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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

  • #102,441
  • Sep 29, 2011 11:59pm Sep 29, 2011 11:59pm
Quoting jarroo
Nice chart Steve . .I think you meant to say LCS, not HCS on your chart.. .may be that blindness (tiredness) you were talking about . .

Here is my recent Eur/Gbp chart.

also, check out the history of the .8669 level on the Weekly . .nice . .(thanks Jaz)..

Jim

Thanks Jim, I think you just inadvertently pointed out one area of confusion for me. Could you explain why the bar I highlighted with the arrow is not your choice for LCS. I thought only a negative bar close could be the LCS?
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  • #102,442
  • Sep 30, 2011 12:09am Sep 30, 2011 12:09am
Quoting Pinbar
Thanks Jim, I think you just inadvertently pointed out one area of confusion for me. Could you explain why the bar I highlighted with the arrow is not your choice for LCS. I thought only a negative bar close could be the LCS?

You mean "How come this bar's Close is not the Lowest Close Support?" It is the same value for the LCS, both are correct. . . the Close and Open should be that same value . .(chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #102,443
  • Sep 30, 2011 12:09am Sep 30, 2011 12:09am
Forget this post..Wrong area.


Thanks Jarroo but, the line is at neither the negative bar close nor the positive bar open.
I understand the gap but how come you chose the mid area?

Sorry if I am creating confusion here.
  • #102,444
  • Sep 30, 2011 12:16am Sep 30, 2011 12:16am
Quoting Pinbar
Hmm, maybe because of this bar and what has occurred around this area?
Are you asking or relating this question to current Price levels?
Indicators show the past. Price Action "Indicates" the future.
  • #102,445
  • Sep 30, 2011 12:22am Sep 30, 2011 12:22am
Quoting jarroo
Are you asking or relating this question to current Price levels?

No, just related to the Close of the negative bar and the Open of the Positive bar. I mean, I understand there was a gap but your line is at neither of those bars close or open.
  • #102,446
  • Edited 3:41am Sep 30, 2011 12:32am | Edited 3:41am
Quoting Pinbar
Forget this post..Wrong area.


Thanks Jarroo but, the line is at neither the negative bar close nor the positive bar open.
I understand the gap but how come you chose the mid area?

Sorry if I am creating confusion here.
No its not causing confusion . .you are just getting your head around this . .very good question Pinbar.

I do look at both values if they don't line up . .good idea to take the mid-point or average of the two values . .I like it . . But mainly I will use both levels as they relate to Price for an entry or S/L, etc.

If one value lines up with a Low or High, I like that value better. . .Strength.
When levels line up . .be they Highs, Lows, Closes . .the stronger the level.

Your FXDD feed LCS levels line up with no gaps . .nice.
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Indicators show the past. Price Action "Indicates" the future.
  • #102,447
  • Sep 30, 2011 12:41am Sep 30, 2011 12:41am
Quoting jarroo
No its not causing confusion . .you are just getting your head around this . .very good question Pinbar.

I do look at both values if the don't line up . .good idea to take the mid-point or average of the two values . .I like it . . But mainly I will use both levels as they relate to Price for an entry or S/L, etc.

If one value lines with a Low or High, I like that value better. . .Strength.
When levels line up . .be they Highs, Lows, Closes . .the stronger the level.

Your FXDD feed LCS levels line up with no gaps . .nice.

Ahh, thanks Jarroo, that makes it clear.

The next question is, can we also use the HCR (lower line) where price bounced and moved down quickly away from this area to add strength to our current support area?
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  • #102,448
  • Edited 2:03am Sep 30, 2011 12:48am | Edited 2:03am
Quoting Pinbar
Ahh, thanks Jarroo, that makes it clear.

The next question is, can we also use the HCR (lower line) where price bounced and moved down quickly away from this area to add strength to our current support area?
Absolutely Pinbar. . .but I look to more recent HCR/LCS levels for setups . .if they have a great history . .like in your example . . all the better.

If that past HCR lined up with a current HCR or LCS level it would be great and not surprising. Since it did not . .I would use the most recent HCR/LCS levels for entry, S/L, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #102,449
  • Edited 3:43am Sep 30, 2011 1:03am | Edited 3:43am
Quoting screenname
Hi,

This is my first J16 trade (demo OANDA). Please comment. Thank you very much!

- scr
Hey screenname . . welcome to the thread . . . .nice screenname, btw.

IBs can be just like any other PA formation, only I like the very small ones (compression) where as the other PA formation we like them big in Size.

Check out Dan Gilbert's posts and charts .. he has a great stragety for trading IBs (I4Bs; Inside 4 Bars) at BRNs (Big Round Numbers).

Quoting Dan Gilbert
The best I4Bs are the ones that are really small.

I have used this USDCAD example many times, this ideal one.

I know the EURCAD here is technically an I4B, but it's not a beauty...

Here is perfection in my opinion:
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Indicators show the past. Price Action "Indicates" the future.
  • #102,450
  • Sep 30, 2011 1:06am Sep 30, 2011 1:06am
please tell me this: if we are trading a daily timeframe, how come a high of previous bar become our 1st target and Also a 2nd target is low of previous recent bar? The 2nd target could have be another previous bar High, but there wasn't one. Both previous bar Highs and Lows are of equal value as targets.

Price has not stalled there to make it a strong SR? is it right? Are you asking why Price may or may not stall at these targets? . . because Price dropped pretty strong from the 2nd target. Or, Price reacts to these targets (Highs/Lows) because they have potential to be strong S/R levels. because that's what S/R levels are made up from : Highs and Lows.


I was under the impression that a strong SR is a location where price has acted as both support and resistance. so I neglected both of your tp values. Yes that's correct . .both Support and Resistance make up a PPZ level. They can be targets just like High/Lows as targets. . .but we can't neglect Highs and Lows because they are potential PPZ levels.

I must honestly admit that I didnt give any significance to the Round number but I will from now on. I can see Mike (mbqb11) smiling right now . . check out Mike's posts on BRNs . .you'll be glad you did.

So here are the things we use for confluence. PA + SR at swing high/swing low &
1. Hisotric SR levels
2. Fib Retracement
3. Round Numbers
4. 150 and 365 EMA's
Yes, trendlines and divegence too.

I spend most of the time these days reading about James16's posts. I must admit my mentally is changing. In my life I have always beleived in surrounding yourself with talented people and even if you are not ...you will make an effort to get there. Thats what I am trying to do now.

Earlier because of my Indian mentality of not looking stupid by asking simple questions I would avoid asking simple questions but after coming here to US to my Masters in Computers my whole attitude is changed. You always ask questions no matter how stupid they are unless you get it...ok Enough talking

There is no such thing as a stupid question here. . many great traders and people here to help . .its what the James16 Chart Thread is all about.




Jim[/quote]

Thanks for your answers & patience Jim. I think i need to go back and read the whole thread where i understand SR levels and PPZ in detail.

I am now looking for reasons not to trade and which I think its a good thing for me.
  • #102,451
  • Sep 30, 2011 1:12am Sep 30, 2011 1:12am
Quoting TheFutureAce
There is no such thing as a stupid question here. . many great traders and people here to help . .its what the James16 Chart Thread is all about.




Jim

Thanks for your answers & patience Jim. I think i need to go back and read the whole thread where i understand SR levels and PPZ in detail.
I am now looking for reasons not to trade and which I think its a good thing for me.
Sure thing Amar.

I like to go to James16 charts a view them over and over again. Click on the attactments in his profile . .

http://www.forexfactory.com/james16 . . . http://www.forexfactory.com/search.p...rchid=16026659

Also, have youe seen the guests videos? view them over and over again too.

http://www.james16group.us/Guests/guestmaterial.html
Indicators show the past. Price Action "Indicates" the future.
  • #102,452
  • Sep 30, 2011 1:32am Sep 30, 2011 1:32am
James16:

"Confluence means coming together or adjoining. When we speak of confluence here we are referring to 2 or more levels of fib retracements and/or pivot levels and/or other indicators. Looking for confluence is important because it gives you excellent areas of solid support and resistance. Instead of just one fib level or pivot level we look for two or more that happen to line up together. It can also include moving averages that happen to line up with these levels. You should always be aware of areas where confluence exists. They can be entry areas or areas to take partial or total profit on an open position."
Indicators show the past. Price Action "Indicates" the future.
  • #102,453
  • Sep 30, 2011 1:38am Sep 30, 2011 1:38am
Hey Jaroo

Good to see that you are still at it.


Best Regards

Dale
  • #102,454
  • Sep 30, 2011 1:41am Sep 30, 2011 1:41am
Quoting Dale
Hey Jaroo

Good to see that you are still at it.


Best Regards

Dale
Dale, my friend . . .How are you? Good to see you.

Any nice Dale's Doubles lately? . . (Double Inside Bars)
Indicators show the past. Price Action "Indicates" the future.
  • #102,455
  • Sep 30, 2011 1:46am Sep 30, 2011 1:46am
Yes there has been, give me a minute and I will post a chart.

Needed to take a break from the forum, was on information overload. Also wanted to spend more time with my family.

Dale
  • #102,456
  • Sep 30, 2011 1:53am Sep 30, 2011 1:53am
Quoting Dale
Yes there has been, give me a minute and I will post a chart.

Needed to take a break from the forum, was on information overload. Also wanted to spend more time with my family.

Dale
Very understandable . .good to get away for awhile.
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Indicators show the past. Price Action "Indicates" the future.
  • #102,457
  • Sep 30, 2011 2:00am Sep 30, 2011 2:00am
Quoting jarroo
Absolutely Pinbar. . .but I look to more recent HCR/LCS levels for setups . .if they have a great history . .like in your example . . all the better.

If that past HCR lined up with a current HCR or LCS level it would great and not surprising. Since it did not . .I would use the most recent HCR/LCS levels for entry, S/L, etc.

Many thanks Jarroo, that makes it much clearer.
  • #102,458
  • Edited 2:59am Sep 30, 2011 2:03am | Edited 2:59am
Here they are, Give me a place to stand ...
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  • #102,459
  • Sep 30, 2011 2:12am Sep 30, 2011 2:12am
Quoting Dale
Here they are
Cool . .Thanks Dale.

You gotta like that tight, small compression of the Dale's Doubles. . usually a very nice robust breakout. . .you can't beat the small risk that they also provide . .
Indicators show the past. Price Action "Indicates" the future.
  • #102,460
  • Edited 5:04am Sep 30, 2011 2:18am | Edited 5:04am
It is important to keep in mind their locations as taught by this thread,

Thank you all for your contributions.

Dale
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