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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

  • #69,281
  • Jul 21, 2010 2:57am Jul 21, 2010 2:57am
Looks like we may have nice H4 Jarroo Special BUEOB forming on GBP/USD.

The FTA is a bit close at 1.5350 with 61.8 & 50 fibo confluence.

let's see how it closes, I would like to see it pierce the 1.5350 area and possibly close above it.
Attached Image (click to enlarge)
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  • #69,282
  • Jul 21, 2010 2:57am Jul 21, 2010 2:57am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mihazupan1
What does a heavy traffic mean? I've been slowly reading this thread from the beginning and haven't spotted this term anywhere yet. I might know what you mean (the price has been jumping up and down before the pinbar we're talking about formed) but I'd like to get a clear definition of that.
Probably not stated in the thread but if you watched the videos, especially by Mike (mbqb), there are plenty of references to "traffic". Its best you watch them and learn. I'm a noob to this material as well.
I have seen the enemy, and it is me.
  • #69,283
  • Jul 21, 2010 3:02am Jul 21, 2010 3:02am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting supremeChaos
Hello Jey,
yes, i dis...cern that u have a point.
Just trying my luck to appear "knowledgeable"... actually I'm a noob to this material. I am just shooting in the dark
I have seen the enemy, and it is me.
  • #69,284
  • Jul 21, 2010 3:02am Jul 21, 2010 3:02am
Quoting supremeChaos
Hello mihazupan1,
if i may...
traffic simply means...
well....
think of heavy traffic in the highway.
when there is heavy traffic, vehicles have a hard time passing/moving through smoothly right?

same with price near/at/approaching a traffic area -- it may have trouble passing through.
Of course you may

I think I get it. Will look through the chart if I can get a good example of it and you guys can confirm it. I prefer (and find it easier) to learn from the charts.
  • #69,285
  • Edited 3:45am Jul 21, 2010 3:04am | Edited 3:45am
Quoting mihazupan1
What does a heavy traffic mean? I've been slowly reading this thread from the beginning and haven't spotted this term anywhere yet. I might know what you mean (the price has been jumping up and down before the pinbar we're talking about formed) but I'd like to get a clear definition of that.
mihazupan1, traffic is what you typically find in front (to the left) of a move / trade.

Its classified by a lot of spikey bars clustered together like a consolidation pattern.

Its an area that may slow down or even reverse your position so if its behind you its not a problem, in front of you and you may have a big problem and directly to the left not such a problem but the area you will be trading from is likely to be experiencing choppy action before taking off making it harder to select and hold a position.

Level are also considered possible traffic as price has reacted at these levels before.

Look for clear water as price will move less erratically.
In retrospect we learn. In perspective we earn.
  • #69,286
  • Jul 21, 2010 3:11am Jul 21, 2010 3:11am
Quoting Jey
Just trying my luck...
No worries Sir.
seriously, i think u have a point.
that pin is not exactly at a swing low.
that pin is just below 1.6100 RN & seems to be a PPZ.
a conservative way to trade (go long) is wait for 1.6100 to break & get retested. if on the retest, a PA emerges, then we can go long.


Quoting mihazupan1
....
I think I get it. Will look through the chart...
so u are a visual guy.

to put it simply, a traffic area is an S/R or a PPZ.
hope that clarifies it further
  • #69,287
  • Jul 21, 2010 3:14am Jul 21, 2010 3:14am
Quoting joelcf
Are they?

(hehe, couldnt resist )

Trends are almost always because of macro themes - the oscilations around those themes are your short term news/trading/positioning. Which is why people with your approach will do alot better than most.

In the end, you are either a Soros guy or a Covel guy. Guess how many copies of Alchemy of Finance I have seen here, as opposed to The Complete Turtle Trader
Sorry Joel! Missed this post by a bloody mile! I sneeze and this thread flies by like 50pages. LOL

Alchemy of Finance... it's a bitch of a read, and 1/2 the time I'm going, "wtf is this guy ranting about?" but it's impacted my thinking about how markets work and human psychology in a BIG BIG BIG way.
(and I don't like corvel's books btw.... I read it abit and i'm like "ok. so what?")

Although right now I am honestly quite clueless abt what is gg on in the overall picture. I only can say that the broad macro environment has a heap of cross currents and because of that, it is highly likely that the big funds are paring back on risk allocated and more prone to putting on and taking off quickly.

Until there is a "woohooo!!!" or "O. M. G. " in the markets, I think we'll continue to see a kinda no-so-trending type of environment.
One Mind, Any Market
  • #69,288
  • Jul 21, 2010 3:16am Jul 21, 2010 3:16am
Quoting supremeChaos
so u are a visual guy.

to put it simply, a traffic area is an S/R or a PPZ.
hope that clarifies it further
I could say that I'm a visual guy yeah

Your definition makes it totally clear clear yeah.

PPZ means pivot point zone right?

Would you agree that the blue area in this chart is a heavy traffic area and therefore the bullish PB wouldn't be really playable (despite the fact that it's at a swing low)?

Attached Image (click to enlarge)
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  • #69,289
  • Jul 21, 2010 3:17am Jul 21, 2010 3:17am
Hi guys,

I'm reading through Phantom of the Pits now, and I think it's a really good read. A tad heavy, but he goes on about the psychological nuances of speculation.

I wish I had read this earlier.

Here's the link again in case some of you guys missed it,
http://www.forexfactory.com/showpost...ostcount=68737

cause this thread just flliiiieesss so fast. I sneeze again and I'll hv to compile another 500 pages of posts.

Trade safe =)
One Mind, Any Market
  • #69,290
  • Jul 21, 2010 3:19am Jul 21, 2010 3:19am
Quoting mihazupan1
Of course you may

I think I get it. Will look through the chart if I can get a good example of it and you guys can confirm it. I prefer (and find it easier) to learn from the charts.

Watch Mikes video, 1-19-09 for an explanation of traffic

http://www.james16group.us/Guests/guestmaterial.html
  • #69,291
  • Jul 21, 2010 3:27am Jul 21, 2010 3:27am
mihazupan1,
for PPZ & others, see
http://www.forexfactory.com/showpost...ostcount=56751

yes, that blue area, a congestion/consolidation area can be considered traffic at that time.
btw, your chart is the perfect illustration of what i mean playable. what i mean is, your chart is the possible future picture of everydayguid's chart earlier.
  • #69,292
  • Jul 21, 2010 3:31am Jul 21, 2010 3:31am
Quoting Pinbar
Watch Mikes video, 1-19-09 for an explanation of traffic

http://www.james16group.us/Guests/guestmaterial.html
Thanks!

Have those videos on my disk but haven't watched all of them yet.
  • #69,293
  • Jul 21, 2010 3:31am Jul 21, 2010 3:31am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting supremeChaos
No worries Sir.
seriously, i think u have a point.
that pin is not exactly at a swing low.
that pin is just below 1.6100 RN & seems to be a PPZ.
Then if I may blabber further.... I also think that pin's head should ideally be above the PPZ instead of being under it. If that head is above and that nice long nose protrudes beyond the PPZ, I'll be jumping in headlong. But since that head has formed just under the line, its not really a good setup. Correct me if I'm mistaken. Usually 99% I'm mistaken.
I have seen the enemy, and it is me.
  • #69,294
  • Jul 21, 2010 3:33am Jul 21, 2010 3:33am
Quoting Cyrus
Hi guys,
I'm reading through Phantom of the Pits now....
yeah, it's a long read.
maybe i can use the 'sneeze technique' so i can finish reading it much faster.
  • #69,295
  • Jul 21, 2010 3:34am Jul 21, 2010 3:34am
Let's see if this traffic area holds as support.
Attached Image (click to enlarge)
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  • #69,296
  • Jul 21, 2010 3:35am Jul 21, 2010 3:35am
Quoting Jey
...I also think that pin's head should ideally be above the PPZ instead of being under it. ....
yes, correct.
That's a good idea.
that shows buyers overcoming/overwhelming the selling (supply) in the PPZ
  • #69,297
  • Jul 21, 2010 3:37am Jul 21, 2010 3:37am
Quoting Cyrus
Hi guys,

I'm reading through Phantom of the Pits now, and I think it's a really good read. A tad heavy, but he goes on about the psychological nuances of speculation.

I wish I had read this earlier.

Here's the link again in case some of you guys missed it,
http://www.forexfactory.com/showpost...ostcount=68737

cause this thread just flliiiieesss so fast. I sneeze again and I'll hv to compile another 500 pages of posts.

Trade safe =)
Looks excellent Cyrus, thanks for sharing. I've started reading already!
In retrospect we learn. In perspective we earn.
  • #69,298
  • Jul 21, 2010 3:39am Jul 21, 2010 3:39am
Quoting mihazupan1
...
Have those videos on my disk but haven't watched all of them yet.
really?
well, u should watch them as soon as possible.
i promise, it's worth your time & u will learn A LOT.
  • #69,299
  • Jul 21, 2010 3:43am Jul 21, 2010 3:43am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Thanks supreme, this thread rocks!
Maybe I should chuck out the Phantom of the Opera book which I'm reading now and start reading Phantom of the Pits for a change.
I have seen the enemy, and it is me.
  • #69,300
  • Jul 21, 2010 3:47am Jul 21, 2010 3:47am
Quoting supremeChaos
really?
well, u should watch them as soon as possible.
i promise, it's worth your time & u will learn A LOT.
I've watched few videos and I totally agree with you. There's a lot of knowledge in them.

Thanks for the reminder It's time to watch them again
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