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Where can I learn more about Price Action like those in James16 charts? 9 replies

james16 Chart Thread

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sorry, I meant the bar next to it..... the beginning of the change in direction...

Okay, I'll stay away from almost (disaster) setups...

Dave
Quoting Mpondondo
Attachment 314290

sorry, I meant the bar next to it..... the beginning of the change in direction...

Okay, I'll stay away from almost (disaster) setups...

Dave
The best thing you can do at the start Dave is nail some slam dunk winners for your confidence. Our mindset is so vulnerable at the outset that a few losers can do damage to our confidence for a while (I speak from experience). So just let the god ones come to you and bag a few in a row. It's a great feeling.
wat is happening to this pair....
dragged its feet all day
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Simplicity is the key to success
Quoting TiaForex
The best thing you can do at the start Dave is nail some slam dunk winners for your confidence. Our mindset is so vulnerable at the outset that a few losers can do damage to our confidence for a while (I speak from experience). So just let the god ones come to you and bag a few in a row. It's a great feeling.

Thanks man. I've only been looking at pinbar PA setups... lost some on the EUR/CAD today and gained a bit more on the GBP/USD daily today.... so back to BE for me.
I read alot about the the BEOB/BUOB's but been battling to find out info about what applies where..

Thanks again for the help!
Quoting Mpondondo
Thanks Jaroo, I sometimes have random Ideas.. which will probably lead to me randomly losing all over the place.
yes 1.65 has some strong history behind... and then the 365 day ema is lurking below that...

another random question, I set my EMA for the close of the candle, is there any advantage to using a different setting?
Having random ideas is not a bad thing to have, Mp. Just make sure that you try them on demo first and foremost for a good length of time to see how consistent thoses ideas may be.

James16 uses long term MAs as a confluencing tool, just like Fib levels , MACD divergence, etc. He has been using them for a long period time, but most importantly, he is successful using them. So I use them. But it is important that they are used to add confluences to a level or area, not on their own or by themselves.

You can try different setting and see how they line up with PA. It should be fun.
Indicators show the past. Price Action "Indicates" the future.
Quoting raczekfx
eu and uc hit their first targets for now..
and so on and so forth and so on and.....
.

Quoting TiaForex
I swear, I don't know how he does it....so many times....to the exact pip.



(and I'm holding my UCAD looking for just shy of 1.1 If we go down from here I'm blaming you Rac man... )
That's the voodoo that he do do.

I can find the heavily confluenced layers that are obvious but I just need to fine tune it a bit more. Which comes from practise, of course.

A great benefit that people have studying the Rac's way is finding great locations and understanding why they're great location. And I like that he doesn't outright tell you about it, you gotta find out yourself. lol
Indicators show the past. Price Action "Indicates" the future.
Quoting bundyraider
I'm with Joel. ...Waiting it out. Too many issues for this pair to deal with for the minute. ( and the retarded bit. ...it's bed time. lol)

If you want my thoughts on how much room? ...Enough room to get into profit and start moving stops. Where the stop is likely to be nicely protected. ...That's just me though.

Quoting TiaForex
I haven't heard it put better.

Those first levels almost always see a bounce of some kind. The question is always is it just a temporary bounce or a full on stop-killing reversal.

If that first level is far enough away from my entry then I have some breathing room to work out which one it is. My stop gets to break even and the trade still has room to move.

If that first level is 15 pips away, well it's going to put me in drawdown even if it's only a small bounce. And I find that hard to handle.

I've had too much time in a cold room...
Quoting bundyraider
Exactly.

...oops. ...Hang on ...I mean "exactly" to the rest of what you said.

You see the same thing happen time after time on close range trouble spots:- Draw down ....and with it the realisation that once again you could have waited for a better opportunity anyway... ...either as a better entry to that particular trade with even more reward , or for a totally different trade somewhere else down the track. In the mean time you stress about it while it screws around.

Edit: [i]LOL I think I just repeated...
I haven't heard it put better.

Thanks guys.
Indicators show the past. Price Action "Indicates" the future.
Quoting TiaForex
I always get the impression that when Rac asks these questions he's already pretty sure of the answer....

I agree.
Indicators show the past. Price Action "Indicates" the future.
Quoting tradertt

Thank you. Super! Location Location Location again .... I always see people trading daily more leniently but I guess it is just WAITING for the best setups and locations

Thank you
An "AH-Ha" Moment. Feels pretty cool, right tradertt?
Indicators show the past. Price Action "Indicates" the future.
Quoting jarroo
An "AH-Ha" Moment. Feels pretty cool, right tradertt?

Yupz it does Now to read through Mikes post and get another ah ha moment for the trouble areas
Quoting jarroo
That's the voodoo that he do do.

I can find the heavily confluenced layers that are obvious but I just need to fine tune it a bit more. Which comes from practise, of course.

A great benefit that people have studying the Rac's way is finding great locations and understanding why they're great location. And I like that he doesn't outright tell you about it, you gotta find out yourself. lol
AH, but he does tell us!... one simply must read, study, and understand his 1900+ posts...For those willing to put forth the effort, everything is laid out, imo...now that doesn't mean that the trader will feel comfortable trading that strategy... but it might spark a new, original idea too...

I'm guessing this is what you were talking about anyway...


http://www.forexfactory.com/showpost...ostcount=43732
This was the best post on FF in the last month in my opinion. Newbies take note. I know I did.

Josh
Quoting tradertt
Yupz it does Now to read through Mikes post and get another ah ha moment for the trouble areas
i believe more AHA moments will come &/or they will come faster if u repeatedly watch the guest videos. videos, compared to posts, are visual & aural at the same time, so they tend to register faster into our brain.

the more senses we involve (sight, smell, hearing, taste, touch), the faster & better our learning becomes.
Quoting Jduester
AH, but he does tell us!... one simply must read, study, and understand his 1900+ posts...For those willing to put forth the effort, everything is laid out, imo...now that doesn't mean that the trader will feel comfortable trading that strategy... but it might spark a new, original idea too...

I'm guessing this is what you were talking about anyway...


http://www.forexfactory.com/showpost...ostcount=43732
This was the best post on FF in the last month in my opinion. Newbies take note. I know I did.

Josh

What did I miss? What was the 1.0920 on the Cad based on? I had the 1.0900ish level, I just didn't know the "ish". Looks like more Rac reading for me. lol

I agree. Another Mike classic post. I'm glad he's on our side.
Indicators show the past. Price Action "Indicates" the future.
Quoting jarroo
What did I miss? What was the 1.0920 on the Cad based on? I had the 1.0900ish level, I just didn't know the "ish". Looks like more Rac reading for me. lol

I agree. Another Mike classic post. I'm glad he's on our side.
fib retrace?
Quoting Icehocey77
fib retrace?
Or Fib extension.
Indicators show the past. Price Action "Indicates" the future.
channeling my inner rac
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Quoting tradertt
But do have 1 question though, no matter how much space the bar is in, there is usually some bar highs or lows to the left of it which we can miss out where on hindsight we will say, hey I missed that high ...
No offence to James or anyone here but just trying to figure this out.
.
.
I really this PA works but when we get to the nitty gritty part of this, I am LOST!!!.....
I'm going to try and answer this simply, without ranting again. I bet I do though. lol

Bar high and lows in the past are reasons your trade could go wrong. A lot of them though are just weak levels. Just as you wouldn't trade off them, you can also take it that they aren't trade-ending levels - ...probability wise.

The best way to look at your chart is information about where the orders are sitting. Or are most likely to be still sitting from previously.

If you're long:- Don't look for bar highs as such. Look for recent tell tales of where orders are sitting that will go against your trade direction. (For that matter, also do the same on the other side of your trade for stop placement reasons). These levels are where every time they get hit someone (or many someones) comes in and blows away the ground that was just made up.

....For example:- On the previous down run (short ) you might have had a pull back upwards at some point. Where did that pull-back stop? When you look at the bars at the top of the pull-back - how dramatic was the sudden re-commencement of the downward leg? Does it literally look like everyone suddenly went "Right! thanks for giving me a better price, that's far enough! Let's continue down everybody! This is as far as it's going to go! At this price level I'm back in!" and then placed orders at that particular level?? Orders that threw the price down violently. A level that will STILL have orders waiting on the other side of it the next time we get back up to it. (A strong PPZ on the weekly chart will have more orders than a 1 hour chart PPZ and so on , of course)

....These are the sort of targets you can expect to aim for. (be conservative though, aim for the close price of that bar or something. Don't try and be a hero!)
(In the opposite regard these target areas are also great trailing stop areas.)

All those other little bar high/low areas you see are, on the whole, only worthy of being kept in the back of your mind as possible stumbling blocks. If recent moves seem to have little regard for these levels created a week or two ago then it's less likely they will be a problem soon. If you choose the strongest trade areas with the PA bars that offer strong indication of major orders being behind them then you can have a reasonable expectation that small road blocks will just offer up pauses in your trade's movement in to further profit.

Don't read the chart as a bunch of graphical symbols representing buy and sell signals and magical levels. Read what the chart is telling you about orders that are there, or likely to be there. Look for bars that show violent direction changes after a level was re-hit. If it's happened at the same point a couple of times it's even better! ...It means there are BIG orders sitting there. Traders are seeing it as a bargain level and going "THANK YOU!! I'll have that!". Then you see this happening at increasingly lower levels (in a down trend) you have an easy trade to manage.

Saying all that though you'll have to study this further, as you pointed out experience helps. You'll get there though!

Where are the orders, Where are the orders , where are the orders!! ....Think "HAMMER TIME!" Level get's touched ..they come in with a sledge hammer to knock it back to where it come from.

If you don't understand something I've said let me know for sure.
Bundy's status today: "Waiting..." :)
Quoting mbqb11
I prob spend the least amount of time actually trading then anything
It's good isn't it?

....I mean getting the point where waiting actually feels really relaxing.

There is a whole week to fill in and so little time is actually needed to actively do something with charts and trades.

It's almost like checking that the fireplace doesn't need another log. LOL

(I like that one . Man, I'm good! )
Bundy's status today: "Waiting..." :)
Quoting bundyraider
It's good isn't it?
....I mean getting the point where waiting actually feels really relaxing.
...
i believe this is the stage at a trader's life where trading is relaxing &/or boring.
very nice. very much looking forward to that stage.
(i missed my 'sports & music lives' for +/-4yrs now due to 'trading' )
Quoting jarroo
Or Fib extension.
.
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