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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

  • #112,741
  • Jun 6, 2012 4:13am Jun 6, 2012 4:13am
Quoting Pinbar
Playing Gaps is not what I meant.
Gaps get filled at some stage or other but, I would not use a gap as a signal to enter a trade. If you see what I mean.
Hi,

Yes I did understand you was not talking about how to play gaps, but how how price reacts to gaps and thus how gaps could affect targets.

Your example clarifies things, thanks a lot Pinbar for these explanations
Slow & steady
  • #112,742
  • Jun 6, 2012 8:11am Jun 6, 2012 8:11am
Quoting jarroo
Hey fasc,

Your chart looks good . .but we want to weed out some the levels and pick the strong ones . . the Deep Swing Highs/Lows and areas of Consolidation (the Tops and Bottoms) are where we find the stronger HCR/LCS levels.

On the Weekly, there are usually two levels there . .the Open and Close of Price because of the damn gaps . . damn you gaps!!!! . . they mess up my Close levels . .

Jim
Thanks for your reply.

So generally, you set the weekly LCS/HCR levels and play on the daily TF?

the hourlies are for you to exit. For example of a touch trade generally,

1) you find any PBT & CA/B to pick out the direction price is headed;

2) you find daily or weekly LCS and HCR levels where price will retrace early the next day and hopefully they coincide and then put a limit order at where you think the price will bounce and continue towards the direction defined in step (1).

3) your TP levels are staggered and you pick the recent highs/lows or close of the candles and the SL levels the nearest support/resistance after where you set the limit order?

Example:

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  • #112,743
  • Jun 6, 2012 8:47am Jun 6, 2012 8:47am
got stopped out here at b/e on the big usd/mxn pinbar. It looks like it wants to fall now and get under the blue area. Was hoping to see a stronger follow through and cut out on the bounce this morning. 14 looks in play now
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  • #112,744
  • Edited 11:21am Jun 6, 2012 9:06am | Edited 11:21am
Could be nice place to sell here , although no price action , but tons of confluence ..... Does'nt mean I am selling it , but waiting for PA !

1 ) Strong daily and weekly downtrend

2 ) Trendline

3 ) Rn 1.25

4 ) Fib level

5 ) PPZ
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Human
  • #112,745
  • Jun 6, 2012 9:11am Jun 6, 2012 9:11am
If I were in this trade , This would have been my final take profit ... Reason
1 ) LCS
2 ) 365 EMA
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Human
  • #112,746
  • Jun 6, 2012 9:17am Jun 6, 2012 9:17am
great area to watch if you aren't. BRN, Descending TL, massive support, Divergence. IF price can close above the TL and BRN, I will be looking for longs
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  • #112,747
  • Jun 6, 2012 11:07am Jun 6, 2012 11:07am
Quoting beebolbod
Let me know please, i'm long this pair
This is big picture for this pair. i'm letting remaining position run.

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  • #112,748
  • Jun 6, 2012 11:24am Jun 6, 2012 11:24am
Anyone looking on USDCAD?
Trendline on my H4 broke, but i really don't like trading trendline breaks. I prefer to trade the bounces.
I've had prob close to 0 luck with the USDCAD
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  • #112,749
  • Jun 6, 2012 11:37am Jun 6, 2012 11:37am
Hello,
if anyone is new here like me and struggle with all of this - look what I did yesterday and today.
I went long after BUOB formed on D1 yesterday. Today I closed with +90 after TL was hit and PB formed on H1. Just to test my patience and PA stuff I opened short on break of PB - after FTA hit I closed half and moved SL to BE (on demo).
I want all my trades to look like this
I just need to stick to the plan and practice, practice & some more practice.

Thank you guys for this forum.

Peter

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  • #112,750
  • Jun 6, 2012 11:47am Jun 6, 2012 11:47am
Hello all - I was taught price action and to watch for certain setups on bars. For example, if I have three bars that each of them the open is lower than the previous and closes lower than the previous bar but the fourth bar is a reversal bar to take that trade going that way. Watching some of the forex charts I do not see that this setup works. The person that taught me this trades e-minis but said it works on any market or any time frame. Perhaps they are far few in between type setups?
  • #112,751
  • Jun 6, 2012 11:56am Jun 6, 2012 11:56am
GBPNZD daily chart
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  • #112,752
  • Jun 6, 2012 12:41pm Jun 6, 2012 12:41pm
Quoting f0rexjoe
Hello all - I was taught price action and to watch for certain setups on bars. For example, if I have three bars that each of them the open is lower than the previous and closes lower than the previous bar but the fourth bar is a reversal bar to take that trade going that way. Watching some of the forex charts I do not see that this setup works. The person that taught me this trades e-minis but said it works on any market or any time frame. Perhaps they are far few in between type setups?
Hey Joe

Welcome

Many people have their takes on bars/candlesticks/price action

That's not really something james teaches, but try checking out some of the first few hundred pages. I think you might enjoy the bar setups James shows and how he uses them. They are simple and very effective and get simpler and more effective over time

Best
Mike
  • #112,753
  • Jun 6, 2012 12:41pm Jun 6, 2012 12:41pm
Quoting mbqb11
great area to watch if you aren't. BRN, Descending TL, massive support, Divergence. IF price can close above the TL and BRN, I will be looking for longs
Hehe, My TL looks quite different
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If not up, then down, otherwise sideways :-)
  • #112,754
  • Jun 6, 2012 2:56pm Jun 6, 2012 2:56pm
Quoting oltciter
GBPNZD daily chart


I'm in this but from much lower down. today was nice
  • #112,755
  • Jun 6, 2012 3:44pm Jun 6, 2012 3:44pm
Quoting oltciter
GBPNZD daily chart
welcome back, sir.
i remember this guy posting some great setups some years ago.
i hope you post regularly now. i will appreciate it!
meine augen sind die sterne
  • #112,756
  • Jun 6, 2012 7:40pm Jun 6, 2012 7:40pm
Very interested to see if this Monthly & weekly minor SP will contain price.
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  • #112,757
  • Jun 6, 2012 9:08pm Jun 6, 2012 9:08pm
Quoting sooze
Thanks for your response,I am familiar with the basics of S&R trading but you have obviously taken it to another level.I am curious as to why you don't post actual trades as they would make understanding your method much easier.
Have you ever considered formalizing your method and perhaps putting out an e-book summary of the basics?
The problem with this thread is that it moves so quickly it is easy to get a bit lost if you're trying to follow a particular persons approach to this trading method.
One more question...you use the term "signature"...

Did you read the following posts after my "diagram" post?

I did a couple of actual trades in real time in the posts that followed. .that wasn't enough?

I am a Senior member in the James16 Group, the Private Forum (PF), where I do webinars, videos, chart analysis, trade setups, etc. . .so I'm not into doing an "e-book".

Search out the James16 Chart Thread or read a bit more and many of your questions will find answers .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #112,758
  • Edited 10:18pm Jun 6, 2012 9:27pm | Edited 10:18pm
Quoting Pinbar
I do not like this H4 close above both the Monthly LCS and the TL.
Was thinking of letting the London guys finish their morning tea to see of the H1 bar would close below the LCS but, I think the 4 H4 bars in a row is a sign of this breaking above this area. Got out for a small profit + the spread.

Yeah the Hourly close above the .7612 was it for me . . Like Price didn't even know it was there . .no reaction.

Check this out Pinbar . .let's forget these past Weekly levels and just look at the current Daily levels and how well they reacted.

. .I know, I know . .the weekly levels were or are strong but I'm finding this more and more on the lower volatility pairs like the Nzd, Aud, Cad , Eur/Nzd, etc . . .that they react stronger with recent levels . .be they Daily or Weekly.

give me a sec . .and I'll get a chart . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #112,759
  • Edited 10:40pm Jun 6, 2012 9:54pm | Edited 10:40pm
Quoting jarroo
. . but I'm find this more and more on the lower volatility pairs like the Nzd, Aud, Cad , Eur/Nzd, etc . . .that they react stronger with recent levels . .be they Daily or Weekly.

give me a sec . .and I'll get a chart . .

Jim
I've removed the past Weekly levels and now just have the current Daily HCR levels . .marked to the pip.

As we know, these HCR levels at Swing High are strong Resistance levels .so when Price comes up to them, there will be a reaction.

. .and they surely did react . .(best seen on the Hourly TF). .right to their target, previous Daily High. Why the previous Daily High as a target? . .because these are Daily levels.

They had great Hourly Signatures at these levels . .hell, they even had 5min Signatures . .lol . . .Now your talking strong level . .lol


(There was an Hourly SFP at the .7647 but that is another story all together ..)
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Indicators show the past. Price Action "Indicates" the future.
  • #112,760
  • Jun 6, 2012 10:19pm Jun 6, 2012 10:19pm
Quoting jarroo
I've removed the past Weekly levels and now just have the current Daily HCR levels . .marked to the pip.

As we know, these HCR levels at Swing High are strong Resistance levels .so when Price comes up to them, there will be a reaction.

. .and they surely did react . .(best seen on the Hourly TF). .right to their target, previous Daily High. Why the prevoious Daily High as a target? . .because these are Daily levels.

They were great Hourly Signatures . .hell, they even had 5min Signatures . .lol . . .Now your talking strong level ....
Thanks Jim

Got to run to the other side of the city in a few mins so, I will digest this post when I get back.
But, my intimidate thought is, I have been using the monthly and weekly levels and basically looking for a monthly or weekly SP that corresponds to a daily SP. Now, is it possible that I can do this the other way around?
I mean, look at the large daily SPs and see if they correspond to a weekly or monthly level?

Thanks again Jim, you don't realize how much you are keeping me on the tracks.

Steve
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