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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

  • #109,441
  • Edited 6:33pm Mar 26, 2012 2:40pm | Edited 6:33pm
Quoting jarroo
An old trading proverb, "Opportunity lost is very much preferable than Capital Loss."

Its what I say when I miss a better entry . .
Wisdom in those words!!!, i was trying to runaway fast just from the capital loss, or the drawdawn it could make me into.

I am perfectly fine with my lost opportunity, trust me!!!, besides i already made 5pip profit from that monthly level, ;-). Someday i will catch your runners!!!, lol

Best wishes

Hector

Edit: Hey Jaroo, by 7 pips, 100 pips NOT in my account, kind of regret now!, lol
  • #109,442
  • Mar 26, 2012 2:49pm Mar 26, 2012 2:49pm
This pair has given a whole range of setups over the last few months which i've posted at some point. Something to watch for maybe.....

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  • #109,443
  • Mar 26, 2012 3:57pm Mar 26, 2012 3:57pm
Quoting PinWing
Hello Mike

I read your bias is Long on usd cad?, My bias was just the opposite!!!, (rookiness, i think). I was looking for any signal to go short, even if we were getting in the box again, trying to catch a runner to the downside.

My reason is the previous giant wedge that broke to the downside, i think it is now acting like some kind of resistance, isn't it?

Once a pattern occurs, do you still take it into consideration, or just erase it and move forward? I havent erased that giant wedge on my mind (neither on my chart, lol), and that...
Hey Hector

For me I take a pattern only for what it is. I don't assume anything necessarily. In this case the way I drew it(see previous post) gives me the best options for my trading style for an upside break. If the pattern begins to form better it could shift to being better for a short. Currently though the setup is more bullish for me then anything opportune for downside. Now this is also because of the confluence at the parity level. It all comes back to style and execution. Same concepts just how we as a trader decide to utilize them. Case in point the pinbar off the parity level. Perfectly confluenced and we know exactly where price is going(also see previous chart by myself or Jarroo). Does that mean I take it? Nope. i still wait for the entries that best suit my style. This thing could shoot straight down tomorrow. But it's most important to me when things line up for ME. Everything else is just market movement setting me up(that's how I look at it). So you are by no means wrong, but also make sure that you are timing your entries based on current information. Don' assume a break down cause that last wedge did, utilize the new information to make a new decision. If your conclusion is still short then absolutely go for it that's why we demo and learn ourselves and our methods

Hope that helps
Mike
  • #109,444
  • Mar 26, 2012 4:02pm Mar 26, 2012 4:02pm
Quoting heebbyjeeby
Shaping up to be a DBLHC on daily too.
Mike do you take these as entry bars, or do you stick to these formations at swing lows as James teaches?
Hey Heeb

This would be a continuation setup. Like some of the "noise" that happened today. It's another variation to similar concepts. I show both continuation setups and also reversal setups in this thread but we urge new traders to learn first(the way James introduces the material in this thread) the traditional location. Continuation setups are no more or no less valid then reversals. One is never better than the other, it's always the story and setup. This to me would be a continuation play, but again just like I would review a reversal bar it doesn't meet my criteria for a continuation entry. I generally try to post more about traditional entries in this thread but you will see me showing/trading/teaching many different variations that I use.

I always say learn to take these bars at the traditional locations and build up your toolbox(if needed/wanted) over time.

Best
Mike
  • #109,445
  • Mar 26, 2012 4:19pm Mar 26, 2012 4:19pm
Quoting jarroo
Update on the UsdCad . .Classic James16, trading in a side ways market .. .

Yes, Jim you were right, it blew right through that area right after the news release. Just shows, how news is figured into the charts.
  • #109,446
  • Mar 26, 2012 4:53pm Mar 26, 2012 4:53pm
Quoting jarroo
Update on the UsdCad . .Classic James16, trading in a side ways market .. .

It was a good trade.
Many choose unhappiness over uncertainty.
  • #109,447
  • Mar 26, 2012 4:56pm Mar 26, 2012 4:56pm
Quoting mbqb11
Hey Hector

For me I take a pattern only for what it is. I don't assume anything necessarily. In this case the way I drew it(see previous post) gives me the best options for my trading style for an upside break. If the pattern begins to form better it could shift to being better for a short. Currently though the setup is more bullish for me then anything opportune for downside. Now this is also because of the confluence at the parity level. It all comes back to style and execution. Same concepts just how we as a trader decide to utilize...
Hello Mike

Of course it helps, you are the man!!!

I was thinking about the wedge as a roof pushing price lower, but there is also a bulish pattern like the gbp nzd trade you posted recently, and it did perfectly fine.

Lets see what the market tells us.

Best wishes

Hector
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  • #109,448
  • Mar 26, 2012 5:01pm Mar 26, 2012 5:01pm
Quoting PinWing
Hello Mike

Of course it helps, you are the man!!!

I was thinking about the wedge as a roof pushing price lower, but there is also a bulish pattern like the gbp nzd trade you posted recently, and it did perfectly fine.

Lets see what the market tells us.

Best wishes

Hector
Yep you are dead right. We have multiple options. You can trade off the roof, buy off the floor. You can also wait for breaks of the ceiling and when the ceiling breaks often it becomes your new floor and vice versa.

Best
Mike
  • #109,449
  • Mar 26, 2012 5:04pm Mar 26, 2012 5:04pm
Hey guys, we have a daily BUOB on echf (alpari feed)!
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  • #109,450
  • Mar 26, 2012 5:28pm Mar 26, 2012 5:28pm
Hey I been reading on this thread for three days. I just wanted to reserve this post so I can come back in the future and see how much I have progressed. I have learned more in these three days than I have in a year.
  • #109,451
  • Mar 26, 2012 5:38pm Mar 26, 2012 5:38pm
USDSEK: 6.700 is a good area to watch for the Support to Resistance flip IMHO.

One for you exotic fans out there

*Anyone else have their Oanda charts reset to default!?
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  • #109,452
  • Mar 26, 2012 5:46pm Mar 26, 2012 5:46pm
This is one for the other master in here, Jaroo

This is aud cad. Daily bearish PinBar that has to break a monthly LCS to be in play.

Nice to sit on ur hands and see what happens

Best wishes

Hector
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  • #109,453
  • Mar 26, 2012 5:56pm Mar 26, 2012 5:56pm
Quoting Flamegs23
Hey I been reading on this thread for three days. I just wanted to reserve this post so I can come back in the future and see how much I have progressed. I have learned more in these three days than I have in a year.
welcome Flamegs, that is cool to hear


Mike
  • #109,454
  • Mar 26, 2012 6:04pm Mar 26, 2012 6:04pm
Quoting Rust
Habeeb , is this really you ? You alive ?
Yup ... still ticking.
Keeping it Simple
  • #109,455
  • Mar 26, 2012 6:04pm Mar 26, 2012 6:04pm
Quoting mbqb11
That moon must be full somewhere
Interesting you should say that.

Title of Today's evening lecture: "Emotional Intelligence - Relationship Management". What it's got to do with Architecture I don't know LOL.

Hope all is good my friend
  • #109,456
  • Mar 26, 2012 6:04pm Mar 26, 2012 6:04pm
Quoting habeeb
Yup ... still ticking.
Hey buddy
  • #109,457
  • Mar 26, 2012 6:05pm Mar 26, 2012 6:05pm
Quoting 5.25
Interesting you should say that.

Title of Today's evening lecture: "Emotional Intelligence - Relationship Management". What it's got to do with Architecture I don't know LOL.

Hope all is good my friend
I guess it's all always interconnected. Energy is a powerful thing

All is good my friend I hope the same to you

Mike
  • #109,458
  • Mar 26, 2012 6:19pm Mar 26, 2012 6:19pm
Quoting diggsnoob
E

Wow, long time! Hope you're doing well, my friend!
Hi diggs,
I'm doing great ... hope you're well too bro.
Keeping it Simple
  • #109,459
  • Mar 26, 2012 6:26pm Mar 26, 2012 6:26pm
Quoting meshka
well, I took a risky trade today. Traded this BUOB in front of downtrend line. now just sit and watch in front of these pictures - pure hope&pray trade
Hi Meshka

I'm watching a potential retest of 1.32846 on EURUSD. Lines up beautifully on multiple timeframes for a FTB entry.
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  • #109,460
  • Mar 26, 2012 6:35pm Mar 26, 2012 6:35pm
Quoting mbqb11
Hey buddy
Hi Mike,
hope you're well too buddy.
Keeping it Simple
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