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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

  • #97,761
  • Jul 2, 2011 10:18pm Jul 2, 2011 10:18pm
Quoting aserbfx
i think i haven't seen the usd/cad weekly beob here so far.
looks ugly for u/c.
0.90 to come?
Sorry sir, would you please help to advise why this weekly BEOB looks ugly?
----------------------------- Discipline makes the difference.
  • #97,762
  • Jul 2, 2011 10:39pm Jul 2, 2011 10:39pm
Quoting CavinK
Sorry sir, would you please help to advise why this weekly BEOB looks ugly?
He is saying he thinks usd/cad could trade down to .9000. Ugly for the usd from an economic standpoint. He's not saying it's an ugly bar from a trading standpoint.
  • #97,763
  • Jul 2, 2011 11:08pm Jul 2, 2011 11:08pm
Quoting J.W. Holmes
He is saying he thinks usd/cad could trade down to .9000. Ugly for the usd from an economic standpoint. He's not saying it's an ugly bar from a trading standpoint.
...Thank you JW for clarification.
----------------------------- Discipline makes the difference.
  • #97,764
  • Jul 2, 2011 11:23pm Jul 2, 2011 11:23pm
hi, Mike
in the picture, is the BEOB you mentioned on this 30m chart or from 4h chart? if it is from this 30m chart, then the entry point will be very close to the uptrend line.
Thank you very much!

http://www.forexfactory.com/attachme...1&d=1309529751
Dancing with Candlesticks
  • #97,765
  • Jul 2, 2011 11:38pm Jul 2, 2011 11:38pm
Hi guys
Can anyone tell me how to attach some charts. I would like to share my own trading system to maybe help out as well. everytime I attacha file, it says my limit is too high. I am attaching from tradestation as well. thanks
  • #97,766
  • Jul 3, 2011 12:16am Jul 3, 2011 12:16am
Quoting CavinK
Sorry sir, would you please help to advise why this weekly BEOB looks ugly?
Hey Holmesey; How far do you read the Drop before intervention?
Is that worth it?
Maybe. but not for me.



B
Pardon me Holmes. I erred on quioting the original author.
CAVIN. Listen up...
  • #97,767
  • Jul 3, 2011 2:58am Jul 3, 2011 2:58am
That might be very good opportunity to enter short. Greece fears are fading out and optimism is getting back to the markets. It does look ugly for UC but in the possible future drop way imo.
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  • #97,768
  • Edited 4:40am Jul 3, 2011 3:12am | Edited 4:40am
Quoting Bemac
Hey Holmesey; How far do you read the Drop before intervention?
Is that worth it?
Maybe. but not for me.



B
Pardon me Holmes. I erred on quioting the original author.
CAVIN. Listen up...
Hey B, acked.
----------------------------- Discipline makes the difference.
  • #97,769
  • Jul 3, 2011 4:48am Jul 3, 2011 4:48am
Quoting dingo432
Can i just interrupt with a quick ramble for you all here on the public side?

I know some of you are already in the PF, thats great, you know where im coming from....for those of you that aren't I pose this to you: You are obviously in this business (and it is a business) so that you can have the lifestyle that you want for you and your family. The PF gives you ALL the information you need to trade like a professional, all you need to do is be willing to sit down and spend the hours reading and learning. THE PF TAKES AWAY THE GUESSWORK OF WILL...

Coming from a noob here, so please forgive. I only wish I had found this thread 4 years ago, but am extremely grateful I have stumbled across it now. Here I thought I had already been from one edge of the internet to the other reading about trading, but this little nugget was hidden here the whole time. I am curious dingo if you still feel the same way you did in '07, and if you are still in the pf? I have vowed to read the entire thread from start to finish (currently on p.203) and yes it will prob take 2 months, but I will do it, and I can already see it will help me become a better trader. So many concepts dovetail perfectly with books I have bought from Joe Ross.

kevin
  • #97,770
  • Jul 3, 2011 4:50am Jul 3, 2011 4:50am
Quoting Greenhaze
That might be very good opportunity to enter short. Greece fears are fading out and optimism is getting back to the markets. It does look ugly for UC but in the possible future drop way imo.
The M chart looks even better/"green" !
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Nothing personal,just business
  • #97,771
  • Jul 3, 2011 5:11am Jul 3, 2011 5:11am
Awesome thead, slowly working my way through it- lol... Price action has definitly been a missing part of my trading game. I'v been demo trading full time for about 1.5 years, went throuth the whole indicator phaze and feel like if i make it, its going to be primarily with price action and fibs. I also have been using mt4 to strategy test. I ran the 29 pairs I watch from the begining of 2011, on a week by week basis and was very positive, averaging around 500 pips per week. Unfortunately this success hasn't translated over to my demo account. I took 9 trades this week and they were all losers, lost round -220 pips. Couldn't manage to finess my was into the gbp/cad pullback, which would have been my winner for the week, tried to enter 3 times tho.

Anyway, I would like to start posting my trades, the winners and losers for the week. I average about 8 - 15 trades and would love to get some feedback from you guys. Please let me know if this is okay and if this is the best way to do it.

thanks

I will post some of my losers for this week.
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  • #97,772
  • Jul 3, 2011 5:43am Jul 3, 2011 5:43am
What do you guys think of my thoughts to German Siemens?
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  • #97,773
  • Jul 3, 2011 5:47am Jul 3, 2011 5:47am
couldn't keep myself in this short. stopped out twice. -40 pips
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  • #97,774
  • Jul 3, 2011 6:01am Jul 3, 2011 6:01am
CHF/JPY LOSS
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  • #97,775
  • Edited 6:43am Jul 3, 2011 6:29am | Edited 6:43am
Quoting mbqb11
Hey C

If you have some examples of trades you might want to look at let me know and I will do my best.

I basically judge exactly what you said above. I determine strength of my setup vs strength of upcoming trouble areas and manage according to how I feel about that.

Best
Mike
Hi Mike.
Finally have some time to do some chart stuff.
In the chart below, what are your thoughts on the strengths of (support) point 1,2,3 with that bearish outside bar with the down arrow being the entry.
Or, do you see any other "trouble areas" .
And, what would you do at each of these?
Potential support number 2 is the one that I've got the biggest question on.
This is the area of my trading that I'm trying to fine tune.
I've got my answers already typed up, but will wait to hear your reply first.
Thanks a lot!!

Edit: If the bar would not have been an entry signal for you, pretend it was a huge pin or something.
http://2.bp.blogspot.com/-Ya5MVFOlT2...2Bstrength.gif
  • #97,776
  • Jul 3, 2011 7:22am Jul 3, 2011 7:22am
The NJD/JPY trade here has the exact same setup as EUR/CHF . Mayaf isn't working for me right now so I don't know if their correlated. I feel more like i'm gambling then trading, but all in all I think my setups were pretty good for this week. if I understood how to enter correctly or had wider stops a few would have worked out to give me some nice pips for the week. Any suggestions?

thanks
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  • #97,777
  • Jul 3, 2011 8:22am Jul 3, 2011 8:22am
Quoting john225
What do you guys think of my thoughts to German Siemens?
yes, i found a lot of stocks with buob or which broke out, or are near a breakout-zone. this will very likely indicate a strong overall market next week.
siemens is in a major uptrend and will rise further. it will gain more power by a break above 100 eur. i like it.
meine augen sind die sterne
  • #97,778
  • Jul 3, 2011 8:23am Jul 3, 2011 8:23am
Quoting sergiel
Hey all, this is my first post on this thread but have been reviewing the James 16 guest material for a few months now. I must say his horizontal support / resistance price action methodology really makes alot of sense to me and I am looking forward to making the leap from demo trading to live one day.

Yes it looks like a fairly high quality set up forming at the 0.9050 resistance level. Anyone else considering a short trade here? It looks like price should head down to the next support level at about 0.8950 ish area.

However there is the...
EG daily looks tempting for me - at the first look. It has divergence, it has a doji, it is at a swing high. But there are cons: the high from 04.05.2011 might work as a support, it has no space (which might form during the next days, if price goes sideway), but the most importend , the weekly is against it. The weekly looks like it has broken 2 resistance levels, looks more like a break out trade on the weekly.

Something on the watchlist for me - not more.
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  • #97,779
  • Jul 3, 2011 8:53am Jul 3, 2011 8:53am
Quoting equivestor12
CHF/JPY LOSS
little time after your trade you get a very strong DHLC along with your white ma no longer uppish; missed re-enter short!
  • #97,780
  • Edited 10:53am Jul 3, 2011 9:07am | Edited 10:53am
Quoting equivestor12
The NJD/JPY trade here has the exact same setup as EUR/CHF . Mayaf isn't working for me right now so I don't know if their correlated. I feel more like i'm gambling then trading, but all in all I think my setups were pretty good for this week. if I understood how to enter correctly or had wider stops a few would have worked out to give me some nice pips for the week. Any suggestions?

thanks
I saw some triangles in your charts; breakouts of these are tradeble, but you don't trade them.
attached one chart with additional line which then makes a channel.
your SL should not be inside the channel.
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