As ghous said not the best but he defined his area clearly of where he thought price was to go and went from there. I think the divergence is better on his, but both did get to their trouble areas. Would I take either? No but that doesn't make them bad trades, depends on the style of each trader really

Best
Mike
  • #78,616
  • Oct 27, 2010 11:30am Oct 27, 2010 11:30am
Just thought i'd give an update on trades and observations. I noticed that DJ sold off/gold sold off and eur.usd sold off at similar times, not sure if theres anything innit but correlations interest me also.. I must add ont eh second gold trade it did suffer drawdown before it went south. it was interesting where gold long stopped 1350 (round number) then reversed

Quoting Revstar
hiya, just thought i'd share a cuople, on Demo of course!
trade well
RS
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  • #78,617
  • Oct 27, 2010 11:55am Oct 27, 2010 11:55am
Are you guys making first the PPZ Levels and wait for the PA or are you drawing this Levels then when the PA has been formed?
  • #78,618
  • Oct 27, 2010 12:04pm Oct 27, 2010 12:04pm
Quoting john225
Are you guys making first the PPZ Levels and wait for the PA or are you drawing this Levels then when the PA has been formed?
plot PPZ first , then wait for PA setup
sometimes PPZs plotted days, weeks, months ago still apply/apply many times
  • #78,619
  • Oct 27, 2010 12:05pm Oct 27, 2010 12:05pm
Quoting john225
Are you guys making first the PPZ Levels and wait for the PA or are you drawing this Levels then when the PA has been formed?
Hey John,

I prefer to draw the PPZ's first so when PA forms, I can look at the bar in the context of surrounding bars and important areas. If I draw them after a bar has formed, I don't trust my objectivity (tendency to curve-fit zones around current action).

Personally, the zones are so important that I always want to know where they are to see how price reacts to them regardless of whether I take a trade.

EDIT: Looks like SC beat me to it . Just wanted to add, one of the greatest learning lessons for my simple brain is when price bounces off a PPZ that I drew weeks ago. This went a long way towards building confidence.

Just my thoughts,

-- Danny
  • #78,620
  • Oct 27, 2010 12:09pm Oct 27, 2010 12:09pm
Quoting john225
Are you guys making first the PPZ Levels and wait for the PA or are you drawing this Levels then when the PA has been formed?
I think some would have PPZ's already and wait for some strong PA to form. Others would wait to see some strong PA then would look for confluences and PPZ around this PA. I think this is just a matter of your personal preference.
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