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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

  • #108,101
  • Feb 28, 2012 2:22am Feb 28, 2012 2:22am
Quoting Quezoy
I have a pending sell order open from last night.
We had a BEOB, we touched 1.26, but the fibos and MA dont really contribute to the confluence.
There is also a tight range area beneath it.

Would this be a legitimate entry or not?
J also thought about selling but a little higher level. Blue line support pin bar on a weekly chart and possible targets.
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  • #108,102
  • Feb 28, 2012 2:25am Feb 28, 2012 2:25am
Quoting ghous
your wish may still be on the cards . . . as long as we stay above 1.24

g.
I hear ya g . .currently fighting through the 1st targets (1.2480). . .again . .
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Indicators show the past. Price Action "Indicates" the future.
  • #108,103
  • Feb 28, 2012 2:30am Feb 28, 2012 2:30am
Took this USD CHF Hourly Pin Last Night MARKED in green color !!! I know the Size of the pin was really small but the PRO's were Immense . It was at the swing high , A big round number 0.9 , Long tern Trend Line , 2 Types of Fibonacci lined up and a PPZ area Marked with red ... It was obvious . I am with a little profit locked and will manage it as it developes !!!
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Human
  • #108,104
  • Feb 28, 2012 2:34am Feb 28, 2012 2:34am
Quoting Vojin71
J also thought about selling but a little higher level. Blue line support pin bar on a weekly chart and possible targets.
Can you give me the reason for selling there? 38.2 fib?
Thoughts are things
  • #108,105
  • Edited 2:49am Feb 28, 2012 2:34am | Edited 2:49am
Quoting Pinbar
Just talking to myself here.
Quoting Pinbar
Jarroo

That daily PB bounced right where we thought it may.

In other words, this is critical told us, there was very little room to the FTA.
That's all we can expect out of a setup like this . .hit that 1st target . .although I wouldn't say it was at a good location, in the middle of consoldation that's forming.

Cool to watch but its something that you'll find to be an easy pass. Now if it was at the top of the consolidaton then we may have something there . .James16 would like it there too . .
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Indicators show the past. Price Action "Indicates" the future.
  • #108,106
  • Feb 28, 2012 2:47am Feb 28, 2012 2:47am
Quoting Pinbar
Interesting
That's a great level, Pinbar . .Looks good on the Weekly . . very valid pinish looking BEOB on the 4 hour at this level . .
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Indicators show the past. Price Action "Indicates" the future.
  • #108,107
  • Feb 28, 2012 3:05am Feb 28, 2012 3:05am
Hi Jarroo!

Was a big admirer of you over on P. Crowns dibs thread. Glad to see you again.
I have a question if you would be able to help me please.

I have been looking for the A+ set-up for the past few weeks, have not really found one.
However this looks interesting. I know the daily bar is not closed and has a long way to go, but for educational purposes, if it were to close closer to the top, would this be an A set-up? Nice confluence, BRN, PPZ, fib.
Or, is it not long enough, or open of bar to near middle?
Thank you,

http://my.jetscreenshot.com/11256/m_...pb9p-102kb.jpg
  • #108,108
  • Feb 28, 2012 3:12am Feb 28, 2012 3:12am
Quoting heebbyjeeby
Hi Jarroo!

Was a big admirer of you over on P. Crowns dibs thread. Glad to see you again.
I have a question if you would be able to help me please.

I have been looking for the A+ set-up for the past few weeks, have not really found one.
However this looks interesting. I know the daily bar is not closed and has a long way to go, but for educational purposes, if it were to close closer to the top, would this be an A set-up? Nice confluence, BRN, PPZ, fib.
Or, is it not long enough, or open of bar to near middle?
Thank you,

...
Hey heebbyjeeby . .I'm sorry but I can't see your chart very well on the GbpJpy? is that what it is?? . .sorry
Indicators show the past. Price Action "Indicates" the future.
  • #108,109
  • Feb 28, 2012 3:16am Feb 28, 2012 3:16am
Quoting jarroo
Hey heebbyjeeby . .I'm sorry but I can't see your chart very well on the GbpJpy? is that what it is?? . .sorry

Yup, its on guppy. If you click it then click it again on the site, it will enlarge it. Hope that helps.
  • #108,110
  • Feb 28, 2012 3:20am Feb 28, 2012 3:20am
Quoting heebbyjeeby
Yup, its on guppy. If you click it then click it again on the site, it will enlarge it. Hope that helps.
No, it didn't help . .are you doing this to post a chart . .


If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick "Active chart (as is)" then click “OK”

Save anywhere you want i.e. Desktop.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.

So it is the Gbpjpy . . .ok . .
Indicators show the past. Price Action "Indicates" the future.
  • #108,111
  • Feb 28, 2012 3:25am Feb 28, 2012 3:25am
Quoting jarroo
No, it didn't help . .are you doing this to post a chart . .


If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick "Active chart (as is)" then click “OK”

Save anywhere you want i.e. Desktop.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it...

Here
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  • #108,112
  • Feb 28, 2012 3:27am Feb 28, 2012 3:27am
Quoting heebbyjeeby
Hi Jarroo!

Was a big admirer of you over on P. Crowns dibs thread. Glad to see you again.
I have a question if you would be able to help me please.

I have been looking for the A+ set-up for the past few weeks, have not really found one.
However this looks interesting. I know the daily bar is not closed and has a long way to go, but for educational purposes, if it were to close closer to the top, would this be an A set-up? Nice confluence, BRN, PPZ, fib.
Or, is it not long enough, or open of bar to near middle?
Thank you,

...
I like this level and where I would like to see some Bullish PA . .I don't see any BRN(s) or strong fibs . .
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Indicators show the past. Price Action "Indicates" the future.
  • #108,113
  • Feb 28, 2012 3:27am Feb 28, 2012 3:27am
Quoting heebbyjeeby
Here
Much better . .thanks . .
Indicators show the past. Price Action "Indicates" the future.
  • #108,114
  • Feb 28, 2012 3:32am Feb 28, 2012 3:32am
Quoting jarroo
I like this level and where I would like to see some Bullish PA . .I don't see any BRN(s) or strong fibs . .
or bearish PA . .yes that's actual size . .that would be A++ . .
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Indicators show the past. Price Action "Indicates" the future.
  • #108,115
  • Feb 28, 2012 3:33am Feb 28, 2012 3:33am
Quoting jarroo
I like this level and where I would like to see some Bullish PA . .I don't see any BRN(s) or strong fibs . .
Ok, thanks so much Jarroo
Would I be correct in saying A+ set-ups have been few of late?
Or maybe its my novice eyes.
  • #108,116
  • Feb 28, 2012 3:37am Feb 28, 2012 3:37am
I'm short again on this one.

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  • #108,117
  • Feb 28, 2012 3:38am Feb 28, 2012 3:38am
Quoting Chanya
Can somebody please tell me what is an appropriate distance that we should put our stop loss to ????

Look at this daily chart EUR USD below . For example , if we were long here from 16th feb , and then we break this PPZ area like the price did two days ago , I know that I have to put my stop loss below this PPZ area now but where below ???

How to measure the proper distance ??? I mean If I would have place it 30 pips below or even behind the round number , it still would have gotten hit and price then...
Please excuse me for the late reply, I don't follow the forums very closely.


Placing stop loss (SL) is something that comes with experience and is also bound to your capital.

But there are some rules of thumb. I will list 3.

1) One is the well known "place SL below the price action pattern you entered the market at", which you probably used when you went long.

2) Move SL one confirmed swing away from where price is now.

Attachment 1 shows some swings on your chart. As you may see, there's a small swing at those two indecision candles to the left. I have drawn a red SL line where you would have put your new SL.
Not randomly at all, that price level coincides with the high of the PB you bought (see next point).

Attachment 2 shows the red SL line again, marked as "A". Number 1 indicates the swing level, number 2 the PB high.
There's a little rule: "liquidity levels will become effective levels and vice versa". Swing at number 1 was hit by candle bodies (effective levels) while the PB hit the same level with his shadow (its sellers liquidity level)

3) Riskier, you could have used the level marked with 3 - 4. The candle shadows show the lower swing sellers maximum accepted levels, you could aggressively place the SL some pips below the line marked as "B" instead of "A".


Finally, but much more importantly, zoom out and look at the bigger picture.
Why did your SL take you out?
What you have before your eyes is a continuity double bottom, the Feb 9-10 candles gave you the resistance level for it. These two candles also sit on top of a weekly resistance (= decently strong) 1.3282, several times acting as both resistance and support in the past.

Therefore when price got to that level it got rejected down (to candle "3" high) and formed the indecision candle that took you out.

If I had a long position, during my daily markets check (at market open) I'd have closed a part of the position right at the weekly level just to stay on the safe side.
Attached Images
  • #108,118
  • Feb 28, 2012 3:38am Feb 28, 2012 3:38am
Quoting Pinbar
Next stop 89.16

How interesting that this H1 IB came right off the 89.16 area.

Not really surprising with the double barrels on the Monthly TF.
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  • #108,119
  • Feb 28, 2012 3:42am Feb 28, 2012 3:42am
Quoting heebbyjeeby
Ok, thanks so much Jarroo
Would I be correct in saying A+ set-ups have been few of late?
Or maybe its my novice eyes.
Yeah, you're right . .there hasn't been any strict A+ PA setup as of late.

Although the JPY pairs have been entering into some good Space so the potential is there for the Yens . . .
Indicators show the past. Price Action "Indicates" the future.
  • #108,120
  • Feb 28, 2012 3:50am Feb 28, 2012 3:50am
Quoting Pinbar
How interesting that this H1 IB came right off the 89.16 area.

Not really surprising with the double barrels on the Monthly TF.
Not a bad level at all Pinbar . .I like this confluenced level on the Weekly . .Weekly HCR with the emas . .
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Indicators show the past. Price Action "Indicates" the future.
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