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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

  • #103,681
  • Oct 27, 2011 5:06pm Oct 27, 2011 5:06pm
CHFTRY DBLHC 2 day PB.

4th touch of support off 2.00 BRN & 150 EMA nice space ahead.
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  • #103,682
  • Oct 27, 2011 5:43pm Oct 27, 2011 5:43pm
Quoting Donkey
Made it....and then some, right to the BRN.
I was following it all the way . .



Quoting jarroo
Target reached . .and then some ..not a bad monthly trade.
Indicators show the past. Price Action "Indicates" the future.
  • #103,683
  • Oct 27, 2011 6:07pm Oct 27, 2011 6:07pm
I'm sure Donkey won't mind if I use his Eur/Nzd trade to answer a few question I got about the labeling I did on this trade.

"Where is the Support? PBT&CA, was there no Support at this level? . .etc . ."

When Price broke through and Closed above the HCR level, 1.7400 on the 4 hour TF this bar or wick (in blue) was Price acting as Support because Price could not close below it.

Now here's the fun part, If we take this 4 Hour HCR level to the Hourly TF what do we have here? . . We can see the transformation from Resistance to Support and vice versa a bit clearer.

Bullish PB at Support and Bearish PB at Resistance . .nice.

My "method" does not take away any of what James16 and Mike and others teaches about PA setups. Learning to trade proper PA setups is a big part of it . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #103,684
  • Oct 27, 2011 6:26pm Oct 27, 2011 6:26pm
Quoting PinWing
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
Hey PinWing, welcome to the thread ..

Combining bars to see PA formations is pretty cool . .I do it all the time.

But we still have to ask ourselves if the PBs, in this case, qualifies as a good setup to trade.

Are they at a Swing High or Low?
Do they have Space to run? Are they running into traffic?
Where are they located ? PPZ level?
Any confluences that support the PBs? or do they conflict with it?
etc.

Here's a post on the abbreviations ..

Quoting jarroo
Here's one of my better charts that tells it all . . not only the abbreviations but the setups as well.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #103,685
  • Oct 27, 2011 6:31pm Oct 27, 2011 6:31pm
Quoting decentchap
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


SITTING ON MY HANDS
Sure thing, chap.

opperchunities?? . . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,686
  • Oct 27, 2011 6:32pm Oct 27, 2011 6:32pm
Quoting jarroo
I'm sure Donkey won't mind if I use his Eur/Nzd trade to answer a few question I got about the labeling I did on this trade.

"Where is the Support? PBT&CA, was there no Support at this level? . .etc . ."

When Price broke through and Closed above the HCR level, 1.7400 on the 4 hour TF this bar or wick (in blue) was Price acting as Support because Price could not close below it.

Now here's the fun part, If we take this 4 Hour HCR level to the Hourly TF what do we have here? . . We can see the transformation from Resistance to Support...

Killer chart my friend as always


Mike
  • #103,687
  • Oct 27, 2011 6:34pm Oct 27, 2011 6:34pm
Quoting mbqb11
Killer chart my friend as always


Mike

Why can't they all look like that . . .lol . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,688
  • Oct 27, 2011 7:05pm Oct 27, 2011 7:05pm
Interesting close on GU

Looks like we have a great area for a some bullish PA at the pullback.
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  • #103,689
  • Oct 27, 2011 7:40pm Oct 27, 2011 7:40pm
Quoting jarroo
Target reached . .and then some ..not a bad monthly trade.

Great stuff Jarroo.
  • #103,690
  • Oct 27, 2011 8:07pm Oct 27, 2011 8:07pm
Quoting jarroo
I'm sure Donkey won't mind if I use his Eur/Nzd trade to answer a few question I got about the labeling I did on this trade.

"Where is the Support? PBT&CA, was there no Support at this level? . .etc . ."

When Price broke through and Closed above the HCR level, 1.7400 on the 4 hour TF this bar or wick (in blue) was Price acting as Support because Price could not close below it.

Now here's the fun part, If we take this 4 Hour HCR level to the Hourly TF what do we have here? . . We can see the transformation from Resistance to Support...
Jarroo,
-With this example, there are 2 trades to be taken here,both with the bars highlighted in light blue right?

-Someone asked you abt SL earlier. My question abt SL is how tight do u typically keep it at? Is it always no more than 25-30pips regardless of the TF?

-On entry: Do u buy at the EXACT HCR or when it comes close to say 5-10pips within HCR as price sometimes comes close by dont touch before turning. What's your buffer?

-Do u set a buy stop/ sell stop for such entries?
  • #103,691
  • Oct 27, 2011 8:18pm Oct 27, 2011 8:18pm
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.
Jarroo,
Just want to clarify that you use a CLOSE instead of a BREAK to determine whether u stay in the trade or not? However, sometimes a bar can be huge, wouldn't waiting for the close means a bigger loss? Sorry I've been asking you alot of questions, hope u don't mind
  • #103,692
  • Oct 27, 2011 8:26pm Oct 27, 2011 8:26pm
Quoting jarroo
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)? Yes, that correct.

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? Yes, multiple bar Highs (or mutli-Lows with LCS) that are above our HCR level offer not only an intial entry but a secondary entry as well .

[color=black]I think I but PBT&CA twice because of this...
Jarroo,
In the AUDUSD eg that u gave here http://www.forexfactory.com/attachme...2&d=1319730211 where the 2 HCR lines and the bars high line (green one) are quite close, u will wait for the bar to PBT & CA the HIGHEST line?
  • #103,693
  • Oct 27, 2011 8:49pm Oct 27, 2011 8:49pm
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?
Hi Mike,
Could u pls help to take a look at these 2 charts and give your comments? AUDCAD trade wld have stopped out as it has taken out PB high today, while AUDNZD still struggling to stay afloat. I wld like to learn from u what is wrong with these 2 setups that is not working? (well as least one of them has failed). Thanks!

http://www.forexfactory.com/attachme...1&d=1319680068

http://www.forexfactory.com/attachme...1&d=1319680082
  • #103,694
  • Oct 27, 2011 9:06pm Oct 27, 2011 9:06pm
Hi Guys, been reading this thread for a while
This is my first chart about LCS, HCR and PPZ.
Price likely will rectrace to previous LCS at 1.0428 and 1.03253, before continue its next run to next HCR at 1.0934?

Is this how I should play it?

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  • #103,695
  • Oct 27, 2011 9:09pm Oct 27, 2011 9:09pm
Quoting Fx7877
Mike,
Thks for the above useful link. I'm trying to study your AUDJPY trade above. As my feed is diff from yours (so the bars look diff), can u kindly provide a screen cap of AUDJPY chart of where u entered (I believe its the 18th) and where u bailed out? (was it the 19th?). Did u bail out early becos it hit your FTA and u didnt like the bar formation? This wld make a very gd case study for us. Many thanks!
Hi Mike,
This is quite a dated post, couldnt find your reply. U may have missed it under the heaps of posts...
  • #103,696
  • Oct 27, 2011 9:38pm Oct 27, 2011 9:38pm
Quoting Fx7877
Mike,
Thks for the above useful link. I'm trying to study your AUDJPY trade above. As my feed is diff from yours (so the bars look diff), can u kindly provide a screen cap of AUDJPY chart of where u entered (I believe its the 18th) and where u bailed out? (was it the 19th?). Did u bail out early becos it hit your FTA and u didnt like the bar formation? This wld make a very gd case study for us. Many thanks!
Hey FX


Sorry about that

Here is my chart and also where I bailed out. Price came and retraced pretty high up then moved down. So I decided to cut some of my loss if it came back above that area.

Best
Mike
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  • #103,697
  • Oct 27, 2011 9:42pm Oct 27, 2011 9:42pm
Quoting Fx7877
Hi Mike,
Could u pls help to take a look at these 2 charts and give your comments? AUDCAD trade wld have stopped out as it has taken out PB high today, while AUDNZD still struggling to stay afloat. I wld like to learn from u what is wrong with these 2 setups that is not working? (well as least one of them has failed). Thanks!

http://www.forexfactory.com/attachme...1&d=1319680068

http://www.forexfactory.com/attachme...1&d=1319680082
Hey FX

Notice on the aud/cad you are shorting right back into your former breakout area. Price actually does exactly what we would expect and still does hit the FTA(your shaded grey box). So really this one did workout, but I still would not trade back into that former breakout area you have marked. The finally tip off is your bars inability to close below the BRN of 1.0500

As for aud/nzd it is similar in that it closed weak(could not close below the round number). THat to me coming off that strong up move is always a sign to stay away or play it tight. There is still a good shot to meet your FTA(your horizontal red line). But mostly the size, close, and recent up move strength is why I would avoid that one myself.

Best
Mike
  • #103,698
  • Oct 27, 2011 10:01pm Oct 27, 2011 10:01pm
Quoting mbqb11
Hey FX


Sorry about that

Here is my chart and also where I bailed out. Price came and retraced pretty high up then moved down. So I decided to cut some of my loss if it came back above that area.

Best
Mike
Hi Mike,
You mentioned you cut some of your loss when bar went back up and hit the dotted line.

Qn1) Do u cut some losses prior to this already?

Qn2) How did u determine the bail out line (dotted line)? I'm guessing its the close of the trigger bar BEOB or just above the high of a small red PB? (2nd day of ur trade)

Many thanks for your time and patience with me as I learn in this trading journey. I always learn something from your comments
  • #103,699
  • Oct 27, 2011 10:07pm Oct 27, 2011 10:07pm
Quoting Fx7877
Hi Mike,
You mentioned you cut some of your loss when bar went back up and hit the dotted line.

Qn1) Do u cut some losses prior to this already?

Qn2) How did u determine the bail out line (dotted line)? I'm guessing its the close of the trigger bar BEOB or just above the high of a small red PB? (2nd day of ur trade)

Many thanks for your time and patience with me as I learn in this trading journey. I always learn something from your comments
Hey FX

I am either all in or all out. So when I cut out it will be all my position. Same for take profit.

As for question too, that's hard to answer. It depends on each situation. In this case price retraced and began to pull back down and at that point I had enough of the trade and felt like it was the better option. Each trade will be different depending on what else is around it and what the story tells

Best
Mike
  • #103,700
  • Oct 27, 2011 10:14pm Oct 27, 2011 10:14pm
Quoting mbqb11
Hey FX

Notice on the aud/cad you are shorting right back into your former breakout area. Price actually does exactly what we would expect and still does hit the FTA(your shaded grey box). So really this one did workout, but I still would not trade back into that former breakout area you have marked. The finally tip off is your bars inability to close below the BRN of 1.0500

As for aud/nzd it is similar in that it closed weak(could not close below the round number). THat to me coming off that strong up move is always a sign to stay away...
Mike,
Your analysis is pure gold! Thanks for dissecting this setup so I know better in future how seive out such setups.

Btw, I read somewhere in this thread or from the video for the public that James16 mentioned if there are 2 PPZ nearby, we shld wait for bar to break both PPZ b4 taking the setup. For BRN like the 2 examples above, I suppose a break is not enough and we wld require a close ya? Or perhaps I mis-interpreted James16?
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