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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

  • #84,261
  • Jan 1, 2011 7:56pm Jan 1, 2011 7:56pm
its 2am here and i have been through half of James 349 chart ( incl pics of his cute kids, reptiles, nice booking cars, houses etc. )

i think that's the second best thing any newbie can do to understand the concept of ppz, confluences etc.. first best thing is to read the whole thread... onwards and upwards to some demo trading this month.

thanks all.
Trading is a test match not a Twenty20.
  • #84,262
  • Jan 1, 2011 11:26pm Jan 1, 2011 11:26pm
Quoting Pinbar
Thanks Jarooo.

Sure Jarroo, you can do whatever you like with it.
It would be an honor to have one of my charts on Jaroo's wall, I can't think of a greater honor.
I am trying to work out why you like it so much....I imagine it is the tight PPZ like the pencil and lead we talked about a long time ago.



Just put the charts together and it looks like this area is some kind of hidden mine field. Historically, we can see a similar reaction in 1992 and 1995.

I guess Market memory, is rules.
Sorry to go off track first of all.

But I always had this doubt. The Euro came into existence from Jan 1 1999. How is it that our charts show historical data from early 1990s ??

And hence, I normally ignore the data before 2000 when drawing PPZs for currencies involving the EURO. Is it correct to do so ? I put more emphasis on recent months/weeks/days while drawing PPZs.

0908
  • #84,263
  • Jan 2, 2011 12:28am Jan 2, 2011 12:28am
Quoting chriskins
Hi and happy new year,

I would like to start by thanking James and others for providing what I see as amazing information and guidance. After reading around 70 pages I plan to use Jims model to learn to trade using PA with confluence....
Hey Chris. Try Alpari Uk demo, it is also MT4 but I have NYSE, Nasdaq, LSE, Deutch Borse, Futures and Forex. A lot of instruments to follow really.
  • #84,264
  • Jan 2, 2011 12:52am Jan 2, 2011 12:52am
Quoting forex0908
Sorry to go off track first of all.

But I always had this doubt. The Euro came into existence from Jan 1 1999. How is it that our charts show historical data from early 1990s ??

And hence, I normally ignore the data before 2000 when drawing PPZs for currencies involving the EURO. Is it correct to do so ? I put more emphasis on recent months/weeks/days while drawing PPZs.

0908

I also have data from 1991 but I would not ignore it, as it is on the chart and people are not ignoring it, it seems.



http://en.wikipedia.org/wiki/Euro

The name euro was officially adopted on 16 December 1995.[8] The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit (ECU) at a ratio of 1:1. Euro coins and banknotes entered circulation on 1 January 2002.
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  • #84,265
  • Jan 2, 2011 1:08am Jan 2, 2011 1:08am
Any really stuck NEW people around?

If so, while I have nothing to do today, post what you are stuck with and I will try my best to help out while the cats are away.

Just don't forget I am a mouse.

No ulterior motives, it is just that new people's questions or problems, helps me think and consolidates things for me also.
  • #84,266
  • Jan 2, 2011 2:16am Jan 2, 2011 2:16am
Quoting Adilius07
Hey Chris. Try Alpari Uk demo, it is also MT4 but I have NYSE, Nasdaq, LSE, Deutch Borse, Futures and Forex. A lot of instruments to follow really.
Thank you Adilius I will check that out, I live in the UK so they might be a good broker to go live with? I will be starting with 10k (after succesful 3 months in a row on demo) which will be half my full account, hopefully this is a good starting amount?

Chris
Kind Regards Chris
  • #84,267
  • Jan 2, 2011 2:42am Jan 2, 2011 2:42am
In the UK we can make use of spreadbetting brokers which offer almost any instrument with great spreads etc. The profits are also tax free which is rather nice . I already have an account with IG Index and they have a good web interface for managing trades at work or on the move. Anyone trade this way?

PS Their charts arent great though so would do anlysis on mt4.

Chris
Kind Regards Chris
  • #84,268
  • Jan 2, 2011 2:48am Jan 2, 2011 2:48am
Quoting chriskins
Thank you Adilius I will check that out, I live in the UK so they might be a good broker to go live with? I will be starting with 10k (after succesful 3 months in a row on demo) which will be half my full account, hopefully this is a good starting amount?

Chris
Probably take you 3 months to read the whole thread.
  • #84,269
  • Jan 2, 2011 3:39am Jan 2, 2011 3:39am
Quoting Pinbar
Probably take you 3 months to read the whole thread.
Very true pinbar, however I dont think I need to wait to I read the whole thread before demoing. I had read prings book before so I get the basics and indend to master only pinbars from demo to live, then add other setups going through demo etc. I take very seriously James advice on treating this like a business.

Of course I will continue to read through the thread, does James, Habeeb etc still post here btw?
Kind Regards Chris
  • #84,270
  • Jan 2, 2011 4:24am Jan 2, 2011 4:24am
Quoting chriskins
Very true pinbar, however I dont think I need to wait to I read the whole thread before demoing. I had read prings book before so I get the basics and indend to master only pinbars from demo to live, then add other setups going through demo etc. I take very seriously James advice on treating this like a business.

Of course I will continue to read through the thread, does James, Habeeb etc still post here btw?

Jim pops in and flabbergasts people quite a bit with his trades , haven't seen Habeeb post in quite a while.

Good luck.


PS: It took me nearly 2 months to go through the entire thread and absorb it, that was like 12 hours a day 7 days a week.
  • #84,271
  • Jan 2, 2011 4:28am Jan 2, 2011 4:28am
A few months ago I saw some super cool video posted here. It was about some guy jumping with a "flying siut". It was so cool I want to show it to my brother who is into these things like banji jumping etc... Was searching for an hour an cannot find it. If anyone remember at least who's post was it please tell me. Thank you!
  • #84,272
  • Jan 2, 2011 4:33am Jan 2, 2011 4:33am
Quoting chriskins
Thank you Adilius I will check that out, I live in the UK so they might be a good broker to go live with? I will be starting with 10k (after succesful 3 months in a row on demo) which will be half my full account, hopefully this is a good starting amount?

Chris
I heard mostly positive comments about this broker. I only got their demo for charting only. So can't say much.
  • #84,273
  • Jan 2, 2011 4:53am Jan 2, 2011 4:53am
Quoting chriskins
Very true pinbar, however I dont think I need to wait to I read the whole thread before demoing. I had read prings book before so I get the basics and indend to master only pinbars from demo to live, then add other setups going through demo etc. I take very seriously James advice on treating this like a business.

Of course I will continue to read through the thread, does James, Habeeb etc still post here btw?
Hi Chris, I got account with igindex and also with smartlivemarkets as they got fixed spread for eur usd.check them out as well .they offer mt4 as well. also another thing I would encourage you to do is to learn ppz as they are the base of what is being thought here. you can than use pin bar to trigger your entry.
Trading is a test match not a Twenty20.
  • #84,274
  • Jan 2, 2011 5:11am Jan 2, 2011 5:11am
Quoting Pinbar
Any really stuck NEW people around?

If so, while I have nothing to do today, post what you are stuck with and I will try my best to help out while the cats are away.

Just don't forget I am a mouse.

No ulterior motives, it is just that new people's questions or problems, helps me think and consolidates things for me also.
Hi Steve as per your understanding, what causes ppz? I know its to do with orderflow and price memory but can you expand on that?
Thanks
DC
Trading is a test match not a Twenty20.
  • #84,275
  • Jan 2, 2011 5:17am Jan 2, 2011 5:17am
Please recommend any books by:

Martin Pring
Todd Mitchell
Austin Passamonte


I found 2 by Martin J Pring:

-Martin Pring on Price Patterns
-Technical Analysis explained by Martin J Pring

Please recommend any other books for advanced readers, only. Especially, the techniques used by james16.
  • #84,276
  • Jan 2, 2011 5:26am Jan 2, 2011 5:26am
Quoting chriskins
In the UK we can make use of spreadbetting brokers which offer almost any instrument with great spreads etc. The profits are also tax free which is rather nice . I already have an account with IG Index and they have a good web interface for managing trades at work or on the move. Anyone trade this way?

PS Their charts arent great though so would do anlysis on mt4.

Chris
Hi Chris, I use IG(markets and index) but I prefer Saxo for charts.
  • #84,277
  • Jan 2, 2011 5:39am Jan 2, 2011 5:39am
Quoting decentchap
Hi Chris, I got account with igindex and also with smartlivemarkets as they got fixed spread for eur usd.check them out as well .they offer mt4 as well. also another thing I would encourage you to do is to learn ppz as they are the base of what is being thought here. you can than use pin bar to trigger your entry.
Ok thanks decentchap, by ppz you mean horizontal support and resistance? I plan to use that along with trendlines, fib retracements and emas for potential areas of S/R. The more that occur together with pa the better, I hope I understand correctly that thats what confluence is. Having read prings books he talks about this and also the reasons behind patterns.

Chris
Kind Regards Chris
  • #84,278
  • Jan 2, 2011 5:47am Jan 2, 2011 5:47am
Quoting torontobboy2
Please recommend any books by:

Martin Pring
Todd Mitchell
Austin Passamonte


I found 2 by Martin J Pring:

-Martin Pring on Price Patterns
-Technical Analysis explained by Martin J Pring

Please recommend any other books for advanced readers, only. Especially, the techniques used by james16.

Hi torontoboy,

I have only read Pring on Price patterns and it is excellent imho. It covers all the support and restisstance an patterns including pin bars etc. He also talks about confluence, almost required reading for this stuff.

Chris
Kind Regards Chris
  • #84,279
  • Jan 2, 2011 5:52am Jan 2, 2011 5:52am
Sounds good. If you go through jarroo's posts and charts that will help you a lot. Basically ppz are areas of price flips. Once we determine those we monitor how the price bars are closing. If they close above those zones we.look for bullish action and if they close below we look for bearish action. These are the areas where we look for pin bars etc..

P.s I am a newbie to the whole trading business so please do take my posts with a pinch of salt.
Trading is a test match not a Twenty20.
  • #84,280
  • Jan 2, 2011 6:04am Jan 2, 2011 6:04am
Quoting Pinbar
When in doubt, Zooooooooooom Ouuuuuuuut.
It is always a good idea......

You sound like me when I started learning this thread.

You actually nailed it with that sentence John, "There is a BEOB sitting right on the PPZ"!! Good job John.

It would have been better if it closed below the PPZ, don't you think?


EDIT: A Look at the monthly and weekly may be interesting.
Thanks jarroo and Pinbar
Yes the close is very weak.
Now i see that there is a strong PPZ below the BEOB if the close would be below the 0.84272 it would be much better
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