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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

  • #103,621
  • Oct 26, 2011 6:04pm Oct 26, 2011 6:04pm
Quoting dropkick-cat
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
I'm glad it answered your question, dkc.
Indicators show the past. Price Action "Indicates" the future.
  • #103,622
  • Oct 26, 2011 6:17pm Oct 26, 2011 6:17pm
Quoting jarroo
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. .
You're real quick on the trigger Jarroo

Nice entry!

It's always good to go back and look at the basics and reevaluate. I have new found credibility into those weekly levels. (Even more so if this trade comes off )
  • #103,623
  • Edited 9:18pm Oct 26, 2011 6:20pm | Edited 9:18pm
Quoting 5.25
You're real quick on the trigger Jarroo

Nice entry!

It's always good to go back and look at the basics and reevaluate. I have new found credibility into those weekly levels. (Even more so if this trade comes off )

What's great about these levels is that they can be traded both ways . .meaning, let's say that price reaches the 1.3200 and doesn't react or bounce down at all ( I doubt it . .lol) and we get a Close Above this level . .good chance we are going up . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,624
  • Oct 26, 2011 6:26pm Oct 26, 2011 6:26pm
Quoting rgrace
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?

Good eye, rgrace . .

It really can be that easy . .there are other things involved of course . . S/L levels, targets . .also PA at these levels are a great confirmation.
Indicators show the past. Price Action "Indicates" the future.
  • #103,625
  • Oct 26, 2011 6:32pm Oct 26, 2011 6:32pm
Quoting rgrace
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.


Attachment
Yes, those look good rgrace. .
Indicators show the past. Price Action "Indicates" the future.
  • #103,626
  • Oct 26, 2011 6:44pm Oct 26, 2011 6:44pm
don't normally trade 4H, especially late in day, but couldn't help myself on EURNZD.....love the 1.7400 zone for management.
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  • #103,627
  • Oct 26, 2011 6:57pm Oct 26, 2011 6:57pm
Quoting dropkick-cat
Little follow-up, got stopped out.

When the trade started to reverse, I began monitoring M15 to figure out what was going on. On completion of the indicated bar I concluded that the trade was not good any more (higher highs, higher lows). How do you think about your line of action under such circumstances? Or do you get out at market price ASAP?

Despite the fact that this bearish PB was not at a swing High . .small in size . .structually not correct (we want the Open and Close within the previous bar) . .etc . .it did hit its target, previous bar Low.

My line of action with PBs are that they need to be at swing Highs/Lows, their Open/Close within the previous bar and big in size . .

but more importantly at a great Location.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,628
  • Oct 26, 2011 6:59pm Oct 26, 2011 6:59pm
Quoting Donkey
don't normally trade 4H, especially late in day, but couldn't help myself on EURNZD.....love the 1.7400 zone for management.
You gotta like the size of that sucker, D . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,629
  • Oct 26, 2011 7:44pm Oct 26, 2011 7:44pm
Quoting picon1
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.

Attachment

With hindsight I suppose it is now easy to say...

Not really sure, why you went long there.

EDIT: I mean, the DAILY BUEOB you mention, never even broke so, I fail to see the meaning of what you said about, you "Took the 50% retrace of it".
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  • #103,630
  • Oct 26, 2011 8:48pm Oct 26, 2011 8:48pm
hi all,
Pls give your critics on these 2 setups. Still learning, so all comments welcome

For AUDCAD: Nice big PB with wkly MACD divergence. But I do note some congestions (marked in grey area) to the left.

For AUDNZD: PB at BRN 1.3 & PPZ with 50% fib confluence.

Edit: Since both have AUD leg, if we have to choose only 1 of these setup, wld AUDNZD be the better one?
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  • #103,631
  • Oct 26, 2011 9:31pm Oct 26, 2011 9:31pm
Hi Jarroo,
Been seeing alot of your charts and posting lately and also with a Jarroo trainee around , your method has stirred some interest in me I refer to your chart link here

http://www.forexfactory.com/attachme...1&d=1318477173

2 bars were labelled "Price breaks thru & closes above". After the 1st PBT&CA bar, did u entry long on the next bar when it touches the green line (HCR)? This bar itself is also a PBT&CA bar. Thereafter, there is a PB, then a bar that comes close to the 2 bar high blue line. Is that where it offers a possible 2nd entry? I'm still new to this, so hope what I've said above is not rubbish to u. Appreciate your comments. Thks
  • #103,632
  • Oct 26, 2011 9:45pm Oct 26, 2011 9:45pm
I am liking the Ish area, a lot.
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  • #103,633
  • Oct 26, 2011 11:17pm Oct 26, 2011 11:17pm
Quoting Fx7877
hi all,
Pls give your critics on these 2 setups. Still learning, so all comments welcome

For AUDCAD: Nice big PB with wkly MACD divergence. But I do note some congestions (marked in grey area) to the left.

For AUDNZD: PB at BRN 1.3 & PPZ with 50% fib confluence.

Edit: Since both have AUD leg, if we have to choose only 1 of these setup, wld AUDNZD be the better one?
I'm a newbie as well. I took AUDNZD about 24 hours ago at the close of the PB, which was too aggressive. I'm still in the trade (demo). I missed AUDCAD pin! Just found it before I read your post.

Want to point out a) AUDCAD's pin was at an all time high since 2005; but b) there was much less traffic for AUDNZD; c) Both PB's disappear on a daily chart which opens/closes at 5PM EST. If I hadn't missed AUDCAD I would've picked AUDCAD over AUDNZD.
  • #103,634
  • Oct 27, 2011 12:54am Oct 27, 2011 12:54am
Quoting Donkey
don't normally trade 4H, especially late in day, but couldn't help myself on EURNZD.....love the 1.7400 zone for management.
Lookin good D . .

We are not surprised where Price retraced to . . Because PBT&CB . .sorry, D . .I couldn't resist.. .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,635
  • Oct 27, 2011 12:58am Oct 27, 2011 12:58am
Quoting Donkey
Potential 4H head and shoulders forming on GBPAUD....although the BUOB is going against.
Quoting jarroo
half way there, D . .nice . . .

Quoting jarroo
3/4 of the way there, D . .nice . .
I still watching this one D . .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,636
  • Oct 27, 2011 2:14am Oct 27, 2011 2:14am
Quoting jarroo
Despite the fact that this bearish PB was not at a swing High ....
Jarroo, you got me wrong. I was not trading on the M15. I was taking a daily BEOB. It went the anticipated direction first, then started to reverse. After crawling up more and more I went to M15 to look what was going on. The indicated non-PB just is the bar where I concluded the daily trade wasn't good any longer.

Thanks.
  • #103,637
  • Oct 27, 2011 3:00am Oct 27, 2011 3:00am
Quoting screenname
I'm a newbie as well. I took AUDNZD about 24 hours ago at the close of the PB, which was too aggressive. I'm still in the trade (demo). I missed AUDCAD pin! Just found it before I read your post.

Want to point out a) AUDCAD's pin was at an all time high since 2005; but b) there was much less traffic for AUDNZD; c) Both PB's disappear on a daily chart which opens/closes at 5PM EST. If I hadn't missed AUDCAD I would've picked AUDCAD over AUDNZD.
Hi screename,
a) Thks for pointing that out, I didn't notice that
b) yes, i concur on that
c)my broker's time open/close at 12amET, so they looked like PB as u see on my chart.

But why wld u choose AUDCAD over AUDNZD as your pt (a) kinda negates your pt (b)?

Any other seniors out there kindly comment on these 2 setups pls? Thks!
  • #103,638
  • Oct 27, 2011 3:09am Oct 27, 2011 3:09am
Quoting Pinbar
Not really sure, why you went long there.

EDIT: I mean, the DAILY BUEOB you mention, never even broke so, I fail to see the meaning of what you said about, you "Took the 50% retrace of it".
Unless I'm totally misunderstanding something, I believed there was the option of either an entry at the extreme of the bar, or if price was retracing the length of the bar, then we could enter on a 50% retrace.

Is it the case where to take the 50% retrace of the bar, you have to wait for the initial setup to trigger then start retrace.
  • #103,639
  • Edited 3:55am Oct 27, 2011 3:44am | Edited 3:55am
Quoting picon1
Unless I'm totally misunderstanding something, I believed there was the option of either an entry at the extreme of the bar, or if price was retracing the length of the bar, then we could enter on a 50% retrace.

Is it the case where to take the 50% retrace of the bar, you have to wait for the initial setup to trigger then start retrace.
Hi I put in a similar question earlier.
I think you have to let the bar break first and then get on the retrace. This gives you a better price but price doesnt always retrace - which is the trade-off. I think what you have done is entered on a price that you thought will act as ppz within the bar. this would be a very risky entry.
I personally in this instance put the buy stop at bar break and stop loss not at the end of the bar but at place which i thought would hold - giving me a larger position while keeping the probabilties of sucess similar. I will be cancelling my trade(pending tonight's close) because the area has broken through my stop-loss.
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Trading is a test match not a Twenty20.
  • #103,640
  • Oct 27, 2011 4:36am Oct 27, 2011 4:36am
Quoting picon1
Unless I'm totally misunderstanding something, I believed there was the option of either an entry at the extreme of the bar, or if price was retracing the length of the bar, then we could enter on a 50% retrace.

Is it the case where to take the 50% retrace of the bar, you have to wait for the initial setup to trigger then start retrace.
Sometimes if the bar is big enough and you get in on a 50% retrace of it you can use a break of the bar as the FTA/get to BE/take some off point. That's what I do.
Anything can happen.
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