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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

  • #31,081
  • May 26, 2009 5:30am May 26, 2009 5:30am
I have just started using this method to trade and was looking at the gbp/usd 4H two pin bars form back to back which is telling me that there is alot of buying and selling at these levels i quess my question is how would someone trade this?
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  • #31,082
  • May 26, 2009 5:30am May 26, 2009 5:30am
Quoting g_j_hook@yah
hi mark, "just a round number" to me is just the same as a guess!! should nt there be more of a reason than that!!??even round numbers will be ignored in favour of horizontal PPZs.Its just that in case ,to me,the round number seems to be hanging in mid air and holds no real significance.?
cheers
I actually said I thought it would retrace to 1.3750 in my initial post, which I think is a S/R area, don't have my chart at the moment.

I would say that round numbers are very important and orders usually build up around them and therefor price reacts. Also price is usually heading towards a round number due to the big players trying to get it there. I wouldn't advise ignoring them over HLine S/R as H/L S/R is subjective depending on what you see as S/R on which time frame etc. Round numbers are objective and always will be.
Economists have forecast 9 out of the last 5 recessions
  • #31,083
  • May 26, 2009 5:35am May 26, 2009 5:35am
Quoting supremeChaos
jarroo,
now that u've mentioned it, Please do post a pic of your PC/workstation. Pretty please...
& bundyraider too

Special request
Don't start this again. (Courtesy HeavyJ )
Attached Image
Bundy's status today: "Waiting..."
  • #31,084
  • May 26, 2009 5:43am May 26, 2009 5:43am
Quoting bundyraider
Don't start this again. (Courtesy HeavyJ )
PATIENCE... DISCIPLINE
  • #31,085
  • May 26, 2009 5:45am May 26, 2009 5:45am
Quoting supremeChaos
jarroo,
now that u've mentioned it, Please do post a pic of your PC/workstation. Pretty please...
& bundyraider too

Special request

Here's mine. (just kidding) lol.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #31,086
  • May 26, 2009 5:48am May 26, 2009 5:48am
From here, I see the J16 PPZ .

Quoting jarroo
Here's mine. (just kidding) lol.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #31,087
  • May 26, 2009 5:53am May 26, 2009 5:53am
Quoting markmm
I actually said I thought it would retrace to 1.3750 in my initial post, which I think is a S/R area, don't have my chart at the moment.

I would say that round numbers are very important and orders usually build up around them and therefor price reacts. Also price is usually heading towards a round number due to the big players trying to get it there. I wouldn't advise ignoring them over HLine S/R as H/L S/R is subjective depending on what you see as S/R on which time frame etc. Round numbers are objective and always will be.
sorry mate, i didnt explain myself very well...i do understand about the round numbers, and i remember your posts, it wasnt a q. directed at you,its just your post was convenient to raise the issue. the issue i had was that,in this case, it wasnt backed up by anything.and stronger sup. was lying jus below, so i saw/see no reason for price to pause at the round number when a more obvious PPZ was just below???if a round number coincides with a PPZ then i will add extra weight to it. i have found that as with all the levels, confluence is still nesesary.
cheers
jon
PATIENCE... DISCIPLINE
  • #31,088
  • May 26, 2009 5:57am May 26, 2009 5:57am
Quoting Ted1983
What do you folks think about this 4hr setup on oil?
Looks good Ted. Running into heavy Res.

And . . .

James16:

THIS IS CRITICAL.

WE MUST LEARN TO:

Notice a strong s/r area just beyond our pa if it exists.
Know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
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Indicators show the past. Price Action "Indicates" the future.
  • #31,089
  • May 26, 2009 5:57am May 26, 2009 5:57am
wow you guys are real tech heads!!
i like to keep it simple...like the trader hehe
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PATIENCE... DISCIPLINE
  • #31,090
  • May 26, 2009 5:58am May 26, 2009 5:58am
Quoting g_j_hook@yah
sorry mate, i didnt explain myself very well...i do understand about the round numbers, and i remember your posts, it wasnt a q. directed at you,its just your post was convenient to raise the issue. the issue i had was that,in this case, it wasnt backed up by anything.and stronger sup. was...
The reason is its a round number therefore it will usually be enough to cause some kind of price action, not necessarily a reversal.
Economists have forecast 9 out of the last 5 recessions
  • #31,091
  • May 26, 2009 6:08am May 26, 2009 6:08am
Quote
Don't start this again. (Courtesy HeavyJ )

bundyraider,
i expect yours to be more advanced than that.

Quote
Here's mine. (just kidding) lol.
jarroo,
, i dont' believe u. i expect yours to be more than that.


C'mon you two, i'm still .....
  • #31,092
  • May 26, 2009 6:09am May 26, 2009 6:09am
Quote
wow you guys are real tech heads!!
i like to keep it simple...like the trader hehe

g_j_hook@yah,
just like your charts.... clean, simple lines
  • #31,093
  • May 26, 2009 6:20am May 26, 2009 6:20am
Quoting supremeChaos
bundyraider,
i expect yours to be more advanced than that.

jarroo,
, i dont' believe u. i expect yours to be more than that.


C'mon you two, i'm still .....
I've got a computer stacked in the corner with no screen half the time that runs 24 hrs and does my alerts. (email to SMS)

....And my trusty notebook. Nothing special.

If I was in a better time zone I'd probably rush to something fancier, but I check the charts periodically. Don't need multiple screens. ...Most of the time.

I plug in an external monitor into the notebook as a second screen when I'm watching stocks. That's about it.
Bundy's status today: "Waiting..."
  • #31,094
  • May 26, 2009 6:43am May 26, 2009 6:43am
Quoting bundyraider
"...and my body went this way! And my head went that way!!"

The aussies here will know what I'm saying.

UCad is heading strongly up, and A/U is heading strong down. Waiting for U/C to show it's hand on retrace.
Bundy I just had to post this for a light moment and for all of you who were curious about Bundys earlier quote....

Inserted Video


Regards all,

Joe
  • #31,095
  • May 26, 2009 6:54am May 26, 2009 6:54am
Quoting g_j_hook@yah
KK007,

bundy

ahha thanx.

that is where i was looking also but still i get 138.5 , this pair loves the .5s
cheers
jon
It used the level visited last Dec. Unfortunately, I did not know beforehand.
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  • #31,096
  • May 26, 2009 6:59am May 26, 2009 6:59am
Quoting Ted1983
What do you folks think about this 4hr setup on oil?
Not sure who's quote is wrong... my CLN9 shows a low of 59.53.

Josh
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  • #31,097
  • May 26, 2009 8:55am May 26, 2009 8:55am
Quoting g_j_hook@yah
hi mark, "just a round number" to me is just the same as a guess!! should nt there be more of a reason than that!!??even round numbers will be ignored in favour of horizontal PPZs.Its just that in case ,to me,the round number seems to be hanging in mid air and holds no real significance.?
cheers
believe it or not, there doesn't need to be a bigger reason then that The psychological impact of a round number is enough to create orderflow

Also many of your PPZs, are created b/c of the round number, not the other way around
  • #31,098
  • May 26, 2009 9:07am May 26, 2009 9:07am
Quoting Jduester
Not sure who's quote is wrong... my CLN9 shows a low of 59.53.

Josh
Strange. I'm using Brocos MT4 feed, simply cause of the range of instruments available. Where is yours from?

edit:I see from the chart its FXPro. I'll have to compare them.
  • #31,099
  • May 26, 2009 10:13am May 26, 2009 10:13am
4hr from this morning.
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  • #31,100
  • May 26, 2009 10:15am May 26, 2009 10:15am
Quoting layton
4hr from this morning.
Simple and beautiful
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