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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

  • #112,401
  • May 29, 2012 12:51pm May 29, 2012 12:51pm
lol cool my friend ,actually I closed out now ,hoplully get pull back ,did you take daily pin ?

Quoting tinkerbelle
how is your gold ?
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,402
  • May 29, 2012 1:28pm May 29, 2012 1:28pm
Quoting Magestic
I think Mike would say that it was better to wait for nice close below the level u draw I dont like pure breaks but if f.e. nice Beob or dbhlc appear and closed below i would enter myself. Would like Mikes thoughts to read
I went for it, because price could not close above the descending TL (drawn on H4).
There were some tests to the upside but everything rejected. So it came to a congestion with the upsloping longer term trendline and I asumed that the probability for a down-break was big enough.
Something had to give by.
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Thoughts are things
  • #112,403
  • May 29, 2012 2:57pm May 29, 2012 2:57pm
Quoting Bones
lol cool my friend ,actually I closed out now ,hoplully get pull back ,did you take daily pin ?
i took this trade based on 2x 1H pin on sr... dji touched sr and au touched yesterday highs so thats enought for me
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  • #112,404
  • May 29, 2012 3:03pm May 29, 2012 3:03pm
What are everyone's thoughts on this potential setup? Jarroo mentioned this as an area to watch this week. As I type price is approaching the 9400 level, which to me has been major resistance. To me this looks like consolidation on the daily tf. Since I am new to this still, should I be looking at how price reacts to this level and then trade based on that if I get PA from this thread (pinbar)? I am really not sure what to do here.
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  • #112,405
  • May 29, 2012 3:14pm May 29, 2012 3:14pm
Quoting mbarker22
What are everyone's thoughts on this potential setup? Jarroo mentioned this as an area to watch this week. As I type price is approaching the 9400 level, which to me has been major resistance. To me this looks like consolidation on the daily tf. Since I am new to this still, should I be looking at how price reacts to this level and then trade based on that if I get PA from this thread (pinbar)? I am really not sure what to do here.
here is a chart I posted in the PF today, and the previous chart. This is what I am watching for.

It's a fantastic level but were in a tight squeeze. Be aware of that if PA shows up for shorts right now. I prefer to wait till we squeeze out

Best
Mike
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  • #112,406
  • Edited 4:17pm May 29, 2012 3:55pm | Edited 4:17pm
yes a beauty really in line with daily ,I would have added if I could

but you can see the bears

There gonna be aggresive

Quoting tinkerbelle
i took this trade based on 2x 1H pin on sr... dji touched sr and au touched yesterday highs so thats enought for me
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,407
  • May 29, 2012 3:57pm May 29, 2012 3:57pm
Quoting Brixton
Main lessons from the losses I would say is making sure i'm not trading on one aspect alone. I want to have 3 reason to enter a trade... e.g Price at an important s/r area, touching a fib and a price action signal. Some of the losses have only had 1 of the 3. (does that makes sense)..

The biggest difference this thread has made to me is discovering the importance of Daily charts. I spent 3 years trying all kinds of strategies off 15 and 5 mins charts and not looking at the bigger picture.
Makes perfect sense. I will not take a trade unless unless there are multiple confluences. My first demo trade had pa, a tl, a fib retrace, a pivot zone and a BRN and gave me the opportunity to enter with a minimal stop loss. The only charts I trade are the daily but will look at the higher timeframes for areas. Discipline is the key in waiting for these situations to occur. Nonetheless you must be pleased with your results. The next few months are therefore key for you (like me) in trying to obtain successive positive returns on demo before going live.

Good luck
M
  • #112,408
  • May 29, 2012 4:08pm May 29, 2012 4:08pm
Thanks Mike, so are you saying if lower tf pa shows a touch of that 9400 level and looks like it is going lower from there (meaning 9400 is still cting as resistance), you would just stay out and wait to see what happens on the daily?

Quoting mbqb11
here is a chart I posted in the PF today, and the previous chart. This is what I am watching for.

It's a fantastic level but were in a tight squeeze. Be aware of that if PA shows up for shorts right now. I prefer to wait till we squeeze out

Best
Mike
  • #112,409
  • May 29, 2012 4:08pm May 29, 2012 4:08pm
so daily ,on support ,may be up next ? not sure but target its not up


Quoting Bones
yes a beauty really in line with daily ,I would have added if I could

but you can see the bears

There gonna be aggresive
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,410
  • May 29, 2012 4:10pm May 29, 2012 4:10pm
Had my order set for this for a few days and it got filled today.
I took the trade as there is a strong down trend.
The lowest close resistence is 0.9894 means the stop is protected by the round number of 0.9900

In the words of jarroo it was bam and to the pip.
And using the hourly signature as protection against taking a full loss gives me real confidence in these trades.

FTA hit happy days.
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  • #112,411
  • May 29, 2012 4:39pm May 29, 2012 4:39pm
Hi mike, I am a new member of PF and i can't find where you posted those last charts
  • #112,412
  • May 29, 2012 5:34pm May 29, 2012 5:34pm
Quoting Gs-pips
Hi mike, I am a new member of PF and i can't find where you posted those last charts
Hey Gs

welcome!

Shoot me a PM on the private side I'll help you find everything(I can't PM you here)

Best
Mike
  • #112,413
  • May 29, 2012 5:39pm May 29, 2012 5:39pm
Quoting mbarker22
What are everyone's thoughts on this potential setup? Jarroo mentioned this as an area to watch this week. As I type price is approaching the 9400 level, which to me has been major resistance. To me this looks like consolidation on the daily tf. Since I am new to this still, should I be looking at how price reacts to this level and then trade based on that if I get PA from this thread (pinbar)? I am really not sure what to do here.
I am also watching this one as close as it gets Personally i want to see a break to the upside .
  • #112,414
  • May 29, 2012 6:54pm May 29, 2012 6:54pm
Quoting tinkerbelle
Hello i would like to ask Jarroo about LCS,HCR and PBT. I really love your charts but i think i have got a problem about useing too much lines on my chart. My question is when to deleate HCR or LCS, couse sometimes you deleate it and sometime u use it for PBR&CB(A), so are there any rusel how to do it or its just skill.? For example your chart with my 1,2,3 lines, i really love 2 and 3 lines, but 1 is LCS one day and then going crazy... thank you


Quoting Pinbar
I know what you mean.

Recently, I am only really focusing on the immediate area where price is and in the direction it is moving.
Nice when we get a weekly and daily LCS acting as confluence.

By the way, weird daily gap you have on that feed.
Quoting Bones
short

Hey tinker . .really no special skill involved . .unless you consider practise and chart time a skill.

Remember these were Swing points and their HCR/LCS levels . that were very reactive initially. But as time passes and traffic gathers around these levels, they lose they reactiveness . .still tradable but now we are trading into traffic / consolidation . .not good.

When this occur, I'll go to the Weekly where everything is smoothed out and clearer to see.

Pinbar . . Yes, more recent levels work very well .most recent Weekly LCS level . .1.2920 / 1.2900. . .Bam ..

I like where Price is now . .Weekly/Daily LCS level . .we should get some bounce upward here . .to the 1.2816 would be nice . .(Daily PBT&CB)

Bones . .Nice short at roughly the same levels . .but my reasons were different than yours . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #112,415
  • May 29, 2012 7:08pm May 29, 2012 7:08pm
Quoting haircut
Had my order set for this for a few days and it got filled today.
I took the trade as there is a strong down trend.
The lowest close resistence is 0.9894 means the stop is protected by the round number of 0.9900

In the words of jarroo it was bam and to the pip.
And using the hourly signature as protection against taking a full loss gives me real confidence in these trades.

FTA hit happy days.
Freaking beautiful, HC . .

You could have also use the most recent HCR level as a S/L placement or an entry . . .9913 . .Hourly Signatures are great sign or characteristic of a successfull trade . . . .possible targets in Blue to take profit and/or manage the trade.

Well done,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #112,416
  • May 29, 2012 7:09pm May 29, 2012 7:09pm
Quoting 5.25
Nice way of putting it Jarroo.

These parental levels can be well respected even on the crazy crosses. (Chart)

Nice little breakout out and close out of a consolidation area at 1.2942. Will this now hold as resistance? Not the strongest of levels historically though.
Parental Levels . .I love it . .T . .
Indicators show the past. Price Action "Indicates" the future.
  • #112,417
  • May 29, 2012 7:09pm May 29, 2012 7:09pm
Quoting 5.25
Nice little breakout out and close out of a consolidation area at 1.2942. Will this now hold as resistance?
1.2942 held as new found resistance, entry short on touch.
Price is more likely to move into space not traffic.
Expecting a reaction at 1.2838, high of next major consolidation area.
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  • #112,418
  • May 29, 2012 7:18pm May 29, 2012 7:18pm
Quoting 5.25
1.2942 held as new found resistance, entry short on touch.
Price is more likely to move into space not traffic.
Expecting a reaction at 1.2838, high of next major consolidation area.
You picked the High of the Day two days in a row, T . .sweet . .


These parental levels do breed the Daily High (or Low) . .Weekly High . .or good chance on the Monthly High . .still too early to call for the Yearly High . on the EurAud.
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Indicators show the past. Price Action "Indicates" the future.
  • #112,419
  • May 29, 2012 7:23pm May 29, 2012 7:23pm
A couple of Daily Highs predicted on the Euro . .to the pip!! . .I'll give it +/- 5 or pips depending on the pair . .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,420
  • May 29, 2012 7:43pm May 29, 2012 7:43pm
Quoting jarroo
A couple of Daily Highs predicted on the Euro . .to the pip!! . .I'll give it +/- 5 or pips depending on the pair . .
5 pips!? You're getting sloppy Jim. Maybe it was the spread?

Thanks for all your work.
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