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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

  • #111,161
  • May 2, 2012 3:09pm May 2, 2012 3:09pm
Quoting 5.25
My favourite trade setup by far Breakout and retest. I love minimal drawdown.

1) A good lesson for the new guys on trading into traffic vs space. One of Mike's key principles. Just follow the path of least resistance. Swim with the current, not against it.

2) 1st target met, profits off the table, REALISTIC target up ahead. I'm not hoping for miracles, I trade what I know.

Love your work Mike

T
Nice chart.
Thoughts are things
  • #111,162
  • May 2, 2012 3:32pm May 2, 2012 3:32pm
Quoting 5.25
...watch out... mini geek out, BRN alert... :nerd: ...
Lol, before you posted the edited pic, i was wondering whether you were talking about tiger or myself

To add a bit to salt to our meal, check out this cool passage I found in a recent description of their classic half a century later:

To answer this question we must ask another. What are Chart formations?
Chart formations identified and analyzed by the authors are graphic
representations of unchanging human behavior in complex multivariate situations.

They are the depiction of multifarious human actions bearing on a single
variable (price). On price converge a galaxy of influences: fear, greed, desire,
cunning, malice, deceit, naiveté, earnings estimates, broker need for income,
gullibility, professional money managers’ need for performance and job security,
supply and demand of stocks, monetary liquidity and money flow, selfdestructiveness,
passivity, trap setting, manipulation, blind arrogance, conspiracy
and fraud and double dealing, phases of the moon and sun spots,
economic cycles and beliefs about them, public mood, and the indomitable
human need to be right.

Chart formations are the language of the market, telling us that this stock
is in its death throes; that stock is on a rocket to the moon; that a life and
death battle is being waged in this issue; and in that other, the buyers have
defeated the sellers and are breaking away.

They are, in short, the inerasable fingerprints of human nature made
graphic in the greatest struggle, next to war, in human experience.

As Freud mapped the human psyche, so have Edwards and Magee
mapped the human mind and emotions as expressed in the financial markets.
Not only did they produce a definitive map, they also produced a methodology
for interpreting and profiting from the behavior of men and markets.
It is difficult to imagine further progress in this area until the science of
artificial intelligence, aided by yet unimaginable computer hardware, makes
new breakthroughs.

(Until the advent of our beautiful James16 community and the great individuals who've contributed to our success!)
  • #111,163
  • May 2, 2012 3:47pm May 2, 2012 3:47pm
Quoting 4tiger
It's okay I got it... had to draw it backwards to find out though.

The TL was far away from the price and wasn't too relevant to the current price. Maybe a more useful TL could have been drawn by dropping down to a lower TF?
yes 4tiger Your weekly trendline is pretty similar to mine in my picture which Variance showed is visible fragment of line I draw on weekly gold chart... which is still not broken and valid... actually for me the trend lines are freestyle visual tools just indicates fightzones of price... if price is trending I draw lines if consolidating - boxes. thats it
p.s.: sorry for my english... I learned german in school and I was bad student
p.s. II : it makes me sick to read these aggressive posts from time to time... show some humbleness, some tolerance to other opinion. whats the use of this rude attitude? its not jail where You should kick in the face the senior the first day You in otherwise You will not prove Your "authority"...
all is eternal - this is good news for people who loves bad news
  • #111,164
  • May 2, 2012 3:48pm May 2, 2012 3:48pm
I think this is nice - bearish pinbar + ppz + some important closes, but this 80 lvl - i wouldn't dare go short without close below it...And this isn't swing high either, but nevertheless it could be nice set up...
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  • #111,165
  • May 2, 2012 4:01pm May 2, 2012 4:01pm
Quoting Variance
Lol, before you posted the edited pic, i was wondering whether you were talking about tiger or myself

To add a bit to salt to our meal, check out this cool passage I found in a recent description of their classic half a century later
I base my charts around the declination and right ascension of the sky, which is why I only trade when next to a window.

Similar chart to the one before, although a little on the exotic side.

Nice post
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  • #111,166
  • May 2, 2012 4:06pm May 2, 2012 4:06pm
i think it could be a nice trade isnt it?
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all is eternal - this is good news for people who loves bad news
  • #111,167
  • May 2, 2012 4:15pm May 2, 2012 4:15pm
Hi traders
interesting views...

Cheers
aligater
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born to speculate
  • #111,168
  • May 2, 2012 4:17pm May 2, 2012 4:17pm
Quoting meshka
i think it could be a nice trade isnt it?
I have to agree.

Just that I took the pin long yesterday
Thoughts are things
  • #111,169
  • May 2, 2012 4:22pm May 2, 2012 4:22pm
Quoting meshka
i think it could be a nice trade isnt it?
Similar case with CHFJPY. BEOB (although not at swing high rather continuation) and IB breaking below BRN 88 and D1 LCS 87.84. The close is also below the last month close of 87.92.

Confluence with D1 150 & 365 EMA...

Thoughts??
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  • #111,170
  • May 2, 2012 4:42pm May 2, 2012 4:42pm
yes it is similar on all jpy pairs... I choosed GBPJPY, USDJPY and NZDJPY. USDJPY is scary because of BRN 80, but S/R was little above it, so I went short because Daily pin rejected it by closing below.
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all is eternal - this is good news for people who loves bad news
  • #111,171
  • May 2, 2012 4:51pm May 2, 2012 4:51pm
Quoting Quezoy
A good way to learn about HCR/LCS is to check jarroo's posts.
Another way is fxgroups thread, who does a great job of explaining how to use higher TF levels on the daily TF.
http://www.forexfactory.com/showthread.php?t=317593

I personally use weekly levels on the daily chart.

And about NZD/JPY; Im on the other side of this trade, took a long yesterday. Its not looking great at the moment, but SL hasnt been hit yet.

p.s. I would suggest you dont trade H4 yet and stick with daily. If you are a begginer, of course.
My TP was hit on NZDJPY short (+30 pips), I was tempted to take long on daily too, but I didn´t like the position of pin bar. Right now it seems to me that it retested the resistance and will continue down with another problematic area around 63,8 but those are just my 2 cents.
Anyway thanks a lot for your comments and link to fxgroups thread.
Oh man, so much material to study I wish day had 28 hours
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  • #111,172
  • May 2, 2012 4:54pm May 2, 2012 4:54pm
interesting place to watch. there is cosmos beyond it... unexplored space from 2011 April.
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all is eternal - this is good news for people who loves bad news
  • #111,173
  • May 2, 2012 4:59pm May 2, 2012 4:59pm
Quoting 5.25
...watch out... mini geek out, BRN alert... :nerd: ...
haha, yeah Variance, I thought that 5.25 was talking about us.

5.25, I did notice the your 525th post.

Quoting Variance
That's why for the previous rounding top discussion, and most of our head and shoulders patterns, we tend to draw trendlines that "go through price", or what are commonly known as Tom De Mark trendlines haha....
Thomas DeMark trend lines are not drawn left to right, but using two points which are the most recent TD High Points (for supply lines) and 2 most recent TD Low Points for demand lines. I'm sure that since TD trend lines are used for breakout trading, that any trend line that "goes through price" like you said would make them invalid?

I just learned that in half an hour.
[/quote]

Quoting Variance
The traditional technical trendlines as defined by Edwards and McGee are NOT allow to go through price but are often not useful because they factor in only the extremes of price as opposed to the visual momentum that we see clearly.
Did you really have to go quoting someone there? Martin Pring says that using a line graph to plot TL helps factoring out highs and lows!


Anyways, Phanti, if you ever come back, I tried to stand up for you.. Can I get a vouch?
  • #111,174
  • May 2, 2012 5:12pm May 2, 2012 5:12pm
Quoting 4tiger
Did you really have to go quoting someone there? Martin Pring says that using a line graph to plot TL helps factoring out highs and lows!
LOL!!!!!!!!!!!, who's Martin Pring? Is that like mbqb11?
  • #111,175
  • May 2, 2012 5:19pm May 2, 2012 5:19pm
It seems, that all (or almost all) XXXJPY pairs are giving us short signals...But, is it valid? Usdjpy still a little above 80 - i'm waiting for close below on lower tf...
  • #111,176
  • May 2, 2012 5:22pm May 2, 2012 5:22pm
Quoting Variance
LOL!!!!!!!!!!!, who's Martin Pring? Is that like mbqb11?
He wrote the book on price patterns, quite literally.
Martin Pring on Price Patterns
  • #111,177
  • May 2, 2012 5:28pm May 2, 2012 5:28pm
Quoting Variance
LOL!!!!!!!!!!!, who's Martin Pring? Is that like mbqb11?
yes... just so you know, Mike, that is how highly I think of you too! I apologize to everyone for being way off topic. Don't worry though, I'll be gone away soon enough.

Quoting willf
He wrote the book on price patterns, quite literally.
Martin Pring on Price Patterns
Yep! He coined the term Pin Bar.

We have like.. the whole animal kingdom up in here.. tiger, elephant, fox, alligator, bear, goldfish.. it's a freakin' zoo lol.
  • #111,178
  • May 2, 2012 5:32pm May 2, 2012 5:32pm
Quoting 4tiger

We have like.. the whole animal kingdom up in here.. tiger, elephant, fox, alligator, bear, goldfish.. it's a freakin' zoo lol.
And jack ass too !
  • #111,179
  • Edited 5:52pm May 2, 2012 5:35pm | Edited 5:52pm
Quoting 4tiger
Yep! He coined the term Pin Bar.

We have like.. the whole animal kingdom up in here.. tiger, elephant, fox, alligator, bear, goldfish.. it's a freakin' zoo lol.
Ok, I've found a new role for myself

Edit - sheeps can't defend against elephants LOL, especially against a displeased and smiling elephant showing teeth!!! i better find a place to hide before getting into any more trouble!
  • #111,180
  • May 2, 2012 5:42pm May 2, 2012 5:42pm
Quoting 4tiger
Great! Now if PhAnTi' ever comes back to read what you just posted!
hes on my iggy list, dont see his posts anymore ....

anyway depending on his statement im displeased here...

dont wanna interrupt the j16 thread anymore with discussions like this one...

happy trading.
Jonas
Hero calls followed by margin calls...
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