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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

  • #130,341
  • Mar 24, 2014 10:18pm Mar 24, 2014 10:18pm
Quoting mbqb11
picture perfect PPZ at the BRN of 1.5000 Great for potential trades both ways. The H&S above could make for a beautiful breakout to the downside These areas get me excited {image}
Mike, I remembered you once said during your webinar that for H&S pattern, you would prefer the neckline to slope upwards as this give them more space to run, or did I remembered wrongly?

Ken
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  • #130,342
  • Mar 24, 2014 10:30pm Mar 24, 2014 10:30pm
Quoting ken.b
{quote} Mike, I remembered you once said during your webinar that for H&S pattern, you would prefer the neckline to slope upwards as this give them more space to run, or did I remembered wrongly? Ken {image}
Hey Ken

Nope you are correct I would want it rising or flat. In this case though we could use a horizontal or flat line to indicate the neckline. Really the idea of seeing the H&S would just confirm that we can use this level to look for longs or short. Notice the accuracy of the 1.5 BRN as near perfect flip in s/r

Hope that helps!
Mike
  • #130,343
  • Mar 25, 2014 4:04am Mar 25, 2014 4:04am
Hey Mike

I wanted to ask if you track your results somewhere. It would be nice to follow your great results

Thanks for your answer.

Regards,
aserafino
  • #130,344
  • Mar 25, 2014 8:37am Mar 25, 2014 8:37am
Silver trade from yesterday

Just as I said - if you break even, then your stop gets to an arbitrary price that has higher chance to get hit, while if you put if somewhere more safe, then your trade has more chance to survive. If I had BE, then I this would have thrown me out. (Due to the broker spread)

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Cheers,
Stephen
It's all psychology...
  • #130,345
  • Mar 25, 2014 8:57am Mar 25, 2014 8:57am
Quoting mbqb11
{quote} Hey Ken Nope you are correct I would want it rising or flat. In this case though we could use a horizontal or flat line to indicate the neckline. Really the idea of seeing the H&S would just confirm that we can use this level to look for longs or short. Notice the accuracy of the 1.5 BRN as near perfect flip in s/r Hope that helps! Mike
Mike, what do you think about playing breakouts where no continuation outside bar forms? I'm speaking about trend line/pattern breakouts and PPZ breakouts.
Why do we need an outside bar? I understand the theory behind pin bars and outside bars when they are reversal signals but don't understand it too well when we're speaking about breakouts. It's possible that a non outside bar or a non DBHLC has a nice close below 1.5 BRN. Wouldn't it be a good bar to play a breakout (if it's a nice close below 1.5 BRN) even if it isn't an outside bar?
  • #130,346
  • Mar 25, 2014 9:40am Mar 25, 2014 9:40am
Quoting aserafino
Hey Mike I wanted to ask if you track your results somewhere. It would be nice to follow your great results Thanks for your answer. Regards, aserafino
Hey Aserafino

I post most of my live trades in the PF, for educational purposes of course. I do from time to time here but I worry more about people blindly following me in since we get a much wider range of new traders here and we want to teach them good habits

Best
Mike
  • #130,347
  • Mar 25, 2014 9:42am Mar 25, 2014 9:42am
Quoting str8
{quote} Mike, what do you think about playing breakouts where no continuation outside bar forms? I'm speaking about trend line/pattern breakouts and PPZ breakouts. Why do we need an outside bar? I understand the theory behind pin bars and outside bars when they are reversal signals but don't understand it too well when we're speaking about breakouts. It's possible that a non outside bar or a non DBHLC has a nice close below 1.5 BRN. Wouldn't it be a good bar to play a breakout (if it's a nice close below 1.5 BRN) even if it isn't an outside bar?...
Hey Str8

You absolutely can look to play breakouts when price just "closes" outside your breakout area. I just find that this loses one extra piece of confluence that you get from adding a PA bar. Because after all all PA bars are not created equal, so by being able to add the PA bar and decipher the quality of that bar in relationship to the pattern or area just adds another piece(as well as a filter )

Track your patterns with PA and without and see how you fair over a demo etc. What I show is more just what I do and of course is far from the only way

Hope that helps
mike
  • #130,348
  • Mar 26, 2014 7:10am Mar 26, 2014 7:10am
my weekly pinbar short doesnt look pretty cool right now .... Ill place another short at the top with close stop. Lets see. US dollar pretty weak this week.

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Best,
J
Hero calls followed by margin calls...
  • #130,349
  • Mar 26, 2014 7:40am Mar 26, 2014 7:40am
NOT MY DAY, lol.
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If not up, then down, otherwise sideways :-)
  • #130,350
  • Mar 26, 2014 7:58am Mar 26, 2014 7:58am
Silver trade

Being short i dont like this pattern. These ones tend to play out fast and I dont wanna get caught on the wrong side...

Cheers
Stephen
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It's all psychology...
  • #130,351
  • Mar 26, 2014 8:08am Mar 26, 2014 8:08am
Quoting PhAnTi'
my weekly pinbar short doesnt look pretty cool right now .... Ill place another short at the top with close stop. Lets see. US dollar pretty weak this week. {image} Best, J
You know Phanti but the pinbar is starting to behave like mikes wick fill bars. Did trade the bar myself but its like they say hindsight is 20/20 because i'm now seeing the 0.8500 RN just below the bar along with the bar size. Any way closed the just closed the trade because it is too far gone for me into the PB. Al
  • #130,352
  • Mar 26, 2014 8:11am Mar 26, 2014 8:11am
Quoting Magestic
NOT MY DAY, lol. {image}
pew, huge SL for this target...13.20 lots live? :-/
Hero calls followed by margin calls...
  • #130,353
  • Mar 26, 2014 8:12am Mar 26, 2014 8:12am
Quoting albus999
{quote} You know Phanti but the pinbar is starting to behave like mikes wick fill bars. Did trade the bar myself but its like they say hindsight is 20/20 because i'm now seeing the 0.8500 RN just below the bar along with the bar size. Any way closed the just closed the trade because it is too far gone for me into the PB. Al
i hope for a weekly close below last weeks close, then there might be some space for retrace that i can get out cheap....lets see.

J
Hero calls followed by margin calls...
  • #130,354
  • Mar 26, 2014 8:39am Mar 26, 2014 8:39am
Quoting albus999
{quote} You know Phanti but the pinbar is starting to behave like mikes wick fill bars. Did trade the bar myself but its like they say hindsight is 20/20 because i'm now seeing the 0.8500 RN just below the bar along with the bar size. Any way closed the just closed the trade because it is too far gone for me into the PB. Al
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Hero calls followed by margin calls...
  • #130,355
  • Mar 26, 2014 9:51am Mar 26, 2014 9:51am
hello
I have bought your e book. I see that you forget divergences?
  • #130,356
  • Edited 11:07am Mar 26, 2014 10:37am | Edited 11:07am
Silver

What did I say earlier? That these kind of wedges play out really fast.
OrderFlow question of the day. Does someone know why? :-)
As 1R was rached 50% off the table... I had a terrible large stop :S
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Stephen
It's all psychology...
  • #130,357
  • Mar 26, 2014 11:26am Mar 26, 2014 11:26am
Quoting PhAnTi'
my weekly pinbar short doesnt look pretty cool right now .... Ill place another short at the top with close stop. Lets see. US dollar pretty weak this week. {image} Best, J
Hey Jonas, would you mind explaining the reasoning behind entering where you did on the nzd/usd trade. I understand that some traders do not wait for a PB to break before entering a trade, but I thought that one of the cardinal rules of this method was not entering on the other side of a BRN (0.8500 in this case) to avoid a hard bounce off the BRN. For example, my entry was set twenty pips below the weekly PB at 0.8480. Thanks.
Forex is for the lifestyle.
  • #130,358
  • Edited 5:36pm Mar 26, 2014 5:17pm | Edited 5:36pm
Quoting PhAnTi'
my weekly pinbar short doesnt look pretty cool right now .... Ill place another short at the top with close stop. Lets see. US dollar pretty weak this week. {image} Best, J
Phanti brother.
Not only dollar weakness but also TL breakout war between bulls and bears. i am short too. nearly same level like yours.

by the way. nzd didnt move up despite positive trade balance announcement. because of this down movement seems more possible. time will tell us.

Monthly

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weekly

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daily

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  • #130,359
  • Mar 27, 2014 1:45am Mar 27, 2014 1:45am
Quoting Tail Gunner
{quote} Hey Jonas, would you mind explaining the reasoning behind entering where you did on the nzd/usd trade. I understand that some traders do not wait for a PB to break before entering a trade, but I thought that one of the cardinal rules of this method was not entering on the other side of a BRN (0.8500 in this case) to avoid a hard bounce off the BRN. For example, my entry was set twenty pips below the weekly PB at 0.8480. Thanks.
well i entered when the weekly closed as a pinbar - so i traded the weekly... got stopped out minutes ago for -110. Anyway setup was correct for me... Thats the game
Hero calls followed by margin calls...
  • #130,360
  • Mar 27, 2014 2:01am Mar 27, 2014 2:01am
playing the range here and sold high.
Outta here....do have mathematics exam later -.-

see ya.

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Hero calls followed by margin calls...
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