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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

  • #104,361
  • Nov 14, 2011 8:43pm Nov 14, 2011 8:43pm
Mike,
Can u give your critique on 2 possible (past) setups marked with arrow on EURJPY? Both are PB are pretty good PPZ, would you have taken the trades in spite of the congestion zone? This is on H4, but regardless, such patterns may occur on daily/ wkly, so looking back at these setups just as learning experience. Thanks!

edit: the first one is actually a BUOB
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  • #104,362
  • Nov 14, 2011 9:52pm Nov 14, 2011 9:52pm
Looking at GU, it could go either way it seems.

We have the VBRN of 1.6000 above price but, we also have a strong PPZ below price where we may see some bullish PA.

The more I look at it, the more I am inclined to have a bearish bios.
However, there is not much space to the 1.8500 area where we have a lot of bar highs & a consolidation area. Patience and waiting for PA to tip its hand seems the only, logical option.
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  • #104,363
  • Nov 14, 2011 9:53pm Nov 14, 2011 9:53pm
Quoting jarroo
The 1.5500 BRN . . . would be nice for some Bullish PA . . . on the Gbp/Aud. .
Different reasons, but got to the same conclusion.... have to remember to zoom out my charts, lol

Hector
  • #104,364
  • Nov 14, 2011 10:03pm Nov 14, 2011 10:03pm
Quoting jarroo
Yes, I do use TTs at HCR/LCS levels when PBT&CAorB them . .I would use PA instead of a TT at these levels first . .PA is always a great confirmation of the transition.
Thank you i will follow your advise to confirm those levels.

Hector
  • #104,365
  • Edited 10:38pm Nov 14, 2011 10:08pm | Edited 10:38pm
Still holding AU as there is no H1 close above my entry.

Let's see what it wants to do around the London Open.

EDIT:
Moved the physical SL to BE+

Come on Baby!
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  • #104,366
  • Nov 14, 2011 10:28pm Nov 14, 2011 10:28pm
Quoting Pinbar
GU just cut through the weekly LCS.
Hello PinBar

If I am looking (and drawing it) right, some additional information is the flag pattern on daily, and some divergence on macd too. Seems it wants to break soon (today) to the downside.

Seems like an almost free fall to 1,55

I havent traded those patterns (read about them, but didnt traded them), if it breaks, maybe I will wait for breakout, and enter a sell pending order on breakout level on pullback.

Advise on how to trade them are very welcome ;-)

Best

Hector
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  • #104,367
  • Nov 14, 2011 10:36pm Nov 14, 2011 10:36pm
Quoting PinWing
Hello PinBar

If I am looking (and drawing it) right, some additional information is the flag pattern on daily, and some divergence on macd too. Seems it wants to break soon (today) to the downside.

Seems like an almost free fall to 1,55

I havent traded those patterns (read about them, but didnt traded them), if it breaks, maybe I will wait for breakout, and enter a sell pending order on breakout level on pullback.

Advise on how to trade them are very welcome ;-)

Best

Hector
Hi Hector, a break out and pullback is usually what Mike likes to do, I believe. Mike is the man to answer your question on flags though, I am just a newbie. And, I want to see some confirming PA as to which way it wants to go.
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  • #104,368
  • Nov 14, 2011 10:44pm Nov 14, 2011 10:44pm
Quoting scooterboy
hey folks hows it goin? i think I'm going to test this one (aussie H4)
1.0200 acting as PPZ, plus 50% fib confluence and trendline. Going to watch PA around those area

-what do you guys think?
thank goodness I'm still on demo LOL
bought aussie @ 1.0200 and FAIL

should've sold it like PB did
  • #104,369
  • Nov 14, 2011 10:56pm Nov 14, 2011 10:56pm
Quoting scooterboy
thank goodness I'm still on demo LOL
bought aussie @ 1.0200 and FAIL

should've sold it like PB did
You know, that is exactly what I used to do when I started.
I would find what I thought was good setup and then I would see some of the seniors here, selling just about where my entry was. LOL

Got sick of that, and decided to study why they were selling just where I was buying.

I think the higher TF swing points are the answer.

At least you worked this out after just a FIVE posts!!
Better than I did.
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  • #104,370
  • Nov 14, 2011 11:06pm Nov 14, 2011 11:06pm
Quoting Pinbar
Hit TP2 to the pip.

Took 75% of the remaining position off the table and will see how the FTB to the EMA does.
We now have a daily close below the 1.0226, which I suspected we may get and was the real motive for taking the M15 setup.

I realize that, this may encourage people to trade a lower TF and that was not the intention of the original post. New people should do as Mike suggested and stick to the weekly and daily setups.
Congrats man!!!

I wanted to add that (for me) the important thing in this trade is the Story Mike writes about.

Your Story comes from the Monthly TF. The level you choose as resistance comes from a monthly tf, this is the key on every trade: reasons to buy or sell comes from higher timeframes.

If the experienced guys base their trades on monthly charts, as a rookie, taking trades based on price behaviour on lower timeframes is just suicide, No matter the holy grail you think you have.

Found it very helpfull !!!

Thanks

Hector
  • #104,371
  • Nov 14, 2011 11:22pm Nov 14, 2011 11:22pm
Quoting PinWing
Congrats man!!!

I wanted to add that (for me) the important thing in this trade is the Story Mike writes about.

Your Story comes from the Monthly TF. The level you choose as resistance comes from a monthly tf, this is the key on every trade: reasons to buy or sell comes from higher timeframes.

If the experienced guys base their trades on monthly charts, as a rookie, taking trades based on price behaviour on lower timeframes is just suicide, No matter the holy grail you think you have.

Found it very helpfull !!!

Thanks

Hector
And we can thank J16, Jarroo, Mike & many others, for so unselfishly showing us this for no ulterior motive, other than, they have probably all been there before & done that, and wish that none of us fall into the same traps.
  • #104,372
  • Nov 14, 2011 11:24pm Nov 14, 2011 11:24pm
Quoting Pinbar
Hi Hector, a break out and pullback is usually what Mike likes to do, I believe. Mike is the man to answer your question on flags though, I am just a newbie. And, I want to see some confirming PA as to which way it wants to go.
Thank you PinBar

I draw a trendline to the downside and a support horizontal line as the flag pattern, but they are too dark, and I see them only when i open the chart.

Dont know if I did it right. The breakout - pullback you draw is what I plan to do. PA confirming breakout at pullback is the best entry.

Mikes point of view and opinion is always welcome

Best

Hector
  • #104,373
  • Nov 15, 2011 3:09am Nov 15, 2011 3:09am
Quoting mbqb11
you guys are doing great , love reading all your posts

Things are heavy across the board. I am watching very similar to you guys. Still waiting for the tip off but fantastic areas to watch

All credits goes to You Mike and all dreamtime from James16 You are eyes openers... torchlights in a dark cruel fx underworld
all is eternal - this is good news for people who loves bad news
  • #104,374
  • Nov 15, 2011 3:15am Nov 15, 2011 3:15am
Quoting fascist
hmm.. my virgin attempt at spotting a good touch trade seem to have been right on (lucky maybe)

Attachment

EU bounced off LCS and multiple lows.

If i were to make an entry, i would place a buy order at 1.3700 and target 1.3721 and put my SL 15 pips below my entry.

Attachment

Would that be good?
It wasn't luck if you based the 1.3700 on the Daily level, its LCS and multiple Lows and Highs that lined up at that level. That bounce was real . .

What was the draw down of that buy at 1.3700? that went for about 30 pips? Could you have covered your risk quickly, move to B/E and see if that bit of consolidation would have continued? Markets love to consolidate, they do it the majority of the time.


I like that 1.3721 target, a Daily Low . . . .Daily setups have Daily targets. The final target would be the Top of that Consolidation or beyond.

So what is a setup that would be better that this one . .one that would have a stronger level . .with SPACE, room to run and less traffic to fight . . here's one example
Quoting jarroo
Thanks Alex . .for your help . .


Ooopps! . .I did make a mistake on that chart . I meant to say the "Low lining up" with the LCS level, not the "High lining up".

Jim
All that being said, .. well done fasc . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #104,375
  • Nov 15, 2011 3:39am Nov 15, 2011 3:39am
Quoting 5.25
124.00 held strong and then some. Missed my TT entry by mere pipage. Order pulled and onto the next trade.

PB, the "BUEOB" was just an outside observation adding confluence to 124.0 as resistance due to it's close. I was looking for a TT long entry at 122.258.

T

Nice bounce at that level T. .but it didn't have any legs.

I'm looking at this Weekly LCS level, way back here at the 121.80ish . . confirming PA would be nice. .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #104,376
  • Nov 15, 2011 3:50am Nov 15, 2011 3:50am
Just got back online after a power cut.

I had already taken plenty off the table so I was not too concerned.
It was nice to see this one run as I suspected it would, when the power came back on, 5 mins ago.

Not bad for an initial 25 pips stop which was moved to an 8 pip stop after TP1.
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  • #104,377
  • Edited 4:34pm Nov 15, 2011 4:13am | Edited 4:34pm
Quoting Pinbar
Do we have a daily DBHLC in the making?


It is about time, after all that consolidation.
Interesting how this Consolidaton area (in yellow) was formed . .don't you think? . .

These two LCS levels (in blue) made it.
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Indicators show the past. Price Action "Indicates" the future.
  • #104,378
  • Nov 15, 2011 4:26am Nov 15, 2011 4:26am
Quoting Pinbar
Just got back online after a power cut.

I had already taken plenty off the table so I was not too concerned.
It was nice to see this one run as I suspected it would, when the power came back on, 5 mins ago.

Not bad for an initial 25 pips stop which was moved to an 8 pip stop after TP1.
You entered based on a breakout at 1.0160?
  • #104,379
  • Nov 15, 2011 4:32am Nov 15, 2011 4:32am
Quoting fascist
You entered based on a breakout at 1.0160?
No, at 1.02198

It was a little preemptive basically because of the close below the HCR.

I am now watching the 1.01559 area.
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  • #104,380
  • Nov 15, 2011 4:32am Nov 15, 2011 4:32am
Quoting mbqb11
Just a good friendly beginning of the week reminder. I know a lot of new people are reading this thread every day and may see a lot of lower timeframe and different stuff. The BEST thing you can do is follow James16 posts and specifically the outline in post 1 of the minimum requirements. It is a very crucial point. The material is the same on all timeframes but please remember to start on the daily/weekly while building your foundation. Many of those you see posting lower timeframe charts have been at it for awhile. But we always gotta remember...
Hey Mike . .all we are doing is trading the on Daily, Weekly and even the Monthly . .it just that we are using the Lower TFs off these Higher TF levels . .isn't that the same thing as trading the Daily and Weekly TFs??

Just kidding with you Mike .. .lol Your point is indeed a crucial one. leaning the basics of what James16 and Mike teach here is the foundation of all of my trading . .just to speak for myself.

Trust me . . . the basics of PPZ levels, Location, Space, Confluence, Size (of PA), Swing Highs/Lows, etc . . .are always on my mind . . .


Jim
Indicators show the past. Price Action "Indicates" the future.
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