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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

  • #88,141
  • Feb 5, 2011 5:59am Feb 5, 2011 5:59am
Quoting bakko85
Hi Ghous,
so you remember me ...
haha.. u got caught lurking around.
hope to see u posting again, Sir!
  • #88,142
  • Feb 5, 2011 6:03am Feb 5, 2011 6:03am
Quoting aserbfx
gis on daily. we had a false break to the upside recently. now price fell below the triangle. i would wait for a break of the 35 usd to short.
not only winners, but also sometimes loosers...
this one got triggered last week when the 35 usd broke. doesn't look good at the moment. i have a wide stop loss sitting above 38 usd which would result in a loss of 1% of my account. let's see...
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meine augen sind die sterne
  • #88,143
  • Feb 5, 2011 6:12am Feb 5, 2011 6:12am
Quoting aserbfx
not only winners
this one got triggered last week when the 35 usd broke.....
not a loser yet, but yes, interesting. (possible false break)
u have 35.50 to 37.00 traffic as back-up, though
let's see.
  • #88,144
  • Feb 5, 2011 6:35am Feb 5, 2011 6:35am
Scrolling through my charts I noticed a very very nice trade setup on the Loonie that I failed to see ........ thought it would be nice for educational purposes to post it anyway after the fact. A nice 2_D BEOB engulfing multiple bar and right off parity also at 50% retracement, entry on a pullback on the lower TF. On the 1H-TF we see a strong PB right off a previous 2_D bar low this would've been our selltrigger, final target @ 9850. Notice also were price halted, right @ floorpivot S2, these floorpivots are great targets for intraday trades.
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Pipcrawler
  • #88,145
  • Feb 5, 2011 6:37am Feb 5, 2011 6:37am
Sorry forgot to post the 1H-TF chart .............
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Pipcrawler
  • #88,146
  • Feb 5, 2011 7:21am Feb 5, 2011 7:21am
I have a question regarding fundamentals of trading. from where do u read the news like know interest rate of currencies. i know abt bloomberg or cnbc. Is that the only place? If we want to get basic idea of how currencies will perform overall where is the best place to look for that? As I am not from finance background can you recommend any website from where i can get the basic idea of things affecting currency markets and how will it affect the market. currently i read 'currency bloomberg' and investopedia. thanks a lot for your reply.
  • #88,147
  • Feb 5, 2011 7:36am Feb 5, 2011 7:36am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting gladiator123
I have a question regarding fundamentals of trading. from where do u read the news like know interest rate of currencies. i know abt bloomberg or cnbc. Is that the only place? If we want to get basic idea of how currencies will perform overall where is the best place to look for that? As I am not from finance background can you recommend any website from where i can get the basic idea of things affecting currency markets and how will it affect the market. currently i read 'currency bloomberg' and investopedia. thanks a lot for your reply.
For me, the best place to look for "how currencies will perform" will be at their charts. If James16 is followed to the letter, then we only concern ourselves with Daily / Weekly charts so no need to worry about news / funnymentals.

Just my 2 pip
I have seen the enemy, and it is me.
  • #88,148
  • Feb 5, 2011 8:39am Feb 5, 2011 8:39am
Quoting pwellsau
Hey Ghous,

Im just a lurker really, but loving your posts the last few pages man.. you're on fire. Just wanted to share my appreciation.

The psychology related posts from people like yourself are pure gold.

I reckon anyone, if they applied themselves, could learn basic J16 methods. The mental/psychological stuff.. thats gonna take years and lots of practice I think

Cheers,
Paul
I had a couple of friends visit me the other day, I don't know how I left the main gate open and they creeped up behind me to scare the f out of me while I was busy working out my trade management plan for a trade setup.

They always knew that I 'trade' but never really found enough interest to probe me further. But this time thy see the mt4 open and seeing a bunch of green and red lines all over my screen inquired how I actually go about things.

Keeping things nice and simple as they already are it took me 10 minutes to get them introduced to PPZ and PA bars. They giggled about it and didn't believe a word, said it just couldn't be this simple. The question was, if it really is this simple why did it take me 3 years to figure out?

Just to add to their confusions I added the bare truth which is that 3 years down the road I have really only just started to fit the puzzle pieces into a recognizable picture.

What's a pin bar and where to look for one is not what takes time. conquering the psychological part is the real deal - and that comes with time and practice. More so than most people ever believe they'll need to put in, let alone actually walking down the path.

Thanks for the compliments Paul.

g.
I believe . . .
  • #88,149
  • Feb 5, 2011 8:42am Feb 5, 2011 8:42am
Quoting bakko85
Hi Ghous,
so you remember me It is a pleasure to discover that you're still in this thread!
Last year I finished my exams and started working, so I was very busy. But now it's time to get back :-P

Only demo-trading right now, in "patience" mode. Only when I'll be profitable, I'll put my money (only a small part - my job teached me the value of money) in this business.

This week I took 2 trades, the daily BEOBs on EurAud and GbpUsd and they worked very well; it is wonderful to see that J16 stuffs still work
Its good to have you back bud.

g.
I believe . . .
  • #88,150
  • Feb 5, 2011 8:59am Feb 5, 2011 8:59am
Quoting aserbfx
cpwr with a big weekly beob. last daily close was at daylow.
wair for a break of the 11.50 usd with stop loss at ~12.40 usd.
the downmove stopped right at the box and where we expected it.
textbook-setup
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meine augen sind die sterne
  • #88,151
  • Feb 5, 2011 9:04am Feb 5, 2011 9:04am
Quoting aserbfx
the downmove stopped right at the box and where we expected it.
textbook-setup
Dang!

(no that's not me)

g.
Attached Image
I believe . . .
  • #88,152
  • Feb 5, 2011 10:17am Feb 5, 2011 10:17am
Quoting aserbfx
dnr: returning in the channel and forming a beob. will likely run to the other side of the channel.
dnr did as expected and ran to the lower channel-line. there it formed a nice-looking pinbar (pic 1; daily). unfortunately i didn't spotted this.
pic 2 is showing the weekly timeframe. now the stock made a two-week buob which broke through the channel and the big resistance at 20 usd. the buob is engulfing a bunch of bars. very nice chart. also check how the buob is taking out the lows (and the stops) to gain strength for the break through the 20 usd. rising volume as confirmation.
conservative entry would be a retrace to 20 usd or a new high with a closing beyond 21 usd resistance.
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meine augen sind die sterne
  • #88,153
  • Feb 5, 2011 11:21am Feb 5, 2011 11:21am
This would be nice,supported by 2monthly PB & weekly's shampoo.
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Nothing personal,just business
  • #88,154
  • Feb 5, 2011 11:30am Feb 5, 2011 11:30am
Quoting Ifmyante
I often wonder if that's the elephant in the room.

I'd always be wary of advising anybody to take greater risks with their trades.
Certainly, with the right attitude and setups it's possible to multiply your account over a short period, and I'm sure that everybody who does it feels elation never felt before, once they get to the other side.


Since the last sentence you have just read, I spent 40 minutes drafting a cautionary tale. It was elegantly structured, eloquently worded, and eventually deleted. We all know the cautionary tales, I hope.

I...
this is one
hair-raiser


post



Are you not entertained? Are you not entertained? Is this not why you are here?
Trading is a test match not a Twenty20.
  • #88,155
  • Feb 5, 2011 11:30am Feb 5, 2011 11:30am
Quoting fxgroup
This would be nice,supported by 2monthly PB & weekly's shampoo.
1.60 looks gettable. 1.63 the dream?
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  • #88,156
  • Feb 5, 2011 11:36am Feb 5, 2011 11:36am
Quoting decentchap
this is one
hair-raiser


post



Are you not entertained? Are you not entertained? Is this not why you are here?
I firmly believe I should be on everybody's ignore list
  • #88,157
  • Feb 5, 2011 11:43am Feb 5, 2011 11:43am
Greetings, I would appreciate some feedback on this.

Daily

  1. On daily chart is that PB a potential setup?
  2. Pretty much been trading in a box many days now
  3. BRN 5800 is behind us..6000 is a trouble number but 5100 seems more likely to be PPZ looking at the many times it has acted as resistance
  4. Fridays PB went through the 50 fib but said 50 acted as major support along with BRN 5800

4H

  1. PB which would have given an entry signal?
  2. 365 MA acting as support
  3. close above 38 FIB

if tradeable?

  1. wait for pull back to Fridays pivot point of 5859 or 5841 edge of the box stop below low of daily pin?
  2. enter above the pin with stop below?
  3. 6000 would be first FTA and BRN 6200 second could take 1/2 off at first then move to BE and watch PA upon retest of BRN

one of the hardest things about this is posting your thoughts but how else will I learn.. I notice allot of watchers have since started talking since Thursday when I said my piece.

Regards
Pat

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  • #88,158
  • Feb 5, 2011 11:56am Feb 5, 2011 11:56am
nike on weekly.
buob at a swing low in a big uptrend. friday bar close was very bullish with a close near the high. found support near the 23% fib. minor fta is at about 87.70 usd. all-time high may be approached in the next week.
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meine augen sind die sterne
  • #88,159
  • Feb 5, 2011 12:04pm Feb 5, 2011 12:04pm
Quoting Patrick.
Greetings, I would appreciate some feedback on this.



Regards
Pat
Actually, now that you point out the H4, there are three lows just above us which I would rather weren't there, and the 150, and the 365.

So daily looks great, H4 looks not so great.
Daily should prevail, right?
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  • #88,160
  • Feb 5, 2011 12:08pm Feb 5, 2011 12:08pm
Quoting Ifmyante
Actually, now that you point out the H4, there are three lows just above us which I would rather weren't there, and the 150, and the 365.

So daily looks great, H4 looks not so great.
Daily should prevail, right?
thats what i am thinking, G usually says to add to the story, I stepped out and looked at the weekly I notice we did create a new low, but we close higher than previous week low...

btw, I guess those new Air Jordan 2011 “Year Of The Rabbit” really pushing Nike stocks up LOL
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