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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

  • #69,841
  • Jul 27, 2010 9:29am Jul 27, 2010 9:29am
Quoting mbqb11
Could not agree more and no statement is more true. Supply/demand is EVERYTHING.....
my internet is pissing me off. got disconnected repetitively for a few hours now (never mind my internet). i could have posted this much much earlier. the disconnection is aggravating my anxiety.

Sir jopollin comes in & post his thoughts.. i was eager to listen & sort of waiting for what he has to say... but i personally didnt hear anything new/surprising. am i correct?
jopollin, what's next, Sir? i mean is that it? have u made your point?
this is a sincere, humble question.

Quoting XNAdam
I must admit I chuckled a good bit at that last question. There's about seventy thousand responses elaborating this.
what do u mean u chuckled at that question? is there a "disconnect"? personally, i didnt understand why he is asking Mike to elaborate about his performance, if he already knew Mike from inside the J16 PF.
is jopollin surprised? if he was a former J16 PF member, he shouldnt be surprised, right?
personally, im not surprised. Mike is an awesome trader, he's 1 of my models & inspirations here. i am just 1 of 100's/thousands he's helped here.

i made 4% today, with about 8% floating profit. all from today's trades (gbpchf & eurjpy; live, of course). i trade any TF, btw.
(NOTE: that is NOT my average. everyone knows im NOT consistently profitable yet; furthermore, this TINY account i opened only last April; i got 2 accounts)
my point is.... jopollin, based on your 'revelation' in your first, third & 6th post, i dont think u will be surprised with my results. or are u?


seriously, i dont get it.

there seem to be a miscommunication here between us (people in this thread) & Sir jopollin. also, possibly, jopollin isnt aware what this thread is all about (this thread is mainly basics... not so much about touch trading or the likes).

please let me remind u that English is not my first language.
can u fill me in Sir jopollin, Mike?
hope i made sense. i sincerely want to understand what was up (if anything).

Thanks!


EDIT
looks like jopollin has logged out. hope he'll be back to elaborate/clarify his posts/visit
  • #69,842
  • Jul 27, 2010 9:46am Jul 27, 2010 9:46am
Quoting mbqb11
.... I spend very little time trading.
...
Do whatever works for you guys/gals. If you are happy then I am happy haha
...
i think this post confirms my thought. Thanks Mike
perhaps, i got stoked too much by jopollin's posts

btw, if u spend little time trading, what do u do with most of your time?
  • #69,843
  • Jul 27, 2010 9:49am Jul 27, 2010 9:49am
Quoting supremeChaos
btw, if u spend little time trading, what do u do with most of your time?
I'll answer for him: waiting......



Many choose unhappiness over uncertainty.
  • #69,844
  • Jul 27, 2010 9:52am Jul 27, 2010 9:52am
Quoting Dan Gilbert
I'll answer for him: waiting......



haha ya good answer, great actually

.....and you should see my inbox
  • #69,845
  • Jul 27, 2010 10:05am Jul 27, 2010 10:05am
Quoting mbqb11
haha ya good answer, great actually

.....and you should see my inbox
haha.. that's too simple an answer.
i mean outside trading,what d u do?
eat, sleep, drink beer, is that it?

man, i can only imagine your inbox size & how u handle it.
i dont get as much PM as u do, but i cant keep up with mine. i still got 'some' unread ones
  • #69,846
  • Jul 27, 2010 10:24am Jul 27, 2010 10:24am
Quoting mbqb11
Hey True

Welcome to the thread

I went through my 4 timezones and couldn't find any playable pins where I think you are looking....

Hey Mike, sorry man, I put the wrong time frame, it was a daily pinbar, you should be able to see it now. But the chart you showed is what had me torn shorting the daily pb, because the 4hr was showing multiple inside bars off that 134.50 level favoring a long. If I would have waited like you say for the break of the daily pb it would have kept me out of the bad trade. Do you never wait for a 50% ret to enter?
  • #69,847
  • Jul 27, 2010 11:04am Jul 27, 2010 11:04am
Ok, I'm intrigued, can someone explain what touch trading is?
  • #69,848
  • Jul 27, 2010 11:09am Jul 27, 2010 11:09am
Quoting stewrigh
Ok, I'm intrigued, can someone explain what touch trading is?
Hi,

I believe it is support/resistance (ppz) trading without PA confirmation - bounces off the level.

Regards,

Dan
  • #69,849
  • Jul 27, 2010 11:26am Jul 27, 2010 11:26am
Quoting Dan Gilbert
thanks bro. My confidence has increased 10 fold lately due to reading van tharps book, and how he put into perspective the idea of cutting losers short, and letting winners run. His display of why human beings tend to accept big loss and be resistant to winning was quite an eye opener lol.

We good now
Hiya Dan,

Which book is it that you read? You've sold me on it with the short review above. I'd like to check it out.
  • #69,850
  • Jul 27, 2010 11:33am Jul 27, 2010 11:33am
XNAdam,
probably van tharp's "Trade your way to financial freedom"
  • #69,851
  • Jul 27, 2010 11:35am Jul 27, 2010 11:35am
Quoting DanUK
Hi,

I believe it is support/resistance (ppz) trading without PA confirmation - bounces off the level.

Regards,

Dan
Thanks Dan - Thats what I thought it was.
  • #69,852
  • Jul 27, 2010 11:39am Jul 27, 2010 11:39am
Quoting stewrigh
Thanks Dan - Thats what I thought it was.

Me too thought so, sounds like it. But I doubt it is that simple-silly.
There must be much more to it...
Touch-trade and Knife are both still mystery for me...
  • #69,853
  • Jul 27, 2010 11:58am Jul 27, 2010 11:58am
Quoting True777
Hey Mike, sorry man, I put the wrong time frame, it was a daily pinbar, you should be able to see it now. But the chart you showed is what had me torn shorting the daily pb, because the 4hr was showing multiple inside bars off that 134.50 level favoring a long. If I would have waited like you say for the break of the daily pb it would have kept me out of the bad trade. Do you never wait for a 50% ret to enter?
Hey True

yeah I never take retracements. Many people do and that is fine, just practice it. I am just much more conservative and like to always trade a confirmed bar. I know people hate it that I am that way sometimes

Best
Mike
  • #69,854
  • Jul 27, 2010 12:21pm Jul 27, 2010 12:21pm
Quoting mbqb11
Hey True

yeah I never take retracements. Many people do and that is fine, just practice it. I am just much more conservative and like to always trade a confirmed bar. I know people hate it that I am that way sometimes

Best
Mike
What confirms it for you?
  • #69,855
  • Jul 27, 2010 12:22pm Jul 27, 2010 12:22pm
Quoting mbqb11
I know people hate it that I am that way sometimes
Nope. You are a great influence on that front Mike. For real.

Btw. I was close to taking the cable 4hr beob you were discussing earlier today myself. Very close to taking it and it feels better than winning to pass on a decent but not perfect bar.


Cheers

Nick
  • #69,856
  • Jul 27, 2010 12:22pm Jul 27, 2010 12:22pm
Quoting XNAdam
Hiya Dan,

Which book is it that you read? You've sold me on it with the short review above. I'd like to check it out.
Haha same here, sold on that little review, $6 on amazon.com
  • #69,857
  • Jul 27, 2010 1:10pm Jul 27, 2010 1:10pm
Hi Everyone, this looks like a good pb to me assuming it closes below the left eye, does anyone have any thoughts as to why it wouldn't be any-good? Cheers

SR
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  • #69,858
  • Jul 27, 2010 1:17pm Jul 27, 2010 1:17pm
Quoting Sjr
Hi Everyone, this looks like a good pb to me assuming it closes below the left eye, does anyone have any thoughts as to why it wouldn't be any-good? Cheers

SR
Hello Sjr, it is also a BUOB on Daily, so be careful.
  • #69,859
  • Jul 27, 2010 1:18pm Jul 27, 2010 1:18pm
Quoting True777
What confirms it for you?
Touch trading is used with moving averages as well as static resistance/support levels.
So price comes up to the ma and will often bounce off.
So with touch trading when price meets the ma you go into the trade.
The risk is price does not bounce off and goes straight through.

So for confirmation, when price meets the ma you look at the bars.
It is the same with support resistance levels.
Does price show rejection of that level - it would do this by forming a pin bar for example - price goes up to the level and then pulls away forming the wick.
Similarly price might go up to a resistance level, go through and then revisits that level but this time rejects it, confirming the resistance is now support, thereby making it safer to enter the trade.

If you were trading a daily chart you might go down to the shorter time frame so you can see price come up to the level and retreat from it.

Touch trading is like Russian roulette with a couple of bullets in the six gun.
In the majority of cases the chamber is empty and you are fine - but sometimes it has a bullet. For the experienced touch trader, most times price will do as you expect. But it will backfire on you more often as you are not waiting for it to prove itself.
  • #69,860
  • Jul 27, 2010 1:28pm Jul 27, 2010 1:28pm
Hi all

Been a follower of these lessons and took my first trade today got that pinbar on Aussie 4 hour, made just over 5%!

Anyone else catch it?

EB
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