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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

  • #52,961
  • Jan 26, 2010 8:24pm Jan 26, 2010 8:24pm
Quoting Cbh123
I am excited to make my first post to this thread. I just finished reading the whole thing (seriously.. it took forever, haha), and I am looking forward to beginning to contribute to the thread.

I need to start by saying thank you, thank you, THANK YOU James16. This thread has done so much for my trading, which I will explain below, but more importantly thank you for your example of generosity and untiring selflessness in sharing your knowledge and saving so many of us from the pitfalls you had early in your trading career. I pray for continued...
Welcome Cory! Hope to see you posting more now You are a model of what others should copy when learning this stuff

Mike
  • #52,962
  • Jan 26, 2010 9:05pm Jan 26, 2010 9:05pm
Quoting Cbh123
I am excited to make my first post to this thread. I just finished reading the whole thing (seriously.. it took forever, haha), and I am looking forward to beginning to contribute to the thread.

I need to start by saying thank you, thank you, THANK YOU James16. This thread has done so much for my trading, which I will explain below, but more importantly thank you for your example of generosity ...
Welcome, not the usual greeter here, but your post sparked a new and refreshed feeling in me. I long for your excitement and zeal when it comes to the markets.

A little bit of freshness will go a long way in my trading. What you inspired me to do is go back and look through this thread and I suggest others do the same. I would also pay attention to Clockworks thread...

He is a contributor to the James16 Private Thread and does a great job with explaining in depth Support and Resistance areas.

Well, at the risk of being long winded, I just wanted to say "Hello!!" and welcome!! You are in for a wild ride.

To see how I have digested all the information on this and Clockworks thread visit my blog if you would like...
  • #52,963
  • Jan 26, 2010 9:07pm Jan 26, 2010 9:07pm
Quoting Dan Gilbert
gbpjpy is my main view right now.......

edit: mainly because of 145.00 big round number.
Nice signature, are you a Dave Ramsey fan??
  • #52,964
  • Jan 26, 2010 9:28pm Jan 26, 2010 9:28pm
Quoting bgin2end
Welcome, not the usual greeter here, but your post sparked a new and refreshed feeling in me. I long for your excitement and zeal when it comes to the markets.

A little bit of freshness will go a long way in my trading. What you inspired me to do is go back and look through this thread and I suggest others do the same. I would also pay attention to Clockworks thread...

He is a contributor to the James16 Private Thread and does a great job with explaining in depth Support and Resistance areas.

Well, at the risk of being long winded, I just...
You may want to catch up on this thread from say Oct 2009. Clock works is no longer part of the J16 Group.
Indicators show the past. Price Action "Indicates" the future.
  • #52,965
  • Jan 26, 2010 9:53pm Jan 26, 2010 9:53pm
Quoting jarroo
You may want to catch up on this thread from say Oct 2009. Clock works is no longer part of the J16 Group.
Wow, it seems as if I AM far behind...

I'll catch up tomorrow!
  • #52,966
  • Jan 26, 2010 10:19pm Jan 26, 2010 10:19pm
Hi, just wanted to ask if J16 uses other candlestick patterns... I know we only learn about BEEB, BUEB, BEOB, BUOB, Pin bars, and IBs(?) here, but how about the other types of candlesticks? Are they completely useless?
  • #52,967
  • Jan 26, 2010 10:27pm Jan 26, 2010 10:27pm
Quoting albertsy2
Hi, just wanted to ask if J16 uses other candlestick patterns... I know we only learn about BEEB, BUEB, BEOB, BUOB, Pin bars, and IBs(?) here, but how about the other types of candlesticks? Are they completely useless?
Hey Al

You can add in DBHLC, DBLHC, TBH(two bar high) TBL (two bar low). Double bar pins(aka railroad tracks)

Mike
  • #52,968
  • Jan 26, 2010 10:29pm Jan 26, 2010 10:29pm
Quoting albertsy2
Hi, just wanted to ask if J16 uses other candlestick patterns... I know we only learn about BEEB, BUEB, BEOB, BUOB, Pin bars, and IBs(?) here, but how about the other types of candlesticks? Are they completely useless?

Other candlesticks or bar patterns can be applied to the J16 way. As you may know from understanding the J16 way, that these patterns are only part of the overall Price Action setups that we look for.

So other patterns are not useless, when used with the overall picture or story of a great J16 setup.
Indicators show the past. Price Action "Indicates" the future.
  • #52,969
  • Jan 26, 2010 10:39pm Jan 26, 2010 10:39pm
Quoting jarroo
Other candlesticks or bar patterns can be applied to the J16 way. As you may know from understanding the J16 way, that these patterns are only part of the overall Price Action setups that we look for.

So other patterns are not useless, when used with the overall picture or story of a great J16 setup.
Albertsy, Jarroo is refering to these: PPZ's, fib levels, round numbers, trendlines, 150/365 EMA, macd/rsi divergence..... learn all of that, and you will see how PA by itself is useless
Many choose unhappiness over uncertainty.
  • #52,970
  • Jan 26, 2010 10:40pm Jan 26, 2010 10:40pm
Quoting jarroo
Another example. Rac on Dec 21 2009 on the Usd/Chf.



Now I can't get in the Rac-man's head totally on his prediction of waiting for the 1.015/.02 on the Swissy. But I am sure the retracement levels from the recent High and Low on 12/21/09 had something to do with it.
Lol... nice catch, Jim!
I'm not always right, .... but right enough times!
I could throw another chart, but let's not spoil ....
  • #52,971
  • Jan 26, 2010 10:41pm Jan 26, 2010 10:41pm
Quoting Dan Gilbert
Albertsy, Jarroo is refering to these: PPZ's, fib levels, round numbers, trendlines, 150/365 EMA, macd/rsi divergence..... learn all of that, and you will see how PA by itself is useless
Well said Dan.
Indicators show the past. Price Action "Indicates" the future.
  • #52,972
  • Jan 26, 2010 10:46pm Jan 26, 2010 10:46pm
Thanks for the quick reply, guys! Yes, I'm already learning about PASR, TLs, Fibs, and the EMAs (using 20, 100, and 365 myself)...

(I do agree that a divergence on an oscillator is also quite important, although I haven't delved into using these oscillators yet for the J16 system... frankly, are they actually used in J16? But that's neither here nor there...)

Yup, I completely forgot about the DBHLC, DBLHC and double bar patterns..!

However, I haven't come across the "railroad tracks" pattern yet. What are those?
  • #52,973
  • Jan 26, 2010 10:50pm Jan 26, 2010 10:50pm
Quoting raczekfx
Lol... nice catch, Jim!
I'm not always right, .... but right enough times!
I could throw another chart, but let's not spoil ....

spoil away brother. lol


Eur/Jpy; see I told you the 125.00(125.50) was going to be easy.
But I have a feeling you already knew that. lol
Indicators show the past. Price Action "Indicates" the future.
  • #52,974
  • Jan 26, 2010 10:54pm Jan 26, 2010 10:54pm
Quoting albertsy2
Thanks for the quick reply, guys! Yes, I'm already learning about PASR, TLs, Fibs, and the EMAs (using 20, 100, and 365 myself)...

(I do agree that a divergence on an oscillator is also quite important, although I haven't delved into using these oscillators yet for the J16 system... frankly, are they actually used in J16? But that's neither here nor there...)

Yup, I completely forgot about the DBHLC, DBLHC and double bar patterns..!

However, I haven't come across the "railroad tracks" pattern yet. What are those?
These are just 2 day pinbars, if you combine two bars to form what would be a pin. Taking the open from the first bar, the close from the second and the highest high and lowest low of both.

here is an example
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  • #52,975
  • Jan 26, 2010 11:05pm Jan 26, 2010 11:05pm
Quoting mbqb11
another one I am in but watching close and stop above the recent beob, got in on the pin

Classic setup Mike. Sweet.
Indicators show the past. Price Action "Indicates" the future.
  • #52,976
  • Jan 26, 2010 11:07pm Jan 26, 2010 11:07pm
Quoting albertsy2
Thanks for the quick reply, guys! Yes, I'm already learning about PASR, TLs, Fibs, and the EMAs (using 20, 100, and 365 myself)...
150 EMA, please! it is a beauty

Quote
(I do agree that a divergence on an oscillator is also quite important, although I haven't delved into using these oscillators yet for the J16 system... frankly, are they actually used in J16? But that's neither here nor there...)

You don't need it, but it is a helper at times for double top patterns, etc. Overall, it's probably the least important factor.
Many choose unhappiness over uncertainty.
  • #52,977
  • Jan 26, 2010 11:08pm Jan 26, 2010 11:08pm
Quoting jarroo
Classic setup Mike. Sweet.
closed for b/e
  • #52,978
  • Jan 26, 2010 11:13pm Jan 26, 2010 11:13pm
Quoting mbqb11
closed for b/e
I guess I read this wrong "stop above the recent beob" . . . I thought you had your stop above the BEOB on the 4 hour.
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Indicators show the past. Price Action "Indicates" the future.
  • #52,979
  • Jan 26, 2010 11:16pm Jan 26, 2010 11:16pm
Quoting jarroo
I guess I read this wrong "stop above the recent beob" . . . I thought you had your stop above the BEOB on the 4 hour.
yeah I did that decided to get out late in the day . Wasn't in love with the mess underneath hopped out

On to the next one
  • #52,980
  • Jan 26, 2010 11:20pm Jan 26, 2010 11:20pm
Quoting mbqb11
yeah I did that decided to get out late in the day . Wasn't in love with the mess underneath hopped out

On to the next one
The up trend looks pretty strong as well.

Still, gotta love how that was setup. Nice.
Indicators show the past. Price Action "Indicates" the future.
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