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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

  • #9,801
  • Apr 2, 2008 12:52am Apr 2, 2008 12:52am
A couple of PPZ levels to watch... (purple horizontal lines) ...and what will this trend line do?


Maybe we break down through the trend line then retrace back to it in confluence with the top PPZ??? ..Let's wait and see.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp use of ppzs and trend lines.gif Size: 17 KB
Bundy's status today: "Waiting..."
  • #9,802
  • Apr 2, 2008 2:09am Apr 2, 2008 2:09am
Hello,

I got a question. Any help? Looking at the chart. There's BUOVB but it looks like there will be strong resistance at weekly R1.

Wld you have taken this trade? I guess my question is which do you prioritize more?
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  • #9,803
  • Apr 2, 2008 2:23am Apr 2, 2008 2:23am
Why does it matter that it's a 30 year period?

Quoting Eklavya
What is the use of a 365 EMA on a monthly chart..that is more than 30 years long period...
  • #9,804
  • Apr 2, 2008 2:27am Apr 2, 2008 2:27am
This is at a swing high and James teaches BUOB are preferred at swing lows.

Quoting Sukarno
Hello,

I got a question. Any help? Looking at the chart. There's BUOVB but it looks like there will be strong resistance at weekly R1.

Wld you have taken this trade? I guess my question is which do you prioritize more?
  • #9,805
  • Apr 2, 2008 2:34am Apr 2, 2008 2:34am
Quoting fxprocessor
This is at a swing high and James teaches BUOB are preferred at swing lows.
Thanks alot fxprocessor. I got it. So the reverse applies for BVOB too ya?!
  • #9,806
  • Apr 2, 2008 2:41am Apr 2, 2008 2:41am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hey,bundyraider

Thanks for the beautiful drawing. tell you a story for exchange of a beer. a boy saw a dog first time, he was so brave with out any fear, someday, this dog was pissed off by something, and bited the little boy, since then,whenever the boy met a dog, he feel scared,and think every dog were dangerous. silly analogy though, but, similar psycho implication to new trader. however, the question seems probably not about the reliability of support and resistance, it is about when. there are several occassions here and there you will find the seemingly support area gets weak, that occurs in a down trend, particularly at the beginning of a lengthy down trend, this scares me, and the serious problem is I don't know if the upcoming down trend is a big one or not. I knew I have a lot to sort it out, the boy and dog problems, the stoploss and many other. in any case, appreciate your beautiful drawing

Beer is my big favorite too, hopefully, we could have chance get together enjoy a couple of jugs. and I am sure the jugs will stand on the strong support line to get served.


Quoting bundyraider
Hi Krue,

Not really. Each one is just as valid as the other. Pivots, Pivot Zones, Fibonacci levels, whatever! The real key is when a level has proven to be significant twice or more.

I've drawn some charts... ...You owe me a beer!!
  • #9,807
  • Apr 2, 2008 2:51am Apr 2, 2008 2:51am
hi,

how about this chart...

look like james also give attention outside the swing high...what yur opinion guys ?

http://www.forexfactory.com/attachme...6&d=1119058609
  • #9,808
  • Apr 2, 2008 2:57am Apr 2, 2008 2:57am
No problem Sukarno. Yes that is my understanding of how we play these bars.

Quoting Sukarno
Thanks alot fxprocessor. I got it. So the reverse applies for BVOB too ya?!
  • #9,809
  • Apr 2, 2008 3:24am Apr 2, 2008 3:24am
Quoting CandlePower
hi,

how about this chart...

look like james also give attention outside the swing high...what yur opinion guys ?
Ok, I am a beginner at this, but want to give you an answer. I am sure Mike, Raczek or Seeking can give you a much better answer.

You are right, James gave this example at the beginning and they are good. But, these are only examples of price action setups and require a good spot as James tries to teach us later. You should at the beginning try to play them as you see them and gain experience. You will find out that there are some times when they work and some when the do not. Of course, you can play them by them own, but this requires much experience.

In my opinion the most important thing to play them is the spot, confluence. I give you an actual example. Dont look at the timeframe of this chart. You see a BuOB(Bullish Outside Bar) if we close like this. But you do not necesserly take it. You want this price action to form in the right spot. I have marked a possible spot, with some confluence. When we could get the right price action at this spot, we would be more confident in our trade and had more ods in our favor.

This is only my view but as I began to look for price action in the "right" spot I found myself profitable.
Attached Image
  • #9,810
  • Apr 2, 2008 3:34am Apr 2, 2008 3:34am
a nice looking pinbar at fibo50 and support area.
Attached Image (click to enlarge)
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  • #9,811
  • Apr 2, 2008 5:45am Apr 2, 2008 5:45am
Quoting kptMisiu
Ok, I am a beginner at this, but want to give you an answer. I am sure Mike, Raczek or Seeking can give you a much better answer.

You are right, James gave this example at the beginning and they are good. But, these are only examples of price action setups and require a good spot as James tries to teach us later. You should at the beginning try to play them as you see them and gain experience. You will find out that there are some times when they work and some when the do not. Of course, you can play them by them own, but this requires much experience.

In my opinion the most important thing to play them is the spot, confluence. I give you an actual example. Dont look at the timeframe of this chart. You see a BuOB(Bullish Outside Bar) if we close like this. But you do not necesserly take it. You want this price action to form in the right spot. I have marked a possible spot, with some confluence. When we could get the right price action at this spot, we would be more confident in our trade and had more ods in our favor.

This is only my view but as I began to look for price action in the "right" spot I found myself profitable.
thank you very much kptMisiu for yur xplaination & chart. Much appriciate it.
  • #9,812
  • Apr 2, 2008 6:11am Apr 2, 2008 6:11am
Quoting krue
Hey,bundyraider

Thanks for the beautiful drawing. tell you a story for exchange of a beer. a boy saw a dog first time, he was so brave with out any fear, someday, this dog was pissed off by something, and bited the little boy, since then,whenever the boy met a dog, he feel scared,and think every dog were dangerous. silly analogy though, but, similar psycho implication to new trader.however, the question seems probably not about the reliability of support and resistance, it is about when. there are several occasions here and there you will find the seemingly support area gets weak, that occurs in a down trend, particularly at the beginning of a lengthy down trend, this scares me, and the serious problem is I don't know if the upcoming down trend is a big one or not.
"You don't have to know to be profitable". - ....Same book

None of us know. We take what is given.

There's nothing anyone can tell you that'll help you completely here.
Reading this thread from the start a few times until the ideas stick is a good start. Practising it all on demo until you gain confidence is another good idea.

You need confidence in your method.
If you aren't even sure of your methods ability to win over time you are trading with your hands tied and eyes blind folded.

Quote
Beer is my big favorite too, hopefully, we could have chance get together enjoy a couple of jugs. and I am sure the jugs will stand on the strong support line to get served.
I always appreciate a couple of good jugs.
Bundy's status today: "Waiting..."
  • #9,813
  • Apr 2, 2008 6:31am Apr 2, 2008 6:31am
Quoting bundyraider
I always appreciate a couple of good jugs.
..aaaaaand I'm interested in this thread again! ;p

Good jugs? I say bottoms up!

J/K, just wanted to throw out an updated USDCAD chart with 1-2 PA examples drawn in. Prolly not any and all, but some of those that are at important areas. I currently have high hopes for the latest short =)
Why? Because it's brother pair is showing this as well - EURCAD.

But before people start accusing me of Helsinki-Equinox trading again, I'm just gonna shut up and keep my super-special-power-secrets to myself and my journal / chat sessions, where I'm free to spread my lunacy without fear of repercussions hehehe :
Attached Image (click to enlarge)
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Trust price. Know yourself.
  • #9,814
  • Apr 2, 2008 7:09am Apr 2, 2008 7:09am
Hello Bundy,

can i ask you for your indicator for weekly PP?

Thanx in advance.

Quoting bundyraider
"You don't have to know to be profitable". - ....Same book

None of us know. We take what is given.

There's nothing anyone can tell you that'll help you completely here.
Reading this thread from the start a few times until the ideas stick is a good start. Practising it all on demo until you gain confidence is another good idea.

You need confidence in your method.
If you aren't even sure of your methods ability to win over time you are trading with your hands tied and eyes blind folded.


I always appreciate a couple of good jugs.
We leave no soldier behind.
  • #9,815
  • Apr 2, 2008 7:25am Apr 2, 2008 7:25am
Quoting james16
http://www.forexfactory.com/attachme...1&d=1206767611
hi james...thnx for this chart...its amazing...

regarding no.2 in the chart, how we measure "extreme high" ?

thnx
  • #9,816
  • Apr 2, 2008 7:36am Apr 2, 2008 7:36am
Quoting gagiul
Hello Bundy,

can i ask you for your indicator for weekly PP?

Thanx in advance.
Yeah mate

Weekly Pivots Indicator
Bundy's status today: "Waiting..."
  • #9,817
  • Apr 2, 2008 7:37am Apr 2, 2008 7:37am
Quoting CandlePower
regarding no.2 in the chart, how we measure "extreme high" ?
I think he just meant the highest point = swing high.
Trust price. Know yourself.
  • #9,818
  • Apr 2, 2008 7:41am Apr 2, 2008 7:41am
Quoting SeekingLight
But before people start accusing me of Helsinki-Equinox trading again, I'm just gonna shut up and keep my super-special-power-secrets to myself and my journal / chat sessions, where I'm free to spread my lunacy without fear of repercussions hehehe :
You've been quiet bud!

...Yeah speaking of that Helsinki-Equinox stuff. ...Mr Trend must be building that website still. ...He hasn't dropped in for a while.

(Warning: Don't search for the Helsinki-Equinox system everybody. It's an in-joke! )

.
Bundy's status today: "Waiting..."
  • #9,819
  • Apr 2, 2008 7:50am Apr 2, 2008 7:50am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
you don't have to know the next market move,still can be profitable, under the condition that you have an edge to rely on.

coz I don't have a tested edge till now, therefore, scared.

to be honest, I've tested hundreds of ea,but, got too much problem to builing up a conviction. sad, trading business, how many of us are on the winner list? only 5% shortlisted. therefore, preferring not to burning my money to feed confidence, till the moment I have an edge.

I have been studying so hard, technical analysis, strategies, mechanical tradings,money management, trading psycho........ balabala, thought touched everything I could,but, still be driven between heaven and hell. seems hopeless, don't know how many in this forum are experiencing the similar.

but, you are absolutely correct, we could not run this business "with your hands tied and eyes blind folded". but, my appreciation for the moment only limit upto the point I can not blind my belief on the future. regarding to the edge, I guess there will be a long way to go, not for sure if you agree or not.
probably I am wrong again, coz the edge seems sort of holy grail, once an edge turns out to be a nightmare when the market condition changes its structure. then, what could be missing between now and the winning future? maybe someone who is on the shortlist tell us a story, I'd be glad to hear......





Quoting bundyraider
"You don't have to know to be profitable". - ....Same book

None of us know. We take what is given.

There's nothing anyone can tell you that'll help you completely here.
Reading this thread from the start a few times until the ideas stick is a good start. Practising it all on demo until you gain confidence is another good idea.

You need confidence in your method.
If you aren't even sure of your methods ability to win over time you are trading with your hands tied and eyes blind folded.


I always appreciate a couple of good jugs.
  • #9,820
  • Apr 2, 2008 8:58am Apr 2, 2008 8:58am
Krue -

I am going to write you from a perspective that would be different than say, SeekingLight, or MBQB11, because I have only recently (in the last 6 months) made the transition from 95% to 5%.

It took me a while to get an "edge", and to be honest, I don't even know if I have one that I can name. I am profitable in my trading, but I can't say there's a "scientific edge" in it. I just follow James16's price action.

You say you have tested hundreds of EA's. So now you know they are a waste of time.

The difference between the 5% and the rest of the traders comes down to psychology more than anything else. The longer I trade, the more I believe this. I also believe you have to ENJOY the trading aspect, and not focus entirely on the money aspect of it. If you are not sure what your motivations are, try demo trading. If you find out you still like the trading part, then you like the game and it's not just a get rich quick scheme.

Krue don't sweat it, most people on these forums are "between heaven and hell" as you put it.

As far as your edge not working later, what we in J16 use seems to have always worked. It's the indicators that tend to fail.

Thank God we don't really use them.

I would suggest that you give the J16 group a try. And speak to Fiji in his section first. It's money management and psychology. In fact, that's where I got my "edge".

Clockwork

Quoting krue
you don't have to know the next market move,still can be profitable, under the condition that you have an edge to rely on.

coz I don't have a tested edge till now, therefore, scared.

to be honest, I've tested hundreds of ea,but, got too much problem to builing up a conviction. sad, trading business, how many of us are on the winner list? only 5% shortlisted. therefore, preferring not to burning my money to feed confidence, till the moment I have an edge.

I have been studying so hard, technical analysis, strategies, mechanical tradings,money management, trading psycho........ balabala, thought touched everything I could,but, still be driven between heaven and hell. seems hopeless, don't know how many in this forum are experiencing the similar.

but, you are absolutely correct, we could not run this business "with your hands tied and eyes blind folded". but, my appreciation for the moment only limit upto the point I can not blind my belief on the future. regarding to the edge, I guess there will be a long way to go, not for sure if you agree or not.
probably I am wrong again, coz the edge seems sort of holy grail, once an edge turns out to be a nightmare when the market condition changes its structure. then, what could be missing between now and the winning future? maybe someone who is on the shortlist tell us a story, I'd be glad to hear......
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