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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

  • #126,801
  • Jul 14, 2013 3:12pm Jul 14, 2013 3:12pm
Hey guys!
Something interesting on E/Y:
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  • #126,802
  • Jul 14, 2013 8:09pm Jul 14, 2013 8:09pm
Quoting Andersenqwer
Hey guys! Something interesting on E/Y: {image} {image}

looks great Andersen, love the way you pieced your entire story together. Well thought out

Mike
  • #126,803
  • Jul 14, 2013 9:14pm Jul 14, 2013 9:14pm
hi guys

quick question re drawing valid trend lines. i often find myself trying to manufacture a fitting trend line to the price. one of the things i struggle with is whether or not the trend line should be drawn from the extreme highs or lows of the price or if sometimes you get a better fitting trend line by ignoring the outlying price to draw a line that touches price more often?

i tend to like to ignore the extremes and make the line 'fit' better but i'm not sure if this is the best way to go about it or not.

hopefully the chart below illustrates what i mean. if i use the extreme low it is near impossible to draw a fitting trend line underneath the price. if i draw the fitted line is the line valid as a trend line or is it just a line on the chart that i have drawn cause i think there should be a line there somewhere.

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thanks

steve
Learning for Earning and Trading for Freedom
  • #126,804
  • Jul 15, 2013 3:45am Jul 15, 2013 3:45am
Quoting mbqb11
{quote} Hey Thapri Welcome to the thread! Glad to hear you went back to demo, many fail to do so and don't give themselves a chance to learn this business before blowing all their hard saved money Best of luck and look forward to your charts Mike
Thank you for the response
Mike
  • #126,805
  • Jul 15, 2013 4:48am Jul 15, 2013 4:48am
Thanks for replies GJ and Mike! Good to see I'm looking in the right direction.
  • #126,806
  • Jul 15, 2013 8:46am Jul 15, 2013 8:46am
Quoting hally0301
hi guys quick question re drawing valid trend lines. i often find myself trying to manufacture a fitting trend line to the price. one of the things i struggle with is whether or not the trend line should be drawn from the extreme highs or lows of the price or if sometimes you get a better fitting trend line by ignoring the outlying price to draw a line that touches price more often? i tend to like to ignore the extremes and make the line 'fit' better but i'm not sure if this is the best way to go about it or not. hopefully the chart below illustrates...
Hey Steve

I wouldn't say it's necessarily wrong to ignore the extreme if it fits. The problem I have is the gaps that occur b/w your touches. You have a large amount of time that spans and I think this makes it difficult to use that area any way. For me you might as well start the TLs from after that major amount of lapsed time. For me it's almost more a coincidence that it lines up then really making it relevant. I think this will influence a traders decision thinking it's a major LONG term TL, when it's really just a short term TL.

That's my opinion though and I am quite picky with all things

Best
Mike
  • #126,807
  • Jul 15, 2013 9:12am Jul 15, 2013 9:12am
think this is an interesting continuation buob if it triggers.


This is based purely on "boxing"

a more aggressive touch trade would be around 4300

obviously new traders should be looking for buobs at swing lows while starting out how James teaches
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  • #126,808
  • Jul 15, 2013 9:54am Jul 15, 2013 9:54am
Quoting mbqb11
think this is an interesting continuation buob if it triggers. This is based purely on "boxing" a more aggressive touch trade would be around 4300 obviously new traders should be looking for buobs at swing lows while starting out how James teaches {image}
thanks for this post Mike, its good to see im on the same page. this is on my radar too ever since the large 4h bar that closed above the RN last week...

cheers


jon
PATIENCE... DISCIPLINE
  • #126,809
  • Jul 15, 2013 12:09pm Jul 15, 2013 12:09pm
Quoting mbqb11
{quote} Hey Hunzul A close doesn't necessarily have to be under the TL in the case of what I call premptive bar breakouts. The bar itself is supposed to represent a tip off of what is to come. More important is the story of the setup and understanding where price should go and not go. For example when price breaks the low it should not come back up past that TL much further and in fact I used the BRN and FTA to manage this trade Here is chart 2 Best mike {image}

Mike I am interested in ultimately how you managed this trade....since it did not hit your tp in the FTA....and the LCS formed at 13900 and held...did you close at that point with 100 pip gain....or did you move a stop in to be at some point and wait it out?.....just curious and thanks for all your posts!
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  • #126,810
  • Jul 15, 2013 12:24pm Jul 15, 2013 12:24pm
Quoting Swede
{quote} Mike I am interested in ultimately how you managed this trade....since it did not hit your tp in the FTA....and the LCS formed at 13900 and held...did you close at that point with 100 pip gain....or did you move a stop in to be at some point and wait it out?.....just curious and thanks for all your posts! {image}
Hey Swede

This was an unfortunate one for me as I had to tend to a medical issue with my girlfriend. Normally I set an alarm near my take profit. This way if price starts bouncing within a handful of pips I just close it out(no point in fighting over a few extra pips). I unfortunately could not be around at the time and instead I decided to use the descending TL intersecting with the BRN and pivot to see if we got another further bounce. This was an option for me from the start so really I am not too disappointed with the smaller loss since that was a valid line to take for a larger move down if it was to happen. I closed out when the 4hr closed above the TL for a reduced loss. Taking reduced losses is probably the number on priority for me and makes a world of difference

Here is that final chart

Best
Mike
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  • #126,811
  • Jul 15, 2013 12:42pm Jul 15, 2013 12:42pm
Quoting mbqb11
{quote} Hey Swede This was an unfortunate one for me as I had to tend to a medical issue with my girlfriend. Normally I set an alarm near my take profit. This way if price starts bouncing within a handful of pips I just close it out(no point in fighting over a few extra pips). I unfortunately could not be around at the time and instead I decided to use the descending TL intersecting with the BRN and pivot to see if we got another further bounce. This was an option for me from the start so really I am not too disappointed with the smaller loss since...

Thanks so much! .... cant get over how much better I can "read" the market by following your commentary on various trade set ups, the good, the bad and the ugly...lol
  • #126,812
  • Edited 1:13pm Jul 15, 2013 12:47pm | Edited 1:13pm
Quoting mbqb11
Taking reduced losses is probably the number on priority for me and makes a world of difference
saved.
as always.



Listen to him guys, listen.
I'm still trying to grasp it...
Thanks Mike.

I wish get better soon your girlfriend!
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  • #126,813
  • Jul 15, 2013 2:16pm Jul 15, 2013 2:16pm
Quoting Swede
{quote} Thanks so much! .... cant get over how much better I can "read" the market by following your commentary on various trade set ups, the good, the bad and the ugly...lol
glad it helps in some small way

Best
Mike
  • #126,814
  • Jul 15, 2013 2:16pm Jul 15, 2013 2:16pm
Quoting Andersenqwer
{quote} saved. as always. Listen to him guys, listen. I'm still trying to grasp it... Thanks Mike. I wish get better soon your girlfriend! {image}
thank you sir!

Mike
  • #126,815
  • Jul 15, 2013 3:15pm Jul 15, 2013 3:15pm
Quoting mbqb11
think this is an interesting continuation buob if it triggers. This is based purely on "boxing" a more aggressive touch trade would be around 4300 obviously new traders should be looking for buobs at swing lows while starting out how James teaches {image}
Hi Mike,

What do you make of AUDUSD on Weekly? And, where is James?

Thanks
  • #126,816
  • Jul 15, 2013 3:23pm Jul 15, 2013 3:23pm

Hi Guys

I was having a look at the markets and after some of the discussion on the GDPNZD I had a look at the weekly charts. Having trouble with the screen shots. But i can see a pin bar on this graph.It does seem to be heading into a bit of a sideways market are. Was wondering how this set-ups would look to you guys. Would it work for a shorter time period to the middle of the boxed area or would you possibly trade it and move to break even quickly and hope it breaks through the highs? As you can see the pin bar did bounce of the 50% retrace and 50MA. Would prob only look at longs if market moved above 1.95.

Another Pin bar that caught my eye on the weekly was the CADCHF. I demo traded n two day pin on the daily chart but it would seem on the weekly that we have the pin moving through a area of confluence. Have since my trade moved my stop just beyond that 50% retrace as will look for more areas of resistance to reduce my risk as the market moves. Any comments welcome.

Thanks for the help

Rudolfo

  • #126,817
  • Jul 15, 2013 3:53pm Jul 15, 2013 3:53pm
Quoting bee24
{quote} Hi Mike, What do you make of AUDUSD on Weekly? And, where is James? Thanks
Hey Bee

I speak to James often in fact just spoke with him he's out at a cabin in his spot in new mexico. He should be back very soon. We are going to be getting the new site ready in the next few weeks for some of the instructors to begin to take a look around and get used to things.

The aud/usd is what ghous would call an IPB or inverted pinbar. I like to think of it as a "wick" type play which I have spoke about briefly in this thread. TO me this is more of a bullish bar than a bearish bar(which some might be thinking because of that "tail". If that .9000 level holds it's likely we see last weeks high tested

Best
Mike
  • #126,818
  • Jul 15, 2013 3:57pm Jul 15, 2013 3:57pm
Quoting rudolfo
Hi Guys I was having a look at the markets and after some of the discussion on the GDPNZD I had a look at the weekly charts. Having trouble with the screen shots. But i can see a pin bar on this graph.It does seem to be heading into a bit of a sideways market are. Was wondering how this set-ups would look to you guys. Would it work for a shorter time period to the middle of the boxed area or would you possibly trade it and move to break even quickly and hope it breaks through the highs? As you can see the pin bar did bounce of the 50% retrace and...
Hey Rudolfo

That is a pinbar but it is at a very minor swing low which puts your trouble area right on the break of the bar(price is in a box just above us). To me the key is if price breaks if that box low can hold. These can be trickier situations to deal with since price has no "space". This is why new traders we like them to focus on pinbars at nice swing points to prevent some of that trickiness. Cad/chf is similar in that price is very sideways in this case and not a good swing point. These can bounce around and find trouble areas very quick so be cautious with them. THis one has the 9000 BRN just under neath

Hope that helps
Mike
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  • #126,819
  • Jul 15, 2013 4:31pm Jul 15, 2013 4:31pm
Quoting mbqb11
think this is an interesting continuation buob if it triggers. This is based purely on "boxing" a more aggressive touch trade would be around 4300 obviously new traders should be looking for buobs at swing lows while starting out how James teaches {image}
Hi Mike

I really like your chart with box effect....I'm waiting for the price to close above the 1.45 BRN and its confirmation as support on daily !

Thanks
Nothing personal,just business
  • #126,820
  • Jul 15, 2013 4:33pm Jul 15, 2013 4:33pm
Quoting Swede
{quote} Thanks so much! .... cant get over how much better I can "read" the market by following your commentary on various trade set ups, the good, the bad and the ugly...lol
Hello Swede. Long time. Nice to hear from you!
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