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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

  • #99,341
  • Jul 27, 2011 8:55am Jul 27, 2011 8:55am
Quoting jarroo
Hey D . .many took this one a bit earlier . .I would have liked to have seen a deeper Swing Low but a vaild setup nonetheless. Daily targets in Blue.

Yes, I like that 77.25 target . .
I agree, definitely would be late to the party.....I passed that BEOB because I was afraid of 80. Would be a nice place to tuck a stop if any are still in the original move.
  • #99,342
  • Jul 27, 2011 9:01am Jul 27, 2011 9:01am
Quoting jarroo
I define my S/R by key levels in the market. . .Mike talks about the deep Swing Highs/Lows in the market as being one of these key market levels.

I do look and the Highs and Lows as they are what make up PPZ levels. But I will look at the Closes of these levels as a pivotal point or transitional point where Price can transition from Support to Resistance or vice versa . let me get a chart . . .
Looking at the Weekly Silver chart, we can see the 35.05 acting as Support . .I define it as Support because there is mutliple times that Price can't Close below it. The Lowest Close of this Support level is the 35.05.

It is where Price . .for whatever reason . .just can't have a Close below this level. . .you'll notice it is at a Swing Low in the market.

At the end of the week of 6/19/11, Price Closes below this level. The 35.05 that was a Support level has now transitioned into a Resistance level.

The next candle . . Price broke through and closed above this level . . .it now has reverted back to its Support level status.
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Indicators show the past. Price Action "Indicates" the future.
  • #99,343
  • Jul 27, 2011 9:07am Jul 27, 2011 9:07am
I'm relatively new to forex (about 9 months of trading) & had been steadily losing money up until a few weeks ago when the 'famous' Cloggie told me to ditch all my indis & work on PA.
Thanks to Cloggie's advice I'm at last starting to make a bit of profit, problem is I'm finding very few 'golden' set ups.
Due to work commitments I can only really trade on the daily/8h & sometimes the 4h, I'm mainly looking for pin bars & inside bars + a set up pattern in the 'Forex Profits' strategy, I also try to find PA on a fib retrace.
Any advice as to how to find some more set ups would be much appreciated.
  • #99,344
  • Jul 27, 2011 9:48am Jul 27, 2011 9:48am
Quoting forex1962
I'm relatively new to forex (about 9 months of trading) & had been steadily losing money up until a few weeks ago when the 'famous' Cloggie told me to ditch all my indis & work on PA.
Thanks to Cloggie's advice I'm at last starting to make a bit of profit, problem is I'm finding very few 'golden' set ups.
Due to work commitments I can only really trade on the daily/8h & sometimes the 4h, I'm mainly looking for pin bars & inside bars + a set up pattern in the 'Forex Profits' strategy, I also try to find PA on a fib retrace.
Any advice as to how to...
Hi,

I work full-time and face the same problem. I cant even regularly monitor 4hr-8hr charts. So, I just look at daily/Weekly. Fewer opperchunities work both ways - you enter less trades and loose less trades as well.
I just look at Pin bar and Outside bars.
You can probally scan more charts as PA is going to work on all of them. may be look at stocks, indicies, etc..
Trading is a test match not a Twenty20.
  • #99,345
  • Jul 27, 2011 9:50am Jul 27, 2011 9:50am
Quoting jarroo
Looking at the Weekly Silver chart, we can see the 35.05 acting as Support . .I define it as Support because there is mutliple times that Price can't Close below it. The Lowest Close of this Support level is the 35.05.

It is where Price . .for whatever reason . .just can't have a Close below this level. . .you'll notice it is at a Swing Low in the market.

At the end of the week of 6/19/11, Price Closes below this level. The 35.05 that was a Support level has now transitioned into a Resistance level.

The next candle . . Price broke through...
Ok. I think I get it. Many thanks Jarroo.
  • #99,346
  • Jul 27, 2011 9:57am Jul 27, 2011 9:57am
Quoting Donkey
I agree, definitely would be late to the party.....I passed that BEOB because I was afraid of 80. Would be a nice place to tuck a stop if any are still in the original move.
. . and the intervening buying has some people scared as well . lol .this bit here took out a few S/Ls . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #99,347
  • Jul 27, 2011 10:00am Jul 27, 2011 10:00am
Quoting dede777
Ok. I think I get it. Many thanks Jarroo.
It really is a pretty simple approach . .I do tend to make it more complicated then it really is . . .
Indicators show the past. Price Action "Indicates" the future.
  • #99,348
  • Edited 10:18am Jul 27, 2011 10:03am | Edited 10:18am
Quoting vinayn
Hey guys,
A possible short trade on CHFJPY Daily. Nice bearish pin bar, okish space (would have liked more), If it closes something like this, could be a good short. FTA is around 50 pips away so can move stop to BE there & wait for reaching next trouble area. What you guys think?

Thanks,
Vinay

Quoting AvanishDemo
sometimes there are setups wch doesnt hit our FTA properly n rolls against our favor..it happens
js my 2pips..
hi Vinayn...
if u reading..
this is wat i was concerned n was trying to tell..dat price may not hit FTA(96.5)..
n i had the same doubt for this "weak-sized" PB setup...
well still a time to go though bt atleast now i dont like the way its moving up..

maybe James mch experienced n he knws wat kind of weak setups are best to trade..i was js giving u info. abt it,sry i only had seen him taking such trades once or twice with his posts...
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  • #99,349
  • Jul 27, 2011 10:19am Jul 27, 2011 10:19am
Quoting jarroo
It really is a pretty simple approach . .I do tend to make it more complicated then it really is . . .
Hi Jaroo,
So what happens once you determine HCS LCS, HCR, LCR - you wait for PA to take a trade in the opposite direction?
Trading is a test match not a Twenty20.
  • #99,350
  • Jul 27, 2011 10:21am Jul 27, 2011 10:21am
Quoting decentchap
Hi,

I work full-time and face the same problem. I cant even regularly monitor 4hr-8hr charts. So, I just look at daily/Weekly. Fewer opperchunities work both ways - you enter less trades and loose less trades as well.
I just look at Pin bar and Outside bars.
You can probally scan more charts as PA is going to work on all of them. may be look at stocks, indicies, etc..
GOod on you DC

Many people make the horrible mistake of trying to fit the market into their schedules in a bad way.

Example - the person who works all day comes home and it's the Sydney/Tokyo session which is notoriously dead and lower liquidity compared to the main sessions. They then pop up the 5 min chart and get to "work".

I'd always prefer expanding markets I watch then trying anything like that. No need. Especially when the power of being picky is discovered

Best
Mike
  • #99,351
  • Jul 27, 2011 10:29am Jul 27, 2011 10:29am
Quoting AvanishDemo
hi Vinayn...
if u reading..
this is wat i was concerned n was trying to tell..dat price may not hit FTA(96.5)..
n i had the same doubt for this "weak-sized" PB setup...
well still a time to go though bt atleast now i dont like the way its moving up..

maybe James mch experienced n he knws wat kind of weak setups are best to trade..i was js giving u info. abt it,sry i only had seen him taking such trades once or twice with his posts...
Hi Avanish, could you please explain why is this "weak-sized" PB? In my view is just awesome.
  • #99,352
  • Jul 27, 2011 10:29am Jul 27, 2011 10:29am
Quoting decentchap
Hi Jaroo,
So what happens once you determine HCS LCS, HCR, LCR - you wait for PA to take a trade in the opposite direction?

There is no HCS or LCR . .just HCR and LCS,

Exactly decentchap. Once we define our S/R from these HCR/LCS once PBT&CAorB we can look for PA . .Bullish PA at Support or Bearish PA at Resistance . .on the same TF or even the lower TFs.

Referring back to my Weekly Silver chart at the 35.05 . .Look what we have here on the the 4 Hour TF . .a Bullish PB off a Weekly Support level.
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Indicators show the past. Price Action "Indicates" the future.
  • #99,353
  • Jul 27, 2011 10:44am Jul 27, 2011 10:44am
Quoting Adilius07
Hi Avanish, could you please explain why is this "weak-sized" PB? In my view is just awesome.
i will try to discuss abt simple setups next time n leave it to seniors to help..
i had win trade yestrday so i ws in full form to help others..lol

reason i said its weak sized is bcos comparing it with the huge uptrend it does look small..
dts the only flaw it had..
i had failed trades few months back with sch small PBs esp. when they are formed at extreme swings..

here another example where i messed up with a small PB at extreme swings..long way back..AUDCAD(2nd chart)...though it worked out later bt u can chk the "next bar" to PB almost brought our hearts out in our mouth...this PB was a skip by seniors n other 10+ vouchers i remember...
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  • #99,354
  • Jul 27, 2011 10:45am Jul 27, 2011 10:45am
Quoting jarroo
There is no HCS or LCR . .just HCR and LCS,

Exactly decentchap. Once we define our S/R from these HCR/LCS once PBT&CAorB we can look for PA . .Bullish PA at Support or Bearish PA at Resistance . .on the same TF or even the lower TFs.

Referring back to my Weekly Silver chart at the 35.05 . .Look what we have here on the the 4 Hour TF . .a Bullish PB off a Weekly Support level.
Thanks Jaroo, Ofcourse HCS and LCR don't make much if any sense.
Trading is a test match not a Twenty20.
  • #99,355
  • Jul 27, 2011 10:53am Jul 27, 2011 10:53am
I had my eye on this pb setup. But due to bullish Pinbar and trading agnaist BRn 0.88, I skipped the trade. But it seems to have worked out well. My tp would have been 0.8750.

Did anyone take it?
Attached Image (click to enlarge)
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Trading is a test match not a Twenty20.
  • #99,356
  • Jul 27, 2011 10:54am Jul 27, 2011 10:54am
Quoting AvanishDemo
i will try to discuss abt simple setups next time n leave it to seniors to help..
i had win trade yestrday so i ws in full form to help others..lol

reason i said its weak sized is bcos comparing it with the huge uptrend it does look small..
dts the only flaw it had..
i had failed trades few months back with sch small PBs esp. when they are formed at extreme swings..

here another example where i messed up with a small PB at extreme swings..long way back..AUDCAD(2nd chart)...though it worked out later bt u can chk the "next bar" to PB...
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long enough, or it may stick out alright but technically will not be a PB as close is slightly higher than left eye, or nose could be huge but the bar really is not wider than the last few bars etc....And at last there are some much better PB's in size that failed because of no story behind it.

Ok, my whole point is this, if we skip trades like this (PB setups) on daily chart how many trades per decade we will have for a pair? (this pair PB's for example) And some could fail anyway...

So I think this is a MUST TAKE SETUP for every one!!!

Just my 0.08 cents....
  • #99,357
  • Jul 27, 2011 11:03am Jul 27, 2011 11:03am
Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long enough,...
I wouldnt take this setup because it closed above 97.00 - Had it closed below - there were plenty of reasons to take it.
Trading is a test match not a Twenty20.
  • #99,358
  • Jul 27, 2011 11:07am Jul 27, 2011 11:07am
Quoting decentchap
I wouldnt take this setup because it closed above 97.00 - Had it closed below - there were plenty of reasons to take it.
Dead on again from how I view it

You are getting pretty good here

Mike
  • #99,359
  • Jul 27, 2011 11:12am Jul 27, 2011 11:12am
Quoting Adilius07
Thanks for reply. I see what you mean. But I think the other PB you show was in trouble because there was really nothing else but PB. (no story) So it was a PB against huge momentum up and nothing else behind PB.

Here, though the size is almost the same as with your second example but there is a story. Yes I want the nose to be much longer too. But that's in perfect world. In real life if we scroll back 10 years (for this pair) or whatever we see NO OTHER pinbar that is much bigger than this. Or ok nose will be big but not sticking out long...
i see u much experienced than me Adi as u hav joined thread on July 2010..so i will respect ur view
u are right abt "no story" thing ...
wat i was tryin to explain is small PBs at extreme swings can be detrimental to trading..
bt again i will keep myself restricted to discuss setups wch are simple n wont mess up with things wch can lead to debates or hot discussion..

n hey different taste buds for different people..
some like Blondes,some like Brunettes,some like BALDS...

Good Trading!!
  • #99,360
  • Jul 27, 2011 11:17am Jul 27, 2011 11:17am
Quoting mbqb11
Dead on again from how I view it

You are getting pretty good here

Mike
Thanks Mike,

That means a lot to me.

I think I am ready to trade 1 and 5 min charts now. lol
Trading is a test match not a Twenty20.
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