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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

  • #105,081
  • Dec 9, 2011 8:46am Dec 9, 2011 8:46am
Quoting Rust
Nice saying Happy Friday !http://a8.sphotos.ak.fbcdn.net/hphot...80306290_n.jpg
can't argue with that guy. What an idol he is of mine

  • #105,082
  • Dec 9, 2011 10:21am Dec 9, 2011 10:21am
Quoting mbqb11
Look what happened as we would look to expect

Bottom box tested. Now it's a matter if that box will hold or not. Simple side to side support/resistance . I'll lock in profit above that high once this bar closes

Best
Mike
stopped out now above that last high
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  • #105,083
  • Dec 9, 2011 10:28am Dec 9, 2011 10:28am
Quoting mbqb11
stopped out now above that last high
I know it's not always a given but note how price has completely bounced off the 365 EMA daily on this pair.

regards,
Dave
  • #105,084
  • Dec 9, 2011 10:34am Dec 9, 2011 10:34am
Quoting Mpondondo
I know it's not always a given but note how price has completely bounced off the 365 EMA daily on this pair.

regards,
Dave
Hasn't quite reached the 365, that's a bit lower at 1.00

I don't use MAs myself but they can be good added confluence. 1.0 being parity will naturally be a strong area to watch.

This setup I was trailing out all the way through. It's a case where it's worth the potential to give back profit. You can't have the best of all worlds so there is always a give and take.


Best
Mike
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  • #105,085
  • Dec 9, 2011 10:39am Dec 9, 2011 10:39am
Quoting mbqb11
Hasn't quite reached the 365, that's a bit lower at 1.00

I don't use MAs myself but they can be good added confluence. 1.0 being parity will naturally be a strong area to watch.

This setup I was trailing out all the way through. It's a case where it's worth the potential to give back profit. You can't have the best of all worlds so there is always a give and take.


Best
Mike
That's a weird one, on my chart it's touched right through. You must have your's set for the low of the bar (I set mine for teh close of the bar)

regards,
Dave
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  • #105,086
  • Dec 9, 2011 10:42am Dec 9, 2011 10:42am
Quoting Mpondondo
That's a weird one, on my chart it's touched right through. You must have your's set for the low of the bar (I set mine for teh close of the bar)

regards,
Dave
Hey Dave

Nope mine is on the close, see you have those little few hour sunday bars on your chart. Those small tiny bars. That will skew things because it counts that as a full day towards the calculation. The idea behind the MA is still the same though. We use them to get an idea of how the previous X period has acted, nothing more or less. It's just taking price and showing it visually in a different way. Either way though it would not have played a role for me for this trade as I was aiming for a larger move that's why I was willing to give up
slightly over 2% gain and ending on around a .35% gain
Hope that helps
Mike
  • #105,087
  • Dec 9, 2011 10:53am Dec 9, 2011 10:53am
Quoting mbqb11
Hey Dave

Nope mine is on the close, see you have those little few hour sunday bars on your chart. Those small tiny bars. That will skew things because it counts that as a full day towards the calculation. The idea behind the MA is still the same though. We use them to get an idea of how the previous X period has acted, nothing more or less. It's just taking price and showing it visually in a different way. Either way though it would not have played a role for me for this trade as I was aiming for a larger move that's why I was willing to...
I see yes, hmmm got to find a way to remove the sunday bars...

I understand your strategy Mike, and if it had pushed lower you'd be smiling. I don't use the EMA's as a trade but keep them around as there are some traders (computers??) that use them and it can cause some interference to the good old PA.

enjoy your weekend!

Dave
  • #105,088
  • Dec 9, 2011 10:58am Dec 9, 2011 10:58am
Hi Guys,

What are the thoughts out there about trading this one into the weekend?

regards,
David
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  • #105,089
  • Dec 9, 2011 10:58am Dec 9, 2011 10:58am
Quoting Mpondondo
I see yes, hmmm got to find a way to remove the sunday bars...

I understand your strategy Mike, and if it had pushed lower you'd be smiling. I don't use the EMA's as a trade but keep them around as there are some traders (computers??) that use them and it can cause some interference to the good old PA.

enjoy your weekend!

Dave
Absolutely bud, I used them for a long time. You could always use a broker with no sunday bars, and transfer your orders. Not sure if that's too inconvenient for you


B asked me to share my thoughts as well so others could have different view points

I myself do not use MAs, I will speak on that but first on something about the timeframe of them

Funny enough were having a good little convo on MAs over in the PF. Here is what I wrote just so I don't scare people from using them as I have nothing against them and think it's a great way to build confluence too


Like price itself I don't believe timeframe plays as big of a role as we might imagine(I know hear me out it doesn't mean structure isn't important). Just as if we don't need a specific timeframe on a chart(daily , 4hr, 12hr, 18hr who really cares is my view). Price is price and has ALREADY occurred. So a MA is just a historical average of that. I think that the value itself 365, 150, 20 etc isn't as great as one might think. It is more important to understand the "period" that you are viewing. So it's another viewing glass into the data the market has given us. If you use a 200, or a 250, it's not going to make or break a trader because if that was the case most likely that trader has way over curve fitted ones data or decisions and market changes will destroy that. Instead we understand this is a medium/longer term MA of the timeframes we have applied that MA too. We use that data in the way that fits into the REST of our methods. Now the caveat from before is that of course structure we still need. I still use daily timeframes, I still use 1hr and try not to over do it for simplicity sake. But not b/c I don't think I could trade off a 3 hr timeframe.

With that said I don't use MAs because I don't believe they add any more value to my trading. I can see pretty good the averages and for me and how I would use them this is good enough. I understand more the power of the tools I do use and thus ditch the things I do not need. So for me the value is not there enough to play a role and thus I think it could be more of a distraction for me then helpful at this point.

Again I do not think that those that use them are wrong so that's important to note.
  • #105,090
  • Dec 9, 2011 11:02am Dec 9, 2011 11:02am
Quoting mbqb11
stopped out now above that last high
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
  • #105,091
  • Dec 9, 2011 12:49pm Dec 9, 2011 12:49pm
Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
Thanks mike for this
  • #105,092
  • Dec 9, 2011 1:39pm Dec 9, 2011 1:39pm
Hey Mike ,
what's your opinion on trading setups , against the gaps ?
Here is an example of what I mean ... hmm .

To this point I was biased bullish , because of the gaps . But this scene is kinda confusing ....
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  • #105,093
  • Dec 9, 2011 1:59pm Dec 9, 2011 1:59pm
weekly divergence
daily pinbar
1 hr flag

possible breakout?
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A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #105,094
  • Dec 9, 2011 2:00pm Dec 9, 2011 2:00pm
Thanks for the video Mike. It really does help us guys who aren't subscribed to the PF. Learning on the this thread is one thing but watching it on video really brings it to life.

Have a good weekend


Quoting mbqb11
here's the video since I posted it all out on here anyway and haven't updated my guest side in awhile. I still think were headed lower but it's about timing as well.

http://www.megaupload.com/?d=ZYF1C8EK

Have a great weekend all!

Mike
  • #105,095
  • Dec 9, 2011 2:30pm Dec 9, 2011 2:30pm
Quoting Rust
Hey Mike ,
what's your opinion on trading setups , against the gaps ?
Here is an example of what I mean ... hmm .

To this point I was biased bullish , because of the gaps . But this scene is kinda confusing ....
Hey Rust

Don't let a gap fully take away from just using the chart. If you look at my aud/usd short, i still played the chart. I may have tried to "extend" the trade and trail it out, but I still protect myself and trade the chart. Just cause a "gap" exists(remember a gap is not a real gap price still moves in this area), doesn't mean price can't move any way it wants. The eur/aud bar went right to the FTA before reversing make the trade still very viable. From a daily perspective we had a BUOB at a BRN in a ranging market(mine is a box as shown previously on this thread). Price went to the FTA around 3200 and reversed. Nothing more nothing less. If the gap didn't exist and I took that bar I would certainly be out. If the gap did exist as it did and I took this bar I would still be out because of the way I play ranges.

Always let the chart do the ultimate talking

Best
Mike
  • #105,096
  • Dec 9, 2011 2:30pm Dec 9, 2011 2:30pm
Quoting hunzul
Thanks for the video Mike. It really does help us guys who aren't subscribed to the PF. Learning on the this thread is one thing but watching it on video really brings it to life.

Have a good weekend
you are quite welcome guys

Have a great weekend too

Mike
  • #105,097
  • Dec 9, 2011 3:04pm Dec 9, 2011 3:04pm
Quoting mbqb11
Hey Rust

Don't let a gap fully take away from just using the chart. If you look at my aud/usd short, i still played the chart. I may have tried to "extend" the trade and trail it out, but I still protect myself and trade the chart. Just cause a "gap" exists(remember a gap is not a real gap price still moves in this area), doesn't mean price can't move any way it wants. The eur/aud bar went right to the FTA before reversing make the trade still very viable. From a daily perspective we had a BUOB at a BRN in a ranging market(mine is a box...
Yeah , I was monitoring closely your aud/usd trade . But that one was towards the gap , which is always good in my opinion .

So, if we assume today's eur/aud bar close as it is on the chart above (pinbar) , do you consider this a good setup for a short ? A breakout and pullback of the triangle ?
I should play it if there was no gap , but now i'm struggling to decide ...
  • #105,098
  • Dec 9, 2011 3:09pm Dec 9, 2011 3:09pm
Quoting Rust
Yeah , I was monitoring closely your aud/usd trade . But that one was towards the gap , which is always good in my opinion .

So, if we assume today's eur/aud bar close as it is on the chart above (pinbar) , do you consider this a good setup for a short ? A breakout and pullback of the triangle ?
I should play it if there was no gap , but now i'm struggling to decide ...
Hey Rust

Depends on how much you believe in your pattern. To me the pattern is a box not any kind of wedge. So to me that would just make it a pinbar at a swing low where we want a pinbar at a swing high.

I would tell you even if there is a gap and there is a trade against it if it fits my criteria then I will take it. The end of the day I am trading my chart

Hope that helps
Mike
  • #105,099
  • Dec 9, 2011 3:23pm Dec 9, 2011 3:23pm
Thanks Mike

By the way , just watched the video . Great as always
You talk a lot faster than before
  • #105,100
  • Dec 9, 2011 3:26pm Dec 9, 2011 3:26pm
Quoting Rust
Thanks Mike

By the way , just watched the video . Great as always
You talk a lot faster than before
I'm a new yorker on a friday bad combo


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