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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

  • #112,461
  • May 30, 2012 3:38pm May 30, 2012 3:38pm
Quoting beebolbod
I just realised i'm missing some lines from that chart (i usually have a separate chart for geometry) so i've added what i missed and added some shapes i love on this pair.
You can see the PA around this channel superbly. I think we may see another H&S type thing where we are now. And if price does come back to the major R we hope is now S (green line) then it might/should be slap bang in the middle of a sub channel, which is where i would look to set up a long.

But this is all conjecture and hypothesis of course

Attachment ...
and down the pan.... still watching this as it's inside the pattern but looking pretty strong right now so have to wait and see. original plan out the window for now tho!
  • #112,462
  • May 30, 2012 3:44pm May 30, 2012 3:44pm
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.
Quoting jarroo
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
Hey HC . . . this one really put the Bam in the Bam!!

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Indicators show the past. Price Action "Indicates" the future.
  • #112,463
  • May 30, 2012 4:01pm May 30, 2012 4:01pm
Hello guys! I just want to thank you all for this great thread, espacially Jim! ! just read only the first 20 pages of the thread.. itīs awesome! I will continue to read and hope, that I will be able to post some valid setups soon!

cheers
  • #112,464
  • May 30, 2012 4:03pm May 30, 2012 4:03pm
Quoting TheLegendary
Hello guys! I just want to thank you all for this great thread, espacially Jim! ! just read only the first 20 pages of the thread.. itīs awesome! I will continue to read and hope, that I will be able to post some valid setups soon!

cheers
welcome legendary!

Enjoy the long thread


Mike
  • #112,465
  • May 30, 2012 4:19pm May 30, 2012 4:19pm
Quoting Magestic
Wanted to ask such a question so many times, and your post is the perfect picture of what I would like to know. Help of any senior member in this one situation will be my best wish of all . The question is in the chart.
Hey Magestic

I had a longer reply already written out but my internet crashed! Sorry.

It's a valid question, Jarroo answered it in short.

I can only really describe what I see and how I've tailored the material here. Some traders like to trade off the wicks as you've pointed out, Jarroo teaches the importance of the close of a bar.

It's all very subjective but in essence I'm trying to find the best level to enter a market and trade into space rather than traffic. Admittedly the GBPCAD chart it is not the cleanest of levels (hence the 18 pip draw down) but that came down to the pair. If you look at the chart you can see how choppy it is, be cautious. The cleaner the chart, the cleaner the level the cleaner the trade. This is why the story is so important.

Hope this helps somewhat.
  • #112,466
  • May 30, 2012 4:24pm May 30, 2012 4:24pm
Quoting 5.25
Hey Magestic

I had a longer reply already written out but my internet crashed! Sorry.

It's a valid question, Jarroo answered it in short.

I can only really describe what I see and how I've tailored the material here. Some traders like to trade off the wicks as you've pointed out, Jarroo teaches the importance of the close of a bar.

It's all very subjective but in essence I'm trying to find the best level to enter a market and trade into space rather than traffic. Admittedly the GBPCAD chart it is not the cleanest of levels (hence the 18...
It works for me, T . . great post . .

I like this line . . ". .not the cleanest of levels (hence the 18 pip draw down) " . .nice.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #112,467
  • May 30, 2012 4:42pm May 30, 2012 4:42pm
Quoting Dan Gilbert
chart.
Dan,
Whats your approach here- are you playing a buy touch of 1.55, are you waiting for PA to confirm rejection or are you waiting for a brekthrough and retest or maybe pure breakout?

Thanks
M
  • #112,468
  • May 30, 2012 4:58pm May 30, 2012 4:58pm
Quoting mbarker22
Thanks for the post Jarroo. Would you be looking for bullish PA on a lower tf like 4 hour or 1 hour or strictly from the daily charts?
Quoting jarroo
Hey mbarker . .here's what we got . .


We have a nice build of Resistance on the Weekly and Daily.

We have a Weekly Highest Close of Resistance (HCR) level and a Triple Action HCR level (3 HCR level lining up at the same level . .pretty close) on the Daily.

Price has now Broke Through and Closed Above these levels on the Weekly and Daily TFs. . These strong levels of Resistances have good chance of "flpipping" to a strong Support level . .correct?

So a Touch Trade at these levels long is very possible . .Or . .we can get better confirmation that the transitition from Resistance to Support took place by some Bullish PA ( Bullish Outside Bar, Buliish PB, etc,) at these now Support levels . .


Jim

Well mbarker . .Looks like the CadChf strong Resistance level flipped to Support . .

No PA but a nice Touch trade with a couple pip buffer . .I had the .9373 and it can down to the .9374 . .Bam!! . . The Low of the Day . .

We still may see it come back with some bullish PA . . . . but then again we may not . .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,469
  • May 30, 2012 5:06pm May 30, 2012 5:06pm
Quoting millions
Dan,
Whats your approach here- are you playing a buy touch of 1.55, are you waiting for PA to confirm rejection or are you waiting for a brekthrough and retest or maybe pure breakout?

Thanks
M
I will wait both ways. wait for bullish PA, or wait for a break and some kind of bearish PA. kinda glancing @ 4hr for a while here on 15500
Many choose unhappiness over uncertainty.
  • #112,470
  • May 30, 2012 5:16pm May 30, 2012 5:16pm
Mike
Hello


Again

What's your opinion about gold?


Sorry for my bad English
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  • #112,471
  • May 30, 2012 5:16pm May 30, 2012 5:16pm
Quoting Pinbar
Yes Jim, that recent LCS was a nice area, and this H4 BEOB continuation bar was good.

Albeit, a little early in the day.
Price almost made to the Weekly/ Daily LCS level, 1.2816. That would have been a great entry short. It barely made to the Daily Low in blue . .this thing is falling hard .. lol ..
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Indicators show the past. Price Action "Indicates" the future.
  • #112,472
  • May 30, 2012 5:20pm May 30, 2012 5:20pm
Quoting Yehuda Sh
Mike
Hello


Again

What's your opinion about gold?


Sorry for my bad English

Hey Yehuda

Everything is still the same, notice the bottom of the consolidation box holding. A break of the top of the box should get us to the next boxed area.

Best
Mike
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  • #112,473
  • May 30, 2012 5:30pm May 30, 2012 5:30pm
Mike
Hello


Again

What's your opinion about cad/chf?


Sorry for my bad English
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  • #112,474
  • May 30, 2012 5:38pm May 30, 2012 5:38pm
Quoting Yehuda Sh
Mike
Hello


Again

What's your opinion about cad/chf?


Sorry for my bad English
Hey Yehuda

Here is what I will be watching, or at least a few scenarios. We could also see a strong bearish day too closing back under the former resistance. For now just watching though, need something to stand out for me

http://www.forexfactory.com/showthre...65#post5710065

Best
Mike
  • #112,475
  • May 30, 2012 5:52pm May 30, 2012 5:52pm
Second demo trade.
Price has broken through 77.00 BRN (and pivot zone) with a 2 day BEOB or close to a DBHLC (4 pip difference in highs). 77 is also bang on the 61.8% fib retrace from the last move upwards and price burst through without hesitation. Great descending trendline behind. Confluence!

Currently 50 pip SL but as usual will be trying to get stop to BE ASAP. Entry is at 76.77. Would have liked to wait for retrace back to 77 to minimise stop but am wary of missing the boat as there is a strong downward trend here.
Thoughts appreciated.

Thanks
M
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  • #112,476
  • May 30, 2012 6:07pm May 30, 2012 6:07pm
G'day Mike,

Just curious to know if you are still in that epic USDCHF Weekly Pinbar trade? :-)
  • #112,477
  • May 30, 2012 6:09pm May 30, 2012 6:09pm
Quoting Frxter
G'day Mike,

Just curious to know if you are still in that epic USDCHF Weekly Pinbar trade? :-)
yep still holding, likely lock in some more profit end of this month

Best
Mike
  • #112,478
  • May 30, 2012 6:22pm May 30, 2012 6:22pm
Quoting mbqb11
yep still holding, likely lock in some more profit end of this month

Best
Mike
Wow!!! The best lesson for me personally! I remember I was in that trade in Aug last year and I was impatient and happy with a few pips... so I got out early. Look where price has gone. Wow!

Learn from the master, folks

Thanks for sharing, Mike
  • #112,479
  • May 30, 2012 6:24pm May 30, 2012 6:24pm
Quoting Frxter
Wow!!! The best lesson for me personally! I remember I was in that trade in Aug last year and I was impatient and happy with a few pips... so I got out early. Look where price has gone. Wow!

Learn from the master, folks

Thanks for sharing, Mike
haha those are rare but a sure no brainer (at least for some pips). Can't believe a year has almost flown by ?

Where does the time go

Mike
  • #112,480
  • May 30, 2012 7:08pm May 30, 2012 7:08pm
It will be interesting to see if price makes it to the LCS & HCR or if the open gap will kick it off.
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