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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

  • #132,661
  • Oct 15, 2014 7:50pm Oct 15, 2014 7:50pm
Quoting mbqb11
{quote} way to go winston
Thanks Mike.
  • #132,662
  • Oct 16, 2014 12:04am Oct 16, 2014 12:04am
Quoting mbqb11
{quote} Hey Alehandro I always tell people to watch as much as they can I watch over 80 FX pairs daily/weekly/4hr/hrly And I watch over 3000 stocks using the russell 3000 and watch a handful of futures charts too. So go for it Mike
Hey Mike, how do you monitor levels on 3000 stocks? I notice that it looks like you're using ThinkorSwim charts. If you add levels on those charts, will that platform automatically save them? Thanks.
  • #132,663
  • Oct 16, 2014 1:27am Oct 16, 2014 1:27am
Hey, Mike. Is that a wick play opportunity?
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If not up, then down, otherwise sideways :-)
  • #132,664
  • Oct 16, 2014 7:59am Oct 16, 2014 7:59am
Quoting toafdawg
{quote} Hey Mike, how do you monitor levels on 3000 stocks? I notice that it looks like you're using ThinkorSwim charts. If you add levels on those charts, will that platform automatically save them? Thanks.
I use FINVIZ website - not bad screener, TOS is better. E.g. I spent over 2 hours searching any pinbar only on NYSE (3980 stocks), then looking for a good PPZ and try to work.
  • #132,665
  • Oct 16, 2014 12:29pm Oct 16, 2014 12:29pm
hey whats up? i just started going through this thread and im liking it a lot. im somewhat confused on how to use the weekly timeframe. do you wait for a PA pattern to appear on the weekly then wait for one to appear on the daily and take the trade or is the weekly more for s/r, ppz, etc?
  • #132,666
  • Oct 16, 2014 12:38pm Oct 16, 2014 12:38pm
Quoting Poinson
{quote} That is unbelievable! thank you Mike. I have been tried since 2006 losing several depo. Now I am here, still not giving up. Thats live.
Hi mate,

I know what you mean. It takes TIME. its taken me almost 7 years to get to a level of consistant profitability. You will get there, you just have to keep going. The thing ive noticed though, is that many people will give up before that time comes, its unfortunate but it happens a lot. Keep trading and learning mate

Take care
Dan
  • #132,667
  • Oct 16, 2014 2:39pm Oct 16, 2014 2:39pm
Quoting toafdawg
{quote} Hey Mike, how do you monitor levels on 3000 stocks? I notice that it looks like you're using ThinkorSwim charts. If you add levels on those charts, will that platform automatically save them? Thanks.
Hey Toaf

Yes thats TOS. I scan the russell 3000 once a week on the weekly charts and mark the charts im interested in. TOS saves anything you add to those charts till you delete them

Best
Mike
  • #132,668
  • Oct 16, 2014 2:40pm Oct 16, 2014 2:40pm
Quoting Magestic
Hey, Mike. Is that a wick play opportunity? {image}
Nice Job M
  • #132,669
  • Oct 16, 2014 2:42pm Oct 16, 2014 2:42pm
Quoting mmb91
hey whats up? i just started going through this thread and im liking it a lot. im somewhat confused on how to use the weekly timeframe. do you wait for a PA pattern to appear on the weekly then wait for one to appear on the daily and take the trade or is the weekly more for s/r, ppz, etc?
Hey MM

We can use the weekly timeframe in a few ways. But you really want to use those timeframes the same as any timeframe. For example the easiest thing to do is if you are looking for good locations on the weekly and confluence, look for your PA on that timeframe too. I almost always trade and analyze the same timeframe together. Sometimes I'll jump up a timeframe to see what else is going on too but not to over complicate it. ANother way some people choose to use say the weekly is mark off the critical areas and then say drop down to the daily timeframe for an entry. This is fine too.

But the easier thing is to trade off the same timeframe you analyze. Keeps things simple and their isn't a need to drop down. I trade all my timeframes the same. So I'll analyze a weekly the same as I do an hourly. The worst thing I see people do is mark say a PPZ off on the weekly and drop down to a 15min timeframe looking for any old PA off that level. The disconnect is almost always too large and that trader struggles.

Best
Mike
  • #132,670
  • Oct 16, 2014 2:59pm Oct 16, 2014 2:59pm
thanks mike, i appreciate the response. ive watched one of your webinars and will watch your other videos soon. i like this style of trading a lot and look forward to posting here and joining the james16 group.
  • #132,671
  • Oct 16, 2014 3:08pm Oct 16, 2014 3:08pm
Quoting dan89
{quote} Hi mate, I know what you mean. It takes TIME. its taken me almost 7 years to get to a level of consistant profitability. You will get there, you just have to keep going. The thing ive noticed though, is that many people will give up before that time comes, its unfortunate but it happens a lot. Keep trading and learning mate Take care Dan
Dan, we don't want faster way for profitability but a smooth path for that way, could you please share (if you like) your successful story ?
I think can be really motivating a lot of people here (myself included) and build value in that thread...... reading and reading again experiances and good succesful stories we will build together our success to the way of profitability
cheers
Xam
  • #132,672
  • Oct 16, 2014 6:10pm Oct 16, 2014 6:10pm
Oanda broker so not NY close.

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  • #132,673
  • Oct 17, 2014 12:43am Oct 17, 2014 12:43am
Quoting Winston Reed
Oanda broker so not NY close. {image}
I watch EURJPY to, but place buy stop order on CADJPY=pinbar+keylevel+RN,
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think about USDCAD key level+RN+2pinbars+divergency(on D1 and W1)
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trail 1bar
Coment please.
  • #132,674
  • Oct 17, 2014 1:25am Oct 17, 2014 1:25am
Quoting mbqb11
{quote} Nice Job M
Thanks, but I missed my TP by less than a pip, and closed it in BE.
If not up, then down, otherwise sideways :-)
  • #132,675
  • Oct 17, 2014 7:45am Oct 17, 2014 7:45am
Hello all

A question to instructors plase

May we trade a PB which broke the support/resistance?
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  • #132,676
  • Oct 17, 2014 8:07am Oct 17, 2014 8:07am
and one more please, what would you say of this set up? May we consider this last bar as a test of a support area?
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  • #132,677
  • Oct 17, 2014 9:25am Oct 17, 2014 9:25am
Quoting Poinson
Hello all A question to instructors plase May we trade a PB which broke the support/resistance? {image}
Thats nice location. I'm already in with D1 BUOB. Now watching marked area to hold
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If not up, then down, otherwise sideways :-)
  • #132,678
  • Oct 17, 2014 1:16pm Oct 17, 2014 1:16pm
Quoting Magestic
{quote} Thats nice location. I'm already in with D1 BUOB. Now watching marked area to hold {image}
im also in this trade, same SL same TP however, its moving slower than a turtle. currently facing rejection at FTA but it should break it next week. Such a big PB cannot be stopped by a small FTA.
Market can stay irrational longer than you can stay solvent.
  • #132,679
  • Oct 17, 2014 2:58pm Oct 17, 2014 2:58pm
Hi All,
Is anyone is interesd in CADJPY ?
please comments .....
Xam
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  • #132,680
  • Oct 17, 2014 6:36pm Oct 17, 2014 6:36pm
Quoting Xamarass
Hi All, Is anyone is interesd in CADJPY ? please comments ..... Xam {image}
i'm pretty pessimistic against the yen pairs that formed. I'll get back this weekend as to why on your charts. I think if they don't blast off we can see downside as the location on them are all a bit iffy. I got back in short on Russell 2k and dow again this past day as the risk is low and upside huge on these for next week. That's generally correlated to an inverse on the xxx/jpy pairs which would mean more room to run down

Enjoy your weekend all

Mike
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