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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

  • #100,461
  • Aug 16, 2011 8:48am Aug 16, 2011 8:48am
Quoting stark1
Yes, there is more liquidity when the sessions cross over. I'm in London so don't know what that is EST. But it's not an excuse to trade shorter time frames. Daily and weekly is the key at this stage.

Best advice I can give is to read as many posts in the thread as you can, especially Jim's (James16), and watch as many of his webinars/tutorials you can get your hands on. Everything you need to know is in there.

And I know it's not what anyone wants to hear, but it sounds to me like you're in a hurry, man. Relax: patience...
Hi, did Jim record webinars? anyway i can access them? thanks a lot.
  • #100,462
  • Aug 16, 2011 8:49am Aug 16, 2011 8:49am
hi mike, would u please advise
NzdUSD on daily tf .... short set up 0.825.., pa stop moving up at 50% fibo .....
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  • #100,463
  • Aug 16, 2011 8:52am Aug 16, 2011 8:52am
Quoting fascist
Hi, did Jim record webinars? anyway i can access them? thanks a lot.
Hey Fascist,

I believe stark1 was referring to the Guest material available at this link:
http://www.james16group.us/Guests/guestmaterial.html

Cheers
  • #100,464
  • Aug 16, 2011 8:56am Aug 16, 2011 8:56am
Quoting Frxter
Hey Fascist,

I believe stark1 was referring to the Guest material available at this link:
http://www.james16group.us/Guests/guestmaterial.html

Cheers
Oh thanks!
  • #100,465
  • Aug 16, 2011 9:05am Aug 16, 2011 9:05am
Quoting Frxter
Hey Fascist,

I believe stark1 was referring to the Guest material available at this link:
http://www.james16group.us/Guests/guestmaterial.html

Cheers
Yup, and if my failing memory serves there's a load more stuff when you become a member. Jim never pushes it, but it's well worth it.
When the going gets weird, the weird turn pro.
  • #100,466
  • Edited 9:46am Aug 16, 2011 9:32am | Edited 9:46am
If the upper channel line and 1.3 hold, we could see 1.25 again.
If not, the 1.3 will be very nice place to long after a retest.
Breaking right now.
Jarda
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  • #100,467
  • Aug 16, 2011 10:45am Aug 16, 2011 10:45am
Quoting mrhb30jr
hi mike, would u please advise
NzdUSD on daily tf .... short set up 0.825.., pa stop moving up at 50% fibo .....
Hey MRH

Are you asking if the current bar as the way it was at the time in your chart is a pinbar? That would be a neutral bar since we have equal length "tails" and the open and close near the middle of the bar. That shows indecision. Price looks like it wants to get higher, wait for a strong signal, those small iffy bars are what can trip one up

Best
Mike
  • #100,468
  • Aug 16, 2011 10:50am Aug 16, 2011 10:50am
Quoting Pumlitch
If the upper channel line and 1.3 hold, we could see 1.25 again.
If not, the 1.3 will be very nice place to long after a retest.
Breaking right now.
Jarda
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yeah, looking for some hours at it... though I've promised myself not to touch chf 6 months ago(chf/jpy aside)
  • #100,469
  • Aug 16, 2011 10:59am Aug 16, 2011 10:59am
Hey FRX some comments below

Quoting Frxter
Hello everybody,

Since starting out recently, I have been noting down some observations about myself.

1. I check and re-check current P/L every so often (I'm trading off the weekly charts, mind you!)
Glad to hear you are off weekly and daily(or even just weekly). You are on demo of course too right? Focus on the trade and making logical decisions. A good way to do this is plan a lot of the trade and scenarios out in your head before it triggers. This way you are pro actively reacting to the market.

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2. Feel uneasy if price seems to stall - keep hoping price moves somewhere, for crying out loud, even if it is against my position! Seriously.

This is a patience thing. THis is the battle on all fronts. Don't be in a rush.
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3. I find myself trying to fit bars into one of the Price Action category (BUOB/BEOB/Pinbar/DBHLC/DBLHC/IB)

The key here to remember is that even if a bar meets a criteria to be called one of the above doesn't mean it makes it tradeable. So now if you stretch things to be called the above and blindly trade them you are asking for trouble. Be patient, the good ones will come. It's what we do in between the good ones that really matters.

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4. Look for patterns that would indicate change in direction (haven't found any, of course!)
Not really sure here what you mean. But if you mean looking for reasons to get in, that's part of what we do be it a reversal or with the trend. Wait for the good ones. And while waiting just study Jim's posts and this thread.

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5. Calculate, or rather project, how much I'd earn if I increase position size by a factor of 10, 100, etc!
The deadliest thing you can do. Stick to very strict MM with very minimal risk. This line of thinking 99.9% of the time ends bad. For the few people who do take obscene risk and do something with it, they usually blow up in the long run too. So slow and steady.
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6. Scan 20 different charts in descending order of timeframes - starting with Monthly and ending up with 5-min charts for possible trade opportunities!

If you are just trading weeklies and dailies there is no need to ever go off those timeframes. Just watch more pairs. You can watch 50+ fx pairs, other markets(futures, commodities equities etc)

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7. Dream of a life of luxury and freedom to indulge in hobbies
We all want these things but just remember FX is not a fast track there. It's another way to get to a place where we can achieve these goals/dreams. The problem is most people want it now or tomorrow instead of using this as a vehicle for the long term(however long for each personal individual situation)

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8. Type out this post which may annoy some!
Aint nothing you can post that would annoy us in this thread. This is a safe harbor my friend
  • #100,470
  • Aug 16, 2011 11:22am Aug 16, 2011 11:22am
Quoting mbqb11
Hey MRH

Are you asking if the current bar as the way it was at the time in your chart is a pinbar? That would be a neutral bar since we have equal length "tails" and the open and close near the middle of the bar. That shows indecision. Price looks like it wants to get higher, wait for a strong signal, those small iffy bars are what can trip one up

Best
Mike
hi mike thx for your advise....

cheers
  • #100,471
  • Aug 16, 2011 1:02pm Aug 16, 2011 1:02pm
Quoting snowly
yeah, looking for some hours at it... though I've promised myself not to touch chf 6 months ago(chf/jpy aside)
why did you do that?
  • #100,472
  • Aug 16, 2011 1:19pm Aug 16, 2011 1:19pm
Quoting fascist
why did you do that?
because bettin' on/against chf seemed/seems to me like playing at the lottery. Beside that, good luck in tryin' to asses a position size with an unknown volatility.
  • #100,473
  • Aug 16, 2011 1:25pm Aug 16, 2011 1:25pm
I am looking to get a push above the descending TL here. Now normally if this was a smaller bar or what have you that descending TL becomes a great place to take profit/move to b/e take some off, whatever it is. In a case where this is such a huge pinbar I am more lenient and let things play out a bit more. I reduced my risk just like I did with the previous 2 trades.

Understand that there is no 100% right or wrong way.
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  • #100,474
  • Aug 16, 2011 1:26pm Aug 16, 2011 1:26pm
Quoting snowly
because bettin' on/against chf seemed/seems to me like playing at the lottery. Beside that, good luck in tryin' to asses a position size with an unknown volatility.
i don't get it. as traders we set up trades by analysing price behavior. price volatility is our game.
  • #100,475
  • Aug 16, 2011 1:31pm Aug 16, 2011 1:31pm
Well this post is just awesome!
Thanks a million times!



Quoting mbqb11
Hey FRX some comments below



Glad to hear you are off weekly and daily(or even just weekly). You are on demo of course too right? Focus on the trade and making logical decisions. A good way to do this is plan a lot of the trade and scenarios out in your head before it triggers. This way you are pro actively reacting to the market.



This is a patience thing. THis is the battle on all fronts. Don't be in a rush.


The key here to remember is that even if a bar meets a criteria to be called one of the above doesn't mean it makes it tradeable....
  • #100,476
  • Aug 16, 2011 1:33pm Aug 16, 2011 1:33pm
Quoting mbqb11
...
Understand that there is no 100% right or wrong way.
sh*t! there's the rub!
rock on. bro!
meine augen sind die sterne
  • #100,477
  • Aug 16, 2011 1:35pm Aug 16, 2011 1:35pm
Quoting snowly
because bettin' on/against chf seemed/seems to me like playing at the lottery. Beside that, good luck in tryin' to asses a position size with an unknown volatility.
Lottery? I probably don't understand what you mean.
Perfect downtrend with periodical cycles.
Just my view.
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  • #100,478
  • Aug 16, 2011 2:27pm Aug 16, 2011 2:27pm
Quoting Pumlitch
Lottery? I probably don't understand what you mean.
Perfect downtrend with periodical cycles.
Just my view.
yes, I've posted the same channel 3 months ago; and 2 months ago too. And I didn't say I've managed to keep my promise; ended up shorting like everyone else, both on the may and on the july move, as stupid as it might be

that being said, from a point on the move stops having any sense, so I've dropped the currency completely(takes more than a drawing from a point on).
  • #100,479
  • Aug 16, 2011 2:40pm Aug 16, 2011 2:40pm
Quoting AQs
Many thanks...
Moved my stop loss to BE now... just to understand... I managed to be in a free trade now, but the price is approching a support level, and that's why it could be stop moving... that's why you would move stop loss to BE and take a small profit?
Suppose there wasn't any support withing 1000 pips, would you move stop loss to BE and take only a few pips profits?

Again ty and sorry for my noobness
What happened with this? Can you let us know please?
  • #100,480
  • Aug 16, 2011 2:47pm Aug 16, 2011 2:47pm
Why is everyone talking about James in the past tense? Where is he?
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