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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

  • #107,321
  • Feb 13, 2012 2:35pm Feb 13, 2012 2:35pm
Good evening ladies and gentlemen traders
As far as I understand it is IB? But what to do in this situation, if slightly below the support line? Skip to wait IB or breaking the support line?
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It's only after we've lost everything that we're free to do anything.
  • #107,322
  • Feb 13, 2012 4:06pm Feb 13, 2012 4:06pm
Quoting mbqb11
...This is something Jarroo introduced on how he personally pinpoints trade areas. It is certainly not the traditional James16 although a direct variation of what the same concepts are.

I am reminded of this and since you brought it up this quote is perfect time to be reinstated... please please start from post 1
Apologies Mike, think I may be partly to blame Interesting to see how far you come in a year studying the material. Thanks to all participants and the Seniors.

Quoting 5.25
Partial profits off the table... ultimate target highs of the consolidation area.
Here's a breakdown of x2 recent trades on the EURSGD, both now closed. (See charts)

For the new guys here, note the daily Pin Bar on trade No.1. The thread teaches you to take them at a swing low this in many ways was a sideways market and was taken under trader discretion.

Trade No. 2, Touch Trade on the daily timeframe, not something that is recommended for the new guys here. It is best to wait for PA as a trigger to confirm entry at these key levels. Note the 4H BEOB.
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  • #107,323
  • Feb 13, 2012 4:48pm Feb 13, 2012 4:48pm
Quoting 5.25
Apologies Mike, think I may be partly to blame Interesting to see how far you come in a year studying the material. Thanks to all participants and the Seniors.



Here's a breakdown of x2 recent trades on the EURSGD, both now closed. (See charts)

For the new guys here, note the daily Pin Bar on trade No.1. The thread teaches you to take them at a swing low this in many ways was a sideways market and was taken under trader discretion.

Trade No. 2, Touch Trade on the daily timeframe, not something that is recommended for the...
nothing to apologize, I go off on some heavier rants and material here too. We just got to be diligent in keeping the new traders on track too



Mike
  • #107,324
  • Feb 13, 2012 4:50pm Feb 13, 2012 4:50pm
Quoting Alexandr51
Good evening ladies and gentlemen traders
As far as I understand it is IB? But what to do in this situation, if slightly below the support line? Skip to wait IB or breaking the support line?
Tricky one here, We are stuck in a range, and above us a bigger range. I still prefer to watch the lows here. We have nearly a triple bar low. If it breaks we should see the blue area. This is what can make inside bars tricky.

Best
Mike
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  • #107,325
  • Feb 13, 2012 6:00pm Feb 13, 2012 6:00pm
BUY STOP CANCELLED

The pending Buy Stop removed due to:

-Monday's lack of DIRECT bullish momentum
-Deep price retracement of the two day BUOB and closing below parity
-Inside candle is formed which I do not usually trade
-The ATR equals the distance to my pending buy stop so for price to reach the FTA is not realistic as to what I had in mind quick in and quick out like an one night stand

It does not mean that the initial analysis is not right.
  • #107,326
  • Feb 13, 2012 7:22pm Feb 13, 2012 7:22pm
Quoting hometrading
EURGBP looks interesting, I know the pin hasn't broken through resistance. If it does I would expect
.8550 to be tested although two potential trouble spots below.
Any comment appreciated.

Thomas
Well resistance held up on Friday and made it's way down down to FTA. Interesting again, move started by Pin on 60 min.
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  • #107,327
  • Feb 13, 2012 9:59pm Feb 13, 2012 9:59pm
nice BUOB forming here on the 4hr on audjpy on the 4hr at a swing low.
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  • #107,328
  • Edited 10:28pm Feb 13, 2012 10:10pm | Edited 10:28pm
small pin here too on audusd on the 4hr at swing low and PPV

but for me this pin is not significant enough, its very small and the close failed to close within last bar. So thats a easy way to make this a pass.
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  • #107,329
  • Feb 13, 2012 11:33pm Feb 13, 2012 11:33pm
CHART
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  • #107,330
  • Edited 1:37am Feb 14, 2012 1:35am | Edited 1:37am
Quoting james16
CHART

The god of PA has made an appearance..

Nice to see you James...
  • #107,331
  • Feb 14, 2012 6:00am Feb 14, 2012 6:00am
Quoting deankenny21
nice BUOB forming here on the 4hr on audjpy on the 4hr at a swing low.
Well this trade when exactly to plan, nice BUOB at swing low, BUOB looks good , good size and location, went to FTA with no problems.
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  • #107,332
  • Feb 14, 2012 6:36am Feb 14, 2012 6:36am
Quoting jarroo
Yes that right equivestor ..Mutliple Swing Points and their HCR/LCS levels lining up. ..strength. You can use other confluences that line up with that HCR (LCS) level. I like the 365 ema and 150 ema (its what James16 uses as a confluencing tool) ..also Fib levels, BRNs, RNs, trendlines.

Yes Space . . .Mike talks about the importance of Space in our PA setups . .and I have too agree, alot of good things happen in Space . .

I'll say it again equivestor, you're good at this stuff . .just keep it that simple . .

Jim
Wow thanks Jarroo, the 150 and 365 ema are a sweet addition to my trading) They seem to be especially helpful when I scale down for my entry on the 1hr time frame, like in this NZD/CAD bounce off a 4hr HCR level with beautiful pin bar.
Indicators are awesome after you lean price action! I still don't understand round numbers tho so I will do some work on that.

thanks again
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  • #107,333
  • Feb 14, 2012 7:02am Feb 14, 2012 7:02am
Quoting jarroo
Ok, now I can say the Cad/Jpy happened . .

Now back to the basics . .

Update on the CadJpy . . 2nd target hit . ..Interesting, what I wrote on the chart still applied . .
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Indicators show the past. Price Action "Indicates" the future.
  • #107,334
  • Feb 14, 2012 7:27am Feb 14, 2012 7:27am
This is my first take applying Mike's rounding effect . A trade I am actually in .
The chart is MBtrading feed , couse looks better... so - here i am :

- rounding effect + divergence
- 1.5750 RN is the middle of the two major ones 1.5500 and 1.6000 , which I find also important . This is our PPZ , too !
- I entered on this nice pinbar as a test at pullback to our PPZ .

We shot quickly to the first trouble area 1.5660 . Watching out closely , should we break lower
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  • #107,335
  • Edited 7:53am Feb 14, 2012 7:27am | Edited 7:53am
Quoting gadogado
thanks very much sir jarroo for the link.

I want to ask about "Mutliple Swing Points and their HCR/LCS levels lining up. ..strength". I can identify the multiple swing points in your posted chart.

Also, I try to drew a ppz line. I drew it in Daily, by matching side to side support and resistance. Please give your comment or anybody else.
My question : Does every ppz line must be rounded to RN ? cause I found some of them hardly to be rounded.

That's good gado . .We can weed out even more Swing points by only lookng at the Deep ones . .here's a quick chart . .also Consolidation areas (Mike's Boxes) are great to find strong levels Support (bottom of the Box) and Resistance (top of the Box).

We like to round to Big Round Numbers (BRNs) and Round Numbers (RNs), just to add additional confluence with that level. BRNs and RNs tend to be psychological numbers and where order flow gathers.
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Indicators show the past. Price Action "Indicates" the future.
  • #107,336
  • Feb 14, 2012 7:36am Feb 14, 2012 7:36am
Quoting Rust
This is my first take applying Mike's rounding effect . A trade I am actually in .
The chart is MBtrading feed , couse looks better... so - here i am :

- rounding effect + divergence
- 1.5750 RN is the middle of the two major ones 1.5500 and 1.6000 , which I find also important . This is our PPZ , too !
- I entered on this nice pinbar as a test at pullback to our PPZ .

We shot quickly to the first trouble area 1.5660 . Watching out closely , should we break lower
looks fantastic rust, that is a lot of confluence and great application of it

Just be careful the true FTA is going to be the previous bar low since that was the last point of significant buying

Good job
Mike
  • #107,337
  • Feb 14, 2012 7:48am Feb 14, 2012 7:48am
Quoting mbqb11
looks fantastic rust, that is a lot of confluence and great application of it

Just be careful the true FTA is going to be the previous bar low since that was the last point of significant buying

Good job
Mike
Valuable reminder ! I admit i sometimes miss these .
Thanks as always Mike

Edit : Stop already tightened a bit since we moved some more lower Probably i will tight it much more on bar close .
  • #107,338
  • Feb 14, 2012 7:50am Feb 14, 2012 7:50am
Quoting james16
CHART
I thought that was a Daily chart at first . . lol

Pretty cool how this common market dynamic of Support and Resistance works on all time frames . .
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Indicators show the past. Price Action "Indicates" the future.
  • #107,339
  • Feb 14, 2012 8:14am Feb 14, 2012 8:14am
An hell of a fight around this weekl resistence/RN.

Quoting jarroo
Update on the CadJpy . . 2nd target hit . ..Interesting, what I wrote on the chart still applied . .
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  • #107,340
  • Feb 14, 2012 8:14am Feb 14, 2012 8:14am
Quoting equivestor12
Wow thanks Jarroo, the 150 and 365 ema are a sweet addition to my trading) They seem to be especially helpful when I scale down for my entry on the 1hr time frame, like in this NZD/CAD bounce off a 4hr HCR level with beautiful pin bar.
Indicators are awesome after you lean price action! I still don't understand round numbers tho so I will do some work on that.

thanks again
You can search out Mike's posts on BRNs in this thread (Search This Thread) he has alot of great info on them. BRNs and RNs tend to be psychological numbers, where market order flow gathers.

Indicators, as we apply them here, are mainly Confluencing Tools . . meaning, we want them to align with our PPZ levels, Support levels and Resistance levels.

As James16 would say, "we want muliple reasons to enter a trade". . .muliple confluences that align with our levels or PA setups gives us more confidence to enter a trade.

That was nice on NZD/CAD, equivestor . I tend to stick with the higher TF levels on the Daily and Weekly when I drop down to the 4 Hour or Hourly to look for confluenced PA. But that's a good example.

Have you check your Eur/ Jpy chart ?. .
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Indicators show the past. Price Action "Indicates" the future.
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