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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

  • #123,541
  • Mar 1, 2013 3:40pm Mar 1, 2013 3:40pm
Thanks Jim, I have been studying mikes charts as well as james16 charts, learning a lot. thanks again, to all of you!
  • #123,542
  • Mar 1, 2013 4:56pm Mar 1, 2013 4:56pm
Quoting jarroo
Well maybe Mike only had a half smile because that initial Price Pattern Break Out didn't have a BRN (like the .9000 BRN) in its make up to Support the trade. . .(no half smile smiley faces . .)


Jim
Well i really want to enter but it did not retrace to my target at least at the .9320
So i guess no luck this time.
  • #123,543
  • Mar 1, 2013 10:06pm Mar 1, 2013 10:06pm
Quoting ping-ping
Well i really want to enter but it did not retrace to my target at least at the .9320
So i guess no luck this time.

Yeah, I understand what you're saying . .But you will find that many of these Price Pattern Break Outs have momentum built in them when they break. Then you throw in PA , (the BUOB) which is a momentum pattern itself . .you have the making a strong move that may never retrace.

A lot of it is trusting the Price Pattern and the PA that is breaking it out .. meaning is the PA big in size, structure of the PA, etc.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,544
  • Mar 1, 2013 10:35pm Mar 1, 2013 10:35pm
Quoting 4xjoema
Thanks Jim, I have been studying mikes charts as well as james16 charts, learning a lot. thanks again, to all of you!
Its how I got started . James16 and Mike charts . .
Indicators show the past. Price Action "Indicates" the future.
  • #123,545
  • Mar 1, 2013 10:48pm Mar 1, 2013 10:48pm
On the watch list . .NzdJpy . .
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Indicators show the past. Price Action "Indicates" the future.
  • #123,546
  • Mar 1, 2013 11:12pm Mar 1, 2013 11:12pm
Quoting jarroo
Nice charts, Steve . .

That EurSek is fun to watch . .we watched the birth of an uptrend from its beginnings . .didn't we . .
Hey Steve, remember the fun we had with the EurSek? . .
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Indicators show the past. Price Action "Indicates" the future.
  • #123,547
  • Mar 2, 2013 6:53am Mar 2, 2013 6:53am
the pin bar on sliver
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A chart helps those who can read it.
  • #123,548
  • Mar 3, 2013 1:15am Mar 3, 2013 1:15am
Quoting jarroo
Hey Steve, remember the fun we had with the EurSek? . .

Sure do Jim.
Although that pair is a bit too exotic and has a high spread for my liking.
Still, that does not stop us from watching and learning from it.
  • #123,549
  • Edited 7:51am Mar 3, 2013 7:03am | Edited 7:51am
Quoting jarroo
On the watch list . .NzdJpy . .
Quoting Pinbar
Sure do Jim.
Although that pair is a bit too exotic and has a high spread for my liking.
Still, that does not stop us from watching and learning from it.
Yes, that's true. But if we look at many of the Yens pairs it looks just like the EurSek back then, only in reverse . .

Let me show you . .let me change my bar colors and flip it upside down and reverse it on some Yen Pairs.

Does it look familiar to the EurSek? back then. .

Many of the Yen pairs look like this.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,550
  • Edited 7:52am Mar 3, 2013 7:07am | Edited 7:52am
Quoting jarroo
Yes, that's true. But if we look at many of the Yens pairs it looks just like the EurSek back then, only in reverse . .

Let me show you . .let me change my bar colors and flip it upside down and and reverse it on some Yen Pairs.

Does it look familiar to the EurSek? back then. .

many of the Yen pairs look like this

Jim


NzdJpy upside down . .
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Indicators show the past. Price Action "Indicates" the future.
  • #123,551
  • Mar 3, 2013 3:37pm Mar 3, 2013 3:37pm
Hey guys

Something has been confusing me recently, I've tried looking online but I'm still confused.

Take EUR/USD as an example and imagine the spread is 5 pips.

Let's say I look at my chart and see I want to long at at 100, set a stop loss at 80 and a TP of 120.

How would I go about executing that order? Would I just put my buy stop at 105, my SL at 80 and put my TP at 120?

Second example:

If I look at my chart and see I want want to go short at 100, have a TP at 80 and a SL at 120.

How would I go about executing that order? Would I just put my sell stop at 100, TP at 75 and my SL at 125?

Sorry for asking such basic questions...
  • #123,552
  • Mar 3, 2013 3:49pm Mar 3, 2013 3:49pm
Hey Mike,
Can I have your opinion at this one,please?
EURTRY weekly,BEOB in big resistance,2.3900,it also broke the rising wedge.
Thank you very much!
http://img28.imageshack.us/img28/5139/0eurtryw1.gif
  • #123,553
  • Mar 3, 2013 5:03pm Mar 3, 2013 5:03pm
Quoting hunzul
Hey guys

Something has been confusing me recently, I've tried looking online but I'm still confused.

Take EUR/USD as an example and imagine the spread is 5 pips.

Let's say I look at my chart and see I want to long at at 100, set a stop loss at 80 and a TP of 120.

How would I go about executing that order? Would I just put my buy stop at 105, my SL at 80 and put my TP at 120?

Second example:

If I look at my chart and see I want want to go short at 100, have a TP at 80 and a SL at 120.

How would I go about executing...

Hey Hunzul

Most brokers operate on the premise that you buy at the ask price sell at the bid

So when you are going long you want to add the spread to your price

So if you want to go long at 1.3000 price will get you in when the ASK price hits that number. So really you want to put your buy stop order at 1.3005 in order to compensate for that 5 point spread(which would put the bid at 1.3000). Your stop loss can then go at the exact number you want price to close you out at since you bought at the ask and will close back at the bid.

Now if you are selling(at the bid) then lets say you want to sell at 1.3000 you would place your order right on 1.3000 the spread gets accounted for back when you close that order out. So when you place your stop, say you want your stop 50 pts away at 1.3050 then you really want to put your stop at 1.3055 so that price is at 1.3050(the bid is) but the ask would be at 1.3055

now some brokers operate on avg price, then everything is just split in half. But most mt4 brokers use bid/ask so I used that as the most common example.




Hope that helps
Mike
  • #123,554
  • Mar 3, 2013 5:04pm Mar 3, 2013 5:04pm
Quoting iuliu00
Hey Mike,
Can I have your opinion at this one,please?
EURTRY weekly,BEOB in big resistance,2.3900,it also broke the rising wedge.
Thank you very much!
http://img28.imageshack.us/img28/5139/0eurtryw1.gif
Hey Iuliu

Looks good to me. The pattern is a bit small for me from a weekly standpoint but your logic is fine and trouble areas are good in my book

Best
Mike
  • #123,555
  • Mar 3, 2013 5:57pm Mar 3, 2013 5:57pm
Quoting mbqb11
Hey Hunzul

Most brokers operate on the premise that you buy at the ask price sell at the bid

So when you are going long you want to add the spread to your price

So if you want to go long at 1.3000 price will get you in when the ASK price hits that number. So really you want to put your buy stop order at 1.3005 in order to compensate for that 5 point spread(which would put the bid at 1.3000). Your stop loss can then go at the exact number you want price to close you out at since you bought at the ask and will close back at the bid.

Now if you...
Thanks Mike, that makes sense now.

Just one more thing, for our TP, if we are long and we want to TP at 1.3000 we just get out at 1.3000 exactly

If we are short though and we want to TP at 1.3000 then we have to put our order at 1.3005?

Because I read somewhere: "when you place a sell trade you have to add the spread to your stop losses and subtract it from your take profits"


I hope I'm making sense...

  • #123,556
  • Mar 3, 2013 6:05pm Mar 3, 2013 6:05pm
Quoting hunzul
Thanks Mike, that makes sense now.

Just one more thing, for our TP, if we are long and we want to TP at 1.3000 we just get out at 1.3000 exactly

If we are short though and we want to TP at 1.3000 then we have to put our order at 1.3005?

Because I read somewhere: "when you place a sell trade you have to add the spread to your stop losses and subtract it from your take profits"


I hope I'm making sense...

Yep, your take profit order is always the opposite of your entry order(it's treated just like your stop loss)


if you buy, your take profit is a sell

If you sell your take profit is a buy order

Hope that helps
Mike
  • #123,557
  • Mar 3, 2013 6:07pm Mar 3, 2013 6:07pm
Quoting mbqb11
Yep, your take profit order is always the opposite of your entry order(it's treated just like your stop loss)


if you buy, your take profit is a sell

If you sell your take profit is a buy order

Hope that helps
Mike
Thanks so much dude. That was driving me crazy... good night
  • #123,558
  • Mar 3, 2013 8:21pm Mar 3, 2013 8:21pm
Jim, before I found this thread 2 weeks ago in my short time trading I began practicing horizontal s/r with PA and continue too while I learn mike and james16 style. I noticed your charts have a lot of horizontals, is this the bases for your entries and exits? I don't know much about this style but was the first thing I seemed to notice on my charts. hoping to build upon this style of trading.
  • #123,559
  • Mar 4, 2013 1:20am Mar 4, 2013 1:20am
Quoting jarroo
Yes, that's true. But if we look at many of the Yens pairs it looks just like the EurSek back then, only in reverse . .

Let me show you . .let me change my bar colors and flip it upside down and reverse it on some Yen Pairs.

Does it look familiar to the EurSek? back then. .

Many of the Yen pairs look like this.

Jim

Yes, it does.

Just support turning to resistance a visa vie.

Upside down and backwards, LOL.

Which way does the gravitational pull work though.
  • #123,560
  • Mar 4, 2013 8:21am Mar 4, 2013 8:21am
quiet markets , but here are a few charts I am watching
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