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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

  • #124,841
  • Apr 22, 2013 1:06am Apr 22, 2013 1:06am
Quoting cruzandrew
Hi everyone, Recently got into FOREX trading and upon stumbling on James16's thread, I believe that this might be a good place to start learning. As per recommendation of Jim, I will only be trading on Daily timeframes for about three months. (This might be a good time for me to start a trading fund as well) The first thing I would definitely want to master is to spot basic price action patterns. Since I am new, I am humbly asking for everyone's help. Without further ado, would you kindly take a look at my daily chart on EURUSD. It seems to me that...
I am not an expert of the method, but I am learning it for quite a long time and I am sure about this trade: FORGET IT!

There is very strong ppz directly in front of the DBHLC with spectacular 1,3 Big Round Number.
And don't even think about "agressive trade opening" (from the 50% retracement of the DBHLC, and closing the trade a little before 1,3 BRN) because there is a bunch of EMA-s as strong obstacles (ema 50 and ema 150) between the start of the trade and 1,3 BRN.

An advise: use EMA-s and Big round number indicator (attached) on your chart.
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  • #124,842
  • Apr 22, 2013 1:52am Apr 22, 2013 1:52am
Quoting PhAnTi'
bit offtopic...does anyone use this computer screen for trading ? {image} best, Jonas
Hi Phanti!

Im trading from a laptop which is connected to a larger screen. (not this huge, but still big) Its juat easier to look through the charts, and you can also open the same chart and add different indicators. Its fun

Best,
Stephen
It's all psychology...
  • #124,843
  • Apr 22, 2013 2:17am Apr 22, 2013 2:17am
Quoting PhAnTi'
bit offtopic...does anyone use this computer screen for trading ? {image} best, Jonas
Hi PhAnTiī,
Iīve got 27 inch (16:9) LG screen, so itīs not so wide as this one but still big. Itīs ok for trading, charts are big so I can see things more clearly (well at least sometimes), but if you have more open trades at the same time (or you want to watch more pairs at the same time) then I think itīs better to have more smaller screens (but I guess itīs subjective).

Mav
  • #124,844
  • Apr 22, 2013 2:21am Apr 22, 2013 2:21am
Quoting Microtrader_
{quote} I am not an expert of the method, but I am learning it for quite a long time and I am sure about this trade: FORGET IT! There is very strong ppz directly in front of the DBHLC with spectacular 1,3 Big Round Number. And don't even think about "agressive trade opening" (from the 50% retracement of the DBHLC, and closing the trade a little before 1,3 BRN) because there is a bunch of EMA-s as strong obstacles (ema 50 and ema 150) between the start of the trade and 1,3 BRN. An advise: use EMA-s and Big round number indicator (attached)...
It looks like I have much to learn. Personally, I'm not so familiar with what PPZ's are. Will definitely do my research. Thanks for the advise! I will be noting your advise down.

Thanks a bunch, Microtrader!

Till next chart,
Andrew
  • #124,845
  • Apr 22, 2013 3:08am Apr 22, 2013 3:08am
Quoting Mav13
{quote} Hi PhAnTiī, Iīve got 27 inch (16:9) LG screen, so itīs not so wide as this one but still big. Itīs ok for trading, charts are big so I can see things more clearly (well at least sometimes), but if you have more open trades at the same time (or you want to watch more pairs at the same time) then I think itīs better to have more smaller screens (but I guess itīs subjective). Mav
Quoting LamerTrader
{quote} Hi Phanti! Im trading from a laptop which is connected to a larger screen. (not this huge, but still big) Its juat easier to look through the charts, and you can also open the same chart and add different indicators. Its fun Best, Stephen
i want to see more history data whenever i open a chart, thats why i think about buying this screen...lets see... i definitely will report and give you some feedback when i test this screen for trading.

best,
Jonas
Hero calls followed by margin calls...
  • #124,846
  • Apr 22, 2013 3:31am Apr 22, 2013 3:31am
Quoting cruzandrew
{quote} It looks like I have much to learn. Personally, I'm not so familiar with what PPZ's are. Will definitely do my research. Thanks for the advise! I will be noting your advise down. Thanks a bunch, Microtrader! Till next chart, Andrew
Hi, ppz=price pivot zone, here is link that should get you started in your research
http://www.forexfactory.com/showthre...16#post2252116

Mav
  • #124,847
  • Apr 22, 2013 3:31am Apr 22, 2013 3:31am
Quoting cruzandrew
{quote} It looks like I have much to learn. Personally, I'm not so familiar with what PPZ's are. Will definitely do my research. Thanks for the advise! I will be noting your advise down. Thanks a bunch, Microtrader! Till next chart, Andrew
Be very very very patient and disciplined!.
This is not something what you can learn in a months or two. I think classical J16 methods (trading primarily pin bar and engulfing ) can be learnt from the first 100 pages of the forum
from James16. IMO After half year of daily learning you will see much clearer.

And read Mike's posts carefully!!!
  • #124,848
  • Edited 4:34am Apr 22, 2013 3:57am | Edited 4:34am
Quoting Mav13
{quote} Hi, ppz=price pivot zone, here is link that should get you started in your research http://www.forexfactory.com/showthre...16#post2252116 Mav
Thank you, Mav! I appreciate it!

Microtrader: Currently on the 40th page. But I might start from scratch since I think I have a better understanding on how PA works now. Might as well seal the information in my brain.

Happy trading, everyone!

Cheers,
Andrew
  • #124,849
  • Apr 22, 2013 7:27am Apr 22, 2013 7:27am
Quoting jibjib210
hey guys! ive been trading forex for two years been to this thread many times but just got discouraged by the amount of content id have to go through to learn something... Really like the trading style u have and keeping it simple. i wish to do the same play with only s/r, tl , fib, bar exhaustion and chart patterns. First yr uni almost done and then i have 4 months off to go through all the info on this thread before joining.. Any suggestions on the best way to approch it? Cheers
I was in the same place as you, after many months of studying forum threads, i decided to pay $$129 to James16 site and get all the info, been there a week now, this stuff is so much clearer, I recommend it for cramming as much info as poss,,

Good luck S
  • #124,850
  • Apr 22, 2013 7:28am Apr 22, 2013 7:28am
Quoting cruzandrew
{quote} It looks like I have much to learn. Personally, I'm not so familiar with what PPZ's are. Will definitely do my research. Thanks for the advise! I will be noting your advise down. Thanks a bunch, Microtrader! Till next chart, Andrew
See post above, Good luck
  • #124,851
  • Apr 22, 2013 7:58am Apr 22, 2013 7:58am
Quoting steve d
{quote} See post above, Good luck
Hi, Steve. I just might. Thank you very much!
  • #124,852
  • Apr 22, 2013 8:08am Apr 22, 2013 8:08am
Quoting cruzandrew
Hi everyone, Recently got into FOREX trading and upon stumbling on James16's thread, I believe that this might be a good place to start learning. As per recommendation of Jim, I will only be trading on Daily timeframes for about three months. (This might be a good time for me to start a trading fund as well) The first thing I would definitely want to master is to spot basic price action patterns. Since I am new, I am humbly asking for everyone's help. Without further ado, would you kindly take a look at my daily chart on EURUSD. It seems to me that...
Hey Andrew

Welcome to the thread and good to see you posting a chart.

It's close to a DBHLC. I would prefer to see more exact matching highs myself. Now price has not yet broken the low so this means its not valid yet and it may break soon. If you notice the BRN(big round number) of 1.3000 is right at the bottom of the DBHLC. THis for me makes it tricky to trade back into(I like to see price close under these BRNs). But if we break we notice price doesn't have what I call a ton of space(check out my video called space vs traffic in the guest section).

The fib here doesn't really play a role and isn't really drawn right. If you are looking for a retrace of the previous small up move you would draw it the other way. This might give some target areas, like the 50 or 61.8 just under us. If you look at my red dotted line this would be my FTA(first trouble area) as you can see a PPZ(price pivot zone) in this level

Again welcome to the thread!
Mike
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  • #124,853
  • Apr 22, 2013 8:13am Apr 22, 2013 8:13am
Quoting Mav13
{quote} Hi PhAnTiī, Iīve got 27 inch (16:9) LG screen, so itīs not so wide as this one but still big. Itīs ok for trading, charts are big so I can see things more clearly (well at least sometimes), but if you have more open trades at the same time (or you want to watch more pairs at the same time) then I think itīs better to have more smaller screens (but I guess itīs subjective). Mav
once you have 2+ monitors you can't ever go back. Makes life so much easier that's for sure

I don't think I would want one giant screen. Having the "split" for me helps me separate the different things I am looking at. I generally use 3 for my charting.
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  • #124,854
  • Apr 22, 2013 8:17am Apr 22, 2013 8:17am
Quoting mbqb11
{quote} Hey Andrew Welcome to the thread and good to see you posting a chart. It's close to a DBHLC. I would prefer to see more exact matching highs myself. Now price has not yet broken the low so this means its not valid yet and it may break soon. If you notice the BRN(big round number) of 1.3000 is right at the bottom of the DBHLC. THis for me makes it tricky to trade back into(I like to see price close under these BRNs). But if we break we notice price doesn't have what I call a ton of space(check out my video called space vs traffic in the guest...
Thank you for your response, Mike! Amazing how three replies to my chart clarified a lot of concepts.

I've been looking at the guest area of the James16 private forum and I must say that I'm really impressed. As a "newbie" it's quite hard to navigate through the entire thread. Will definitely sign up within the day! (already read the disclaimers)

Hope to see you in the forums, Mike!

and thank you ALL for helping me out. Appreciate it.

Sincerely,
Andrew
  • #124,855
  • Apr 22, 2013 9:58am Apr 22, 2013 9:58am
Quoting mbqb11
{quote} once you have 2+ monitors you can't ever go back. Makes life so much easier that's for sure I don't think I would want one giant screen. Having the "split" for me helps me separate the different things I am looking at. I generally use 3 for my charting. {image}
Wohaha Thats where the boss spends his days
I still got millions of questions Mike but I think I'll just ask them one by one
Are those 24" Dell monitors btw?

Best,
Stephen
It's all psychology...
  • #124,856
  • Apr 22, 2013 10:06am Apr 22, 2013 10:06am
Quoting LamerTrader
I still got millions of questions Mike but I think I'll just ask them one by one

I'm pretty sure your million questions would fit on his screens. If it doesn't, he might even get a new one, there is plenty of room on the walls
Slow & steady
  • #124,857
  • Apr 22, 2013 10:30am Apr 22, 2013 10:30am
Quoting LamerTrader
{quote} Wohaha Thats where the boss spends his days I still got millions of questions Mike but I think I'll just ask them one by one Are those 24" Dell monitors btw? Best, Stephen
you know I don't even remember lol. I believe they are 22" but they are widscreens they are much nicer in my view

Almost time to update my towers though. Few months I will be

Best
Mike
  • #124,858
  • Apr 22, 2013 10:30am Apr 22, 2013 10:30am
Quoting patapouer
{quote} I'm pretty sure your million questions would fit on his screens. If it doesn't, he might even get a new one, there is plenty of room on the walls
:nerd:
  • #124,859
  • Apr 22, 2013 10:57am Apr 22, 2013 10:57am
Quoting mbqb11
{quote} once you have 2+ monitors you can't ever go back. Makes life so much easier that's for sure I don't think I would want one giant screen. Having the "split" for me helps me separate the different things I am looking at. I generally use 3 for my charting. {image}
So thatīs the place where all the magic happens
Anyway itīs really nice setup, Mike.

Quoting mbqb11
{quote} you know I don't even remember lol. I believe they are 22" but they are widscreens they are much nicer in my view Almost time to update my towers though. Few months I will be Best Mike
Yeah, theyīre definitely 22" (16:10). I upgraded my system a few months ago and must say that IT is really moving forward (today SSDīs are great, my PC is so much faster now)

Mav
  • #124,860
  • Apr 22, 2013 11:42am Apr 22, 2013 11:42am
Mike what about these patterns? Are you watching it too?
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