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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

  • #114,061
  • Jul 9, 2012 6:01am Jul 9, 2012 6:01am
Quoting balloontree
Hi guys,

So basically we are only interesting in looking at PA at swings (high/low); okay, I registered this.

How about currency pairs? How many do you watch? How about their correlation?

Do you have a table like, if I enter EURUSD, then I will not enter GBPUSD?

I've checked the correlation table; and it's like if we are holding them for more than one day, the correlation between them are not high.
I have 23 pairs + gold. If I see this same trade on few pairs I only go with one. I don't trade often (trying to be picky) so to most time I have only one trade at the time. I never do such a thing like for example buy nzusd and sell audusd.

And the swings thing - the point is to buy low (cheap) and sell high (expensive). You don't want to sell cheap and buy expensive xD
  • #114,062
  • Jul 9, 2012 6:21am Jul 9, 2012 6:21am
Quoting rafstraszek
And the swings thing - the point is to buy low (cheap) and sell high (expensive). You don't want to sell cheap and buy expensive xD

OMG!! This make absolute sense!!!!!

btw, how long have u been trading live? and have you manage to quit your day job?

I think I'm a bit ambitious.........planning to quit day job end of next year latest!
  • #114,063
  • Jul 9, 2012 7:11am Jul 9, 2012 7:11am
Quoting balloontree
I did a quick scan today; there's no PA at least not in swing high/low today; probably need to wait for a few days.

Meanwhile does J16 or senior members have a strategy/method to trade when the market is in a consolidation/sideways?

Also, can I drop to a lower time frame like 15 mins or 5 mins, and look for PA on swing high/low? like doing more maths homework in order to improve my maths grades?

I think I read somewhere that J16 is doing intra day trading? Just that he's mentioning less and less because newbies don't stand a chance?

hi ball ,is it a GBN and 4 inside bar ?
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  • #114,064
  • Jul 9, 2012 7:30am Jul 9, 2012 7:30am
Quoting balloontree
OMG!! This make absolute sense!!!!!

btw, how long have u been trading live? and have you manage to quit your day job?

I think I'm a bit ambitious.........planning to quit day job end of next year latest!
Haha day job xD I'm studying on Polytechnic (Institute of Technology). I'm interested in forex for 4 or 5 years now. Price action almost since beginning. Tried live account some time ago but I wasn't good enough then (one trade up, one down - still and still be). I read tons of books, and lot of them wasn't strictly about market: Psychology, behaviors, selling, economy... My plan is...never even starting a day job...I still have few years to perfect my trading...Maybe this a way to beat a Rat Race...just not starting in it...

Either way, if two next month profitable on demo -> micro live account (few hundred dollars) and then we'll see...
  • #114,065
  • Jul 9, 2012 7:49am Jul 9, 2012 7:49am
Quoting ylxww
hi ball ,is it a GBN and 4 inside bar ?

I don't know, I'm only at this level:

http://www.forexfactory.com/attachme...4&d=1330936338
  • #114,066
  • Jul 9, 2012 8:01am Jul 9, 2012 8:01am
Quoting balloontree
I did a quick scan today; there's no PA at least not in swing high/low today; probably need to wait for a few days.

Meanwhile does J16 or senior members have a strategy/method to trade when the market is in a consolidation/sideways?

Also, can I drop to a lower time frame like 15 mins or 5 mins, and look for PA on swing high/low? like doing more maths homework in order to improve my maths grades?

I think I read somewhere that J16 is doing intra day trading? Just that he's mentioning less and less because newbies don't stand a chance?
Hey B

We use the same methods to trade sideways markets as we do other markets. It's all about the situation. We are not looking for just one thing but instead looking to putt he pieces together to formulate a high probability entry along with proper mgmt.

In sideways markets for example trouble areas are more likely to cause price to stall or reverse. We use that information properly. Meaning we might tighten our stops much quicker, take profit quicker etc.

PA can be trade at all kinds of locations, sideways, swing highs/lows, continuations. It is proper to learn them the way James teaches in this thread first at swing highs and lows. Start there and build as you progress.

We are not looking to trade all day every day, instead we are looking to sniper shot our trades being very very picky.

Best
Mike
  • #114,067
  • Jul 9, 2012 8:01am Jul 9, 2012 8:01am
Quoting balloontree
I don't know, I'm only at this level:

http://www.forexfactory.com/attachme...4&d=1330936338
yes i think it is.

but money need patient.

a little attention on the lower right corner you posted picture.
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  • #114,068
  • Jul 9, 2012 8:02am Jul 9, 2012 8:02am
Quoting balloontree
Hi guys,

So basically we are only interesting in looking at PA at swings (high/low); okay, I registered this.

How about currency pairs? How many do you watch? How about their correlation?

Do you have a table like, if I enter EURUSD, then I will not enter GBPUSD?

I've checked the correlation table; and it's like if we are holding them for more than one day, the correlation between them are not high.
I watch around 70+ pairs in FX daily/weekly and scan the russell 3000 in stocks weekly.

Correlation plays a role but if we are picky and focus on the chart it doesn't give us much issues. Correlation plays the biggest role for people who are over trading

Best
Mike
  • #114,069
  • Jul 9, 2012 8:03am Jul 9, 2012 8:03am
Quoting balloontree
Also does the broker time matter? I was thinking of opening a FXCM or Oanda account; one is in GMT0 and another is in GMT-5.

Or should I stick strictly to GMT0?
This depends on the trader. I prefer a 5pm et close. This doesn't mean my broker has to have that close. Price is still price. I simply transfer my orders to my actual live broker.

My main demo feed is FXpro since they use a 5pm et close. Others use a 7, or 8pm some even midnight. I prefer the 5pm and think one should be near that close personally

Best
Mike
  • #114,070
  • Edited 8:23am Jul 9, 2012 8:07am | Edited 8:23am
Quoting ylxww
yes i think it is.
but money need patient.
a little attention on the lower right corner you posted picture.

yeah, but the target is very short.......maybe for 50 pips, maybe like for 30 pips and run?

how about other factors? fibo/2ema/RN/BRN? my broker doesn't have this currency pair


whats GBN?



PS: I'm a forex newbie
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  • #114,071
  • Jul 9, 2012 8:14am Jul 9, 2012 8:14am
Quoting mbqb11
PA can be trade at all kinds of locations, sideways, swing highs/lows, continuations. It is proper to learn them the way James teaches in this thread first at swing highs and lows. Start there and build as you progress.

thanks!

btw, where can I learn about trading sideways? or continuations?
  • #114,072
  • Jul 9, 2012 8:15am Jul 9, 2012 8:15am
Quoting mbqb11
I watch around 70+ pairs in FX daily/weekly and scan the russell 3000 in stocks weekly.

Correlation plays a role but if we are picky and focus on the chart it doesn't give us much issues. Correlation plays the biggest role for people who are over trading


thanks!!
btw, are you trading full time, and not working a day job? how long did it take you to move to that stage?

I'm aiming end of next year latest; I hope I can do it.
  • #114,073
  • Jul 9, 2012 8:23am Jul 9, 2012 8:23am
Quoting mbqb11
My main demo feed is FXpro since they use a 5pm et close. Others use a 7, or 8pm some even midnight. I prefer the 5pm and think one should be near that close personally

thanks!

btw, what broker do you use for trading?
  • #114,074
  • Jul 9, 2012 8:25am Jul 9, 2012 8:25am
Quoting balloontree
thanks!!
btw, are you trading full time, and not working a day job? how long did it take you to move to that stage?

I'm aiming end of next year latest; I hope I can do it.
Most people I know do NOT trade full time. Why would you stop getting other sources of income, having to withdraw from your account to live, money aside for bad months/years, taxes, insurance you name it. Most people I know learn to trade and use it as a means to grow their wealth. I also work outside FX but I have the ability to watch charts most all day since I am self employed and do computer work. I know everyone wants to quit their day job, but let me tell you this is a tough enough business to learn, you need a mighty mighty large account if you want to do that(depending on where you live and tons of other factors). I am from NYC, you can sneeze away 100k a year. And I am a single male. Look at James, he does multiple things outside FX, like real estate, contracting. Don't limit yourself so quickly.

Don't put so much pressure on yourself wanting to do that in a year. Most of us have been doing this for YEARS. I am on my tenth year. It took a solid 3-4 to begin to get this stuff down, and even more to get comfortable.

Just learn to trade right, keep that as your focus and let the rest fall into place

Hope that helps
Mike
  • #114,075
  • Jul 9, 2012 8:27am Jul 9, 2012 8:27am
Quoting balloontree
thanks!

btw, where can I learn about trading sideways? or continuations?
Slowly work through this thread B, There are literally thousands of examples. James shows all kinds of methods. Stick to learning to trade them at their proper swing points. Don't try to take on too much.

Work through at least the first few hundred pages here, and then through ALL of James16 posts(click his name and you can even go through them one at a time).

As for brokers I don't speak about them on the forum much so you can PM me for some of the ones I use. People are too opinionated, but I always say stick the big names that have been around for a LONG time, no over night ones. Also being in the US that limits a lot of the garbage(but not all of them). I use a bunch.

Best
Mike
  • #114,076
  • Jul 9, 2012 8:27am Jul 9, 2012 8:27am
Quoting mbqb11
I watch around 70+ pairs in FX daily/weekly and scan the russell 3000 in stocks weekly.
one question: why do you watch so many pairs? do you trade in all of them? or do you have an indicator that screams "PA" and you manually go in and look at the location of the PA? and enter when it's at good location?
  • #114,077
  • Jul 9, 2012 8:29am Jul 9, 2012 8:29am
Quoting balloontree
one question: why do you watch so many pairs? do you trade in all of them? or do you have an indicator that screams "PA" and you manually go in and look at the location of the PA? and enter when it's at good location?
watching so many pairs allows me to be picky. Most people that are new watch a few pairs and most days/weeks you will find nothing. So that person then forces trades, over trades and takes bad trades. Watching many pairs/markets allows me to sit and wait and be picky.

I manually scan them each day, it takes very little time after you learn this stuff. In the beginning it will be cumbersome. If that's too many start with less and build up. There is no reason NOT to watch more.

Best
Mike
  • #114,078
  • Jul 9, 2012 8:31am Jul 9, 2012 8:31am
Quoting mbqb11
watching so many pairs allows me to be picky. Most people that are new watch a few pairs and most days/weeks you will find nothing. So that person then forces trades, over trades and takes bad trades. Watching many pairs/markets allows me to sit and wait and be picky.

yeah, i'm feeling it now!
thanks
  • #114,079
  • Jul 9, 2012 8:34am Jul 9, 2012 8:34am
an example of a couple trades. One chart is in a non sideways market. Where new traders should first begin to look for trades.

The second is a sideways market.

PA is PA. It works in ALL markets. It's about understanding the situation at hand though. BUilding confluence, knowing where price is likely to go, understanding how to manage the situation. Start with the basics.


Best
Mike
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  • #114,080
  • Jul 9, 2012 8:35am Jul 9, 2012 8:35am
chart:

http://i45.tinypic.com/jl0aj6.jpg

thx for help.

ps. this last bar it's 2 pips above that previous
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