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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

  • #42,361
  • Aug 27, 2009 12:33pm Aug 27, 2009 12:33pm
Ghous,

Got it! That's good point I never think of before.

Thanks!

PM





Quoting ghous
That's correct.

Does he? as far as I know he's a RN fanatic.

Anways IMHO both, ppzs and round numbers can be extremely rewarding when respected and extremely punishing if disrespected. I don't think you should weigh them against each other on the scale of importance.

Yes I was wary abt the 135 round number, but the ppz right below made me believe price had a fair chance of holding up. You need not look at it as if I was in any way expecting the ppz to hold anymore than the round number. Since there wasn't a clearly defined ppz at 135...
  • #42,362
  • Aug 27, 2009 12:33pm Aug 27, 2009 12:33pm
StoragePro nice work - shame I cant get the GPBAUD chart on my broker! Looking at AUDUSD long & will post chart shortly for some feedback.
  • #42,363
  • Aug 27, 2009 12:38pm Aug 27, 2009 12:38pm
Comments seasoned FX pro's (and others); Looking at this pair to buy becasue;

PB with trend
At support
At 50ema
Off trend line

Thoughts?

BTW this has gotta be the best thread on the net!
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  • #42,364
  • Aug 27, 2009 12:41pm Aug 27, 2009 12:41pm
i love new friends.

this guy has now gone to the top of my friend list.

this is how you get there.


Quoting Grousman
BTW this has gotta be the best thread on the net!
  • #42,365
  • Aug 27, 2009 12:42pm Aug 27, 2009 12:42pm
i dont use em but 5 minute charts sure do look good
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  • #42,366
  • Aug 27, 2009 12:43pm Aug 27, 2009 12:43pm
somebody get gman straightened out.

all 6 of my hands are currently busy.

jim

Quoting Grousman
Comments seasoned FX pro's (and others); Looking at this pair to buy becasue;

PB with trend
At support
At 50ema
Off trend line

Thoughts?

BTW this has gotta be the best thread on the net!
  • #42,367
  • Aug 27, 2009 12:49pm Aug 27, 2009 12:49pm
Quoting Grousman
Comments seasoned FX pro's (and others); Looking at this pair to buy becasue;

PB with trend
At support
At 50ema
Off trend line

Thoughts?

BTW this has gotta be the best thread on the net!
Hey G,

That bar is actually a BUOB because it engulfs the prior bar. Also we want to see these bars at swing low points, this is a swing high point. It isn't that they can't be played here, but it is my suggestion to stick to the basics of how we play them before moving to what I considered a bit more advanced in playing them at swing highs. So we want to see that bar located at a swing low point. This isn't to say these trades don't work out, but IMO they are more difficult to manage when new to the material.>

Welcome to the thread, and I agree with you and let me know if you have more questions


Mike
  • #42,368
  • Aug 27, 2009 12:52pm Aug 27, 2009 12:52pm
Quoting Grousman
Comments seasoned FX pro's (and others); Looking at this pair to buy becasue;

PB with trend
At support
At 50ema
Off trend line

Thoughts?
We want to see PBs at the extreme high or low of the swing, not in the middle.

+ The price might face problems soon at the 0.8385 resistance.
  • #42,369
  • Aug 27, 2009 12:58pm Aug 27, 2009 12:58pm
Mike, James thanks for prompt response & answers. As you correctly state its an OB would this not constitute continuation of the trend?

Seriously I will not name 'names' but this thread is awesome in content & in timeliness and let me say i am no youngster easily excited type of guy...
  • #42,370
  • Aug 27, 2009 1:13pm Aug 27, 2009 1:13pm
Quoting Grousman
Mike, James thanks for prompt response & answers. As you correctly state its an OB would this not constitute continuation of the trend?

Seriously I will not name 'names' but this thread is awesome in content & in timeliness and let me say i am no youngster easily excited type of guy...
Yeah these bars can certainly be played as continuations, but the problem is for most people if you play them at the wrong spot you are immediately trading into a new high which can be the reversal point. Of course once you get good at PA you can trade them anywhere you have good confluence, but it is my recommendation in the beginning to stick to the way James expalins here which is

BUOBs/bullish pins/DBLHC at swing low points
BEOBS(see ex below)/bearish pins/DBHLC at swing high points.

Again welcome and please ask questions as needed
Mike
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  • #42,371
  • Aug 27, 2009 1:17pm Aug 27, 2009 1:17pm
main thing is to relax and take your time.

what we do here is simple.

follow the outline in post 1.

jim

Quoting Grousman
Mike, James thanks for prompt response & answers. As you correctly state its an OB would this not constitute continuation of the trend?

Seriously I will not name 'names' but this thread is awesome in content & in timeliness and let me say i am no youngster easily excited type of guy...
  • #42,372
  • Aug 27, 2009 1:28pm Aug 27, 2009 1:28pm
muchos gracias & rightly/wrongly just played a dbhlc on the EURCHF at Resistance, with medium trend, near value & 50 fib albeit into some chop. FIRST time playing a dbhlc. Lets see & thanks again for advice. I did a course out of Australia on PA & whilst v good no mention of OB's, dbhlc let alone triple candles.

After a bad (impulsive) week I feel better already.
  • #42,373
  • Aug 27, 2009 1:42pm Aug 27, 2009 1:42pm
Quoting Grousman
muchos gracias & rightly/wrongly just played a dbhlc on the EURCHF at Resistance, with medium trend, near value & 50 fib albeit into some chop. FIRST time playing a dbhlc. Lets see & thanks again for advice. I did a course out of Australia on PA & whilst v good no mention of OB's, dbhlc let alone triple candles.

After a bad (impulsive) week I feel better already.
He G-Man. The EC was a winner - congrats. Personally, not my cup of tea - the bars making the PA were too small trading into that traffic. And no divergence. Hopefully you are out - it is retracing with a vengeance...

The best areas are at swing highs/lows without accompanying congestion. These can be played, but I don't recommend it for people getting going.

You've positively landed in the correct place! And it is Free. NO Secrets here.
I'm pretty much done with all this ...
  • #42,374
  • Aug 27, 2009 2:04pm Aug 27, 2009 2:04pm
Many thanks StoragePro, yes EC was a quick in and out, as was AUDUSD (again, couldnt help myself). Yes this is free but would happily pay for it, learning so much.

I will try to WAIT & post some charts here for advice before I "simply jump in". Thanks again.
  • #42,375
  • Aug 27, 2009 2:18pm Aug 27, 2009 2:18pm
Daily long anyone? Nice BUOB at a nice support area on the 365. Maybe we'll get the party started sooner with a 4hr pin. Missed out on that beautiful 1hr pin.
  • #42,376
  • Aug 27, 2009 2:56pm Aug 27, 2009 2:56pm
Quoting artov
Haven't been in a while in here, thanks to all for learning me Price Action in this thread! It's helping me in all markets and timeframes I watch.


Thanks to: Jim (J16), Jarroo, Mike, TiaForex, Ghous, Ryanmcd, Jduester and Rustyjeff.
Thanks for the kind post. Means a lot to me.

First time I've been mentioned in the same sentence as my trading heroes. Not entirely sure that i deserve that yet, but as I always I strive to reach the heights those guys are at. Both in trading and in the decency of their character. The kindness and decency those guys display is IMO the real learning here. Follow that and the riches aren't far behind.
  • #42,377
  • Aug 27, 2009 3:00pm Aug 27, 2009 3:00pm
Quoting joelcf
(sorry for the dodgy web charts, forgot to post NT charts last night)

Aaron, you should appreciate this one.

Original entry was @ 100 (although I got screwed by slippage), and doubled up on the break of the daily pin. Sept.

Attachment

Attachment

All my dreams of transforming in to a completely degen, Livermore-style 1930s futures trader are finally coming to fruition*.


*Poor pun intended.




I enter on the break. Some people wait for a break...
That is fine art Joel. Santa's bringing me tradestation and a futures account this year and looking at stuff like that I can't wait
  • #42,378
  • Aug 27, 2009 3:06pm Aug 27, 2009 3:06pm
Quoting joelcf
Nah. You cant be Livermore without occasionally wearing a sack/barrel.

Not that I actually want to be. Livermore, while clearly a brilliant mind, was also a degen gambler. And there is nothing cool about that.

There is just something about the reaction you get when you tell people you just shorted orange juice/pork bellies/etc..



And damn you are a harsh critic
Shorting orange juice futures just makes me think of the movie Trading Places...

And regarding Livermore... nothing wrong with wanting to copy the guy's trading skills. But I don't want to be like him in any other respect.

But then almost every one of my idols (Livermore isn't one btw) has feet of clay, areas of human weakness where they couldn't replicate the genius they showed in their areas of greatest strengths. It's all part of being human to me.

So I'll learn everything I can from Reminisces of A Stock Operator regarding trading and an approach to the markets. And I'll look to Gandhi, Buddha, Martin Luther King etc. for the rest.
  • #42,379
  • Aug 27, 2009 3:14pm Aug 27, 2009 3:14pm
I hear that. But I cannot separate the method from the man. The two are completely intertwined.

Think of it in the way a method actor like Robert De Niro goes about his business. He spends a ton of time becoming the character. And it works.

I suppose there a few tidbits a dude like Livermore can teach. Not much of it good.

My two cents

Quoting TiaForex
Shorting orange juice futures just makes me think of the movie Trading Places...

And regarding Livermore... nothing wrong with wanting to copy the guy's trading skills. But I don't want to be like him in any other respect.

But then almost every one of my idols (Livermore isn't one btw) has feet of clay, areas of human weakness where they couldn't replicate the genius they showed in their areas of greatest strengths. It's all part of being human to me.

So I'll learn everything I can from Reminisces of A Stock Operator regarding trading...
I'm pretty much done with all this ...
  • #42,380
  • Aug 27, 2009 3:30pm Aug 27, 2009 3:30pm
Quoting joelcf
Eclipse makes a really, really good point.

I think another thing people miss is that many of the transactions we are talking arent one way. And so round numbers arent always obvious...

I'll tell it in story form, since Sto was a jerk about my art skills

I'm an aussie selling my pale ale to americans, cause yall make rubbish beer (except Kona Breweries!). All my costs are in AUD, so I clearly dont want your silly paper money, I want aussie dollars. I call the bank, say I want the nearby exchange rate of, say, 85 US cents on the dollar,...
Never thought of this Joel. Great stuff. Thanks
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