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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

  • #96,521
  • Jun 14, 2011 1:05am Jun 14, 2011 1:05am
Quoting supremeChaos
hello Cavin K,
it's a very small PB.
compare the size of this PB from the one that formed around jun9/10 (bullish PB, long tail breaking below 130. very big difference.
also 131.50 - 131.70 looks like a PPZ. that PB is trading into it. we want to be trading away from a PPZ.. or at least u want/need substantial distance if u want to trade into a PPZ.
also, price has been making higher highs&lows, so u were trading against the immediate trend.

can 1 lion stop or attack a wildebeest/buffalo? or do u need several lions to do it?
can u stop...
Thank you for your help, will continuously ask question and paste chart for study purpose, I always forget where the price is heading..
----------------------------- Discipline makes the difference.
  • #96,522
  • Jun 14, 2011 1:06am Jun 14, 2011 1:06am
bring on the charts Jim! people will probably get mad at you because they can't take responsibility for their own actions like subscribing to signal services, but who cares i'm learning a ton and i hope you keep helping us all out. also i look forward to the website, i hope it isn't if but when! thanks alot for all your efforts.
  • #96,523
  • Jun 14, 2011 1:08am Jun 14, 2011 1:08am
Just found this pinbar bouncing off a ppz and MA, if it breaks below the pb would anyone else be looking to short this?
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  • #96,524
  • Jun 14, 2011 1:10am Jun 14, 2011 1:10am
Quoting supremeChaos
hello Cavin K,
it's a very small PB.
compare the size of this PB from the one that formed around jun9/10 (bullish PB, long tail breaking below 130. very big difference.
also 131.50 - 131.70 looks like a PPZ. that PB is trading into it. we want to be trading away from a PPZ.. or at least u want/need substantial distance if u want to trade into a PPZ.
also, price has been making higher highs&lows, so u were trading against the immediate trend.

can 1 lion stop or attack a wildebeest/buffalo? or do u need several lions to do it?
can...
Hey Supremo

Good to read your analogies....great stuff! I am sure thee are some single lions who would be daft enough to try but most would not!! Your eply is as always succinct and straight to the heart of the matter - I just love reading your posts - common (trading) sense mixed with entertainment!! Keep it up cos I can't get enough!

Kal
  • #96,525
  • Jun 14, 2011 1:11am Jun 14, 2011 1:11am
I printed this out and put in on the wall in my office.
Perfect example of profitable 'DayTrading'

Thanks
Andreas

Quoting james16
STOP!!!!!!

you dont need to trade 1 hour.

IF YOU JUST HAVE TO "DAYTRADE" THEN DO IT OFF OF A DAILY CHART.

its much much easier. night and day easier.
  • #96,526
  • Jun 14, 2011 1:24am Jun 14, 2011 1:24am
Quoting james16
chart
Hi James,

So if the area you pointed out turn out to be a Resistance, so do we still need a PA for a trade?
----------------------------- Discipline makes the difference.
  • #96,527
  • Jun 14, 2011 1:25am Jun 14, 2011 1:25am
Quoting CavinK
Hi Master Jim,

How come I could doubt your opinion? I was recommended by a friend there to the FX trading and I started learning J16 thread from the 1st day when I touched FX!!! but I did not follow your daily or weekly instruction as I found there's not so many chance to trade...too itchy for trading.
Thanks for your attention here, I will check and back into daily basis chart.

Thanks again.
Hey Cavin

Good to see you taking advice from Jim - his honesty is second to none. Most of us have tried and failed on 1 hour when starting trading. That said I know a former contributor to this thread who is a successful on 1 hr charts but the big difference is that hes been trading for years and has the confidence and experience. In addition to that he does take a topdown approach and checks weekly and daily etc before triggering his 1hr trades.

As the opening post says wait for the good setups on weekly and daily in the beginning and you will have a chance of success. Do this and you can then move down the timeframes one you have nailed the higher TFs - many people on here go on to do that but only after establishing firm foundations as Jim has outlined.

Best wishes

Kal
  • #96,528
  • Jun 14, 2011 1:35am Jun 14, 2011 1:35am
Look at these cav. when you get good at it theres really no reason you cant do 5 percent or even better a month.

its not worth beating your brains out.

VERY VERY UNUSUAL FOR ME TO BE IN 3 TRADES AT ONCE.

All of these started out with a "daytrading" mentallity but they are all daily charts.

What i mean by that is a combination of several things.

1. very small initial stop.
2. im out if it goes against me.
3. breakeven as soon as i can.
4. take profit at "trouble" areas.
5. try to manage the trade for a larger move.

its not that hard.

it takes a year or two to get good at it for most people.

it took me eight but im kinda dense.



Quoting CavinK
Hi Master Jim,

How come I could doubt your opinion? I was recommended by a friend there to the FX trading and I started learning J16 thread from the 1st day when I touched FX!!! but I did not follow your daily or weekly instruction as I found there's not so many chance to trade...too itchy for trading.
Thanks for your attention here, I will check and back into daily basis chart.

Thanks again.
Attached Image(s) (click to enlarge)
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  • #96,529
  • Jun 14, 2011 1:37am Jun 14, 2011 1:37am
well said.

1 hour is possible but its got to be earned.

its just that simple.

Quoting Kalbar
Hey Cavin

Good to see you taking advice from Jim - his honesty is second to none. Most of us have tried and failed on 1 hour when starting trading. That said I know a former contributor to this thread who is a successful on 1 hr charts but the big difference is that hes been trading for years and has the confidence and experience. In addition to that he does take a topdown approach and checks weekly and daily etc before triggering his 1hr trades.

As the opening post says wait for the good setups on weekly and daily in the beginning and you will...
  • #96,530
  • Jun 14, 2011 1:46am Jun 14, 2011 1:46am
PA makes it easier especially for beginners but there are several ways to skin a cat.

the key to all of this is to treat it like a real business and earn your stripes thru demo.

you demo for 3 to 6 months with consecutive wins before you go live.

by doing that you at least have some kind of a chance at success.

no one makes it in this business because frankly they dont deserve it.

this business is a whore and a seductress.

she will whisper your name and make your mind crazy with dreams.

she only lets a few thru because she enjoys destroying people.

the few that get thru learn no special secret or system.

there is no such holy grail.

it takes hard work, common sense and a business like approach.

most people are about instant gratification.

this business chews those people up and spits them out and it laughs at you while its doing it.

relax, sit back and enjoy the ride and dont throw your money away.

it really can be an enjoyable experience if you just let it take what time it takes.

is one year of your time worth your dreams. two, three?

sure it is.


Quoting CavinK
Hi James,

So if the area you pointed out turn out to be a Resistance, so do we still need a PA for a trade?
  • #96,531
  • Jun 14, 2011 1:49am Jun 14, 2011 1:49am
Jim

Could you critique this Weekly pin on EURAUD? Have put a buffer in place so not triggered yet. Pin off of weekly ppz with limit order at FTA.

Thanks

kal
  • #96,532
  • Jun 14, 2011 1:50am Jun 14, 2011 1:50am
chart!
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  • #96,533
  • Jun 14, 2011 1:56am Jun 14, 2011 1:56am
thank you aa.

i dont get to thank all of you but i see more posts than you guys think.

Quoting aapkae
bring on the charts Jim! people will probably get mad at you because they can't take responsibility for their own actions like subscribing to signal services, but who cares i'm learning a ton and i hope you keep helping us all out. also i look forward to the website, i hope it isn't if but when! thanks alot for all your efforts.
  • #96,534
  • Jun 14, 2011 2:01am Jun 14, 2011 2:01am
what i like about that bar is its a retrace of the big bearish outside bar from 5/1.

i think youll see 3450-3400 (bar highs from 5/8-5/15-5/22) before that outside bar gets broke to the topside.

thats NOT a trade recommendation.

demo it and see what happens.

did you notice it was a retrace of that big outside bar?

after a year or so it will jump off the chart at you.



Quoting Kalbar
Jim

Could you critique this Weekly pin on EURAUD? Have put a buffer in place so not triggered yet. Pin off of weekly ppz with limit order at FTA.

Thanks

kal
  • #96,535
  • Jun 14, 2011 2:05am Jun 14, 2011 2:05am
lol. i like it when people put my stuff on walls.

i swear i do the same thing. with me its usually spiritual stuff designed to make me think before i act or speak. something ive struggled with my whole life.

thanks,

jim

Quoting AndreasF
I printed this out and put in on the wall in my office.
Perfect example of profitable 'DayTrading'

Thanks
Andreas
  • #96,536
  • Jun 14, 2011 2:05am Jun 14, 2011 2:05am
Jim,

I don't understand you EUR/NZD chart. How did you took the short entry (on h4 ?) because this level doesn't correspond to a specific bar close.

Thanks for you answer
  • #96,537
  • Jun 14, 2011 2:16am Jun 14, 2011 2:16am
chart

Quoting Walcott
Jim,

I don't understand you EUR/NZD chart. How did you took the short entry (on h4 ?) because this level doesn't correspond to a specific bar close.

Thanks for you answer
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  • #96,538
  • Jun 14, 2011 2:18am Jun 14, 2011 2:18am
Quoting james16
chart
nice one
Hero calls followed by margin calls...
  • #96,539
  • Jun 14, 2011 2:20am Jun 14, 2011 2:20am
how bout that german monster named nowitski.

yeah baby!!!

thank you germany for creating the guy that brought me my first BB championship.

jim

Quoting PhAnTi'
nice one
  • #96,540
  • Jun 14, 2011 2:23am Jun 14, 2011 2:23am
my favorite time for hanging out here has always been the dead of night where i live.

im old and need my sleep.

may i wake up to cash in my account.

the worst that can happen is breakeven.

i sleep better like that.

so will you.

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