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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

  • #110,161
  • Apr 12, 2012 5:07am Apr 12, 2012 5:07am
Quoting bfd
You mean going short based on the head shoulders pattern?
no. trendlines, these cups, h&S's etc. are most subjective things in Tech Analysis
just waiting for any PA sign around this 1.2620 zone - break down or rebound... I would prefer rebound up - the things are clearer above, but will accept break down too just nearest target would be smaller - 1.2500 or so.
upper targets are 1.2750 for move to BE and cut half position, next is 1.2900 or more.
all is eternal - this is good news for people who loves bad news
  • #110,162
  • Apr 12, 2012 5:30am Apr 12, 2012 5:30am
Quoting ghous
Has it been 3 months already?

time flies fast . . .

Anyways, best of luck C!

g.

Couple of days even more then that to be exact , look at the EUR / USD daily chart and you might remember !
Human
  • #110,163
  • Apr 12, 2012 5:59am Apr 12, 2012 5:59am
well Aussie is at interesting place too. I would like rebound down, but ... who knows.
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Click to Enlarge Name: AUDUSD,Daily]_2012-04-12_13-46-48.png Size: 245 KB
all is eternal - this is good news for people who loves bad news
  • #110,164
  • Apr 12, 2012 6:11am Apr 12, 2012 6:11am
Quoting goldfish3
Hey Rust,

Been looking at this breakout as well. However it is right below the 150 EMA. bit scary for me. And right now its dwindling around the 1.03800 res. Ill wait for the retest of that level if it turns to support.
Hey man ,
I definitely consider those areas , but the overall setup is what I look as more major .
  • #110,165
  • Apr 12, 2012 6:44am Apr 12, 2012 6:44am
Quoting beebolbod
Learn to follow quote links.



YOU even replied to it?!?! Come on man, if you're going to go to all this trouble, at least get it right.
Mike and I (and you originally although it seems you didn't fancy making much constructive comment about his idea) were talking about the short trade in this link http://www.forexfactory.com/showthre...78#post5555578

And why bring PM's into the public eye? I was pissed off with you so i told you in private. You also chose the worst part to publish. An old trick.

Seems like you...

I made plenty of constructive comments to this person talking about the daily chart and taking a long trade.
This is what it is about. You actually replied to that post about the daily TF and taking the LONG trade.
You still do not see it?
And as for bringing the PM into it, you obviously are interested in only creating friction here.
I asked you what was in this daily Long setup trade that you claimed Mike was teaching, in your post, and you started the flame war with that PM. That is the problem!
Mike also commented that, he is under the impression that, what I was talking about was the Long trade this person made. I fail to see any post from Mike ridiculing my understanding on this trade. Quite the reverse.
So, what is your deal man? Apart from you getting your wires crossed?

Pissed off at me for asking you, a relative newbie, to explain your comments?
What a joke.
  • #110,166
  • Apr 12, 2012 6:52am Apr 12, 2012 6:52am
Quoting Pinbar
I made plenty of constructive comments to this person talking about the daily chart and taking a long trade.
This is what it is about. You actually replied to that post about the daily TF and taking the LONG trade.
You still do not see it?
And as for bringing the PM into it, you obviously are interested in only creating friction here.
I asked you what was in this daily Long setup trade that you claimed Mike was teaching, and you started the flame war with that PM. That is the problem!
Mike also commented that, he is under the impression that,...
Pin do you really want to go down this road AGAIN. Come on buddy. Myself and Bee all commented on a trade that you thought was a different one. It doesn't matter Pin. I think you still have the trade confused. It was an aud/usd 4hr pinbar short as I posted about it. EIther way

Let it go

Mike
  • #110,167
  • Apr 12, 2012 6:55am Apr 12, 2012 6:55am
Quoting mbqb11
Pin do you really want to go down this road AGAIN. Come on buddy. Myself and Bee all commented on a trade that you thought was a different one. It doesn't matter Pin

Let it go

Mike
Down what road Mike.

I ask a question, then get a flaming PM from this Guy.

You already admitted that even you were confused, this guy is obviously still confused but is pushing it.

You commented on the short, I commented on the Long trade.
That is what I am talking about, THE LONG TRADE.
  • #110,168
  • Apr 12, 2012 6:56am Apr 12, 2012 6:56am
Can someone comment, please?
_________________________________

When price broke the weekly level & VBRN I've decided to go long if I see a pullback and rejection.
The next day a pinbar formed and I've set my entry just above 1.00
It was hit but price continued further down and hit my SL.

It was tight however, so I think this was an acceptable trade.
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Thoughts are things
  • #110,169
  • Apr 12, 2012 6:57am Apr 12, 2012 6:57am
Quoting Pinbar
Down what road Mike.

I ask a question, then get a flaming PM from this Guy.

You already admitted that even you were confused, this guy is obviously still confused but is pushing it.
Pin I said possibly I was mistaken, but I don't believe I am. It was about the aud/usd 4hr pinbar short. If I was, like I said WHO CARES.

Moving on pinbar take any discussions about this outside this thread.

Mike
  • #110,170
  • Apr 12, 2012 6:58am Apr 12, 2012 6:58am
Quoting Quezoy
Can someone comment, please?
_________________________________

When price broke the weekly level & VBRN I've decided to go long if I see a pullback and rejection.
The next day a pinbar formed and I've set my entry just above 1.00
It was hit but price continued further down and hit my SL.

It was tight however, so I think this was an acceptable trade.
Hey Q

Careful here this is not actually a pinbar. FOr this to be a pinbar we want that long tail sticking out and up. This is actually what ghous calls an IPB. Which you actually have the right idea since that "wick" sticking down was buy orders being absorbed and then price "topped" out. So it makes it easier for price to go down. That's a bit more advanced though so for now let me know if you see why it's not a pinbar

Best
Mike
  • #110,171
  • Apr 12, 2012 6:59am Apr 12, 2012 6:59am
Quoting mbqb11
Pin I said possibly I was mistaken, but I don't believe I am. It was about the aud/usd 4hr pinbar short. If I was, like I said WHO CARES.

Moving on pinbar take any discussions about this outside this thread.

Mike
Well, I was talking about The LONG trade this person posted about.
It does not matter who is right or wrong, but, to flame someone for asking for an explanation is way out of line.
So tell BB to STFU and not me.

Quoting beebolbod
That's why i think this was a good trade. If you spend time analysing why it did what it did you'll see why the J16 method Mike is fond of teaching works so very well.

As an aside it's a useful tool to know that closing some of a position and leaving the stop in its original place can give you a BE trade with the flexibility of allowing price to come and retest the source of the move, which it quite often does.

Why was this a good trade?
The original chart and question was posted in the Daily TF, where is the scenario that Mike is teaching, encompassed in this trade?
There was no PA, apart from the IB that was CT, no breakout and pullback, I don't understand your comments.
  • #110,172
  • Apr 12, 2012 7:02am Apr 12, 2012 7:02am
Quoting mbqb11
Hey Q

Careful here this is not actually a pinbar. FOr this to be a pinbar we want that long tail sticking out and up. This is actually what ghous calls an IPB. Which you actually have the right idea since that "wick" sticking down was buy orders being absorbed and then price "topped" out. So it makes it easier for price to go down. That's a bit more advanced though so for now let me know if you see why it's not a pinbar

Best
Mike
Wrong terminology from my side. I call every long wick/small body candle a pinbar, which is not the case.
So its an inside pin bar?

How can I know when price orders get absorbed and when buyers really take over?
Is it situation based?
Thoughts are things
  • #110,173
  • Apr 12, 2012 7:03am Apr 12, 2012 7:03am
Quoting Pinbar
Well, I was talking about The LONG trade this person posted about.
It does not matter who is right or wrong, but, to flame someone for asking for an explanation is way out of line.
So tell BB to STFU and not me.
Pin this was the post he was commenting on you can follow quoted post back

http://www.forexfactory.com/showthre...94#post5559994

I don't know what to say else but you are wrong here and to let it go. Either way we are not getting into a pissing match. You can report each other to admins outside this forum.

This is the LAST post on this.

Mike
  • #110,174
  • Apr 12, 2012 7:05am Apr 12, 2012 7:05am
Quoting Quezoy
Wrong terminology from my side. I call every long wick/small body candle a pinbar, which is not the case.
So its an inside pin bar?

How can I know when price orders get absorbed and when buyers really take over?
Is it situation based?
Hey Q

That's a bit more advanced but in this case this sort of "spinning top" I believe it is also referred to as just had a sign of weakness. I wanted to see a retest of parity itself and then watch for PA. This to me is just not a PA bar I would personally look to trade either way, but my bias on that type of bar is down based on the look(at least for another retest).

Instead I prefer to look for strong bullish PA to go long while we are retesting. But right now we have fallen back under the wedge and that puts us back into consolidation

Best
Mike
  • #110,175
  • Apr 12, 2012 7:10am Apr 12, 2012 7:10am
Quoting mbqb11
Hey Q

That's a bit more advanced but in this case this sort of "spinning top" I believe it is also referred to as just had a sign of weakness. I wanted to see a retest of parity itself and then watch for PA. This to me is just not a PA bar I would personally look to trade either way, but my bias on that type of bar is down based on the look(at least for another retest).

Instead I prefer to look for strong bullish PA to go long while we are retesting. But right now we have fallen back under the wedge and that puts us back into consolidation

Best
Mike...
I see.
Well, I took out my candlestick poster and its a hanging man (or spining top) - cause it formed after uptrend and is a sign of weakness and possible reversal.

The problem is I was so focused on seeing the reversal that it became the only thing I saw. You know, when you're starting out and see some pattern developing in real life you want it to be "the right thing".

Well, at last SL was tight.

Could you tell me what parity is?
Thoughts are things
  • #110,176
  • Apr 12, 2012 7:11am Apr 12, 2012 7:11am
Quoting Quezoy
I see.
Well, I took out my candlestick poster and its a hanging man (or spining top) - cause it formed after uptrend and is a sign of weakness and possible reversal.

The problem is I was so focused on seeing the reversal that it became the only thing I saw. You know, when you're starting out and see some pattern developing in real life you want it to be "the right thing".

Well, at last SL was tight.

Could you tell me what parity is?
Hey Q

It was actually a very good play that ghous would sure like I am sure(and we know where price is going to parity). Parity = 1.000 this is when both currencies equal to each other. It will ALWAYS be a strong area to watch. One of my favorites

Best
Mike
  • #110,177
  • Apr 12, 2012 7:17am Apr 12, 2012 7:17am
Tnank you Mike!
Thoughts are things
  • #110,178
  • Apr 12, 2012 7:19am Apr 12, 2012 7:19am
mike, feel free to use, lol
Attached Image
Sometime the horizon disappear. Twitter: @_whiteout
  • #110,179
  • Apr 12, 2012 7:24am Apr 12, 2012 7:24am
Quoting meshka
well Aussie is at interesting place too. I would like rebound down, but ... who knows.
Hi Meshka

Just a query, the little dotted lines on your chart, is this some kind of indicator or something? Or did you manually draw them?

If its an indicator, would you mind sharing it?

thanks
  • #110,180
  • Apr 12, 2012 8:08am Apr 12, 2012 8:08am
Quoting gonuts
Has anyone recently joined the paid subscription part of the James 16 Group? I am thinking of joining but would like some input from any who may have joined recently, within the last few months. Thanks...
Hey gonuts

well, I have just joined the pf TODAY. The membership entry was pretty fast. Maybe like you, i was wary of paying something unknown to me but lauded as great by many others

I have never traded before in my life and only picked up forex 4 months ago, and 2 months ago I stumbled here in the free thread

I only joined after reading through the free thread, and understand what it is all about.

I have read the first 100 pages of this thread, and all of jim's posts. I have read a few other posts which i find especially enlightening too (thanks mike and other seniors!)

Purpose of me joining the PF:

1) Time: It took me about 2 months just to read the 100 pages and jim's posts. The challenge isn't trying to read the few thousand of pages of posts. The challenge is UNDERSTANDING the posts of each hundred of pages. The free guest material does help, and i realise its more "learnable" through videos and concise (i just love mike's pinbar video). You cant learn much by speeding through this thread. You kinda get overwhelmed
2) External noise: This free thread here is one thread, and it can get messy from what i have seen (newbies, seasoned traders, thousand and one views.) The pf is Price Action Sectionalised (if that is even a word). Its more structured, which makes learning easier (for me anyway)
3) Price - Really, compared to what i seen others charge, its really quite a steal. Quite a ton to digest.
4) Its really great for newbies like me, but i cant comment if it is worth it for a seasoned trader, mainly because i am not one

My personal views of paying 129 per month when it is free here:

1) Warren Buffett still charges people for his "Power lunch" and it raised 2mil for charity. Even though he is rich (and can easily donate the money), he still got to charge others for something, perhaps a nominal sum for his time. (Granted it is for charity)

2) I am glad that James16 does charge something for his pf, because if it is for free, i will take it for granted and not take it seriously (human nature, if something is for free, sometimes people do not see value in it. Example a $10 spa with all the WORKS. No one will believe it)

Anyway this is my views, it is no way a recommendation or an insult or comment to anyone

Duckie
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