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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

  • #101,661
  • Sep 14, 2011 9:52am Sep 14, 2011 9:52am
Quoting biDc
Flagging or reversal? Will be looking for bullish PA at 0.86



http://www.hotstockmarket.com/image/...600/height/291

Hi biDc, which pair is this? i cant see it clearly on your chart.

Thanks
NTW
No more DOH! trades
  • #101,662
  • Sep 14, 2011 9:53am Sep 14, 2011 9:53am
Quoting nonethewisa
Hi biDc, which pair is this? i cant see it clearly on your chart.

Thanks
NTW
USD/CHF
  • #101,663
  • Sep 14, 2011 9:55am Sep 14, 2011 9:55am
Quoting biDc
USD/CHF

Thanks, i'll go take a look
No more DOH! trades
  • #101,664
  • Sep 14, 2011 9:56am Sep 14, 2011 9:56am
Quoting biDc
Flagging or reversal? Will be looking for bullish PA at 0.86


we may need a breather, but I am holding for a move higher still myself too


Best
Mike
Attached Image (click to enlarge)
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  • #101,665
  • Sep 14, 2011 10:05am Sep 14, 2011 10:05am
Quoting mbqb11
we may need a breather, but I am holding for a move higher still myself too


Best
Mike

Excuse my ignorance but didnt the SNB state that it was pegging the swissy to 1.2 Euros therefore its directly linked to however the Euro behaves? so if the EUR/USD goes up, the USD/CHF will drop i.e theres an inverse correlation.

Cheers
NTW
No more DOH! trades
  • #101,666
  • Sep 14, 2011 10:06am Sep 14, 2011 10:06am
Quoting mbqb11
Hey T

Yes over trading is probably most peoples downfall. I always suggested to people to try to give themselves 2-3 bullets a month. If you use them you shut down. Not only will this make you focus on not wasting them, in the times you do , then you have to wait until a new month starts before you can use them again. So if day one of month one occurs and you take 3 trades, irregardless of the outcome you are done till the next month. Most people are trying to take their small accounts and trade it to millions and of course this will just...
hey mike, my current trading plan is to limit my trades to 3 times / week, and usually I fill that quota no problem, do you think in the currency trading market. 3/ week is too much?

I only trade the daily and h4 charts, I use weekly as a guideline, but i don't use it to set stop-loss or entry, since the pips are just too big.
  • #101,667
  • Sep 14, 2011 10:07am Sep 14, 2011 10:07am
Quoting nonethewisa
Excuse my ignorance but didnt the SNB state that it was pegging the swissy to 1.2 Euros therefore its directly linked to however the Euro behaves? so if the EUR/USD goes up, the USD/CHF will drop i.e theres an inverse correlation.

Cheers
NTW
Hey NTW

The euro and usd/chf are notoriously inversely correlated but that doesn't mean they will move exactly the same always. You can have periods where things are tied together closely and periods that they are not. Check out a euro chart overlayed on a swissy chart and it becomes more obvious. I simply trade what I see and work from there, keeps it easier

Best
Mike
  • #101,668
  • Sep 14, 2011 10:07am Sep 14, 2011 10:07am
Hi Mike,
Yesterday's daily candle is keeping me away from this one today. Any thoughts on levels marked? On hourly, I am more focused on the horizontal levels than the flag. Thinking I'd let buyers & sellers figure things out here, and let us know after - would be sweet if that aligns with one of the bigger horizontals.
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: Eu-1HR.jpg Size: 101 KB
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #101,669
  • Sep 14, 2011 10:08am Sep 14, 2011 10:08am
Quoting mbqb11
I have to say though, that the j16 approach when done right is exactly using supply and demand, at least that's what we are trying to show. This is what I do day in and day out.


Best
Mike
Mike

I take your point and fully agree with what you are saying. The only difference I see between the two approaches is that IFY and others are looking for earlier entries rather than waiting on bar confirmations such as pins etc. My own personal opinion is that people try and master all of the J16 basics before moving on to the more advanced stuff. This is what I am trying to do and it seems the most sensible approach IMHO.

Kal
  • #101,670
  • Sep 14, 2011 10:10am Sep 14, 2011 10:10am
Quoting halfstep
hey mike, my current trading plan is to limit my trades to 3 times / week, and usually I fill that quota no problem, do you think in the currency trading market. 3/ week is too much?

I only trade the daily and h4 charts, I use weekly as a guideline, but i don't use it to set stop-loss or entry, since the pips are just too big.
Hey Half

I don't think it is necessarily too high or too low. I have months when I take a handful of trades, and months where I might have 20 trades. It all varies for me but at this point I take the good setups as opposed to actively seeking to trade(insert take what the market gives cliche here lol). I gave that example to Thierry(and others before) as a way to set new goals on solving problems like over trading. Since most people DONT make money, the solution to me is to build that proper foundation. Which I believe is easier to build from the ground up(taking less trades), then trying to start by taking a lot of trades and taking less over time(which is what I did myself, so I am speaking if I could do it all over I would start small and work up)

Hope that helps
Mike
  • #101,671
  • Sep 14, 2011 10:11am Sep 14, 2011 10:11am
Quoting Kalbar
Mike

I take your point and fully agree with what you are saying. The only difference I see between the two approaches is that IFY and others are looking for earlier entries rather than waiting on bar confirmations such as pins etc. My own personal opinion is that people try and master all of the J16 basics before moving on to the more advanced stuff. This is what I am trying to do and it seems the most sensible approach IMHO.

Kal
Hey Kal

A large majority of us touch trade, including James, myself, jarroo and others. We simply try to keep this thread beginner oriented by its sheer size and the amount of new people who stumble here that are completely lost and getting slaughtered by the markets and mis-information. I consider this thread a safe haven for new traders first and foremost(of course we often share more then that here, but that will always be the strength of this thread as a starting point).

Best
Mike
  • #101,672
  • Sep 14, 2011 10:13am Sep 14, 2011 10:13am
Quoting teemo
Hi Mike,
Yesterday's daily candle is keeping me away from this one today. Any thoughts on levels marked? On hourly, I am more focused on the horizontal levels than the flag. Thinking I'd let buyers & sellers figure things out here, and let us know after - would be sweet if that aligns with one of the bigger horizontals.

Hey T

Yep I am watching this flag also.

If we retrace higher we have two points to watch for me. The last swing low, and the BRN(box area is VERY big).

Oh hey my chart shows supply and demand just messing


Best
Mike
Attached Image (click to enlarge)
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  • #101,673
  • Sep 14, 2011 10:14am Sep 14, 2011 10:14am
Quoting mbqb11
we may need a breather, but I am holding for a move higher still myself too


Best
Mike
Holy smokes! Breathtaking trade Mike
I believe . . .
  • #101,674
  • Sep 14, 2011 10:15am Sep 14, 2011 10:15am
Quoting ghous
Holy smokes! Breathtaking trade Mike
the G man what's up buddy

I posted some IPB in the PF for you, you never saw it
  • #101,675
  • Sep 14, 2011 10:17am Sep 14, 2011 10:17am
Oh hey my chart shows supply and demand just messing


Best
Mike[/quote]

Mike

Had a laugh at your messin......a good guy with good humour too!!
  • #101,676
  • Sep 14, 2011 10:19am Sep 14, 2011 10:19am
Quoting Thierry
I need some help, after spending 1000 of hours learning to trade, i can still not trade consistency. ..
1000hours is an inadequate gauge of experience/consistency.

i think it's different for everyone. some need 10,000 hours, some 100,000hours, or more.

i think it would be better if u look (objectively) at your experience/consistency/performance rather than the hours u've spent.
to be honest, i havent counted how many hours i've spent on trading in the last 3-5years.

i think it's called passion (i actually see trading as a lifelong challenge... & a key to my financial freedom)
"Find something u love to do & u'll never have to work a day in your life"
  • #101,677
  • Sep 14, 2011 10:20am Sep 14, 2011 10:20am
Quoting Kalbar
Mike

Had a laugh at your messin......a good guy with good humour too!!
can't sweat the small stuff right kal



Mike
  • #101,678
  • Sep 14, 2011 10:22am Sep 14, 2011 10:22am
Quoting supremeChaos
1000hours is an inadequate gauge of experience/consistency.

i think it's different for everyone. some need 10,000 hours, some 100,000hours, or more.

i think it would be better if u look (objectively) at your experience/consistency/performance rather than the hours u've spent.
to be honest, i havent counted how many hours i've spent on trading in the last 3-5years.

i think it's called passion (i actually see trading as a lifelong challenge... & a key to my financial freedom)
[size=3]"Find something u love to do & u'll never have to...
Hey supremo

Hows your trading going? Have not spoken in a while man how r u? Solid advice as always Supremo - its guys like yourself, Mike and Jarroo etc who make this thread such a great place for us wannabes!!

Kal
  • #101,679
  • Sep 14, 2011 10:24am Sep 14, 2011 10:24am
Supply & Demand - ha? That's what you also told me when you posted this one



Quoting mbqb11
Hey T

Yep I am watching this flag also.

If we retrace higher we have two points to watch for me. The last swing low, and the BRN(box area is VERY big).

Oh hey my chart shows supply and demand just messing


Best
Mike
Attached Image (click to enlarge)
Click to Enlarge Name: Chart Indys.jpg Size: 432 KB
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #101,680
  • Sep 14, 2011 10:25am Sep 14, 2011 10:25am
Quoting mbqb11
Hey NTW

The euro and usd/chf are notoriously inversely correlated but that doesn't mean they will move exactly the same always. You can have periods where things are tied together closely and periods that they are not. Check out a euro chart overlayed on a swissy chart and it becomes more obvious. I simply trade what I see and work from there, keeps it easier

Best
Mike
Aha, having sat and thought a few minutes about what youve said i can now see what you mean. I had discarded all swissy pairs as non-tradeable due to the lack of price fluctuation, but its only the EURCHF where there will be little to no movement.

Thanks for making me think about it.
No more DOH! trades
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