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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

  • #85,781
  • Jan 14, 2011 9:18am Jan 14, 2011 9:18am
Quoting g_j_hook@yah

dont worry this phase passes. i used to wake up at night and go through my charts for hours before going back to sleep lol

EDIT: are you sure you dont have a thing for...no lets not go there lol

LOL....Thank the stars someone else also has the trading dreams and gets up in the middle of the night to check the charts, like I just did.

I posted about this a while ago but nobody mentioned anything about it, I was afraid I was losing it.
  • #85,782
  • Jan 14, 2011 9:19am Jan 14, 2011 9:19am
Nice confluence of down and up fibs and 55ema

Going to look for PA on LTFs for a long. No lower than m30 though.

Had some lovely trades this morning through James 16. Very happy
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  • #85,783
  • Jan 14, 2011 9:20am Jan 14, 2011 9:20am
I thought i'll give my input in regards to what i've observed, and what have kept me out of trouble, and in good trades most of the time.

1. I use 12AM Eastern Time, and 5PM eastern time as the close of my daily candles. I then go through each daily chart on both, and try to ensure what I see in one broker closely resembles what I see in the second one.

2. I then draw my PPZ, watch latest bar highs,close,lows and draw an area where i want to enter/exit. This step is done on daily graphs. I watch 10-15 currencies so I pick the ones that can give me GOOD PPZ for the next day.

3. I then drill down to 4H, 1H, 15min charts for the currencies I selected. So, I monitor 15 but out of this 15 currencies I pick only 2-4 that I want to focus on today. Sometimes, just 1.

4. I then draw my classic pivot points, support and resistances for the this pair. Actually, an Mt4 indicator does that for me automatically.

5. Now, its time to start monitoring Price Action around the areas I drew.

The most crucial part that has kept me out is this.

a- If I see the 1H or 4H or 15 minutes pin bars/ BEOB or any other good price action that goes against the daily, I simply ignore it.

b- I also only take these Price Action setups (BEOB, PinBars, DBHLC and so on) if they show up during london session. 3AM Eastern to 11AM Eastern. This covers some of the US Session also.

If any of the setups occur out of these hours, again, I ignore it. As liquidity is very low. I think the FX Market in California also closes around 11AM Eastern time. This has kept me out of trouble mostly, and the price action does tend to work when there is high volume being traded.


Hope this helps...Any comments are welcome...
  • #85,784
  • Jan 14, 2011 9:23am Jan 14, 2011 9:23am
Quoting g_j_hook@yah
ahha, thanks Mike, my bad. (i had to look at my charts to answer that LOL) I have always considered the bars valid if the close is very close to the previous bars open/close but not if it is a bit far away. i stand corrected.
Just how important do you see the close of the bar?? i know it will depend on the setup/story but a generel view would be good
Hey Jon

A close can easily make or break a setup for me. They are VERY important on my list

Best
Mike
  • #85,785
  • Jan 14, 2011 9:25am Jan 14, 2011 9:25am
Quoting torontobboy2
I thought i'll give my input in regards to what i've observed, and what have kept me out of trouble, and in good trades most of the time.

Did you delete the BIRD, that got you into trouble, the other day yet.
I see you didn't.
http://www.forexfactory.com/showpost...ostcount=85092

Jarroo asked you to delete it for the sake of this thread!!!

We don't want to give the impression that this board is full of 12 year olds now, do we?




Also, I don't see any good trades as you didn't post any screen shots.

If you are going to post about good trades, please post a chart with the trade so we can all see what you are talking about.
  • #85,786
  • Jan 14, 2011 9:29am Jan 14, 2011 9:29am
hi Pinbar,

I think I've managed to post my chart!!!
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  • #85,787
  • Jan 14, 2011 9:31am Jan 14, 2011 9:31am
Quoting greendiesel
gee this place rocks..REALLY please to the seniors & j16 worshipers keep up the great work on this thread (AMAZING AT TIMES!!) l've been lurking for a year now and all you feel like family here.. l also trade stocks on the ozzie market and this has this thread helped that 4fold!! With being a devoted fan spending countless hours a day fan here @ ff researching methods, market reviewing on demos and trolling through your big old juicy thread here .Being Australian on working visa and working from London the hours are well different. Things have really...
Welcome GD

Always nice when the lurkers stop in and say hi
  • #85,788
  • Jan 14, 2011 9:32am Jan 14, 2011 9:32am
Quoting Pinbar
LOL....Thank the stars someone else also has the trading dreams and gets up in the middle of the night to check the charts, like I just did.

I posted about this a while ago but nobody mentioned anything about it, I was afraid I was losing it.

When I first started studying charts last year, I would be up all night. I had just fallen asleep about 3am, and our 14 month old started crying. My wife told me "it's your turn". I responded to her "I'll trade him". Meant to say "I'll CHANGE him" - as is in change his diaper. Needless to say, I caught a little sh!t for that one.
  • #85,789
  • Jan 14, 2011 9:32am Jan 14, 2011 9:32am
Quoting Pinbar
LOL....Thank the stars someone else also has the trading dreams and gets up in the middle of the night to check the charts, like I just did.

I posted about this a while ago but nobody mentioned anything about it, I was afraid I was losing it.
lol, its crazy how we can get so involved in this!! just shows how hard it can be to separate our emotions from our trading
PATIENCE... DISCIPLINE
  • #85,790
  • Jan 14, 2011 9:33am Jan 14, 2011 9:33am
Quoting DBallerz
If this was at a swing high, would this be the perfect set up?
This is definitely close DB. I would want to see that nose run up past 8500 BRN to test that area(I am picky like that). This is a swing high though so you are on the right track just keep adding in the confluence of an area and you will see a great improvement

Best
Mike
  • #85,791
  • Jan 14, 2011 9:34am Jan 14, 2011 9:34am
Quoting Donkey
When I first started studying charts last year, I would be up all night. I had just fallen asleep about 3am, and our 14 month old started crying. My wife told me "it's your turn". I responded to her "I'll trade him". Meant to say "I'll CHANGE him" - as is in change his diaper. Needless to say, I caught a little sh!t for that one.
HAHAHAH
  • #85,792
  • Jan 14, 2011 9:37am Jan 14, 2011 9:37am
Quoting Pinbar
LOL....Thank the stars someone else also has the trading dreams and gets up in the middle of the night to check the charts, like I just did.

I posted about this a while ago but nobody mentioned anything about it, I was afraid I was losing it.
Thanx the Stars ?? Which stars ? Aha, them starts that made you ........ you still crack me up by that remark about them stars
Pipcrawler
  • #85,793
  • Jan 14, 2011 9:37am Jan 14, 2011 9:37am
Quoting useless
Thanks Pinbar,

I've obviously not been paying attention. My charts are very similar to yours although not quite the same

Silly question, but where can I find how to post a chart?
Hey Useless

I made this video for the PF but it's the same here on FF
http://www.mediafire.com/download.php?gl088mtgztf3ft5

Best
Mike
  • #85,794
  • Jan 14, 2011 9:38am Jan 14, 2011 9:38am
Quoting Pinbar
Did you delete the BIRD, that got you into trouble, the other day yet.
I see you didn't.
http://www.forexfactory.com/showpost...ostcount=85092

Jarroo asked you to delete it for the sake of this thread!!!

We don't want to give the impression that this board is full of 12 year olds now, do we?




Also, I don't see any good trades as you didn't post any screen shots.

If you are going to post about good trades, please post a chart with the trade so we can all see what you are talking about.
PinBar, you are always criticizing me which is a good thing. I think twice before posting anything. Secondly, the trades that look good to me may not be close to even B+ for seniors. So you are right, posting graphs can give me a second perspective and teach me something new. Here is a USD/CAD trade I took today.

By the way, When I said this or that has kept me out of trouble and gave me good trades....This is my view on the trades I took before and the ones i'm taking now. Before joining j16 thread, I was mostly praying for break even whereas now I've passed that stage. I was also trading 5 or more trades a day, whereas it has reduced to 1 a day, and sometimes not even that.
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  • #85,795
  • Jan 14, 2011 9:39am Jan 14, 2011 9:39am
Hey we've 100 traders watching this thread at the moment
Pipcrawler
  • #85,796
  • Jan 14, 2011 9:39am Jan 14, 2011 9:39am
Quoting torontobboy2
Before joining j16 thread, I was mostly praying for break even whereas now I've passed that stage. I was also trading 5 or more trades a day, whereas it has reduced to 1 a day, and sometimes not even that.
Can I tell you that this line makes me happier then anything?

It sure is only another piece but most can not resist that urge and nothing else will ever improve if we don't even know what to work on.

Thanks for sharing toronto

Mike
  • #85,797
  • Jan 14, 2011 9:41am Jan 14, 2011 9:41am
Quoting mbqb11
Hey Jon

A close can easily make or break a setup for me. They are VERY important on my list

Best
Mike
thanx Mike, i suspected as much.
Could you give us your informed view on the 4h pins on eu/us and eu/gb?
I have a problem when bars like this stick out from a few neutral bars forming a range and more so when they take there time to break. not sure why or if i am explaining myself well here but they just seem to set alarm bells ringing??

jon
PATIENCE... DISCIPLINE
  • #85,798
  • Jan 14, 2011 9:47am Jan 14, 2011 9:47am
Quoting g_j_hook@yah
thanx Mike, i suspected as much.
Could you give us your informed view on the 4h pins on eu/us and eu/gb?
I have a problem when bars like this stick out from a few neutral bars forming a range and more so when they take there time to break. not sure why or if i am explaining myself well here but they just seem to set alarm bells ringing??

jon
Hey Jon

The eur/gbp is a close one for me. I want to see that nose go up and touch that BRN. Just like I want to see closes, I am picky with highs and lows. IMO if we touch that BRN we get a stronger idea of what is going on. An ideal scenario up here since we are only playing a pullback to a BRN would be a touch of that BRN + a close below that small range there.

Eur/usd is an easier pass to me. That rise was strong and that bar is just not one I am taking on its own to reverse a move like that. If I miss that move down(IF) believe me at this point in my trading I don't care. But that "V" formation is scary looking . Again this double top area" could bring us down, but that's not enough for me these days.

Hope that helps
Mike
  • #85,799
  • Jan 14, 2011 9:52am Jan 14, 2011 9:52am
[quote=torontobboy2;4314816]PinBar, you are always criticizing me which is a good thing.


I am glad you like it because I am going to criticize you again because you have STILL not deleted the post that pissed Jarroo off.

Quoting jarroo
I'm not impressed . .why don't you do something real clever and DELETE THAT and put up a chart that shows a clearer and better real PB. http://cdn.forexfactory.com/images/s...aight_face.gif
]


I don't care what charts you post, I shall not even look at them till you delete that bird image, I imagine others won't also.
  • #85,800
  • Jan 14, 2011 9:54am Jan 14, 2011 9:54am
About wives, and families, and demo trading:

My missus has no real faith that trading will work, for me or anyone else. She started trading at the same time I did, on systems, and needless to say, we both blew our accounts.

So now I'm alone at it. I feel really bad, stuck to this screen night and day. I even missed dinnertime so many times that dinner is no longer being plated for me.

Things aren't bad on the home front at all, and in fact, since James16, my outlook on life has become much more optimistic, and that's making home life all the better.

I'm no longer going downstairs with a worried look on my face, but a smile and a kiss for everyone.

When I tell the boss how well things are going, though, I'm still told 'Well, show me the money!'

Gained pips from a demo account are no good for her to appreciate, so I funded my live account, a very small one.

I'm so looking forward to showing her the money at the end of the month, even if it is only a couple of bucks. I will only take high odds trades to make sure there is something to show her.

Maybe I should just type these thoughts in a diary
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