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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

  • #62,741
  • May 5, 2010 6:34am May 5, 2010 6:34am
Quoting tehuringa
Start: when in doubt....zoom out, flip chart to a line graph, work from right to left
I do use line chart.

But not for marking PPZ just for general directions.

Thanks.
.
  • #62,742
  • May 5, 2010 6:34am May 5, 2010 6:34am
yesterday/the other day, we talked about FXPro 'removing Dow' in its list.

as another alternative (aside from the 2 brokers mentioned in below posts), u can try (thanks to ddinov )
http://www.onecfd.com/accounts/cfd-spreads.one
it has US$ Index & indices, futures, commodities etc
ddinov said it's GMT+0


http://www.forexfactory.com/showpost...ostcount=62636
http://www.forexfactory.com/showpost...ostcount=62648
  • #62,743
  • May 5, 2010 6:34am May 5, 2010 6:34am
Quoting supremeChaos
yesterday, Tom (the wizard) dropped by.
Now it's u, Dave.
so who's next?
Heya SC

we're all coming out of the woodwork
  • #62,744
  • May 5, 2010 6:36am May 5, 2010 6:36am
Quoting ghous
A bit of dark star would be nice.
Yeah...I've just been reading some of DS's posts in domino's orderflow thread....good stuff
  • #62,745
  • Edited 6:59am May 5, 2010 6:47am | Edited 6:59am
Quoting tehuringa
No they freak me out....I cant see my reflection in them

Yeah, I know the feeling.

Ok people, this is the weekly again, but this time from right to left, in a mirror while balancing a bottle of Bordeaux on my head.




Looking at H4 there already seems to be more PA standing out near these areas.
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  • #62,746
  • Edited 7:39am May 5, 2010 7:02am | Edited 7:39am
Now if this isn't one fine looking IPB! Why not a bit higher...

P

EDIT: and it didn't work
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  • #62,747
  • May 5, 2010 7:42am May 5, 2010 7:42am
w00t! Anyone grab those nice setups/ PA on EJ / GU / GJ ..

Took some shorts on Cable and geppy real quick, and turned a decent profit. profit right @ target and I am done for the day.
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lowest draw down possible please.
  • #62,748
  • May 5, 2010 7:43am May 5, 2010 7:43am
DBHLC hints further bearish move...where might it be heading?

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On daily chart, the price seems to be looking for this target again...

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Opinions?
  • #62,749
  • May 5, 2010 7:47am May 5, 2010 7:47am
Let me preface this question by letting everyone know that I'm a noob.

I thought I remember seeing a post in this thread where either Mbqb11 or james16 said that when first starting out on a demo account, it makes sense to try to only trade one thing (for example, focus on pinbars only) until you feel comfortable with that, and then add more to your arsenal. The problem is: now I can't find that post (believe it or not). I want to make sure that they actually said it, and I didn't just have a dream that I read that, haha.

So basically I am thinking about only trading (in my demo account) pin-bars on the daily charts that fit Mbqb11's criteria in his "Pinbar Introduction" video on the guest area of the private forum (I'm not a member, but hope to join in the future). Is it ok to do that? In that video, he discusses an A+ pin-bar without going into price pivots, S+R, or fibonacci retracement levels.

I am thinking about only looking for pin-bars that meet certain criteria (have space, as Mbqb11 suggests; are of significant size relative to other bars; nose significantly longer than body; nose protrudes significantly far from the bars near it). Is it ok to start (in a demo account) like that, and then add S+R, price pivots, and fibonacci only after I'm comfortable with the pin-bar specifics?

I appreciate the help.
  • #62,750
  • May 5, 2010 8:35am May 5, 2010 8:35am
Quoting relyt
I am thinking about only looking for pin-bars that meet certain criteria (have space, as Mbqb11 suggests; are of significant size relative to other bars; nose significantly longer than body; nose protrudes significantly far from the bars near it). Is it ok to start (in a demo account) like that, and then add S+R, price pivots, and fibonacci only after I'm comfortable with the pin-bar specifics?

I appreciate the help.
Hi Relyt.

You should definitely add Major S/R levels into the mix right away , at the least.

It's important to only take trades that are at the best levels.
...You may as well work on that right from the start.

Trading all pins that look good will be frustrating. They give the best results when combined with great locations.

Watch as many of the free videos by Mike and James as you can. There is a lot about S/R in them.
Bundy's status today: "Waiting..."
  • #62,751
  • May 5, 2010 8:39am May 5, 2010 8:39am
Quoting Primi
A possible h&s here on euraud 4h as well, if i'm correct.

P
Are u talking about a inverted H&S pattern? if u are, the head should be lower than the shoulders...
  • #62,752
  • May 5, 2010 8:46am May 5, 2010 8:46am
Quoting bundyraider
Hi Relyt.

You should definitely add Major S/R levels into the mix right away , at the least.

It's important to only take trades that are at the best levels.
...You may as well work on that right from the start.

Trading all pins that look good will be frustrating. They give the best results when combined with great locations.

Watch as many of the free videos by Mike and James as you can. There is a lot about S/R in them.
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
  • #62,753
  • May 5, 2010 8:48am May 5, 2010 8:48am
Quoting Autumm
Are u talking about a inverted H&S pattern? if u are, the head should be lower than the shoulders...
I'm talking about this, i don't know if it's drawn correctly, but it seems to be working. Neckline broken and down we go. It should probably be at swing high, though?

Or you could look at it as multiple bar lows and a break of that a guess (daily TF).

P
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  • #62,754
  • May 5, 2010 8:59am May 5, 2010 8:59am
Well I don't want to rain on your parade but a head and shoulders is a reversal pattern which, in my opinion, is usually quite unreliable unless almost perfect. So in this instance we would want it to be inverted.

What we are looking at here is the price bouncing off support and then breaking support. I hope it works out for you. No reason, in particular, why it shouldn't.
Gone to a better place
  • #62,755
  • May 5, 2010 9:06am May 5, 2010 9:06am
Quoting smikester
Well I don't want to rain on your parade but a head and shoulders is a reversal pattern which, in my opinion, is usually quite unreliable unless almost perfect. So in this instance we would want it to be inverted.

What we are looking at here is the price bouncing off support and then breaking support. I hope it works out for you. No reason, in particular, why it shouldn't.
Thanks, maybee I'm just seeing our coat of arms everywhere.

p
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  • #62,756
  • May 5, 2010 9:20am May 5, 2010 9:20am
Quoting relyt
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
I know that's a lot to take in, but in a few months time you'll wonder what the fuss was about back now and will be reading charts like a book.

Read though the first hundred pages of the thread as you go along as a refresher. Many of us here have read it over and over. It's A LOT to take in in one go. Give yourself time.

Edit:
Practice for a while. Go back to the videos and thread. Practice for a while. Go back to the videos and thread. Rinse and repeat. ...Every time you watch the vids and read the early thread after practising for a while , you'll notice something new you forgot.
Bundy's status today: "Waiting..."
  • #62,757
  • May 5, 2010 9:26am May 5, 2010 9:26am
Quoting relyt
Thanks, bundy. I have watched all of the videos in the Guest Area, but was very overwhelmed, which is why I want to stick to just pins until I can get my head around that. I will take your advice and combine what I know about "A+ pins" with what they say about S+R. I think I might need to go back and watch those videos a few times.
I'll echo differently what Bundy told ya - places for bars are more important than the bars themselves.

If you take note of solid areas of support and resistance - horizontally, and on trend lines, you'll be amazed how often price approaches these places, and reverses. spend a few weeks just looking at these areas, and you'll be firmly convinced.

A well formed bar simply provides more margin of safety on a trade. Many more experienced hands don't get all that worked up over bar beauty. And then again, some must have it perfect. It all depends on your relationship you build with the market. As for me - location trumps everything. Bar form is secondary. Once you start to see things with your own eyes, you'll see the market clearly and it will become a friend.
I'm pretty much done with all this ...
  • #62,758
  • May 5, 2010 9:35am May 5, 2010 9:35am
Quoting StoragePro
I'll echo differently what Bundy told ya - places for bars are more important than the bars themselves.

If you take note of solid areas of support and resistance - horizontally, and on trend lines, you'll be amazed how often price approaches these places, and reverses....
Thanks SP. After watching the Darth Vader TomTom commercial, I just totally read your post as if from a Jedi master.

...yup... time for bed. lol
Bundy's status today: "Waiting..."
  • #62,759
  • May 5, 2010 10:25am May 5, 2010 10:25am
Quoting Primi
Thanks, maybee I'm just seeing our coat of arms everywhere.

p
Oh yes, the pride of our country
  • #62,760
  • May 5, 2010 10:31am May 5, 2010 10:31am
@ Ghous (Goooessshh)

This bar worked out pretty well. But to me it looked like more of a doji than an IPB. I would have wanted to see a higher close. Would you agree with me?
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