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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

  • #96,461
  • Jun 13, 2011 2:40pm Jun 13, 2011 2:40pm
Mike,

Are you still short? I came in today again off 8840 level, it's a nice level on weekly and the gap open made me take notice.
  • #96,462
  • Jun 13, 2011 3:22pm Jun 13, 2011 3:22pm
Love this thread guys, keep up the good work.

I have a quick question. What does a double bar low lower close mean?
  • #96,463
  • Jun 13, 2011 3:27pm Jun 13, 2011 3:27pm
Quoting JusticeFX
Love this thread guys, keep up the good work.

I have a quick question. What does a double bar low lower close mean?
It's an impossibility!

There's a double bar high lower close, DBHLC, which is a two bar formation, each with the same high but a lower low on the second (reversal from bullish to bearish)

and a double bar low higher close, DBLHC, which is exactly the opposite

Best

If
  • #96,464
  • Jun 13, 2011 3:31pm Jun 13, 2011 3:31pm
Quoting Ifmyante
It's an impossibility!

There's a double bar high lower close, DBHLC, which is a two bar formation, each with the same high but a lower low on the second (reversal from bullish to bearish)

and a double bar low higher close, DBLHC, which is exactly the opposite

Best

If
See attachment.
Attached Image
  • #96,465
  • Jun 13, 2011 3:39pm Jun 13, 2011 3:39pm
Quoting JusticeFX
See attachment.
Excuse me. One too many cervesas

Whenever I see this, I look for a bearflag to form, especially if there's a nice pole into it.

Apart from that, I'd be interested to see if it has any other significance

The one you show has tweezer bottoms however, which shows a double rejection from a level, which can be a reversal sign
  • #96,466
  • Jun 13, 2011 3:43pm Jun 13, 2011 3:43pm
Quoting JusticeFX
See attachment.

Wouldn't this just be considered an inside bar in J16 speak? Not 100% sure if someone else could chime in...
  • #96,467
  • Jun 13, 2011 3:45pm Jun 13, 2011 3:45pm
Quoting gungriffin
Wouldn't this just be considered an inside bar in J16 speak? Not 100% sure if someone else could chime in...
Perhaps. If so, my filter is a bit more stringent, so I personally would only consider it an inside bar if it's fully inside the range of the previous bar, not equal to.

However, looking for the bear flag is a good option as well, thanks.

As for your comment on the tweezer bottoms, good spot! The volume wasn't very high on the M15 (picture showed), but a double tweezer bottom also formed on the H1 (but again with little volume).
  • #96,468
  • Jun 13, 2011 3:55pm Jun 13, 2011 3:55pm
Quoting JusticeFX
Perhaps. If so, my filter is a bit more stringent, so I personally would only consider it an inside bar if it's fully inside the range of the previous bar, not equal to.

However, looking for the bear flag is a good option as well, thanks.

As for your comment on the tweezer bottoms, good spot! The volume wasn't very high on the M15 (picture showed), but a double tweezer bottom also formed on the H1 (but again with little volume).
Cool. Got a few new terms and patterns to check out. Always into finding new things.
  • #96,469
  • Jun 13, 2011 4:09pm Jun 13, 2011 4:09pm
Quoting gungriffin
Cool. Got a few new terms and patterns to check out. Always into finding new things.
If you like, have a look at Bulkowski for some patterns that you will see time and time again
  • #96,470
  • Jun 13, 2011 4:45pm Jun 13, 2011 4:45pm
11 years since my city has enjoyed the thrill of complete victory.

31 years ive cheered for my mavs to win it all and it couldnt have happened to a greater bunch of guys.

12 players on the team have 11 years or more with no championships.

old school ball can still win baby.

Quoting mbqb11
congrats to James and his Mavericks, my buddy finally got one and I couldn't be happier
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  • #96,471
  • Edited 6:04pm Jun 13, 2011 4:51pm | Edited 6:04pm
just got another email accusing me of being unethical for putting out charts after the fact. i will never understand that thought process.

im gonna help those that want to help themselves because i know what i do works if you put in the time and effort.

here was my exact reply,

"teaching people to fish is much more ethical than giving them a fish.

in 30 years i know of no website nor do i know of one person that has ever made a trader succesful by giving them a fish.

i challenge you to prove me wrong.

have you made anyone succesful by giving them a fish?

i can prove i have made people succesful by teaching them to fish.

people that lead traders into gambles are unethical.

i refuse to follow the scum that do that to people,

jim
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  • #96,472
  • Jun 13, 2011 5:01pm Jun 13, 2011 5:01pm
Quoting james16
just got another email accusing me of being unethical for putting out charts after the fact. i will never understand that thought process.

im gonna help those that want to help themselves because i know what i do works if you put in the time and effort.

here was my exact reply,

"teaching people to fish is much more ethical than giving them a fish.

in 30 years i know of no website nor do i know of not one person that has ever made a trader succesful by giving them a fish.

[font=Arial][size=2]i...

Just cause it's fitting here, an excerpt from a post made prior to James post in the PF. Just showing that anyone can begin to spot strong levels that James has shown us time and time again. Then it takes a LOT of time and practice to put everything into play in a workable manner.

Those that want to put in the time , it's here for you


Quote
Hey Mike,

I've been quite conflicted regarding this EURCAD setup and I was hoping you can help me out a little.

On the daily we have 1.4 as a very clear PPZ that we should almost certainly be watching for a bounce up as price comes down from the recent swing high. It also happens that the level falls on the 50% fib retracement level adding confluence to the idea that price should bounce at this area. (second chart)
  • #96,473
  • Jun 13, 2011 5:02pm Jun 13, 2011 5:02pm
Quoting james16
just got another email accusing me of being unethical for putting out charts after the fact. i will never understand that thought process.

im gonna help those that want to help themselves because i know what i do works if you put in the time and effort.

here was my exact reply,

"teaching people to fish is much more ethical than giving them a fish.

in 30 years i know of no website nor do i know of not one person that has ever made a trader succesful by giving them a fish....
I got that chart when you e-mailed it and I thought that it was great. Congrats on a well thought out and executed trade.

It just sucks that there are so many people out there who try to screw new traders out of money, and that we all have to be so careful of who to actually trust as being legitimate. There will always be naysayers, but I can personally say that Jim (and the J16 group) is the real deal. This thread contains some of the most amazingly selfless people you will find in trading. If this thread didn't contain valuable information then it would be in the "old thread waste basket" with all of the other crap that has passed through this forum. The last time I looked however it is getting ready to pass 100,000 replies. No matter what anyone else says I can honestly say thank you to Jim, Mike, Jarroo, Bemac and everyone else whose posts have brought me to where I currently am in trading.
  • #96,474
  • Jun 13, 2011 5:06pm Jun 13, 2011 5:06pm
Quoting james16
just got another email accusing me of being unethical for putting out charts after the fact. i will never understand that thought process.

im gonna help those that want to help themselves because i know what i do works if you put in the time and effort.

here was my exact reply,

"teaching people to fish is much more ethical than giving them a fish.

in 30 years i know of no website nor do i know of not one person that has ever made a trader succesful by giving them a fish.

[font=Arial][size=2]i...
I usually lurk around few threads including yours and always find something to learn. If it is not too much of a trouble would you please answer a question.
If a set up repeats should one take the same trade? My success ratio on repeat pattern within 24 hours on same pairs is less than 50%. Thanks for your answer.
  • #96,475
  • Jun 13, 2011 5:09pm Jun 13, 2011 5:09pm
Quoting Chelski
Mike,

Are you still short? I came in today again off 8840 level, it's a nice level on weekly and the gap open made me take notice.
Hey Chelski

I left early friday for a weekend out of town, so I ended up just closing it at b/e before this since I wouldn't be around to manage it in anyway. Glad to hear you got some pips out of it.

Best
Mike
  • #96,476
  • Jun 13, 2011 5:10pm Jun 13, 2011 5:10pm
I second that. J16 rocks! So glad i found this so soon as new a trader. learning so much and long may it continue.
Free speech is an oxymoron
  • #96,477
  • Jun 13, 2011 5:29pm Jun 13, 2011 5:29pm
Hello my name is Alan i am 22 and from california.... but i normally go by almann on the internet which is my sn. I am relatively new to this forum and to trading. I have been trading for almost two years now with mini and demo accounts mostly just using chart patterns and some stuff i learned from babypips like the cowabunga ma crossover system. I have wasted way way too much time finding the holy grail system and am just now realizing its not out there i just need to put all the info i have learned together as well as add new valuable info to my roster. I have reached a break even point in trading where my account normally looks like it did at the beginning of the month although making several trades along the way. I think this is mainly to do with psychology of trading but i am here to increase my PA knowledge. I am only on page 100 of this nearly 7000 page forum but i plan on posting some of my trading ideas based on j16 info from time to time and hopefully the first one very soon. I hope to get some invaluable knowledge from the seniors from time to time but i also hope to pass some along. I also would like to meet as many professional traders as i can along the way. so hello and let the learning begin i cant wait......btw if you cant tell upon coming across j16 info i have been very excited about this stuff!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #96,478
  • Jun 13, 2011 5:41pm Jun 13, 2011 5:41pm
Quoting james16
just got another email accusing me of being unethical for putting out charts after the fact. i will never understand that thought process.

im gonna help those that want to help themselves because i know what i do works if you put in the time and effort.

here was my exact reply,

"teaching people to fish is much more ethical than giving them a fish.

in 30 years i know of no website nor do i know of not one person that has ever made a trader succesful by giving them a fish.

[font=Arial][size=2]i...
Where de Man! Show me de Man! {as M. Tyson would say}
Jim; Ive known you for >5 Years now & even though you, sometimes, comment that "You may have gone a little Overboard on this one..." I have Never found anything you have done, or said, that could possibly bring your Integrity/Ethics into Question.
As a matter of fact; I like you More for your Integrity than your Methods And That, my friend, is saying a Whole Bunch.

Don't Change. {as if you Could... }

Looking forward to your views on REAL Estate.

B
  • #96,479
  • Jun 13, 2011 5:57pm Jun 13, 2011 5:57pm
im not sure i fully understand what you mean.

email a chart with some notations to [email protected]

make sure you indentify yourself.

i get 50 to 75 emails a day.

first thing im gonna ask you is if you have completed the outline in post one.

if you have not there is really not a lot i can do to help you but try and get you to go back and start over.



jim

Quoting 4xs
I usually lurk around few threads including yours and always find something to learn. If it is not too much of a trouble would you please answer a question.
If a set up repeats should one take the same trade? My success ratio on repeat pattern within 24 hours on same pairs is less than 50%. Thanks for your answer.
  • #96,480
  • Jun 13, 2011 5:58pm Jun 13, 2011 5:58pm
a true honor that you would say that sir.

jim

Quoting Bemac
Where de Man! Show me de Man! {as M. Tyson would say}
Jim; Ive known you for >5 Years now & even though you, sometimes, comment that "You may have gone a little Overboard on this one..." I have Never found anything you have done, or said, that could possibly bring your Integrity/Ethics into Question.
As a matter of fact; I like you More for your Integrity than your Methods And That, my friend, is saying a Whole Bunch.

Don't Change. {as if you Could... }

Looking forward to your views on REAL Estate.

B
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