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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

  • #83,801
  • Dec 27, 2010 8:22pm Dec 27, 2010 8:22pm
Quoting Adilius07
Yeah, I really hate the MA's but I see so many use these two (of course the man himself use them). Still kind of confused. Why them? I know you will say another confluence. But then why not 200SMA for example? And why EMA not SMA?

This is not me trying to be smart a**. I really just can't understand why. I do not follow them, as when I was reading those first posts by James (where he has a lot of stuff on his screen actually) he said something like "don't bother this is my stuff" something like this, I thought he used it for his intraday...

For me Adi, it's about not trying to reinvent the wheel. J16 says it works, and shows it unfold in some recent charts. Ghous and other seniors use the 150 and 365 as well. I think it's a matter of combining them with other basic J16 tools and deciding if it works.

I've been looking at some 1Hr charts with these ema's just for fun. Take a look at EURAUD from mid December. 1st chart is zoomed and you can see a couple of FTB entries. 2nd chart is to the 150, not A+ to me. 3rd is to the 365 - A+ in my book. When you get pullbacks to these ema's at BRN that are ppz, I think they are golden.
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  • #83,802
  • Dec 27, 2010 8:26pm Dec 27, 2010 8:26pm
Quoting Adilius07

So my point is, can anyone clarify why 150 and 350 ema? Any particular reason or just a matter of taste maybe?
MAs are not magic, simply agreements in price. Averages. The use of a 150 and 365, are having a medium and longer term MA. Sort of being on the right side or near the right side of thing.

Ones approach would be similar as if you used the 100 and 200, etc

James has used them and learned with them. Notice it is "part" of his approach. We put these pieces together in a way that works for us.

I no longer use MAs as the value was not there for MY style of trading.

Remember you trade your beliefs.

Take care all and looking forward to 2011!
Mike
  • #83,803
  • Dec 27, 2010 10:12pm Dec 27, 2010 10:12pm
Quoting james16
wow. wow. wow.


MERRY CHRISTMAS!!! AND HAPPY NEW YEAR.

HAPPY HOLIDAYS MY ASS.
Awesome, luv it,

Merry Christmas James and all.
  • #83,804
  • Dec 28, 2010 1:17am Dec 28, 2010 1:17am
the patterns that are mentioned in james16 thread dont come often...like the pinbar, double bar low and high with high/low close....but when they do happen it produces profit...

shouldnt the people posting on this thread inform the reader that such and such pattern has developed (no need for charts)....and monitor 4h and daily/weekly thats it???

perhaps thats something only done in private forum?
  • #83,805
  • Edited 3:16am Dec 28, 2010 2:38am | Edited 3:16am
Quoting torontobboy2
the patterns that are mentioned in james16 thread dont come often...like the pinbar, double bar low and high with high/low close....but when they do happen it produces profit...

shouldnt the people posting on this thread inform the reader that such and such pattern has developed (no need for charts)....and monitor 4h and daily/weekly thats it???

perhaps thats something only done in private forum?

As they say, "Give a man a fish and feed him for a day, teach a man to fish and feed him forever".

I don't think anyone wants to be thrown a fish, I certainly don't.

If you are watching 30 + pairs, they are not that infrequent.


EDIT:

In fact there have been many good setups on USD/CAD.
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  • #83,806
  • Dec 28, 2010 4:07am Dec 28, 2010 4:07am
well it broke and retrced(first arrow)
i got a dlhc(second arrow)
and then i made entry
how this works out
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  • #83,807
  • Dec 28, 2010 4:11am Dec 28, 2010 4:11am
thought i better ask, even though i've already made trade. Is a hundred pip range too much to use for a breakout trade? or should i be looking for tighter consolidation?
  • #83,808
  • Dec 28, 2010 4:35am Dec 28, 2010 4:35am
Thanks for all your comments in regards to MA's. I will put 150,365 on my charts just to see if I can extract an advantage from them.
Thanks!
  • #83,809
  • Dec 28, 2010 4:39am Dec 28, 2010 4:39am
This is a good looking chart Pinbar. But again we will not take most of these setups (if any at all) because we are waiting for the best A+++ setups!!!
Remember, I was really thinking a lot if that "waiting" is to our advantage or not... maybe the best way is like James shows in his earlier posts.. Remember the one his 11 yrs. old son took - setups not perfect but with tight trade management they will be profitable or BE at worst....

http://cdn.forexfactory.com/attachme...1&d=1293527744
  • #83,810
  • Dec 28, 2010 4:49am Dec 28, 2010 4:49am
Quoting Adilius07
This is a good looking chart Pinbar. But again we will not take most of these setups (if any at all) because we are waiting for the best A+++ setups!!!
Remember, I was really thinking a lot if that "waiting" is to our advantage or not... maybe the best way is like James shows in his earlier posts.. Remember the one his 11 yrs. old son took - setups not perfect but with tight trade management they will be profitable or BE at worst....

I beg to differ here Adi...I took many of those trades in demo from back in September. Look at the the trades off of the EMAs with fibo confluence.

I personally feel it is not all about A+ trades but even a B+ trades with the FTA identified is a good trade.
  • #83,811
  • Dec 28, 2010 4:51am Dec 28, 2010 4:51am
Quoting FxBAR
thought i better ask, even though i've already made trade. Is a hundred pip range too much to use for a breakout trade? or should i be looking for tighter consolidation?
it depends on what u are comfortable trading with.
IMHO, a hundred pip range is not 'too much'.
  • #83,812
  • Dec 28, 2010 4:57am Dec 28, 2010 4:57am
As Jim says, "If you can't trade these sideways markets, we shouldn't be trading". He also says, "Some people hate these sideways markets, a lot of people om the PF Love them.

I think this USD/CAD chart is great, clear support and resistance, ranging from the top to the bottom. Yeah, there are mid areas but you deal with them.
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  • #83,813
  • Dec 28, 2010 5:00am Dec 28, 2010 5:00am
Quoting Pinbar
As they say, "Give a man a fish and feed him for a day, teach a man to fish and feed him forever".

I don't think anyone wants to be thrown a fish, I certainly don't.

If you are watching 30 + pairs, they are not that infrequent.


EDIT:

In fact there have been many good setups on USD/CAD.

Yes. I don't know. I like the fifth bullish pin. But I would have exited at BRN most likely... I need to rethink my trading plan I guess...
  • #83,814
  • Dec 28, 2010 5:05am Dec 28, 2010 5:05am
Quoting Adilius07
Yes. I don't know. I like the fifth bullish pin. But I would have exited at BRN most likely... I need to rethink my trading plan I guess...

Why not just take half or two thirds off and wait for that runner?

I think that, is what it is all about.
  • #83,815
  • Dec 28, 2010 5:09am Dec 28, 2010 5:09am
Quoting Pinbar
Why not just take half or two thirds off and wait for that runner?

I think that, is what it is all about.
No, I was thinking I am more comfortable with Mike's approach - To take everything at once (or BE at worst).

Have tried for years to go with partial profits in hopes of a runner. And in the result runners happen very rare, but full position stops happen... don't like it.
  • #83,816
  • Dec 28, 2010 5:28am Dec 28, 2010 5:28am
Quoting Adilius07
No, I was thinking I am more comfortable with Mike's approach - To take everything at once (or BE at worst).

Have tried for years to go with partial profits in hopes of a runner. And in the result runners happen very rare, but full position stops happen... don't like it.

Depending on the area price is, I will mostly try to take off half or two thirds and let the rest run, looking for that runner.

I don't feel they are that uncommon depending on the consolidation break.

Caught several on USD/CAD but I am on my laptop right now, will post them tomorrow.

Mike's approach is Mike's approach, it doesn't suit me especially with a small account.
  • #83,817
  • Dec 28, 2010 5:30am Dec 28, 2010 5:30am
Quoting Pinbar

Caught several on USD/CAD but I am on my laptop right now, will post them tomorrow.
Cool, will be very interesting to see how you managed each trade that you took!
  • #83,818
  • Dec 28, 2010 5:55am Dec 28, 2010 5:55am
exit for half at 0.85855 cause the high on 22nd bar scared me.
moved to BE and got stopped out
Did i get scared out of this trade? should i have held for longer?
not a loss but not great either. hopefully better next time
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  • #83,819
  • Edited 7:16am Dec 28, 2010 6:01am | Edited 7:16am
Ok.. i know it should be holidays.. away from charts.. etc.. but.. its like a drug

Nice wedge on the 4hr.. broke with a BUOB which engulfed 5 bars.

A classic Mike setup

Os.
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  • #83,820
  • Dec 28, 2010 6:03am Dec 28, 2010 6:03am
oops i meant 22nd nov high scared me.
now it's looking like a pinbar on daily
may take the reverse
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