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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

  • #62,881
  • May 6, 2010 2:33am May 6, 2010 2:33am
Quoting mbqb11
lol
Indicators show the past. Price Action "Indicates" the future.
  • #62,882
  • May 6, 2010 2:43am May 6, 2010 2:43am
Quoting mbqb11
Hey Jarroo, tell Mike to stop laughing on the floor or he might miss the BRN
  • #62,883
  • May 6, 2010 2:49am May 6, 2010 2:49am
Quoting esbatu
Hey Jarroo, tell Mike to stop laughing on the floor or he might miss the BRN
Yeah lol.

Mike will be waiting for a more distinct or bold looking PA at that level. And so will I.
Indicators show the past. Price Action "Indicates" the future.
  • #62,884
  • Edited 4:04am May 6, 2010 3:54am | Edited 4:04am
USD/CHF

Is this curve fitting or am I seeing this?
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  • #62,885
  • May 6, 2010 3:57am May 6, 2010 3:57am
Quoting jarroo
Yeah lol.

Mike will be waiting for a more distinct or bold looking PA at that level. And so will I.
Hallo Jarroo....i have a question for you and even all the senior members that want to answer me:

Do you consider mainly BRN taking the Gbp/Usd for example 1.50-1.55-1.60 and so on every 500 pips or you give the same weight even to round number every 100 pips 1.50-1.51-1.52 and so on.

thanks as always

Luca
Patience is essential
  • #62,886
  • May 6, 2010 4:15am May 6, 2010 4:15am
Quoting benem
Hallo Jarroo....i have a question for you and even all the senior members that want to answer me:

Do you consider mainly BRN taking the Gbp/Usd for example 1.50-1.55-1.60 and so on every 500 pips or you give the same weight even to round number every 100 pips 1.50-1.51-1.52 and so on.

thanks as always

Luca

We know Mike gives a lot of weight to BRNs and well he should, because you'll see it all the time that strong PPZ levels will develop around these BRNs.

Then you'll have others that well ignore BRNs or RNs unless they are confluencing with a strong PPZ level or other confluencing levels. But mainly its PPZ level that is the focus.

If a very obvious and strong PPZ level is at the 138.50 and not at the 140.00. I'll go with the 138.50 but I will not ignore the 140.00.

Its the obvious looking PPZ level that I look for. If they line up with a RN great, even better, but if they don't I will take a PA setup if that level supports it.
Indicators show the past. Price Action "Indicates" the future.
  • #62,887
  • May 6, 2010 4:20am May 6, 2010 4:20am
anyone feeling the pb on the major yen pairs
  • #62,888
  • May 6, 2010 4:29am May 6, 2010 4:29am
Hi, Guys, I got this nice setup, two big enough size of pinbars, retrace to 61 fib, and BRN 1.4000, downtrend to short ( with trend ). maybe no ppz? but, some people trade PA setup only to make money, so, I take this as good setup.
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  • #62,889
  • May 6, 2010 4:47am May 6, 2010 4:47am
Quoting jeurre
Hi, Guys, I got this nice setup, two big enough size of pinbars, retrace to 61 fib, and BRN 1.4000, downtrend to short ( with trend ). maybe no ppz? but, some people trade PA setup only to make money, so, I take this as good setup.

jeurre . . .my friend. check your Weekly and Daily time frames for PPZ levels.

There is a nice one right at the 1.3925ish level. Price is testing it right now. The PBs are good. But I would wait for them to break for an entry.

If you're going to trade on the 4 hour, make sure you know where the higher time frame PPZ levels are located. it makes life a lot easier.




Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #62,890
  • May 6, 2010 4:58am May 6, 2010 4:58am
Quoting jarroo
jeurre . . .my friend. check your Weekly and Daily time frames for PPZ levels.

There is a nice one right at the 1.3925ish level. Price is testing it right now. The PBs are good. But I would wait for them to break for an entry.

If you're going to trade on the 4 hour, make sure you know where the higher time frame PPZ levels are located. it makes life a lot easier.




Jim
in accordance with the rules of Jim, the entry is only possible if the daily candle closed lower than the previous candle;
in this case there twezeer top, pinbar and lower close with the second candle.
this is right?
  • #62,891
  • May 6, 2010 4:59am May 6, 2010 4:59am
Hi guys,

It's been some time since I posted again.
Regarding the USDJPY daily setup that many members discussed few pages ago, I took it on my demo a/c but was out at a loss.

Would any members kindly give me some comments on this? Was I wrong on anything?

Setup: USDJPY DBHLC

Pros reasons:
- off weekly PPZ (around 93.80 as marked as yellow line)
- off BRN 94.00
- divergenece on MACD

Cons reasons:
- counter-trend?

Entry: I entered on 93.30 as I wanted to give some buffer.

FTA: 93.00

Result: As you all notice, price just touched my entry, took me in and then reversed. I closed the trade manually at around -50 pips.

Did I exit just too soon?
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Dreams are hard to follow, but don't let anyone, tear them away...
  • #62,892
  • May 6, 2010 4:59am May 6, 2010 4:59am
yeah, jarroo, my twin brother, hahaha. (kiding)

by looking into line chart of daily, there is an obvious one, I didn't pay attention to it. thanks for your suggestion.

the question bothers me is this. if looking into the first pin bar, nice setup too. but, the break of that pin lead to a reverse far before its first trouble area unless look to the left, but, the space in between is good enough to nullify the impact from left leg, may I?

to be honest, the daily price action makes me doult about the validity of the H4 pinbars.


Quoting jarroo
jeurre . . .my friend. check your Weekly and Daily time frames for PPZ levels.

There is a nice one right at the 1.3925ish level. Price is testing it right now. The PBs are good. But I would wait for them to break for an entry.

If you're going to trade on the 4 hour, make sure you know where the higher time frame PPZ levels are located. it makes life a lot easier.




Jim
  • #62,893
  • May 6, 2010 5:02am May 6, 2010 5:02am
Quoting extraneo
in accordance with the rules of Jim, the entry is only possible if the daily candle closed lower than the previous candle;
in this case there twezeer top, pinbar and lower close with the second candle.
this is right?

Could you say that one more time in a different way? (sorry)
Indicators show the past. Price Action "Indicates" the future.
  • #62,894
  • May 6, 2010 5:05am May 6, 2010 5:05am
I have this trade, high burn rate, but, this one delivers as expected, half position closed at the FTA, the rest is BE

Hesitated to scale in upon retrace to the minor (short line) support. but, good enough to keep existing position and see if could push up to the top of the range
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  • #62,895
  • May 6, 2010 5:13am May 6, 2010 5:13am
Quoting jeurre
yeah, jarroo, my twin brother, hahaha. (kiding)

by looking into line chart of daily, there is an obvious one, I didn't pay attention to it. thanks for your suggestion.

the question bothers me is this. if looking into the first pin bar, nice setup too. but, the break of that pin lead to a reverse far before its first trouble area unless look to the left, but, the space in between is good enough to nullify the impact from left leg, may I?

to be honest, the daily price action makes me doult about the validity of the H4 pinbars.
Price is really testing that level. Price breaking the 1st PB than reversing shows a lot of strength in the up trend. Above the PPZ level would be my stop loss placement. The 2nd PB may have a chance.

Yes, the Daily is showing the uptrend is strong. Some bullish PA at this level may show a good sign that the uptrend will continue.
Indicators show the past. Price Action "Indicates" the future.
  • #62,896
  • May 6, 2010 5:16am May 6, 2010 5:16am
Quoting jarroo
Could you say that one more time in a different way? (sorry)
excuse but I speak English badly

I wanted to say:
according to the rules of jim
1) to attend the closing of the candle daily;
2) if this candle daily closes lower of the previous one, would have:

tweezer top, with pinbar that it closes under of the previous one

he would be a good ones setup?
  • #62,897
  • May 6, 2010 5:17am May 6, 2010 5:17am
Quoting jeurre
I have this trade, high burn rate, but, this one delivers as expected, half position closed at the FTA, the rest is BE

Hesitated to scale in upon retrace to the minor (short line) support. but, good enough to keep existing position and see if could push up to the top of the range
Nice entry. If that PB breaks it'll be a good confirmation that we will be moving up. If it doesn't, more down movement is very possible.
Indicators show the past. Price Action "Indicates" the future.
  • #62,898
  • May 6, 2010 5:21am May 6, 2010 5:21am
Quoting extraneo
excuse but I speak English badly

I wanted to say:
according to the rules of jim
1) to attend the closing of the candle daily;
2) if this candle daily closes lower of the previous one, would have:

tweezer top, with pinbar that it closes under of the previous one

he would be a good ones setup?
If that Daily closes as a PB with a double top and the close is lower then the PPZ level then yes this would be a good PA setup to enter.
Indicators show the past. Price Action "Indicates" the future.
  • #62,899
  • May 6, 2010 5:21am May 6, 2010 5:21am
as long as the daily closes as a pinbar, we will have good chance to expect something.

Quoting jarroo
Nice entry. If that PB breaks it'll be a good confirmation that we will be moving up. If it doesn't, more down movement is very possible.
  • #62,900
  • May 6, 2010 5:22am May 6, 2010 5:22am
Quoting jarroo
Price is really testing that level. Price breaking the 1st PB than reversing shows a lot of strength in the up trend. Above the PPZ level would be my stop loss placement. The 2nd PB may have a chance.

Yes, the Daily is showing the uptrend is strong. Some bullish PA at this level may show a good sign that the uptrend will continue.
Hi Jarroo, how are u?
Kindly pls allow me to jump in and ask a question. Would the failure of the 1st pin affect your decision in taking the 2nd pin? Coz considering both pins are at around the similar position, with similar length and they are so close (in time) to each other.

Or you would judge them individually? Thanks for ur comment in advance!
Dreams are hard to follow, but don't let anyone, tear them away...
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