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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

  • #61,601
  • Apr 22, 2010 9:48pm Apr 22, 2010 9:48pm
Quoting cpnhowdy
Hi Dan,
Just wondering why you and Mike would think this might break to the upside
as opposed to down. If we ignore that it is the dow and if we had some bearish divergence on macd for example could we expect heavy resistance at those highs and expect a downward move? Example the EURUSD had similiar bar highs at the end of November.
Thanks for the help and insight.
when you have multiple bar highs like that, when price breaks above it, there tends to be some kind of breakout(could be short lived) this is due to the piling of orders above a point like this. People who think its "solid" resistance place their stop above their, + buy stops etc and you get a "push"

Hope that helps
Mike
  • #61,602
  • Apr 22, 2010 9:56pm Apr 22, 2010 9:56pm
Quoting jarroo
Why did Price drop? Because everyone thought they would rise? Who knows? lol
The best way to look at news announcement time is as a 'vacuum' in my opinion

If the news is GBP positive, people will position their long orders at the best value price. Those orders to go long may actually ALL be placed at the major support that was BELOW where price was dawdling around just before the announcement. ...You should be able to figure the rest of the picture.

This is how I view it. Everything just works once you view it that way. ...Well more often anyway. LOL
Bundy's status today: "Waiting..."
  • #61,603
  • Apr 22, 2010 10:04pm Apr 22, 2010 10:04pm
Quoting cpnhowdy
Hi Dan,
Just wondering why you and Mike would think this might break to the upside
as opposed to down. If we ignore that it is the dow and if we had some bearish divergence on macd for example could we expect heavy resistance at those highs and expect a downward move? Example the EURUSD had similiar bar highs at the end of November.
Thanks for the help and insight.
Divergence isn't really a bearish/bullish signal. It's actually signifies a loss of momentum. Which is a good sign if your planning on trading it as a reversal as opposed to NO loss in momentum being there. But, you can still get a loss of momentum when price is consolidating and taking a breather before continuing on.

Just so you realise this.

Divergence is still a great sign if you want a reversal. But it's not polarising. That's why we use it here in conjunction with other signals to increase probabilities.
Bundy's status today: "Waiting..."
  • #61,604
  • Apr 22, 2010 10:04pm Apr 22, 2010 10:04pm
Quoting joelcf
If you want to expand into other markets, there are a couple of brokers that offer a wide range of instruments for you to trade through MT4. I dont really have any experience with any of them (from what I can tell, they are largely synthetic spot instruments), but there are a few people here who definitely follow things like spot gold/silver/oil/pork bellies.

If you just want something else to help develop your skills, look at the charts posted in the thread and critique them. Do you think their PPZs are valid? Are their trendlines tradeable,...
I've heard North Finance offers quite abit of instruments, but have not verified that.

I think sooo much about James' principles is about making it personal. And largely, forest - trees, forest - trees, forest - trees. Heh
One Mind, Any Market
  • #61,605
  • Apr 22, 2010 11:12pm Apr 22, 2010 11:12pm
Quoting cpnhowdy
Hi Dan,
Just wondering why you and Mike would think this might break to the upside
as opposed to down. If we ignore that it is the dow and if we had some bearish divergence on macd for example could we expect heavy resistance at those highs and expect a downward move? Example the EURUSD had similiar bar highs at the end of November.
Thanks for the help and insight.
Mike pretty much answered it.

You have many traders who see that resistance now and want to get in on a break upwards.

This technique of trading is one of the most know methods by big traders. (see the original turtles group lead by Richard Dennis, also read the book "reminiscences of a stock operator" as it is mentioned briefly in that book... note: I'm starting to feel like a nerd guys )

You are buying into essentially a "traffic free" zone.

For a very recent example of this, look at a gold chart. back in March 2008, and Feb 2009 gold was toying with the 1,000 mark, when it finally broke loose over those old highs, it made a quick retracement, found support, and took off like a bat outta hell.

I know the DOW is not breaking all time highs right now, but we do have less traffic to contend with on the upside here.

Also, I know Rac-man has mentioned in the past how if you always wait for PA you may miss an entire run, buy/sell when price breaks the previous swing high/swing low.
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Many choose unhappiness over uncertainty.
  • #61,606
  • Edited Apr 23, 2010 12:12am Apr 22, 2010 11:52pm | Edited Apr 23, 2010 12:12am
Quoting joelcf
Nice work. That's a pretty sweet outcome.

Also, that avatar is the best thing I have ever seen. Welcome to Team Bear!
Yeah thanks! love this photo, hungry bear

Quote
I think we covered this one a couple of days ago. Basically, it boils down to your personal style. Some people like a move to breakeven, some people like a quick profit, some do a mix.

Usually, I'll skip these ones. I got better things to do than shoot for a 10pip profit with a hundred pip stop, even if it is +EV. If I do end up taking...


Well, I'll continue to find best approach for me. Thanks joelcf.
  • #61,607
  • Apr 23, 2010 12:57am Apr 23, 2010 12:57am
Quoting Dan Gilbert
never trade against i4b's
Hmmm missed it.

Maybe zooming out to much for getting my locations right.
.
  • #61,608
  • Apr 23, 2010 1:06am Apr 23, 2010 1:06am
Quoting mbqb11
Hey Waknapi

Glad to see you post

Just chart time and seeing things over and over. You just start to get a feel (for your own methods) and expand on that. Trial and error etc. The only book I ever recommend from a technical standpoint is Pring on Price patterns. It is very simplistic in nature and the reason I like it. I have never read many technical books I thought were really worth much to be honest.

Hope to see you posting more

Mike
Just searched inside the book, seems to be worth buying , thx for the tip.

I've just lost my thread virginity, wich means I will be posting alot more with my setups and thoughts :d
  • #61,609
  • Apr 23, 2010 1:40am Apr 23, 2010 1:40am
Quoting lovejoy80
Ghous (or anyone else who understands IPB's better than I do)...would this be considered a good setup?

IPB @ top (weekly PPZ above) with divergence...if this is considered a good setup the it could give us an insight as to what will come tomorrow for xxx/jpy.

Thanks
Mark
Absolutely brilliant!!!

g.
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I believe . . .
  • #61,610
  • Apr 23, 2010 2:13am Apr 23, 2010 2:13am
Quoting Trndsurfer
any one like the look of this, sorry about the lack of info on the chart but my trading platform doesnt have all the cool stuff mt4 does, and they dont seem to have cotton, I traded the first pin succesfully it was my first J16 trade, love how easy it makes trade management when you know why you got in and where and what to look for on the way

also traded the 3rd touch of 83 with a BEOB on the 4 hour

short on the break of the secong pin

Looks like that PB hit the 82.00 nicely, although a bit of a retrace (50%) after the break.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,611
  • Apr 23, 2010 2:28am Apr 23, 2010 2:28am
Nize Location.
.
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  • #61,612
  • Apr 23, 2010 2:46am Apr 23, 2010 2:46am
I understand how to play IB but IPB is abit kind of tricky for me.Looking at the on on this chart being a bullish IPB what would be the implication - existence of buying pressure and hence signifying possible bullish move? Or something else?

(I'm at work at the moment and don't have access to mt4 live feed, does anyone know how I can have chart feed - with candle/bars - over web on a site without any mt4 or any special sotware?)
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  • #61,613
  • Apr 23, 2010 2:47am Apr 23, 2010 2:47am
another one.
.
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  • #61,614
  • Apr 23, 2010 2:49am Apr 23, 2010 2:49am
Quoting Dan Gilbert
never trade against i4b's
Nice posts Dan. That I4B on the weekly had a big move and Price respected I4B's break nicely (better seen on the Daily and 4 hour ).

The target on the weekly was the 1.6500 and Price cut through that PPZ level like butter. . . . wow.

Playing the lower time frames without knowing whats going on on the higher times can be like trading blind. PA on higher times over rules lower time frame PA every time in my book.

Quoting Jcpfx
I don't have any open trades on this, but looks like this pair just hit strong ppz.
1.6600 is a strong level, decent PA would be nice.
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Indicators show the past. Price Action "Indicates" the future.
  • #61,615
  • Apr 23, 2010 2:55am Apr 23, 2010 2:55am
Quoting ghous
Absolutely brilliant!!!

g.
Thank you
  • #61,616
  • Apr 23, 2010 2:56am Apr 23, 2010 2:56am
I've finally managed to finish reading all the posts (and all the links within) that James suggested in the first post. I know it's nothing compared to someone who actually who have taken the daunting task of reading every single post in this thread, but I think I have understand most, if not all of the 'terms' and 'conditions' in PA trading James16's style. I will take another week to digest what I didn't understand, and will take off to a 3 months demo challenge starting May.

I came into Forex a year ago and I've blown 1 live account. After blowing it, I promised myself not to let it happen again. I've been trading demos ever since, skipping from system to system, method to method, and found none useful or consistent. I've always challenged myself to M1,M5 and M15 TFs, which I now think of how stupid I was, to begin with such low TFs and thinking I could make a fortune in a year.

Now I'm fully convinced by all the advices given by James and all senior members of this thread, and will take on the challenge of getting there slowly, but surely.

To the contributors of this thread, thanks for everything.
  • #61,617
  • Apr 23, 2010 3:03am Apr 23, 2010 3:03am
Quoting fxeturn
I've finally managed to finish reading all the posts (and all the links within) that James suggested in the first post. I know it's nothing compared to someone who actually who have taken the daunting task of reading every single post in this thread, but I think I have understand most, if not all of the 'terms' and 'conditions' in PA trading James16's style. I will take another week to digest what I didn't understand, and will take off to a 3 months demo challenge starting May.

I came into Forex a year ago and I've blown 1 live account. After...
Much respect to you for going through the whole thread.

Looking forward to seeing a chart or two from you in the near future.


Welcome.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #61,618
  • Apr 23, 2010 3:11am Apr 23, 2010 3:11am
Quoting bundyraider
The best way to look at news announcement time is as a 'vacuum' in my opinion

If the news is GBP positive, people will position their long orders at the best value price. Those orders to go long may actually ALL be placed at the major support that was BELOW where price was dawdling around just before the announcement. ...You should be able to figure the rest of the picture.

This is how I view it. Everything just works once you view it that way. ...Well more often anyway. LOL
So who are the goofballs that are pushing it down to support on such positive news? The same people? ( ooch . . my head hurts) lol
Indicators show the past. Price Action "Indicates" the future.
  • #61,619
  • Apr 23, 2010 3:13am Apr 23, 2010 3:13am
noticed price bouncing off 1.0000 big round no and waited to see what developed....what do you know,clean beob
about stepping out now, so miving to be.....
price can do what it like now
cheers
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Simplicity is the key to success
  • #61,620
  • Apr 23, 2010 3:24am Apr 23, 2010 3:24am
Quoting nasir.khan
Nize Location.
.

I like the 1.0100 again . . .if it gets there.
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Indicators show the past. Price Action "Indicates" the future.
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