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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

  • #103,541
  • Oct 25, 2011 8:35pm Oct 25, 2011 8:35pm
Quoting pex
hi all
jarro,have a question about this trade you took....
you entered without PA?
where did you put SL?
thanks
Pinbar explains it very well here . .

Quoting Pinbar
A touch trade usually involves taking a trade as soon as price touches the area, before any PA is formed. It is pure Support & Resistance. J16 also takes a lot of touch trades, this thread did early on talk about TTs. However, I think for the simple practical reason, that a Touch Trade is taken before any PA is formed, it has been put on a back burner.
Touch trading lacks the PA confirmation, and therefore possibly, new people should learn to see Clearly the S&R and PA at those areas, before delving into Touch Trading.
Like learning to walk before...
Indicators show the past. Price Action "Indicates" the future.
  • #103,542
  • Oct 25, 2011 9:10pm Oct 25, 2011 9:10pm
Quoting Pinbar
Here is probably where Jarroo's SL was.

Sure he entered without PA, he is touch trading the pullback to the PPZ that price closed above on the daily time frame.

That's it Pb ..25 -30 pip S/L. The 365 ema was the key confluence at the HCR to take the long. Well defined targets. I took alot off the table at the previous bar Highs (2 Bar High).
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Indicators show the past. Price Action "Indicates" the future.
  • #103,543
  • Oct 25, 2011 9:19pm Oct 25, 2011 9:19pm
Quoting Pinbar
I am just holding the fort till the man gets back.
But, basically this chart explains very Simply on the Daily chart, what he is doing. When we really understand them, these areas are flips in S&R just like PPZ. Jarroo is just qualifying them in a slightly different manner.

Well, I do not know for sure where his SL was but, I know for sure Jarroo likes to have a tight SL and catch a move with great potential movement.

This entry is not like a regular PA entry wit the SL below the PA bar.

Jarroo is touch trading.

Wow . .well done Pinbar . .

It is at these major swing points and their HCR/LCS levels where the big runners are born . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,544
  • Oct 25, 2011 9:25pm Oct 25, 2011 9:25pm
Quoting Pinbar
"Let me know how it turns out"!

Almost sounds as if you didn't know how it would turn out before you left home. Note, I said ALMOST!



You can't fool us!
lol . .you know me to well, Pb . .

The key to trades like this and James16's Price Action setups are the TARGETS. . this is what we shoot for our profit taking and managing our trade. We do this first and foremost. We'll catch those runners by following the targets . .the runners will come . .they always do . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,545
  • Oct 25, 2011 9:48pm Oct 25, 2011 9:48pm
Quoting Pinbar
Are you up early or late?

7:30 am here...I like to get up at 6 am to put in a couple of hours before I go to work.

I am only passing on a small fraction of the help, I myself have been afforded.
I feel ashamed.as a young boy,I always get up 8 o'clock or later! maybe I go to sleep too late,I always watch the charts after 22:00 ,I have to learn my lessons on day time. Learn from you again, zao shui zao qi.
A chart helps those who can read it.
  • #103,546
  • Oct 25, 2011 9:53pm Oct 25, 2011 9:53pm
Quoting 5.25
This may not come as a surprise to you... Price broke through daily AND weekly highest close of support, and look where price flipped from support to resistance on the hourly

There's something in this Jarroo
Just for clarity, its called the Highest Close of Resistance, there is no highest close of support or lowest close of resistance. . .just HCR and LCS. I'm sure it was just a mis-print.

Yes I do bring these higher time frame level to the lower time frame. That was a very valid entry on the Hourly from the Daily HCR level . .I also like the when bar Highs and Lows lining up . .especially on Gold and Silver.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,547
  • Oct 25, 2011 10:04pm Oct 25, 2011 10:04pm
Quoting 5.25
This may not come as a surprise to you... Price broke through daily AND weekly highest close of support, and look where price flipped from support to resistance on the hourly

There's something in this Jarroo
Let's look at that Usd/Jpy Daily LCS where PBT&CB .targets hit nicely . previous bar Highs and Lows . .Lows in this case (in blue).
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Indicators show the past. Price Action "Indicates" the future.
  • #103,548
  • Oct 26, 2011 12:07am Oct 26, 2011 12:07am
Quoting mbqb11
Just the evening here for me, just had a nice webinar and now I get to break in Battlefield 3
What is your console Mike, PS3 or XBOX?
  • #103,549
  • Oct 26, 2011 12:58am Oct 26, 2011 12:58am
Quoting jarroo
Let's look at that Usd/Jpy Daily LCS where PBT&CB .targets hit nicely . previous bar Highs and Lows . .Lows in this case (in blue).
Hello, am i right to say that HCR and LCS are basically playing breakouts?
  • #103,550
  • Oct 26, 2011 1:22am Oct 26, 2011 1:22am
Quoting fascist
Hello, am i right to say that HCR and LCS are basically playing breakouts?
No, its not a breakout trade.


Its entering when a Support level turns into or transforms into a Resistance level (and vice versa) . .a very common market dynamic.

I define my Support level . .as in the case of the USD/JPY . .at this Swing Low and its Lowest Close of the Swing Low. . .Lowest Close of Support.

When Price Breaks Through and Closes Below this level on the Daily, the transformation has occurred. . .Support to Resistance .. . We enter short at this level when price retraces back to it.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,551
  • Oct 26, 2011 2:00am Oct 26, 2011 2:00am
Quoting jarroo
lol . .you know me to well, Pb . .

The key to trades like this and James16's Price Action setups are the TARGETS. . this is what we shoot for our profit taking and managing our trade. We do this first and foremost. We'll catch those runners by following the targets . .the runners will come . .they always do . .
Totally agree.
This is where J16's "This is critical" is as close to a holly grail, as anything will ever get.

We have several choices 1: Move our SL to BE, 2: Take full profit, 3 Take partial profit & or go to BE 4: Don't enter in the first place.
The thing is with Jarroo's entries we can take partial profit and leave the SL where it originally was, so if we get stopped out, we have not lost anything and if it is a runner, we are still in with a fair bit of change.

I personally like the last one & I dare say, this is the strategy you are playing on EU.
  • #103,552
  • Oct 26, 2011 2:03am Oct 26, 2011 2:03am
Quoting jarroo
No, its not a breakout trade.


Its entering when a Support level turns into or transforms into a Resistance level (and vice versa) . .a very common market dynamic.

I define my Support level . .as in the case of the USD/JPY . .at this Swing Low and its Lowest Close of the Swing Low. . .Lowest Close of Support.

When Price Breaks Through and Closes Below this level on the Daily, the transformation has occurred. . .Support to Resistance .. . We enter short at this level when price retraces back to it.
hmm, if playing these kind of set ups you only take those monthly and weekly support/resistance levels and watch the flip, then wait for price to touch the that area and take a position?

but what if price breaks back up above briefly? how do you manage the trade?
  • #103,553
  • Oct 26, 2011 2:22am Oct 26, 2011 2:22am
Quoting jarroo
Just for clarity, its called the Highest Close of Resistance, there is no highest close of support or lowest close of resistance. . .just HCR and LCS. I'm sure it was just a mis-print....
Sorry for the typo, it was a hasty post. Many thanks for your input on all fronts
  • #103,554
  • Oct 26, 2011 2:59am Oct 26, 2011 2:59am
Quoting jarroo
Let's look at that Usd/Jpy Daily LCS where PBT&CB .targets hit nicely . previous bar Highs and Lows . .Lows in this case (in blue).
Jarroo, if I may ask, from which bar is the weekly LCS derived (orange line @ 76.47)? I can see no daily wick touch the line, which I thought it should?

I do see the red arrow at the right hand side, but that's after the flip occurred, not the weekly LCS, right?
  • #103,555
  • Edited 3:39am Oct 26, 2011 3:23am | Edited 3:39am
Quoting dropkick-cat
Jarroo, if I may ask, from which bar is the weekly LCS derived (orange line @ 76.47)? I can see no daily wick touch the line, which I thought it should?

I do see the red arrow at the right hand side, but that's after the flip occurred, not the weekly LCS, right?
I think this is the area he is using on the weekly chart but, this is a different feed so the numbers are slightly different.

Note on the daily, how in the area marked with a box, no daily candle can close below.
Then we get a strong daily close below and prices comes back and the wick of the daily candle touches the PPZ before breaking down. This is the entry I think he was pointing out.
Yes, you are correct, that price broke through and then the flip occurred and former strong support polarized to resistance.
That is how Jarroo get's in with a small stop, he is anticipating the flip based on the consolidation.
If an area is strong support, we will see many candles not close below it, then one candle breaks through this area hard, and closes below it, we can expect (depending on how much former support was there) that, this area will now flip from support to resistance.


Hope this helps.
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  • #103,556
  • Oct 26, 2011 3:45am Oct 26, 2011 3:45am
Hey Pinbar, thanks! I apologize I am not making a good job of explaining myself, sorry You're right, I was thinking the weekly LCS should be seen on D1 as a daily low wick (or low close without low wick). Should have thought of looking further to the right...

Quoting Pinbar
Then we get a strong daily close below and prices comes back and the wick of the daily candle touches the PPZ before breaking down. This is the entry I think he was pointing out.
I was wondering about the area indicated in the chart below, where PBT&CB the weekly LCS. Why not go short here, I thought. But that wasn't really a strong move, I can see that now.

Thanks again!
dkc
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  • #103,557
  • Oct 26, 2011 3:49am Oct 26, 2011 3:49am
Quoting dropkick-cat
Hey Pinbar, thanks! I apologize I am not making a good job of explaining myself, sorry You're right, I was thinking the weekly LCS should be seen on D1 as a daily low wick (or low close without low wick). Should have thought of looking further to the right...



I was wondering about the area indicated in the chart below, where PBT&CB the weekly LCS. Why not go short here, I thought. But that wasn't really a strong move, I can see that now.

Thanks again!
dkc
Hey NP, I realize we can get a little confused when moving from one TF to another.
I also had a hard time getting to grips with the same thing.

Keep at it.

Yeah, Jarroo is looking for a deep or strong close below and a pullback, just to get a run at it. LOL

Got to go out to a birthday celebration. Later
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  • #103,558
  • Oct 26, 2011 3:56am Oct 26, 2011 3:56am
Quoting Pinbar
I think this is the area he is using on the weekly chart but, this is a different feed so the numbers are slightly different.

Note on the daily, how in the area marked with a box, no daily candle can close below.
Then we get a strong daily close below and prices comes back and the wick of the daily candle touches the PPZ before breaking down. This is the entry I think he was pointing out.
Yes, you are correct, that price broke through and then the flip occurred and former strong support polarized to resistance.
That is how Jarroo get's in...
so basically these are what you guys called "touch" trades?

we notice strong support (or resistance) areas..when they break and close abv/below the area, we wait for price to retest the area and put a limit order towards the direction where price broke through with a tight stop behind it so price will flip a few pips and we get out?.
  • #103,559
  • Oct 26, 2011 3:58am Oct 26, 2011 3:58am
Quoting Pinbar
Then we get a strong daily close below and prices comes back and the wick of the daily candle touches the PPZ before breaking down.
Also, I have to make a better job of reading more carefully and gathering the info. Right now, I guess I can see the shadows of how to think about this stuff.

E: have fun!
  • #103,560
  • Oct 26, 2011 4:00am Oct 26, 2011 4:00am
Quoting fascist
so basically these are what you guys called "touch" trades?

we notice strong support (or resistance) areas..when they break and close abv/below the area, we wait for price to retest the area and put a limit order towards the direction where price broke through with a tight stop behind it so price will flip a few pips and we get out?.

I think you mean, if price comes back on us we get out with small loss.
Some of the trades Jarroo enters like this can run months.

We also have to be aware greatly of the FTA and the reasonable target areas.
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