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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

  • #100,481
  • Aug 16, 2011 2:49pm Aug 16, 2011 2:49pm
Quoting NTM
Why is everyone talking about James in the past tense? Where is he?
why? if you know the answer, what will it change? just curious...
meine augen sind die sterne
  • #100,482
  • Aug 16, 2011 2:55pm Aug 16, 2011 2:55pm
Quoting aserbfx
why? if you know the answer, what will it change? just curious...
Considering he taught me to trade and I'm indebted to him for where I am I'd like to know. It may not change anything but you just don't forget about people that are important to you in any way because 'it'll change nothing'.
  • #100,483
  • Aug 16, 2011 2:56pm Aug 16, 2011 2:56pm
Quoting NTM
Considering he taught me to trade and I'm indebted to him for where I am I'd like to know. It may not change anything but you just don't forget about people that are important to you in any way because 'it'll change nothing'.
meine augen sind die sterne
  • #100,484
  • Aug 16, 2011 3:13pm Aug 16, 2011 3:13pm
Quoting NTM
Why is everyone talking about James in the past tense? Where is he?
James mentioned New Mexico couple of days ago I think.
Follow my trading on Twitter and FB: @pumlitch
  • #100,485
  • Aug 16, 2011 3:13pm Aug 16, 2011 3:13pm
august seems to now be returning to normal trading after that crash and craziness we had in the markets last week.
  • #100,486
  • Aug 16, 2011 3:17pm Aug 16, 2011 3:17pm
Quoting Pumlitch
James mentioned New Mexico couple of days ago I think.
yep he's taking some time to relax after surgery and all

I suspect to see him back soon

Mike
  • #100,487
  • Aug 16, 2011 3:55pm Aug 16, 2011 3:55pm
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!)
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.
3. I find myself trying to fit bars into one of the Price Action category (BUOB/BEOB/Pinbar/DBHLC/DBLHC/IB)
4. Look for patterns that would indicate change in direction (haven't found any,...
These are all things that time and practice will help you to rectify partner. The one that I see as potentially being the most harmful to your growth as a trader would be #6. It is ok, and hopefully you will work through the desire to go to lower TF just to get trades. The key to this business is not to try to do more, but to learn to do (trade) less. As you become more picky about the trades that you are taking I believe that most of the other items involoving unease and lack of trust in your abilites will subside. I would say just keep plugging away on the daily and weekly. One other thing that will help you greatly is to place you trades up on this thread. We are all more than happy to help and understand that learning is a process we are all in and that we are all in different places. Everyone on here remembers what it was like to start out and can relate.

Ryan
  • #100,488
  • Aug 16, 2011 3:59pm Aug 16, 2011 3:59pm
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 there. I just wanted to point out that this is not a pin bar. At best it might be considered an outside bar, but even then it would be a bullish OB. Seems like this one would best be considered a doji.

Ryan
  • #100,489
  • Aug 16, 2011 4:00pm Aug 16, 2011 4:00pm
Quoting stark1
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.

There is multiples of what is available for free. While you can get everything on this thread, the PF can be a very worthwhile investment if you want to take J16 to the next level.

Ryan
  • #100,490
  • Aug 16, 2011 4:08pm Aug 16, 2011 4:08pm
Quoting deankenny21
august seems to now be returning to normal trading after that crash and craziness we had in the markets last week.

Thank god....

While some thrive in these sorts of markets they are not my cup of tea. Looking forward to things getting back to normal.

Ryan
  • #100,491
  • Aug 16, 2011 5:14pm Aug 16, 2011 5:14pm
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? ......

Aint nothing you can post that would annoy us in this thread. This is a safe harbor my friend

Hey Mike,

Actually, I am trading a demo as well as a micro account ($1000) I know, I know... "demo for three consecutive profitable months before venturing out live" is what Jim and practically all the seniors in this thread strongly suggest. But here's the thing: I started out with a demo account and was doing OK for weeks (profitable), but I noticed that somehow I wasn't totally committed. The moment I went in with a live account, everything changed! I went live beginning of August, BTW. Only later did I read somewhere in this thread that August is the craziest month of the year Talk about timing!

Going live intensified all emotions involved, changed my thought process a little and is in a way beneficial to me, I guess. This is because I have some idea of what to expect when I go live with a big amount and even if due to typical 'noobness' I lose the initial amount of $1000, it won't affect my standard of living. I am determined not to lose it, though!

Another advantage to having both a demo and a small live account is I can enter trades I consider to be too risky on my demo account and use my live account only for very picky long TF trades.

With point 4, yep... trying to identify reversals and trends but wondering if there are other Price action bars that don't fall in this category - (BUOB/BEOB/Pinbar/DBHLC/DBLHC/IB). Hehehe, I feel so silly now

Ur observation about lack of money management has hit home, sir. Noted. Deadly.

I will take ur advice about watching other markets as well. Glad to know I'm in a safe harbour. Appreciate ur response.

Cheers, mate.
  • #100,492
  • Aug 16, 2011 5:21pm Aug 16, 2011 5:21pm
Quoting gungriffin
....The one that I see as potentially being the most harmful to your growth as a trader would be #6. It is ok, and hopefully you will work through the desire to go to lower TF just to get trades. The key to this business is not to try to do more, but to learn to do (trade) less. ... One other thing that will help you greatly is to place you trades up on this thread. We are all more than happy to help and understand .... Everyone on here remembers what it was like to start out and can relate.

Ryan
Hey Ryan,

Thanks for the response. Point noted: Less is More

As suggest by you, I shall post my trades here shortly. Good to know I have support and encouragement all around in this thread. U guys are awesome!

  • #100,493
  • Aug 16, 2011 5:44pm Aug 16, 2011 5:44pm
Quoting Frxter
Hey Ryan,

As suggest by you, I shall post my trades here shortly...
Here we go...

Trade 1: AUDCHF Weekly Trade.
Rationale for entering trade: Nice looking pinbar at swing low with plenty of space and FTA at a considerable distance.

As mentioned in chart, that pinbar had a nice tail and I placed my Buy Stop just above it. Things changed on Monday when my broker's feed added some more body to the tail, if that makes sense?

I have take profit at what I consider to be FTA on the weekly TF.

Wide stop at previous weekly PPZ (I know I got this wrong!). Gonna trail my stop soon... mebbe after it is up 300 pips. It is up 200 pips atm.

Feel free to offer ur two pips.
Attached Image (click to enlarge)
Click to Enlarge Name: audchf weekly 17082011 with notes.jpg Size: 98 KB
  • #100,494
  • Aug 16, 2011 5:45pm Aug 16, 2011 5:45pm
Quoting Pumlitch
Lottery? I probably don't understand what you mean.
Perfect downtrend with periodical cycles.
Just my view.
Attachment
I agree.
On April 12thI mentioned that I could see USDCHF hitting 0.82xx and placed a Sell Stop just below the (at that time) all time Low. I don't like the Noise around BRNs. That's why I put it at 0.9175. (25 Pips below the 0.9200 BRN)

I was looking for a Test of the Golden Diag & knew it would have to break my 23.61% ICCE Line to get there.
The rest was easy.
Yes. I did liquidate All Positions @ 0.8180 (same "Noise" princepal) & I do know that it has since moved to my next Fib level but I had a Plan & I stuck with it. I took close to 1,000 Pips off that Trade & left roughly the same On the table. Am I crying?
What do you think?
Clue: the ans begins with 'N'

Cart: USDCHF Daily
Attached Image (click to enlarge)
Click to Enlarge Name: daily aug 16 trade review..gif Size: 51 KB


Can you guess what I am watching for Now?

B
  • #100,495
  • Aug 16, 2011 6:00pm Aug 16, 2011 6:00pm
Quoting Frxter
Hey Ryan,

.... As suggest by you, I shall post my trades here shortly......

Trade 2: USDCHF Weekly
Rationale for entering trade: Nice looking pinbar at swing low. Same observations made for AUDCHF weekly chart regarding pinbar shape applies to this chart as well.

Stop loss placed below lowest recent close.

Any feedback welcome.

Thank u.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf weekly 17082011 with notes.JPG Size: 87 KB
  • #100,496
  • Aug 16, 2011 6:01pm Aug 16, 2011 6:01pm
In regards to the PF. I'm not sure if the deal has changed but if not, it's $200.00/month for 1 Year. Then you are a Lifetime Member.

That's $2,400.00 bucks total for a One Year Seminar which includes Full, Daily Response Support & Explanation. Videos & Live Webinars. Analysis from Ancient Traders (like me & better). And all this without Any of the annimosity you see on some forums.

$2,400 for a Lifetime.... sheeesh.
I've paid twice that for a Weekend Seminar & had to then buy the CD to assist me when reviewing my notes.

If you know me, I hope you know you can trust me when I say...
If you are looking for Value for Worth, the James16GroupPF is one of The Best Values you will find.

I could go on but...

B
  • #100,497
  • Aug 16, 2011 6:32pm Aug 16, 2011 6:32pm
Quoting Frxter
Trade 2: USDCHF Weekly
Rationale for entering trade: Nice looking pinbar at swing low. Same observations made for AUDCHF weekly chart regarding pinbar shape applies to this chart as well.

Stop loss placed below lowest recent close.

Any feedback welcome.

Thank u.
I assume you are a Buyer.
Do you have a TP & Close All Price in mind?
Have you Fully Planned your Trade?

B

Scroll UP to post 100517 to see why I 'm asking this.
I expect a retest of 0.8200 Before we turn South Again.
  • #100,498
  • Aug 16, 2011 6:36pm Aug 16, 2011 6:36pm
  •  Atom
  • | Joined Jul 2010 | Status: An atom..no more..probably less! | 44 Posts
Quoting Bemac
In regards to the PF. I'm not sure if the deal has changed but if not, it's $200.00/month for 1 Year. Then you are a Lifetime Member.

That's $2,400.00 bucks total for a One Year Seminar which includes Full, Daily Response Support & Explanation. Videos & Live Webinars. Analysis from Ancient Traders (like me & better). And all this without Any of the annimosity you see on some forums.

$2,400 for a Lifetime.... sheeesh.
I've paid twice that for a Weekend Seminar & had to then buy the CD to assist me when reviewing my notes....
Hey Bemac, Isn't it $129/month for a year?
  • #100,499
  • Aug 16, 2011 6:37pm Aug 16, 2011 6:37pm
Here's a demo order I put today on CADCHF....thoughts are basically on the chart. It fits two approaches that I am demoing this year to decide if I want to include: Continuation off of BRNs, and Retrace entries.

Pros:

 

  1. Strong close (high momentum bar)
  2. Space to FTA and beyond
  3. Straddles BRN
  4. CHF weakness across the board


Cons:

 

  1. Bar size
  2. Not much confluence other than the BRN.


Trade plan:

 

  1. Price to FTA - s/l to .7950 (50 p below BRN)
  2. Price to second TA - full TP or price just below the FTA (BE).

Attached Image (click to enlarge)
Click to Enlarge Name: ret_demo_07a.gif Size: 23 KB
  • #100,500
  • Aug 16, 2011 6:41pm Aug 16, 2011 6:41pm
Quoting Bemac
I assume you are a Seller.
Do you have a TP & Close All Price in mind?
Have you Fully Planned your Trade?

B

Scroll UP to post 100517 to see why I 'm asking this.
I expect a retest of 0.8200 Before we turn South Again.
yep, Bemac... my TP is at .8318... it is obscured by that garish pink PPZ line. Hehehe.

OK, now that u mention .8200 seems much more realistic. Thanks for that.
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