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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

  • #12,121
  • Jul 31, 2008 10:18am Jul 31, 2008 10:18am
Quoting Jimbop
I do realize that this means nothing to you without the chart ....I just played the PB for the long last night I unfortunately am at work and do not have access to my platform.

I only posted it as the trade was mentioned earlier in the thread...someone had taken the trade too late and caught it 3 pips from the high.

Thanks for all the shared knowledge on the thread, You too Forex 007 there are'nt enough snide sarcastic people in the world LOL
I am glad you shared my view, Jimbop

No hard feelings.
One Chart is Worth Ten Thousand Words.
  • #12,122
  • Jul 31, 2008 10:34am Jul 31, 2008 10:34am
Quoting lose_again
Hi, all,

Is that possible for those who read through this thread or follow it closely to summarize the basic rule related to price action? This thread is too long to read. I can't help falling sleep after 40 pages. For most of other threads in the forum I only need to read the first couple of pages or even the first post to grasp the concept.

The priceactionsetup.pdf is very helpful. I suddenly knew what you guys are talking about. That is the kind of summary I am dreaming about. A couple of sentences regarding how price usually reacts at confluence level or ppz and how we should enter/exit the trade. That is more than enough for me to get start.

Thanks!!
I don't know about others but after going through the thread, I still couldn't grasp the concept of price and the associated rules surrounding them. I joined the forum a few months ago and realized that one can not fully grasp the vast knowledge of one's work (20 years or so) in a few days or a couple months but rather it is evolving and over time, after following the rules does one truly become confident and profitable in his or her trading.

Thanks Jim for changing my way of thinking and trading!

Ash
Humble Lifetime Member
  • #12,123
  • Jul 31, 2008 10:37am Jul 31, 2008 10:37am
and I appologize for taking up this much room on a thread this important....

I have been around this forum for 2-3 years as a lurker and member and this thread and the dibs method are the only systems that seem to work for me. add to that the fact you can trade naked (makes the wife mad when I'm on the leather) and it's really the only way to go.
  • #12,124
  • Jul 31, 2008 11:53am Jul 31, 2008 11:53am
Quoting Jimbop
and I appologize for taking up this much room on a thread this important....

I have been around this forum for 2-3 years as a lurker and member and this thread and the dibs method are the only systems that seem to work for me. add to that the fact you can trade naked (makes the wife mad when I'm on the leather) and it's really the only way to go.
Nice one! I should try it on the leather

DIBS worked really well for me too (compared to many other system which I - well, typical "trail" - have tried over the years), but then I do use "modified" rules for establishing the prevailing trend. I am now looking to add more PA to my toolbox. I had bad experience with PBs (so I guess I was doing smth wrong ), good experience with OBs - it seems to be that PA (used in conjunction with Fibos, S/R etc) IS the way to go...
One Chart is Worth Ten Thousand Words.
  • #12,125
  • Jul 31, 2008 12:22pm Jul 31, 2008 12:22pm
Quoting Ash
I don't know about others but after going through the thread, I still couldn't grasp the concept of price and the associated rules surrounding them. I joined the forum a few months ago and realized that one can not fully grasp the vast knowledge of one's work (20 years or so) in a few days or a couple months but rather it is evolving and over time, after following the rules does one truly become confident and profitable in his or her trading.

Thanks Jim for changing my way of thinking and trading!

Ash
it's good to see you interpreted the whole thing well, it truly is something like math, the more you practice the better it gets...

Keep up the good work and happy trading,

Regards,
Ghous.
I believe . . .
  • #12,126
  • Jul 31, 2008 7:26pm Jul 31, 2008 7:26pm
I'm looking for pinbars, anyone seen any nicely placed pinbars?
Money & Pain Respect the market, protect your capital, be patient
  • #12,127
  • Jul 31, 2008 7:57pm Jul 31, 2008 7:57pm
major news announcement today (friday)

NFP= no TRADE for me
  • #12,128
  • Jul 31, 2008 9:44pm Jul 31, 2008 9:44pm
Quoting Ash
I don't know about others but after going through the thread, I still couldn't grasp the concept of price and the associated rules surrounding them. I joined the forum a few months ago and realized that one can not fully grasp the vast knowledge of one's work (20 years or so) in a few days or a couple months but rather it is evolving and over time, after following the rules does one truly become confident and profitable in his or her trading.

Thanks Jim for changing my way of thinking and trading!

Ash
Hi, Forex007, manto, peaches, james and others,

Thank you guys very much for document, chart and replies. I print out the summary file and read three times today, like bible. After knowing the basic rule, it is time for me to do homework.

the DIBS is the only profitable system working for me so far, what a coincidence!

Ash, you are absolutely right. It is difficult to grasp all the knowledge in short time but with you guy's help, I hope it can be speed up a little bit.

one question, when you talk about fib confluence, are you choosing most recent higher high/lower low or yesterday high/low or msh/msl or two points your experience is telling you? daily/weekly pivot are obvious, but not fib.

Thanks!
  • #12,129
  • Jul 31, 2008 11:37pm Jul 31, 2008 11:37pm
Alright, anyone brave enough to take the pins on the Euro and Pound? I was brave enough to trade NFP back on June 5th (pin on Pound and Bullish Outside Bar on Euro) for nice pips. Who is with me? Holla . . .
"Don't trade to trade . . . trade to win." - James16
  • #12,130
  • Aug 1, 2008 12:21am Aug 1, 2008 12:21am
I dont know - I was looking to go short on GBP/USD two days ago because of bearish overbar. It was "activated", but didn't make profit jet. Yesterday's bar - it's a PIN by definition, but there isnt musch "space"...
  • #12,131
  • Aug 1, 2008 12:40am Aug 1, 2008 12:40am
Quoting initex
I dont know - I was looking to go short on GBP/USD two days ago because of bearish overbar. It was "activated", but didn't make profit jet. Yesterday's bar - it's a PIN by definition, but there isnt musch "space"...
I see what you mean. Would of been better if they were at swing highs.
"Don't trade to trade . . . trade to win." - James16
  • #12,132
  • Aug 1, 2008 3:00am Aug 1, 2008 3:00am
CHART
Attached Image (click to enlarge)
Click to Enlarge Name: 81.gif Size: 27 KB
  • #12,133
  • Aug 1, 2008 3:15am Aug 1, 2008 3:15am
hi james... i'm newbie in forex... thanks for sharing your ideas and system... how about eur/usd today... is it continue down trend or bullish will coming? price moves in ranging since asia opens... thanks
  • #12,134
  • Edited 12:21pm Aug 1, 2008 3:18am | Edited 12:21pm
Quoting james16
CHART
Great chart Jim.

Would you say that when a Price Action set up fails its a good indication that Price is going the other way? Now I'm not saying this is an "A" trade (the PB 7-24-08) but it was close in my book. The nose was to small in hindsight and probably not enough space. Also, "A" trade don't fail. lol.

Just curious on your thoughts on a failed PA setup, the "B+" trades.


Jim

I am currently in the BEOB.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,135
  • Aug 1, 2008 3:31am Aug 1, 2008 3:31am
Quoting Roselyn
hi james... i'm newbie in forex... thanks for sharing your ideas and system... how about eur/usd today... is it continue down trend or bullish will coming? price moves in ranging since asia opens... thanks
Big news coming up in a few hours. I would wait until after that.
Indicators show the past. Price Action "Indicates" the future.
  • #12,136
  • Edited 4:12am Aug 1, 2008 3:55am | Edited 4:12am
Just to run with Jim's mention of how Price reacts to certain levels in the past. Check out the Nzd/Usd in 2007. Current Price is 0.7286 the Low 0.7255 . (Daily chart)
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,137
  • Aug 1, 2008 4:06am Aug 1, 2008 4:06am
Quoting lose_again

one question, when you talk about fib confluence, are you choosing most recent higher high/lower low or yesterday high/low or msh/msl or two points your experience is telling you? daily/weekly pivot are obvious, but not fib.

Thanks!
Try a few reference points, draw several Fibos. And change your attitude, so that you won't Lose Again
One Chart is Worth Ten Thousand Words.
  • #12,138
  • Aug 1, 2008 10:37am Aug 1, 2008 10:37am
Hello to Everyone,

Have some questions for you, based on what James teaches, Price Action, and Pinbar.

For those Day trading the Forex open/close of the New York Session
What time frame are you trading?
What pairs are you trading?

Same questions for those trading the 7:00pm EST open of the Asian Session.
What time frame are you trading?
What pairs are you trading?

Thanks,

Jimmy K
"Think Globally, Act Locally, Start Within".
  • #12,139
  • Aug 1, 2008 11:01am Aug 1, 2008 11:01am
Quoting james16
CHART
In situation like this one - volatile periods, multiple daily closes below a very strong support area - failed PBs can become highly profitable signals
  • #12,140
  • Edited 11:57am Aug 1, 2008 11:31am | Edited 11:57am
Quoting Goozman
In situation like this one - volatile periods, multiple daily closes below a very strong support area - failed PBs can become highly profitable signals
now that's some great positivity, get something out even from an empty bag, even a handful of dust alarms you it needs some dusting...

Quote
Hello to Everyone,

Have some questions for you, based on what James teaches, Price Action, and Pinbar.

For those Day trading the Forex open/close of the New York Session
What time frame are you trading?
What pairs are you trading?

Same questions for those trading the 7:00pm EST open of the Asian Session.
What time frame are you trading?
What pairs are you trading?

Thanks,

Jimmy K

Hi Jimmy,

I trade with the London and the US session. day trading to me seems to be most comfortable on the 4H, although it can be anywhere from the 4H and downwards, still sticking to higher timeframes will assist you much more in bagging some pips in your early days than the lower tfs, that's what jim (James16) has been talking abt throughout these pages. try not to go down any below than the 1H untill you gain enough success on the higher tfs and you should be fine!

abt the pairs it really is'nt all worth a discussion, trade anything you feel comfortable with, i always give ppl with such qs the example of Jacko, another great trader here on the forums he trades only the Eur/usd and takes pride in his method and ways, whereas others still want more pairs when having a look at 28 of them at a time, the basic thing you need to know is that price action works on all pairs, because price action is an indication of where price may or wants to go as far as a pair is moving it should give you price action signals, however it is recommended that you look into the less volatile pairs at first and the more trendy ones, like Eur/usd. i personally don't like Gbp/usd much but ppl still call it a begginner pair, then the usd/jpy and the usd/chf. all of these are good pairs to start off with, again you may choose just one of the above, all of the above, none of the above, or 20 other pairs with the ones mentioned above...just try to be as free as possible.
I believe . . .
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