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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

  • #66,401
  • Jun 15, 2010 10:04am Jun 15, 2010 10:04am
I think it's best if a start a new thread so that people can chip in and point out any weak points. It'll take some time, though (I'm having disagreements with my laptop, you see). I'll post the link in this thread later on.
If you don't risk, you don't ever have to lose.
  • #66,402
  • Jun 15, 2010 10:07am Jun 15, 2010 10:07am
Splendid!

And I'll stick with the DJIA trade for now.
Anything can happen.
  • #66,403
  • Jun 15, 2010 10:24am Jun 15, 2010 10:24am
Hi Guys,

I took a breakout trade on usdchf with an order just beneath the lows. The weekly chart looks like it's made a clean swing high and is now breaking down out of a consolidation range. The H4 chart had 4 bars all within a pip of 1.1350 not consecutive though. Is this a valid setup you guys would take, a quadruple bar low perhaps?

I entered with a 50pt stop and i'm at BE with half profit now so all's good but I wasn't over confident on the setup because of limited confluence. Your thoughts?

Thx
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: usdchf h4.png Size: 21 KB
  • #66,404
  • Jun 15, 2010 10:24am Jun 15, 2010 10:24am
Quoting bug
I think it's best if a start a new thread so that people can chip in and point out any weak points. It'll take some time, though (I'm having disagreements with my laptop, you see). I'll post the link in this thread later on.
This is good.
The indices tend to move together.
I have many of the indices of the world available.
Indices I did not know existed until I looked.

James trades the mini Dow on a 2000 tick chart.
He says this is what he does most of the time as it runs during his daytime and he knows it's personality through many years of trading it.

It would be good to have a thread to explore these.

I have the indices and the futures for:
US 2000
US 30
US 500
US TEC
Plus a US volatility index futures - don't know what that one is, just seen it making out this list.

It would be good to get to grips with at least one of these.
It would also be interesting to get some views as I see so much about the Dow in line to take a big fall in the coming weeks.
  • #66,405
  • Jun 15, 2010 10:29am Jun 15, 2010 10:29am
Quoting six gun
This is good.
The indices tend to move together.
I have many of the indices of the world available.
Indices I did not know existed until I looked.

James trades the mini Dow on a 2000 tick chart.
He says this is what he does most of the time as it runs during his daytime and he knows it's personality through many years of trading it.

It would be good to have a thread to explore these.

I have the indices and the futures for:
US 2000
US 30
US 500
US TEC
Plus a US volatility index futures - don't know what that one is, just seen it making out this...
I'll keep my S/L at 10330 for now - it looks like it might be forming a reverse H&S no?
Attached Image (click to enlarge)
Click to Enlarge Name: ws30.gif Size: 15 KB
Anything can happen.
  • #66,406
  • Jun 15, 2010 10:33am Jun 15, 2010 10:33am
Quoting james16
new chart

Everybody go back and click on this chart from Big Jim. I'm hoping that it gives somebody else what it's given me. I still remember the rain and this chart was my rainjacket.
I dream, therefore I become.
  • #66,407
  • Jun 15, 2010 10:37am Jun 15, 2010 10:37am
I think I'm getitng a bit of an obsession with H&S formations. Just finished the chapter on them in the Pring on Price Patterns book and I'm seeing them everywhere... in the clouds.... in my cornflakes.... every time I close my eyes... Please make it stop!
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy.gif Size: 16 KB
Anything can happen.
  • #66,408
  • Edited 10:42am Jun 15, 2010 10:41am | Edited 10:42am
Quoting mike w
Everybody go back and click on this chart from Big Jim. I'm hoping that it gives somebody else what it's given me. I still remember the rain and this chart was my rainjacket.
Which one, there's no image or link?

Edit: Sorry my bad not used this BB
  • #66,409
  • Jun 15, 2010 10:44am Jun 15, 2010 10:44am
Quoting mike w
Everybody go bac...
Quoting Dan-FX
Which..
Hey Dan-Fx,
click the blue button right after 'james16' (quote within mike_w's post).
That is the link.
  • #66,410
  • Jun 15, 2010 10:45am Jun 15, 2010 10:45am
Looks like a nice trade, Dan. If it falls through 1.13000, you should have a nice ride down to the 1.12500 area. Just keep an eye on p.a. at those two areas. Congrats.
  • #66,411
  • Jun 15, 2010 10:45am Jun 15, 2010 10:45am
Quoting ddinnov
I'll keep my S/L at 10330 for now - it looks like it might be forming a reverse H&S no?
It is interesting to see the volume falls off as the index rises.
I have seen divergence with MACD and RSI - going down with these rises.

This is a reverse head and shoulders - I don't think this fits the Dow.
It would easy to say this is a weak rally on low volume before the market gets smashed down in heavy selling.
Attached Image
  • #66,412
  • Jun 15, 2010 10:56am Jun 15, 2010 10:56am
Quoting six gun
It is interesting to see the volume falls off as the index rises.
I have seen divergence with MACD and RSI - going down with these rises.

This is a reverse head and shoulders - I don't think this fits the Dow.
It would easy to say this is a weak rally on low volume before the market gets smashed down in heavy selling.
that is a very good example of a H&S. Most I see just are so curve fitted IMO. That one is clear as day.

Nice example 6gun

Mike
  • #66,413
  • Jun 15, 2010 11:02am Jun 15, 2010 11:02am
One note about volume, six gun. Around 70% of the volume on US stock markets is computer generated and only about 4% is retail. Volume has been bouncing up-down-up down with no consistency since 2007. In my view, it only leads to analysis paralysis.

And yes, I see an inverse H&S as well. Actually, there are plenty. One of them has already failed (May 19-27 on the SP500).
If you don't risk, you don't ever have to lose.
  • #66,414
  • Jun 15, 2010 11:05am Jun 15, 2010 11:05am
Quoting Dan-FX
Which one, there's no image or link?

Edit: Sorry my bad not used this BB
Click on the arrow right beside his name that's in quotations in my post and it'll take you there. No need to be sorry at all my man.

ya beat me to it SC, thanks brother!
I dream, therefore I become.
  • #66,415
  • Jun 15, 2010 11:09am Jun 15, 2010 11:09am
Quoting bug
I think it's best if a start a new thread so that people can chip in and point out any weak points. It'll take some time, though (I'm having disagreements with my laptop, you see). I'll post the link in this thread later on.
Here: http://www.forexfactory.com/showthread.php?t=241646
If you don't risk, you don't ever have to lose.
  • #66,416
  • Jun 15, 2010 12:51pm Jun 15, 2010 12:51pm
Guys, remember the Dow chart? The one with the daily pin and the inverse H&S? Well, it seems that we're about to have a BUOB for the close today.
If you don't risk, you don't ever have to lose.
  • #66,417
  • Jun 15, 2010 1:16pm Jun 15, 2010 1:16pm
I trade the SP500, although Dow is available too. They move in unison so there really isn't much difference between them too.

Here's what I see. Price broke through PPZ and fibo .382. Next heavy PPZ at 1150. Incidentally, the .618 fibo is also there. We also have a BUOB on the daily chart.

What do you think?
Attached Image (click to enlarge)
Click to Enlarge Name: sp500 daily 2.gif Size: 31 KB
If you don't risk, you don't ever have to lose.
  • #66,418
  • Jun 15, 2010 1:33pm Jun 15, 2010 1:33pm
Quoting bug
I trade the SP500, although Dow is available too. They move in unison so there really isn't much difference between them too.

Here's what I see. Price broke through PPZ and fibo .382. Next heavy PPZ at 1150. Incidentally, the .618 fibo is also there. We also have a BUOB on the daily chart.

What do you think?
My concern would be that the BUOB has not yet significantly cleared the range price is currently in. Just my 2c
  • #66,419
  • Jun 15, 2010 1:53pm Jun 15, 2010 1:53pm
Quoting bug
Guys, remember the Dow chart? The one with the daily pin and the inverse H&S? Well, it seems that we're about to have a BUOB for the close today.
I do not think
the minimum of the yesterday bar is 10186, while the minimum of the current bar is 10195
  • #66,420
  • Jun 15, 2010 1:56pm Jun 15, 2010 1:56pm
Quoting mike w
Everybody go back and click on this chart from Big Jim. I'm hoping that it gives somebody else what it's given me. I still remember the rain and this chart was my rainjacket.
This is why I am so interested when James says he is going to start to cover commodity trading on the private site. Not so many people appear interested at the moment but this may change.
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nikim