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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

  • #63,701
  • May 13, 2010 5:01pm May 13, 2010 5:01pm
oh well, I must be stupid and have too many questions, but, pardon me, jarroo, why you said "The closer the obvious FTA the better" ? sounds like if the obvious FTA is close to the entry point, it has less strength to stall the price move, is it what you meant by that?

Quoting jarroo
That would work. The closer the obvious FTA the better. The previous bars lows from a while back could be reached. Should be some reaction there.

One concern is the time of Day, early in the asian session.
  • #63,702
  • May 13, 2010 5:11pm May 13, 2010 5:11pm
Quoting jeurre
oh well, I must be stupid and have too many questions, but, pardon me, jarroo, why you said "The closer the obvious FTA the better" ? sounds like if the obvious FTA is close to the entry point, it has less strength to stall the price move, is it what you meant by that?

You know James16's "This is Critical" right? : http://www.forexfactory.com/showpost...ostcount=15568

Usually we pick the high quality setups were the momentum will give it strength to roll through the minor FTAs.

Good stop loss (for me) would be above the blue line or above the 83.25 PPZ level.

Time of day is always a concern with how price breaks a trigger. Sometimes I wait until closer to london and sometimes I don't . .How do you like that answer. lol

Serious though, waiting for retests of the support level and /or PPZ level may happen.
Indicators show the past. Price Action "Indicates" the future.
  • #63,703
  • May 13, 2010 5:15pm May 13, 2010 5:15pm
Quoting jarroo
That would work. The closer the obvious FTA the better. The previous bars lows from a while back could be reached. Should be some reaction there.

One concern is the time of Day, early in the asian session.
I'm taking that trade. Price missed my entry by one pip and it seems that we're currently testing the 83.00 level.

How would the time of day affect your trade decision or trade management?

Ah, I see you've already answered that question. That didn't help me much at all.
  • #63,704
  • May 13, 2010 5:20pm May 13, 2010 5:20pm
Quoting Mauzzz
I'm taking that trade. Price missed my entry by one pip and it seems that we're currently testing the 83.00 level.

How would the time of day affect your trade decision or trade management?

If its a nice big A+ setup . . . the time of day would have no affect. The BEOB is not the ideal location (better at a swing High). But it does have some good qualities ( blue line of Support turning into Restance, etc.)

I like this post from Mike. If its not the ideal I tend to be very tight in my trade management.


Quoting mbqb11
Hey Han

As you can see PA can work in so many LOCATIONS. But then we have to determine the best course of mgmt. I have taken trades at every location you can think of and all I try to do is figure out the best course of mgmt based on that action. These types I think a quick t/p is best or at least getting to b/e faster b/c these are areas for snap backs to occur(as they were the last true demand). So traders watch it in that manner.

Best
Mike
Indicators show the past. Price Action "Indicates" the future.
  • #63,705
  • May 13, 2010 5:25pm May 13, 2010 5:25pm
Quoting Mauzzz
I'm taking that trade. Price missed my entry by one pip and it seems that we're currently testing the 83.00 level.

Absolutely. The 83.00 (support level) is being tested. May now turn into Resisitance.

What would it mean if the 83.00 fails the test?
Indicators show the past. Price Action "Indicates" the future.
  • #63,706
  • May 13, 2010 5:30pm May 13, 2010 5:30pm
Quoting Atc
A few charts I'm watching prior to daily close 5 pm ET

Don't pay attention to PPZs or Fibs on my charts>>>>did not have a chance to correct them.

Just looking for thoughts...still learning

Thanks---if you want to comment

Watching the Cad/Jpy to Atc. Nice charts.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,707
  • May 13, 2010 5:38pm May 13, 2010 5:38pm
Quoting jarroo
Watching the Cad/Jpy to Atc. Nice charts.

Appreciate your dedication to this thread....may the market bring you "Gifts"
  • #63,708
  • May 13, 2010 5:42pm May 13, 2010 5:42pm
Quoting Atc
Appreciate your dedication to this thread....may the market bring you "Gifts"
Thanks Atc.

Although it seems like sometimes I take or steal the gifts from the store. lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,709
  • May 13, 2010 5:44pm May 13, 2010 5:44pm
Quoting jarroo
Thanks Atc.

Although it seems like sometimes I take or steal the gifts from the store. lol
steal away buddy
  • #63,710
  • May 13, 2010 5:45pm May 13, 2010 5:45pm
Quoting jarroo
Absolutely. The 83.00 (support level) is being tested. May now turn into Resisitance.

What would it mean if the 83.00 fails the test?
Well, that would mean it didn't really turn into resistance and the setup would lose one of its main advantages, which for me was the previous 83.00 level acting as support.
  • #63,711
  • May 13, 2010 5:45pm May 13, 2010 5:45pm
Quoting jarroo
Thanks Atc.

Although it seems like sometimes I take or steal the gifts from the store. lol
I believe you are just taking advantage of opportunities presented to you!
I guess it's a perceptual thing.
  • #63,712
  • May 13, 2010 5:46pm May 13, 2010 5:46pm
Quoting mbqb11
steal away buddy

lol. There's some "Wanted Posters" of you all over the market my friend. lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,713
  • May 13, 2010 5:47pm May 13, 2010 5:47pm
please see in blue color

Quoting jarroo
You know James16's "This is Critical" right? : http://www.forexfactory.com/showpost...ostcount=15568

Usually we pick the high quality setups were the momentum will give it strength to roll through the minor FTAs.

[color=blue]I see your point now with your foremost assumption that price is highly likely to hit the FTA. if that is the case, "This is Critical" is good enough to take care the trade. I had that question,coz I was concerned the price may turn around anytime before hitting FTA. that concern may sound...
I guess you were referring to resistance(previous support level), coz we are talking about short. you wanted to enter the short when price retest the resistance,is it correct, jarroo? but, which one of them, the blue line or the low of the setup( I mean the bar low immediately preceeding to the current one)?

thank you, bro
  • #63,714
  • May 13, 2010 5:48pm May 13, 2010 5:48pm
Quoting Atc
I believe you are just taking advantage of opportunities presented to you!
I guess it's a perceptual thing.
"advantage of opportunities presented" . . . better said Atc.
Indicators show the past. Price Action "Indicates" the future.
  • #63,715
  • May 13, 2010 5:52pm May 13, 2010 5:52pm
Quoting mbqb11
steal away buddy
Attached Image
  • #63,716
  • May 13, 2010 5:52pm May 13, 2010 5:52pm
oops, I typed a lot in between, but, only show the last paragragh, so, the color doesn't mean anything in this case, the question still remains though

Quoting jeurre
please see in blue color



I guess you were referring to resistance(previous support level), coz we are talking about short. you wanted to enter the short when price retest the resistance,is it correct, jarroo? but, which one of them, the blue line or the low of the setup( I mean the bar low immediately preceeding to the current one)?

thank you, bro
  • #63,717
  • May 13, 2010 6:01pm May 13, 2010 6:01pm
Quoting jeurre
please see in blue color



I guess you were referring to resistance(previous support level), coz we are talking about short. you wanted to enter the short when price retest the resistance,is it correct, jarroo? but, which one of them, the blue line or the low of the setup( I mean the bar low immediately preceeding to the current one)?

thank you, bro
Well its not Resistance yet. We would like to see this happen. Price may just shoot up again and consolidate between the 83.00 and 84.50. The key hint here is the BEOB. Its of good size and it engulfs a couple bars. But its not at the location we want them to be . . at a swing high.

So it can be risky to enter at the testing of the 83.00 or 83.25. Its possible with a tight S/L, but not the ideal.
Indicators show the past. Price Action "Indicates" the future.
  • #63,718
  • May 13, 2010 6:02pm May 13, 2010 6:02pm
okey, let me put my take in blue color again

Quote from jarroo
++++++++++++++++++++++++++++++++++++++++++++++++
You know James16's "This is Critical" right? : http://www.forexfactory.com/showpost...ostcount=15568

Usually we pick the high quality setups were the momentum will give it strength to roll through the minor FTAs.

my take is the assumption that price most likely to hit FTA while I was concerned it may turn around anytime before FTA. I see the difference now, at least probability wise.

Good stop loss (for me) would be above the blue line or above the 83.25 PPZ level.

excellent stoploss strategy, I liked

Time of day is always a concern with how price breaks a trigger. Sometimes I wait until closer to london and sometimes I don't . .How do you like that answer. lol

agreed timewise, how about your phrase of " the closer the obvious FTA the better" I thought it is referring to space, still don't get it

Serious though, waiting for retests of the support level and /or PPZ level may happen.

now, the definition of support and resistance. we are talking about short, I guess you were referring it as resistance ?

edit : okey, the last one was answered, thanks, bro
  • #63,719
  • May 13, 2010 6:17pm May 13, 2010 6:17pm
Quoting jeurre
okey, let me put my take in blue color again

Quote from jarroo
++++++++++++++++++++++++++++++++++++++++++++++++
You know James16's "This is Critical" right? : http://www.forexfactory.com/showpost...ostcount=15568

Usually we pick the high quality setups were the momentum will give it strength to roll through the minor FTAs.

[color=blue]my take is the assumption that price most likely to hit FTA while I was concerned it may...
Look at the 4 hour BEOB on the Eur/Jpy from yesterday.

The 1st green line (previous bar low) I would consider the First Trouble Area the 2nd green line (previous bar low) as the Target to either take profit or adjust my position.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,720
  • Edited 6:41pm May 13, 2010 6:30pm | Edited 6:41pm
Quoting Mauzzz
Well, that would mean it didn't really turn into resistance and the setup would lose one of its main advantages, which for me was the previous 83.00 level acting as support.

Yes Mauzz. I couldn't have said it any better.

Now it doesn't mean that BEOB may fail or invalidate itself. It means for me that I would not take a full bar loss because its not the best BEOB in terms of location.
Indicators show the past. Price Action "Indicates" the future.
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