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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

  • #60,341
  • Apr 8, 2010 10:36pm Apr 8, 2010 10:36pm
Quoting cprao
Does this mean, in line with EUR/AUD, GU is heading down ?
I am not hinting towards any correlation. Just saying that this was the second occasion where 2 side by side recent IPBs worked out the way I wanted them to,

g.
I believe . . .
  • #60,342
  • Apr 8, 2010 10:39pm Apr 8, 2010 10:39pm
Quoting mbqb11
unreal stuff, 9 months in I was dripping a sandwich on my keyboard and buying or selling where the mustard landed
...

You daymaker!!

I believe . . .
  • #60,343
  • Apr 8, 2010 10:40pm Apr 8, 2010 10:40pm
Quoting ghous
I am the conventional type Nasir. I sleep early and then wake up early at about 5-6 am in the morning, take/manage trades and then go back to bed if uni's late that day or else I just take my bath and head for uni.

Abt the size of IPBs, I like'em long and big just like you'd like a pin bar. However I don't look for the longer wick to exceed the previous bar but then the IPB itself needs to be considerably large compared to the bars prior to it.

As a classic example look at the daily gold bar and compare it with the aud/chf weekly IPB I described...
Nice post ghous.

IPBs are just like any other Price Action formation. They still have to meet the same criteria of size, shape, location and confluence for their setup to succeed.
Indicators show the past. Price Action "Indicates" the future.
  • #60,344
  • Apr 8, 2010 10:44pm Apr 8, 2010 10:44pm
Quoting cprao
My 2 cents. Though I can't comment on the quality of the pin bar( leave it to Mike and other seniors), shorting here is against the daily trend.

Based on my charts as long as the price holds above 1.060, long term uptrend is in place.
that zig zag thing you have on the chart, anybody aware if MT4 has something like that? seems like a cool way to see swings simply
Many choose unhappiness over uncertainty.
  • #60,345
  • Apr 8, 2010 10:50pm Apr 8, 2010 10:50pm
Quoting ghous
I am not hinting towards any correlation. Just saying that this was the second occasion where 2 side by side recent IPBs worked out the way I wanted them to,

g.
Thanks for the reply. Does 2 IPB's at a good location makes the case more stronger for a price movement in the direction of the bar instead of one pin bar ?
  • #60,346
  • Apr 8, 2010 10:54pm Apr 8, 2010 10:54pm
Quoting cprao
My 2 cents. Though I can't comment on the quality of the pin bar( leave it to Mike and other seniors), shorting here is against the daily trend.

Based on my charts as long as the price holds above 1.060, long term uptrend is in place.
Price may be consolidating and the bearish PB may be its indication.
The PB is of high quality with the 1.0700 in its sight. A short term short from the PB is plausible. 1.0700 is the key.

I like it holding the 1.0500, instead of the 1.0600 just because its a bolder Round Number.

Also breaking the previous Lower High can add to your long term up trend view.

Nice chart cprao.
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Indicators show the past. Price Action "Indicates" the future.
  • #60,347
  • Apr 8, 2010 10:55pm Apr 8, 2010 10:55pm
Quoting Dan Gilbert
that zig zag thing you have on the chart, anybody aware if MT4 has something like that? seems like a cool way to see swings simply
It helps identify trends clearly.. You can find zigzag indicator for MT4 here -http://www.forexfactory.com/showthread.php?t=227018
  • #60,348
  • Apr 8, 2010 10:55pm Apr 8, 2010 10:55pm
Quoting cprao
It helps identify trends clearly.. You can find zigzag indicator for MT4 here -http://www.forexfactory.com/showthread.php?t=227018
you rule!
Many choose unhappiness over uncertainty.
  • #60,349
  • Apr 8, 2010 10:57pm Apr 8, 2010 10:57pm
Quoting mbqb11
Yeah you could see how the 125 is tested and if price rejects hard off it then move your stop up. Or if it breaks through see how price pulls back to it and if it finds support you could find yourself in a nice trade.

Here is probably the most interesting one for me, but the large bearish moves will keep me sidelined.


Mike
Great minds think alike on CJ. On both accounts.

The CHF pairs are scary at the moment. They keep intervening randomly.
I have to admit , I'm spooked out of trading them for now.
Bundy's status today: "Waiting..."
  • #60,350
  • Apr 8, 2010 11:14pm Apr 8, 2010 11:14pm
Quoting bundyraider
Great minds think alike on CJ. On both accounts.

The CHF pairs are scary at the moment. They keep intervening randomly.
I have to admit , I'm spooked out of trading them for now.
Can you explain what this intervention they perform is accomplishing? I see big whipsaws, and no trend reversal following it.... ?????????
Many choose unhappiness over uncertainty.
  • #60,351
  • Edited 11:53pm Apr 8, 2010 11:14pm | Edited 11:53pm
Quoting 4X=0
hahahaaaaa that is funny. well actually he has been following james for quite some time now. keep at it and push yourself and you will be better than mike within a short while. how good is he really? honestly. You already know everything he does. being a broken record sounding off on j16 material helps new people on the forum immensely but it does not make you great.

james16 is great. one of a kind

two beer down
Dude, are you serious? You are mandated to read every one of Mike's post by the end of the month. If it doesn't make you a better trader then there is something wrong with you.

Maybe your post came out differently then expected. Or maybe drinking and posting doesn't mix. You know . . . like driving.
Indicators show the past. Price Action "Indicates" the future.
  • #60,352
  • Apr 8, 2010 11:15pm Apr 8, 2010 11:15pm
Quoting benji533
You are kidding right?

Mike is "The One"

Indicators show the past. Price Action "Indicates" the future.
  • #60,353
  • Apr 8, 2010 11:16pm Apr 8, 2010 11:16pm
Quoting mbqb11
two small very counter trend bars. Are they tradable? You bet. But did you take notice of where price would have trouble?
Hi Mike, got a question for you on CAD/JPY.
Why do you see the 92 as the first trouble area? Is it because of the BRN? I missed that one because other than 92/RN, I don't see anything else. I put my FTA more to to second area you highlighted, around 91.50. Hope you could explain. Thanks
  • #60,354
  • Apr 8, 2010 11:16pm Apr 8, 2010 11:16pm
Quoting cprao
Thanks for the reply. Does 2 IPB's at a good location makes the case more stronger for a price movement in the direction of the bar instead of one pin bar ?
Not necessarily. A good strong IPB allows price to break through the end of it's longer wick, and continue on hence doing the job of a true reversal bar. If price get's rejected off the longer wick it may then form another IPB which can also be taken but do you see why this second trade is less valid than the first? Consider the case where a third IPB occurs beside 2 others. Would this be a good hint of where price is directed...probably no.

I am still in the process of forward testing side by side IPBs and as it is they are very rare...will keep you guys posted.

g.
I believe . . .
  • #60,355
  • Apr 8, 2010 11:22pm Apr 8, 2010 11:22pm
Quoting Dan Gilbert
you rule!
MT4 has a default zigzag indicator.
  • #60,356
  • Apr 8, 2010 11:23pm Apr 8, 2010 11:23pm
Quoting esbatu
Hi Mike, got a question for you on CAD/JPY.
Why do you see the 92 as the first trouble area? Is it because of the BRN? I missed that one because other than 92/RN, I don't see anything else. I put my FTA more to to second area you highlighted, around 91.50. Hope you could explain. Thanks
Hey E

Notice how cad/jpy has been trending up pretty strongly, to reverse this is tough. What I mean is even if this ended up being the top, the whole flow is to the upside. In the most simple way you are fighting the trend and thus buyers are going to be looking to get in at previous areas of demand. So when we look under this beob we can see this previous High/low flip. This shows us a point at which buyers were willing to BUY, and then hold that area causing that little tiny high/low flip. Now you will have people screaming how can you pay attention to what seems like such a small area, but the thing comes to all the pieces together. We don't ever know for sure how the market will react, but it is very reasonable to go through this thought process for me

Uptrend - Small Reversal bar with little confluence - where were previous buyers willing to buy = First trouble area. And as we see price then did go ahead and buonce there. Now are there times when price will not bounce there? Yes of course. We can't ever know anything for sure, but if you doubled the size of that bar, that would be a very good indication that price could drop out and that first area would not have as large of an effect. I am always trying to think who is in more control and what the bar represents in terms of the type of strength. Great location, small bar = Tight mgmt.

Hope that clears it up
Mike
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  • #60,357
  • Apr 8, 2010 11:25pm Apr 8, 2010 11:25pm
Quoting supremeChaos
MT4 has a default zigzag indicator.
lol! when I tried putting the custom indicator it said it was already there! lol.... Cool stuff. Feels like xmas
Many choose unhappiness over uncertainty.
  • #60,358
  • Apr 8, 2010 11:26pm Apr 8, 2010 11:26pm
Quoting Dan Gilbert
Can you explain what this intervention they perform is accomplishing?...
the SNB (Swiss central bank) intervenes to prevent CHF from strengthening further.
a strong CHF [or any currency for that matter] is 'bad' for the economy ('bad' in terms of Swiss exports: swiss watches, swiss cheese, swiss chocolate , swiss knives, anything Swiss )...
im not that great at fundamentals, so something along that line.
  • #60,359
  • Apr 8, 2010 11:32pm Apr 8, 2010 11:32pm
Quoting supremeChaos
the SNB (Swiss central bank) intervenes to prevent CHF from strengthening further.
a strong CHF [or any currency for that matter] is 'bad' for the economy ('bad' in terms of Swiss exports: swiss watches, swiss cheese, swiss chocolate , swiss knives, anything Swiss )...
im not that great at fundamentals, so something along that line.

I understand that, but the trend just continues in the direction it was going after the whipsaw...... ???? doesn't intervention mean a trend reverse?
Many choose unhappiness over uncertainty.
  • #60,360
  • Apr 8, 2010 11:33pm Apr 8, 2010 11:33pm
Quoting Dan Gilbert
I understand that, but the trend just continues in the direction it was going after the whipsaw...... ???? doesn't intervention mean a trend reverse?
not even an intervention can prevent the markets from doing what they want after enough time
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