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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

  • #37,021
  • Jul 9, 2009 8:32pm Jul 9, 2009 8:32pm
Quoting jarroo
I guess my immediate prediction on Price of the Gbp/Jpy was not very insightful. (current Price is 152.00).

I better just stick to Price Action around highly confluenced areas.
Thats ok - i think your expectation was justified, but this market does not care what we think at the moment ..
  • #37,022
  • Jul 9, 2009 8:36pm Jul 9, 2009 8:36pm
Quoting billye
didn't IB collects an insane acc inactive fee?
something like 1% of 10k$ acc over a year? or 240$/yr if acc is <2000$.........why it will force to over trade.....

what is stock spread and min position to trade ib?
through demo mt4 cfd I saw Citi is 1% buy/sell spread I think it's hardly tradable for short-terms...

The fee is for data, not inactivity. I pay 10 USD a month if I don't do $30 in commissions for that month. The 10 USD covers all US markets. If you want to trade other markets, (worldwide) it varies. London is like 5 GBP a month, ASX is like 25 AUD.

My commission is $2 round trip on US stocks. Nothing. Scottrade charges $7, a turn.....making it $14 for the open and close of a stock trade. Nice "discount".

Options vary a bit, but generally are between $1-$3.

CW
  • #37,023
  • Edited 8:51pm Jul 9, 2009 8:37pm | Edited 8:51pm
Quoting T.E.Lawrence
Thanks for all your replies to my question. It seems like few people understand my intentions. I'm still sceptical but also ready to dig in into this thread.

P.S.

I hope you folks are right.
Hi T.E.,

Welcome to the thread. Due to my work schedule, I don't come here often, however, I have been following this thread for about 3+ years by now and I am also a permanent member of the James16 PF.

Trading is like any other discipline, it takes time to learn and find your own niche. However, in order to be successful, you need to understand the market behavior and the signals it gives. I am grateful to James16 and many others in this thread that they shared their knowledge acquired, sometimes through the experience of huge loss, so that I don't have to go through the same path.

Take you time and read through the thread, especially the charts that Jim has posted. Listen to Jim's advice to:

 

  1. Stick to the higher time frame such as daily and weekly;
  2. Start with the single bar patterns such as PIN and outside bar and keep a diary;
  3. Learn to find PPZ based on the time frame you choose;
  4. Learn to manage when to close;
  5. Learn to manage your risk!!!
  6. And most important of all, be patient and don't rush into a trade.

Personally, the membership fee that I paid to join PF is the best investment that I ever spent. The webinars, teaching materials and fellow trader's diary are simply invaluable.

Once again, welcome and enjoy!

Ken

  • #37,024
  • Jul 9, 2009 8:38pm Jul 9, 2009 8:38pm
Quoting Jduester
I hear ya. The last time I had a daily order triggered was 6/23... Just nothing worth risking for me...Catching myself preparing to take plain IBs on daily... now what is that! (it's not for me, that's what it is)...

Josh

Wow, lots of IB's to choose from the dailies.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #37,025
  • Jul 9, 2009 8:45pm Jul 9, 2009 8:45pm
Quoting clockwork71
Try right clicking on the Market Watch window and clicking "show all". That would be my guess
Got it! BTW, love your thread!

When you plot out the support & resistance lines in stocks, do you find them respecting "round numbers" (i.e. 5.00, 18.00....) like we see in FOREX?
  • #37,026
  • Jul 9, 2009 8:49pm Jul 9, 2009 8:49pm
Quoting jarroo
Hey Bemac. Good to see you.

I hope others haven't forgot this post of yours back in March. I haven't.
Hey Jim. Got a Stinky Finger on that one but it worked out ok. Hope you Pipped Up.
  • #37,027
  • Jul 9, 2009 9:02pm Jul 9, 2009 9:02pm
Quoting james16
...
I AM NOT going to allow disruption in this thread.
All i have to do is put someone on my ignore list and they will not be able to post in this thread.
i just did that for the first time in several years.
I WANT ALL OF YOU both new and old that enjoy this thread to help me moderate it.
If you see a trouble maker please let me or mbqb11 know.
..THIS THREAD WILL REMAIN A SAFE HAVEN FOR TRADERS.
NO IFS ANDS OR BUTTS ABOUT IT.
james16,
always standing on guard, Sir.
Enjoy your vacation.
  • #37,028
  • Jul 9, 2009 9:12pm Jul 9, 2009 9:12pm
Quoting mbqb11
or if you guys just want to prank call him let me know

Oooh Ohooh Oooh..., can we post it on utube? Please can we Please please? Cmon Mike. You got the Helm.
All About Full!

Just shows ta go ya that The Man is always one step ahead.
"Night at the Museum" comes to mind.
Just kiddin' Mike. I'm happy that the thread is in such good hands.

Hey! Get back in your seat! Ya think this is a Holiday Camp?
  • #37,029
  • Jul 9, 2009 9:21pm Jul 9, 2009 9:21pm
Quoting clockwork71
The simple solution is to trade several different markets, and instruments. I haven't done much forex trading lately either.

I am however....short MSFT, PM, HPQ, and long 2@SEHK. (China Light, Hong Kong Exchange) The point is, there is less opportunity in trading just the 16-20 pairs the average Forex bucketshop offers.

I have found that with a few minor tweaks, T.A. works with all liquid markets, and even illiquid ones if you zoom out enough. Support is support, resistance is resistance, etc.....

My trading returns have skyrocketed since...

Hey Chris, do you find these others markets more responsive to Price Action then the forex market? Meaning, that a well structured quality setup ( PA, confluences. etc.,) reacts more favorably? Or is A+ setup is an A+ setup no matter what the market.

Thanks,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #37,030
  • Jul 9, 2009 9:28pm Jul 9, 2009 9:28pm
Quoting jarroo
Hey Bemac. Good to see you.

I hope others haven't forgot this post of yours back in March. I haven't.
I remember it well... thanks for firing up the Way Back Machine!
I'm pretty much done with all this ...
  • #37,031
  • Jul 9, 2009 9:29pm Jul 9, 2009 9:29pm
Quoting Bemac
Hey Jim. Got a Stinky Finger on that one but it worked out ok. Hope you Pipped Up.
Not as much as I should have. lol
Indicators show the past. Price Action "Indicates" the future.
  • #37,032
  • Jul 9, 2009 9:31pm Jul 9, 2009 9:31pm
Quoting jarroo
Hey Chris, do you find these others markets more responsive to Price Action then the forex market? Meaning, that a well structured quality setup ( PA, confluences. etc.,) reacts more favorably? Or is A+ setup is an A+ setup no matter what the market.

Thanks,

Jim
I was watching a video interview on Moneyshow.com and I don't recall who the trader was, but he said something along the lines of futures markets respecting the technicals better than FX because it is on one centralized exchange and everyone sees the same thing. An example of this is 4 different FX brokers will have 4 different closes on EUR/USD, but everyone sees the same close on the ES, YM, etc.

Ross
  • #37,033
  • Jul 9, 2009 9:31pm Jul 9, 2009 9:31pm
Quoting jarroo
I guess my immediate prediction on Price of the Gbp/Jpy was not very insightful. (current Price is 152.00).
I better just stick to Price Action around highly confluenced areas.
jarroo,
no worries Jim.
I had mine in late June. wrong or premature analysis that $jpy might break 94.50/95 area. price only broke it this July.


Quoting jarroo
Hey Bemac. Good to see you.
I hope others haven't forgot this post of yours back in March. I haven't.
Yes, very nice to see others & Bemac grace this thread again.
razldazl, masterpiecefx, moneybags &clockwork71 dropped by awhile back too.
Personally, June & July was an awesome month as many old posters & seasoned traders dropped by & made some posts.
I hope they posts more often.
  • #37,034
  • Jul 9, 2009 9:33pm Jul 9, 2009 9:33pm
Quoting mbqb11
I would have to call James and have him ban himself, I have no powers, only the power of persuasion
CiNBSeen: Dateline Friday July 10 2009.
With great trepidation we report that DOW Futures Trading has been ceased.
Possible causes of this range from Neuclear Weapon tests in the Far East or Consumer Lack of Confidence in Mid Europe.
However, This reporter has it on good authority that James took a Holiday.
Stay tuned to be first in the loop of when he returns.
  • #37,035
  • Jul 9, 2009 9:33pm Jul 9, 2009 9:33pm
Quoting jarroo
Hey Chris, do you find these others markets more responsive to Price Action then the forex market? Meaning, that a well structured quality setup ( PA, confluences. etc.,) reacts more favorably? Or is A+ setup is an A+ setup no matter what the market.

Thanks,

Jim
All markets are the same. The only difference is tick value, and liquidity. If it's not as liquid, the solution is simple: try higher time frames.

Even the MXN/JPY can be played if you look out far enough.

Trading is easy. Don't let anyone tell you any different. In fact, once I got my head right.....I am finding it's much simpler than most other things I have tried.

CW
  • #37,036
  • Jul 9, 2009 9:35pm Jul 9, 2009 9:35pm
Quoting Bemac
CiNBSeen: Dateline Friday July 10 2009.
With great trepidation we report that DOW Futures Trading has been ceased.
Possible causes of this range from Neuclear Weapon tests in the Far East or Consumer Lack of Confidence in Mid Europe.
However, This reporter has it on good authority that James took a Holiday.
Stay tuned to be first in the loop of when he returns.
I have an idea - Bemac - change your avatar to Jim's....
I'm pretty much done with all this ...
  • #37,037
  • Jul 9, 2009 9:37pm Jul 9, 2009 9:37pm
Quoting Bemac
To move toward the front of the class.
I have been asked to do that in the past. Means I'm in trouble... again...
I'm pretty much done with all this ...
  • #37,038
  • Jul 9, 2009 9:37pm Jul 9, 2009 9:37pm
Quoting rossbennett
I was watching a video interview on Moneyshow.com and I don't recall who the trader was, but he said something along the lines of futures markets respecting the technicals better than FX because it is on one centralized exchange and everyone sees the same thing. An example of this is 4 different FX brokers will have 4 different closes on EUR/USD, but everyone sees the same close on the ES, YM, etc.

Ross

I do a lot of "work" on the meaning of bars.....beyond something as simple as a pinbar. (It must open and close within the bar before, etc....) I have found that most of what you need to do is this:

Notice what areas truly matter. Listen to those bars, they tell stories. I would suggest this trader is only partially correct. Exhaustion is exhaustion, no matter if your broker is CMT, EST, or Martian Time.

I would explain further, but that is probably beyond the scope of a posting on a thread.
  • #37,039
  • Jul 9, 2009 9:39pm Jul 9, 2009 9:39pm
Quoting ijay
Got it! BTW, love your thread!

When you plot out the support & resistance lines in stocks, do you find them respecting "round numbers" (i.e. 5.00, 18.00....) like we see in FOREX?

Yep.....but I have noticed a lot of S/R lines like the following: .00, .50, .25, .75

Basically breaks down to quarters....
  • #37,040
  • Jul 9, 2009 9:40pm Jul 9, 2009 9:40pm
Quoting StoragePro
I have been asked to do that in the past. Means I'm in trouble... again...
Nah.. it means you are showing awareness of your surroundings. Keep it up...
said the actress to the sailor.
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