james16 Chart Thread

Great analysis Winston! Haven't looked at 4H chart. Now I hope we'll get Pin bar or BEOB at convergence of TL and PPZ.

Thank you rami. Now I understand better how 'you' read the charts.

Yes, I am just saying that I think pending orders are more precise than market orders and that I use resistance zones to enter trades. See here possible candidate areas:



Each line goes along an area where price needs strength to pass through.

The SL may be put over the previous line or even two lines before if PA is strong enough.

This is just an approach to a main idea: Setting SL/TP levels close enough to not risk too much and give room enough for price to move within the current setup. And looking for price speed to take profit from price change speed.

My interest on this speech is just about using pending orders iof market others. The rest is PA interpreted as usual on this thread.

Wondering if anyone is in on USD/SEK, Im short from the daily chart...

This is also my first live trade after demo trading for what seemed like forever...Hope it goes well.

Thanks,
Those are the basic fundamentals that we in J16 thread see in charts. We can add there the 50 mark, but I assume that you have already seen that.
And when we can see PPZ, trendlines, boxing, wedges, breakouts, round numbers, and some PA candles - then it is up to the trader what kind of PA triggers and PA filters you want to use: Not to trade, Get into the trade and How you manage the trade. There is always that individual part in the trading - at least with most PA trading methods.
The above are the basics (hopefully I didn't forget any), you can also add anything that you need to feel better and more confident to trade. But with the basics you can do just fine and trade profitably.

Hi guys.

Mike i have been trying to PM you but guess the link button is crazy here. i decided to post it here. I want to take my learning process to the next level. I am looking forward to become a member @ the PF. I think waiting for the new site might be a better decision as i don't have have a heavy pocket to stay too long (well i have to stay till i am satisfied b4 i leave but just weighing my possibilities). Also how can i go about the payment as i am not use to any online mode of payment. Maybe a procedure on how to go about it from my local bank here can help. I must say the way you have evolved over the few years with quite some other brilliant minded people i follow here at FF really overwhelms me. Thinking of people like you keeps the zeal for trading in me alive everyday. Thanks.


Jibson


May the odds be in your favor ...

AUDNZD at the low of the range, divergence as well, waiting for PA to show me whether the price will bounce or break this level at 1.12

Price stalled where expected, so I am moving the stop to BE.

I'm looking at this closely (it's hard to not look, although I shouldn't). There is minor S/R at 0.9418-38. If it holds I guess price will continue lower, if not it will hit 0.9500.

Looking at EURUSD.

perfect level to watch F great job

Hey Jib

I'll shoot you a PM

Thanks
Mike

USD/JPY

Was/Is watching PA near a daily high. Took a TT on the lower TF. First TP hit at first blue rectangle.





Rolo

Price breaks out of the consolidation box and hits the ppz. A buob fakeout bar is formed that has closed above brn 7.0. I think price might head straight back to the bar lows of the consolidation box.

Neytiri

GBP/USD

Another trade. BEOB on H4 at PPZ. Nice pinbar at the PPZ on the M15. Sorry for the lower TF entry. I would like for price to get below the 1.6100.





Rolo

.

Thanks Mike

Hello,

This is my first time posting to any sort of forum so if I make any mistakes or ask something that has been answered previously please forgive me.

First of all I am a definite green trader. I've been trading FX now for about a year. To this point I've managed to break even. Most of that has been through pure luck and riding the waves that seem to follow NFP to get myself back to even. Pretty much the only day I can trade profitably is NFP and even then I sometimes get my face ripped off.

My reasoning behind posting here is to get some sort of direction as to what a proper order of operations would be for a rookie trader like myself. What I mean by that is where do I go first. From reading some of this thread (man there is a lot here) I've obviously read the first post by James regarding minimum requirements etc. From there though the thread seems to jump right in to charts without giving much information as to what I'm looking at or the rules being followed.

My question then becomes. Would it be best for someone like me to just dive right in to this thread and attempt to figure it out or would I be better served trying to get an education from some of the books that are available out there. Currently I own copies of most of the books available out there regarding markets. At least the vast majority of the ones that seem to pop up on peoples recommended reading lists most often (over 100 in all).

Should I spend a few days and start with Japanese Candlestick Charting Techniques by Nison and then progress from there? What other books should I consume to help me understand the concepts in this thread. Maybe I am missing something here but I have not seen any clearly defined set of rules regarding these strategies. It is almost as if the first few posts of this thread are missing. For example the first post I see after the introductory posts starts on Jun 17th, 2005 and begins immediately with a chart. This chart mentions breakouts and two matching lows. That is great but without any description of how to correctly enter and exit that trade it seems almost worthless. This can't be the case though so I am chalking it up to my naivety regarding price action trading in general.

I've been to the James16group website and have gone through pretty much all of the information in the guest area and have gotten some good information from that so far. My issue is that I am not sure I have the proper foundation built yet from which to learn this best. From that I have attached a chart of a trade setup I currently have in place.

I'm not looking to be spoon fed here, I'm just hoping that a Sr member could direct me as how to best approach this information. Maybe a list of different books that I should read and in what order to build a foundation? Possibly a PDF document that breaks down this strategy as far as entry and exit methods for the different types of patters being discussed? Is there a new website for the James16 group or another thread I can go to? Seems like the site I have found so far has not been updated in quite some time.

I'm willing to spend both time and money to educate myself and become successful at this but I need some guidance, a course syllabus if you will. Is there anyone out there that would be willing to assist me with this? Thank you in advance for any assistance anyone is able to provide.

For example here is another trade I identified on EURJPY using some of what I have learned in this thread so far. Didn't take this one but it would have worked out exactly as I had intended. Thoughts?

And yet another one identified, I did not take this trade either however because it appeared to me like I would be trading contrary to the trend. So far this looks like it was probably a good decision. It should be mentioned that I am trading a micro account here with single mini-lots. Really can't take demo trading seriously in my head. Losing dimes really bothers me though so I take the little $100 investment as a "course fee" and take it far more seriously. My current job also allows me to be in front of my trading set up throughout most of the day 8am EST until at least 8pm EST.