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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

  • #58,381
  • Mar 17, 2010 3:52am Mar 17, 2010 3:52am
Quoting neutro
What do you do with this (not yet formed, but getting there) H4 pin on USDCHF?

It touched 2 fibs, but didn't quite make it to 1.05 nor the trendline. It would have been an A++, but now... We wait for another one? (Assuming it will end up as a pin)

Edit: Just saw the divergence on both MACD and RSI.
I wouldnt take this as its not a great location and is counter trend...I am in multiple shorts on this pair and see price getting to the 1.05 area...you will see the pin comes after a continuation BEOB bar too. It might work but I'm firmly in the down trend on this pair...as you said if it occurred at 1.05 and the bar was bigger then I would consider it but this one is not for me.
  • #58,382
  • Mar 17, 2010 3:54am Mar 17, 2010 3:54am
Quoting neutro
PPZ are pivot price zones, they aren't automatically drawn, we manually draw them based on previous reversal zones (places where prices flipped in the past).

Maybe you are reffering to Pivot Points. There's a formula for that, and some indicators on MT4, but I haven't seen anyone use them here.
Thanks neutro, I did actually think you guys meant 'pivot points'!

Thankfully I can ignore those then, never used them, I already draw a 'zone' around turning points on my daily. Just need to get used to the lingo on this thread, it took me several months to realise BRN meant Big Round Number - doh!
"I made all my money by selling too soon"
  • #58,383
  • Mar 17, 2010 3:59am Mar 17, 2010 3:59am
Quoting Cyrus
Actually mate, the thing that is REALLY changing my world view is asking myself this:

"Why does price do what it does?" ("why")
And using James' principles to build a framework around it. ("how". ie: how to profit off it)

Someone said, "it all works and it all doesn't work".
How can James, Mike, Rac, Jarroo use different applications of the same principle... all different! But yet, all profitable?
Fibs, confluence, PPZ, PA, etc etc... great great tools... now what's beyond the surface and how do you make it work for yourself?

The...
I'm in totally subscribe to your view.I wasn't saying at all that you cant grasp anything from fib tools,I'm usiying it myself a lot, But you just need to know way they work.I was trying to point out that using only one tool alone without knowing way is a dangerous road,and using it without any sort of confluence is like gambling,thats way I say it clearly that you can't use any random point from where to draw it

you are right that all the seniours guys have tehir one style and therfore they read price using different combination of this tools,they take the method of james and apply to their one style.

And I belive more than ever that YOU MUST GET THE CONCEPT OF MARKET STRUCTURE RIGHT TO UNDERSTAND THE CHARTS.

The esential key building up confidence is to understend price behavior and the rules that govern trading and I'm in oppinion anyone must know how markets really work befor they grab any analitical skills.

hope I was more clear this time
  • #58,384
  • Mar 17, 2010 4:06am Mar 17, 2010 4:06am
Quoting Cyrus
Someone said, "it all works and it all doesn't work".
How can James, Mike, Rac, Jarroo use different applications of the same principle... all different! But yet, all profitable?
Great post Cyrus,

Another someone said.. "If we start from the premise that to create consistency traders must focus their efforts on developing a trader's mind-set, then it is easy to see why so many traders don't succeed. Instead of learning to think like traders, they think about how they can make more money by learning about the markets."
"The consistency you seek is in your mind, not in the markets."

It really doesn't matter how you enter your trades if it's going with the trend, CT, round numbers, fibs, price action, voodoo, touch trades, conservative, aggressive, scalping, swinging etc. As long as you have a way to enter and exit the market in a repetitive way which is proved to be profitable in the long run.

Analyzing charts becomes very boring once you truly understand this. I can be a moron kid which never graduated high school but make more money than a talking head which have learned tens of years, carrying degrees in economics, knowing exactly how the market works etc. He can be the best analysist ever, with X1000 more knowledge than me on how the market works.

People spend years trying to create a better technical method instead of working on their mind. Their search will be endless due to the simple fact that this market is limitation-less. I don't care a dime on how the market works. And you know what? in the past I never agreed trading something that doesn't make sense to me like EMAs, but now I just don't care about sense anymore. If it works - I trade it. I just try to do my best following my approach smoothly. Not letting a single trade effect me. Not let hesitation control me once I take a lose. Not let reckless control me once I win. Not thinking in terms of dollars etc.

Jim, Mike, Jaroo and rac all make money in different ways and I can assure you it has nothing to do with their methods. They share their methods here in this thread on daily basis and still only very very few would make money from it. It's just cold reality.

Ben
  • #58,385
  • Mar 17, 2010 4:08am Mar 17, 2010 4:08am
Quoting lovejoy80
I wouldnt take this as its not a great location and is counter trend...I am in multiple shorts on this pair and see price getting to the 1.05 area...you will see the pin comes after a continuation BEOB bar too. It might work but I'm firmly in the down trend on this pair...as you said if it occurred at 1.05 and the bar was bigger then I would consider it but this one is not for me.
I don't watch H4 regularly so I didn't see the BEOB, thanks for pointing it out. I just had the 1.05 zone marked on the daily and I thought I could go down one TF to watch for PA.

So waiting mode still on.
  • #58,386
  • Mar 17, 2010 4:11am Mar 17, 2010 4:11am
Quoting neutro
I don't watch H4 regularly so I didn't see the BEOB, thanks for pointing it out. I just had the 1.05 zone marked on the daily and I thought I could go down one TF to watch for PA.

So waiting mode still on.
Sorry I mean BEOB on 1H following a break off the previous support area...
  • #58,387
  • Mar 17, 2010 4:17am Mar 17, 2010 4:17am
Quoting jspeakman
I sometimes wonder if there is an element of self fulfilling prophecy in Fibs/PA etc- 'look its retraced to 61.8 + swing low/high + pin = lets sell/buy' ?. If we all believe it will happen, we go ahead and do it.
J
Absolutely. Things like PPZs, breakouts, fibs, etc largely work because other people think they work. There are usually underlying factors that cause the initial flows, but after that (and without access to that knowledge), many things are largely self perpetuating.

It's particularly interesting when you look at something like pivots in the futures markets - by themselves, the numbers are pretty arbitary... but because everyone else is looking at the same numbers, they suddenly mean something.

Funnily enough, this is also the reason that things eventually dont work. MA crosses once worked. Turtle style brekaouts once worked. They dont now, because everyone started trying to use them. Well played, efficient markets. Well played.
When you have to shoot, shoot. Dont talk.
  • #58,388
  • Mar 17, 2010 4:19am Mar 17, 2010 4:19am
Quoting neutro
What do you do with this (not yet formed, but getting there) H4 pin on USDCHF?

It touched 2 fibs, but didn't quite make it to 1.05 nor the trendline. It would have been an A++, but now... We wait for another one? (Assuming it will end up as a pin)

Edit: Just saw the divergence on both MACD and RSI.
Hi neutro,

I am not senior here, but I hope you don't mind me sharing my thoughts on it.

The first thing I noticed was that the size of the pin (the nose) is not that big, like you said, if it had protruded through/around 1.05, it would have been a much better setup with long nose. And I see a mini-downtrend prior to this pin, I am afarid such a size of the pin may not be significant enough to make the reversal/retracement.

Just my 2 cents as a newbie, hope the seniors can shed some bright light on us, as always!
Dreams are hard to follow, but don't let anyone, tear them away...
  • #58,389
  • Mar 17, 2010 4:33am Mar 17, 2010 4:33am
[


LOL


Try it in our place.
we have pink MALE (& recently a few Female) outside urinals here.. implemented by a local MALE metro 'czar'. [/quote]
HEY CHAOS,, WHAT DO YOU MEAN,,,??? EVERYBODY IN PHIL. HAVE AN OUTSIDE URINAL.. YOU PISS AGAINST THE WALL.. http://cdn.forexfactory.com/images/icons/icon14.gif THOUGH THE FEMALES ARE OK,,,,,IF THEY HAVE AN UMBRELLA....http://cdn.forexfactory.com/images/icons/icon7.gif
SORRY MATE,, COULDN'T RESIST.....LOLhttp://cdn.forexfactory.com/images/icons/icon10.gif
  • #58,390
  • Mar 17, 2010 4:35am Mar 17, 2010 4:35am
Quoting joelcf
Funnily enough, this is also the reason that things eventually dont work. MA crosses once worked. Turtle style brekaouts once worked. They dont now, because everyone started trying to use them. Well played, efficient markets. Well played.
Which can't happen with reading PA because PA will always exist, it 'is' the market. Agree/disagree?
"I made all my money by selling too soon"
  • #58,391
  • Mar 17, 2010 4:39am Mar 17, 2010 4:39am
Quoting Janegra
...
HEY CHAOS,, WHAT DO YOU MEAN,,,??? EVERYBODY IN PHIL. HAVE AN OUTSIDE URINAL.. YOU PISS AGAINST THE WALL.. http://cdn.forexfactory.com/images/icons/icon14.gif THOUGH THE FEMALES ARE OK,,,,,IF THEY HAVE AN UMBRELLA....http://cdn.forexfactory.com/images/icons/icon7.gif
SORRY MATE,, COULDN'T RESIST.....LOLhttp://cdn.forexfactory.com/images/icons/icon10.gif
LOL,
well not all guys piss at the walls. some of them dont need walls.

Nice to see u "G".
  • #58,392
  • Mar 17, 2010 4:40am Mar 17, 2010 4:40am
Quoting jarroo
Yes it will give a good indication to support an uptrend if the Resistance of the 1.5200 will now act as Support.
i guess that it did... ..so far...this is about as clean as we could wish for!
jon
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PATIENCE... DISCIPLINE
  • #58,393
  • Mar 17, 2010 4:43am Mar 17, 2010 4:43am
-div
-1.27 fib
-all time low
- BRN 1.65
-lots of space!
-a window(gap) that need to be close...
-weekly pin
me like
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Wellcome to the good life!
  • #58,394
  • Mar 17, 2010 4:49am Mar 17, 2010 4:49am
Quoting g_j_hook@yah
i guess that it did... ..so far...this is about as clean as we could wish for!
jon

Pretty easy stuff . . . right jon-o.

http://www.trilulilu.ro/beugen2001/c...deo_google_com=
Indicators show the past. Price Action "Indicates" the future.
  • #58,395
  • Mar 17, 2010 4:50am Mar 17, 2010 4:50am
Quoting benji533
Analyzing charts becomes very boring once you truly understand this.
And when I finish army I will very rarely trade lower than daily and weekly. Simply because I am not trading for being rich. Money is bullshit. It is nothing more than a tool. I am trading so I will be able to live and enjoy life like I want. By being glued to the screen all my 20's I will just miss the point. A part of the fact that watching bars raise and fall all day is much more boring than enjoying the sun outside.
Being able to put a trade and walk away for the next 24hrs is what trading is about. Being careless of the next single result. Trading is just much much much more simple than most people think.
  • #58,396
  • Mar 17, 2010 4:52am Mar 17, 2010 4:52am
Quoting joelcf
Absolutely. Things like PPZs, breakouts, fibs, etc largely work because other people think they work. There are usually underlying factors that cause the initial flows, but after that (and without access to that knowledge), many things are largely self perpetuating.

It's particularly interesting when you look at something like pivots in the futures markets - by themselves, the numbers are pretty arbitary... but because everyone else is looking at the same numbers, they suddenly mean something.

Funnily enough, this is also the reason...
Aha - I did wonder, - so for example, perhaps a rate rise causes a spike (pin), then BRN, FIB, etc confirms this reversal in everyone's mind and away we go!
I guess this reinforces the need for confluence which everyone else will be looking for to confirm their actions in the market.

Thanks for this - very interesting and helpful. (any tips on books btw?)

J
  • #58,397
  • Mar 17, 2010 4:53am Mar 17, 2010 4:53am
isn't it fun to trade the news,just a little gambling like always, market structure and how orders work it can put you easily in this kind of trades

on the cable I didn't added any postion because I'm already in from the 4h BUOB

just for fun purpose

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  • #58,398
  • Mar 17, 2010 4:59am Mar 17, 2010 4:59am
Quoting jarroo
Pretty easy stuff . . . right jon-o.

http://www.trilulilu.ro/beugen2001/c...deo_google_com=
, i like this song...
iv gone from bout -39 to + 80 (real account)in one 15min bar! hehe, i thought my long from yest was gonna get stopped out. guess not.
and heres the other half of my trade

jon
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PATIENCE... DISCIPLINE
  • #58,399
  • Mar 17, 2010 5:00am Mar 17, 2010 5:00am
and jus one more breakout trade to be watching...
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PATIENCE... DISCIPLINE
  • #58,400
  • Mar 17, 2010 5:06am Mar 17, 2010 5:06am
Quoting g_j_hook@yah
, i like this song...
iv gone from bout -39 to + 80 (real account)in one 15min bar! hehe, i thought my long from yest was gonna get stopped out. guess not.
and heres the other half of my trade

jon
15 min chart! Wow, you must have had alot faith in that one, my friend.

Very nice on the Eur/Gbp . . Aaahhh, the 4 hour chart . . . that's better.
Indicators show the past. Price Action "Indicates" the future.
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