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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

  • #107,781
  • Feb 22, 2012 1:35pm Feb 22, 2012 1:35pm
Quoting heebbyjeeby
Would Jim classify this as an A+ set-up Dean?

He is talking about potential PA that may occur on a breakout retest strategy. In that instance if PA occurs there (it may not) it would be damn interesting to me.

Ryan
  • #107,782
  • Feb 22, 2012 2:55pm Feb 22, 2012 2:55pm
How about this potential set-up mike, and all.

http://my.jetscreenshot.com/11256/m_...-300r-85kb.jpg


http://my.jetscreenshot.com/11256/m_...-ghde-87kb.jpg
  • #107,783
  • Feb 22, 2012 3:08pm Feb 22, 2012 3:08pm
Quoting heebbyjeeby
How about this potential set-up mike, and all.

http://my.jetscreenshot.com/11256/m_...-300r-85kb.jpg


http://my.jetscreenshot.com/11256/m_...-ghde-87kb.jpg
All great charts Heebby, the ones above too. This is how simple we can keep it. Then once you define strong areas, wait for the micro story to form up with it. THen you got a boatload of confluence to support your trade

  • #107,784
  • Feb 22, 2012 3:11pm Feb 22, 2012 3:11pm
Quoting mbqb11
All great charts Heebby, the ones above too. This is how simple we can keep it. Then once you define strong areas, wait for the micro story to form up with it. THen you got a boatload of confluence to support your trade

Thanks mike.

Im still a little unsure of how to get into these trades, once identifying high possibility set-ups. What time frame would you drop down to, and would you use trendlines, price action, or whatever you happen to see???
This is where I get confused, and probably enter trades I shouldn't, or enter too late!!!
  • #107,785
  • Feb 22, 2012 3:29pm Feb 22, 2012 3:29pm
Quoting heebbyjeeby
Thanks mike.

Im still a little unsure of how to get into these trades, once identifying high possibility set-ups. What time frame would you drop down to, and would you use trendlines, price action, or whatever you happen to see???
This is where I get confused, and probably enter trades I shouldn't, or enter too late!!!
Hey Heebby

You don't even need to move down timeframes. I like to keep what I see to the same timeframe. So if the story develops on the daily, then I am looking to enter the trade off the daily. Very rarely (mostly on breakouts) are the only time I drop timeframes.

For now what you should do to keep things simple. Is mark confluenced area. So for example the above is a great starting point. Nice strong PPZ. Then begin to see what other confluences might be there(fibs, round numbers, consolidation, patterns, divergence etc). Then look for bar confirmations at your areas. THen of course we work on mgmt and targets.


For example here is a chart I am watching. Notice how I am building a story with the different concepts. Then I will wait and watch closely the PA that occurs at these areas. This can come in many forms, but start with the basics, Pinbars, Outsidebars, inside bars, DBLHC DBHLC, the stuff James shows.

As you do this more and more you will be able to expand your tools. For example some people email me and say I have studied and I feel overwhelmed , confused etc. I say strip things down when this happens. Stick to a few things and get good at them. I did the EXACT same thing. For example for awhile I stuck to pinbars mostly. I learned and studied them like no other. I simplified my locations(lots of space, big bars, basic areas like double tops/bottoms, fib retracements etc). This is to get you started and as you demo and questions come up and mistakes arise you learn and keep progressing.

I want to reference James post here about his kid taking outside bars. It's a powerful post because of the simplicity of it and those are always good starting places.

Just remember it gets easier. THink about day one of learning the markets, compared to where you are now. It HAS to be leaps and bounds. Now think about where you will be 6 months, a year, 3 years, ten years from now. The progress will be made if you stick to it and treat it like a business.

Take care
Mike
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  • #107,786
  • Feb 22, 2012 3:35pm Feb 22, 2012 3:35pm
Mike,

Again, thank you so much.
One day I hope to be half the man, and trader you are.
Back to the charts

Sincerely,
Heeb
  • #107,787
  • Edited 4:05pm Feb 22, 2012 3:36pm | Edited 4:05pm
EUR/USD

We Broke the PPZ area I marked in red On daily a couple of days Ago , and on the Hourly , There Is a wedge Formation ... Little help Plz

1 ) Did I drew the wedge Correctly ???

2 ) Am I right in assuming that Break of the wedge on Hourly will take us up to 1.33 Round Number ???

3 ) What are the chances that we will break the 1.33 ? I think bounce is more likely because Aud / Usd and Gbp / Usd are suffering from the downwards momentum right now ???
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Human
  • #107,788
  • Edited 4:52pm Feb 22, 2012 4:25pm | Edited 4:52pm
Quoting CathS
Thanks for that, I thought as much ("moving it a hair"), just wanted to make sure I wasn't missing something.

cheers
cath

Hey Cath . .here's my take on this setup on the GU . .(chart)

I agree that trendline wasn't very strict . .I believe he was looking at the bigger story going on and that trendline (albeit a gerenal one) added additional confluence for an entry . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,789
  • Edited 10:20pm Feb 22, 2012 4:46pm | Edited 10:20pm
Quoting smozmo
Hey Pumlitch thanks for comment, look at weekly tf is very strong resistance also at BRN who is 0.84 market respect that level there is fib confluence too and is at top of box
Nice trade short smozmo . . .looks like we're looking for longs now at that .8400 level . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,790
  • Feb 22, 2012 5:06pm Feb 22, 2012 5:06pm
Quoting equivestor12
Thanks for looking out for me Jarroo. FxPro up and running)

The GBP/USD looks like this with all the levels I can see marked. But again I haven't taken any profits out at the FTA targets. I don't even know if I marked them correctly or if I should be looking for them on the daily or on lower time frames which is where i'm managing my trades.
Quoting jarroo
Hey equivestor . .That daily HCR level is a bit unclear on the Daily. Its much clearer as a Weekly HCR level.

Since its a Weekly level, we have Weekly targets; previous bar Highs/Lows. . .But you can also use the Daily targets (absolutely) ; previous daily Highs/Lows.

What do these levels look like on the 4 Hour? . .

Interesting . .Price still can't close below this level on the Daily . . . still Support. Should be fun to watch. .
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Indicators show the past. Price Action "Indicates" the future.
  • #107,791
  • Feb 22, 2012 5:34pm Feb 22, 2012 5:34pm
Hi all,

is this a Daily double IB on important resistence?

is it tradable on short?

any comments would be appreciate

thx
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Don't give up
  • #107,792
  • Feb 22, 2012 5:42pm Feb 22, 2012 5:42pm
Quoting Pinbar
Looks like this weekly HCR is still holding.
I seem to have gotten into liking the M30 PA at these areas.

Let's see what the NY open brings.
Looks good Pinbar . .I use both the Open and Close of the Weekly levels . .damn gaps!! . . .lol
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Indicators show the past. Price Action "Indicates" the future.
  • #107,793
  • Feb 22, 2012 6:01pm Feb 22, 2012 6:01pm
Quoting mbqb11
Hey Yehuda

I can't see much of a reason to get in long now.

I am still in long from the continuation BUOB I posted about here

http://www.forexfactory.com/showthre...55#post5384955

My stop is at b/e though


Best
Mike

we broke through 80 now, so I am looking to see if that can hold as support(the previous boxed area)

Locked in some profit in case it doesn't though


Mike
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  • #107,794
  • Feb 22, 2012 7:37pm Feb 22, 2012 7:37pm
Quoting jarroo
Looks good Pinbar . .I use both the Open and Close of the Weekly levels . .damn gaps!! . . .lol

Thanks for the input Jim.

We are boxed up, I would like to see a breakout and price flip above this box.

The nice thing about that M30 PB was, while it did not run as I thought it may, it allowed me sufficient room to take two thirds profit.
I realized that moving the SL to physical BE+ would get me stopped out so, taking two thirds off the table and not moving to physical BE+, actually does put me at BE+ but still keeps me in with enough to profit from it should it run, and if it stops me out, there is no loss.
Keeps our foot in the door of opportunity, without it getting bruised.

How did the alert indicator work out?
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  • #107,795
  • Feb 22, 2012 8:11pm Feb 22, 2012 8:11pm
Quoting mbqb11
Hey Heebby

You don't even need to move down timeframes. I like to keep what I see to the same timeframe. So if the story develops on the daily, then I am looking to enter the trade off the daily. Very rarely (mostly on breakouts) are the only time I drop timeframes.

For now what you should do to keep things simple. Is mark confluenced area. So for example the above is a great starting point. Nice strong PPZ. Then begin to see what other confluences might be there(fibs, round numbers, consolidation, patterns, divergence etc). Then look for bar...
Hi Mike,
How do we spot divergence in this GPBUSD chart without using MACD indicator? Thks
  • #107,796
  • Feb 22, 2012 8:58pm Feb 22, 2012 8:58pm
Quoting Fx7877
Hi Mike,
How do we spot divergence in this GPBUSD chart without using MACD indicator? Thks
Hey FX

Sorry those were notes in relationship to something else I sent out


Basically my point was divergence is a calculation of price. So when we view price long enough we should be able to spot it and then use MACD to confirm if anything. In most cases it's price trying to make new lows with less momentum each time. SO you get this step case or fade in momentum that is the divergence you see on your oscillator

Best
Mike
  • #107,797
  • Feb 22, 2012 9:40pm Feb 22, 2012 9:40pm
Quoting Pinbar
Thanks for the input Jim.

We are boxed up, I would like to see a breakout and price flip above this box.

The nice thing about that M30 PB was, while it did not run as I thought it may, it allowed me sufficient room to take two thirds profit.
I realized that moving the SL to physical BE+ would get me stopped out so, taking two thirds off the table and not moving to physical BE+, actually does put me at BE+ but still keeps me in with enough to profit from it should it run, and if it stops me out, there is no loss.
Keeps our foot in the door of...
The alert works good . . . I'm still checking it out. .Thanks again.

Well we still have to remember that these are higher TF levels, so they potentially can provide a bigger move.

We have a Daily PB , which I forgot to mention . .how great of an entry you had when you entered on a 30 min PB that turns into a Daily PB . . . .all off the same Weekly level.

Its not too surprising that these PBs were formed because of this strong Weekly Swing point once PBT&CA . . .now let's see if that PB will break . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #107,798
  • Feb 22, 2012 9:40pm Feb 22, 2012 9:40pm
Hey guys, I havent posted in a while but Im still trying to read everything you guys are talking about in here. I love the input.

Can you please help me out with a TP on the Cad/Chf. Ive started trading only the weekly and monthly so things are moving a bit slower as anticipated. I took a pin bar on the monthly as you can see on the chart and if the price goes through the current support I expect it to hit 0.9000 which would be my target. Any input is appreciated.

Thanks thermo.
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  • #107,799
  • Feb 22, 2012 9:48pm Feb 22, 2012 9:48pm
Quoting thermobee
Hey guys, I havent posted in a while but Im still trying to read everything you guys are talking about in here. I love the input.

Can you please help me out with a TP on the Cad/Chf. Ive started trading only the weekly and monthly so things are moving a bit slower as anticipated. I took a pin bar on the monthly as you can see on the chart and if the price goes through the current support I expect it to hit 0.9000 which would be my target. Any input is appreciated.

Thanks thermo.

Looks good thermo, .. ..great target .9000 BRN, PPZ level.
Indicators show the past. Price Action "Indicates" the future.
  • #107,800
  • Feb 22, 2012 10:21pm Feb 22, 2012 10:21pm
Took this trade 1 hour ago, looking good thus far. Will watch for PA when it gets to FTA to decide if I take of part of trade, definetely move stop to BE.
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