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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

  • #103,661
  • Oct 27, 2011 12:57pm Oct 27, 2011 12:57pm
Hi Jaroo,

I have got this level as our next HCR on eur/usd...does that look good to you?

thanks
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Trading is a test match not a Twenty20.
  • #103,662
  • Oct 27, 2011 1:03pm Oct 27, 2011 1:03pm
Quoting jarroo
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.
The targets I understand, they are the highs of the bars and also can be the next level. What I do not understand however is the stop loss, I saw mention of 25-35 pips stop loss. I am looking to trade this off of the daily close, 25-35 pip stop loss looks tiny when thinking about trading the daily.

Do you always take these off of the daily close or do you go lower and take 4 hr, 1 hr etc.?

By close I mean pbt close above, retrace to level.

I watched a good setup on Eur Usd last night based on hourly close, off of the .3985 area,thought about taking it and decided against it due to the low tf. It would have been a pretty awesome trade though. Is still going up over 200 pips .

I also just noticed, another day or two of the euro doing this and we will have a nice BUEB on monthly chart of Eur/Usd.
  • #103,663
  • Oct 27, 2011 1:04pm Oct 27, 2011 1:04pm
Quoting decentchap
Hi Jaroo,

I have got this level as our next HCR on eur/usd...does that look good to you?

thanks
That looks like a good bar high there chap.

I like the these Weekly levels (chart).

PBT&CA this PPZ level . .good chance it will act ad Support upon its return .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,664
  • Oct 27, 2011 1:06pm Oct 27, 2011 1:06pm
Quoting jarroo
I'm still waiting for that book, Mike . .

The Story of Price : Market Dynamics and Structural Guide to Profitable Trading . . . By Mike (mbqb11)

It would blow out of the water all other technical analysis books, martin pring, etc.

You owe me 10 bucks for the title ..
haha not a chance, but I'll send you ten bucks to buy you a beer(NYC beers are 10$ LOLOL)
  • #103,665
  • Oct 27, 2011 1:07pm Oct 27, 2011 1:07pm
Quoting mbqb11
hey Jon
hey Mike, nice trade on that wedge buddy

jon
PATIENCE... DISCIPLINE
  • #103,666
  • Oct 27, 2011 1:09pm Oct 27, 2011 1:09pm
Quoting jarroo
jon . .long time no see buddy .. .

hey Jarroo, hope things are well mate
i keep poppin in but iv not much time these days. good to see you around

jon
PATIENCE... DISCIPLINE
  • #103,667
  • Oct 27, 2011 1:23pm Oct 27, 2011 1:23pm
Quoting jarroo
That looks like a good bar high there chap.

I like the these Weekly levels (chart).

PBT&CA this PPZ level . .good chance it will act ad Support upon its return .

In this case where there are 2 areas really close together which one would your order be on? The .4042 area or the .4072 area? I was looking at this trade trying to decide how I would play it.
  • #103,668
  • Edited 1:36pm Oct 27, 2011 1:25pm | Edited 1:36pm
Quoting rgrace
The targets I understand, they are the highs of the bars and also can be the next level. What I do not understand however is the stop loss, I saw mention of 25-35 pips stop loss. I am looking to trade this off of the daily close, 25-35 pip stop loss looks tiny when thinking about trading the daily.

Do you always take these off of the daily close or do you go lower and take 4 hr, 1 hr etc.?

By close I mean pbt close above, retrace to level.

I watched a good setup on Eur Usd last night based on hourly close, off of the .3985 area,thought about...

You right on rgrace . . . .I'm working on a video it the PF about it. .and I got out too early . .put here's the gist of it. . .

Now I took a sweet short off the Daily LCS 1.3975. you might have seen my prior post. .But look how the Daily closed . .still above these two HCR levels.

There is a couple of levels here because of the damn gaps but price closed above the levels, plus the 365 ema confluence on the Daily and 4 Hour. .Support upon its return. .Bam!

I do take the higher time frame levels down to the lower time frames.

My levls my be different from yours but you're seeing the same thing . .


Your on the right track, rgrace . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #103,669
  • Oct 27, 2011 1:30pm Oct 27, 2011 1:30pm
Quoting mbqb11
haha not a chance, but I'll send you ten bucks to buy you a beer(NYC beers are 10$ LOLOL)

Dude , come on ..you're the next generation, ..a trading communtity awaits . .

Oh well, maybe in your retirement years . .lol

10$ a beer!! Damn!!
Indicators show the past. Price Action "Indicates" the future.
  • #103,670
  • Oct 27, 2011 1:32pm Oct 27, 2011 1:32pm
Quoting g_j_hook@yah
hey Jarroo, hope things are well mate
i keep poppin in but iv not much time these days. good to see you around

jon
Cool, bro . . I'm in the PF now and I try as much as I can to be on J16 Thread . .I don't know how Mike does it . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,671
  • Oct 27, 2011 1:36pm Oct 27, 2011 1:36pm
Quoting jarroo
You right on rgrace . . . .
So I was correct about your stop losses on the daily tf being 25-35 pips?
  • #103,672
  • Oct 27, 2011 1:44pm Oct 27, 2011 1:44pm
Quoting rgrace
So I was correct about your stop losses on the daily tf being 25-35 pips?
Yes ..sort of . .The daily levels were used and a 25-30 pip hard S/L would have been fine, but I also use a stop loss indication if Price closes below my entry level. So you can see that there was no Hourly or 4 hour close below the 3867.

If there were a close below on say the 4 hour I would have been out.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,673
  • Oct 27, 2011 1:51pm Oct 27, 2011 1:51pm
Quoting jarroo
Yes ..sort of . .The daily levels were used and a 25-30 pip hard S/L would have been fine, but I also use a stop loss indication if Price closes below my entry level. So you can see that there was no Hourly or 4 hour close below the 3867.

If there were a close below on say the 4 hour I would have been out.
Cool thanks, one more question then I will quit pestering you and go back to reading the thread, only 6800 pages to go .

Do you move stop to breakeven after your first target? Or do you just let it all ride to your targets?
  • #103,674
  • Oct 27, 2011 1:58pm Oct 27, 2011 1:58pm
Quoting rgrace
Cool thanks, one more question then I will quit pestering you and go back to reading the thread, only 6800 pages to go .

Do you move stop to breakeven after your first target? Or do you just let it all ride to your targets?
Absolutely, I will move my stop to reduce my risk heading to break even . also taking profits at the targets (FTA). It really depends on the situatian of the trade. . if there is alot of SPACE with room to run . .I like giving it all the room it needs.

Moving to break even is a great approach with this method . .many times with a PA setups, moving to break even doesn't allow room the setup needs to move or develop. .
Indicators show the past. Price Action "Indicates" the future.
  • #103,675
  • Oct 27, 2011 2:06pm Oct 27, 2011 2:06pm
Quoting jarroo
Yes ..sort of . .The daily levels were used and a 25-30 pip hard S/L would have been fine, but I also use a stop loss indication if Price closes below my entry level. So you can see that there was no Hourly or 4 hour close below the 3867.

If there were a close below on say the 4 hour I would have been out.
Hi Jaroo
I really apriciate your time on this..
just some questions come to mind
how do you filter "dead cat bounce" on these. I understand we will always have losses but generally what factors are we looking for to have enough confidence in putting in a order. e.g added support from 365 150, trendlines, brn?,
Also, I am a little unclear on diffrence between ppz and hcr/lcs. My understading is HCR/LCS are kind of refined ppz levels?
Trading is a test match not a Twenty20.
  • #103,676
  • Oct 27, 2011 2:36pm Oct 27, 2011 2:36pm
Quoting decentchap
Hi Jaroo
I really apriciate your time on this..
just some questions come to mind
how do you filter "dead cat bounce" on these. I understand we will always have losses but generally what factors are we looking for to have enough confidence in putting in a order. e.g added support from 365 150, trendlines, brn?,
Also, I am a little unclear on diffrence between ppz and hcr/lcs. My understading is HCR/LCS are kind of refined ppz levels?

Confluences with these levels are must . .I believe with James16, its a requirement. When Price closes below or above your entry puts the dead in the dead cat bounce.

sorry I have to run . .but ppz levels and HCR/LCS have there similar and the Close have their definement.
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Indicators show the past. Price Action "Indicates" the future.
  • #103,677
  • Oct 27, 2011 3:04pm Oct 27, 2011 3:04pm
Quoting jarroo
Confluences with these levels are must . .I believe with James16, its a requirement. When Price closes below or above your entry puts the dead in the dead cat bounce.

sorry I have to run . .but ppz levels and HCR/LCS have there similar and the Close have their definement.
Id like to hear the opinion of the group about the 2 Bar Pinbar, monthly timeframe that is about to form on eur-usd and aud-usd.

Sorry i missed some posts, but dont know what's HCR-LCS (I assume H mean high, L means Low, R means Resistance and S mean support), but dont know what C means.

Thank you and best trading to all
  • #103,678
  • Oct 27, 2011 3:15pm Oct 27, 2011 3:15pm
Quoting jarroo
Cool, bro . . I'm in the PF now and I try as much as I can to be on J16 Thread . .I don't know how Mike does it . .
haha i know!!! he types faster than i read!!!lol

a lucky bunch over at the J16 thread!!! wish i had the time!!


$10 a beer!!!! thats wot i thought!! jeez! Mike u got it bad there bro! stil wid the way u trade thats no problem eh!?!?! hehe
i agree wid Jarroo theres a big gap for that book! a person could get profitable jus by studying that wedge trade alone!! wid a few paragraphs from Jarroo it wud be a BIG hit!!

stay well dudes, the little en has got to go to bed.


jon
PATIENCE... DISCIPLINE
  • #103,679
  • Edited 4:17pm Oct 27, 2011 3:28pm | Edited 4:17pm
Quoting jarroo
Confluences with these levels are must . .I believe with James16, its a requirement. When Price closes below or above your entry puts the dead in the dead cat bounce.

sorry I have to run . .but ppz levels and HCR/LCS have there similar and the Close have their definement.
No worries thanks for your time and reply Sir, wish you many happy pips!

No Daily trades for me but these big moves may bring some trading opperchunities


http://www.riseandgrind.com/wp-conte...2010/12/02.gif

SITTING ON MY HANDS
Trading is a test match not a Twenty20.
  • #103,680
  • Oct 27, 2011 4:57pm Oct 27, 2011 4:57pm
Quoting jarroo
I still watching this one D . .
Made it....and then some, right to the BRN.
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