Dislikedi think Mike tak another formations too.
Mike, do you take all traditional candle formations? If no, what formations you take that are not J16 formations?
thanks in advance.Ignored
Giraia, make that sad face a happy face avatar
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
Dislikedi think Mike tak another formations too.
Mike, do you take all traditional candle formations? If no, what formations you take that are not J16 formations?
thanks in advance.Ignored
DislikedHi Jason,
Trading any market type is a lot easier when you mark out prospective support/resistance flip areas. When you plan ahead and are waiting for an event to happen it's a lot easier to pull the trigger with confidence and stick to your trade management ideals.
Without the drawn in blue lines, the U/J 4 hour chart looks like an undecided mess. Get good at reading this aspect of your charts and you'll find a way to trade sideways price action too.
Given chart...
Yellow arrows point to hint of a good pivot zone forming. This type of respect (second arrow and pin that formed) tells me it's a good "trading zone". Yellow "x" marks are bars that showed further respect. Later on, two further pins would have given great trades.
The two dotted blue lines are also minor pivot areas that act as guides (for me).
...Personally, I am very weary of entering too close to price 'traffic jams' such as these. ...BUT also, plotting these can give you confidence to wait out price move pauses and quick, temporary rebounds, etc. If you are expecting a short move, exiting at these is an option. Even taking part profits and so on. (On lower time frames they will become trading zones. ) Your preference. Yours to practice.
Lots of ways to trade all these of course, but the key is seeing those pivot areas and looking for the potential in any possible move first before waiting for your great entry.
Remember that it's still all about picking the best trades, no matter what type of market condition you are trading.
I'm watching this chart to see what happens.Ignored
DislikedThank you Bundy! I still don't really know what a ppz is. From reading back threw the thread I would venture a guess that its a "price pivot zone" and is an area that has acted as both support and resistance? Thank you so much for the chart. I am attaching a chart for critique please and tell me if I have the idea correctly.Ignored
DislikedEU continue move down if the support break down that will be to 1.39
good result for today......
regards,
my30marahabaIgnored
Dislikedgood you get good results but the purpose of the thread isn't about posting personal results, only setups and education, it's not the cable threadIgnored
DislikedThanks Mike, You are the man ! My pc was down most of Sunday and Monday. PC hell, had to run sys recovery, use chkdsk to fix bad sectors on my HD, reloaded vid drivers and ran driver sweeper and even cleared the cmos on the motherboard. :nerd: That being said, I missed the throwback pin on EU 4hour. It broke the flag down, then retraced and threw a huge hammer. I don't want to chase a market but I really regret missing this move. You mentioned before that their are several ways to "catch" a market. Would mind mentioning one please?
Edit: Like wait for a rally to short, or wait for a new consolidation to form or ...just sit on your hands and wait?
Thanks,
JasonIgnored
Dislikedbut Mike, you never take setups based in Steve Nison (i never read the book) candles?
thanks for aways answer my questions.Ignored
Dislikednope never read to much of his stuff, too many patterns if you ask me(just my opinion). I like to concentrate on the patterns James teaches and just try to keep things simple and in the end to me it is all about location location location
Take care
MikeIgnored
DislikedScan charts
Refresh - Forex Factory
Refresh - James16group
answer - phone
refresh/answer - emails/pms-
answer - chats/posts
Scan charts
Hit next shot tiger woods 09
rinse and repeat
But now I am off to gym
MikeIgnored