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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

  • #40,681
  • Aug 11, 2009 11:03pm Aug 11, 2009 11:03pm
Quoting james16
hmmmm.

goose has a point.

ahhh what the hell he learned it from me.
I yield to the gentleman from Texas.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,682
  • Aug 11, 2009 11:06pm Aug 11, 2009 11:06pm
Quoting scott087
I miss the coffee and pork belly charts lol... I'd like to see other markets posted again if you don't mind. It all looks the same to me on the chart but it gives me more options to trade and follow which is always a plus.

Scott
I agree.

Don't see any need to limit what markets can be posted in here. You get to see more great examples.

Like someone else said, it just reinforces how universal the methods are over the range of markets.
Bundy's status today: "Waiting..."
  • #40,683
  • Aug 11, 2009 11:09pm Aug 11, 2009 11:09pm
i dont know.

your opinion carries some wieght with me goose.

i guess a chart really is a chart but i kinda like how you put things.



Quoting LasVahGoose
I yield to the gentleman from Texas.
  • #40,684
  • Aug 11, 2009 11:10pm Aug 11, 2009 11:10pm
Quoting james16
i dont know.

your opinion carries some wieght with me goose.

i guess a chart really is a chart but i kinda like how you put things.

I appreciate you taking my opinion into consideration. No matter what you decide I'll back you up and support the thread.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #40,685
  • Aug 11, 2009 11:13pm Aug 11, 2009 11:13pm
i know that and thats why your opinion carries weight.

lol

thanks man,

jim

Quoting LasVahGoose
I appreciate you taking my opinion into consideration. No matter what you decide I'll back you up and support the thread.
  • #40,686
  • Edited 11:31pm Aug 11, 2009 11:15pm | Edited 11:31pm
Quoting james16
goose has me thinking.

a chart is a chart and i used to post other things all the time.

maybe i will get back to it from time to time.
Yeah, a chart is just a chart.

But being able to read and understand a chart correctly and being profitable is a whole other can of wax.

Meaning: Any idiot can drive a car on a road, but being guided on the right road, on the right path and not falling off a cliff is what you do for us big guy. And in this business, that is Priceless.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #40,687
  • Edited 11:46pm Aug 11, 2009 11:35pm | Edited 11:46pm
Quoting batesmotel
Do you just pick any stock, or do you sift thru the 100's of stocks and consider their fundies? How do you know which stock to pick...there are so many?
(I figure a stock chart is okay... i mean, if the pf can have a stock section and we can throw up charts of coffee and sugar in here, it cant hurt *too* much...)

I'm not Jim (by a longshot, lol) but I do use some of his methods to trade stocks. Well, kinda - I use them to get a good entry into equities which I have a longterm fundamental interest

I am primarily a fundamental equity investor - 70% of my money is in stocks (20% fixed income, 10% equity options). I didnt really care about its day to day value.

But after all the stuff I have learned here, i decided to try and use the stuff james had taught me (via this FREE, public thread... jesus people have it good here!) to finesse my entries a little - hopefully, in the process, acquiring more of what I want for less money.

This is a chart for Cochlear, a brilliant Australian company that makes hearing implants. I've loved them for a long time - excellent company, superbly managed, strong revenues and ROI growth, a practically impenetrable 'moat'... and they are just a really good company that does really good work.

But, because they are so desirable (a Buffett A+++ trade, if you will), they are hard to get a 'cheap' entry into. I started off with a substantial (for me, lol) holding, and just traded in and out of them based on the chart. And so I now have more shares than when I started, and a lower average price - all thanks to James and the gang.

Attached Image (click to enlarge)
Click to Enlarge Name: coh.JPG Size: 77 KB


(sorry for the crappy yahoo chart, im at work atm)



There are a few things I've noticed when using j16 PA stuff for stocks (US and Australian)

  1. In general, I am more willing to accept weaker PA on the bullish side than PA of a bearish nature (because my end goal here is to accumulate shares)
  2. Watch out for PA around dividend dates, especially in Australia.
  3. PPZs are much, much stronger. Any well-covered company is going to have a 'normal' price, based on P/E and so on. That will help form a strong PPZ zone which it will tend to move around, until some underlying fundamentals move it (up or down) to a new PPZ.
  4. I dont like to see gaps. I ignore PA if it was formed by a bar that gapped. This may or may not be an unfounded fear - possibly I am just being a big girl about it. I know Pring loves his gaps, so maybe I should learn to trade them.
  5. Same goes for strong (read, close at high of bar) PA. It takes an exceptional setup the next day to interest me in going against that (see the first 'gap pin', which I mislabeled).
  6. I dont really want to miss a big move with my favourites, so I almost *always* use a 2 bar trailing stop after bearish PA (which means I probably liquidated my position, and now use the 2day trailing to get back in)
  7. Dont trade short term timeframes, esp on non-US/UK shares, because they just arent going to have a smooth chart. It will jump around and make things hard. I am strictly daily/weekly.
  8. I look at volume as a kind of 'confluence'. If there is a pin with heavy volume at a PPZ, I do a dance and buy a bottle of Talisker for the inevitable celebration.
  9. Forget fibs. Worthless.

The best thing here - for me anyways - is that you really cant 'lose'. You still get hold of something you want (based on other factors), even if you end up *slightly* raising your average entry price. This is also because I only do this kind of PA swinging on things I already want - obviously, if you just go through charts and look to trade them, this point will be completely void

When you have to shoot, shoot. Dont talk.
  • #40,688
  • Aug 11, 2009 11:58pm Aug 11, 2009 11:58pm
Quoting joelcf
(I figure a stock chart is okay... i mean, if the pf can have a stock section and we can throw up charts of coffee and sugar in here, it cant hurt *too* much...)

I'm not Jim (by a longshot, lol) but I do use some of his methods to trade stocks. Well, kinda - I use them to get a good entry into equities which I have a longterm fundamental interest

I am primarily a fundamental equity investor - 70% of my money is in stocks (20% fixed income, 10% equity options). I didnt really care about its day to day value.

But after...

Great post as always joel.

All charts are welcomed here. That's the beauty of the J16 way.
Indicators show the past. Price Action "Indicates" the future.
  • #40,689
  • Aug 12, 2009 12:01am Aug 12, 2009 12:01am
Good job I've listen to my internal feeling about it and had it confirmed by more experienced traders and by the rules of PA- Thank you StoragePro
Pin was a poodle and was broken easily. CAD?JPY went down further and this bar was like a bit of indecision. This stuff is realy working.
Attached Image (click to enlarge)
Click to Enlarge Name: cad.gif Size: 13 KB


Is still hell of a lot for me to learn and practise. Hope you all guys here will have enough patience. Going through the thread is basic and still have some more to go
  • #40,690
  • Aug 12, 2009 12:04am Aug 12, 2009 12:04am
I'm sure some saw this OIL Weekly chart I've posted a few weeks back.

BEOB and then a 2 Day PB.
Attached Image (click to enlarge)
Click to Enlarge Name: oilweeklyb.gif Size: 19 KB
Indicators show the past. Price Action "Indicates" the future.
  • #40,691
  • Aug 12, 2009 12:06am Aug 12, 2009 12:06am
Quoting pakiestra
Good job I've listen to my internal feeling about it and had it confirmed by more experienced traders and by the rules of PA- Thank you StoragePro
Pin was a poodle and was broken easily. CAD?JPY went down further and this bar was like a bit of indecision. This stuff is realy working.

Is still hell of a lot for me to learn and practise. Hope you all guys here will have enough patience. Going through the thread is basic and still have some more to go

Waiting for the break saved you as well.

lol Take all the time you need, friend. We'll be here.
Indicators show the past. Price Action "Indicates" the future.
  • #40,692
  • Aug 12, 2009 12:08am Aug 12, 2009 12:08am
Quoting pakiestra
Pin was a poodle and was broken easily. CAD?JPY went down further and this bar was like a bit of indecision. This stuff is realy working.
Nice work!

Finding pins and taking them is easy. Anyone can do it - and I suspect that many people starting out do. I sure as hell did.

Knowing which ones *not* to take (and why) is where you really start to be in control of the game.
When you have to shoot, shoot. Dont talk.
  • #40,693
  • Aug 12, 2009 12:38am Aug 12, 2009 12:38am
joelcf,
in your above Cochlear/COH.AX chart post, u mentioned SCPB (small crap/py pin bars).

just FYI for the others... it was mentioned by AnimalHungry & Ryanmcd & coined by StoragePro back in early July.
  • #40,694
  • Aug 12, 2009 12:58am Aug 12, 2009 12:58am
Quoting supremeChaos
joelcf,
in your above Cochlear/COH.AX chart post, u mentioned SCPB (small crap/py pin bars).

just FYI for the others... it was mentioned by AnimalHungry & Ryanmcd & coined by StoragePro back in early July.
SC, you are definitely the wikipedia of the j16 chart thread!

I think I am going to start leaving out random details in my posts, just to try and catch you out
When you have to shoot, shoot. Dont talk.
  • #40,695
  • Aug 12, 2009 1:04am Aug 12, 2009 1:04am
Quoting pakiestra
Good job I've listen to my internal feeling about it and had it confirmed by more experienced traders and by the rules of PA- Thank you StoragePro
Pin was a poodle and was broken easily. CAD?JPY went down further and this bar was like a bit of indecision. This stuff is realy working.
Attachment

Is still hell of a lot for me to learn and practise. Hope you all guys here will have enough patience. Going through the thread is basic and still have some more to go

i'm sorry but I fail to see a pin you could take long if thats what you did
  • #40,696
  • Aug 12, 2009 1:34am Aug 12, 2009 1:34am
Quoting joelcf
SC, you are definitely the wikipedia of the j16 chart thread!
are u talking about COH or SCPB?
LOL... that's probably because i know little about Forex Trading & much less outside Forex (Stocks, options, futures, etc). so i try to search around more often about something i know little/nothing about, specially when i have some free time.
with regards to SCPB, it's still a vivid, very recent discussion & the thread search tool helps. also, i'm a newbie too, my forte/position is in the "newbie department", so i try to look out for other newbies/newer traders..

but seriously, that's a tough distinction/compliment for me to hold/take. lol
& there are several others here way more apt to be the j16 wikipedia. hihihih


Quote
I think I am going to start leaving out random details in my posts, just to try and catch you out
u just did....
i believe u know we both are almost of the same timezone... i love games... so yes, u can leave some 'cookie trails'.... but only the easy ones, & not those related to banking/debt market, EMH, return/normal distribition, etc... lol... these stuff i have read nothing/onlylittle about..
(makes me often wonder if u are really just 29y.o.?)
If that makes u increase your posts more, then it's all good.
  • #40,697
  • Edited 1:59am Aug 12, 2009 1:42am | Edited 1:59am
Quoting pakiestra
Good job I've listen to my internal feeling about it ....
Good job.
That was a pause PB (in a strong downtrend). often those kind of PBs reverse (go up, in this case) but only very temporarily/shortly; rarely does it reverse & move countertrend on a large scale.

EDIT: let me stress that that bar was not a PB (as u quickly pointed out to be "imperfect") to since the bar close was not even within the previous bar's low.


Quoting rustyjeff
i'm sorry but I fail to see a pin you could take long if thats what you did
yes Sir, he was referring to the 2nd to the last bar, here.
  • #40,698
  • Aug 12, 2009 1:53am Aug 12, 2009 1:53am
Quoting supremeChaos
Good job.

yes Sir, he was referring to the 2nd to the last bar, here.

Still not even close to a good looking pin..
just my opinion..
  • #40,699
  • Aug 12, 2009 2:02am Aug 12, 2009 2:02am
rustyjeff,
Agreed.
coincidentally, i edited my above post to make an emphasis & as an FYI for others.
  • #40,700
  • Aug 12, 2009 2:06am Aug 12, 2009 2:06am
GBP/USD - daily IB + Two bar low break.

B,
Tom
Attached Image (click to enlarge)
Click to Enlarge Name: gbp usd daily tom inside bar.png Size: 17 KB
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