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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

  • #18,921
  • Jan 16, 2009 4:31pm Jan 16, 2009 4:31pm
As someone who has been married for 1 year, let me say this Mike: DON'T DO IT.

You learn things like..."I don't take the trash out honey, sorry." Or, that's having a girlfriend is suddenly unacceptable.

What the hell is that all about? ;-)
  • #18,922
  • Jan 16, 2009 4:45pm Jan 16, 2009 4:45pm
i spent my 20's in varying states of inebriation and i had a blast. got married at 30 when the right one showed up.

mike is doing it the right way in my opinion.

jim

Quoting mbqb11
jeez I'm only 25 not getting married in my prime
  • #18,923
  • Jan 16, 2009 4:46pm Jan 16, 2009 4:46pm
Quoting clockwork71
As someone who has been married for 1 year, let me say this Mike: DON'T DO IT.

You learn things like..."I don't take the trash out honey, sorry." Or, that's having a girlfriend is suddenly unacceptable.

What the hell is that all about? ;-)
Haha! Eight years and going strong here. Wouldn't go back ever.
  • #18,924
  • Jan 16, 2009 4:47pm Jan 16, 2009 4:47pm
Quoting clockwork71
As someone who has been married for 1 year, let me say this Mike: DON'T DO IT.

You learn things like..."I don't take the trash out honey, sorry." Or, that's having a girlfriend is suddenly unacceptable.

What the hell is that all about? ;-)

Should we take this as trading advice...
  • #18,925
  • Jan 16, 2009 4:47pm Jan 16, 2009 4:47pm
with your looks clock you should just be glad someone took you off the street.



Quoting clockwork71
As someone who has been married for 1 year, let me say this Mike: DON'T DO IT.

You learn things like..."I don't take the trash out honey, sorry." Or, that's having a girlfriend is suddenly unacceptable.

What the hell is that all about? ;-)
  • #18,926
  • Jan 16, 2009 4:50pm Jan 16, 2009 4:50pm
Quoting james16
i spent my 20's in varying states of inebriation and i had a blast. got married at 30 when the right one showed up.

mike is doing it the right way in my opinion.

jim
in NY talk of marriage in 20s will have you in deep **** with your friends
  • #18,927
  • Jan 16, 2009 5:05pm Jan 16, 2009 5:05pm
Quoting mbqb11
in NY talk of marriage in 20s will have you in deep **** with your friends
.....mmmmmm..... NY women.

We arrived in Manhatten right at the end of business for the day as everyone began walking.
Wow.
Bundy's status today: "Waiting..."
  • #18,928
  • Jan 16, 2009 5:08pm Jan 16, 2009 5:08pm
Quoting bundyraider
.....mmmmmm..... NY women.

We arrived in Manhatten right at the end of business for the day as everyone began walking.
Wow.
better walk fast and with the flow or you are a sitting duck
  • #18,929
  • Jan 16, 2009 5:12pm Jan 16, 2009 5:12pm
Not married but we have been together 20 years this July. I was 18 she was 16. Loves sweet young dream
  • #18,930
  • Jan 16, 2009 5:14pm Jan 16, 2009 5:14pm
Hi everyone i have a quick question. Let's say we see a great pa setup but it occurs on friday. The market closes for the weekend and this nice setup is staring us in the face. From observation it seems as if the market seems to take on a life of its own at the start of the week. I wish a statistic existed on wether pa is more/less effective on friday carrying over to the new week haha. So i wanted to know if you guys would take a nice setup on a friday or how, if it all you would play that. Thanks in advance

o and btw thanks for everyone and their ideas who go into this thread, you are all extremely generous, truelly one of the best threads, if not the best on FF.
  • #18,931
  • Jan 16, 2009 5:19pm Jan 16, 2009 5:19pm
Quoting kburd
Hi everyone i have a quick question....
My viewpoint is friday is Take profit day clear your trades of the table. They can often be volatile and back and forth because of this. I tend to sleep in late Fridays and just trade Europe into early US if anything. Today for example I took an intraday trade on the gbp/jpy. Playing off the tendancy of what fridays do. I firstly cut my position in half and secondly my goal was to close my position out before the close of the markets at the latest. If a daily pin say triggers in early US session, well then I will leave my position on over the weekend(because my stop is probably very far off market price). So for me I still trade if there is a good setup, but the later it gets into friday the less I am interested in being in a trade let alone near my computer lol
  • #18,932
  • Jan 16, 2009 5:20pm Jan 16, 2009 5:20pm
Quoting kburd
Hi everyone i have a quick question....
Love the avatar, he has to be my favorite character of any movie. I would say it depends on the time frame. Probability would decrease as you go lower in time frame, not only on Friday but in general. With that, I wouldn't take any signal lower than daily that generated in the last trading hours of the week.
  • #18,933
  • Jan 16, 2009 5:24pm Jan 16, 2009 5:24pm
Quoting kburd
Hi everyone i have a quick question....
If I am in a position from friday morning or thursday i will let it run over the weekend as long as the story hasnt changed drastically.
Personally I dont open new positions after about 11am est. Its just one of my rules.
  • #18,934
  • Jan 16, 2009 5:38pm Jan 16, 2009 5:38pm
time to put it on paper willf. comeon buddy you know you can do it.

Quoting willf
Not married but we have been together 20 years this July. I was 18 she was 16. Loves sweet young dream
  • #18,935
  • Jan 16, 2009 5:41pm Jan 16, 2009 5:41pm
Quoting james16
time to put it on paper willf. comeon buddy you know you can do it.
We don't need marriage to keep us together. We have a mortgage
  • #18,936
  • Jan 16, 2009 5:51pm Jan 16, 2009 5:51pm
Quoting bundyraider
No that was just a pure coincidence that he did. lol

I only gave that comment because I'm super picky....
I only looked for downtrend fibs as potential resistance to the upside. Are you saying that it is a good idea to look for previous uptrend retracement levels for clues as to where price may stall out?

No worries, I'm not getting hung up my choice of NZD/USD but I just want to clarify something....

If you see that there is obvious yen weakness across the board then it would make sense to go long on NZD/JPY rather than NZD/USD if they both show pins at ppz and swing lows. My thought is that the yen weakness would allow NZD/JPY more room to move rather than NZD/USD. Let me know if this makes sense because I saw several similar pin setups and I wasn't sure how to decide which ones to take.
Attached Image (click to enlarge)
Click to Enlarge Name: nzd.jpg Size: 160 KB
  • #18,937
  • Jan 16, 2009 6:45pm Jan 16, 2009 6:45pm
Thanks everyone for the answers. I was thinking relatively along the same lines but i wanted to hear some of you more experienced guys reinforce it.

Regards, Kburd
  • #18,938
  • Jan 16, 2009 6:55pm Jan 16, 2009 6:55pm
Quoting scott087
I only looked for downtrend fibs as potential resistance to the upside. Are you saying that it is a good idea to look for previous uptrend retracement levels for clues as to where price may stall out?
Any wave that encompasses the current action is worth considering. I throw up a chart for you.

Quote
No worries, I'm not getting hung up my choice of NZD/USD but I just want to clarify something....

If you see that there is obvious yen weakness across the board then it would make sense to go long on NZD/JPY rather than NZD/USD if they both show pins at ppz and swing lows. My thought is that the yen weakness would allow NZD/JPY more room to move rather than NZD/USD. Let me know if this makes sense because I saw several similar pin setups and I wasn't sure how to decide which ones to take.

Yes, for sure. If you like the NZD/JPY setup then of course anything that works with you in the Yen department is handy. Especially if the opposite case (USD) is working against your other candidate. OR there are major supports/resistances about to play havock all around on the USD majors.

In general though, try to balance out this complication with just "trading it as you see it". I tend to flick through my charts writing down all the potential trades, and then take the strongest case ( or two or whatever)


Here's the chart I mentioned...

You can clearly see how the Largest Fib study I have here is still in play. (Thick white lines)

I've left the smallest fibs visable in for this example, but usually I'll use the "Visualization" tab on the lower fibs to hide them from the higher time frames so when I zoom out I see the current price in a relatively unconfusing way. As you can see here, they look cluttered otherwise and you can't see the bar very well.

Sunday night, I'll go through my charts and re-do most of them for clarity.
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf fib example.gif Size: 31 KB
Bundy's status today: "Waiting..."
  • #18,939
  • Jan 16, 2009 7:36pm Jan 16, 2009 7:36pm
Quoting james16
apples and oranges to an extreme ghous. like comparing a ford to a ferrari.

to many reasons to list. dont get me wrong met is great but TS can take you to places met cant.

its not for everyone but for full time traders in multiple markets its the choice of most of them.

jim
Haven't finished reading the new posts yet but did want to throw my tuppence on this one.

TS is Open Source Code. This means that you can construct your own custom designed Functions to apply in any other code you write. That, plus, they are the fastest, in my experience, to correct those unwanted Bad Data Spikes. In fact, you can report said "Bad Data" to expidite the correction to the chart.

I have another half page @ 40 posts/page to read before I find out if another mentioned this already.

ps. Jim, do I merit a J16 Logo for my sig yet?

In other words, Posted by a Member of 'The Group'
  • #18,940
  • Jan 16, 2009 7:42pm Jan 16, 2009 7:42pm
Quoting mbqb11
wow J16 thread turning into compliment mikey thread. Now were talking
Not just LOOKS; Mike is de Man. His Patience, His Experience & His Advice are yours for the asking. Don't miss this period in time when it is availeable to you.
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