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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

  • #76,741
  • Oct 7, 2010 7:59am Oct 7, 2010 7:59am
Quoting mbqb11
This is so far from the truth and exactly what we all spend so much time focusing on. If you spent some time just reading what was in here you might learn something and be on a path too success rather
But I don't think he will spend any time reading anything, he just want some attention. I followed a few post of his, he just saying bs stuff and not really able to think in any constructive way... there are some people like that, I don't know what motivates them... some kind of unsatisfaction with life in general or something...
  • #76,742
  • Oct 7, 2010 8:01am Oct 7, 2010 8:01am
Quoting ghous
Maybe it's just me but I adore the thought of only dragon struggling for attention if we could just leave him saying what he wants with no response (until he swings the axe on his own toes and get's kicked out of FF for good)

poking us might probably be the only thing this 12 year old's looking for...

g.
I wish him luck, maybe he can spend some time reading all the information that has been laid out here. Even when no one is looking(since he has already dug himself deep). Cause I know he hasn't even bothered to read more then a post with the comments he has made. Onlydragon just like everyone else that comes here, read and show respect and I bet you will learn a thing or two from where you have spent most of your trading life

Back to trading
Mike
  • #76,743
  • Oct 7, 2010 8:03am Oct 7, 2010 8:03am
Quoting Adilius07
But I don't think he will spend any time reading anything, he just want some attention. I followed a few post of his, he just saying bs stuff and not really able to think in any constructive way... there are some people like that, I don't know what motivates them... some kind of unsatisfaction with life in general or something...
I know, but hey maybe one post will click and he will give it a shot. Then like we always do we will help the new traders. I guess I am feeling in an extra good mood after my yankees taking game 1 .

OK OK I promise back to trading now
  • #76,744
  • Oct 7, 2010 8:10am Oct 7, 2010 8:10am
still watching this overhead former support , looking for solid PA here

If we fall back into the channel then i will no longer watch topside, but only the 80.00 mark
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  • #76,745
  • Oct 7, 2010 8:19am Oct 7, 2010 8:19am
I think we seriously have to be watching the action of all markets today and maybe do nothing untill the end of the week...Sorry I meant the beginning of next week... I fell we will have U BEAUT set ups , or Go you ripper set ups ))
  • #76,746
  • Oct 7, 2010 8:21am Oct 7, 2010 8:21am
Here is one for OD, maybe this will set him on a deeper path but if not I am sure someone else will learn

A good place to start for those of you that are new are understanding everything is NOT created equal that we must spend a lot of time understanding the tendencies of different situations and bars(that make sense to you, remember a bar I like may not be a bar you like but if you have tested your concept then I am all for it).

Here is a simple chart I pulled up 4 pinbars within a short period b/c they give us 4 great examples

1. Bar 1. Here is the pinbar killer of peoples trading. They will find this thread, read a few posts on a pinbar and trade a bar like this. Now if you spend 3-4 months these bars will quickly not be recognized so much as a pin, but just a slight stall. Trend is clearly UP, then price clearly just stalls for the day. Do you want to fight the current uptrend with this bar? If so, I think it is nuts. We want a nice long tail.

2. Bar 2. Ahhhh, now we should all say yeah that is a pitbull pinbar. Look at the huge size vs the current uptrend. This screams sell. Plot the 1200 big round number(little bit more confluence now), then look for divergence(it is there(a bit more). Here is one alone where a huge pibnar at a swing high. Clearly there is a difference b/w bar 1 and bar 2. Which one do you want to trade? I know which I did.

3. Bar 3. Another one that gets people into trouble. Price drops like a rock and it stalls but the stalling creates a small pinbar. THink is this true buying? Or is this just some profit taking off this huge move. Now price did move higher but is this really a bar we want to get involved in?

4. Bar 4. The second best of the bars, but still one I caution a newer PA trader to take. You have to understand trouble areas on these. You have a pullback of the larger bearish move, and form a decent size pinbar. Plot the Big round number of 1250 and it begins to look more juicy. Not a lot of space so we NEED to be aware of the trouble areas and protect ourselves if we want to take these.

So we have 1 great pinbar, 1 ok pinbar, and 2 I would never ever touch

I now created another chart showing FTA with ALL 3 bars and you can all do this too. The blue boxes are where price is likely to have trouble on bars 1, 3, and 4. I left bar 2 out b/c it is huge

Maybe this helps OD, maybe it helps someone else. Either way if it helps one person I will be happy

Best
Mike
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  • #76,747
  • Oct 7, 2010 8:22am Oct 7, 2010 8:22am
Now that PPZ looks broken I suppose we would be waiting a move bast the last high to get in long ? Or leave it say another day and see what the price wants to do , like go up a while come back to test it kinda set up ?
Thanks !!!
  • #76,748
  • Oct 7, 2010 8:28am Oct 7, 2010 8:28am
Quoting menomoo
Now that PPZ looks broken I suppose we would be waiting a move bast the last high to get in long ? Or leave it say another day and see what the price wants to do , like go up a while come back to test it kinda set up ?
Thanks !!!
Hey Meno

If the support holds you can technically buy a new high, I have sometimes. But most of the time I prefer to wait for Price action where we are now. So I am watching for that. I still like to be picky b/c enough of these setups come up that you can be

Best
Mike
  • #76,749
  • Oct 7, 2010 8:32am Oct 7, 2010 8:32am
AUD finding support at parity after break of multiple highs on monthly...Swing high but at parity?
  • #76,750
  • Oct 7, 2010 8:34am Oct 7, 2010 8:34am
Quoting mbqb11
still watching this overhead former support , looking for solid PA here

If we fall back into the channel then i will no longer watch topside, but only the 80.00 mark
Hey Mike,
Question: are you looking for PA that confirms support on the same TF where you observed the breakout or do you zoom into a lower TF looking for PA. You posted a chart of the 4H-TF of A-Y, so I assume you're looking for PA on the 4H-TF ? Also, say you would find a solid PA on the 15m-TF first, would you then consider this a weaker confirmation that former resistance is now acting as support, compared to a PA on the 4H-TF ?
Pipcrawler
  • #76,751
  • Oct 7, 2010 8:36am Oct 7, 2010 8:36am
Quoting mbqb11
Here is one for OD, maybe this will set him on a deeper path but if not I am sure someone else will learn

A good place to start for those of you that are new are understanding everything is NOT created equal that we must spend a lot of time understanding the tendencies of different situations and bars(that make sense to you, remember a bar I like may not be a bar...
Thanks Mike a very helpful post. I was thinking a lot. This is sometimes hard to me - I mean idetifying if the size is OK or it is small... yes like bar #1 it is no doubt a small one, but many times I would look at the bar like #2 and still hesitate...

So I was thinking to make this process more objective, would that be valid to compare the size of a possible setup bar to say the biggest bar or better yet an average of some number of bars in a previous trend, so if the size is not less than it then I shoot?

At the end of each week I go through whole SP500 (weekly) and many times I see PB and the size is always a problem to me. Location is sometimes easier to judge than adequate size

For example this my last setup that did not trigger. Yes now it looks to me that size is small, The Lord pointed it out immediately as I remember... but at that time it looked ok, a lot of confluences, MA's Brn almost everything...

So whole point is that maybe there is some way to make a decision more objective (like comparing size of setup bar to some other bars range) Would you suggest anything?

Thank you.

http://cdn.forexfactory.com/attachme...1&d=1286296663
  • #76,752
  • Oct 7, 2010 8:38am Oct 7, 2010 8:38am
Hey Mike I love the way you think buddy .. You are one hell of a FOX 2....

Watch the fun in currency markets people .....Just wait like MIKE and JIM does and many great others ... You ll have lots of ops next week and maybe weeks....
  • #76,753
  • Oct 7, 2010 8:42am Oct 7, 2010 8:42am
Quoting xmzhang
Hey Mike,
Question: are you looking for PA that confirms support on the same TF where you observed the breakout or do you zoom into a lower TF looking for PA. You posted a chart of the 4H-TF of A-Y, so I assume you're looking for PA on the 4H-TF ? Also, say you would find a solid PA on the 15m-TF first, would you then consider this a weaker confirmation that former resistance is now acting as support, compared to a PA on the 4H-TF ?
I usually go one timeframe lower. If the pattern is a 4hr, I drop to 1hr

If the pattern is a daily, I drop to 4hr

But I still watch the same timeframe as well.

Best
Mike
  • #76,754
  • Oct 7, 2010 8:45am Oct 7, 2010 8:45am
Quoting Adilius07
Thanks Mike a very helpful post. I was thinking a lot. This is sometimes hard to me - I mean idetifying if the size is OK or it is small... yes like bar #1 it is no doubt a small one, but many times I would look at the bar like #2 and still hesitate...

So I was thinking to make this process more objective, would that be valid to compare the size of a possible setup bar to say the biggest bar or better yet an average of some number of bars in a previous trend, so if the size is not less than it then I shoot?

At the end of each week I go...

Hey Ad

Of course it is always more difficult in real time, this is where you have to spend time and time and more time. But I see your chart and bar and reminds me of bar #1 I posted. It doesn't JUMP out at you. As you get good at this you will see the times when you can take bars that aren't jump out great b/c you have seen it before and you know it works more then it doesn't. But if you are struggling then you shouldn't be taking a bar like that one. Sure it might work out, but is it worth it? The bar on your chart that jumps out the most is the one at the high of the 13 mark. See the difference alone b/w that bar and your bar? As for comparing them in sizes. Some people will look at the exact range numbers etc. I personally just look visually. I think everything is comparable to what is around it. The gold one should jump out at you. If it doesn't walk away from your charts and come back again and just look at what bars jump out.

Hope that helps
Mike
  • #76,755
  • Oct 7, 2010 8:48am Oct 7, 2010 8:48am
Quoting menomoo
Hey Mike I love the way you think buddy .. You are one hell of a FOX 2....

.
hahaha you cracked me up meno
  • #76,756
  • Oct 7, 2010 8:54am Oct 7, 2010 8:54am
Quoting mbqb11
Hey Ad

Of course it is always more difficult in real time, this is where you have to spend time and time and more time....
Yes BEOB with PB structure at 13 really jumps out. Ok I will give myself more time to practice visually. Will do just like you said.. I will do one pass through my charts, then rest then will go again. Will keep you informed on my progress. Thanks!
  • #76,757
  • Oct 7, 2010 8:55am Oct 7, 2010 8:55am
Quoting Hitchhiker
AUD finding support at parity after break of multiple highs on monthly...Swing high but at parity?
Is it worth a shot Mike...or too risky?
  • #76,758
  • Oct 7, 2010 9:02am Oct 7, 2010 9:02am
Quoting Hitchhiker
Is it worth a shot Mike...or too risky?
Depends on how you define risky. For me it doesn't fit in line with what I do. I am watching for solid PA, before picking the top here. But great area to watch.

Best
Mike
  • #76,759
  • Oct 7, 2010 9:27am Oct 7, 2010 9:27am
GBP/USD 4Hour
Got a nice sized pin where we wanna see one (Double top / BRN / Divergence)
But I passed on this one as it's trading directly into trouble (lack of space etc)
I'm not prepared to take on the risk for what would have to be a quick hitter imo

Jonny
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  • #76,760
  • Oct 7, 2010 9:39am Oct 7, 2010 9:39am
My Lord, where is that bloody wounded DRAGON , he bloody jinxed the markets I think )) Hope he took the tip and made a quick HUNDRED pips or so putting a stop loss of 25 pips or whatever ...

So looks like markets are tuning up for the upcoming storm .. What you reckon Fox 1? or FOX UNO ( you know who know who u know FOX2 .)

Well I am glad I put a bit of smile on your face MIKE ... But I meant what said i just would like you to know it .. I dont know how old you are but I think Jaroo said about 26 .. Man if you are you have one hell of head there ... Just stay grounded though >)

Ok back to the posts as I said earlier I am going to just wait and smoke pipe for a while and watch the pairs do there final CAN CAN s ...

Then I will se what I can to join their CAN CAN )) You know what I mean MIKE)))

hope Dragon take your valuable advice and stay and watch all the great minds here.. From J16 to Jaroo to Mike to PINBAR to ....etc

And thanks again in behalf of the community for the warning J16 ( FOX 1 )..

Ok back to work ... Sorry guys it was a long one ... Next time short I promise))

V
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