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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

  • #132,441
  • Sep 28, 2014 1:41pm Sep 28, 2014 1:41pm
Quoting Xamarass
Hi All, having to learn more about PA which book do you suggest to build basic knowledge ? Below few good example: - Martin Pring - "On Price Patterns" - Al Brooks - "Trading Price Actions" Thanks a lot Cheers Xam

I have bought all the 3 books by Al Brooks...on price action trading. I have not found it so useful...you need a lot of patience to go through AL analysis and he is focussing on PA on small time frames. In trading one gets to a point that if one is serious he just does some reading on PA....PA being the core stuff ...sometimes just reading without focussing on any outcomes can teach us a great deal. I brought those books with that opinion, just to read...and let the stuff sink in.

I am yet to find a very good book on PA....I did search online and at bookstores.....but do not find any insightful material on this stuff. I am getting familiar with pin bars and outside bars but I just need one more strong PA signal.....and I could not find that. I always work and think in terms of 3....and I currently have only two good PA signals(pin bar and outside bar)....I am just not that happy about double bottom...it does not seem to appear a lot of times on the charts.

The third PA (I would not call this PA) I am focussing on is a strong PPZ at price highs or lows.....if there is a breakout of a strong PPZ I just dont see why we cannot trade this. It is called a touch trade in this forum ...but in the absence of a good 3rd PA signal I am thinking of using a strong PPZ as my third signal.

I would like to read all 3 books of AL because price action simply is the core and bread and butter of trading. Any small insight you can get into this can improve your trading a lot. Trading in the sense of not winning one or two trades or even 10 trades but in the sense of a strategy that you can rely on consistently over a long period of time.
  • #132,442
  • Sep 28, 2014 1:44pm Sep 28, 2014 1:44pm
Quoting prasad99
{quote} I have bought all the 3 books by Al Brooks...on price action trading. I have not found it so useful...you need a lot of patience to go through AL analysis and he is focussing on PA on small time frames. In trading one gets to a point that if one is serious he just does some reading on PA....PA being the core stuff ...sometimes just reading without focussing on any outcomes can teach us a great deal. I brought those books with that opinion, just to read...and let the stuff sink in. I am yet to find a very good book on PA....I did search online...
I also suggest that you watch the videos by James if you get a chance. Though I read a lot of books that is the first time I ever got confidence in trading after seeing his videos. He is absolutely a master when it comes to simplicity and a simplistic approach to trading.
  • #132,443
  • Sep 28, 2014 3:09pm Sep 28, 2014 3:09pm
Thanks to All for the replies, and of course I will watch James videos in the guess area
cheers
  • #132,444
  • Sep 28, 2014 3:29pm Sep 28, 2014 3:29pm
Quoting Xamarass
Thanks to All for the replies, and of course I will watch James videos in the guess area cheers

Any suggestions on the EUR/GBP chart...if you look at the monthly....it is just like asking people to trade it. The price is at a major ppz on the monthly chart...it is a perfect design the price can go to 8100 or 7500....take a look at the attachment. I would look at the LTF and try to trade this one.....
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  • #132,445
  • Sep 28, 2014 3:39pm Sep 28, 2014 3:39pm
Quoting prasad99
{quote} Any suggestions on the EUR/GBP chart...if you look at the monthly....it is just like asking people to trade it. The price is at a major ppz on the monthly chart...it is a perfect design the price can go to 8100 or 7500....take a look at the attachment. I would look at the LTF and try to trade this one..... {image}
I am watching that EUR/USD is moving towards the major PPZ that lies between 1.25000 to 1.26000 .....what the price will do at this point nobody can predict ...but I would watch for PA at this point. Probably we get a major ride at this point. Right now we can enter the trade and move the stop to break even....it is still 80 pips into the zone..and if it further goes down we will get an early start...but I would not want to do this. It is better to watch for PA.....this is as good as it gets....because the price is approaching major PPZ.
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  • #132,446
  • Sep 28, 2014 8:20pm Sep 28, 2014 8:20pm
Quoting Neytiri
Hi Seniors, (Mike, Zamfir, FxLester ...) Please comment on my GBPUSD chart analysis. Thanks, N {image}
Neytiri , you are too kind . I m no senior.

Mike and FxLester will shortly answer it. But i my humble opinion , i would wait for a bounce and nice PA @ 6150. if it doesn't then we are still going down...
  • #132,447
  • Sep 28, 2014 11:35pm Sep 28, 2014 11:35pm
Quoting zamfir
{quote} Neytiri , you are too kind . I m no senior. Mike and FxLester will shortly answer it. But i my humble opinion , i would wait for a bounce and nice PA @ 6150. if it doesn't then we are still going down...
GBPUSD blasted down few mins after open.
  • #132,448
  • Sep 28, 2014 11:56pm Sep 28, 2014 11:56pm
Quoting Neytiri
{quote} GBPUSD blasted down few mins after open.
Still a long way to 6150...
  • #132,449
  • Sep 29, 2014 1:36am Sep 29, 2014 1:36am
All time low reached on this one. Really worth watching.
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If not up, then down, otherwise sideways :-)
  • #132,450
  • Sep 29, 2014 1:42am Sep 29, 2014 1:42am
Quoting mbqb11
{quote} absolutely M, that's why I exited my short. The original move was away from the midpoint of the larger box, now we're at the bottom of the bigger box. Simple eur/sek has also been on my watchlist too. Just waiting for it. It's gonna be nice
My order triggered from Weekly BEOB perspective. The whole week ahead, lets see how it develops.
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If not up, then down, otherwise sideways :-)
  • #132,451
  • Sep 29, 2014 1:56am Sep 29, 2014 1:56am
Here are some of my thoughts for this week:
If price goes up between this two trendines then I will go long.
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If price will close under this line on daily or weekly I will consider short.
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Major support ahead, lets see if some nice price action will go.
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If price comes back to line, I will consider short.
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Major resistance ahead.
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Ascending triangle, I will look if it will break.
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Major resistance ahead.
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What do you guys think?
  • #132,452
  • Sep 29, 2014 2:45am Sep 29, 2014 2:45am
Quoting Neytiri
Hi Seniors, (Mike, Zamfir, FxLester ...) Please comment on my GBPUSD chart analysis. Thanks, N {image}
Hi Neytiri,
Nice thought process. I would just caution that the two inside bars are actually a sunday candle + the last candle before NY close for the week. It would not surprise me that they are formed in this area. I do agree we have a breakout of an ascending TL and important SR my personal preference is to play a retest of the breakout zone instead of a naked buy/sell of a breakout line.
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In terms of your other analysis, I agree with you on CHF/JPY. I am really keen to see what happens at the area we've pulled back to at 115.x

I'm still on my world trip with my wife so still not much trading for me. We're now in Edinburgh and hiking 'Arthurs Seat' today so apologies if I'm late in replying!
Follow me on twitter @FxLester
  • #132,453
  • Sep 29, 2014 4:08am Sep 29, 2014 4:08am
Quoting FxLester
{quote} Hi Neytiri, Nice thought process. I would just caution that the two inside bars are actually a sunday candle + the last candle before NY close for the week. It would not surprise me that they are formed in this area. I do agree we have a breakout of an ascending TL and important SR my personal preference is to play a retest of the breakout zone instead of a naked buy/sell of a breakout line. {image} In terms of your other analysis, I agree with you on CHF/JPY. I am really keen to see what happens at the area we've pulled back to at 115.x...
Thanks
  • #132,454
  • Sep 29, 2014 8:42am Sep 29, 2014 8:42am
Quoting Magestic
All time low reached on this one. Really worth watching. {image}
Hey M

Not an all time low i'm guessing your lacking some data on that pair

Still a great area though

Mike
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  • #132,455
  • Sep 29, 2014 11:18am Sep 29, 2014 11:18am
Great chart to watch, i'll be watching the 4hr /1hr box tops/bottoms for possible breakouts or side-side plays

i can't stress enough how the structure of any pattern the more accurate it is the easier it is to trade and generally respected when you get PA
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  • #132,456
  • Sep 29, 2014 12:07pm Sep 29, 2014 12:07pm
Quoting vanilla.sky
USDNOK Continued... I can see three bar highs at the same level and last candle near this level (soldiers in the trench at enemy line). So if the price opens below highs but not far, I will try breakout with target @ BRN. If opens above, I could try touch trade or PA on lower TF if price retraces to highs but I think I will just sit and look. Thank you for your comments. {image}
Hi,
Price triggered my entry so I placed my stop below new candle's low and then price pulled back so I got off with small loss.
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  • #132,457
  • Sep 29, 2014 12:10pm Sep 29, 2014 12:10pm
Quoting mbqb11
Great chart to watch, i'll be watching the 4hr /1hr box tops/bottoms for possible breakouts or side-side plays i can't stress enough how the structure of any pattern the more accurate it is the easier it is to trade and generally respected when you get PA {image}
Hello Mike,
There is lot of info about breakout trading here but not much about side-side. Can you pls show good setup of such trade and tell what are key elements?
  • #132,458
  • Sep 29, 2014 2:37pm Sep 29, 2014 2:37pm
Quoting vanilla.sky
{quote} Hello Mike, There is lot of info about breakout trading here but not much about side-side. Can you pls show good setup of such trade and tell what are key elements?
Hello Vanilla sky and everyone,

Could anybody tell me how to join james16 group's trading?
  • #132,459
  • Sep 29, 2014 4:11pm Sep 29, 2014 4:11pm
Quoting mbqb11
{quote} Hey M Not an all time low i'm guessing your lacking some data on that pair Still a great area though Mike {image}
LOL, yes now I see.
If not up, then down, otherwise sideways :-)
  • #132,460
  • Sep 29, 2014 6:00pm Sep 29, 2014 6:00pm
Quoting vanilla.sky
{quote} Hello Mike, There is lot of info about breakout trading here but not much about side-side. Can you pls show good setup of such trade and tell what are key elements?
Hey VS

By side to side resistance I mean trading within consolidation. What I like to do is trade away from the boundaries. That is the top of bottom of a box(in this case). But we MUST be aware of the market environment. FTAs carry more weight for me and I am more likely to get to b/e quicker as well as take profit quicker. A good target can often be the midpoint of a consolidation box which will always also be a PPZ. Most people get killed in sideways markets because they forget the market is chopping and either try to hold to long for larger moves that don't come, or they leave their stops susceptible to market fluctuations (price is more likely to chop around).

One can trade near the midpoints of boxes too but I find that a lot more difficult.

Here is a trade I am in a box. I'm looking towards the midpoint of the box as a potential target. The idea though is to realize the more "tight" that consolidation is the more likely price is to bounce. So box trading has more traffic(think traffic vs space video) and put that together with trouble areas

The first thing you want to note about any trade is the market environment
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