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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

  • #38,061
  • Jul 20, 2009 11:09am Jul 20, 2009 11:09am
batesmotel,
just a quick, mini-comment.

i got the 0.91 PPZ going all the way back to Jan.2008. so it may not be that minor..

"first-time back" to the 365EMA on the weekly (0.8954; based on XTB MT4)

also, just my view, a non-strict TBLHC (Triple; 9-pip difference on the lows) instead of DBLHC.
possible immediate traffic at 0.9040 - 0.91
  • #38,062
  • Jul 20, 2009 11:13am Jul 20, 2009 11:13am
Quoting supremeChaos
batesmotel,
just a quick, mini-comment.

i got the 0.91 PPZ going all the way back to Jan.2008. so it may not be that minor..

"first-time back" to the 365EMA on the weekly (0.8954; based on XTB MT4)

also, just my view, a non-strict TBLHC (Triple; 9-pip difference on the lows) instead of DBLHC.
possible immediate traffic at 0.9040 - 0.91
Point well taken......my software is telling me that it's only a minor resistance level...so, I'll have to keep your analysis in mind if I go for the long.

GregB
  • #38,063
  • Jul 20, 2009 11:14am Jul 20, 2009 11:14am
Quoting kk007
Thanks batesmotel,

Do you really think the PPZ marked as minor (This one is orginally marked on the video)?

I personally don't think it is that minor. And it worries me. Yes, one solution is to short just below the PPZ and a bit worsen the R:R.

Nevertheless, to me, a very nice setup is one makes me no worry.

I have this problem probably because I am not experienced with this kind of scenarios.

For the senior members, like James and PeterFM, it may be obvious that the PPZ can be easily broken, (when they look at the bigger picture, perhaps)...
Hey KK,

As a follow up to my previous comment, when we arrive at a PPZ like this it is ok to have 1 trader that says, well I better get my stops to b/e and let it play out, and also ok to get another trader that lets the trade have a bit more room to breathe. Neither is more right then the other IF both are both able to recognize that if price stalls out there and reverses they still understand why. The recognition part is the most difficult for most people, and then it becomes screen time and experience to begin to put things together.

In the beginning it all seems so, woulda/shoulda/coulda But then all of a sudden these things begin to really click and you can make these decisions during your trading.

Best
Mike
  • #38,064
  • Jul 20, 2009 11:14am Jul 20, 2009 11:14am
Quoting raczekfx
, you really believe Europe is free of issues? Its banking system is in much, much worse shape than its counterpart in the US. We have to wait and see, but let the charts be our guide...lol

couple more... and got to run
Hmm ... Different Chart ... Different Brokers ?! But I Got A Double PB Now On My Chart.

Regards,
Basber
Attached Image (click to enlarge)
Click to Enlarge Name: gu.gif Size: 21 KB
Trading methods are designed to put the odds in our favor, not predicting.
  • #38,065
  • Jul 20, 2009 11:16am Jul 20, 2009 11:16am
Quoting mbqb11
This is exactly it Tom. The idea is, be aware of these areas. You then make a decision accordingly. For me if I am strongly confident in the area and bar, then I will let the trade run more and trail. But the less strong an area I will do "something" at these PPZs S/R areas.
Thanks for response. Mike and Tom

If I trade this way, does it mean I have to usually trade with Risk/Reward > 1? Isn't it not recommended in general in the world of trading?

Cheers,
kk
  • #38,066
  • Jul 20, 2009 11:18am Jul 20, 2009 11:18am
Quoting mbqb11
Mike
Mike,
What Period Do You Suggest For EMA In H4 And Daily And Weekly TFs ? I'm Getting Confused About It. Should I Find It Out Myself What Works Best For Me And My Style, Or There Is A Better One For This Setting ?
Thank You For Your Time And Support

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #38,067
  • Jul 20, 2009 11:19am Jul 20, 2009 11:19am
Quoting kk007
Thanks batesmotel,

Do you really think the PPZ marked as minor (This one is orginally marked on the video)?

I personally don't think it is that minor. And it worries me. Yes, one solution is to short just below the PPZ and a bit worsen the R:R.

Nevertheless, to me, a very nice setup is one makes me no worry.

I have this problem probably because I am not experienced with this kind of scenarios.

For the senior members, like James and PeterFM, it may be obvious that the PPZ can be easily broken, (when they look at the bigger picture, perhaps)...
I see your point...perhaps I'm just biased because we can see the outcome of the short trade...

GregB
  • #38,068
  • Jul 20, 2009 11:21am Jul 20, 2009 11:21am
Quoting kk007
Thanks for response. Mike and Tom

If I trade this way, does it mean I have to usually trade with Risk/Reward > 1? Isn't it not recommended in general in the world of trading?

Cheers,
kk
Ah the classic R:R one of trading MYTHS that you need to do "this or that". The real thing one has to do is make money. Now you can make money with all kinds of R:R . The bottom line is if you are taking a lot of small R:R trades then you just have to have a higher winrate. The lower your win rate the more flexible your R:R can be. There is NOTHING, and I mean NOTHING that says you have to have a certain R:R. That is pure myth, a trader, trades to make money, nothing more nothing less. The difference is if you are going to go for a high winrate, is understanding the material and not taking iffy trades that will wipe out those small winners. There is nothing wrong with taking a quick profit on a high probability trade. Even I do it. I don't really worry about R:R. I trade good setups, and manage them the best way I believe at the time. As James says it comes back to account size. Although I am no where near his size account as mine has grown, so has my criteria and trade amounts decreasing, as well as my willingness to hold a trade. My willingness is to make money.

Hope that helps, that is exactly what this thread is about, to shatter a lot of these myths that are in crappy books or posted by people who really don't understand what the focus of trading is

Gonna dig up some old posts that fit in here and edit this and add the links

http://www.forexfactory.com/showpost...ostcount=23711

Best
Mike
  • #38,069
  • Jul 20, 2009 11:25am Jul 20, 2009 11:25am
Quoting kk007
Thanks batesmotel,
.....
I personally don't think it is that minor. And it worries me. Yes, one solution is to short just below the PPZ and a bit worsen the R:R.
Nevertheless, to me, a very nice setup is one makes me no worry.
I have this problem probably because I am not experienced with this kind of scenarios.....
 kk007,
it was "very nice" because:
nice location,
nice space (to the left of the PB),
& nice PB shape (long nose)

your worries will definitely be lessened/combated by confidence. u get confident thru experience. experience comes from tons of practice.
  • #38,070
  • Jul 20, 2009 11:25am Jul 20, 2009 11:25am
Quoting Basber
Mike,
What Period Do You Suggest For EMA In H4 And Daily And Weekly TFs ? I'm Getting Confused About It. Should I Find It Out Myself What Works Best For Me And My Style, Or There Is A Better One For This Setting ?
Thank You For Your Time And Support

Regards,
Basber
Hey B how are you?

I personally don't use any EMAs but the most popular ones here are the ones James uses 150 ema, 365. No EMA is "better" because of what an EMA is, but usually most people I know that do use EMAs use a larger one(like the 365, some the 200), and then a smaller one(like the 150 or 100), etc. None will find "more" s/r then the other really, but it helps to find the agreements in price. Since I started I found they don't really add to my trading enough that I need them there, so I strip it away and keep cutting down to the basics that makes me money personally. Others will find different of course.

Hope that helps
Mike
  • #38,071
  • Jul 20, 2009 11:27am Jul 20, 2009 11:27am
Quoting mbqb11
Hey KK,

As a follow up to my previous comment, when we arrive at a PPZ like this it is ok to have 1 trader that says, well I better get my stops to b/e and let it play out, and also ok to get another trader that lets the trade have a bit more room to breathe. Neither is more right then the other IF both are both able to recognize that if price stalls out there and reverses they still understand why. The recognition part is the most difficult for most people, and then it becomes screen time and experience to begin to put things together.

In...
Thanks Mike,

I don't completely understand this comment with my level of experience at the moment. Nevertheless, my feeling tells me that it is important and valuable comment. I will memorise this for future reference.

I guess the Ghous' "Aha moment" and "all of sudden - click" are the same thing. Sound like some spiritual awareness.....

Sincerely.
  • #38,072
  • Jul 20, 2009 11:32am Jul 20, 2009 11:32am
Quote
Point well taken......my software is telling me that it's only a minor resistance level...

batesmotel,
like i said, my post was just a mini-comment.
so, no worries, Sir GregB...
  • #38,073
  • Jul 20, 2009 11:36am Jul 20, 2009 11:36am
Thanks again Mike,

I am a bit shocked to hear your this opinion. I don't know what I can say for a moment.

Yes, it is very true that the trading world is full of myths. Perhaps, I have to unlearn a lot. This thread really changes me.

K.K.

Quoting mbqb11
Ah the classic R:R one of trading MYTHS that you need to do "this or that". The real thing one has to do is make money. Now you can make money with all kinds of R:R . The bottom line is if you are taking a lot of small R:R trades then you just have to have a higher winrate. The lower your win rate the more flexible your R:R can be. There is NOTHING, and I mean NOTHING that says you have to have a certain R:R. That is pure myth, a trader, trades to make money, nothing more nothing less. The difference is if you are going to go for a high winrate,...
  • #38,074
  • Jul 20, 2009 11:37am Jul 20, 2009 11:37am
Quoting mbqb11
Hey B how are you?

I personally don't use any EMAs but the most popular ones here are the ones James uses 150 ema, 365. No EMA is "better" because of what an EMA is, but usually most people I know that do use EMAs use a larger one(like the 365, some the 200), and then a smaller one(like the 150 or 100), etc. None will find "more" s/r then the other really, but it helps to find the agreements in price. Since I started I found they don't really add to my trading enough that I need them there, so I strip it away and keep cutting down to the basics...
I'm Perfect, Hope You Are Perfect Either
It Surely Helps. Because EMAs In Higher TF Don't Suit Me Either, I Just Wanted To Check That If There Is Something Wrong With Me
Thanks For The Fast Reply. As Usual ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #38,075
  • Jul 20, 2009 11:37am Jul 20, 2009 11:37am
Quoting kk007
Thanks again Mike,

I am a bit shocked to hear your this opinion. I don't know what I can say for a moment.

Yes, it is very true that the trading world is full of myths. Perhaps, I have to unlearn a lot. This thread really changes me.

K.K.
Yeah there is a lot of BS out there. The end game is you either make money in a way that will work over time or you don't. The flexibility learning to read a chart allows for many methods to work that FIT the trader. Look at the range of traders we have on this thread alone.

If you can keep an open mind(from the looks you are), and have a willingness to put in the time, you can have a shot at this.

Mike
  • #38,076
  • Jul 20, 2009 11:37am Jul 20, 2009 11:37am
Quoting Basber
Hmm ... Different Chart ... Different Brokers ?! But I Got A Double PB Now On My Chart.

Regards,
Basber
Use caution if you short GU....you're going to have to plow thru some heavy rush hour traffic...

Perhaps consider a long bounce off of the 1.6395 monthly support level if some nice PA presents itself.

Greg
Attached Image (click to enlarge)
Click to Enlarge Name: GBP_USD Spot.png Size: 31 KB
  • #38,077
  • Jul 20, 2009 11:38am Jul 20, 2009 11:38am
Quoting mbqb11
Hey B how are you?

I personally don't use any EMAs but the most popular ones here are the ones James uses 150 ema, 365. No EMA is "better" because of what an EMA is, but usually most people I know that do use EMAs use a larger one(like the 365, some the 200), and then a smaller one(like the 150 or 100), etc. None will find "more" s/r then the other really, but it helps to find the agreements in price. Since I started I found they don't really add to my trading enough that I need them there, so I strip it away and keep cutting down to the basics...
I'm Perfect, Hope You Are Perfect Either
It Surely Helps. Because EMAs In Higher TF Don't Suit Me Either, I Just Wanted To Check That If There Is Something Wrong With Me Or Not
Thanks For The Fast Reply. As Usual ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #38,078
  • Jul 20, 2009 11:39am Jul 20, 2009 11:39am
Quoting batesmotel
Use caution if you short GU....you're going to have to plow thru some heavy rush hour traffic...

Greg
Thanks For The Advice Bates, But I Don't Like The Price Form No More. I May Change My Mind About This PB
P.S. And Besides, It's Not A PB Until It Broke The Range. It Didn't And It Goes Higher Than The Left Eye. That's What Makes Me Nervous

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #38,079
  • Jul 20, 2009 11:45am Jul 20, 2009 11:45am
Quoting raczekfx
Has eu exhausted its potential for today...?
Quite possible, we shall see.
Hoping so, though it seems to be using my entry point as support
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd1hour.gif Size: 17 KB
  • #38,080
  • Jul 20, 2009 11:47am Jul 20, 2009 11:47am
Quoting kk007
For the senior members, like James and PeterFM, it may be obvious that the PPZ can be easily broken, (when they look at the bigger picture, perhaps) and so they can say it is "very nice".
cheers,
K.K.
Don't promote to the premier leagues just yet. I appreciate the compliment but I'm a long way from feeling comfortable with Jim's name and mine in the same sentence.

It's only obvious to us 'senior' members because we have hours (and I do mean hours) of screen time behind us. In this game it really is a case of learning to walk before you try and run. But you will get there if you learn from these guys. We all hit James's thread about the same time and about the same point on the learning curve.

I know we all sound like gurus from NBC (or whoever) but we weren't born with this knowledge. It's all down to Jim initially.
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