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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

  • #101,761
  • Sep 14, 2011 9:50pm Sep 14, 2011 9:50pm
As a university student, i go to career recruiting sessions alot, talking to potential employers of business firms.

yesterday, a global consulting firm came to school, and i was talking to the manager who turns out to be a big technical chartist who trades his own portfolio. During the conversation, support and resistance and even elliot
wave was mention, it was also the manager's suggestion to read jesse livermores book, NOT reminisce of a stock operator, but the other less well know book livermore wrote in the 1940s, how to trade in stocks.

I found the book, enjoy. http://os24.org/files/a-z/speculatio...inal%29-EN.pdf

one of the key things he talks in there is pivot zone, looks like good ol' livermore discovered the principle of SR long before anyone else did and made millions off of them. I am planning to finish the book within a week.
  • #101,762
  • Sep 14, 2011 11:27pm Sep 14, 2011 11:27pm
Quoting halfstep
it is in my current trading plan to trade no more than 3 times / week, usually i can fill that quota per week no problem.

the question is to mike, or anyone else that wants to chip in, is 3 time / week too much? i only trade the daily or h4 chart, i don't trade straight off the weekly because the pip ranges are way to big. what are your opinions on the frequency of trading?
Hey Half

I had deja vu for a second

I answered you back here

http://www.forexfactory.com/showthre...49#post4954649

Best
Mike
  • #101,763
  • Sep 14, 2011 11:31pm Sep 14, 2011 11:31pm
Quoting halfstep
it is in my current trading plan to trade no more than 3 times / week, usually i can fill that quota per week no problem.

the question is to mike, or anyone else that wants to chip in, is 3 time / week too much? i only trade the daily or h4 chart, i don't trade straight off the weekly because the pip ranges are way to big. what are your opinions on the frequency of trading?
Nothing wrong with trading a weekly PA setup on the daily or H4 TF, IMHO.
Take a look at Jarroo's recent posts.
  • #101,764
  • Edited 2:55am Sep 15, 2011 2:30am | Edited 2:55am
Hi all,

we have GBP/JPY almost at weekly LCS, close to monthly low, divergence
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W Szczebrzeszynie chrząszcz brzmi w trzcinie
  • #101,765
  • Sep 15, 2011 3:31am Sep 15, 2011 3:31am
Hi Halfstep


Thanks for your post

Your link showed up Macafee warning so I looked for it from another source

http://pdfreebooks.org/0-tradeinstocks.htm

Cheers

Anthony
  • #101,766
  • Sep 15, 2011 6:07am Sep 15, 2011 6:07am
nice cable setup on daily TF. a pinbar on the 1.57500 level with trendline break. First big resistance at the 1.59 + 23.6 fibo area and second on 1.6050 + 38.2 fibo (they are approx the same) and i think the 365 will be close too to this level.
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Plan your Trade, Trade your Plan
  • #101,767
  • Sep 15, 2011 6:51am Sep 15, 2011 6:51am
Quoting BigJay
nice cable setup on daily TF. a pinbar on the 1.57500 level with trendline break. First big resistance at the 1.59 + 23.6 fibo area and second on 1.6050 + 38.2 fibo (they are approx the same) and i think the 365 will be close too to this level.

Nice one Jay, im looking to get into this one myself, just waiting for a retrace.

Cheers
NTW
No more DOH! trades
  • #101,768
  • Sep 15, 2011 7:29am Sep 15, 2011 7:29am
Quoting BigJay
nice cable setup on daily TF. a pinbar on the 1.57500 level with trendline break. First big resistance at the 1.59 + 23.6 fibo area and second on 1.6050 + 38.2 fibo (they are approx the same) and i think the 365 will be close too to this level.
It's more than likely that I'm missing something, but that bar you called a pin looks more like a doji to me. At best it has a really poor close...
When the going gets weird, the weird turn pro.
  • #101,769
  • Sep 15, 2011 7:40am Sep 15, 2011 7:40am
Quoting BigJay
nice cable setup on daily TF. a pinbar on the 1.57500 level with trendline break. First big resistance at the 1.59 + 23.6 fibo area and second on 1.6050 + 38.2 fibo (they are approx the same) and i think the 365 will be close too to this level.

Yeah, it is a bad PB type doji.

Also, take a look at the weekly PPZ it is underneath.
That combined with the major downswing and the size of the bearish bars in this downswing compared to that dojo type bar, makes it very, very dodgy.
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  • #101,770
  • Sep 15, 2011 7:54am Sep 15, 2011 7:54am
Quoting Pinbar
Yeah, it is a bad PB type doji.

Also, take a look at the weekly PPZ it is underneath.
That combined with the major downswing and the size of the bearish bars in this downswing compared to that dojo type bar, makes it very, very dodgy.
From daily perspective it doesn't look attractive but there was nice opportunity to enter on h4 tf.
I wouldn't say its below the weekly support. last test was at 1.5780 (07.12) and we are still above that. That level is very clear on the h4 atm. We are above the downward trendline and those lows in the blue box might keep the key to the sell stops below.
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  • #101,771
  • Sep 15, 2011 8:10am Sep 15, 2011 8:10am
There would be no signal on d1 but h1 tf provided clear opportunity to short with tight stop. Sometimes it pays to dig a bit deeper to find a better entry

All the breakout players get their a** spanked right now
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  • #101,772
  • Sep 15, 2011 8:17am Sep 15, 2011 8:17am
Guys, just thought I did a rant over here.. i entered EURUSD on the break of the first pin bar and got stopped out. Look at where it is headed now!
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Now i think i rather place my stops at the end of the bar rather then conservatively. No rewards for being conservative since most of the bars i manage to trade usually end up in success.
  • #101,773
  • Sep 15, 2011 8:28am Sep 15, 2011 8:28am
Quoting 5.25
eurjpy looks like the strongest pair for me. Watch out for the weekly lowest close of support if you're thinking of entering.

T
PB with space. Paying off quite nicely for whoever took it.
  • #101,774
  • Sep 15, 2011 8:28am Sep 15, 2011 8:28am
Quoting fascist
Guys, just thought I did a rant over here.. i entered EURUSD on the break of the first pin bar and got stopped out. Look at where it is headed now! Attachment

Now i think i rather place my stops at the end of the bar rather then conservatively. No rewards for being conservative since most of the bars i manage to trade usually end up in success.
J16 teaches to place your stop just under the pinbar.
  • #101,775
  • Sep 15, 2011 8:30am Sep 15, 2011 8:30am
Quoting thermobee
J16 teaches to place your stop just under the pinbar.
Yeah..but they did say that you can choose ur stops at 61.8 fib or several pips away from the break after retracement.
  • #101,776
  • Sep 15, 2011 8:36am Sep 15, 2011 8:36am
Quoting fascist
Yeah..but they did say that you can choose ur stops at 61.8 fib or several pips away from the break after retracement.
Fib alone wont always cut it. 1.3550 was acting as a support twice on the PB day. Area below those lows was quite good to keep the stop loss.
  • #101,777
  • Sep 15, 2011 8:37am Sep 15, 2011 8:37am
Quoting Greenhaze
Fib alone wont always cut it. 1.3550 was acting as a support twice on the PB day. Area below those lows was quite good to keep the stop loss.
Yeah lesson learnt. Was just adverse to take full bar losses..guess now its worse..
  • #101,778
  • Sep 15, 2011 8:42am Sep 15, 2011 8:42am
In relation to your last answer to me of whether I should (attempt) to read completely the free thread or join the James16 group I have to say that I'm in a bit of a quandry.

As I am currently working from home I have the luxury of being able to commit heaps of time to my trading, or should I say learning experience, however my current occupation, and therefore earning capacity, is time limited to about the next 12 months, by that point in time I would like to be/need to be in a position whereby I am trading consistently profitably.

This being the case, combined with the fact that it would probably take me at least three months to get through a thread of over 101,000 posts, what I have decided to do is watch and re-watch the video's in the guest area in combination with reading the thread, obviously watching the video's mean that I get through the thread at a slower rate of knots.

My question is this, would yourself, Jim, Fiji and Diallist be happy to answer any questions that I have relating to the video's in the guest area if I was to ask those questions in this thread?

Apologies if a similar request has been made and answered previously, however I ask this as I have subscribed to other threads whereby the answer would be a short sharp 'READ THE THREAD!'
  • #101,779
  • Sep 15, 2011 8:47am Sep 15, 2011 8:47am
Quoting stochman
In relation to your last answer to me of whether I should (attempt) to read completely the free thread or join the James16 group I have to say that I'm in a bit of a quandry.

As I am currently working from home I have the luxury of being able to commit heaps of time to my trading, or should I say learning experience, however my current occupation, and therefore earning capacity, is time limited to about the next 12 months, by that point in time I would like to be/need to be in a position whereby I am trading consistently profitably.

This being...

Hey Stoch

We try to help out here as much as possible, don't be shy to ask questions. After reading the first 2-300 pages one should have a better idea of what we do. A lot of the posts in this thread can be skipped(by the nature of any public thread) I do worry that you are putting a lot of pressure on yourself by saying it has to be done in 12 months. Not that it can't be but for most this won't be the case. For most this is for sure a multiple year commitment.
Take care
Mike
  • #101,780
  • Sep 15, 2011 8:56am Sep 15, 2011 8:56am
Quoting 5.25
PB with space. Paying off quite nicely for whoever took it.
I was in since the formation of the PB on Monday and had been tempted several times to bail out...thankfully i didnt and now have a few more pennies to count It just goes to show that patience can pay in the end.

NTW
No more DOH! trades
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