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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

  • #82,641
  • Dec 15, 2010 6:49pm Dec 15, 2010 6:49pm
Quoting Oldice
Okay, now I'm really annoyed.

I entered this trade last night; it went to my first FTY then retraced; when I got up, I was down about 10 pips, so I exited. (I told all this in an earlier post.)

Now I see that it retraced back in the "right" direction, zoomed on past my FTA, then continued double that distance again. Arghh!

I guess it's better that I exited for small loss rather than holding on for a full bar loss, as I have so many times in the past. But still, this is frustrating.

Congratulations, Jim and Dan and any...
Retracement after entry is pretty common, which is why taking the right bars at the right places helps greatly in building trust in yourself that you've taken the right trade. I woke up to find todays eurusd pin (daily) retracing on me. I shrugged it off, as i like to see the day's close before making a decision to exit or not.
  • #82,642
  • Dec 15, 2010 7:01pm Dec 15, 2010 7:01pm
Quoting james16
A lot of you may think i dont notice you ...

im so proud to have all of "you" here.
We are all glad your here, we all owe you debt of gratitude.



Thanks James16!
" I can read the left side of the chart, the right side's a Bitch!
  • #82,643
  • Dec 15, 2010 7:44pm Dec 15, 2010 7:44pm
Quoting james16
A lot of you may think i dont notice you ....ahh but i do.

the years have come and gone and many many people have come and stayed and many have come and gone.

the one constant is the kind and decent nature of the people this thread seems to attract.

honestly have you spent time on other forums or even other threads at FF?

They are for the most part filled with bottom feeders. mean, nasty and vulgar people.

im so proud to have all of "you" here.
I think it boils down to the inherent culture prevailing in this thread that makes the difference Jim.

I believe deep inside every human being has 'goodness' and for certain reasons this goodness get's overshadowed by a hard crust of 'badness'. This thread is a champion when it comes to melting down this crust and enabling the person to become part of a loving family.

When a newbie (bruised and battered) posts his first question and in return get's 5 in depth responses in half an hour clearly set's the 'tone'. A lot of times the very next post from this newbie is...'WOW! great replies everyone. Thnx!' He'll then followup with more questions to which he get's genuine answers and before he knows it, he has embraced, and is now part, of a strong culture.

What's more who spurred such an environment in this thread to begin with was YOU Hats off for that! :

g.
I believe . . .
  • #82,644
  • Dec 15, 2010 7:51pm Dec 15, 2010 7:51pm
Quoting FXTradeX6
Retracement after entry is pretty common, which is why taking the right bars at the right places helps greatly in building trust in yourself that you've taken the right trade. I woke up to find todays eurusd pin (daily) retracing on me. I shrugged it off, as i like to see the day's close before making a decision to exit or not.
do you find you end up taking a lot of full bar losses by closing this way? I guess if you take only the best setups this way of trading can make it a lot less stressful. I think I'll look back on my trades and see how this approach would have worked out. Thanks, gave me something to think about.
  • #82,645
  • Dec 15, 2010 7:59pm Dec 15, 2010 7:59pm
Quoting pn1
Guys what do you make of eurgbp right now?Looks interesting to me.
Hey P,

Interesting location for sure. PA should guide us around

g.
I believe . . .
  • #82,646
  • Dec 15, 2010 8:02pm Dec 15, 2010 8:02pm
Quoting ghous
I think it boils down to the inherent culture prevailing in this thread that makes the difference Jim.

I believe deep inside every human being has 'goodness' and for certain reasons this goodness get's overshadowed by a hard crust of 'badness'. This thread is a champion when it comes to melting down this crust and enabling the person to become part of a loving family.

When a newbie (bruised and battered) posts his first question and in return get's 5 in depth responses in half an hour clearly set's the 'tone'. A lot of times the very next post...
One thing that has kept this thread going over the years is trust. Many of the seniors will take you by the hand and try to the best of their ablilty to help you understand. Others will kind of slap you in the face at times to try to get you to think for yourself. But at the end of the day I trust that you have a true interest in my success.
  • #82,647
  • Dec 15, 2010 8:17pm Dec 15, 2010 8:17pm
And then there is me, taking that guys comments too seriously the other day and blasting him. Even though, it has gone unmentioned by the Big Guns, I think it was probably not the thing to do and ignoring it was probably the right thing to do. One day, I shall learn to let things pass without getting annoyed, Maybe!
  • #82,648
  • Dec 15, 2010 8:27pm Dec 15, 2010 8:27pm
Quoting ghous
Hey P,

Interesting location for sure. PA should guide us around

g.
Thanks for the reply g. I got a lot to learn from you.
  • #82,649
  • Dec 15, 2010 8:31pm Dec 15, 2010 8:31pm
Quoting Pinbar
And then there is me, taking that guys comments too seriously the other day and blasting him. Even though, it has gone unmentioned by the Big Guns, I think it was probably not the thing to do and ignoring it was probably the right thing to do. One day, I shall learn to let things pass without getting annoyed, Maybe!
We're all humans when it comes to loosing temper sometimes (Except Mike maybe )

Although your reasons were valid I agree the best thing to do was to just ignore in the cause of a bigger achievement (maintaining a friendly and healthy learning environment). Like I said though, sometimes you just can't help it.

g.
I believe . . .
  • #82,650
  • Dec 15, 2010 8:32pm Dec 15, 2010 8:32pm
Quoting pn1
Thanks for the reply g. I got a lot to learn from you.
I am an open book.

g.
I believe . . .
  • #82,651
  • Dec 15, 2010 8:33pm Dec 15, 2010 8:33pm
Quoting ghous
We're all humans when it comes to loosing temper sometimes (Except Mike maybe )

Although your reasons were valid I agree the best thing to do was to just ignore in the cause of a bigger achievement (maintaining a friendly and healthy learning environment). Like I said though, sometimes you just can't help it.

g.
I think Mike was raised by monks
  • #82,652
  • Dec 15, 2010 8:34pm Dec 15, 2010 8:34pm
Quoting spookie94
I think Mike was raised by monks
...
I believe . . .
  • #82,653
  • Edited 9:18pm Dec 15, 2010 8:47pm | Edited 9:18pm
Quoting Xhale12
Are these not DBLHC bars? Why is the stock not going up?

Hey Xhale.

Not moving up? . .Price was running into strong PPZ level acting as Resistance. Price turned from Support into Resistance once Price broke thru and Closed Below. (Your chart 1)
Price would needed to close above that PPZ level to have a chance to act as Support again and move up.

Do not underestimate the power of this transformation . . from Support to Resistance or Resistance to Support once Price breaks through and closes above or below. . .

. . . it can make a good size Weeky PB stop in its tracks (Chart 2)

. . . or make a small Daily PB turn into a runner. (Chart 3 )
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #82,654
  • Dec 15, 2010 8:50pm Dec 15, 2010 8:50pm
Yes, I agree Ghous.

I wasted my time and energy on it and it was not worth it.

It is just, when we study so hard everyday and believe in something, then someone starts bad mouthing and being smart, it really annoys me that they do not have any humbleness and are so full of themselves.
Not to mention, they are extremely naive and wrong.

Why waste my breath, is the better attitude to have.
  • #82,655
  • Dec 15, 2010 8:57pm Dec 15, 2010 8:57pm
Quoting spookie94
do you find you end up taking a lot of full bar losses by closing this way? I guess if you take only the best setups this way of trading can make it a lot less stressful. I think I'll look back on my trades and see how this approach would have worked out. Thanks, gave me something to think about.
I guess I'm just not willing to take full bar losses any more. I've calmed down a bit about this trade; in fact, I limited my loss to 10 pips, not 100. Okay, I didn't manage the trade as well as I could have, but there will be many other trades in the future. Will I wait to see a 10 pip loss turn into a 100 pip loss just on the hope that it will turn around? That's pretty much how I lost my last (non-demo) trading account. I've heard it said that a professional trader never lets a winner turn into a loser. I'm guessing that a professional trader doesn't let a small loser turn into a big loser, either.

--Dave
  • #82,656
  • Dec 15, 2010 9:13pm Dec 15, 2010 9:13pm
Send me a PM if you would be interested in helping me teach James' technique to others around the web.....
What is any ocean but a multitude of drops?
  • #82,657
  • Dec 15, 2010 9:14pm Dec 15, 2010 9:14pm
Quoting pn1
Sir please answer the this question after you see the charts.
1) As now I already know the possibilities do i wait for rejection to happen in higher TF or what. 2)A close below the level could be significant. So how do I manage because I am not available always infront of screen.

Yes to posibility #1. The 1.5500 is a strong PPZ level. To trust PA on the lower time frames it would have to meet a high quality setup . . .meaning good Size, Space, confluences, etc. Price has moved down very strong on this pair and to go against it . . a high quality setup and good location is what we need. The 1.5500 looks good on that part of the equation.


Possblility 2 . .the 1.5600 could act as Resistance if Price closed below it not Support.
Indicators show the past. Price Action "Indicates" the future.
  • #82,658
  • Dec 15, 2010 9:18pm Dec 15, 2010 9:18pm
Quoting spookie94
I think Mike was raised by monks
Serenity now (as the above post makes me want to say in a 5500 pg thread + a PF lol )

Inserted Video


  • #82,659
  • Dec 15, 2010 9:26pm Dec 15, 2010 9:26pm
Quoting mbqb11
Serenity now (as the above post makes me want to say in a 5500 pg thread + a PF lol )

http://www.youtube.com/watch?v=5513mXmQbw4


insanity later . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #82,660
  • Dec 15, 2010 9:42pm Dec 15, 2010 9:42pm
Quoting Xhale12
Send me a PM if you would be interested in helping me teach James' technique to others around the web.....
Quoting Xhale12
Hey James. I just started reading this thread a few days ago
...

The other day I saw a dvd of Back to the Future on sale at a store. Thinking of calling up MIT and asking whether they want me to lecture some classes on nuclear physics.
When you have to shoot, shoot. Dont talk.
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