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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

  • #110,361
  • Edited 8:21pm Apr 16, 2012 8:00pm | Edited 8:21pm
Quoting shephrd
So glad I got out of the long USDCHF position when I did instead of holding onto it and hoping that it broke through and closed above the 92 HCR.

Hey Jarroo,

Just to make sure that I'm understanding correctly, would you have entered a sell limit order at the 0.9196 HCR AFTER the daily close of the bearish bar today?

...or do you mean that if price opened below the HCR today, you would have waited for price to break above the HCR, retrace down to the open, and then entered a market sell order near the open price?

Thanks.

Shep.
The latter, Shep. If Price opened below our HCR (.9200-.9196) . .along with the Daily confirmation from Friday as still Resistance . .Bearish PA on a lower TF would work at the HCR level . .

. . or TT at that level with a Hourly or 4 Hour close above that level as my S/L indication . .it probably would have been a small loss by the lower TF close above .
Indicators show the past. Price Action "Indicates" the future.
  • #110,362
  • Edited 8:29pm Apr 16, 2012 8:14pm | Edited 8:29pm
Quoting shephrd
Jarroo,

Is a touch trade at the 1.5825 LCS validated even more by the daily confirmation of support from several days ago?

Also, is there a number of confirmations of a level that begin to make you worry that price is about to break through a level instead of respect it? For example, this setup had at least two daily confirmations of support, but would more touches of the 1.5825 LCS level make you trust it less? Or is the level always considered strong as long as price cannot close below it?

Thanks.

Shep.
Some great questions Shep . . . .I think you know the answers and just want to see if they match mine . .

I would have prefered the retrace on the next day of Confirmation of Support, rather than several days ago . .but its a confirmation nonetheless. Price loves to consolidate ..it does most of the time . .why not here.(1.5825) .

There are different rules of thumb for the amount of touches a level can endure before it breaks . .the more touches the weaker the level gets . .the more touches the stronger the level gets . .again I like the latter question . .or answer . . " the level always considered strong as long as price cannot close below it."


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #110,363
  • Apr 16, 2012 8:38pm Apr 16, 2012 8:38pm
EurAud Weekly/Daily HCR level 1.2571 . .Bam! baby . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #110,364
  • Apr 16, 2012 9:07pm Apr 16, 2012 9:07pm
Got it. Thanks!

Also, that EURAUD chart answered my second question perfectly.

Eight touches on the 1.2401 Weekly HCR with no sign of weakness!

Quoting jarroo
EurAud Weekly/Daily HCR level 1.2571 . .Bam! baby . .
Quoting jarroo
The latter, Shep. If Price opened below our HCR (.9200-.9196) . .along with the Daily confirmation from Friday as still Resistance . .Bearish PA on a lower TF would work at the HCR level . .

. . or TT at that level with a Hourly or 4 Hour close above that level as my S/L indication . .it probably would have been a small loss by the lower TF close above .

Quoting jarroo
Some great questions Shep . . . .I think you know the answers and just want to see if they match mine . .

I would have prefered the retrace on the next day of Confirmation of Support, rather than several days ago . .but its a confirmation nonetheless. Price loves to consolidate ..it does most of the time . .why not here.(1.5825) .

There are different rules of thumb for the amount of touches a level can endure before it breaks . .the more touches the weaker the level gets . .the more touches the stronger the level gets . .again I like...
"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #110,365
  • Apr 16, 2012 10:53pm Apr 16, 2012 10:53pm
Quoting jarroo
EurAud Weekly/Daily HCR level 1.2571 . .Bam! baby . . .
Nice chart sir.

I have a question with this EUR/AUD. If you take this trade, when do you put the buy limit order, after the third bearish bar in row formed or before? when I saw the third bearish bar formed, I have deleted my buy order because I guess that level will broken.


gado
  • #110,366
  • Apr 16, 2012 11:01pm Apr 16, 2012 11:01pm
Hello gentlemen,
I am new to posting on here, I have been reading this crazy long thread for a while trying to learn everything I can. I also am trying to keep up with the current stuff and look at my charts while looking at the examples yall are providing. I am having a difficult time keeping up with some of the shorthand on here, and if you wouldnt mind answering a few questions.

What is PB stand for?
What does HCR and LCS stand for.

I am already demo trading, with a small amount of success(not much), and I wont bombard yall with questions(I know thats a bit annoying). I have traded alot of markets for two years with no success. I look foward to learning more and more as I stay on here.

Thanks for taking some of your time and answering my painfully stupid question!
The only error in the J16 trading system is operator error.
  • #110,367
  • Edited Apr 17, 2012 12:43am Apr 16, 2012 11:18pm | Edited Apr 17, 2012 12:43am
Quoting jarroo
I agree with taking the break of the ChfJpy PB. . .It would be above LCS and ema. .nothing wrong with waiting for the break . .in fact the PB is not even valid until the PB breaks anyway.

But looking at just the levels and not PA, the LCS entry 87.80 looks good . .
Hey Jarroo,

It doesnt really matter which pb you take here. CHFJPY is practically the same as EURCHF becouse of the eurchf floor. By technical definition its PB by proxy (open and close below the last bar body) but the stops below the support have been triggered and that is major reason to take it for me ..... Right now its flirting with my stop area and as you said.... 105.50 is the key here.

All the best!
gh
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  • #110,368
  • Apr 17, 2012 12:52am Apr 17, 2012 12:52am
Quoting goldfish3
Ahh I see. makes sense. It was a small pin but i can see why one might be tempted by it because of the huge potential gains on the short. thanks for the input bee.
It's worth noting that i dont use J16 style all the time either. I'm using a mixed bag of stuff to give me signals.
  • #110,369
  • Apr 17, 2012 1:06am Apr 17, 2012 1:06am
hm... my buylimit trigered @ 105.30 on EURJPY. will see what will happen.
all is eternal - this is good news for people who loves bad news
  • #110,370
  • Apr 17, 2012 1:14am Apr 17, 2012 1:14am
Quoting TradingTexan
Hello gentlemen,
I am new to posting on here, I have been reading this crazy long thread for a while trying to learn everything I can. I also am trying to keep up with the current stuff and look at my charts while looking at the examples yall are providing. I am having a difficult time keeping up with some of the shorthand on here, and if you wouldnt mind answering a few questions.

What is PB stand for?
What does HCR and LCS stand for.

I am already demo trading, with a small amount of success(not much), and I wont bombard yall with questions(I...
Welcome man
PB - Pinbar
HCR and LCS are jarroo's "highest close of resistance" and "lowest close of support".
  • #110,371
  • Apr 17, 2012 1:18am Apr 17, 2012 1:18am
AU Breakout and retest. Last bar not confirmed yet.
Attached Image
" The fool who never traded Demo "
  • #110,372
  • Apr 17, 2012 1:59am Apr 17, 2012 1:59am
Was my reasoning here allright?

- - - - - - - -

After a strong up move into the W level we saw a push down, after which I've decided to enter short.
Price moved down strongly but came back and stagnated around the 0.82 area.
It couldnt close below and if we take those 2 day bars together we get a spinning top, which signifies indecission.

I've decided to go for the secure option and closed the trade with a plus (33 pips).
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Thoughts are things
  • #110,373
  • Apr 17, 2012 2:06am Apr 17, 2012 2:06am
Quoting TradingTexan
Hello gentlemen,
I am new to posting on here, I have been reading this crazy long thread for a while trying to learn everything I can. I also am trying to keep up with the current stuff and look at my charts while looking at the examples yall are providing. I am having a difficult time keeping up with some of the shorthand on here, and if you wouldnt mind answering a few questions.

What is PB stand for?
What does HCR and LCS stand for.

I am already demo trading, with a small amount of success(not much), and I wont bombard yall with questions(I...
http://www.forexfactory.com/showthre...57#post5442457
Pinbar post.
Also read the last 100 pages for more info about HCR LCS , so u will understand this. U will meet this info.
If not up, then down, otherwise sideways :-)
  • #110,374
  • Apr 17, 2012 2:14am Apr 17, 2012 2:14am
Quoting Greenhaze
Hey Jarroo,

It doesnt really matter which pb you take here. CHFJPY is practically the same as EURCHF becouse of the eurchf floor. By technical definition its PB by proxy (open and close below the last bar body) but the stops below the support have been triggered and that is major reason to take it for me ..... Right now its flirting with my stop area and as you said.... 105.50 is the key here.

All the best!
gh
Great call GH... this is how it looks at lower TF and something i now look out for to get me into higher TF pinbars before they break (sometimes). All credit to ifmyante for this. It's an incredible insight.... something not J16 taught but something i use in addition.
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It may not reach my target here but i'm watching it closely. Already 2/3 out.
  • #110,375
  • Apr 17, 2012 2:26am Apr 17, 2012 2:26am
Quoting dan89
EA 4hr analysis ..looking for PA at this area

Attachment
Same thoughts.Area reached. Lets see what the next 4 h bar will show us.
If not up, then down, otherwise sideways :-)
  • #110,376
  • Apr 17, 2012 2:27am Apr 17, 2012 2:27am
Quoting beebolbod
Great call GH... this is how it looks at lower TF and something i now look out for to get me into higher TF pinbars before they break (sometimes). All credit to ifmyante for this. It's an incredible insight.... something not J16 taught but something i use in addition.
Attachment

It may not reach my target here but i'm watching it closely. Already 2/3 out.
Nice and tight entry there

I did the same exact thing on EJ with 1/2 of position. Strong LTF breakout level + dbl bottom. I'm eyeing 106.60 for full position. Lets see how that will work out.

Cheers!
  • #110,377
  • Apr 17, 2012 2:34am Apr 17, 2012 2:34am
Quoting jarroo
Looks good GH, but its got some work to do at the 106. LCS level or targeted level.

Off the LCS level 105.50. 105.50 entry. .a Hourly or 4 Hour close below this entry level would take me out . .
break or not?
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A chart helps those who can read it.
  • #110,378
  • Apr 17, 2012 3:21am Apr 17, 2012 3:21am
Quoting jarroo
Looks good GH, but its got some work to do at the 106. LCS level or targeted level.

Off the LCS level 105.50. 105.50 entry. .a Hourly or 4 Hour close below this entry level would take me out . .
I took this one
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  • #110,379
  • Apr 17, 2012 3:54am Apr 17, 2012 3:54am
Quoting dan89
EA 4hr analysis ..looking for PA at this area

Attachment
Update: looking for a nice close to enter short

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  • #110,380
  • Apr 17, 2012 5:22am Apr 17, 2012 5:22am
Quoting shephrd
Got it. Thanks!

Also, that EURAUD chart answered my second question perfectly.

Eight touches on the 1.2401 Weekly HCR with no sign of weakness!

No Close below . .still Support (1.2401) . .
Indicators show the past. Price Action "Indicates" the future.
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