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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

  • #36,801
  • Jul 8, 2009 6:33pm Jul 8, 2009 6:33pm
Quoting dmc
oh sorry, I guess since i was looking at the chart after the fact it looked as if that would have made sense, but anyway I think that if you did that you would have been taken out of a bad trade with minimal loss, which is a good thing :-). I think thats what Jaroo and the bar break setup is all about. To eliminate non high momentum setups with small losses.
Very nice dmc. That's it in a nutshell.

We look for high quality setups that will produce a high momentum break and never look back. Well at least to the next area of interest.
Indicators show the past. Price Action "Indicates" the future.
  • #36,802
  • Jul 8, 2009 6:33pm Jul 8, 2009 6:33pm
Quoting mbqb11
Hey Jon

That is exactly the observation I was trying to share....
thanx Mike,(wow your fast!!)
so basically as i see it, the level of the eye/s is where the main body of orders kicked in to reverse the price, with the shadow representing the "overflow"( for want of a better word?) of the orders??this then makes the right eye price make sense( at least to me. lol)
or am i missing something?
cheers
jon
PATIENCE... DISCIPLINE
  • #36,803
  • Jul 8, 2009 6:37pm Jul 8, 2009 6:37pm
Quoting g_j_hook@yah
thanx Mike,(wow your fast!!)
so basically as i see it, the level of the eye/s is where the main body of orders kicked in to reverse the price, with the shadow representing the "overflow"( for want of a better word?) of the orders??this then makes the right eye price make sense( at least to me. lol)
or am i missing something?
cheers
jon
Well I wouldn't go that far with all of it personally but if it helps you recognize potential bad situations to reconsider then sure

It is simply something i have seen over and over, and know when to respect it. When you don't have anything to hold up these pins, and that left eye can't hold, it can be a rough ride , so I would rather wait to something I am more familiar with
  • #36,804
  • Jul 8, 2009 6:42pm Jul 8, 2009 6:42pm
Hey Mike. What does Price tell you when it smashes through a Big Round Number with S/R support. Like the Gbp/Jpy 150.00?

Price cut through that 150.00 like butter, without hesitation.

Tells me we are in for a big fall.
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Indicators show the past. Price Action "Indicates" the future.
  • #36,805
  • Jul 8, 2009 6:50pm Jul 8, 2009 6:50pm
Quoting mbqb11
Well I wouldn't go that far with all of it personally but if it helps you recognize potential bad situations to reconsider then sure

It is simply something i have seen over and over, and know when to respect it. When you don't have anything to hold up these pins, and that left eye can't hold, it can be a rough ride , so I would rather wait to something I am more familiar with
ok, thanx again,
im just trying to understand the logic of the right/left eye. i personally dont use it as a place to hide my stop,Although i like the break bar high idea.(thanx Jarroo)( i am actually short gb-us/yen )Experience tells me to respect that level but i am just trying to find the actual reasons behind why price respects it so often.
thanx for your time
jon
PATIENCE... DISCIPLINE
  • #36,806
  • Jul 8, 2009 6:59pm Jul 8, 2009 6:59pm
Quoting jarroo
Hey Mike. What does Price tell you when it smashes through a Big Round Number with S/R support. Like the Gbp/Jpy 150.00?

Price cut through that 150.00 like butter, without hesitation.

Tells me we are in for a big fall.
agreed i find myself getting all excited when i have to stretch my months old PPZs forward on my charts!! LOL
i dont see much in the way of 141-2!
i think next stop at 145-6??
jon
PATIENCE... DISCIPLINE
  • #36,807
  • Jul 8, 2009 7:04pm Jul 8, 2009 7:04pm
Quoting jarroo
Hey Mike. What does Price tell you when it smashes through a Big Round Number with S/R support. Like the Gbp/Jpy 150.00?

Price cut through that 150.00 like butter, without hesitation.

Tells me we are in for a big fall.
Yep can be a strong sign. I don't really like to formulate an opinion too much(gets in the way sometimes for me). But I will be watching for pullbacks like on your chart and shorts would be favored after moves like this. Like you said on the prior post about where the gbp/jpy 4hr pin is likely to go

Mike
  • #36,808
  • Jul 8, 2009 7:29pm Jul 8, 2009 7:29pm
But surely we can read something into the massive tails on GJ and EJ ?
  • #36,809
  • Jul 8, 2009 7:31pm Jul 8, 2009 7:31pm
Quoting pipmyride
But surely we can read something into the massive tails on GJ and EJ ?
yeah the great thing about trading is we can read whatever we want as individual. My job is to identify high probability setups. More then likely this will do as expected, at least to the 130 and 150 respectfully eur/j and gbp/j. But my experience of my methods tells me to be careful. There is not much confluence and that with the poor closes keeps me out. It isn't about being in every trade that pops up. It is being the good ones that fit our styles/methods. I can only share those experiences and the reality of what I actually do to make money.

Hope that clears it up

Mike
  • #36,810
  • Jul 8, 2009 7:35pm Jul 8, 2009 7:35pm
Quoting james16
lol.

you jumped the gun buddy.

replace the spray with a beer.

i use a beer offering before the spray comes out.

a good cold beer rarely fails to work.

jim
That's good - save the Bourbon for yourself!
I'm pretty much done with all this ...
  • #36,811
  • Jul 8, 2009 7:39pm Jul 8, 2009 7:39pm
Quoting mbqb11
yeah the great thing about trading is we can read whatever we want as individual....
Not doubting the way you go about it bro

For me - the tail cannot be ignored, so i'm in on reduced risk
  • #36,812
  • Jul 8, 2009 7:44pm Jul 8, 2009 7:44pm
Quoting mbqb11
yeah the great thing about trading is we can read whatever we want as individual. My job is to identify high probability setups. More then likely this will do as expected, at least to the 130 and 150 respectfully eur/j and gbp/j....
Mike i LOVE posts like this...they keep reinforcing those details that can easily be forgoten (at least by me ) it is so easy to try and justify a trade setup once those $$$ signs light up!!
cheers
jon
PATIENCE... DISCIPLINE
  • #36,813
  • Jul 8, 2009 7:48pm Jul 8, 2009 7:48pm
Quoting g_j_hook@yah
Mike i LOVE posts like this...they keep reinforcing those details that can easily be forgoten (at least by me ) it is so easy to try and justify a trade setup once those $$$ signs light up!!
cheers
jon
Yeah I mean, at the end of the day we all trade our own variations to some degree. Just cause I pass a trade, and someone else takes it doesn't mean one is right or one is wrong no matter what the outcome is. I have come to know my style, my methods, what works for ME. I just try to pass that on as best as I can articulate and if someone takes a piece, great. If they hate it, no problem either I get it. This is why it is really hard to answer questions about trade setups. I can tell you what I ssay, what I would do, or what it is likely to do. Often time it can be the opposite of what someone might be hoping to hear

Best
Mike
  • #36,814
  • Jul 8, 2009 7:49pm Jul 8, 2009 7:49pm
Quoting g5ricky
brokers are starting to remind me of poker sites now. that scares me a bit :o
Judging by the comments I have read in forums, it does the exact same thing too - brings in some fish to feed the food chain
When you have to shoot, shoot. Dont talk.
  • #36,815
  • Jul 8, 2009 7:51pm Jul 8, 2009 7:51pm
Quoting pipmyride
Not doubting the way you go about it bro

For me - the tail cannot be ignored, so i'm in on reduced risk
Dude - that was post number 404 for you ... not that I'm into any kind of omens or anything, but a 404 is the "Not Found" html error message.
I'm pretty much done with all this ...
  • #36,816
  • Jul 8, 2009 7:56pm Jul 8, 2009 7:56pm
Quoting StoragePro
Dude - that was post number 404 for you ... not that I'm into any kind of omens or anything, but a 404 is the "Not Found" html error message.
LOL well i better quickly undo that then eh !

Btw i'm not trying to compare myself to Mike in any way shape or form
  • #36,817
  • Jul 8, 2009 8:07pm Jul 8, 2009 8:07pm
Quoting pipmyride
LOL well i better quickly undo that then eh !

Btw i'm not trying to compare myself to Mike in any way shape or form

Huh? Why not?? The dude is the warlock of the charts!
I'm pretty much done with all this ...
  • #36,818
  • Jul 8, 2009 8:15pm Jul 8, 2009 8:15pm
Quoting pipmyride
Not doubting the way you go about it bro

For me - the tail cannot be ignored, so i'm in on reduced risk
Totally with mike too. On both "do it how you see it" and his own trading stance.

The reason I wanted to pipe in here was to point out that Even though that pin has a long tail, it's the speed of the bar before it that would keep me out. I like it the other way around.

A long tail to me is when the pin has a statement to say....like ... "Oohhh....Accelerated down move eh? Well.....I counter with a MASSIVE REVERSAL!!! ....bewaahhhaaaa!!! Take that MoFo!!!"

I find is best avoiding possible 'taking-a-breather' pins unless they have a really cool position. Jaroo's chart and statements mirrors my analysis on this one.

...But Depends on how you manage your trade, eh?
Bundy's status today: "Waiting..."
  • #36,819
  • Jul 8, 2009 8:21pm Jul 8, 2009 8:21pm
Quoting mbqb11
Yeah I mean, at the end of the day we all trade our own variations to some degree....
LOL ....It's hard not to say "I" a lot when posting here. If you don't, then you run the risk of sounding like you think your style is the "Be All and End All" of all trading styles.
We all do the same here mate. ...And I hate saying "I" a lot when talking too. lol
Bundy's status today: "Waiting..."
  • #36,820
  • Jul 8, 2009 8:29pm Jul 8, 2009 8:29pm
Quoting bundyraider
LOL ....It's hard not to say "I" a lot when posting here. If you don't, then you run the risk of sounding like you think your style is the "Be All and End All" of all trading styles.
We all do the same here mate. ...And I hate saying "I" a lot when talking too. lol
yes it is lol. I can ONLY speak for myself, and will only speak for myself. Anyone who thinks their way is the only way is either not making a single pip, or just plain wacky

Mike
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