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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

  • #111,481
  • May 8, 2012 6:44pm May 8, 2012 6:44pm
Quoting mbarker22
Mike (mbqb11),

I am curious when and how you became an instructor/senior member of the PF. It is interesting to be reading the thread from the beginning and see the evolution of some of the early posters and how they are now senior members. Thanks.
Hey MB

James asked me to come on as the beginner instructor when diallist no longer had the time. This was right around when the old site became the new site about 2007. I then decided to share my own workings of things as well aside from the newbie material.

We have many more seniors but they only hang around the PF all these years later

Best
Mike
  • #111,482
  • May 8, 2012 6:56pm May 8, 2012 6:56pm
That is pretty cool. I am amazed that so many people have been around for that many years and are still here (either the chart thread, PF, or both).

Quoting mbqb11
Hey MB

James asked me to come on as the beginner instructor when diallist no longer had the time. This was right around when the old site became the new site about 2007. I then decided to share my own workings of things as well aside from the newbie material.

We have many more seniors but they only hang around the PF all these years later

Best
Mike
  • #111,483
  • May 8, 2012 7:13pm May 8, 2012 7:13pm
Quoting mbqb11
THanks Ender

They are something I started to say but all it really is , is a round number but the bigger ones that are every 500 pips.

So for the euro that would like 1.2000, 1.2500, 1.300, 1.400 etc.

A pair like usd/jpy

80.00 85.00 90.00 etc

Plot them it's pretty cool, and a good added confluence(along with LRN large round numbers, every 100 pips of course)

Best
Mike
This is invaluable information, as it is very simple to plot every 500 pips on most major pairs and consequently come up with extremely accurate price pivot zones. It is worth noting that it has been my personal experience with some of the pairs that are a bit jumbled, one will find these PPZs don't line up exactly every 500 pips, but still have some kind of BRN psychological pattern to them. For example, instead of every 500 pips, every 600 pips is significant starting on a number that isn't a multiple of 600.

Not all BRNs are significant and shouldn't be taken blindly. Rather, regarded as a FTA (future trouble area). If the area you are looking at does happen to line up with a BRN it should be regarded as another degree of confluence. This is to help prevent losses due to false breaks, which will be plentiful if BRNs are given too much weight (no matter how magically they might seem within the context of the Eur/Usd and other majors).
  • #111,484
  • May 8, 2012 7:54pm May 8, 2012 7:54pm
This question is for anyone with a thorough understanding of HCR and LCS levels.

I have attached a weekly chart with two ellipses designating a HCR and a LCS level (two lines each because of those damn gaps). These levels were chosen for a few different reasons. The swing point highlighted on the left is significant because price had boxed in that area and this is the most recent swing point before breaking out of that box. The ellipse on the right is the lowest point of the box price formed after breaking out of the former box.

My question is:

Both of these seemingly significant swing points occurred at the end of a range. How can we use the HCR/LCS to effectively trade within a range?

What determines the validity or significance of a swing point?

The freshness of the swing seems to have much to do with it. Is adjustment of our HCR/LCS points necessary when price barely nudges above/below the previous levels, yet still stays within the range?

Thanks
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  • #111,485
  • May 9, 2012 12:35am May 9, 2012 12:35am
BEOB over 365 EMA..

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missed the touch trade at 23.6 fibo retrace..
  • #111,486
  • May 9, 2012 3:03am May 9, 2012 3:03am
Quoting Ender2492
This question is for anyone with a thorough understanding of HCR and LCS levels.
I just pick the nearest, freshest levels to where price is at the moment.
Attached are my levels for your example.

Check also ghous' blog, great explenation about this topic: http://www.ghousfx.blogspot.com/p/newbies.html
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Thoughts are things
  • #111,487
  • May 9, 2012 3:05am May 9, 2012 3:05am
Quoting Bones
its not good I feel,wait for break if your bullish is my advise ,top of trend top
Break of the previous candle's high?
Thoughts are things
  • #111,488
  • May 9, 2012 3:22am May 9, 2012 3:22am
Is this weekly support broken?

I was planning to go LONG, around this PPZ? Can anybody help to validate this pair.

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  • #111,489
  • May 9, 2012 3:36am May 9, 2012 3:36am
Quoting AbhijetPandi
Is this weekly support broken?

I was planning to go LONG, around this PPZ? Can anybody help to validate this pair.

Attachment
If you look at the daily TF, the trendline was broken allready some time ago. We are now approaching the weekly LCS which is close to VBRN 1.00
This is definetly an interesting area to watch for PA for a long.

Just my 2 cents...
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Thoughts are things
  • #111,490
  • May 9, 2012 4:49am May 9, 2012 4:49am
Quoting Quezoy
If you look at the daily TF, the trendline was broken allready some time ago. We are now approaching the weekly LCS which is close to VBRN 1.00
This is definetly an interesting area to watch for PA for a long.

Just my 2 cents...
How do we set target in such trade if ever price turns up from 1.0000. I can see first touch for 365 EMA at 1.0200 and also kind of resistance at 1.0300
  • #111,491
  • May 9, 2012 5:07am May 9, 2012 5:07am
USD/JPY interesting level on this pair: if it will broke down we have massive space down there, but i prefer a rebound

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  • #111,492
  • May 9, 2012 5:08am May 9, 2012 5:08am
Quoting AbhijetPandi
How do we set target in such trade if ever price turns up from 1.0000. I can see first touch for 365 EMA at 1.0200 and also kind of resistance at 1.0300
Depends in what fashion price comes down. If its very choppy or quite fast.
If we enter around 1.00 then TP1 at 1.02 is to far away, that 200 pips. I look for 1st TP to be some 40-70 pips away, depending on where FTA is.
Thoughts are things
  • #111,493
  • May 9, 2012 5:08am May 9, 2012 5:08am
Quoting bullzeye
USD/JPY interesting level on this pair: if it will broke down we have massive space down there, but i prefer a rebound

Attachment
Dont say that, Im allready in this mofo
Thoughts are things
  • #111,494
  • May 9, 2012 5:17am May 9, 2012 5:17am
Quoting Quezoy
Dont say that, Im allready in this mofo


...but all yen-pairs looking short at the moment to me, like this one

CAD/JPY

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  • #111,495
  • May 9, 2012 5:21am May 9, 2012 5:21am
Quoting bullzeye


...but all yen-pairs looking short at the moment to me, like this one

CAD/JPY

Attachment
my mistake, I though you mean rebound as going long
Thoughts are things
  • #111,496
  • May 9, 2012 5:30am May 9, 2012 5:30am
Quoting bullzeye
USD/JPY interesting level on this pair: if it will broke down we have massive space down there, but i prefer a rebound

Attachment
This could end as a not bad of a setup . I saw Quezoy post it few pages back . Stared at it for several minutes . Still not convinced if i like it enough , but keeping it in the watchlist
You may take a look at HKDJPY which is basically the same , but it makes a little more confluence if you throw 10.2500 RN .
Good PA with close below it , may be a tipping point for a short .

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  • #111,497
  • May 9, 2012 5:31am May 9, 2012 5:31am
Quoting Quezoy
If you look at the daily TF, the trendline was broken allready some time ago. We are now approaching the weekly LCS which is close to VBRN 1.00
This is definetly an interesting area to watch for PA for a long.

Just my 2 cents...
Be careful with trendlines. there are many that run through price forming all sorts of geometries.
I see a rising weekly TL intact. I see others broken. Sometimes it's good to open a separate chart and plot all the TL as rays from lots of TF. you can see some good patterns there. Watch out though as MT4 screws up the high TF TL's when you drop down.

Spot on with the LCS and BRN tho, that's where i'd like to look although i had a limit order long set at 1.0065 which missed by 4 pips. Grrr. We have hit an area of support/demand already so could be little bounce here, could be reversal, could be drop.

PA shows the way!
  • #111,498
  • May 9, 2012 5:44am May 9, 2012 5:44am
Yes Tony that candle its out of place

Quoting Bones
its not good I feel,wait for break if your bullish is my advise ,top of trend top
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,499
  • May 9, 2012 5:46am May 9, 2012 5:46am
Aud is bearish continuation pattern ,cad has not broke ,risky

Quoting AbhijetPandi
Is this weekly support broken?

I was planning to go LONG, around this PPZ? Can anybody help to validate this pair.

Attachment
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,500
  • May 9, 2012 5:49am May 9, 2012 5:49am
Break break ,wheres the stops if your bullish
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On-site guru & also FF member's' psychiatrist, when not drinking tea
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