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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

  • #98,701
  • Jul 17, 2011 12:02pm Jul 17, 2011 12:02pm
Hi Jarroo, if I understood correctly you took this trade before PB actually broke and by now you are mostly out of this trade with good profits booked. Is that right?



Quoting jarroo
Yes Bryan . .I do think there is more down movent in the Euro.

fx trader . .your chart analysis of the PB is excellent . . Mike would be proud of that . .Pattern Breakout / Pull Back with PA . . .nice.

Here is some charts I posted in the PF of when and why I took this PB.

It was mainly due that Price broke through and Closed below these two Lowest Close of Support levels at these Swing Lows.

Notice on the Daily I have my Daily targets . .previous Highs/Lows. . . . .I was using a Hourly bar close above as my S/L . .I...
  • #98,702
  • Jul 17, 2011 12:05pm Jul 17, 2011 12:05pm
Quoting Adilius07
Hi Jarroo, if I understood correctly you took this trade before PB actually broke and by now you are mostly out of this trade with good profits booked. Is that right?

That's correct . .It was mainly base on the levels . .I understand that it is best to wait for the break of the PB, which would qualify it as a PB.
Indicators show the past. Price Action "Indicates" the future.
  • #98,703
  • Jul 17, 2011 12:08pm Jul 17, 2011 12:08pm
Quoting AvanishDemo
something similar we have on AUDCHF..
it broke two previous swings..
tight SL would be great....
CB 0.87 n LCS as well...

Yes . .Absolutely, AD .. .
Indicators show the past. Price Action "Indicates" the future.
  • #98,704
  • Jul 17, 2011 12:10pm Jul 17, 2011 12:10pm
Quoting jarroo
That's correct . .It was mainly base on the levels . .I understand that it is best to wait for the break of the PB, which would qualify it as a PB.
Thanks for reply Jarroo, awesome trade!
One last question please, for euraud weekly bullish PB on the chart you posted, will you also enter on the support level (red line) or wait for the break?
  • #98,705
  • Jul 17, 2011 12:14pm Jul 17, 2011 12:14pm
Quoting Adilius07
Thanks for reply Jarroo, awesome trade!
One last question please, for euraud weekly bullish PB on the chart you posted, will you also enter on the support level (red line) or wait for the break?

I would enter at the Support level with a tight S/L . . . entering on the break of the PB would be better confirmation.
Indicators show the past. Price Action "Indicates" the future.
  • #98,706
  • Jul 17, 2011 12:15pm Jul 17, 2011 12:15pm
Quoting jarroo
I would enter at the Support level with a tight S/L . . . entering on the break of the PB would be better confirmation.
Cool, thanks!
I'm too chicken to trade like that
  • #98,707
  • Jul 17, 2011 12:17pm Jul 17, 2011 12:17pm
Quoting Adilius07
Cool, thanks!
I'm too chicken to trade like that

That may change, my friend . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,708
  • Jul 17, 2011 2:01pm Jul 17, 2011 2:01pm
enr on weekly with a nice breakout on rising volume. fridays bar was very strong with a rise of about 3 usd and close at dayhigh. i expect a retest of the breakout-zone at about 77.40 usd.
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meine augen sind die sterne
  • #98,709
  • Jul 17, 2011 3:16pm Jul 17, 2011 3:16pm
Hi, I read a post that was written awhile back by jarroo that says to have pre-drawn levels on your charts, and wait for price action to manifest on these levels. the problem is, there are so many pivot levels, if I wanted to, I can use a daily chart or a H4 chart, and draw 10+ lines on my chart, and have levels of pivot every couple of 100 Pips, this often makes me think that ANY TRADES would have no space to run.

how do you guys take care of this problem? jarroo? how many pre-drawn pivot levels do you have on your charts? sometimes, I feel there are just too many...
  • #98,710
  • Jul 17, 2011 4:43pm Jul 17, 2011 4:43pm
Quoting halfstep
Hi, I read a post that was written awhile back by jarroo that says to have pre-drawn levels on your charts, and wait for price action to manifest on these levels. the problem is, there are so many pivot levels, if I wanted to, I can use a daily chart or a H4 chart, and draw 10+ lines on my chart, and have levels of pivot every couple of 100 Pips, this often makes me think that ANY TRADES would have no space to run.

how do you guys take care of this problem? jarroo? how many pre-drawn pivot levels do you have on your charts? sometimes, I feel there...
true, most trades have little run to begin with, the way i deal with it, is when price reaches FTA i take half my lots off the table and move sl to be, therefore its all worry free from there, hope this helps.
  • #98,711
  • Jul 17, 2011 5:34pm Jul 17, 2011 5:34pm
Quoting halfstep
Hi, I read a post that was written awhile back by jarroo that says to have pre-drawn levels on your charts, and wait for price action to manifest on these levels. the problem is, there are so many pivot levels, if I wanted to, I can use a daily chart or a H4 chart, and draw 10+ lines on my chart, and have levels of pivot every couple of 100 Pips, this often makes me think that ANY TRADES would have no space to run.

how do you guys take care of this problem? jarroo? how many pre-drawn pivot levels do you have on your charts? sometimes, I feel...
yeah this is a problem most people encounter at 1 time or another. i think the answer lies in the prioratization of the levels. there may be many Minor levels you can draw on your chart but not so many major ones. Usually the strongest show up on the higher TFs, and as you go down the TFs they tend to be more intraday levels.(good for helping with trade management but not good for taking trades from) This is also a big generalization though. Remember that although you can see a level on your chart doesnt necessarily mean you want to be trading from it. look for confluence to support the level. a lot of levels will mostly be used to manage trades rather than be the catalyst of them, so in that respect they show us where to take action if we are in a trade. it doesnt mean that the trade will run out of steam there, but rather price may show some reaction there. it is up to you to determine how strong the level is and decide how to deal with it within your trades. Try and draw in only the ones which are relevant at the time and i personally give more weight to the most recently respected ones. there is no point in having a level drawn in at 1.5000 when the price is 1.8677!!
one thing i also do is to use the box option on mt4 to draw the level up to the recent PA, that way it doesnt clutter all your screen and disappears naturally when Price moves away from that area.
see charts for a general idea of how i keep the charts as clean as poss.

hope this helps
EDIT these levels may not be very accurate, i drew them quickly to illustrate the point...

jon
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PATIENCE... DISCIPLINE
  • #98,712
  • Edited 8:32pm Jul 17, 2011 6:01pm | Edited 8:32pm
Quoting halfstep
Hi, I read a post that was written awhile back by jarroo that says to have pre-drawn levels on your charts, and wait for price action to manifest on these levels. the problem is, there are so many pivot levels, if I wanted to, I can use a daily chart or a H4 chart, and draw 10+ lines on my chart, and have levels of pivot every couple of 100 Pips, this often makes me think that ANY TRADES would have no space to run.

how do you guys take care of this problem? jarroo? how many pre-drawn pivot levels do you have on your charts? sometimes, I feel there...
beside not drawing that many - stick notes to them and delete the minor ones after a while.

For instance - I use diff. colours for diff. timeframes; also, each lvl. shows up up to it's timeframe(including it's timeframe) so daily ones don't show on weekly and up, etc. Also, I use diff. drawings for diff. importance(full line, with breaks, with dots, etc - those that mt4 offer). Also I slap notes on their desc./title(i.e. - "Relevant on weekly in last 3 years"); also, I clean the minor ones(on H1 and such) monthly, or when I do a major revision of a chart(which I do each time before I take a major trade intended to run days).

also, I don't clutter with fibos(2-3 - the major move in the last years, and eventually 1-2 minor moves - last one and some significant one in the current year).

p.s - also, using some mnemonics(1BS, 2S, 1MS, 2R = 1break support, 2 support, 1major support, 2resistance - as an example for what I have as description for a certain level)
  • #98,713
  • Jul 17, 2011 7:00pm Jul 17, 2011 7:00pm
deankenny21, g_j_hook@yah, and snowly thank you for your replies, I will experiment with all of your options to see what works for me : )
  • #98,714
  • Jul 17, 2011 11:00pm Jul 17, 2011 11:00pm
Quoting fx trader-
hi guys,

Noticed a bit late almost a day after it was made but still looks good to trade.

Comments appreciated :

regards,
Kunal (fx trader-)
Nice trade . .Kunal . . . . . .Mike is smiling . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,715
  • Jul 18, 2011 1:25am Jul 18, 2011 1:25am
Hi Mike, or perhaps those who use Oanda. How early do you guys start monitoring and entering your position on Monday? During early hours on Monday morning, Oanda will sometimes have volatile movements on some pairs, but not these movements are not registered by those brokers that open later. I was wondering how reliable these movements are? Thanks
  • #98,716
  • Jul 18, 2011 2:01am Jul 18, 2011 2:01am
Yep, nice!
Was pretty nervous over weekend after some critical comments about this setup. Glad it worked out. Next time though I will be more picky, I found that I broke my own rule with this one (after I was already in)... which is not good...
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  • #98,717
  • Jul 18, 2011 2:30am Jul 18, 2011 2:30am
Quoting gungriffin
Ha ha great example for me of how perception is usually different for different people. Think you may have mentioned that one in a previous post . Will just toss this up here. I FULLY recognize that this is not an A+ trade and as such it will not be treated as such. I would give it a B+. Key as I see it on this one is my plan THAT I WILL STICK TO. This is not just something that is going to be on a hope and a prayer that I will hope that maybe it will go my way. What turned me on was some of the confluence that I saw concentrated at one particuar...
Guess you just have to be nice to Lorena Joel....

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  • #98,718
  • Jul 18, 2011 2:33am Jul 18, 2011 2:33am
Quoting halfstep
Hi, I read a post that was written awhile back by jarroo that says to have pre-drawn levels on your charts, and wait for price action to manifest on these levels. the problem is, there are so many pivot levels, if I wanted to, I can use a daily chart or a H4 chart, and draw 10+ lines on my chart, and have levels of pivot every couple of 100 Pips, this often makes me think that ANY TRADES would have no space to run.

how do you guys take care of this problem? jarroo? how many pre-drawn pivot levels do you have on your charts? sometimes, I feel...
You take care of this with practice. Once you do this for a while you get a feel for the relative amount of time that a PPZ will have an effect on the chart based on how it looks, the price level on the chart, and how price has reacted to it in the past.
  • #98,719
  • Jul 18, 2011 2:43am Jul 18, 2011 2:43am
Hey guys,
I have a question. On dailies, many keep the entry order hoping for the breakout of the pin for a day. If pin is not broken the next day the y cancel it. If there is pin on weekly how many days do you keep the order? Like in EURAUD weekly now, there is a pin. But now it is nowhere close to breaking of pin. How long do you keep the order?

Thanks guys,
Vinay
  • #98,720
  • Jul 18, 2011 2:45am Jul 18, 2011 2:45am
Quoting vinayn
Hey guys,
I have a question. On dailies, many keep the entry order hoping for the breakout of the pin for a day. If pin is not broken the next day the y cancel it. If there is pin on weekly how many days do you keep the order? Like in EURAUD weekly now, there is a pin. But now it is nowhere close to breaking of pin. How long do you keep the order?

Thanks guys,
Vinay

I keep it on for 1 period of whatever time frame I found the PA on.
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