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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

  • #90,121
  • Feb 24, 2011 11:59pm Feb 24, 2011 11:59pm
hi, can you elaborate? thanks

dear frens, i will like to ask for advice, i can say im desperate to do well in this business, i have been exposed to trading few years back since i was a student, i have been PBing on higher TFs, and i realise i have a risk reward ratio problem, i risk $200 and exit 1/2 after about 30 pips, even though PB is high probability, my money management seems to look not so ideal (Please advice!)

Another thing is, can i have any1, any1, any seniors recommendation on what steps i can take to slowly learn n grow in this business. I used to think its a get rich quick thing but after reading this thread, i learnt more and im committed. Im sick of feeling like a loser for the past few years when i dun spend much time and i keep losing, keep looking for a holy grail sys. I have read many books on trading and learnt tt you can make it with any decent sys with good position sizing, but i really have no idea how to start...please seniors of J16, please advice.

My current strategy is continue to trade using PB on daily and higher TFs.



Quoting jarroo
Looks good . .D


Monthly Boxes Rule!!


Jim
  • #90,122
  • Feb 25, 2011 12:35am Feb 25, 2011 12:35am
oracle has been strong in the last days (compared to the downmove in stocks).
yesterday closed with a pinbar. looks good, imho.
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meine augen sind die sterne
  • #90,123
  • Feb 25, 2011 12:50am Feb 25, 2011 12:50am
Looking good on aussie dollar.
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  • #90,124
  • Edited 1:53am Feb 25, 2011 1:36am | Edited 1:53am
Quoting Bethel
hi, can you elaborate? thanks

dear frens, i will like to ask for advice, i can say im desperate to do well in this business, i have been exposed to trading few years back since i was a student, i have been PBing on higher TFs, and i realise i have a risk reward ratio problem, i risk $200 and exit 1/2 after about 30 pips, even though PB is high probability, my money management seems to look not so ideal (Please advice!)

Another thing is, can i have any1, any1, any seniors recommendation on what steps i can take to slowly learn n grow in this...

Hey Bethel,

If you really want to learn and grow in this business, you need to start with the 1st post and follow it closely . .which in part means . .dump that Live account and start to Demo trade.

Follow the links in the 1st post and begin reading the thread. Start understanding the basics and then ask questions when they arise.

Many of the questions that you will have . .have been answered many times, in different ways, (this is a good thing). Use the "Search this Thread" tool at the top of each page to find your answers to your questions ( I do it all the time .. )

Go through the Guest material/videos many times . .
http://www.james16group.us/Guests/guestmaterial.html after awhile of studying this material . .go through the videos again.

Now to elaborate on my post . .

One the key things you'll hear on this thread is . Great bars at great Locations . Location is one of the main (if not thee) key characteristic of a successful Price Action setup.

One way to find these great locations is at a PPZ levels, which is where Support and Resistance levels meet.

One way of finding good Support and Resistance levels are at the Tops and Bottoms of consolidation areas.

I was showing this consolidation area on the Monthly chart.

Here is a Weekly chart (Euro) showing consolidation areas forming good Support and Resistance levels which formed a PPZ level.


I'm sure you can see other ones on this chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,125
  • Feb 25, 2011 1:47am Feb 25, 2011 1:47am
Quoting Donkey
Still watching this one..I see some divergence on daily..It would take a huge bullish candle with a close above 9500 - as current down move looks very strong - 9 of last 10 candles are red. I wouldn't mind a pullback to 9500 next week and a nice bearish bar either.
Hi Donkey

I wouldnt put any weight on this divergence. You will always have divergence on ranging markets. It is most usefull when price is slowing down while making new HH / LL. I like to see divergence on the larger picture and i noticed that traders often scale in to the lower tf if there is no divergence on the higher ones.
  • #90,126
  • Feb 25, 2011 2:13am Feb 25, 2011 2:13am
EC 1.2800... Break it or fake it

With GBP/CHF being at the support aswell we might have some substantial moves soon.
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  • #90,127
  • Edited 5:46am Feb 25, 2011 3:28am | Edited 5:46am
H1 BUOB triggered. Only half an hour and we got nice H4 BUOB hopefully. Same story on GBP/CHF although GDP data might send it to the sink. (Out @ BE)
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  • #90,128
  • Feb 25, 2011 4:06am Feb 25, 2011 4:06am
Quoting Greenhaze
H1 BUOB triggered. Only half an hour and we got nice H4 BUOB hopefully. Same story on GBP/CHF although GDP data might send it to the sink.
The xxx/chfs have me spooked at the moment. Maybe its the long wicks, more likely just me. I've been looking for opportunities off some of the main PPZ's, but can't convince myself to go either with or against the trend. Is that BUOB at a minor swing high or at the beginning of a bigger move up?
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  • #90,129
  • Feb 25, 2011 4:30am Feb 25, 2011 4:30am
Quoting johoma
The xxx/chfs have me spooked at the moment. Maybe its the long wicks, more likely just me. I've been looking for opportunities off some of the main PPZ's, but can't convince myself to go either with or against the trend. Is that BUOB at a minor swing high or at the beginning of a bigger move up?
I do not have this wick on my feed. Are you sure it isnt a data feed problem?
CHF was amongst the strongest currencys this week but momentum is decreasing and this strongly-confluenced area might give us a retracement.
  • #90,130
  • Feb 25, 2011 4:33am Feb 25, 2011 4:33am
Release from Apari. Novel idea!


Alpari (UK) has yet again added to its wide product range by launching the highly anticipated Gold account*. Trading on a Gold account is the same as on Alpari (UK) currency accounts. You can trade currencies, CFDs and precious metals including gold (XAUUSD). The difference is that the account balance, profit/loss and other information are measured in gold, not currencies
  • #90,131
  • Feb 25, 2011 4:47am Feb 25, 2011 4:47am
Quoting Ifmyante
Release from Apari. Novel idea!


Alpari (UK) has yet again added to its wide product range by launching the highly anticipated Gold account*. Trading on a Gold account is the same as on Alpari (UK) currency accounts. You can trade currencies, CFDs and precious metals including gold (XAUUSD). The difference is that the account balance, profit/loss and other information are measured in gold, not currencies
That might have some interesting consequences in the future
  • #90,132
  • Feb 25, 2011 4:51am Feb 25, 2011 4:51am
Quoting Ifmyante
Release from Apari. Novel idea!


Alpari (UK) has yet again added to its wide product range by launching the highly anticipated Gold account*. Trading on a Gold account is the same as on Alpari (UK) currency accounts. You can trade currencies, CFDs and precious metals including gold (XAUUSD). The difference is that the account balance, profit/loss and other information are measured in gold, not currencies
i am very cautious of announcements like this.
when things like this appear, the end of a rally is often near...
meine augen sind die sterne
  • #90,133
  • Feb 25, 2011 4:52am Feb 25, 2011 4:52am
Quoting Greenhaze
That might have some interesting consequences in the future
I wonder who pays for postage on withdrawal?
  • #90,134
  • Feb 25, 2011 4:57am Feb 25, 2011 4:57am
Quoting Ifmyante
I wonder who pays for postage on withdrawal?
LOL
  • #90,135
  • Edited 6:13pm Feb 25, 2011 4:57am | Edited 6:13pm
Any thoughts on PB from 2 days back. I've entered on the retrace. FTA is BRN (1.36000). Problem is there isn't PA confirmation on another feed I'm following. Also going straight into area of consolidation.
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  • #90,136
  • Feb 25, 2011 5:02am Feb 25, 2011 5:02am
Quoting vasmiza
Any thoughts on PB from 2 days back. I've entered on the retrace. FTA is BRN (1.6000). Problem is there isn't PA confirmation on another feed I'm following. Also going straight into area of consolidation.
Hey Vaz

I sometimes find conflicting info from different feeds and it can be a bit confusing at times! Probably best to go with the one you trust most. Just be wary (as you say) of trading into consolidation areas as trades can turn quickly at these locations

best

kal
  • #90,137
  • Feb 25, 2011 5:11am Feb 25, 2011 5:11am
Quoting Ifmyante
Release from Apari. Novel idea!


Alpari (UK) has yet again added to its wide product range by launching the highly anticipated Gold account*. Trading on a Gold account is the same as on Alpari (UK) currency accounts. You can trade currencies, CFDs and precious metals including gold (XAUUSD). The difference is that the account balance, profit/loss and other information are measured in gold, not currencies
So they are building this big chicken farm. Small chickens, not suspecting anything will eat as much as they can until they get meaty and fat. Later, they will be introduced to that overwhelmingly frightening milling machine ... Buk buk buk :x

I guess we still have some time before the bubble pops
  • #90,138
  • Feb 25, 2011 6:03am Feb 25, 2011 6:03am
Quoting Greenhaze
So they are building this big chicken farm. Small chickens, not suspecting anything will eat as much as they can until they get meaty and fat. Later, they will be introduced to that overwhelmingly frightening milling machine ... Buk buk buk :x

I guess we still have some time before the bubble pops
Well, as Mike said the other day, the highs on gold seem to be rounding off
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  • #90,139
  • Feb 25, 2011 6:23am Feb 25, 2011 6:23am
Quoting Ifmyante
Well, as Mike said the other day, the highs on gold seem to be rounding off
There is not much talk about it yet. It still has to become more of a mainstream thing imo before we can call it a bubble. So many analysts are trying to call the top but it still goes up. I wouldnt fight that trend yet.
  • #90,140
  • Feb 25, 2011 6:27am Feb 25, 2011 6:27am
Quoting Greenhaze
There is not much talk about it yet. It still has to become more of a mainstream thing imo before we can call it a bubble. So many analysts are trying to call the top but it sill goes up. I wouldnt fight that trend yet.
I hope I wasn't putting words in Mike's mouth!
Sorry Mike if I misrepresented you.

Either way, gold is off my radar for the moment
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