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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

  • #47,001
  • Oct 27, 2009 7:07pm Oct 27, 2009 7:07pm
Quoting NTM
You realise the order flow that created this bar was purely the result of a news announcement? Nine times out of ten a move based on news will retrace; I think I've said this before, but if you're going to trade the news look for the market to move in 3 waves - initial reaction, retracement, continuation of inital eraction, eantries based on PA ofc.
That may be true in some cases, but the best part about this method is that "understanding" news isn't necessary to trade successfully. We look for great bars at great places. Who cares what "created" the PA bar? It doesn't matter if it was a news event, option barrier, etc. A great PA bar at a great location is a high probability trade when using the J16 method.

Ross
  • #47,002
  • Edited 8:02pm Oct 27, 2009 7:27pm | Edited 8:02pm
Increasing your understanding of how the market works will only add to your edge. If you understand that the nature of a market on options expiry or NFP is different then you can adapt to it and achieve greater consistency than if you didn't.

If you are really trading PA at pivot points you want to look for signs that the market will reverse and order flow will push the market where you expect. A panic-induced offering pulling scenario is not the most reliable source, pretty candlestick or not.

Talking about candlesticks - look at the longer term EURGBP chart and see what you would have been buying into, the other GBP pairs that are sitting at more bearish levels - GBPUSD and GBPJPY would have been better plays imo. More positively, you did the right thing to cut your loss before taking the whole bar imo.

Edit: cable seems to be forming a small bear flag, having more trouble retracing the push down.
  • #47,003
  • Oct 27, 2009 7:53pm Oct 27, 2009 7:53pm
Hi all,

I am slowly going thru the thread and i just wanted to ask the difference if there is any between BUOB and BUOVB. I know what they stand for "bullish outside bar and bullish outside vertical bar" but aren't they just the same thing??

coop
  • #47,004
  • Oct 27, 2009 8:25pm Oct 27, 2009 8:25pm
hey guys

another trade i took this month on the usd jpy.

this is the third trade for me this month.
brings me to 2 winner and 1 BE on the month.

same thing as always. Entered at night. set by position to BE when i woke up and then whent to school. Just came back. Found myself 60 pips to the positive. good for about 6%.

looked at the 4h. 1st time back of the 365. went down to the 1h and saw a bearish engulfing bar with divergence. Easy as pie.

finally broke the the +20% total mark since july.

chart
http://i432.photobucket.com/albums/q...n/usdjpy-1.jpg
  • #47,005
  • Oct 27, 2009 8:43pm Oct 27, 2009 8:43pm
Quoting Coop
Hi all,

I am slowly going thru the thread and i just wanted to ask the difference if there is any between BUOB and BUOVB. I know what they stand for "bullish outside bar and bullish outside vertical bar" but aren't they just the same thing??

coop
heya Coop, I am 99.9% sure they're refering to the same thing or if not, perhaps something with a very minor variation at best.

I've not seen a bullish outside horizontal bar before.
If you do, please take a screen shot!
Me be using it as wall paper

Welcome mate. If you've really just come to this thread, I've compiled pretty much the past 3000 pages of the posts from the seniors here into various html files. It prob will save you alot of time. It's quite abit of pages back, run a search if you will. =)

You wont believe how much time James, Mike, Rac, Jarroo and other seniors have put into this thread. Easily 1000 pages of word doc I believe. VERY likely MORE than 1000 pages.

Many of us owe them a debt of gratitude. I certainly do.

I'd also like to take this oppty to point out, that if you read all their posts, it's confusing. All of it works, but its all different! Yesterday, many of us got on board EY as it was tanking, and the thing that fascinated me is that how we found our entry was all different... but we got on board nonetheless.

IE: Gotta find your own way of expressing James' principles. It's taken me a few yrs to realise this, but hey, better late then never. I wish I started here YEARS back. If you're starting off here, you're REALLY blessed. This stuff here cuts through all the bullsh!t and just shows u the stuff that works.

My personal conviction is that if you can't make money with this material, trading aint for you. Firstly, the community here is great, secondly, the material is not complicated. It is simple, but also realise that what you see on the thread day by day on the charts posted are the myriad of ways that simplicity can be expressed. We're all finding our own way, and striving to get good at it. You'll have to do the same if you want to win at this game.

Right. Dont know where this came out of 1st thing in the morning. LOL.
(In Asia)

PS: Take post 1 seriously! Demo until u can win!
One Mind, Any Market
  • #47,006
  • Oct 27, 2009 8:47pm Oct 27, 2009 8:47pm
been playing around with my blind entries. Nailed the swissy, eurcad hit while I was sleeping otherwise I probably would've been in during the first pin.

Also in the fiber 1.48 but it's been dragging it's feet.
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  • #47,007
  • Oct 27, 2009 8:47pm Oct 27, 2009 8:47pm
Quote
Hi all,

I am slowly going thru the thread and i just wanted to ask the difference if there is any between BUOB and BUOVB. I know what they stand for "bullish outside bar and bullish outside vertical bar" but aren't they just the same thing??

coop
hi coop, yeah thats right they are the same, just that most of us are too lazy to bother with the "V" bit
jon







Quoting pizdun
hey guys

another trade i took this month on the usd jpy.

this is the third trade for me this month.
brings me to 2 winner and 1 BE on the month.

same thing as always. Entered at night. set by position to BE when i woke up and then whent to school. Just came back. Found myself 60 pips to the positive. good for about 6%.

looked at the 4h. 1st time back of the 365. went down to the 1h and saw a bearish engulfing bar with divergence. Easy as pie.

finally broke the...
congrats bro!! nicely done. i applaud you patience also!!
i am short this pair also with my stop at BE, i would like to think we will have a down day tomorro ??
jon
PATIENCE... DISCIPLINE
  • #47,008
  • Edited 9:33pm Oct 27, 2009 9:14pm | Edited 9:33pm
Quoting advfntrader
lets be honest here people....how many are trading REAL money for a living here ??? I have tried and tried again with real money and found I can't make it work. I am beginning to think that its really not possible at all using simply charts, you need to look at fundamentals
LOL. Dude, u better hope Joel doesn't get on your case.

To me, sounds like you wanna make big bucks and make it fast.

Let me tell you how to get your account to 50k fast:
Start with 100k + "I'm gonna be a flippin' millionaire in a year baby" = 50k account really soon.
I know a rich brat who took a USD100k account to ZERO in about 2 months. Dumbass was on a flamin' train to stupidville and he didn't even know it. Wanted to make a million in a year. He's not the first idiot on that train either. It makes regular stops and loads of people pile on.
Just fyi, I think you're on that train. See if you wanna get off.

Have you demoed? Can you make money on a demo consistently? If you can, then you've got a methodology.

Can make money on demo but not on real time? You can't control your emotions properly.

If you wanna win in this business, you gotta be able to handle getting your ass kicked and move on. If people dont do it, the market will do it for you. Come humble to the market or the market will humble you. Do you go, "damn this market! stupid trade/signal/candle/bar/indicator?" You're doing it wrong. What you should be saying is, " *$&*(#&% !!!!! I SUCK. I dont get this I'm really stupid! "

Let me be blunt here as well. If you can't make it work, THE PROBLEM IS YOU. You suck. This is not an easy business, the lessons are harsh, the learning curve is steep and whenever you think, "I'm freakin' awesome. Did you see what I just pulled off? " you're about to get your ass whooped REALLY bad. Try buy the lottery if you want to get rich quick, its less frustrating.

If you really want to make it, go read post #1 and take it seriously. The man knows what he's talking about and is gracious enough to highlight the major pitfalls in this business and tell you how to avoid them. I am very thankful to him for his time, effort & dedication to start this thread. Be thankful that a few of us actually are willing to trade our time to reply to you. I was wondering if it's a stupid trade when I first started to reply. Learn but do not blame and deal harshly with your short comings. Then maybe you'll stand a chance.
One Mind, Any Market
  • #47,009
  • Oct 27, 2009 9:30pm Oct 27, 2009 9:30pm
Thks for the replies. And Cyrus thks for the advice. Much appreciated.

coop
  • #47,010
  • Oct 27, 2009 9:33pm Oct 27, 2009 9:33pm
Quoting mbqb11
Hey Pip

. Where I am from 200k would need to be double each year to even be close and I am a single dude.

Mike
Well I'm glad I don't live around that area. 200k a year, man that's what I call high end. I'm originally from Australia and yes it gets expensive in cities and a 100k combined income minimum for a couple is getting by. But to need to have 200k a year coming in man Mike you're living large. You must be VIPing it at those Yankee games

Letitride

p.s. Currently living in a country where its 35c for a 500ml bottle of beer.Now that's around my end.
  • #47,011
  • Oct 27, 2009 9:42pm Oct 27, 2009 9:42pm
Quoting letitride
Well I'm glad I don't live around that area. 200k a year, man that's what I call high end. I'm originally from Australia and yes it gets expensive in cities and a 100k combined income minimum for a couple is getting by. But to need to have 200k a year coming in man Mike you're living large. You must be VIPing it at those Yankee games

Letitride

p.s. Currently living in a country where its 35c for a 500ml bottle of beer.Now that's around my end.
lol I was more trying to make the point. B/w Taxes on that 200k, bills, and just being comfortable about not having to worry about how you do month to month. That is a bit much. It is of course going to vary about everything. But to trade for a living I would want 3-4 years of living expenses at least to not have to worry about "performing". 100k doesn't go very far in NY though.
  • #47,012
  • Oct 27, 2009 9:47pm Oct 27, 2009 9:47pm
Quoting Cyrus
I've not seen a bullish outside horizontal bar before.
If you do, please take a screen shot!
Well I did...LOL
Attached Image
  • #47,013
  • Oct 27, 2009 9:48pm Oct 27, 2009 9:48pm
Quoting letitride
Well I'm glad I don't live around that area. 200k a year, man that's what I call high end...
$200k?? wow....
just to put it further in a global perspective, here in the Philippines, with $200k, u can already do A LOT.
a conservative exchange rate would be US$1 = 46Philippine Pesos.
let's take a single male like Sir Mike as an example. if he needs approx. $210 a month to live (a single male can live off of $100-300/month, depending on the circumstance & lifestyle), then he can live off of that $200k, solely, for about 79 years of his life. very nice
  • #47,014
  • Oct 27, 2009 9:52pm Oct 27, 2009 9:52pm
Quoting gasgas
Well I did...LOL
lol very funny
  • #47,015
  • Oct 27, 2009 10:01pm Oct 27, 2009 10:01pm
Quoting jarroo
Wow sChaos . . . let it out, brother . . .feels good doesn't it. lol
Your absolutely right. Perseverance is the #1 quality a trader must have, especially in the beginning. And an understanding that this does take time and practise. But soon all of the hard work will pay off....
Yes Sir, feels so good. LOL
i was mainly ranting about my crappy internet.
& putting down a whiner's issue as something very trivial compared to mine. somehow letting him realize that he should count his blessings & that he is better off compared to others.
i really feel no one has a right to QUIT unless he has a similar or worse situation than mine or until i quit (if it happens ).
  • #47,016
  • Oct 27, 2009 10:06pm Oct 27, 2009 10:06pm
Quoting gasgas
Well I did...LOL
WALLPAPER!
Thanks for the laugh
One Mind, Any Market
  • #47,017
  • Oct 27, 2009 10:13pm Oct 27, 2009 10:13pm
Quoting supremeChaos
Yes Sir, feels so good. LOL
i was mainly ranting about my crappy internet.
& putting down a whiner's issue as something very trivial compared to mine. somehow letting him realize that he should count his blessings & that he is better off compared to others.
i really feel no one has a right to QUIT unless he has a similar or worse situation than mine or until i quit (if it happens ).
SC, I suspect our situations have shaped our philosophies somewhat similarly. (But at least my internet isn't crappy)
One Mind, Any Market
  • #47,018
  • Oct 27, 2009 10:22pm Oct 27, 2009 10:22pm
Well this two coming to an end...Probably no point driving threw so much resistance, on both!?.
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  • #47,019
  • Oct 27, 2009 10:36pm Oct 27, 2009 10:36pm
Quoting Cyrus
SC, I suspect our situations have shaped our philosophies somewhat similarly. ...
possible, Sir.
i grew up watching a LOT of cartoons, kungfu, anime, etc (1980's).
was a boy scout, joined a lot of organizations in high school... love playing a lot of sports, music instruments.
grew up in a third world, smiling, happy country....
these mainly have molded me to who i am now.

Quote
But at least my internet isn't crappy
like i said, count your blessings
  • #47,020
  • Oct 27, 2009 10:42pm Oct 27, 2009 10:42pm
Quoting gasgas
Well this two coming to an end...Probably no point driving threw so much resistance, on both!?.
on ej H4, put an ascending trendline from the lower wicks of Oct15 onwards (part of an H4 triangle upside breakout). that TL will project towards 135.30-ish. price so far is ranging around that area.
just another view
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