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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

  • #11,681
  • Edited 4:11am Jul 15, 2008 3:32am | Edited 4:11am
Quoting SeekingLight
You tell me this is anything less than awesome once you "get it".

Again there were no surprises here.


This is trading with price action.
Just fantastic Seeking!

This is called an "A" Price Action post. Meaning that you can study it and learn a hundred different things from it, when appling other PA situations.

Notice the PPZs that Seeking drew. (for those that are having trouble finding them). Look at them on the weekly and see how established they are way back in 2006. (My chart does not go show 2006)

These is just one gem . . . I'm still studying and learning from it.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #11,682
  • Jul 15, 2008 3:50am Jul 15, 2008 3:50am
Quoting jarroo
(for those that are having trouble find them)
I did. It was a terrible, sloppy mess and zones were violated a lot due to all the thrashing down there.

But on the other hand, these levels, as you said, have been "used" for years and after watching price move through and react at some of these spots, you get at least a rough outline(i.e. I am fairly certain I could tell you about 10 minor GBPUSD levels if you woke me in the middle of night ).

GBPUSD imho was recently one of the worst pairs to find a precise step-on-step behavior, but it's usually the terrible chop that comes before the next pop. And it's not like it was impossible(we've had a lot of great examples posted for GBPUSD setups)...it just was noisy at times.
As always it's knowing when to trade and when not to trade.

--
Some personal rambling:
We just hit 2.0150.

To think there are some fun-da-mental-ists who think there's no way on earth GBPUSD could have staying power above 2.0.
("can't see a bullish pair" / "cannot see $2 holding on it if it does break topside")

Or this morning I saw a headline flash by on BB that GB was doomed, because it's on the brink of recession.

If you want my personal opinion(and personal recommendation) - stay as far away from these "wild guessers" as possible and stick to what's real: your chart.

Trust price.
There's a good chance it'll do what it(price itself) says it will do rather than what others say it SHOULD do.

Me, I can't think of anything more decisive than a breakout.

The current 1h bar is 115 pips low-to-high in size.
Yes, what a terribly weak and shattered currency, no bullish pair in sight!

And instead of just going by other people's words, see for yourself what happens in price once 1.9970 or 2.0 IS retested.
I know what I'm gonna do if I see a bullish setup. And I know what I'll do if there isn't one
Trust price. Know yourself.
  • #11,683
  • Jul 15, 2008 4:04am Jul 15, 2008 4:04am
Quoting SeekingLight
I did. It was a terrible, sloppy mess and zones were violated a lot due to all the thrashing down there.

But on the other hand, these levels, as you said, have been "used" for years and after watching price move through and react at some of these spots, you get at least a rough outline(i.e. I am fairly certain I could tell you about 10 minor GBPUSD levels if you woke me in the middle of night ).

GBPUSD imho was recently one of the worst pairs to find a precise step-on-step behavior, but it's usually the terrible chop that comes before the next pop. And it's not like it was impossible(we've had a lot of great examples posted for GBPUSD setups)...it just was noisy at times.
As always it's knowing when to trade and when not to trade.

--
Some personal rambling:
We just hit 2.0150.

To think there are some fun-da-mental-ists who think there's no way on earth GBPUSD could have staying power above 2.0.
("can't see a bullish pair" / "cannot see $2 holding on it if it does break topside")

Or this morning I saw a headline flash by on BB that GB was doomed, because it's on the brink of recession.

If you want my personal opinion(and personal recommendation) - stay as far away from these "wild guessers" as possible and stick to what's real: your chart.

Trust price.
There's a good chance it'll do what it(price itself) says it will do rather than what others say it SHOULD do.

Me, I can't think of anything more decisive than a breakout.

The current 1h bar is 115 pips low-to-high in size.
Yes, what a terribly weak and shattered currency, no bullish pair in sight!

And instead of just going by other people's words, see for yourself what happens in price once 1.9970 or 2.0 IS retested.
I know what I'm gonna do if I see a bullish setup.
PPZ(s) do not like to color within the lines (think of a 2 year old) LOL
But they are clearly there. Areas where Price acted as support and resistence. They are not uniform or precise, as some would like them to be.

Just great work Seeking . . . .comments, insight, etc.

Thank you.
Indicators show the past. Price Action "Indicates" the future.
  • #11,684
  • Jul 15, 2008 4:18am Jul 15, 2008 4:18am
I have a request.

For anyone reading or re-reading the thread, if you have the time, would you copy/paste links you find of central interest out and collect them?
Just open notepad alongside and copy down the post links with a word or two.

Instead of a PDF, it could look like this:

--------
http://www.forexfactory.com/showpost...ostcount=11662
rant against demanding account statements and how nothing comes from nothing / two people trading the same thing differently

http://www.forexfactory.com/showpost...ostcount=11643
trading can be simple, but is never easy / Trading requires many things as characteristics that are the exact opposite of the things that people lured to forex often possess.
warning against open forums and noise and involvement

was a reply to
http://www.forexfactory.com/showpost...ostcount=11632
fxprocessor saying how hard it can be

http://www.forexfactory.com/showpost...ostcount=11597
about inside bars / IBs

chart related
http://www.forexfactory.com/showpost...ostcount=11576
usdcad weekly

http://www.forexfactory.com/showpost...ostcount=11557
usdchf caged price

--------------
It's just a thought.
Personally I am trying to make a sort of table of contents of some of the bigger not-so-everyday posts that I wrote on the J16 site and I am most likely going to include some links to what I posted here as well. I centralized it in a thread over in my section.

For anyone wanting to explore the thread, there's a lot of "any new setups?" and other interspersed fluff("long from $price!"), and I'm sure many people want mostly to collect the things people put a lot of thought / text into.

Anyone who will be going over the thread again anyhow, if you want to do something like this for just 2 mouseclicks extra and 2-3 summary words under the link, you'll be creating yourself an invaluable reference source / TOC.

And if shared, be the hero of quite a few people I'm sure

Just an idea. Doesn't have to be a new mission, but if someone is going to do it anyway, it'd increase efficiency and one could have a sort of TOC as said.
I'm only/will only doing this for the last couple of things I could actually remember doing recently(and for myself), since I have a feeling some of this stuff / some subjects will always crop up again.

Could just be: Link / Post Author / Keywords or core line, subject and then the next.
Trust price. Know yourself.
  • #11,685
  • Jul 15, 2008 4:31am Jul 15, 2008 4:31am
Price Action Confluences

http://www.forexfactory.com/showpost...postcount=2211
Indicators show the past. Price Action "Indicates" the future.
  • #11,686
  • Jul 15, 2008 5:24am Jul 15, 2008 5:24am
Quoting jarroo
Price Action Confluences

http://www.forexfactory.com/showpost...postcount=2211
Scary. Still has a lot of that bad taste I get from seeing a lot of my early stuff.
There's a certain tinge of, er, let's call it "undeserved ego" back when, that really rubs me wrong when I read it now. (Not that I've fully got that under control yet, but I'm trying to get a grasp and moderation on it..)

Just was in no place to make some of the posts I made in general I think, it was at least another year too early.

It's alright to sound like you're comandeering something after you've spent a certain time on it, but back then I was just a few months into it and most of what I posted felt and sounded like I had it sussed(even though I added frequent caveats).
I mean, of course, I UNDERSTOOD the concepts and saw the setups, s/r and so forth. But it was a LOT different.
But it's a common behavior I think. You think that just because you "get" the basic idea, you're already done.
Oh-boy, but are you ever not. You then have just begun.

One and a half years later.
So much has happened.

And some of the old stuff shows me how how much more picky I'm growing as well now...and I'm much much more trying to decide on ONE side and trying to look for a much bigger picture..and and and.
You start to actually get an idea of what it IS you're doing(and/or doing wrong/right).

And over time, a lot of misconceptions, early beliefs etc were processed...a lot of stuff got tossed out, on some of the always true stuff you find out the actual reasons why yourself over time, some other things stew a while as well...
You begin to notice things, not just things on the chart and their influence, but also people and their influences...you notice behavior and behavior types. Some of the more real pitfalls, shortcomings....
Some original reasons of being stuck, sticking points...lots of things just take some time to evolve.

--

It's such a strange fascination to(in theory) still be doing the same thing as on the first day and yet be doing or having or being in some things completely different..
Trust price. Know yourself.
  • #11,687
  • Jul 15, 2008 6:17am Jul 15, 2008 6:17am
Seeking,
when you are good at something you thoroughly enjoy, you can call it a success story.So many people out there working at jobs they hate, just to get by, it saddens me. I liked that last post a lot and a lot of things I read actually, you just have to be choosy about what you focus on I think...take care, Raz
Never say never.
  • #11,688
  • Jul 15, 2008 8:32am Jul 15, 2008 8:32am
..talkin' about PPZ .... those two pb sitting on the 106 didn't have much buy power, now the question is : is 103 going to support usd mess ????

Surely when price is going to approach that zone (if it ever does) I'm expecting some kind news stuff or an analyst premonition, but really I don't care!... why? ... Because I have my PPZ on chart and waiting that Price moves first.

I don't know you guys but sometimes when the market moves like this i just can't wait to see the next PA setup .... sometimes it gets exciting!
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  • #11,689
  • Jul 15, 2008 10:04am Jul 15, 2008 10:04am
any commnets on this dax pin
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  • #11,690
  • Jul 15, 2008 10:42am Jul 15, 2008 10:42am
funny thing (well not that funny ...) i had started such an index, having summarized james16's charts, etc. in a nice table and everything --- then, in the middle of a phone call or something, i hit close ... when asked to save ... my answer was NO!!!

i'm too p.o.'d right now to redo what was lost. i was doing it in b/w choppy markets, but i'm thinking of demo trading off the 4hr charts to give me more practice finding fib confluence & ppz's, so this could slow my progress.

p.s. anyone have a recent chart they could share showing me fib confluence? there was an earlier post by james16 where he states he will sometimes set his charts up in anticipation of price action which includes fib confluence. (i would reference the post, by alas ... it went into the vortex of my computer) anyway, when i do it, i end up with a mess on my charts and i'm just really struggling with the concept. thanks for any help.

Quoting SeekingLight
I have a request.

For anyone reading or re-reading the thread, if you have the time, would you copy/paste links you find of central interest out and collect them?
Just open notepad alongside and copy down the post links with a word or two.

Instead of a PDF, it could look like this:

--------
http://www.forexfactory.com/showpost...ostcount=11662
rant against demanding account statements and how nothing comes from nothing / two people trading the same thing differently

http://www.forexfactory.com/showpost...ostcount=11643
trading can be simple, but is never easy / Trading requires many things as characteristics that are the exact opposite of the things that people lured to forex often possess.
warning against open forums and noise and involvement

was a reply to
http://www.forexfactory.com/showpost...ostcount=11632
fxprocessor saying how hard it can be

http://www.forexfactory.com/showpost...ostcount=11597
about inside bars / IBs

chart related
http://www.forexfactory.com/showpost...ostcount=11576
usdcad weekly

http://www.forexfactory.com/showpost...ostcount=11557
usdchf caged price

--------------
It's just a thought.
Personally I am trying to make a sort of table of contents of some of the bigger not-so-everyday posts that I wrote on the J16 site and I am most likely going to include some links to what I posted here as well. I centralized it in a thread over in my section.

For anyone wanting to explore the thread, there's a lot of "any new setups?" and other interspersed fluff("long from $price!"), and I'm sure many people want mostly to collect the things people put a lot of thought / text into.

Anyone who will be going over the thread again anyhow, if you want to do something like this for just 2 mouseclicks extra and 2-3 summary words under the link, you'll be creating yourself an invaluable reference source / TOC.

And if shared, be the hero of quite a few people I'm sure

Just an idea. Doesn't have to be a new mission, but if someone is going to do it anyway, it'd increase efficiency and one could have a sort of TOC as said.
I'm only/will only doing this for the last couple of things I could actually remember doing recently(and for myself), since I have a feeling some of this stuff / some subjects will always crop up again.

Could just be: Link / Post Author / Keywords or core line, subject and then the next.
"Believe nothing you hear and half of what you see." Proverb
  • #11,691
  • Jul 15, 2008 10:43am Jul 15, 2008 10:43am
the weekly pin on that pair is finally pushing the price d0wn any0ne still in?
  • #11,692
  • Jul 15, 2008 11:11am Jul 15, 2008 11:11am
Quoting NAVEEVIa
any commnets on this dax pin
That is a beautiful spot for it Hope you caught that one
  • #11,693
  • Jul 15, 2008 11:15am Jul 15, 2008 11:15am
Quoting fxgrinder

p.s. anyone have a recent chart they could share showing me fib confluence? there was an earlier post by james16 where he states he will sometimes set his charts up in anticipation of price action which includes fib confluence. (i would reference the post, by alas ... it went into the vortex of my computer) anyway, when i do it, i end up with a mess on my charts and i'm just really struggling with the concept. thanks for any help.
Here is and example of Fib confluence. The 38.2 and 61.8 and BOOM it went with of course some nice PA to support it
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  • #11,694
  • Jul 15, 2008 11:29am Jul 15, 2008 11:29am
Pin bar on USD/JPY 4hr
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  • #11,695
  • Jul 15, 2008 11:32am Jul 15, 2008 11:32am
Quoting mbqb11
Here is and example of Fib confluence. The 38.2 and 61.8 and BOOM it went with of course some nice PA to support it
good example thanks. here's one i tried for the eurusd:

have i drawn the fib lines correctly here? is it safe too assume there is no fib confluence here? (notwithstanding other factors)
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"Believe nothing you hear and half of what you see." Proverb
  • #11,696
  • Jul 15, 2008 11:39am Jul 15, 2008 11:39am
Quoting fxgrinder
good example thanks. here's one i tried for the eurusd:

have i drawn the fib lines correctly here? is it safe too assume there is no fib confluence here? (notwithstanding other factors)
Hey grinder,

You have your fibs drawn wrong. They must both go to the same swing point. So if you are drawing them looking for longs. THey must both hit the same swing high point.

So in my picture below, you have to swing low points. Point A and Point B.

They must both be drawn to the same swing high point which is marked by the number 1. This is because right now Point 1 is our current swing high point. Points A and B are both swing low points. Doing this lines up two areas of confluence.

Hope that helps

Mike
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  • #11,697
  • Edited 2:54pm Jul 15, 2008 11:45am | Edited 2:54pm
Looks like we might have formed a bottom on the US markets. The VIX also spiked above $30 earlier.

Edit - Not looking so good now. The close is well of the lows which is good but it's also well off the highs.
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  • #11,698
  • Jul 15, 2008 12:08pm Jul 15, 2008 12:08pm
the light went on.

Quoting mbqb11
Hey grinder,

You have your fibs drawn wrong. They must both go to the same swing point. So if you are drawing them looking for longs. THey must both hit the same swing high point.

So in my picture below, you have to swing low points. Point A and Point B.

They must both be drawn to the same swing high point which is marked by the number 1. This is because right now Point 1 is our current swing high point. Points A and B are both swing low points. Doing this lines up two areas of confluence.

Hope that helps

Mike
"Believe nothing you hear and half of what you see." Proverb
  • #11,699
  • Edited 1:03pm Jul 15, 2008 12:12pm | Edited 1:03pm
spotting these price action set ups at double or triple bottoms/tops and finding divergence with cci,macd,stoch,rsi etc is about as sure a money making set up as your going to find in this business if your a chart trader. spend some screen time and go look to confirm. a strong case can be made to just be patient and trade nothing but these set ups. they are not rare and can give any new or struggling trader a very good chance of success if they learn to use good MM/risk perameters and follow my mantra of treating it as a business. This is a very large thread with a ton of great posts by a lot of great people but trust me when i say this.

If you will take this one post seriously it might be the single most "valuable" one in the thread.

Jim

Quoting NAVEEVIa
any commnets on this dax pin
  • #11,700
  • Jul 15, 2008 12:42pm Jul 15, 2008 12:42pm
Sometime next month I am going to start doing once a month webinars for NON-MEMBERS that frequent this thread as a way of saying thanks. These will be very basic general sessions. This has been planned for a long time and i think im about ready.

These sessions will be for one reason only. To help you and THERE PURPOSE WILL NOT BE TO PITCH THE GROUP OR GET YOU TO JOIN. You will recieve NO suggestions to join before, during or after the session/s.......... EVER.

Over three years now and im proud to say we have no affiliates, banners, not one dime spent on advertising, no mass spam emails and not one past member has ever recieved a request to come back.

We do things differently and these sessions will be no different.


Stay tuned on when and how to attend,

Jim
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