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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

  • #113,141
  • Jun 13, 2012 6:00pm Jun 13, 2012 6:00pm
Quoting mbqb11
sure here is one

can't remember off top my head my last full bar loss, most of mine are reduced loses here is my most recent
That was unfortunate that one as it sure was on the way down.. Its a bit like an extended break of support.. But way extended..

If you look to the left on the chart you can see a minor support where it bounced.. Also now that it is hitting resistance ( previous support ) it will probably drop now..
  • #113,142
  • Jun 13, 2012 6:21pm Jun 13, 2012 6:21pm
Quoting tinny79
That was unfortunate that one as it sure was on the way down.. Its a bit like an extended break of support.. But way extended..

If you look to the left on the chart you can see a minor support where it bounced.. Also now that it is hitting resistance ( previous support ) it will probably drop now..
losses happen, just part of being consistent you can get through them and part of the business you learn quick. Just about managing that risk though, cutting your losses is important , for me at least

I was looking for a larger move it already broke good so many people who get to b/e quicker likely would have been

Mike
  • #113,143
  • Jun 13, 2012 6:38pm Jun 13, 2012 6:38pm
Quoting Chanya
Aud CHF analysis , Todays close will tell whether we are headed down or not !!!
I like that Weekly HCR level (magenta with gap on my chart) at 9545. Yesterdays PBT&CA that level and 9500 was enough for me to go long on the pull back to 9545. I had a 65 pip stop and manually closed for reduced risk loss when a 4H bar closed below my HCR level. Still like the level and will be watching with a current short bias, but may try long again with another PBT$CA.
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  • #113,144
  • Jun 13, 2012 6:52pm Jun 13, 2012 6:52pm
Quoting Chanya
NZD CHF DAILY
Are you sure about that wkly level chanya ? mine are quite different. <----noob here, so take my advice carefully, i could be easily wrong.
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Sometime the horizon disappear. Twitter: @_whiteout
  • #113,145
  • Jun 13, 2012 6:58pm Jun 13, 2012 6:58pm
Quoting Chanya
OOPS , Got screwed ... Jarroo , Just an unavoidable 30 pips loss right ??? I wasn't wrong right ???
Not jarroo but a coulple of thougthts. I agreed with your analysis, but the 30 pip stop "may" have been too tight (at least for me). Also, looking at the weekly chart for weekly targets (you entered off of a weekly level), my first targets are close....so I'd be ready to reduce risk quickly.

I really liked the level (other than BRN 1.2500 was so close. For me it comes down to the tight stop loss on the weekly level...and having to watch lower TF closes like a hawk. I'm learning with these entries, if they don't break hard initially it's better (for me anyway) to try to cut out for reduced losses. We normally gbet another chance to get back in.

BTW I didn't take this one (almost did) and most likely would have taken the same 30 p loss - only it would have been on an initial stop of 60-80 pips. Now we can watch that strong level again with a bullish bias
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  • #113,146
  • Jun 13, 2012 7:08pm Jun 13, 2012 7:08pm
Quoting whiteout
Are you sure about that wkly level chanya ? mine are quite different. <----noob here, so take my advice carefully, i could be easily wrong.
I've got the same weekly level marked as my critical level on this pair....the bottom of the LCS gap was actually today's low.
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  • #113,147
  • Jun 13, 2012 7:18pm Jun 13, 2012 7:18pm
Quoting whiteout
Are you sure about that wkly level chanya ? mine are quite different. <----noob here, so take my advice carefully, i could be easily wrong.
Hi . Buddy , you are not wrong ...... I have the same weekly levels as you have but the ones I drew , draw em too and see that back in history , they sure acted once as weekly level ... I was not referring to the most recent ones .... My mistake I guess that I neglected to mention this ... You levels look great ...

Regards
Human
  • #113,148
  • Jun 13, 2012 7:22pm Jun 13, 2012 7:22pm
Quoting Donkey
Not jarroo but a coulple of thougthts. I agreed with your analysis, but the 30 pip stop "may" have been too tight (at least for me). Also, looking at the weekly chart for weekly targets (you entered off of a weekly level), my first targets are close....so I'd be ready to reduce risk quickly.

I really liked the level (other than BRN 1.2500 was so close. For me it comes down to the tight stop loss on the weekly level...and having to watch lower TF closes like a hawk. I'm learning with these entries, if they don't break hard initially it's...
Nice thinking ...
One thing that I should make clear , I did not entered off a weekly level , I entered off a daily level which just happened to be a weekly level to .. So my targets were daily targets ....
Human
  • #113,149
  • Jun 13, 2012 7:25pm Jun 13, 2012 7:25pm
Quoting Donkey
Not jarroo but a coulple of thougthts. I agreed with your analysis, but the 30 pip stop "may" have been too tight (at least for me)
Can you please tell me that if you had entered off a daily level like I did , where would you have put your stops ??? Mine 30 pips was based on the zone in yellow that I drew on the chart .. Where would you have put your stops and based on what ??? Asking for the info sake ...
Human
  • #113,150
  • Jun 13, 2012 8:04pm Jun 13, 2012 8:04pm
Quoting tinkerbelle
Ola, can u Mike, Pinbar, Jaroo please post some chart with trade where your SL was hitted (not partial profit or BE )? thank you

I sold this IB on June 4 and had to go out thus, I could not go to BE and my SL got hit.
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  • #113,151
  • Jun 13, 2012 9:17pm Jun 13, 2012 9:17pm
Hi guys, I've been reading through the thread studying S/R areas and PA, and thought of putting what I have read into action. I stumbled across this formation over in USDJPY which broke its downtrend line and formed some minor resistance over the 79.82 area. I was wondering if its a good setup to enter a long once the yellow line at 79.82 is breached? As in a buy stop at 79.82 or anywhere near that resistance area. I'm on demo currently, just tryna put what I have learnt into practice.

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  • #113,152
  • Jun 13, 2012 9:24pm Jun 13, 2012 9:24pm
Quoting masterkie
Hi guys, I've been reading through the thread studying S/R areas and PA, and thought of putting what I have read into action. I stumbled across this formation over in USDJPY which broke its downtrend line and formed some minor resistance over the 79.82 area. I was wondering if its a good setup to enter a long once the yellow line at 79.82 is breached? As in a buy stop at 79.82 or anywhere near that resistance area. I'm on demo currently, just tryna put what I have learnt into practice.

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Hey Masterkie

Welcome to the thread

We can sort of consider this a multi high bar breakout. I would like to see the highs be more exact. But upon a break of these highs its VERY likely we get to our FTA, which is going to be the BRN of 80. So one could place a buy stop above there but knowing that this trouble area is close we need to protect ourselves

Again welcome to the thread

Mike
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  • #113,153
  • Jun 13, 2012 10:31pm Jun 13, 2012 10:31pm
Quoting mbqb11
Hey Masterkie

Welcome to the thread

We can sort of consider this a multi high bar breakout. I would like to see the highs be more exact. But upon a break of these highs its VERY likely we get to our FTA, which is going to be the BRN of 80. So one could place a buy stop above there but knowing that this trouble area is close we need to protect ourselves

Again welcome to the thread

Mike
Ahh now I get it. Many thanks for warm welcome brah. Very much appreciated. This means that we should look out for potential FTAs as well as "psychological levels" around a R/S area that we should be cautious about. So in other words, it is best to monitor PA so that it PBT&CA the FTA before we go long?
  • #113,154
  • Jun 13, 2012 10:36pm Jun 13, 2012 10:36pm
Am I correct to assume that when we look at a PPZ we then look for LCS and HCR and the space in between is the trouble area?

When I draw a line for a PPZ (I assume PPZ marks the center of S/R) it is usually thin but by marking LCS and HCR it becomes more of a "Zone". Am I further right to assume that this process is somewhat artistic and subjective and that the aim is to see what the majority sees? (I would then conclude that TA is a self fulfilling prophecy but that would open up a different can of worms )

Could somebody please share pointers to good information on LCS and HCR?

Thank you guys.
  • #113,155
  • Jun 13, 2012 10:36pm Jun 13, 2012 10:36pm
Quoting masterkie
Ahh now I get it. Many thanks for warm welcome brah. Very much appreciated. This means that we should look out for potential FTAs as well as "psychological levels" around a R/S area that we should be cautious about. So in other words, it is best to monitor PA so that it PBT&CA the FTA before we go long?
Hey Masterkie

Not really. What we should do with our FTA is acknowledge they are there and decide and game plan how we want to use that information to our knowledge

For example that might be

-get to breakeven
-take some profit and get to breakeven
-watch how price reacts there then do something
-move stops up a bit
-do nothing

The list goes on. For me each situation dictates how I use FTA and other trouble areas.

Let me know if that makes sense
Mike
  • #113,156
  • Jun 13, 2012 10:47pm Jun 13, 2012 10:47pm
Quoting masterkie
Ahh now I get it. Many thanks for warm welcome brah. Very much appreciated. This means that we should look out for potential FTAs as well as "psychological levels" around a R/S area that we should be cautious about. So in other words, it is best to monitor PA so that it PBT&CA the FTA before we go long?
That's the way I understand it too. Basically what you want to do is to trade into "space left of price" where price has room to go and doesn't easily run into zones of former consolidation, PPZ's or BN's. It also helps to confirm the PBT with a RT of the "Resistance turned Support" (Man I love those Acronyms

If I am wrong one of the seniors correct me please.
  • #113,157
  • Jun 14, 2012 1:27am Jun 14, 2012 1:27am
Quoting mbqb11
Hey Masterkie

Not really. What we should do with our FTA is acknowledge they are there and decide and game plan how we want to use that information to our knowledge

For example that might be

-get to breakeven
-take some profit and get to breakeven
-watch how price reacts there then do something
-move stops up a bit
-do nothing

The list goes on. For me each situation dictates how I use FTA and other trouble areas.

Let me know if that makes sense
Mike
Hey Mike, that answers my question. Let's see how far I can go with 3 months demo-ing. I've traded live before, but thought of putting the information I get here to improve my profitability. Many thanks guys!
  • #113,158
  • Jun 14, 2012 2:44am Jun 14, 2012 2:44am
Quoting Chanya
OOPS , Got screwed ... Jarroo , Just an unavoidable 30 pips loss right ??? I wasn't wrong right ???
No oops Chanya . . . .Price hit its target . .previous Daily Low. The previous bar Low was the Low of the Bar that Price broke through and closed below. . .a very valid target.

So when Price hits that target, an action on your part should take place . .reduce your risk . .move to break even .. or here's a crazy idea; Take Profit.

Or maybe the pip amount wasn't enough?? . .we don't look at the pip amount . .we look at the target and react.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #113,159
  • Jun 14, 2012 2:50am Jun 14, 2012 2:50am
Quoting jarroo
No oops Chanya . . . .Price hit its target . .previous Daily Low. The previous bar Low was the Low of the Bar that Price broke through and closed below. . .a very valid target.

So when Price hits that target, an action on your part should take place . .reduce your risk . .move to break even .. or here's a crazy idea; Take Profit.

Or maybe the pip amount wasn't enough?? . .we don't look at the pip amount . .we look at the target and react.


Jim
The EurAud could turn out like the UsdSgd did a few weeks ago. .very similar developments with the EurAud.
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Indicators show the past. Price Action "Indicates" the future.
  • #113,160
  • Edited 3:30am Jun 14, 2012 2:54am | Edited 3:30am
Quoting jarroo
The EurAud could turn out like the UsdSgd did a few weeks ago. .very similar developments.
EurAud 4 Hour:

Why Mike's stuff is soooo important . .compressing wedge . .bullish breakout . .no BRN near by . .but at strong Weekly and Daily HCR/LCS levels. .
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Indicators show the past. Price Action "Indicates" the future.
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