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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

  • #55,741
  • Feb 22, 2010 11:11pm Feb 22, 2010 11:11pm
I used to study the VSA thread, which is based on volume along with price action. There are some very successful traders there (and great people) there who use the tick volume in place of centralized exchange info, so it can be used.

However, to be honest, I personally have learned so much more just focusing on price action and learning about trading price bars at prime locations. Unless you have a ton of experience using volume to trade, it will most likely just confuse you or keep you from pulling the trigger on great setups. It's interpretation is very subjective.

Anyway, hope this helps.

Cory
  • #55,742
  • Feb 22, 2010 11:13pm Feb 22, 2010 11:13pm
Quoting Deusomega
I've been reading in a book called "The Way of the Dollar"(recommened by Darkstar in a post) that it might not be as insignificant as most would think:

"On an average day, the IMM will turn over about $12bn; and the total of
positions outstanding varies from around $15bn to $30bn+. These figures
may seem small in relation to the global figure of $600bn a day quoted
earlier, which is traded in the so-called “interbank*” market. But only a
tiny proportion of the interbank business is ‘real’ risk business, generated
by clients...
yes I have read that book many times(as you might imagine), but any way you slice it the figure is going to be small. Again as DS taught me long ago we all trade our beliefs. I have done my work in that regards and volume coming out of the futures market was not worth it for ME. That was my caveat with my previous posts that if it works for someone else go for it.
  • #55,743
  • Feb 22, 2010 11:46pm Feb 22, 2010 11:46pm
Quoting mbqb11
yes I have read that book many times(as you might imagine), but any way you slice it the figure is going to be small. Again as DS taught me long ago we all trade our beliefs. I have done my work in that regards and volume coming out of the futures market was not worth it for ME. That was my caveat with my previous posts that if it works for someone else go for it.
Yeah I hear ya the only decent post on fx future volume and its usage was in this thread http://www.forexfactory.com/showthread.php?t=200074

If anyone interested in this subject wants to take a look there it is.
  • #55,744
  • Feb 23, 2010 12:15am Feb 23, 2010 12:15am
Quoting albertsy2
BTW, I finally got my hands on Martin Pring's Price Patterns at the library, and he talks at length about how to use volume to confirm candlestick or bar formations.

For example, the bar before an IB will have much higher volume, or a TL breakout will show an increase in volume, etc etc.

Does anyone use this method?
eSignal can get volume from all the brokers and compile it and it is about as close as you can get to volume information in Forex. The VSA (Volume Spread Analysis) Thread actually trade using tick volume.

For the J16 stuff you really don't need it, but if you really want to dig into volume those are the places to look. Personally, I'd stick with the J16 stuff.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #55,745
  • Feb 23, 2010 12:25am Feb 23, 2010 12:25am
Hey Mike,

I'm rereading your old posts, and I just about fell out of my chair laughing at this one:

Post 1618, page 108:

"first I would suggest go through this thread(i know its big but well worth it) a few times"

Bet you never realized how small 108 pages would seem!



Thanks everybody who has made this thread great.

Cory
  • #55,746
  • Feb 23, 2010 12:31am Feb 23, 2010 12:31am
Quoting Cbh123
Hey Mike,

I'm rereading your old posts, and I just about fell out of my chair laughing at this one:

Post 1618, page 108:

"first I would suggest go through this thread(i know its big but well worth it) a few times"

Bet you never realized how small 108 pages would seem!



Thanks everybody who has made this thread great.

Cory
hahahaha
  • #55,747
  • Feb 23, 2010 12:37am Feb 23, 2010 12:37am
Quoting joelcf
The Technology Idiot's Guide to Posting Charts
as written by a fellow technology idiot.

1. Save your picture

a. Using MT4? Right click on your chart, select 'save as picture'
Attachment

I've been print screening all this while wondering y my charts look so diff from the rest. I R baffoon.
One Mind, Any Market
  • #55,748
  • Feb 23, 2010 12:38am Feb 23, 2010 12:38am
Quoting Ryanmcd
Learn to trade and the money will come, when I started out I lost about 40-50k because all I wanted was more money. Now I just want what the market wants and take the trades as I see them. The few ppl I showed the market and how I traded all said "I cant wait to get a Ferrari, new house, etc" or something of great value, all they wanted was the money. Even with me sitting with them on messanger telling them when to get in and out they still screwed up, it was always the it's coming back, or I thought I could get more out of it that screwed them....
Ryan, you need to drop by here more often.
I really appreciate your advice and how you get straight to the point.
One Mind, Any Market
  • #55,749
  • Feb 23, 2010 12:40am Feb 23, 2010 12:40am
OK chaps, I managed to upload my first chart (NZDUSD) Still in positive territory this morning, so we'll see where she heads
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  • #55,750
  • Feb 23, 2010 12:50am Feb 23, 2010 12:50am
Quoting bundyraider
Sounded like you would still try to trade off of the "fuzzier levels" and calling them A- ??? I wouldn't even bother with those ones AT ALL. They are where you acount goes backwards or sideways.

A- is probably what you'd call the current range high! ...It's a good level that's tradable, but you're still trading into the mess below it and need to be careful.

The current range... You'd trade off of the top of it, like I said.... but it's still a lower grade trade and you'd be careful ....the fuzzier levels you marked out are the management...
Bundy, I'm just a tad confused here as you said in the first reply..
The current range high at .7100 is pretty clear too. Three times it's had a rejection. Two of them pretty exact to the level. (It's also the 50% retracement level of the mid year highs to the October low.)

Now you call it an A-..... is that only because of the current 'mess' below but otherwise it is a good level?

Yes I tried to watch all of the videos but had problems with picture disappearing. After updating the Windows player it seems better as long as I don't rewind too much.
Tried opening with VLC as also suggested from here but can't get sound.
Yesterday I got through the Rants and will go through them all again. Jim did say you could trade those not so good set ups like he was talking about on that vid as long as you are aware of their limits... didn't he?

Your advice to stick with the perfect ones, as has been said many times on here, is taken and is one reason why I need to understand the PPZ's.... (and patience!!) That seems to be the extremes with good clear runs before trouble spots.

Thanks for your patience and help.
Cherry
  • #55,751
  • Feb 23, 2010 1:13am Feb 23, 2010 1:13am
Quoting Cherry
Bundy, I'm just a tad confused here as you said in the first reply..
The current range high at .7100 is pretty clear too. Three times it's had a rejection. Two of them pretty exact to the level. (It's also the 50% retracement level of the mid year highs to the October low.)

Now you call it an A-..... is that only because of the current 'mess' below but otherwise it is a good level?
My bad Cherry, was trying to reply quickly without doing a diagram. Kind of thought it would be vague. lol

I'll put a better one together and post it shortly.
Bundy's status today: "Waiting..."
  • #55,752
  • Feb 23, 2010 1:15am Feb 23, 2010 1:15am
Quoting mbqb11
hahahaha
Yeah... lol

Even up until around 1000 pages or more it was still doable.
Bundy's status today: "Waiting..."
  • #55,753
  • Feb 23, 2010 1:26am Feb 23, 2010 1:26am
Quoting bundyraider
My bad Cherry,
Am I really a bad Cherry??

  • #55,754
  • Feb 23, 2010 1:38am Feb 23, 2010 1:38am
Quoting Cherry
Am I really a bad Cherry??

Smart asse. LOL

You knew what I meant.

I'm trying to think how I'm going to do this. Have been playing with the TIG welder all arvo and not quite "with it" at the moment. lol
Bundy's status today: "Waiting..."
  • #55,755
  • Feb 23, 2010 1:55am Feb 23, 2010 1:55am
Quoting jarroo
I'm not a big R:R guy . . . I'm a quality PA setup:to 1st trouble area:reduce risk:and let it run guy.

This post talked about my trade management on this trade.

http://www.forexfactory.com/showpost...ostcount=55670

My stop loss is above the 1.0800 and once Price hits the 1.0700 my risk will be zero.
Woke up to be in, too.
My CJ trade juuuuuust survived.Yet.
  • #55,756
  • Feb 23, 2010 2:07am Feb 23, 2010 2:07am
Quoting bundyraider
Smart asse. LOL

You knew what I meant.

I'm trying to think how I'm going to do this. Have been playing with the TIG welder all arvo and not quite "with it" at the moment. lol
Couldn't resist...

I understand.. you're all sparked out

Still friends?

Have a look at the new chart, seems like most of the points that form the PPZ's are the big rubber band moves. This is part of what I used in previous method but I think Jim mentioned it.

Agree?
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  • #55,757
  • Feb 23, 2010 2:14am Feb 23, 2010 2:14am
Quoting Cherry
Bundy, I'm just a tad confused here as you said in the first reply..
The current range high at .7100 is pretty clear too. Three times it's had a rejection. Two of them pretty exact to the level. (It's also the 50% retracement level of the mid year highs to the October low.)

Now you call it an A-..... is that only because of the current 'mess' below but otherwise it is a good level?

Yes I tried to watch all of the videos but had problems with picture disappearing. After updating the Windows player it seems better as long as I don't rewind...
Hey Cherry i know Bundy would come up with something very fantastic.

But in this time, here what i can offer,

See i had the same problem regarding drawing PPZ's.

http://www.forexfactory.com/showpost...ostcount=46095

But i did managed to came out of this.

All you need to do is to go through Jim,Mike, Ghous's posts.

Might take take a week or two.
.
  • #55,758
  • Feb 23, 2010 2:27am Feb 23, 2010 2:27am
Quoting Cherry
Now you call it an A-..... is that only because of the current 'mess' below but otherwise it is a good level?
Spot on.

A top notch trade would have very little resistance/support in the way of getting into a decent profit.

With that level, it's a strong level, so any good PA off of it is a good sign. Unfortunately you have to be aware of the levels that are VERY close to your entry below it.
It's just a higher chance of a winner becoming a loser if you're not careful.

In the diagram below...

If you trade short off of the orange level you need to be weary of the mess of levels between that orange and the red level and have a plan.

You wouldn't trade off of the purple level. ...It hasn't been respected very well at all. You'd keep note of it as maybe a take profit level, but not one to open a new position.

Keep asking away if I'm confusing you still.

Quote
Your advice to stick with the perfect ones, as has been said many times on here, is taken and is one reason why I need to understand the PPZ's.... (and patience!!) That seems to be the extremes with good clear runs before trouble spots.
Like I said in the first post, the best PPZs are VERY obvious. You won't have any problems knowing the good ones.

That pair you chose doesn't have super clear levels like some others do at times, so don't stress that you're seeing so many messy ones in it. The best examples of PPZs are by Raczekfx ...someone compiled all his posts somewhere last year in here. Go through them and check them out. You may even pick up on other tricks he uses to choose great levels (Such as bar lows on the monthly chart etc)

Keep in mind that some currency pairs have unclear levels and you'll blow a fuse trying to pick them out. Best to move on to the next pair instead.
.
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Bundy's status today: "Waiting..."
  • #55,759
  • Feb 23, 2010 2:36am Feb 23, 2010 2:36am
Quoting Cherry
Still friends?
OK ...but you're on probation.

Quote
Have a look at the new chart, seems like most of the points that form the PPZ's are the big rubber band moves. This is part of what I used in previous method but I think Jim mentioned it.

Agree?

Of course. Though, it's great when those Big rubber band moves happen at the same level consistently, THAT's what you really want. Many big bounces off the same level over the years.
Bundy's status today: "Waiting..."
  • #55,760
  • Feb 23, 2010 2:37am Feb 23, 2010 2:37am
Quoting nasir.khan
See i had the same problem regarding drawing PPZ's.

http://www.forexfactory.com/showpost...ostcount=46095

But i did managed to came out of this.

All you need to do is to go through Jim,Mike, Ghous's posts.

Might take take a week or two.
.
Thanks Nasir.

I keep forgetting that the wheel doesn't need to be re-invented every time. lol
Bundy's status today: "Waiting..."
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