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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

  • #116,021
  • Aug 22, 2012 8:18am Aug 22, 2012 8:18am
Quoting mbqb11
Here is a nice looking multi bar high breakout
Hey, mike how do you post your thinkorswim charts?...I can't find a feature on the platform to save them to my desktop!

thanks)
  • #116,022
  • Aug 22, 2012 8:24am Aug 22, 2012 8:24am
Quoting equivestor12
Hey, mike how do you post your thinkorswim charts?...I can't find a feature on the platform to save them to my desktop!

thanks)
Hey Equi

I use a program called snag-it to take screen shots.

You could just print screen and paste it into paint or another program but that's pretty annoying

Mike
  • #116,023
  • Aug 22, 2012 8:26am Aug 22, 2012 8:26am
Quoting March2011
Do you guys think this BEOB is not good enough (small IMO) although the location is good?
Beautiful March

That's a great pattern showing price squeezing and losing momentum. Small beobs can also work fine as the triggers just have to be a bit more careful.

I traded similar situation on the 4hr usd/cad. Lot of reversal signs yesterday


Best
Mike
  • #116,024
  • Edited 8:47am Aug 22, 2012 8:35am | Edited 8:47am
Quoting CarFriGau
I do. Charts don't move themselves on their own but humans, especially their feelings (hope, greed, anxiety etc.) do. You could have the longest pinbar in the world at the highest swing-high but if Mario Draghi would fire out awesome positive news for the EURO EUR/USD wouldn't move down although there was a nice pinbar.
Hey CFG, I disagree. Yes, there are interventions by the big guys and there are reactions to news. But you will never see them in the middle of nowhere and they are never total surprises. They always happen at high probabiltiy points where demand exceeds supply or vice versa. In this sense J16 setups combined with knowledge of demand (support)/supply (resistance) and confluence is an unbelievably reliable tool. Much more than any newspaper in the world could ever be. And yes, you see contradictory price reactions to news, but you never see them to supply and demand.

(Sorry for the OT.)

Quoting mbqb11
Yep generally Hans. I keep pairs open that have areas I am watching or interesting things. Some might be further off then others but in general.
Thanks, Mike. Does their software only work with Ameritrade?
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,025
  • Aug 22, 2012 8:47am Aug 22, 2012 8:47am
Quoting mbqb11
VERY nice for a very special reason.

I wonder if anyone here wants to guess what I really like about this?


Mike
is it because that pin bounced off Monthly S2? (Can we say that a lot of people have their take-profits at these levels?

J
  • #116,026
  • Aug 22, 2012 8:48am Aug 22, 2012 8:48am
Quoting mbqb11
VERY nice for a very special reason.

I wonder if anyone here wants to guess what I really like about this?


Mike
Daily bullish outside bar on my feed. H4 pinbar with MACD divergence. Nice!
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  • #116,027
  • Aug 22, 2012 8:49am Aug 22, 2012 8:49am
Quoting HanSolo
Hey CFG, I disagree. Yes, there are interventions by the big guys and there are reactions to news. But you will never see them in the middle of nowhere and they are never total surprises. They always happen at high probabiltiy points where demand exceeds supply or vice versa. In this sense J16 setups combined with knowledge of demand (support)/supply (resistance) and confluence is an unbelievably reliable tool. Much more than any newspaper in the world could ever be. And yes, you see contradictory price reactions to news, but you never see them...
Yes it does Hans

Best
Mike
  • #116,028
  • Aug 22, 2012 8:51am Aug 22, 2012 8:51am
Quoting Winston Reed
Daily bullish outside bar on my feed. H4 pinbar with MACD divergence. Nice!
yes, this is a yammi yammi premium bar.

Nice one,

best,
Jonas
Hero calls followed by margin calls...
  • #116,029
  • Aug 22, 2012 9:03am Aug 22, 2012 9:03am
Quoting jarroo
That's an interesting long term overview . . Here's my chart on the Euro.

Its how we roll . .

(sorry for the post and run)

Later,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #116,030
  • Edited 10:04am Aug 22, 2012 9:50am | Edited 10:04am
Quoting mbqb11
Yes it does Hans

Best
Mike
Ok sorry, I may be a bit assuming here. I should rather say I never saw price direction and big turning points totally contradictory to supply and demand (at least not on high volume pairs). E.g. I never saw a big market intervention in the middle of nowhere. That said I am by far not the greatest trader in the world and I don't want to pick a quarrel with anyone. It's just an observation I made over the last year or so. I'm always willing to listen to reason.

To get back to topic, here is a demo trade I took (with Jaroo's method as far as I understand it until now):
Daily EURAUD. Price hasn't been here in a very long time. It may be time for a retrace. I love these strong drops/rises in price (marked blue) as they often indicate strong supply/demand. I learned that they act like a magnet and price very often comes back to these points. If it gets through the somewhat messy area in between, 1.2160 would be a nice target.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #116,031
  • Aug 22, 2012 9:54am Aug 22, 2012 9:54am
Quoting HanSolo
Ok sorry, I may be a bit assuming here. I should rather say I never saw price direction and big turning points totally contradictory to supply and demand. E.g. I never saw a big market intervention in the middle of nowhere. That said I am by far not the greatest trader in the world and I don't want to pick a quarrel with anyone. It's just an observation I made over the last year or so. I'm always willing to listen to reason.

To get back to the topic of this thread here is a demo trade I took (with Jaroo's method as far as...
Hey Hans

I meant to your question about TOS

But yes you do have big moves that occur in the middle of no where if price is in no mans land. Just by the nature of markets. But more times then not it is in relationship to something historical. Or well enough to profit in the long run if we are picky

Best
Mike
  • #116,032
  • Aug 22, 2012 10:08am Aug 22, 2012 10:08am
Quoting mbqb11
VERY nice for a very special reason.

I wonder if anyone here wants to guess what I really like about this?


Mike
Not a big pin, not on VBRN... No idea
Many choose unhappiness over uncertainty.
  • #116,033
  • Aug 22, 2012 10:15am Aug 22, 2012 10:15am
Quoting mbqb11
Hey Hans

I meant to your question about TOS
Ah ok.

Quoting mbqb11
But yes you do have big moves that occur in the middle of no where if price is in no mans land. Just by the nature of markets. But more times then not it is in relationship to something historical. Or well enough to profit in the long run if we are picky
Yes, that's a definition I agree to. By all means, your last point is probably the only one really worth caring about.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,034
  • Aug 22, 2012 10:20am Aug 22, 2012 10:20am
Quoting HanSolo
Ok sorry, I may be a bit assuming here. I should rather say I never saw price direction and big turning points totally contradictory to supply and demand (at least not on high volume pairs). E.g. I never saw a big market intervention in the middle of nowhere. That said I am by far not the greatest trader in the world and I don't want to pick a quarrel with anyone. It's just an observation I made over the last year or so. I'm always willing to listen to reason.
That was neither my intention. I don't want to offend anyone here, this is a nice place.

But I always play save around news as there is always the potential for big movements. Therefore I normally set my stop to B/E when they come out (and the B/E is far enough away). So I think having an eye on macroeconomics isn't wrong although Jim's price action patterns do very well normally.
  • #116,035
  • Aug 22, 2012 10:21am Aug 22, 2012 10:21am
Quoting mbqb11
Beautiful March

That's a great pattern showing price squeezing and losing momentum. Small beobs can also work fine as the triggers just have to be a bit more careful.

I traded similar situation on the 4hr usd/cad. Lot of reversal signs yesterday


Best
Mike
were you short the USDCAD? Looking at the daily last night I went long and am up and BE at the moment
  • #116,036
  • Aug 22, 2012 10:29am Aug 22, 2012 10:29am
Quoting mbqb11
VERY nice for a very special reason.

I wonder if anyone here wants to guess what I really like about this?


Mike
oops, I just saw this. I cannot find any special reason outside the obvious....

1. PPZ
2. PB rejection, that broke through BRN
3. Divergence
  • #116,037
  • Aug 22, 2012 10:39am Aug 22, 2012 10:39am
Here is the other trade I am in for now, USDJPY. I was a little unsure about the entry because it is a little outside the normal PB or OB, but I thought it was good enough to trade and would like some feedback on what you guys think.

USDJPY

1. 3 day Head and Shoulders pattern, with a nice doji right in the middle
2. I entered a little bit below to make sure that it was actually going down a little bit
3. I took some off pretty early at only +5 pips, and moved the stop up a little

What do you think?
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  • #116,038
  • Aug 22, 2012 10:40am Aug 22, 2012 10:40am
Quoting Nake
Great zone...
Attachment
CAD/JPY

i like it also...

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  • #116,039
  • Aug 22, 2012 10:46am Aug 22, 2012 10:46am
AUD/CHF

stop at BE...

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  • #116,040
  • Aug 22, 2012 10:46am Aug 22, 2012 10:46am
Quoting CarFriGau
That was neither my intention. I don't want to offend anyone here, this is a nice place.

But I always play save around news as there is always the potential for big movements. Therefore I normally set my stop to B/E when they come out (and the B/E is far enough away). So I think having an eye on macroeconomics isn't wrong although Jim's price action patterns do very well normally.
I totally agree, that's a good strategy. By the way, I see you are a fan of Mr. Gauss. I haven't read anything about him yet but I sure will do. I strongly admire those polymaths of ancient times who were not only good scientists but great artist and philosophers, too.

Quoting mbqb11
VERY nice for a very special reason.

I wonder if anyone here wants to guess what I really like about this?
Hm, I also can't think of any other reason. It started out with J16 PA on every TF down to the 15 min. But I don't know if that's what you mean.
Thanks J16, Sam Seiden, Udine and Jacko
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