james16 Chart Thread | Page 5205 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #104,081
  • Nov 7, 2011 2:04am Nov 7, 2011 2:04am
Quoting Pinbar
Yes, it did work out well and I learned a great deal from it, not because it worked out, I would have learned equally as much from it had it failed.

That is it isn't it, trial and error and learning as much from the errors as the successes.

Thanks Jim

Interesting question someone posed about this methodology being different than the norm in this thread.
I used to think the same but recently have come to the conclusion that it is actually the very same thing.
That being resistance turning to support and Visa a Vi
Hey Pb . .yeah Support and Resistance Levels and PPZ levels are key to what James16 setups are all about. Add confluences into that mix and a trading opportunity is born.

Check out this post (chart) from James16 back in Jan 2010

Quoting james16
CHART
He saw the PPZ level and saw the confluence with the 61.8 fib. The BUOB at the time (chart 1) was "ok" it did evenually hit its immediate targets but the better level was what he wanted.

Then look what happen a month or so later . . . .Jim got what he wanted . .BUOB at a confluenced PPZ level . .nice. . .(chart 2)
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj120.gif Size: 38 KB
Click to Enlarge Name: uad jpyj16.jpg Size: 121 KB
Indicators show the past. Price Action "Indicates" the future.
  • #104,082
  • Edited 2:38am Nov 7, 2011 2:21am | Edited 2:38am
Quoting jarroo
Hey Pb . .yeah Support and Resistance Levels and PPZ levels are key to what James16 setups are all about. Add confluences into that mix and a trading opportunity is born.

Check out this post (chart) from James16 back in Jan 2010



He saw the PPZ level and saw the confluence with the 61.8 fib. The BUOB at the time (chart 1) was "ok" it did evenually hit its immediate targets but the better level was what he wanted.

Then look what happen a month or so later . . . .Jim got what he wanted . .BUOB at a confluenced PPZ level . .nice. . .(chart...

Yes, I think he knows more than full well, the importance of sitting on our hands and not chasing price but, waiting for it to come back to our areas and tip its hand.

Great post Jarroo.

EDIT: It was nice one with Bill's ICCE also.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 131 KB
Click to Enlarge Name: picd.jpg Size: 162 KB
  • #104,083
  • Nov 7, 2011 2:32am Nov 7, 2011 2:32am
Quoting Bemac
Not saying this isn't worth playing while we wait for the Big Break but this a Weekly Scr. Sht.
Attachment
Short back to 1.59xx might be worthwhile
BUT...
Watch for a Break.

B
Funnily enough GBPCAD was one of the pairs that I had highlighted with a daily range as well yesterday evening. I would still need to be patient and wait for that weekly PA confirmation.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2011-11-07 at 08.26.57.png Size: 56 KB


Attached Image


Think what I'm going to start doing this week as well is open a demo account, and whenever I start to feel the urge or eagerness to place a trade, just log into the demo account and start bashing buy and sell buttons till I get it out of my system.
  • #104,084
  • Nov 7, 2011 2:39am Nov 7, 2011 2:39am
Quoting PinWing
Thank you Jim, I totally agree with you, this is the place to understand the market movements. I have to admit I print almost all your charts about HCR - LCR, they're pure gold. I watch them all the time, and when Im out of ideas, when I cant see anything on the charts, i watch the charts and and boom, all the information the market gives you about what he is doing and where he could go, just appears in front of my eyes.
The charts and Mikes and Jims videos in the james16 web page are very helpfull to understand what is going on. Like I wrote,...
Sure thing Hector ..I'm sure you meant to type LCS not LCR .. . . I'm sure it was just a typo.

Demo, back test and simulate the hell out of this or any other method you use. It will only help and give confidence to your trading ..
Indicators show the past. Price Action "Indicates" the future.
  • #104,085
  • Nov 7, 2011 2:57am Nov 7, 2011 2:57am
Quoting Pinbar
Yes, I think he knows more than full well, the importance of sitting on our hands and not chasing price but, waiting for it to come back to our areas and tip its hand.

Great post Jarroo.

EDIT: It was nice one with Bill's ICCE also.
Yeah that BUOB had some traffic issues and the size of the BUOB could have been bigger. The locational confluence at the 88.50 was definitely the strength of this trade. Trade management at the targets was key to its success and pretty tight.
Attached Image (click to enlarge)
Click to Enlarge Name: uad jpyj16a.jpg Size: 118 KB
Indicators show the past. Price Action "Indicates" the future.
  • #104,086
  • Nov 7, 2011 3:05am Nov 7, 2011 3:05am
Quoting jarroo
Yeah that BUOB had some traffic issues and the size of the BUOB could have been bigger. The locational confluence at the 88.50 was definitely the strength of this trade. Trade management at the targets was key to its success and pretty tight.
Lately I had been considering based on the bar/where it is i See. I need to make sure I only enter trade when "this happens", "this happens", "this happens", "this happens" and "this happens" rather than when "this happens" and "this happens".
Trading is a test match not a Twenty20.
  • #104,087
  • Nov 7, 2011 3:12am Nov 7, 2011 3:12am
Quoting picon1
Funnily enough GBPCAD was one of the pairs that I had highlighted with a daily range as well yesterday evening. I would still need to be patient and wait for that weekly PA confirmation.

Attachment

Attachment

Think what I'm going to start doing this week as well is open a demo account, and whenever I start to feel the urge or eagerness to place a trade, just log into the demo account and start bashing buy and sell buttons till I get it out of my system.
Some strong levels up there on the Gbp/Cad . . If we get Price to Close above these levels . .a good chance we are going to go upward. .
. . .but until that happens and Price still Closes below these levels it will remain as Resistance levels and some strong Bearish PA would be what I would be looking for . .
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad07.jpg Size: 103 KB
Indicators show the past. Price Action "Indicates" the future.
  • #104,088
  • Nov 7, 2011 3:18am Nov 7, 2011 3:18am
Quoting decentchap
Lately I had been considering based on the bar/where it is i See. I need to make sure I only enter trade when "this happens", "this happens", "this happens", "this happens" and "this happens" rather than when "this happens" and "this happens".
Yeah!!! excellent . . . .I forgot which video James16 says that . . .. . ."this happens" (confluence) "this happens" (confluence), "this happens" (confluence) . .

Only one or two, "when this happens" is not enough . .


Indicators show the past. Price Action "Indicates" the future.
  • #104,089
  • Nov 7, 2011 3:21am Nov 7, 2011 3:21am
Quoting VielGeld

Hi! I'm VielGeld and I am a market loser.

However, I have myself to be more of a very low time-frame trader. Think in the order of 30s to 5m charts at most.
Hi.
Without trying to sound too blunt, do you wish to continue to be a "Market Loser"?

Mike kindly laid out the reasons for this, & you should consider it for the following reasons.
Have you ever considered how many times you are paying the spread to a broker by trading so short a time frame?
The shorter time frames such as M5 or M30 unless you really know what you are doing are mainly noise.
I know how hard it is to acclimatize oneself to the weekly and daily charts, but the Monthly & weekly charts are where the trend is made.

Perhaps you might want to reconsider the current situation and bite the TF bullet. Whatever, good luck to you.
  • #104,090
  • Nov 7, 2011 3:23am Nov 7, 2011 3:23am
Quoting 5.25
Hi there,

FTB equals First Time Back. It is when you expect a support or resistance level to flip once it has been broken then retested for the first time. Resistance turned support, support turned resistance.

There are traders in FF who use this approach as their primary strategy as it can give a good risk to reward ratio (See this weeks charts).

1683.10 acted as resistance, price broke through, retested for the First Time Back, hey presto... resistance turned support.

It's usually better to find added confluence with these sort of trades...
"It's usually better to find added confluence with these sort of trades e.g. fibs, big round numbers etc." and PA formations . .

Great post and charts . .T.
Indicators show the past. Price Action "Indicates" the future.
  • #104,091
  • Edited 4:00am Nov 7, 2011 3:32am | Edited 4:00am
Quoting decentchap
Hi guys, how do you explain the retest mechanism in terms of market participants? What makes the price retest a level ?
I believe that other traders understand this market dynamic that a Resistance level will transition or turn into and Support level once Price break though the Resistane level (and Closes above it . .) .. and vice versa.

Once this event happens, they place the buy orders there (Support level) and we get a bounce or Bam!! when Price returns to that level.
Attached Image (click to enlarge)
Click to Enlarge Name: goldaa.jpg Size: 96 KB
Indicators show the past. Price Action "Indicates" the future.
  • #104,092
  • Nov 7, 2011 3:39am Nov 7, 2011 3:39am
Quoting 5.25
Liking it
You beat me to it, T . .
Indicators show the past. Price Action "Indicates" the future.
  • #104,093
  • Nov 7, 2011 3:41am Nov 7, 2011 3:41am
Quoting jarroo
I believe that other traders understand this market dynamic that a Resistance level will transition or turn into and Support level once Price break though the Resistane level (and Closes above it . .) .. and vice versa.

Once this event happens, they place the buy order there (Support level) and we get a bounce or Bam!! when Price returns to that level.
thanks jaroo, that makes sense. "this happens" is from the training video.
Trading is a test match not a Twenty20.
  • #104,094
  • Edited 4:02am Nov 7, 2011 3:51am | Edited 4:02am
Quoting mbqb11
Hey Hiten

Firstly welcome as well. I put my opinions and comments below in bold. Please realize anything I say it's coming from a meaningful place to help but it is my opinion.




This does worry me and I have to say it. The expectations most have coming to trading is to take a very small amount of money and become a full time trader. This is not a successful route for most. The pitftalls are endless and if you want me to go through them I would be more then happy to. You may already know them and formed your opinion and that is ok too. As...
Another great Mike post out of the thousands of great ones .


Man, . . I love this line . ."patience is not determined by timeframe but by ones method."

Trading poetry, my friend . .there are so many different meanings in the one line. . .wow.
Indicators show the past. Price Action "Indicates" the future.
  • #104,095
  • Nov 7, 2011 3:56am Nov 7, 2011 3:56am
Quoting gungriffin
Hey there Hector.

I don't count the closes as an absolute reason not to enter, but I place a large amount of weight on the them. It is just something that I keep in mind when I trade.

One of my most important philosophies is that I am not looking for trades, but instead I am looking for reasons not to take the trade. If I can come up with reasons that it is not ideal then I stay out. This is a business that is all about taking only the best. We don't need to take anything less. Time x quality trades = profitability. We just have to learn...
That's some trading poetry right there . . .
"This is a business that is all about taking only the best. We don't need to take anything less." and I think that rhymes a little too . . .

Great post . . Ryan.
Indicators show the past. Price Action "Indicates" the future.
  • #104,096
  • Nov 7, 2011 3:59am Nov 7, 2011 3:59am
Quoting decentchap
thanks jaroo, that makes sense. "this happens" is from the training video.
Oh Yeah . . . thanks chap . .
Indicators show the past. Price Action "Indicates" the future.
  • #104,097
  • Nov 7, 2011 4:22am Nov 7, 2011 4:22am
Jarroo

I think I read that you prefer to use a period of 1 year over going back too far but, if there is a lot of space, you will check out the periods further back.

Looking at this consolidation area and the LCS from Sep 01 2009, how would you treat this area compared to a more recent area.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 140 KB
  • #104,098
  • Nov 7, 2011 4:55am Nov 7, 2011 4:55am
Quoting Pinbar
Jarroo

I think I read that you prefer to use a period of 1 year over going back too far but, if there is a lot of space, you will check out the periods further back.

Looking at this consolidation area and the LCS from Sep 01 2009, how would you treat this area compared to a more recent area.
Well I would look how Price is building off that level in the past and at current Price levels . . meaning that 1.6 RN is a strong level. But its in the middle of alot of traffic and we can see how choppy Price is at this 1.6 level on this time frame.

Look at the these HCR and LCS levels on the Monthly . .more Space and more responsive to Price .. .nice 365 ema on the Monthly HCR level . .
Attached Image (click to enlarge)
Click to Enlarge Name: gu07.jpg Size: 90 KB
Indicators show the past. Price Action "Indicates" the future.
  • #104,099
  • Nov 7, 2011 5:04am Nov 7, 2011 5:04am
Interesting H4 consolidation boxes.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 101 KB
  • #104,100
  • Nov 7, 2011 5:16am Nov 7, 2011 5:16am
Thanks for the explanation about the time factor, Jim.
I shall work on it.



Took half off the table and am leaving the SL where it is for now.

If it stops me out as I suspect, I will still be at BE+.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 115 KB
60 traders viewing now