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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

  • #125,361
  • May 12, 2013 2:21pm May 12, 2013 2:21pm
Quoting Bones
Your right to be cautions jim often im not at all , my guess is its not going to fall ,plenty of time more consolidate first 2 touch respect of tl would be great trade + underside 5300 ,tl as we see 100pips is not a lot for charts movement but is for reversal type set ups {image}
I like it Bones . .you built a nice story of Resistance . .we may get a little push down before moving up.
Indicators show the past. Price Action "Indicates" the future.
  • #125,362
  • May 12, 2013 2:44pm May 12, 2013 2:44pm
Quoting GiovanniV
GBPUSD Weekly No close below 1.5346. the price is at the confluence with the trendline {image} {image}

Looks good GiovanniV ..

Classic Resistance level flipping to Support.

Let's see if that 1.5333 will hold as Support now . . meaning Price will not Close Below it on say the Daily or 4 hour or Hourly TFs.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #125,363
  • May 12, 2013 3:50pm May 12, 2013 3:50pm
Heres another aud set up ,that is on watch list ,see pin bar poss bounce off tl ,so risky unless quick but retest would be cool
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,364
  • May 12, 2013 3:57pm May 12, 2013 3:57pm
gap down to 1 ,I take as bullish ,but d1 no actual sign
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,365
  • May 12, 2013 4:29pm May 12, 2013 4:29pm
to any of the senior members would
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this be considered a wolfe wave and is it a used pattern in forex any experience anybody?
  • #125,366
  • May 12, 2013 4:43pm May 12, 2013 4:43pm
Quoting 4xjoema
to any of the senior members would {image} this be considered a wolfe wave and is it a used pattern in forex any experience anybody?

A bigger story Price Pattern Break Out may be in play here, 4xjoe . .

It sure looks technically correct to me . .
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Indicators show the past. Price Action "Indicates" the future.
  • #125,367
  • May 12, 2013 5:16pm May 12, 2013 5:16pm
Quoting albus999
{quote} mike, please i have some things i am not clear with in your explanation above which are 1. Are the boxes that are drawn in the chart the boxes that you are making reference to or different ones cos those are the only ones i see? 2. how long should the tail of a pin be to not be a warning sign? 3. was the round number significant because it coincided with the middle of the box with the arrow pointing to or just because it was a round number? sorry for all the questions. {image}
Hey Albus

Sorry for the late reply was spending the weekend with the family and mother. Happy mothers day out there to all you great moms

You have some of the boxes, but you missed the box where your pinbar was in. Notice how much info that gives us as per my previous post about midpoints/traffic etc

Here is the box for you

Best
Mike
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  • #125,368
  • May 12, 2013 5:23pm May 12, 2013 5:23pm
Quoting 4xjoema
Mike, is there a particular range in price per share in witch you look for equities? or certain volume? and does the first question correlate to account size, more so?
Hey Joe

Volume and price isn't really a great indication of anything for me. You have very high volume equities that for me are pretty untradeable and price per share doesn't really mean a whole lot either

I scan the russell 3000 personally once a week

Best
Mike
  • #125,369
  • May 12, 2013 5:25pm May 12, 2013 5:25pm
Quoting 4xjoema
fta kinda close {image}
Yeah this is a pin not at a good swing point which puts us in a box and in traffic. Tough to trade these for most
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  • #125,370
  • May 12, 2013 5:33pm May 12, 2013 5:33pm
Quoting r-b-k
Hi, everybody! I from the Russian Federation. gbp/usd Day and gbp/usd Weekly. Good entry point? {image} {image}
Hey RBK

Welcome to the thread

This is a good area to watch for PA. I know some people are entering a bit aggressively on the open today or on a break of fridays low. Those entries make sense but I would prefer to watch and see if we get some more PA here myself(I am pretty conservative though )

Best
Mike
  • #125,371
  • May 12, 2013 5:42pm May 12, 2013 5:42pm
Quoting albus999
{quote} mike, please i have some things i am not clear with in your explanation above which are 1. Are the boxes that are drawn in the chart the boxes that you are making reference to or different ones cos those are the only ones i see? 2. how long should the tail of a pin be to not be a warning sign? 3. was the round number significant because it coincided with the middle of the box with the arrow pointing to or just because it was a round number? sorry for all the questions. {image}
hi mike,
sorry for all the questions earlier but i am still a bit confused and wondered if you answered my earlier questions esp 2 and 3. thanks a mil.
  • #125,372
  • May 12, 2013 5:43pm May 12, 2013 5:43pm
Quoting jarroo
{quote} A bigger story Price Pattern Break Out may be in play here, 4xjoe . . It sure looks technically correct to me . . {image}
Thank you sir!
  • #125,373
  • May 12, 2013 5:50pm May 12, 2013 5:50pm
Quoting mbqb11
{quote} Yeah this is a pin not at a good swing point which puts us in a box and in traffic. Tough to trade these for most {image}
Thank you for your replies Mike! Hope you had a great weekend! I started on the russel 3000. Thanks again!
  • #125,374
  • May 12, 2013 5:54pm May 12, 2013 5:54pm
Quoting albus999
{quote} hi mike, sorry for all the questions earlier but i am still a bit confused and wondered if you answered my earlier questions esp 2 and 3. thanks a mil.
Hey Albus

THe midpoint of the box is a bit lower as drawn on my chart in orange in the middle of the box that you were trading in.


Size of a pinbar can be a great tell but in this case it was really the formation of the pinbar that gave it away. It sat down lower almost within that previous bar. So you have no room to trade. Now for example if the pin sat up higher the size while not the biggest was still decent

I drew and example to show you what I mean by a better location of the pin in this box. In the red box you can see I took that same box from before and showed you a better location and formation of a pinbar. This would give us a better formed pinbar as taught by James as well as space and confluence.

This all comes back to the basics about finding pinbars at good swing points. I marked off one at a swing low as well too. Check out my videos on introduction to pinbars and space vs traffic for more info on the basics

My suggestion is to go through and try to pick out some VERY clear nicely formed size pinbars at good swing points. As you progress you will be able to expand your bars /locations.

Best
Mike
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  • #125,375
  • May 12, 2013 6:04pm May 12, 2013 6:04pm
Quoting mbqb11
{quote} Hey Albus THe midpoint of the box is a bit lower as drawn on my chart in orange in the middle of the box that you were trading in. Size of a pinbar can be a great tell but in this case it was really the formation of the pinbar that gave it away. It sat down lower almost within that previous bar. So you have no room to trade. Now for example if the pin sat up higher the size while not the biggest was still decent I drew and example to show you what I mean by a better location of the pin in this box. In the red box you can see I took that...
thanks a lot mike. i've downloaded both videos and will watch them again and again.
  • #125,376
  • May 12, 2013 6:11pm May 12, 2013 6:11pm
Quoting albus999
{quote} thanks a lot mike. i've downloaded both videos and will watch them again and again.

Quoting mbqb11
well 20 million views I gotta put up SOMETHING lol Here is my webinar from this week and you know what it is perfect timing I speak the first 30 mins of my webinar on something that I see nearly everyday in my inbox. It's the scary part about being in this position now where you share with traders and people looking to learn to trade seeking help. Nearly every day and pretty much every week I get emails about new traders blowing accounts. This is scary and should NOT be happening. Now i am not knocking on those of you that have, again many people do. I understand this is a tough business. But those that might be able to resist and start to TREAT THIS AS A BUSINESS, have a chance. PLEASE IF YOU ARE NEW TO THIS THREAD AND NEW TO TRADING STOP WHAT YOU ARE DOING AND READ POST 1. READ THE JAMES16 MINIMUM REQUIREMENTS. THIS I BEG OF YOU So the first 30 mins of this webinar starts how post 1 starts about things new traders should NOT be doing. It is based on an email I got with a new trader who is lost and needs to stop digging the hole deeper. He was gracious enough to let me use his email as an example(withholding name). The other 30 mins I discuss in great detail a trade I took and posted here as well. So a little something for everyone See you guys at 40 million I can only hope http://rapidshare.com/files/24437930...%20webinar.wmv Best Mike
Don't forget this one from Mike too . .


Quoting mbqb11
e http://rapidshare.com/files/24437930...%20webinar.wmv Best Mike
Jim
Indicators show the past. Price Action "Indicates" the future.
  • #125,377
  • May 12, 2013 6:21pm May 12, 2013 6:21pm
Quoting jarroo
{quote} {quote} Don't forget this one from Mike too . . {quote} Jim
thanks buddy! i think my memory is slipping!
  • #125,378
  • Edited 8:12pm May 12, 2013 6:33pm | Edited 8:12pm
Quoting mbqb11
{quote} thanks buddy! i think my memory is slipping!
Its just one of your many many many great webinars that you have done. . .Its not in the guest section, yet .. so I'll keep re-posting it.

. .a must see webinar . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #125,379
  • May 12, 2013 9:15pm May 12, 2013 9:15pm
Quoting jarroo
{quote} {quote} Don't forget this one from Mike too . . {quote} Jim
i've just finished watching all the videos in guest section of the PF and i think my understanding of why to take a trade or not may have moved up a notch but i need to watch it at least till i can remember every cough in the video. thanks mike they were excellent videos

Thanks jaroo I will add that one too.
And once again mike great videos.thanks
  • #125,380
  • May 12, 2013 11:58pm May 12, 2013 11:58pm
Hello Guys,

Any comments about this double top?
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