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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

  • #96,681
  • Jun 15, 2011 1:29pm Jun 15, 2011 1:29pm
Quoting ashag28
I never posted on this thread before, but I would just like to give my regards to James and the rest of the guys selflessly helping people. It has taken me many years to understand on my own things that you are giving away for free on this thread.

Just would like to add my 2c to the GBP/CHF post

To me it could continue down from this level but I think it is a harder trade than needs to be because of how the market overall is behaving right now. We have markets in the down trend which leads to dollar strength so I would stick to dollar pairs...
Welcome ashag

I could see something like this
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  • #96,682
  • Jun 15, 2011 1:52pm Jun 15, 2011 1:52pm
I am able to pick a chart as is and save it to a folder.The next sentence of instructions has to be translated further for me.it says when you enter to post comments go down to manage attachments.But when I click comments the error message says you have no comments.
Need some help in translating the computer language
Conquer the beast with disciplined determination and intellegent control.
  • #96,683
  • Jun 15, 2011 1:57pm Jun 15, 2011 1:57pm
Quoting Pipzilla
I am able to pick a chart as is and save it to a folder.The next sentence of instructions has to be translated further for me.it says when you enter to post comments go down to manage attachments.But when I click comments the error message says you have no comments.
Need some help in translating the computer language
hey Pipzilla, i dont see the "comments" button you say??
click on manage attachments and after you have chosen the files click upload. i hope iv understood you correctly??

jon
PATIENCE... DISCIPLINE
  • #96,684
  • Jun 15, 2011 2:15pm Jun 15, 2011 2:15pm
Quoting Pinbar
Yeah, it is not only the PA, but where it comes from, that is the point, which GJ did a great job of explaining.

Sorry Pinbar I have missed Your post,
Yes I can see it now great example

Peter
Jesus Christ is my only Lord !
  • #96,685
  • Jun 15, 2011 2:17pm Jun 15, 2011 2:17pm
Quoting g_j_hook@yah
cheers mate, lets hope so eh!?

jon

I hope so...

Peter
Jesus Christ is my only Lord !
  • #96,686
  • Jun 15, 2011 4:10pm Jun 15, 2011 4:10pm
testing with a small position(and hopefully a good stomach)

you can take A+ setups; or you can take A+ to D setups.

But if you use same risk %(for instance I use 1%) on both a+ and d setups your life will be short. And painful

same goes for lying yourself that a D setup is an A setup and treat it accordingly.
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  • #96,687
  • Jun 15, 2011 4:14pm Jun 15, 2011 4:14pm
How important is it to look back into history? How far back is recommended to see for certain time frames?
  • #96,688
  • Edited 6:49pm Jun 15, 2011 5:04pm | Edited 6:49pm
Quoting JusticeFX
How important is it to look back into history? How far back is recommended to see for certain time frames?
It's no recipe; look yourself and test. Write down, observe. That way, you'll also trust the information(contrary to what you get from some random dudes on the internet).

I think the major values hold at least couple of years. On daily.

It comes back; I don't know german for instance - yet if you put an opera in german I like, I'll remember what they "say"(phonetically, obviously - I probably know the subject, but I the meaning of each word is perfectly alien to me) and I start "singing". Without music, I probably can't pronounce even three words together. I think this is an analogy most of us understand, since probably we all sing things we don't understand and we remember the "words"(or what we understand of them).

I look at my own memory and I'm fascinated of how it remembers the familiar figure it saw 1-2 years ago or such(though I'm not consciously aware of it if you'd ask). It's normal in the end - you probably took a trade there, you did something there 2 years ago too; you read about it combined with some news flash, etc. You remember; especially on pairs that you watch all the time.

Also, the environment is alike; it's formed of ppl. used with numbers, with attention to detail. Those usually have decent to good memory.

Anyway, in the end, it's a matter of communication; you need to communicate with the rest of the participants.

As a retail trader, your influence on the market is nil. I'd say all the ppl. in this thread together, probably we could move a minor pair with less than 2pips on illiquid markets. And this is one of the most popular threads on the net I suppose.

so the rest of the world(especially those that matter) must look at the same picture as you. Or more like, you should draw the same pic. they're drawing.

In this case, there are 2 very well known values in that trend line - this year's all time low made in january and the previous downtrend low in may. Though trend lines are still dubious if you ask me. But it's a confluence with a known ress(the 2nd high from last year and this year apr. low).

It'll either hold or I'll lose 0.15% with a tight stop... Both are fine with me; it's statistical in the end... Trying to predict the future is a dubious affair.

p.s. - and I intend to move to be before london starts case it starts pouring again.
  • #96,689
  • Jun 15, 2011 5:55pm Jun 15, 2011 5:55pm
Quoting J.W. Holmes
Hi all,

I have been a lurker here for quite some time. I found this thread 3 years ago when I first started trading. I thought there was something to it, and decided since it was preaching against trading higher time frame charts that I would ignore it

Anyways after mucho failure on top of paying a charlatan 3 grand for one of those online forex classes a few years ago. I have decided that I needed to come back to this thread and focus on higher time frame trading.

Although I have experienced some pretty sweet drawdown in my account...
Wow, that pin you have looks very good on oanda. It looked like nothing at all on FXpro, but I LOVED the location , even though it was an awful looking PA. Oanda it looks like a small, but tradeable pin, based on location. Very nice. Huge drop on E/U today
Many choose unhappiness over uncertainty.
  • #96,690
  • Jun 15, 2011 6:39pm Jun 15, 2011 6:39pm
Quoting AvanishDemo
Yup.i never said it wasn't tradable my friend..
since u asked,so i said,it was just me..
different taste buds for different people..

Good Trading,Many pips..i also enjoy ur posts!
True, some like blondes, some brunettes, my girl friend is Cantonese

Thanks Avanish, your last sentence means a lot, it works both ways my friend.

Happy hunting.
  • #96,691
  • Jun 15, 2011 6:46pm Jun 15, 2011 6:46pm
Quoting Dan Gilbert
Wow, that pin you have looks very good on oanda. It looked like nothing at all on FXpro, but I LOVED the location , even though it was an awful looking PA. Oanda it looks like a small, but tradeable pin, based on location. Very nice. Huge drop on E/U today
Yeah, Oanda's day begins at 9:00pm, my/arizona time (GMT-7) I thought about switching brokers or at least looking at a different feed to base my trades. Instead I back tested J16 methodology on my forex tester software using Oanda's time, and found I had roughly the same amount of triggers just in different spots. Some moves I missed trading Oanda's time and some moves I would only catch using Oanda's time (like this one). Even though I am at home all day, the best time of day for me to look at trades is after my daughter goes to bed, so this works out well for me.

Also thank you to the several other senior members here who replied to my trade a couple pages back. You guys really know how to make someone feel welcome around here. I think I'll stay awhile
  • #96,692
  • Edited 8:12pm Jun 15, 2011 7:59pm | Edited 8:12pm
hi mbqb11,

Need your advise on GU
is the old support valid turn be the resistance
just check to the weekly chart still have the room to continue moving down...


Thanks & Rgds, ..
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  • #96,693
  • Jun 15, 2011 8:05pm Jun 15, 2011 8:05pm
Quoting mrhb30jr
hi mbqb11,

Need your advise on GU
is the old support valid turn be the resistance

Thanks & Rgds, ..
Hey MRH

Yep it certainly could as well as the 1.63 above it is a strong zone too. Problem with gbp/usd is just how choppy it has been. I could see us testing 1.6100 now though

Best
Mike
  • #96,694
  • Jun 15, 2011 8:07pm Jun 15, 2011 8:07pm
Quoting g_j_hook@yah
hey Pipzilla, i dont see the "comments" button you say??
click on manage attachments and after you have chosen the files click upload. i hope iv understood you correctly??

jon
I said it wrong jon,I should have said when I click "attachnents" in order to go down to manage them.The error message says you have no attachments.I'm missing something here but I don't know what.I'm just trying to get the chart I saved onto the rhred.Thanks
tom
Conquer the beast with disciplined determination and intellegent control.
  • #96,695
  • Jun 15, 2011 8:15pm Jun 15, 2011 8:15pm
Quoting mbqb11
Hey MRH

Yep it certainly could as well as the 1.63 above it is a strong zone too. Problem with gbp/usd is just how choppy it has been. I could see us testing 1.6100 now though

Best
Mike
Hi mike,

Noted with thank you Mike

Brgds,
  • #96,696
  • Jun 15, 2011 8:15pm Jun 15, 2011 8:15pm
Quoting Pipzilla
I said it wrong jon,I should have said when I click "attachnents" in order to go down to manage them.The error message says you have no attachments.I'm missing something here but I don't know what.I'm just trying to get the chart I saved onto the rhred.Thanks
tom
see if this helps, its a bit different looking but same idea
http://www.mediafire.com/download.php?v02flzkxc11sb1p

Best
Mike
  • #96,697
  • Jun 15, 2011 8:25pm Jun 15, 2011 8:25pm
Quoting Pipzilla
I said it wrong jon,I should have said when I click "attachnents" in order to go down to manage them.The error message says you have no attachments.I'm missing something here but I don't know what.I'm just trying to get the chart I saved onto the rhred.Thanks
tom
Hi, maybe this will help you. It kinda sounds like you are choosing the file but not pressing the upload button.
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  • #96,698
  • Jun 15, 2011 8:52pm Jun 15, 2011 8:52pm
Quoting james16
chart
Jim,

It always amazes me how you can say so much with so few words and have a way of reminding us how simple it can and should be . I am grateful for your time and efforts, many thanks for coming back to help us.

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #96,699
  • Jun 15, 2011 8:53pm Jun 15, 2011 8:53pm
Quoting CavinK
Hi Donkey, Thank you, very helpful comment especially "This one is trading back into a recent consolidation box, which seems pretty typical with continuation bars". I never notice this type of phenominon before.
Hi CK. Did you take the BEOB? It did get a nice hard break back into the recent consolidation. Price could do a lot of stuff now that is in that chop so you would need to protect yourself. If you traded that there are a couple of ways to play it.

1. Take profit quickly (blue rectangle in chart would have been a nice spot).
2. Reduce risk using consolidation area (previous support which is now potential resistance to hide the stop). One way shown on chart.
3. Go to BE.

Will be interesting to watch this one play out.
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  • #96,700
  • Jun 15, 2011 8:58pm Jun 15, 2011 8:58pm
Friends there,

Always get in trouble on how to set proper SL.
Can anyone share some experience on that, IMHO, S/R shall be some reference for SL or TP. but by setting this way, sometimes the SL would be too big and R/R is very low, any strategy or topic on that?

Thank you very much.
----------------------------- Discipline makes the difference.
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