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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

  • #181
  • Jul 31, 2005 6:05pm Jul 31, 2005 6:05pm
Quoting merlin
jim, i really dig your "wait for price action to confirm" mantra. do you do any tape reading to help you with this?
yes, pink floyd and joe walsh are two of my favorite
  • #182
  • Jul 31, 2005 6:16pm Jul 31, 2005 6:16pm
very funny jim.
Relax and be happy.
  • #183
  • Jul 31, 2005 6:32pm Jul 31, 2005 6:32pm
Quoting merlin
jim, i really dig your "wait for price action to confirm" mantra. do you do any tape reading to help you with this?
now youve done it. i had always purposly stayed away from tape reading. now i am wondering if it might be another fine tuning tool. no turning back now, within a week i will know.
  • #184
  • Jul 31, 2005 6:45pm Jul 31, 2005 6:45pm
Quoting james16
now youve done it. i had always purposly stayed away from tape reading. now i am wondering if it might be another fine tuning tool. no turning back now, within a week i will know.
ive never done it either. ive only read about it in Remenicences of Stock Operator i only thought of it because i kept thinking about your "wait for price action to confirm" theme, and i thought to myself that tape reading would probably be a good way to help with that.

anyway, you make this stuff so clear that even an obtuse technician such as myself can learn a thing or two
Relax and be happy.
  • #185
  • Jul 31, 2005 9:48pm Jul 31, 2005 9:48pm
Quoting merlin
ive never done it either. ive only read about it in Remenicences of Stock Operator i only thought of it because i kept thinking about your "wait for price action to confirm" theme, and i thought to myself that tape reading would probably be a good way to help with that.

anyway, you make this stuff so clear that even an obtuse technician such as myself can learn a thing or two
I thought tape reading was price action.
  • #186
  • Aug 1, 2005 3:03am Aug 1, 2005 3:03am
Jim,
Very close to a DBHLC showing on the last two periods of the daily SP500 chart. Possibly indicative of a short term pull-back.

Just how close do Highs need be to each other for this index in your experience?

Cheers.

The trend is your friend till the bend in the end.
  • #187
  • Aug 1, 2005 12:52pm Aug 1, 2005 12:52pm
Quoting james16
3 gaps this week on the mini dow. all three worked like a charm. you can find it on cbot.com under education. its worth taking a look at. when the course is ready and merlin has me set up we are going to trade everything under the sun. forex, commodities, mini dow, currency futures, bonds. you name it. were gonna position trade, swing trade and day trade. its not hard to get set up to do this. our objective will not be to go 15 wins and 10 losses for a month. our goal will be to trade ultra smart and shoot for 80 to 90 percent win ratio. it can be done and its much more fun that way and it builds confidence.
Speaking of Gaps, This quote reminded me of the old Larry Williams theory of the OOPS. I saw one at sunday opening on the Aud/Usd. Went ahead and took it at 7560. Sold half and am running with the rest. Since there is really only one day (sunday) to look for this OOPS has anyone researched if it works?
Thanks! PIPMON
LETS PLAY HOCKEY!
  • #188
  • Aug 1, 2005 1:55pm Aug 1, 2005 1:55pm
what do you think about today's price action? There is two bottom figure. Technically it should go up. but fed is still going to raise rates. It is not obvious why fed is doing so, because GDP declined from 3.5% to 3.4% inflation was enough sustainable. I expect that current account worsen due to low national income in EU and chinas undervalued Yuan towards dollar. Also from march dollar appreciated very much and this is hurting exports. I think fed's action to raise rates is to attract foreign investments in the country to cover Current account's deficit. So if you noticed greenspan accented long run low rates, so long run rates is the major attraction instrument of capital from abroad.
No focuse is on the fact if the chart will make the third bottom. The fact that trend reversal is near is clear but when it comes that's the question.
kiss the trend
  • #189
  • Aug 1, 2005 4:41pm Aug 1, 2005 4:41pm
Quoting Kosta Berj
Jim,
Very close to a DBHLC showing on the last two periods of the daily SP500 chart. Possibly indicative of a short term pull-back.

Just how close do Highs need be to each other for this index in your experience?

Cheers.

The trend is your friend till the bend in the end.
i like to see an exact high or low but this is close enough. check all your pivot levels. also take note that today it could not break the close of yesterdays bar.
  • #190
  • Aug 1, 2005 11:28pm Aug 1, 2005 11:28pm
new chart
Attached Image (click to enlarge)
Click to Enlarge Name: emini.jpg Size: 573 KB
  • #191
  • Aug 1, 2005 11:45pm Aug 1, 2005 11:45pm
new chart
Attached Image (click to enlarge)
Click to Enlarge Name: oops.jpg Size: 613 KB
  • #192
  • Edited 8:14am Aug 2, 2005 3:25am | Edited 8:14am
Jim,
confluence in 5 mins chart noted with thanks.
I cant' match your pivot line calcs.

I now have 1236.08 using (H+L+C)/3
H L C
1239.1 1233.8 1235.35
(stockcharts.com EOD)


My Friday pivot was (1237.8)

Cheers. Kosta
+++++++++++
[OK, I got it now... the mini-sp500 has it's own HLC figures.]
  • #193
  • Aug 2, 2005 4:44pm Aug 2, 2005 4:44pm
new chart
Attached Image (click to enlarge)
Click to Enlarge Name: 33.jpg Size: 543 KB
  • #194
  • Aug 2, 2005 5:17pm Aug 2, 2005 5:17pm
new chart
Attached Image (click to enlarge)
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  • #195
  • Aug 4, 2005 4:08am Aug 4, 2005 4:08am
James,

Your work is an inspiration to newbies like myself - so far all I have done is lose a pile of money and spend hundreds on books, courses etc which only teach the very basics.

I am so interested if you are going to do some training DVD's - I just wish it could be NOW - sorry I just can't contain my excitement that you are considering doing this.

As an aside would you recommend taking the Todd Mitchell course aswell? - I take it this is the one re S&P Index?

Regards
Julie (aka Ladybird)
  • #196
  • Aug 4, 2005 12:44pm Aug 4, 2005 12:44pm
Quoting Ladybird
James,

Your work is an inspiration to newbies like myself - so far all I have done is lose a pile of money and spend hundreds on books, courses etc which only teach the very basics.

I am so interested if you are going to do some training DVD's - I just wish it could be NOW - sorry I just can't contain my excitement that you are considering doing this.

As an aside would you recommend taking the Todd Mitchell course aswell? - I take it this is the one re S&P Index?

Regards
Julie (aka Ladybird)
thank you, i will do something but it may take several months to put it together. todd mitchell's course is 2 grand but in my opinion worth it. i have spent more and recieved less with other courses.
  • #197
  • Edited 7:48pm Aug 8, 2005 1:43am | Edited 7:48pm
James,

1) Am I right in assuming that a "Pin Bar", mentioned a while back, is a bar with a close at the high?

BTW, I like your idea of videos or DVD's for the course with ebook or manual, and a set course price.

I am puzzled over:

2) Chart in post 193: is the "daily pivot" the blue line just above your lowest explanation?

3) Chart in post 190: is the "blue line" daily pivot between your explanation and the top Fib confluence? Not easy to see, for me.

4) What is the PPO indicator at the bottom now, with MACD settings?
  • #198
  • Aug 8, 2005 10:19pm Aug 8, 2005 10:19pm
Quoting Trinity
James,

1) Am I right in assuming that a "Pin Bar", mentioned a while back, is a bar with a close at the high?

BTW, I like your idea of videos or DVD's for the course with ebook or manual, and a set course price.

I am puzzled over:

2) Chart in post 193: is the "daily pivot" the blue line just above your lowest explanation?

3) Chart in post 190: is the "blue line" daily pivot between your explanation and the top Fib confluence? Not easy to see, for me.

4) What is the PPO indicator at the bottom now, with MACD settings?
sorry so late trinity, the pin bar is a fake out, it is described in detail in the early portion of the thread. 2. the lowest is the weekly the other two are daily pivots. 3. yes... 4. i hope to get back to making daily posts again soon with new stuff. with people like fij, the buddha, merlin and others this is really a great forum. i hope everyone, especially the new traders among us are starting to understand that succesful trading is learned. there are a lot of great people giving thier time and expertice here and i would have given anything to have had access to a place like this 20 years ago. jim.
  • #199
  • Aug 11, 2005 7:32am Aug 11, 2005 7:32am
Hi,

I've finally found another excellent forum, but now I can actually post/ask questions when I have some (hope that's okay).

Jim, great thread you got going here. I've tried your techings and it works great. It's so simple, but very effective. It's nothing new to me though (double tops/ bottoms,etc), don't get me wrong, I'm still learning, but us newbies tend to forget the basics and look for a shortcut. Your explanations has just been that much clearer and much more easier to understand.

Thanx a million
Habeeb
Keeping it Simple
  • #200
  • Aug 11, 2005 10:01am Aug 11, 2005 10:01am
Anyone out there still long the euro looking for 2500 with the hope of going short? It sure looks tempting to me with the fibro's there.

By the way Jim, I went back to re-read some posts and CONGRATS on the little package of joy your expecting! Pipmon
LETS PLAY HOCKEY!
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