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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

Quoting mbqb11
{quote} One of the worst mistakes I see new traders make using TLs, is drawing them all over their charts and just trying to buy sell whenever one breaks. That can lead to one big headache! Best Mike
My thinking on the trend lines goes like this (and bear with me, I am being theoretical, but trying to make a valid point ). Every and any trend line will eventually be broken, since we are moving forward in time it is inevitable that the brake will occur at some point. This is due to trend line nature, they cross a path of charts, as charts are always 'travelling' in the same direction - from left to right. My point being and I refer to Mike's quote here is, that we should not trade breakouts of trend lines blindly. So if we are only waiting for a brake of a trend line to happen and just shoot the trade without considering the whole story, we may find ourselves in trouble.

On the contrary, not every support and resistance level will be broken, so that's why I see more significance when a brake of S/R occurs. Trend lines don't form boxes, but S/R levels do. And it is the boxes that we need to recognize and take into account how price behaves around those as Mike explains in the video he shared a few posts back.

Would you agree?
Quoting zamfir
Hey Mike, Any update on the new James16 site?. Is James still trading or has he moved on to something new? Also, i m looking for some charts/videos on stock/indices intraday trading. I have one video of James talking about intraday trading the Mini dow , but i need more.... Thanks.
Hey Z

James is still trading and around just not active on the forums. The new site is still coming just don't have a set timeline to give on it. We'll get there


Keep an eye out for when we do the new site we'll be sure to get some new videos up there. If you check out any of my videos or the ones i've posted here in this thread too I trade all timeframes pretty much the same myself. That's the beauty of PA to me

Best
Mike
Quoting hally0301
hey guys just wondering who (if anyone) holds their trades over the weekend. i try and avoid it but because i trade mostly daily charts sometimes i find the setups dont have long enough to work if i close out on friday. i know sometimes the markets gap after the weekend and i try and avoid this but then some trades dont have time to work as a result any thoughts? i think i'm just going to leave them open and demo and see what happens steve
Hey Steve

I'll hold trades over the weekend as long as the story remains correct and in tact. If your stop isn't close to market price it's very rare gaps are going to take you out unless something extreme happens. If I'm in a trade where my stop loss is close to market value then it doesn't become worth the extra risk to me. Generally though if your story seems to be still in line I wouldn't be overly worried from trading a larger timeframe.


Best
Mike
another very basic strong side to side support and resistance + PA bars + understanding of trouble areas on this one

the 3 lines on my chart are all you need with the setup in my view. Nice and simple. How many places can you get that!?
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Quoting mbqb11
{quote} Hey Steve I'll hold trades over the weekend as long as the story remains correct and in tact. If your stop isn't close to market price it's very rare gaps are going to take you out unless something extreme happens. If I'm in a trade where my stop loss is close to market value then it doesn't become worth the extra risk to me. Generally though if your story seems to be still in line I wouldn't be overly worried from trading a larger timeframe. Best Mike
thanks mike

once again everything you say makes perfect sense. any ideaa when the new site will be up and running. i had to give up my paid m'ship for a while as my wife wasn't working but things are getting back in order now so i'm keen to get back in there soon

steve
Learning for Earning and Trading for Freedom
Quoting mbqb11
another very basic strong side to side support and resistance + PA bars + understanding of trouble areas on this one the 3 lines on my chart are all you need with the setup in my view. Nice and simple. How many places can you get that!? {image}
hey mike

just wondering what your entry technique is for the engulfing bars. do you enter on the close? do you look for a part retrace on the next bar to get in? do you wait for a break of the engulfing bar high/low?

cheers

steve
Learning for Earning and Trading for Freedom
Quoting hally0301
{quote} thanks mike once again everything you say makes perfect sense. any ideaa when the new site will be up and running. i had to give up my paid m'ship for a while as my wife wasn't working but things are getting back in order now so i'm keen to get back in there soon steve
Hey Steve

Waiting on more information from James so no set date, but hopefully soon as I am excited for it too!

Don't strap yourself though we aren't going anywhere bud

Best
Mike
Quoting hally0301
{quote} hey mike just wondering what your entry technique is for the engulfing bars. do you enter on the close? do you look for a part retrace on the next bar to get in? do you wait for a break of the engulfing bar high/low? cheers steve
Most of my trades are taken on the break of a PA bar. I would say about 90% or so. For me it's all about the ability to manage my risk better this way. It's just what I am comfortable with. But situation wise some entries make more sense than another. They all have good and bads to them

Hope that helps
Mike
still watching the euraud.

this looks to me like the uptrend is running out of steam at the historical resistance level at 1.4350.

was a double top but didn't really break down so maybe a triple top will break it down.

seems like some divergence to me the way these peaks have formed and then broken away

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steve
Learning for Earning and Trading for Freedom
euraud on h4 chart maybe paints a better picture

mike, looks to me like those charts i have seen you describe with price tipping over as the trend runs out of steam

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Learning for Earning and Trading for Freedom
Quoting hally0301
euraud on h4 chart maybe paints a better picture mike, looks to me like those charts i have seen you describe with price tipping over as the trend runs out of steam {image}
Hey Steve

Actually now I would say we are in a box which is more of neutral area to be(ie watch for failure of box top or continuation on a breakout).

We had price turning over on the 4hr and price broke the TL, this is actually where I shorted but price missed my take profit by a few pips since i had to take care of some personal matters and I did end up with a little under a half bar loss

So you are right but a bit late in my view to the divergence factor. Key now is how we react at the highs. Then that divergence could be possible again. This is a wait and see pair for me now

Best
Mike
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Quoting mbqb11
{quote} Hey Steve Actually now I would say we are in a box which is more of neutral area to be(ie watch for failure of box top or continuation on a breakout). We had price turning over on the 4hr and price broke the TL, this is actually where I shorted but price missed my take profit by a few pips since i had to take care of some personal matters and I did end up with a little under a half bar loss So you are right but a bit late in my view to the divergence factor. Key now is how we react at the highs. Then that divergence could be possible again....
Mike, when you shorted that H&S from 4hr did you take the trade even if no PA has formed or did you take it because if you blend the breakout bar with the other 2 bars before it there is a BEOB on 12hr chart?
hi mike,

i just saw ur webinar on prices being stuck in a box...it was very helpful...could u please have a look and confirm if the AUD/JPY is also boxed?

Regards
Dennis
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Hi Guys,

Mostly lurker, still in the early learning here, but thought I'd post this to see if I'm looking at possible breakouts correctly.

Is this potentially heading that way? Especially if that last candle finishes as an IB?

Screenshot a bit off, but it's EURJPY, Daily.
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one for the weekend......


Inserted Video



lol


jon
PATIENCE... DISCIPLINE
Man.....6340 pages.

An epic thread fellas......hat's off to Jim, Mike and all the members behind it and I hope you are all well

Quoting Jjms
Hi Guys, Mostly lurker, still in the early learning here, but thought I'd post this to see if I'm looking at possible breakouts correctly. Is this potentially heading that way? Especially if that last candle finishes as an IB? Screenshot a bit off, but it's EURJPY, Daily. {image}
hey Jjms, you got it mate, i wouldnt guess which way it might break personally, it could co either way.I wouldnt put too much importance in the IB either, it is trapped either side by the box's/patterns edges. to me it is just another example of how price is in a consolodation box. The yen pairs have been winding up recently, im expecting some action soon myself. We have a similar situation on the us/yen also which has just broke....
waiting for a pull back and some PA..


jon
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PATIENCE... DISCIPLINE
Quoting dennis4u15
hi mike, i just saw ur webinar on prices being stuck in a box...it was very helpful...could u please have a look and confirm if the AUD/JPY is also boxed? Regards Dennis {image}
Im not Mike, but yeah you got it dead on mate..


jon
PATIENCE... DISCIPLINE
  • #126,779
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  • Edited 8:02am Jul 12, 2013 8:01am | Edited 8:02am
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Quoting g_j_hook@yah
one for the weekend...... http://www.youtube.com/watch?v=HlSpc87Jfr0 lol jon
lol Weeds' OST

well done mate
Slow & steady
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