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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

  • #112,061
  • May 22, 2012 5:16pm May 22, 2012 5:16pm
At the moment, I am just confused.
I go through charts in this thread and other PA ones and things seem clear to me. Then scroll through my charts, try to implement it, look for setups and see nothing. Or I take some mediocre ones. And the next day someone posts a trade example and I think to myself: "How the f***did I not see this...???"

Guess I just have to keep on grinding. But it does feel like 1 step forward and 2 steps back at the moment.
Thoughts are things
  • #112,062
  • May 22, 2012 5:16pm May 22, 2012 5:16pm
I took this short trade on demo. I am seeing a dbhlc. I went ahead and just put a take profit order at the FTA. Does anyone see a problem with this as a good trade setup since I would be taking the entire position off if it reaches the FTA? Also, how about my stoploss? Good or bad? Thanks.
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  • #112,063
  • Edited 5:28pm May 22, 2012 5:17pm | Edited 5:28pm
Quoting patapouer
Hi Pinbar,

May I ask you a question, just for curiosity (I'm here to learn before even thinking of taking a trade ) ?

The 1565 seems to act as a strong S/R.

Looking at the monthly, I would think of a price breakthrough and close below before entering short and targeting 1510 and 1450 or so (do not have my MT4 at hand right now...).
But looking at the weekly, there is a nice bullish PB on the S/R, suggesting, if it breaks, a move toward 1630-1650. On the other hand, this PB is in a wedge (am I right?), suggesting this bullish move might not...

Yes, exactly, if you were looking for a short.

Good job.

I was leaning towards, the triple bottom holding and this LCS & HCR in kicking price off for a possible break of the weekly PB.
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  • #112,064
  • May 22, 2012 5:19pm May 22, 2012 5:19pm
Quezoy, I feel your pain. I think I might be newer than you on this thread, but I feel like I do the same exact thing. Keep your head up, I believe it will get easier for us both with more practice/experience.

Quoting Quezoy
At the moment, I am just confused.
I go through charts in this thread and other PA ones and things seem clear to me. Then scroll through my charts, try to implement it, look for setups and see nothing. Or I take some mediocre ones. And the next day someone posts a trade example and I think to myself: "How the did I not see this...???"

Guess I just have to keep on grinding. But it does feel like 1 step forward and 2 steps back at the moment.
  • #112,065
  • May 22, 2012 6:18pm May 22, 2012 6:18pm
Quoting mbarker22
I took this short trade on demo. I am seeing a dbhlc. I went ahead and just put a take profit order at the FTA. Does anyone see a problem with this as a good trade setup since I would be taking the entire position off if it reaches the FTA? Also, how about my stoploss? Good or bad? Thanks.
Hey MB

This probably has a good chance of at least making that FTA, but we want to be careful especially when starting out. I am glad to see you identify your FTA that's great. But just some simpler points such as location. Remember james teaches us to take DBHLC at swing high points, and we want confluence not just bars. So this would be a DBHLC at a deep swing low. Just gotta be careful when starting out, but glad to see you understand your FTA is so close

Best
Mike
  • #112,066
  • May 22, 2012 6:19pm May 22, 2012 6:19pm
Quoting mbarker22
Quezoy, I feel your pain. I think I might be newer than you on this thread, but I feel like I do the same exact thing. Keep your head up, I believe it will get easier for us both with more practice/experience.

yep

time, practice, time, and more of the same. Only way any of us ever got this

A good way to realize this is think back to day one when you got into trading compared to what you know now. That keeps happening as long as you study, practice, demo and continue to learn and be open and honest with yourself and trading


Mike
  • #112,067
  • May 22, 2012 6:29pm May 22, 2012 6:29pm
Quoting Quezoy
At the moment, I am just confused.
I go through charts in this thread and other PA ones and things seem clear to me. Then scroll through my charts, try to implement it, look for setups and see nothing. Or I take some mediocre ones. And the next day someone posts a trade example and I think to myself: "How the f***did I not see this...???"

Guess I just have to keep on grinding. But it does feel like 1 step forward and 2 steps back at the moment.
Sometimes it's good to step away from the forums m8. Other people getting stuff you missed can sometimes screw with ones head when starting out. I still get that feeling. Just focus on what you do spot being right and in time you'll be spotting stuff all over the place.
  • #112,068
  • May 22, 2012 6:46pm May 22, 2012 6:46pm
Brand new member of james 16. Have learned so much already but over whelmed with all the posts to work through. Is there a summary post that walks you through step by step basics of what to look for and set up on each time frame as you go from the higher time frames down to the daily? Thanks. Darcy
  • #112,069
  • May 22, 2012 8:23pm May 22, 2012 8:23pm
Hello,

It's my first post in here But i'm studying this thread since a while ,

what do you think about The Bearish Outside Pattern EURlGBP ?

Round Number plus Cluster Fib + Down Trend ,

i'm thinking about waiting for 50% retracement for sell entry
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  • #112,070
  • May 22, 2012 8:55pm May 22, 2012 8:55pm
Price has been playing Tom Petty for quite some time now. If anything is going to cause a bump in the road, it's going to be this .7500 level which price is currently trading at.
I see one of three things happening (two of which are illustrated):

1. Price will break through this .7500 level, head downwards, come back up for a retest of .7500 and get firmly rejected as past support will turn to new resistance.

2. Price will get rejected off of the .7500 and make its way back of to the LCS (notated by longer dotted line) from a few months ago, bounce off of that LCS, then bounce off of the .7500 area, and then break through the LCS level.

3. Lastly, a rejection from the .7500, a bounce off of the LCS and a break through the .7500 off of that LCS bounce seems likely as well.

For areas of confluence here we have a BRN, possibly a LCS level, and we're looking for price action. I don't put a lot of weight on the notion that historical prices in the form of MAs, stoch, or even fibs (too easily curve fitting) can predict where price is going. Because the trend has been moving lower without any real interruption, we don't have a trend line that would be worth trading off of and momentum does not seem to be fading.

Thoughts?
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  • #112,071
  • May 22, 2012 9:44pm May 22, 2012 9:44pm
Quoting dgross07
Brand new member of james 16. Have learned so much already but over whelmed with all the posts to work through. Is there a summary post that walks you through step by step basics of what to look for and set up on each time frame as you go from the higher time frames down to the daily? Thanks. Darcy
Hey DG

Welcome to the thread. Most of what this is, is learning lots of little concepts and then being able to put them together. The best starting place is post 1, and start working through the first few hundred pages slowly paying special attention to all of James16 posts. Don't get overwhelmed that this thread is so big. You will quickly begin to catch on as you get throw those first few hundred pages.

Just understand that it's not a mechanical type thing and that it takes time and practice and we demo and learn as we go

Again welcome to the thread
Mike
  • #112,072
  • May 22, 2012 9:46pm May 22, 2012 9:46pm
Quoting Rona
Hello,

It's my first post in here But i'm studying this thread since a while ,

what do you think about The Bearish Outside Pattern EURlGBP ?

Round Number plus Cluster Fib + Down Trend ,

i'm thinking about waiting for 50% retracement for sell entry
Hey Rona

Welcome to the thread as well.

I would be careful with a beob located here. It's at a very minor swing low which means it's running right into traffic. Check out my video called space vs traffic about this topic. Price is also having to trade back into that swing low and BRN of 8000 mark. So with that lack of space makes these tricky. We really want more confluence for our trades and to pick these beobs at more clear swing highs when starting out.

Welcome again though too
Mike
  • #112,073
  • May 22, 2012 9:49pm May 22, 2012 9:49pm
Quoting Ender2492
Price has been playing Tom Petty for quite some time now. If anything is going to cause a bump in the road, it's going to be this .7500 level which price is currently trading at.
I see one of three things happening (two of which are illustrated):

1. Price will break through this .7500 level, head downwards, come back up for a retest of .7500 and get firmly rejected as past support will turn to new resistance.

2. Price will get rejected off of the .7500 and make its way back of to the LCS (notated by longer dotted line) from a few months...
looks good ender. 7500 is historically hugely important as well. I am watching this area for more clues as well. Price is most likely going to box above or below this area

Best
Mike
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  • #112,074
  • May 22, 2012 10:05pm May 22, 2012 10:05pm
Hi Mike,

Thank you so much ,

I'm Big Fan of you and your posts in here was real useful for me ,

I will look for the Video you mentioned , and will keep in mid those rules for trading BEOB ,
it's my First Time trading BEOB i always Trade PIN Bars and gained good profit already as you always advice i'm so Picky on PIN Bars that's why it's profitable with me , now i'm looking forward to trade more patterns ,

Thanks again for your great efforts and welcoming me .
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  • #112,075
  • May 22, 2012 10:45pm May 22, 2012 10:45pm
Quoting mbqb11
fantastic Ga, that's what I would be thinking. If it doesn't break strong, GET OUT. So much better bars pop up then to mess around with the smaller ones.


Thanks for helping out G

Mike
Thanks sir.
  • #112,076
  • May 22, 2012 10:54pm May 22, 2012 10:54pm
Quoting bullzeye
AUD/CHF

support turns resistance... a small pinbar, enough reasons to take a small trade for me
similar one on E/A - PB off resistance turned support (PPZ) with entry after price pulling back to the support. Both now at FTA.

Missed both unfortunately....

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  • #112,077
  • May 22, 2012 11:34pm May 22, 2012 11:34pm
Hello Slickmik and bullzeye, I am still practicing the basics of j16 PA. If you took a trade like these 2, how do you personally manage the trade once in? My rookie mind is thinking take full profit at the FTA, but I am curious about what you would do or are doing with this? Thanks!

Quoting slickmik
similar one on E/A - PB off resistance turned support (PPZ) with entry after price pulling back to the support. Both now at FTA.

Missed both unfortunately....

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  • #112,078
  • May 23, 2012 12:23am May 23, 2012 12:23am
Quoting mbarker22
Hello Slickmik and bullzeye, I am still practicing the basics of j16 PA. If you took a trade like these 2, how do you personally manage the trade once in? My rookie mind is thinking take full profit at the FTA, but I am curious about what you would do or are doing with this? Thanks!
mbarker, i preface my comments by saying i'm very new to this.

I would certainly have moved my SL to BE. But not have taken profit at the FTA - perhaps partial profits. Both pairs have room to move beyond the FTA, so would give it that chance.

From what i understand in reading this thread is that trade management can be more difficult and subjective than entries themselves. For example, Mike, j15, jaroo etc manage their trade in their own methods, which are quite different.

There is an old post by Jduester that might be of interest to you if you havent already seen it: http://www.forexfactory.com/showthre...45#post2651145

cheers
  • #112,079
  • May 23, 2012 1:07am May 23, 2012 1:07am
I have question regarding the best platform recommended For Analysis , i'm using Platform which Daily open is 00:00 GMT , is it ok or you advice me to Change it ?

TNX in advance
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  • #112,080
  • May 23, 2012 1:14am May 23, 2012 1:14am
Quoting Ender2492
Price has been playing Tom Petty for quite some time now. If anything is going to cause a bump in the road, it's going to be this .7500 level which price is currently trading at.
I see one of three things happening (two of which are illustrated):

1. Price will break through this .7500 level, head downwards, come back up for a retest of .7500 and get firmly rejected as past support will turn to new resistance.

2. Price will get rejected off of the .7500 and make its way back of to the LCS (notated by longer dotted line) from a few months...
My desirable scenario of this. Watching this.
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If not up, then down, otherwise sideways :-)
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