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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

  • #103,981
  • Nov 3, 2011 8:57pm Nov 3, 2011 8:57pm
Quoting Blackout
Awesome, thanks so much! Learning the differences of all these patterns is gonna take some time, haha.

So, just to make sure I got it, this is a pin bar, correct?
Hey B

It takes time, that's it

Yes that is a pin, although a bigger nose(the wick) the better. See how the previous bar is a very strong bearish bar? That can be a warning sign that you are fighting an uphill battle. When new to this stuff I always recommend looking for those bars that just JUMP out at you. They are more rare but it's a good starting place.

Let us know if you have more questions
Mike
  • #103,982
  • Nov 3, 2011 8:59pm Nov 3, 2011 8:59pm
Quoting Fx7877
Hi all,
I saw some of u using FTB, may I know what it stands for?

How do some of u get 2 day bar on your charts? Is there an option for u to do that? I'm using MT4 and it only has the standard 1, 15, 30min, 1hr, 4hr, 1D, 1W and 1M options.
Hey FX

FTB = First time back

to get the different timeframes you can use the periodcon built into mt4

here is an explanation from the great Jarroo

http://www.forexfactory.com/showpost...ostcount=24410


Best
Mike
  • #103,983
  • Nov 3, 2011 9:02pm Nov 3, 2011 9:02pm
Quoting Fx7877
Mike,
Can u share why u decided to cut your losses early for this trade? Was it becos its not a grade A setup as PB not at swing low? Or was it becos its trading into a former swing as u mentioned above? THanks
Hey FX

The longer I have done this the more I have realized that cutting my losses is important. So in this case if we look at the previous bar low(the left eye) as well as where that left eye is located(BRN). Once price breaks it shouldn't have to come back that much more or my timing may be off. Now of course that's not always the case, but as many say here: a good setup takes off, or a high probability setup breaks good.

But I always say in my head. At what point do I no longer believe as much in my trade? Or when do i no longer want to be in this trade? IN this case after price broke(and being that it's at a difficult location trading into a swing high) for me it's more logical and profitable in the long run to cut that loss then HOPE that the bar low holds.

This is more advanced stuff I guess you could say, but just keep it simple either way

Best
Mike
  • #103,984
  • Nov 3, 2011 9:04pm Nov 3, 2011 9:04pm
Quoting Fx7877
Just helping out....Yes this is a Pin Bar. Pls correct me if I'm wrong guys
you got it brotha
  • #103,985
  • Nov 3, 2011 9:11pm Nov 3, 2011 9:11pm
Quoting mbqb11
Hey FX

The longer I have done this the more I have realized that cutting my losses is important. So in this case if we look at the previous bar low(the left eye) as well as where that left eye is located(BRN). Once price breaks it shouldn't have to come back that much more or my timing may be off. Now of course that's not always the case, but as many say here: a good setup takes off, or a high probability setup breaks good.

But I always say in my head. At what point do I no longer believe as much in my trade? Or when do i no longer...
Thanks Mike. To sum it up, the fact that its location is not A+ and it came back to BRN makes u bailout. Always learning from u
  • #103,986
  • Nov 3, 2011 9:25pm Nov 3, 2011 9:25pm
Quoting mbqb11
Hey FX

FTB = First time back

to get the different timeframes you can use the periodcon built into mt4

here is an explanation from the great Jarroo

http://www.forexfactory.com/showpost...ostcount=24410


Best
Mike
Thanks Mike. I downloaded it and followed instructions, I used it on daily chart with multiperiod = 2 to get 2 day bars, but chart still looks the same. I saved the file in expertsindicators folder. Did I do anything wrong here?
  • #103,987
  • Nov 3, 2011 9:29pm Nov 3, 2011 9:29pm
Quoting Pinbar
The rejection at this area was no surprise.
By which time I had moved to BE and got stopped out.
That's a great level on the Gbp/Aud at the 1.5500, Pb. . .nice confluence with the 150 ema on the Daily.

Did you take a touch at the 1.5500 or was that PA on the 4 Hour that you took and then was stopped out at BE?
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Indicators show the past. Price Action "Indicates" the future.
  • #103,988
  • Nov 3, 2011 9:41pm Nov 3, 2011 9:41pm
Quoting jarroo
That's a great level on the Gbp/Aud at the 1.5500, Pb. . .nice confluence with the 150 ema on the Daily.

Did you take a touch at the 1.5500 or was that PA on the 4 Hour that you took and then was stopped out at BE?

Hi, Jim

Hope all is well.

Yes, I took the break of the H4 PB.
Still working up the courage to TT at these areas, even on demo. LOL
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  • #103,989
  • Nov 3, 2011 9:47pm Nov 3, 2011 9:47pm
Quoting meshka
thank You Jarro so You mean my S/L's are as good as Your entries?

ok ok I know it would be better to put there pending orders to minimize risk but i still have no eyes for it. need to practice
lol . .well you will start to see that great PA setups will develop at these Support and Resistance levels . .or at both which is a PPZ level.

I'm thinking you were seeing this 2 Day PB on the Aud/Jpy . .nice.

It hit its target nicely . .previous bar Lows or the 80.00 BRN. That is really all we can expect from a good PA setup . .to hit its 1st target after that, its all trade management.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #103,990
  • Edited 10:27pm Nov 3, 2011 9:55pm | Edited 10:27pm
Quoting Pinbar
Hi, Jim

Hope all is well.

Yes, I took the break of the H4 PB.
Still working up the courage to TT at these areas, even on demo. LOL

That worked out perfect . .hit its target nicely .

The courage will come over time but you really never have to take a TT . . . .solid PA on a lower TF is better than a Touch . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,991
  • Nov 3, 2011 9:59pm Nov 3, 2011 9:59pm
Quoting the_wizard
This ones for the newbs (or the old hands that still don't get it)

http://www.xtranormal.com/watch/12631896/finding-trades

That is hilarious, Tom .. . lol . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,992
  • Edited 11:14pm Nov 3, 2011 10:59pm | Edited 11:14pm
Quoting mtc235
I'm trying to understand entries. I'm buying the EurJpy on bounce off the HCR turned LCS. I did it one time, closing the first Lot at +52, the second Lot stopped out at BE. The set up still looked good, so I bought again on the current bar. Closed the first Lot at +49, moved stop of second Lot to BE. It's now up +75.

Pinbar says on the previous page that he's waiting until the price is above the current sideways movement to buy. I thought Jarroo said to buy on the pull back to the HCR turned LCS line, as I'm doing.

Am I just lucky right now?...

That's it, MTC . nice job . .

Its S/R at its most basic level . .a Resistance level will turn into a Support level when Price Breaks through it and Closes above it . . . .and vice versa.

Let me just add that we want our HCR and LCS at deep Swing Highs and Lows (respectively) and at the Tops and Bottoms of consolidation areas, (respectively).

This Swing High's HCR was not that deep or big but it was valid.

Because of the Weekend gap, we have two HCR levels which are basicly the same level, so to speak . .(Damn Gaps!! .. lol) . .I will look at both levels.

We can take a Touch Trade (TT) at these levels or wait for confirming PA on the same time frame or on a lower time frame..

Nice confluence with the 365 ema on the 4 Hour which helps if you're going for a Touch . .

You got it MTC . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #103,993
  • Nov 3, 2011 11:37pm Nov 3, 2011 11:37pm
Quoting 5.25
Hi Jarroo,

I may be looking into this too much, but this could have been the 4th potential profitable entry this week on Gold alone!

I understand that this thread is really meant to be about teaching the basics but I'm curious to run this by you as I find it intriguing.

Effectively, price breaks through the daily lowest close of support, closes above on the hourly, the level holds for a potential entry. 15min PB doesn't look too bad for 'confirmation' either. As you said, this is a GOOD swing low level. These levels are what we are looking...
This is awesome, T . . . . .

I would only disagree with you and say that it is much inline with J16's methodology. We're dealing with S/R levels and that is where our PA formations confirms or valids our levels. What better way to show the transition of S/R then with PA ..

Also on your chart we have a HCR level that is aligned with that previous LCS level(s) . .gave even more support to that 15 min PB.

So let's see how Price reacts since PBT&CA at these levels on the Daily . . if Price retraces to them.

. .speaking of a 15min PB . .. check out this one on the Gpb/Jpy back in March off a Daily HCR level once PBT&CA. . .not a bad 20 pip S/L on the GJ .. .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #103,994
  • Nov 4, 2011 12:06am Nov 4, 2011 12:06am
Quoting PinWing
Thank you, really appreciate it!

So, if you have a good location, say a pinbar on a swing high (or low), if pinbar close is above the open (or pinbar close is below the open), this is a warning to avoid the trade?

Thank you for the tip

In the end I didnt took this demo trade. I made a pending order, but then i thought about it and cancelled. It was a trade I was going to have to be on the computer all the time, It just didnt felt right to just pull the trigger and go to bed hoping my target got hit. And watching what happened next, there was...
Thanks for sharing Hector . .this Thread is awesome and will help you find your own niche that will left the clouds even more.

I have had a similar journey . .for me, it was finally understanding the simple market dynamic of Support and Resistance levels . .how they form , how they transition or "flip" (PPZ levels) . .etc . really brought home all of what James16, Mike(mbqb11) and some others teach here. .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #103,995
  • Nov 4, 2011 12:22am Nov 4, 2011 12:22am
Quoting Blackout
Well, I've been lurking for quite a while, but I think I'm starting to get a hang of all this. I've been studying Forex off and on for almost a year, and this thread is a goldmine!

So, based upon what I've learned, this is what I see in the EUR/AUD right now (TF is 1 Day).

I'm a HUGE newb, so if this looks idiotic, please tell me! As you can see I placed an order to go short. This is a demo account of course.
Here's some more examples, Blackout.. . .to continue from Mike . .

The structure of PA is important but the Location where they are formed is even more important . . a Bullish PB at this Swing Low at the 1.3 BRN would be nice . .
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Indicators show the past. Price Action "Indicates" the future.
  • #103,996
  • Nov 4, 2011 12:32am Nov 4, 2011 12:32am
Quoting jarroo
That's it, MTC . nice job . .

Its S/R at its most basic level . .a Resistance level will turn into a Support level when Price Breaks through it and Closes above it . . . .and vice versa.

Let me just add that we want our HCR and LCS at deep Swing Highs and Lows (respectively) and at the Tops and Bottoms of consolidation areas, (respectively).

This Swing High's HCR was not that deep or big but it was valid.

We can take a Touch Trade (TT) at these levels or wait for confirming PA on the same time frame or on a lower time...
Jarroo, Thanks for the clarification about looking for these on the Swing Highs and Lows. You've given lots of good info to keep practicing with.
You're right, this is an awesome thread!
MTC
  • #103,997
  • Nov 4, 2011 12:38am Nov 4, 2011 12:38am
Quoting mtc235
Jarroo, Thanks for the clarification about looking for these on the Swing Highs and Lows. You've given lots of good info to keep practicing with.
You're right, this is an awesome thread!
MTC

Sure thing , MTC . .
Indicators show the past. Price Action "Indicates" the future.
  • #103,998
  • Nov 4, 2011 12:51am Nov 4, 2011 12:51am
AUDUSD, we have a bounce off 150 EMA with BUEOB off 1.0200 support.

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  • #103,999
  • Nov 4, 2011 1:00am Nov 4, 2011 1:00am
Quoting decentchap
Hi 5.25,

I didnt take these trades but i had these lines drawn last weekend and see how price tried to break-through- couldn't. we then have a retest with a PA bar confirmation(well gj wasnt technically a pb but still.. )...
I am loving this method..
Nice charts chap . .
Indicators show the past. Price Action "Indicates" the future.
  • #104,000
  • Nov 4, 2011 1:10am Nov 4, 2011 1:10am
Quoting fascist
AUDUSD, we have a bounce off 150 EMA with BUEOB off 1.0200 support.
I like the HCR level(s) at this consolidation area and that the 150 ema aligns with it. It sure worked out great on the initial PBT&CA.

Good chance it could work out again . .
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Indicators show the past. Price Action "Indicates" the future.
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