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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

  • #57,401
  • Mar 6, 2010 9:24am Mar 6, 2010 9:24am
Quoting printer69
Ciao Ryan

this post is one of the Mr james selected ones at the very first pages of this thread

I am a "fully" newbie and know nothing about trading, just zero!

At present I am reading this thread from page one and some books like
Pring on price patterns and next will be Reminiscences of a stock operator and Market Wizard as some suggested from this thread on my request.

I would like to ask you what your "selected" books are from the 40 you have read, to be honest just to save some money thanks to your experience...

Your help...
Starting from zero is the best place you can be. "Knowing" something will just get you broke.

So - post 1 is where you need to be and about the first 50 pages or so. Open a demo account someplace and start to apply what you are learning. It takes time. Your book list you put up is a fine start - dont go nuts spending money there, to be perfectly open, everything you need is right here. I'd add in Trading in the Zone by Mark DOuglas, but as Ryan points out, you really won't get it for a while. It is just something you have to learn by doing.

Start throwing up charts here with demo trades. Mark ever trade with the entry point, and mark the first area where price action indicates a 'trouble area'. You can get good at spotting the first push price makes real fast.

Trade good PA bars at PPZ's that have confluence with at least one other indication - fib retrace, round number, divergence on the MACD or RSI etc.

Just get started. Learn one thing at a time and go from there. Compound your knowledge, it grows fast all by itself.

Good luck!
I'm pretty much done with all this ...
  • #57,402
  • Mar 6, 2010 10:36am Mar 6, 2010 10:36am
Hi, What do you think of this setup at the GBPCAD?

I'm thinking entry would be at 1.5615, stoploss at 1.5464 and the first trouble area around the 1.6000 since this is a BRN and last week we got a pin at this area, and the next trouble area around the 1.6300 where the pin from last weeked tried to go trough..
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  • #57,403
  • Mar 6, 2010 10:39am Mar 6, 2010 10:39am
Quoting Ryanmcd
Everyone needs to watch this video...


http://www.4shared.com/file/96740657...er_Market.html
and I''l add:
http://woodiescciclub.com/Lectures/m...glas/index.htm
http://woodiescciclub.com/Lectures/m...ugust-2005.htm

  • #57,404
  • Mar 6, 2010 10:43am Mar 6, 2010 10:43am
Quoting andrugeno
Hey guys,
I am watching this one...
Attachment

not enough space? i can see at least 100 pips before first trouble area in my opinion. obviously if YOU are not comfortable do not trade it.
  • #57,405
  • Mar 6, 2010 10:51am Mar 6, 2010 10:51am
Quoting StoragePro
Starting from zero is the best place you can be....
Ciao Storage

many many thanks your reply much appreciated

trading in the zone was one of the book I bought as well after Mike suggested to read it as well...

It seems like those 4 books are the "bibles" you all walked through more or less...

Thanks again I'll go right back diving on those books and this thread, hope to be back soon for more "oxygen"...

Andrea
  • #57,406
  • Mar 6, 2010 11:06am Mar 6, 2010 11:06am
Quoting benji533
Hey mikey,

That's the reason why the market is a random thing.

Ben
hey benji

I dont realy wont to get into whether or not markets are random or not ( i believe though in treating them as random we are losing any edge we could get- they may appear random but i would say they certainly are not. I firmly believe any who thinks so will never consistently profit in trading) do not take any offense here anybody is just my outlook.

I bealive that it can often appear that they are random,but is just a confusion.Every time price move up or down,even by one pip,then someone for any reason is participated in the market.So therefor reason
opposes randomness.Price behave like it does because of some reasons, the move is reasoned,not random.

However,the movement of price might be perceived as random by anyone who does not know why price just acted as it did.Markets are about price and support and resistance.

So, my view is that markets are random if you do not know why price is behaving the way it is.This concept applies to other areas as well,take rugby for example.If I had never know anything about sport,never played or watched,and was taken to a game, I might make a conclusion that the players are acting out of randomness. For me it whould look like they are just throwing the ball for no reason,running in circles. I would not be able to make any predictions about future behavior of the players at this time. If, however, someone next to me explained the rules of the game and why people were behaving as they were, then it would make much more sense to me and no longer be random.

It would be reasoned, and I could make assumptions on what players are going to do next, based on this reasoning.

So, to rationalize the market, it is my belief that you must know why price is moving, otherwise you are trading randomness.If you can understand even one reason why price will behave a certain way at a certain point or at a certain time, then you can profit from this, as it is no longer considered random.

Even James is preaching this in all his posts and videos indirectly,and is the base of his method wich is price behavior is reasoned

the senoir guys can chime in and clarify this

PS. those are just in my humble opinion do not wanted to offense anybody


all the best!!
  • #57,407
  • Mar 6, 2010 11:07am Mar 6, 2010 11:07am
Quoting Dhb
Rac,

Have you ever thought about equipping the Tiger 60 with FPV hardware? I'm sure you're aware of the extra dimension that gives to RC flying, aren't you?
I'm now. Thanks
  • #57,408
  • Mar 6, 2010 11:08am Mar 6, 2010 11:08am
Quoting PippingMama
Hello Rac,

....

Would you take a buy above this PINBAR too?
Yes, with my eyes closed.
  • #57,409
  • Mar 6, 2010 11:25am Mar 6, 2010 11:25am
Quoting raczekfx
Yes, with my eyes closed.
I don't know how you can do it with your eyes closed........ how can you hit the buy order you must being doing this for a long time don't you

all the best,and nice trade on the cable

all the best
  • #57,410
  • Mar 6, 2010 11:27am Mar 6, 2010 11:27am
Quoting triger88990
hey benji

Price behave like it does because of some reasons, the move is reasoned,not random.
Hey trig,

randomness has nothing to do with reasoning.

Yes, there is some way of "reading the market", and there are patterns that repeat themselves MOST OF THE TIME. But this happens only MOST of the time. Not EVERY pin bar would trigger the same price movement when it breaks. It would do it most of the time, but in a random order. that's what I mean by random.

These patterns which repeat themselves can be used as an edge by knowing what they are PROBABLY going to do.
Let's say you are trading a pattern that works 70% of the time. Lets say that you take 100 trades of this pattern and 70 are winners, 30 are losers. BUT, do you know certainly the ORDER of these winner and loser trades occurring? no. If you would - you could probably just skip the losers before they actually happened.
When I say each moment is unique and random it's because you can never know for 100% certainly what is going to be the result of the next SINGLE trade. You only know that this certain pattern is likely to produce a certain result.

By not accepting that the market is random, you are probably EXPECTING that EVERY time you take a trade it would fill your expectations.
What james teaches is a way of using certain pattern in your favor. Making the risk of betting about what is going to happen next worth it.

Hope I cleared myself a bit

Ben
  • #57,411
  • Mar 6, 2010 11:37am Mar 6, 2010 11:37am
Quoting raczekfx
Yes, with my eyes closed.

Quoting raczekfx
Let's have some fun before tomorrow's nfp and max/min price level for some currencies movement/spikes over the next 20hrs.

not sure how to start the poll so I'll place my take here...

eur/jpy: 122.71
eur/usd: 137.67
usd/cad: 1.021
gbp/usd: 151.80
gbp/jpy: 136.23
eur/gbp: 0.919

Please don't take this as a trading advise......
In fact, those who have access to pf, already know where I stand with cable...
Above, was posted there the night before nfp.
  • #57,412
  • Mar 6, 2010 12:21pm Mar 6, 2010 12:21pm
Quoting raczekfx
In fact, those who have access to pf, already know where I stand with cable...
Above, was posted there the night before nfp.
Hello Rac,

Did you take all of the position or that's only what your target?

Also, a question about trading on NFP or Interest Day, should we take a position the day before if we see a good setup like the USDJPY BUOB? I always find the PA tells what kind of report if the setup is right most of the time. Can you share what is your thought about this or will you take a position before NFP day or Interest Report? Of course, I mean trading on the daily chart.


Thanks!

PM
  • #57,413
  • Mar 6, 2010 2:53pm Mar 6, 2010 2:53pm
do any of you know how to change the naming convention of saved chart images in MT5 ?

By default it saves them as "GBPUSDDaily" for example, but with no date. Can this be changed?
  • #57,414
  • Mar 6, 2010 3:55pm Mar 6, 2010 3:55pm
Quoting PippingMama
Hello Rac,

Did you take all of the position or that's only what your target?

Also, a question about trading on NFP or Interest Day, should we take a position the day before if we see a good setup like the USDJPY BUOB? I always find the PA tells what kind of report if the setup is right most of the time. Can you share what is your thought about this or will you take a position before NFP day or Interest Report? Of course, I mean trading on the daily chart.


Thanks!

PM
no, not all. I only 'longed' best probabilities (imo) and those were following crosses:
...
u/j
e/j
g/j
a/j
e/u
@ market an hour prior that attached post.
NFP is just like another trading day. For some it's a curse, some stay out, some with edge smile most of the time. I have a theory on NFP which worked about 70-80% in the last years. It's based on price movement (not necessarily PA per say) a week prior nfp. No, I'm not going to share it on the public forum. Hope you understand.
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  • #57,415
  • Mar 6, 2010 3:55pm Mar 6, 2010 3:55pm
Quoting benji533
Hey trig,

randomness has nothing to do with reasoning.

Ben
Hey Benji,

I think you and Trig are of the same opinion, and it is just the use of the word "random" that makes it seem like you disagree with each other. I agree with you that we never know the outcome of any given trade, but "random" would imply that even after a pinbar there is always a 50% chance of going up or 50% chance of going down. Because there is a greater than 50% chance (especially to the first trouble area) we know the markets aren't "random." I'm not sure if there is a better word, but I think we could say that the markets do have patterns, but cannot be predicted perfectly.

But once again, I completely agree with your point, and we never know which trades will win or lose before we put them on. No matter how nice our setups are, once in a while unforeseen factors can change outcomes so they don't play out in the way a seasoned trader would expect.

Thank you to both of you for your great contributions to the thread!

Thanks,

Cory
  • #57,416
  • Mar 6, 2010 4:16pm Mar 6, 2010 4:16pm
Quoting andrugeno
Hey guys,
I am watching this one...
Attachment
Hi andrugeno,
I'm wathing this one too(togerther with gbpusd). This might be actually first weekly setup I will ever take(meaning my analysis might be completely wrong ).

+beautiful pin
+good S/R (orange arrows and pink line)
+Fib confluence 50 and 61.8

-bar is smaller than previous one but not smaller then bars before that

I thinks we have solid space (blue arrows) and also we have about 45-55 pips to first trouble area which is also round number 0.8900 (could act as a magnet).

But maybe Mike and/or some other seniors could elaborate on space in this setup...

Cheers,
Mikey
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  • #57,417
  • Mar 6, 2010 4:22pm Mar 6, 2010 4:22pm
Quoting Dhb
Rac,

Have you ever thought about equipping the Tiger 60 with FPV hardware? I'm sure you're aware of the extra dimension that gives to RC flying, aren't you?

http://www.youtube.com/watch?v=iI_UKiFqRsA

Inserted Video


Just be careful during your flight.....look out.....


Go to 3:30 and enjoy......
Patience is essential
  • #57,418
  • Mar 6, 2010 4:31pm Mar 6, 2010 4:31pm
Quoting PippingMama
Also, if we taking this trade and it is no different that we taking a news trades, do you agree?

... I can say people who taking this trade must be so intense when the NFP news coming out, because the entry must be triggered and hoping NFP report to be positive. Otherwise.........

PM
I don't want to really talk news here but for what it's worth, I found out(in some local website) that this JPY movement was caused by Bank of Japan announcing that they will pump more money into the economy...

Cheers,
Mikey
  • #57,419
  • Mar 6, 2010 8:49pm Mar 6, 2010 8:49pm
Nice post Michal.

To summarize the other posts, my opinion is that GBP/USD Weekly PIN and EUR/GBP Weekly PIN are very good opportunities. I am saying this even if there is not a lot of space under EUR/GBP PIN, but if GBP/USD will go long ( and I am sure it will ), the pin from EUR/GBP graph will make some nice profits.

Next week sounds good

V.

Quoting michal7
Hi andrugeno,
I'm wathing this one too(togerther with gbpusd). This might be actually first weekly setup I will ever take(meaning my analysis might be completely wrong ).

+beautiful pin
+good S/R (orange arrows and pink line)
+Fib confluence 50 and 61.8

-bar is smaller than previous one but not smaller then bars before that

I thinks we have solid space (blue arrows) and also we have about 45-55 pips to first trouble area which is also round number 0.8900 (could act as a magnet).

But maybe Mike and/or some other seniors could elaborate...
  • #57,420
  • Mar 6, 2010 9:22pm Mar 6, 2010 9:22pm
Quoting benem
http://www.youtube.com/watch?v=P7DygPsJ_sA

Just be careful during your flight.....look out.....


Go to 3:30 and enjoy......
George Carlin would say that's a NEAR HIT.
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