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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

  • #117,241
  • Sep 3, 2012 5:29pm Sep 3, 2012 5:29pm
Quoting jarroo
Here you go . .
thanks i understood
  • #117,242
  • Sep 3, 2012 5:29pm Sep 3, 2012 5:29pm
i want to know more about trade on an open space
Investing is SIMPLE but NOT EASY
  • #117,243
  • Sep 3, 2012 5:31pm Sep 3, 2012 5:31pm
Quoting C-12
Who said the 1 minute chart is noise? :nerd:
James favorite is a tick chart on the mini dow.

Price action is universal Support and resistance is universal. It's all about combining these things to find high probability setups that we take rifle shots at. This is the simple part of it. Being picky and patient is the hard part

Of course I get nervous when I see new traders posting low timeframe charts, because most will destroy themselves from this. Most of us have learned that the hard way, so this thread is where we need to remind them to start on daily/weekly being picky

A good method is universal across pairs/timeframes/markets

Best
Mike
  • #117,244
  • Sep 3, 2012 5:32pm Sep 3, 2012 5:32pm
Quoting Chanya
I am scared so MERCY !!!

I don't trade this cross at all because of its massive spread and extremely lame volatility , but what do you think happened anyways ???
Part of the answer is in your question but as Price gathers around these levels after awhile they loose their effectiveness . .Did it act at all like Resistance on a lower TF? . .I can't seem to find this pair on my feeds right now . .
Indicators show the past. Price Action "Indicates" the future.
  • #117,245
  • Sep 3, 2012 5:35pm Sep 3, 2012 5:35pm
Quoting fafarafa
this is the same?
(ignore my sell order..) we need to buy
Attachment
Yes that's right fafar . . PBT&CA . .but no Daily Close Confirmation. .
Indicators show the past. Price Action "Indicates" the future.
  • #117,246
  • Sep 3, 2012 5:37pm Sep 3, 2012 5:37pm
Quoting jarroo
Part of the answer is in your question but as Price gathers around these levels after awhile they loose their effectiveness . .Did it act at all like Resistance on a lower TF? . .I can't seem to find this pair on my feeds right now . .

That answers my question ... Gathering thing ...

Ofcourse the level acted as it was supposed to but again , when violated a few times , Level loses its effectiveness ... Thank you ...
Human
  • #117,247
  • Sep 3, 2012 5:38pm Sep 3, 2012 5:38pm
new traders sit and spend HOURS and HOURS in front of their screens on a 5min chart. Hand on trigger, sweating. Buying/selling and HOPING they come out ahead.

WHY DO THIS?! It's crazy.


I am scanning my monthly stock charts. Can a new trader out there tell me they can't find a handful of these a month? Risking 2-3% a trade. You will kill most everyone out there with something so simple.

Get better and add more tools, but start easy. James has given the keys here. All credit to that man.
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  • #117,248
  • Sep 3, 2012 5:39pm Sep 3, 2012 5:39pm
Quoting mbqb11
Of course I get nervous when I see new traders posting low timeframe charts, because most will destroy themselves from this. Most of us have learned that the hard way, so this thread is where we need to remind them to start on daily/weekly being picky

A good method is universal across pairs/timeframes/markets

Best
Mike
Yep those small timeframes can be very enticing for us newer guys and no doubt the ultimate destroyer of accounts. It is still fun to watch the same patterns develop over and over in real time.
  • #117,249
  • Sep 3, 2012 5:43pm Sep 3, 2012 5:43pm
Quoting C-12
Yep those small timeframes can be very enticing for us newer guys and no doubt the ultimate destroyer of accounts. It is still fun to watch the same patterns develop over and over in real time.
Sure is, will give you confidence in the material. No doubt about that. To me that's the ultimate sign of a true edge is if it can withstand different markets and timeframes.

But every single day TONS of people are plopping indicators, curve fitting a single chart/pair optimizing something and inevitably they will get crushed. Some spends months, others decades doing this.

It doesn't have to be that hard. That doesn't mean its an easy business, but it's more simple then people make it

Good stuff
Mike
  • #117,250
  • Sep 3, 2012 5:45pm Sep 3, 2012 5:45pm
Quoting C-12
Yep those small timeframes can be very enticing for us newer guys and no doubt the ultimate destroyer of accounts. It is still fun to watch the same patterns develop over and over in real time.
Hey C-12 , do you think this supply level is valid for a reversal ???
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Human
  • #117,251
  • Sep 3, 2012 5:46pm Sep 3, 2012 5:46pm
Quoting mbqb11
Sure is, will give you confidence in the material. No doubt about that. To me that's the ultimate sign of a true edge is if it can withstand different markets and timeframes.

But every single day TONS of people are plopping indicators, curve fitting a single chart/pair optimizing something and inevitably they will get crushed. Some spends months, others decades doing this.

It doesn't have to be that hard. That doesn't mean its an easy business, but it's more simple then people make it

Good stuff
Mike
Mike , Can you please give me your Holy Grail Indicator that you use to trade with ??? I also want to buy it ...
Human
  • #117,252
  • Sep 3, 2012 5:50pm Sep 3, 2012 5:50pm
Quoting 0421
hehe Tahnks a lot, but i'm not...i started about 4 months ago... but witch your method it's only 2 months, and i'm still lerning..

You're doing great, sir . .
Indicators show the past. Price Action "Indicates" the future.
  • #117,253
  • Sep 3, 2012 5:51pm Sep 3, 2012 5:51pm
Quoting Chanya
Hey C-12 , do you think this supply level is valid for a reversal ???
Well if that level doesn't at least hold up price (for a while) then I have no idea what else will!

Although it also looks like the AUD is ready to rally against the USD very soon as well.
  • #117,254
  • Sep 3, 2012 5:53pm Sep 3, 2012 5:53pm
Quoting C-12

Although it also looks like the AUD is ready to rally against the USD very soon as well.
Please don't say that ... Are you out to destroy me ???
Human
  • #117,255
  • Sep 3, 2012 5:58pm Sep 3, 2012 5:58pm
Quoting Chanya
Please don't say that ... Are you out to destroy me ???
Looking at the AUD weekly and monthly, probably only a retrace at most but worth being aware I guess.
  • #117,256
  • Sep 3, 2012 6:02pm Sep 3, 2012 6:02pm
Quoting jarroo
.


Do you understand the Daily Close Confirmation?? I don't blame you if you don't understand it, because I haven't talked about it much on this Thread mainly just in the PF. . . .. .some have asked about it here and I've tried to help.

Daily Close Confirmation has an "entry on the Close" option . .I shouldn't have brought it up . .just ignore that entry on the close.

Jim
Obviously Not!
  • #117,257
  • Sep 3, 2012 6:15pm Sep 3, 2012 6:15pm
"Do you understand the Daily Close Confirmation?? I don't blame you if you don't understand it, because I haven't talked about it much on this Thread mainly just in the PF. . . .. .some have asked about it here and I've tried to help.

Daily Close Confirmation has an "entry on the Close" option . .I shouldn't have brought it up . .just ignore that entry on the close."


Jim,

Can you explain what is this please? Daily Close Confirmation has an "entry on the Close" , what do you mean? it means we should enter the trade on the daily close bar?

thank you
  • #117,258
  • Sep 3, 2012 6:17pm Sep 3, 2012 6:17pm
Quoting Pinbar
Obviously Not!

Sorry I made that assumption . . .my mistake .
Indicators show the past. Price Action "Indicates" the future.
  • #117,259
  • Sep 3, 2012 6:27pm Sep 3, 2012 6:27pm
Quoting migmac
"Do you understand the Daily Close Confirmation?? I don't blame you if you don't understand it, because I haven't talked about it much on this Thread mainly just in the PF. . . .. .some have asked about it here and I've tried to help.

Daily Close Confirmation has an "entry on the Close" option . .I shouldn't have brought it up . .just ignore that entry on the close."


Jim,

Can you explain what is this please? Daily Close Confirmation has an "entry on the Close" , what do you mean? it means we should enter the trade on the daily...
Let me get chart example together
Indicators show the past. Price Action "Indicates" the future.
  • #117,260
  • Sep 3, 2012 6:32pm Sep 3, 2012 6:32pm
Quoting jarroo
Sorry I made that assumption . . .my mistake .
No problem Jim.
You were right about the other stuff, I was getting irritated waiting for a setup, that combined with the confusion drove me to the lower TF.

I shall STAY on the daily and these 4 charts.

Thanks Jim.
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