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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

  • #103,601
  • Oct 26, 2011 10:38am Oct 26, 2011 10:38am
Quoting Pinbar
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...
James16's "This is Critical" was a light bulb moment for me . . .it changed everything about my trading for the better.
Indicators show the past. Price Action "Indicates" the future.
  • #103,602
  • Oct 26, 2011 10:52am Oct 26, 2011 10:52am
Quoting fascist
hmm, if playing these kind of set ups you only take those monthly and weekly support/resistance levels .
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?Yes that's correct.

but what if price breaks back up above briefly? I would say it like this . .what if Price breaks up briefly and closes above our entry on the Hourly or 4 Hour or Daily TF . . . I would get out of the trade. . . a Close above my entry would be my S/L indication. . .how do you manage the trade? . .manage the trade at the targets . .previous bar Highs and Lows or BRN, or PPZ levels.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #103,603
  • Oct 26, 2011 11:07am Oct 26, 2011 11:07am
Quoting 5.25
Sorry for the typo, it was a hasty post. Many thanks for your input on all fronts
Sure thing T . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,604
  • Oct 26, 2011 11:14am Oct 26, 2011 11:14am
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?
Did you see this post??

Quoting jarroo
Looks like the true Weekly LCS was this Open, 76.47. . .the Weekend Close . .damn you gaps!! . Then PBT&CB on the weekly and Bam!. . .

Yes, you read that right . .the Daily High was 76.48.

Looks like Price is respecting the Daily LCS . .of course it is because . . . PBT&CB on the Daily . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,605
  • Oct 26, 2011 11:28am Oct 26, 2011 11:28am
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 with...
It helps alot . .thanks Pb . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,606
  • Oct 26, 2011 12:19pm Oct 26, 2011 12:19pm
Hey guys, I am new to this thread. I have read a bit in the past and kind of understand the price action taught here. I have taken a keen interest in Jaroo's style of trading I have read the last couple of days where he was talking about touch trading. I opened my chart on Eur/Usd to look and see if I could find where he would have traded and marked the 1.3978 area on my chart. Then low and behold I saw that he took the same area, and if I am not mistaken he sold on a touch. This method seems very easy, is that really all there is to it?
  • #103,607
  • Oct 26, 2011 12:47pm Oct 26, 2011 12:47pm
If I am not mistaken the chart attached shows the weekly HCR/LCS that you would be looking at. Just trying to make sure I understand, any corrections or comments are welcome.


Attached Image
  • #103,608
  • Oct 26, 2011 12:50pm Oct 26, 2011 12:50pm
HI Jaroo,

Here are my levels as per my understading on LCS/HCR. Currently on weekly we have 107.14 acting as 107.14(so 107 RN) HCR. 102.62(not drawn) is the current LCS.
Attached Image (click to enlarge)
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Trading is a test match not a Twenty20.
  • #103,609
  • Oct 26, 2011 1:24pm Oct 26, 2011 1:24pm
Thanks you all people on this great thread, I learn very much from you. In last 4 mounths all trades that I take was win,I trade only on daily and weekly TF, last week I take 2 trades who was bad, maybe you give me an feedback about was I wrong about this trades, sorry for my english.

All feedback is good for me
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: nzdusd.gif Size: 42 KB
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #103,610
  • Oct 26, 2011 1:37pm Oct 26, 2011 1:37pm
Quoting smozmo
Thanks you all people on this great thread...

All feedback is good for me
Hi there, welcome.

I would suggest cleaning up your interface as a starting point. It will help you identify clear support and resistance levels, the fundamentals of this thread's trading strategy. Take a look at Pinbar's and Jarroo's charts as an example (sorry Mike, I'm not one for black )

I like to give my levels a hierarchy too e.g:

Red - Weekly/daily PPz's
Dark grey - 4h PPZ's
Light grey - 1h PPZ's

This way you can judge the possible strength of a level whatever time frame you're looking at.

This may sound basic, but clarity is everything for me. Hope this helps.

T
  • #103,611
  • Oct 26, 2011 1:48pm Oct 26, 2011 1:48pm
Quoting smozmo
Thanks you all people on this great thread, I learn very much from you. In last 4 mounths all trades that I take was win,I trade only on daily and weekly TF, last week I take 2 trades who was bad, maybe you give me an feedback about was I wrong about this trades, sorry for my english.

All feedback is good for me
Hey Smozmo

Welcome glad to hear about your progress so far, keep at it

The bars you have marked more resemble neutral bars(especially nzd/usd). A neutral bar is showing indecision . We can see this as the open and close are near the middle of the bar with "tails" sticking out both ways. We want to see nice long noses for our pinbars at swing points. Both bars are in a consolidated sideways market(or traffic as you will hear referred to)

Here is a post that is similar and also with good examples of pinbars

http://www.forexfactory.com/showthre...12#post5012512


Welcome to the thread hope that helps
Mike
  • #103,612
  • Oct 26, 2011 1:49pm Oct 26, 2011 1:49pm
Quoting 5.25
Hi there, welcome.

I would suggest cleaning up your interface as a starting point. It will help you identify clear support and resistance levels, the fundamentals of this thread's trading strategy. Take a look at Pinbar's and Jarroo's charts as an example (sorry Mike, I'm not one for black )

I like to give my levels a hierarchy too e.g:

Red - Weekly/daily PPz's
Dark grey - 4h PPZ's
Light grey - 1h PPZ's

This way you can judge the possible strength of a level whatever time frame you're looking at.

This may sound basic, but clarity is...
Thanke you sir!
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #103,613
  • Oct 26, 2011 1:53pm Oct 26, 2011 1:53pm
Hello mbqb11 I learn very much from you, thanke you!
Si stiu, stiu deja, intr-o zi o sa ajung cineva...
  • #103,614
  • Oct 26, 2011 2:53pm Oct 26, 2011 2:53pm
Quoting jarroo
Did you see this post??
Now that you point me to it, yeah, seen it, but it was 20 hours or so earlier. Right now I can maybe remember a chart/setup for a couple hrs, definitely not overnight. Sorry! Maybe looking at lots of different charts all the time isn't so helpful after all, for a beginner, at least...

dkc
  • #103,615
  • Oct 26, 2011 3:09pm Oct 26, 2011 3:09pm
Well that $CAD trade didn't quite work out as planned. I think it was maybe just a timing thing, rather than a poor trade.

As I was waiting for the larger TF entry, which setup on the daily chart as a BUEOB, price was retracing today, and offered up an entry on a 50% retrace of that BUEOB. The 50% retrace was at 1.0100, so I decided to go 1.0100 +20, logic behind that was I didn't want to get tickled by taking an entry on the RN. Stop was below the 1H swing low at 1.0070.

Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2011-10-26 at 21.01.35.png Size: 67 KB


With hindsight I suppose it is now easy to say I should have waited for a pull down to the trend line at 1.000.

Wondering what to do now? Should I still wait for that touch of the trend line?
  • #103,616
  • Oct 26, 2011 3:55pm Oct 26, 2011 3:55pm
Quoting dropkick-cat
blabla
Two things I learned from this trade.

1) In the entry in my trading journal, taken before the action, I marked the BEOB as "of moderate quality" and the confluence as "ample". Probably a good idea to pass on anything that my judgment tells me is moderate, fair, mediocre, quite ok etc. for the time being.

2) The SL positioning wasn't really based on anything than a good ol' measure of thumb. "How much should the sl be?" "bout tree fiddy sounds right, right?" aye.... If anything, I should at least have taken the nearest RN + X e.g. 79.1. Not saying that would be great, but better than the facts. A larger stop might also have prompted me to reconsider if, in face of the targets, this was still a good trade to take. Thinking about it, perhaps I semi-consciously adjusted the SL to the targets - lol.

Just glad the trade didn't magically "work out". Would've likely learned nothing.

I have now set an alert to reread page 1 weekly until the end of the year.

PS Can one of the old hands please advise if I should take my ramblings elsewhere? Not sure if this thread is the right location, really.
  • #103,617
  • Oct 26, 2011 5:09pm Oct 26, 2011 5:09pm
Quoting jarroo
Sure thing T . .
Hi Jarroo

Regarding your HCR/LCS, would audnzd match your criteria for an entry? We are looking at a W1 and D1 LCS level lining up at 1.3197 and has not been test for 20 odd weeks. Potentially 61.8% fibs as confluence, 1.3200 RN is a maybe.

Many thanks

Tomek
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 112_audnzd d1.jpg Size: 87 KB
  • #103,618
  • Oct 26, 2011 5:13pm Oct 26, 2011 5:13pm
Quoting smozmo
Thanke you sir!
Cu plăcere. Nice ski jacket
  • #103,619
  • Oct 26, 2011 5:47pm Oct 26, 2011 5:47pm
Quoting 5.25
Hi Jarroo

Regarding your HCR/LCS, would audnzd match your criteria for an entry? We are looking at a W1 and D1 LCS level lining up at 1.3197 and has not been test for 20 odd weeks. Potentially 61.8% fibs as confluence, 1.3200 RN is a maybe.

Many thanks

Tomek
Absolutely T . . Check out all those previous bar Highs that line up with the Weekly LCS . .basically a very defined Weekly PPZ level . .nice

Did you see that setup on the Daily LCS . .nice.

It is a "crazy cross" so they do tend to act "crazy" . .so the levels need to be well defined and confluenced on crazy crosses . .and this one qualifies as a good one. .
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: audnzd26wd.jpg Size: 96 KB
Indicators show the past. Price Action "Indicates" the future.
  • #103,620
  • Oct 26, 2011 5:56pm Oct 26, 2011 5:56pm
Quoting decentchap
HI Jaroo,

Here are my levels as per my understading on LCS/HCR. Currently on weekly we have 107.14 acting as 107.14(so 107 RN) HCR. 102.62(not drawn) is the current LCS.
Excellent, dechap . .

We tend to get two levels on the Weekly because of the "damn" gaps . .lol . .I do look at both of these "gaped" levels. . .

Nice job . .
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy26.jpg Size: 91 KB
Indicators show the past. Price Action "Indicates" the future.
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