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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

  • #101,181
  • Sep 1, 2011 6:50am Sep 1, 2011 6:50am
Quoting mbqb11
Hey Vibe

Welcome

The first post by James is filled with tons of good info and some great links. But I would read the first few hundred pages(a lot you can skim and will be able to see that as you go). But be sure to pay very close attention to all of James16 posts

It's big but well worth it

Best
Mike
Thanks Mike
Much appreciate your help !!
  • #101,182
  • Sep 1, 2011 7:58am Sep 1, 2011 7:58am
Quoting geniusztc
hey,steve . you are right .there is support @ 0.88 the RN zone . lets see where will it go .


and my friend ,i also watch the euraud pair ,it seems this guy had down too much ,and there is the support zone near here.wait for PA.what is you idea ?


hope you every thing is always ok in Ha er bin 。

Looks interesting, I mean the area.

Yeah, the nights are getting cooler. Winter is cumming!
My first -30C is on its way.
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  • #101,183
  • Sep 1, 2011 8:02am Sep 1, 2011 8:02am
Quoting deankenny21
Well people say august is the hardest month to trade, and i had a pretty solid month regarding profits

So now august is over lets hope we can pull out of all these consolidation zones alot of the pairs are in and get some setups forming
Hey kenny

Well done on trading thru August. I came out ahead too which was nice so here's hoping we get a better September in terms of market flow and setups.

Kal
  • #101,184
  • Edited 8:19am Sep 1, 2011 8:06am | Edited 8:19am
so it reached 1.58 in the end; gotta love free money... especially when unexpected.

a poor ISM should help it back up?

ignore the MAs, they're worthless on that feed(they split the week in 6 days). That being said, ~1.58 is also daily MA100. So, we'd have MA100, 1.58(sorta pivot) and 50% fibo of last upmove at 1.5813. Cable could provide some support if 1.62 holds(and some ress. at 1.625 on way back combined with MA - that could keep pound down), on the other hand e/g could provide some ress. at 0.88(but then e is crap). I'm in from 1.5808. C/J should provide ress. at 78 and u/c at .975(but crap one, was used already quite some).

On the other hand - pound is still weak
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  • #101,185
  • Sep 1, 2011 8:29am Sep 1, 2011 8:29am
Anybody is watching this longterm support on USDNOK?.... Spread is too big for my liking hence demo only . H4 buob and very well defined area to put the buy limit order. Taking loss under the buob bar would be very inefficient way of playing out this scenario
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  • #101,186
  • Sep 1, 2011 8:39am Sep 1, 2011 8:39am
Quoting snowly
for ease - try move 1 zero in front of krone pairs.

as in thinking about the ratio not as 1:8.xxxx, but as 0.8xxx. And then you'll have a normal pair with pip at the 4th decimal and you'll notice the spread is 4.1 pips(a very big spread - I don't like the krone pairs - but not huge - it's less then g/cad or e/cad which are perfectly tradeable pairs).

it's very big, because, on the other hand, the moves are small - usd/nok for instance has what'd be the equivalent of ~60 pips as average move(while e/cad or g/cad has over 100 pips average...

spread is 3.5 pips!

it's just that the pair has low volatility compared to the spread... Didn't get filled 3 days ago and it didn't bounce enough on the 1st test, so I'm on the sideline.
  • #101,187
  • Sep 1, 2011 8:41am Sep 1, 2011 8:41am
Quoting Pinbar
Looks interesting, I mean the area.

Yeah, the nights are getting cooler. Winter is cumming!
My first -30C is on its way.
I experienced 5 winters with -45C (or -49F)
Oil in the car will freeze too if you park your car outside on the windy spot.
I remember the first thing in the morning people said to each other instead of "Good morning" was "Could you start your car this morning?"

Anyway first week is scary but then you begin to like it.
  • #101,188
  • Sep 1, 2011 8:48am Sep 1, 2011 8:48am
Quoting Greenhaze
Anybody is watching this longterm support on USDNOK?.... Spread is too big for my liking hence demo only . H4 buob and very well defined area to put the buy limit order. Taking loss under the buob bar would be very inefficient way of playing out this scenario

I was waiting for it to hit 5.3285, but it might retest. Id be intersted to know your thoughts on the last 3 Monthly bars, theyre similar to April, May and June 2008 and then price took off in August 2008. Do you think theres any chance of history repeating itself?

Cheers
NTW
No more DOH! trades
  • #101,189
  • Sep 1, 2011 8:51am Sep 1, 2011 8:51am
doubt USD will explode again like in '08 in a new major recession. JPY and to a lesser extent CHF, sure, but USD... hmm...
  • #101,190
  • Sep 1, 2011 8:56am Sep 1, 2011 8:56am
Quoting Kalbar
Hi all
Have not posted for a while due to holidays and not taking many trades recently.
Hope everyone is fine and trading well!!
Just to say I have completed my first 3 months of the J16 basics and the results are as follows:

6 winners
3 losers
1 breakeven.

Have had a 15% increase on my account albeit trading at small size.

Fairly happy with this but could have been much better. Although a 15% increase is reasonable the main benefit of these past 3 months has been identifying weaknesses and learning from mistakes. I have a few areas to work...
Reasonable?! This is flipping fantastic Kal, way to go bud

Keep at it
Mike
  • #101,191
  • Sep 1, 2011 9:03am Sep 1, 2011 9:03am
Quoting nonethewisa
I was waiting for it to hit 5.3285, but it might retest. Id be intersted to know your thoughts on the last 3 Monthly bars, theyre similar to April, May and June 2008 and then price took off in August 2008. Do you think theres any chance of history repeating itself?

Cheers
NTW
Only a major selloff in global markets could push that pair higher imo. I am pretty confident that we will see new lows on this pair sooner or later.
  • #101,192
  • Sep 1, 2011 11:04am Sep 1, 2011 11:04am
Quoting mbqb11
Reasonable?! This is flipping fantastic Kal, way to go bud

Keep at it
Mike
Mike

Many thanks for your kind words and encouragement........it means a lot! Although happy enough I discovered that a couple of big weaknesses were :

1. Coming out of trades too early (fear/impatience)

2. Lack of planning, ie knowing what I would do in advance of market
moves rather than just being reactive (if that makes sense).

These are areas I will have to work on in the coming months but as you say I am determined to keep at it and try and buil on this and improve.

Thanks,

Kal
  • #101,193
  • Sep 1, 2011 11:23am Sep 1, 2011 11:23am
Quoting mbqb11
..............

Again I challenge anyone who is struggling to turn any profit consistently to do this. Take ONE trade a month. YES I SAID one. Risk 1-2% on demo. You get one trade a month. Take the best one. Now can you make money doing that? If you can't make money doing that, then you are never going to make money taking 50 trades no matter what theory you want to come up with. Most peoples foundations are cracked. Build from a strong foundation instead of trying to build a house from top down. THAT's MY OPINION and wish I could go back and do it that way.

How many of those that are losing traders right now will try this. Very few. Very very very few.
........
Accomplished
With this one:

http://www.forexfactory.com/attachme...5&d=1314324644
  • #101,194
  • Edited 12:42pm Sep 1, 2011 11:43am | Edited 12:42pm
BEOB (PB shaped) engulfing 5 prior candles and closing below TL.
Yet not at swing high, too nice to resist.
Hopping a retest to TL doesn't hit my BE.
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Trading: the skill of avoiding trades
  • #101,195
  • Sep 1, 2011 12:02pm Sep 1, 2011 12:02pm
Quoting Adilius07
Accomplished
With this one:

http://www.forexfactory.com/attachme...5&d=1314324644
With that trend we will get to 0 trades per month and we will be still better then those 95%.
  • #101,196
  • Sep 1, 2011 12:09pm Sep 1, 2011 12:09pm
Quoting eswap0
PB engulfing 5 candles and closing below TL.
Too nice to resist.
Hopping a retest to TL doesn't hit mi BE.
In this since 0.8200, looking for a long term sell.
  • #101,197
  • Sep 1, 2011 12:12pm Sep 1, 2011 12:12pm
Back to 1.4000?
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Trading: the skill of avoiding trades
  • #101,198
  • Sep 1, 2011 12:20pm Sep 1, 2011 12:20pm
Looks quite good to me here on the 4hour, if this next bar can break past the top of the previous that will also create a nice big pinbar on the daily as this is the last 4hour of today forming on my chart, at a previous key Supply/Demand level and a nice round number

Any thoughts?
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  • #101,199
  • Edited 4:08pm Sep 1, 2011 12:50pm | Edited 4:08pm
Quoting eswap0
BEOB (PB shaped) engulfing 5 prior candles and closing below TL.
Yet not at swing high, too nice to resist.
Hopping a retest to TL doesn't hit my BE.
I'm not in this but I watched it play out.

Though I'm not a fan of the 'PB' I think a Touch Trade entry on the LCS of the 1h candles would have been perfect. (Dotted line). Bearish bias due to price breaking through the daily level with multiple closes below it. Throw in the BRN into the mix too.

This of course is fine to say post the event and just how I see it

Mr Hindsight
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  • #101,200
  • Sep 1, 2011 1:05pm Sep 1, 2011 1:05pm
Quoting 5.25
Mr Hinsight

Need guts for that: the bar would be forming at that moment a BUOB, engulfing 5 previous bars, and going back into the ascending TL.

Already decided not to take touch trades any more, till I master my skills.
Thanks 5.25
Trading: the skill of avoiding trades
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