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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

  • #92,681
  • Mar 31, 2011 9:19am Mar 31, 2011 9:19am
Quoting Ifmyante
Here's the first chart I opened.

Can you see who's in the market right now?

No barrier is impenetrable though. James 16 rules RULE
Hi Ify

just read your interesting post - can you advise exactly where is the 'brief area of seeming agreement' and also what exact area of the chart constitutes the 'imbalance'?

Thanks
  • #92,682
  • Mar 31, 2011 9:29am Mar 31, 2011 9:29am
Quoting kdee1
Hi, this is euraud i took, what's going on now is not clear. Though its a demo i dont know why it fail to push out. can someone explain pls
Hi Kdee

Just my 2c

If
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  • #92,683
  • Mar 31, 2011 9:47am Mar 31, 2011 9:47am
Quoting Kalbar
Hi Ify

just read your interesting post - can you advise exactly where is the 'brief area of seeming agreement' and also what exact area of the chart constitutes the 'imbalance'?

Thanks
Hi Kal

I won't post the chart again, but if you look back, you'll see the box I've coloured. Where this began, price was in a brief consolidation and then fell quickly away.

A wise man used Walmart as an analogy for what happened here.
Walmart, as you know, are smart money. They like to buy in massive quantities at very low prices, and sell in massive quantities at the highest possible price.
Would Walmart be buying at this high price? No, that's where they're selling.
So, back to the chart. The smart money realises at this point that this is the highest retail price of the currency, and sells like mad.
When price gets down to wholesale price again, they will buy.

The chart is there for everyone to see, and the consistent losers will see that price has started to rally again, and start a buying frenzy. You will see a big bar rising fast when the losers get on board. Know this- the upper end of this big bar is the losers

The smart money, however, knows what the highest value of the currency is approaching, close their longs and open shorts.

This is because the smart money never buys high and never sells low.

I hope this makes sense as I've written it
  • #92,684
  • Mar 31, 2011 9:55am Mar 31, 2011 9:55am
Beob. let's see if it closes above 0.9720
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  • #92,685
  • Mar 31, 2011 10:00am Mar 31, 2011 10:00am
Quoting six gun
Yesterday a few posters were looking at USD/CHF and CAD/CHF. Which short off the pinbars to go for.

This is not something I have read being discussed here or anywhere else for that matter and I might not get any discussion anyway but here goes.

Clearly all currencies are linked and everything will match up as it were....

I wish I could analyze that deep. I stink at that stuff.

But I always just view which looks better if I am going to play something

Thanks for sharing that 6G

Mike
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  • #92,686
  • Mar 31, 2011 10:00am Mar 31, 2011 10:00am
Quoting trader3000
Beob. let's see if it closes above 0.9720
That's just what we need to push AUD/CAD up and CAD/CHF down
  • #92,687
  • Mar 31, 2011 10:00am Mar 31, 2011 10:00am
Quoting Ifmyante
Hi Kal

I won't post the chart again, but if you look back, you'll see the box I've coloured. Where this began, price was in a brief consolidation and then fell quickly away.

A wise man used Walmart as an analogy for what happened here.
Walmart, as you know, are smart money. They like to buy in massive quantities at very low prices, and sell in massive quantities at the highest possible price.
Would Walmart be buying at this high price? No, that's where they're selling.
So, back to the chart. The smart money realises at this point that this...
Hi Ify

Thanks for the response and yes it makes sense with your Walmart analogy. Presumabluy when prie gets back to the coloured box you would look for a PA signal, eg pin, to get in?
  • #92,688
  • Mar 31, 2011 10:01am Mar 31, 2011 10:01am
Quoting Adilius07
CADCHF was a BE for me :-/

Now USDCHF is also looking to become a BE after missing my TP by a few pips...

Watching GBPUSD closely now, lookng more and more doji though...so I might skip it
B/e with these types of bars is GOOD!

Most will just hope and pray they keep going. They may, who knows. But certainly there are much better probability situations for selling and holding

Nice adi
Mike
  • #92,689
  • Mar 31, 2011 10:03am Mar 31, 2011 10:03am
Quoting Kalbar
Hi Ify

Thanks for the response and yes it makes sense with your Walmart analogy. Presumabluy when prie gets back to the coloured box you would look for a PA signal, eg pin, to get in?
And with other confluence, all the better
  • #92,690
  • Mar 31, 2011 10:08am Mar 31, 2011 10:08am
Quoting Ifmyante
Nice one Mate

But let's go back to that AUD/CAD H4 BEOB.

Mike, if you're reading this, can you please tell us how you would have managed it, assuming that you thought it was a good bar to begin with?
Hey IMA

Your chart is confusing the heck out of me lol

Sorry I don't have that h4 beob on any feed, can you tell me what broker that is. And you do mean beob right, not that circled thing?

Thanks
Mike
  • #92,691
  • Mar 31, 2011 10:09am Mar 31, 2011 10:09am
Quoting Ifmyante
Jim, Mike, should I stop posting lower TF charts?
Hey IMA

I think its fine but it's something I try to refrain from doing as we get so many new traders and I want to really hammer home the j16 minimum requirements. I think its a good idea even when any of us do to remind those new to the thread to start on the daily weekly

you're the man

Mike
  • #92,692
  • Mar 31, 2011 10:10am Mar 31, 2011 10:10am
Quoting Ifmyante
Hi Kal

I won't post the chart again, but if you look back, you'll see the box I've coloured. Where this began, price was in a brief consolidation and then fell quickly away.

A wise man used Walmart as an analogy for what happened here.
Walmart, as you know, are smart money. They like to buy in massive quantities at very low prices, and sell in massive quantities at the highest possible price.
Would Walmart be buying at this high price? No, that's where they're selling.
So, back to the chart. The smart money realises at this point that this...
wow! a star in the making?! or already one...
keep it up, bro!
meine augen sind die sterne
  • #92,693
  • Mar 31, 2011 10:12am Mar 31, 2011 10:12am
Quoting aserbfx
wow! a star in the making?! or already one...
keep it up, bro!
Thanks As, thanks Mike.

I'm only standing on the shoulders of giants
  • #92,694
  • Mar 31, 2011 10:27am Mar 31, 2011 10:27am
Quoting mbqb11
I wish I could analyze that deep. I stink at that stuff.

But I always just view which looks better if I am going to play something

Thanks for sharing that 6G

Mike
What I am trying to say is from the charts you are saying:

USD/CHF will go down.
CAD/CHF will get stuck and not go down so much.

Immediately you are also saying USD/CAD will go down.

You don't even have to look at the USD/CAD chart. It must happen for the first two to occur. If it didn't happen, even for a split second the arbitraging computers would kick in and make it happen by buying and selling currencies to exploit the differences created.

It just occurred to me we don't often talk about the pairs in this way. In practice the charts should reflect what I am saying and it is maybe getting a bit intellectual. But it seemed an interesting thought.
  • #92,695
  • Mar 31, 2011 10:29am Mar 31, 2011 10:29am
Quoting mbqb11
I wish I could analyze that deep. I stink at that stuff.

But I always just view which looks better if I am going to play something

Thanks for sharing that 6G

Mike
Hi Mike

Just to confirm when you say that the FTA i a very high probability then you mean it is very likely to hit this area so it would be sensible to take profits at this area? How would you class this setup?
  • #92,696
  • Mar 31, 2011 10:30am Mar 31, 2011 10:30am
Quoting mbqb11
Hey IMA

Your chart is confusing the heck out of me lol

Sorry I don't have that h4 beob on any feed, can you tell me what broker that is. And you do mean beob right, not that circled thing?

Thanks
Mike
Sorry Mike. Well spotted. It's the BUOB out of parity, PPZ.

I'd like you to share (once again), if you have time, how you'd handle a bar like this over time

Thanks mate

If
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  • #92,697
  • Mar 31, 2011 10:31am Mar 31, 2011 10:31am
Quoting six gun
What I am trying to say is from the charts you are saying:

USD/CHF will go down.
CAD/CHF will get stuck and not go down so much.

Immediately you are also saying USD/CAD will go up.

You don't even have to look at the USD/CAD chart. It must happen for the first two to occur. If it didn't happen, even for a split second the arbitraging computers would kick in and make it happen by buying and selling currencies to exploit the differences created.

It just occurred to me we don't often talk about the pairs in this way. In practice the charts should...
haha sorry sixgun, I was being a bit tongue in cheek there. I do understand. I just don't really think in that way since I am so involved with just focusing on my chart at hand.

You are very correct in what you are saying. Sorry to make you go through it again,

Thanks bud
Mike
  • #92,698
  • Mar 31, 2011 10:36am Mar 31, 2011 10:36am
Quoting Ifmyante
Sorry Mike. Well spotted. It's the BUOB out of parity, PPZ.

I'd like you to share (once again), if you have time, how you'd handle a bar like this over time

Thanks mate

If
Thanks!

here ya go
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  • #92,699
  • Mar 31, 2011 10:42am Mar 31, 2011 10:42am
Quoting mbqb11
Thanks!

here ya go
Thanks Mike.

Once you get past the misconception that finding opportunities is complicated, it really does get very easy

Now stand back and watch me blow my third account
  • #92,700
  • Mar 31, 2011 10:45am Mar 31, 2011 10:45am
Quoting Ifmyante

Now stand back and watch me blow my third account
I don't believe that's going to be a problem for you ever again

Simplicity is the key to success, at least the only I have found

Mike
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