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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

  • #113,521
  • Jun 21, 2012 10:58pm Jun 21, 2012 10:58pm
Quoting Frxter
Gold at 27? I am a buyer
Sorry, mixed that up SILVER (not Gold)
  • #113,522
  • Jun 21, 2012 11:06pm Jun 21, 2012 11:06pm
Quoting Chanya
Sure it does ... So , whats the method of drawing these consolidation boxes bro ??? Is it a visual thing of do they have to be drawn with precision ???
Are you asking about consolidation boxes that are already there or predicting where consolidation will deveolop?
Indicators show the past. Price Action "Indicates" the future.
  • #113,523
  • Jun 21, 2012 11:37pm Jun 21, 2012 11:37pm
Quoting Chanya
Yup , sure it was a classic one IF you look at those levels .... But how about when we look at these levels ???
Quoting Mebius
Hey Jim,

After all my "talk", I'm embarrassed to admit that I let my GBPUSD trade come back and stop me out!!! Luckily, I moved my stop to B/E but I did let a tidy profit disappear. Just out of curiosity, how many times will i do this before I learn the lesson??? Please slap me now!

For those of you out there, that have learned the lesson to TAKE THE DAMN PROFIT, I would love your feedback/advice! What a rollercoaster!!!!
Chanya, your levels were great at the time they were formed. .(the 1.6148 on your chart) .trading right into some nice Space . .(a trade I took . .hit the targets nicely) but as Price gathers around these levels in the future, they lose there effectiveness (Traffic). . that's why you can't figure out those bars at those past levels. Then, new levels are formed . . 1.6088 / 1.6081 LCS levels . .trading into Space.

Mebius, when your trading into Open Space you can give the trade a bit more leeway for that potential runner . .but still be mindful to manage the trade with the targets. If trading into limited Space or into traffic . .take the profit and run when Price hits its target(s). . . .or be quick to move your Stop Loss under or above that target once Price breaches it.
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Indicators show the past. Price Action "Indicates" the future.
  • #113,524
  • Jun 21, 2012 11:54pm Jun 21, 2012 11:54pm
Quoting jarroo
or be quick to move your Stop Loss under or above that target once Price breaches it.
Hi Jarroo, may I ask you how you do define your targets? I have seen LL's and HH's with little lines on it, can you please explain?
  • #113,525
  • Jun 21, 2012 11:57pm Jun 21, 2012 11:57pm
Quoting Chanya
How did you predicted that ??? If I was in this trade , I would have been out because when price broke through the blue line , which is LCS , I would have moved my stops under it but , apparently , you still would have been in ... How ? Sorry if the questions are exceeding the answering limits ...
Price has yet to test the 1.5567 HCR level once PBT&CA it. It came close to touching it yesterday .. I would have liked to have seen Price touch it or break through it and close above it . .we'll see if it gets tested .
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Indicators show the past. Price Action "Indicates" the future.
  • #113,526
  • Jun 22, 2012 12:05am Jun 22, 2012 12:05am
Quoting Chanya
Pretty simple trade I took Last night ... Almost at BE now . Chart is all self explanatory ...

Just gotta clear above the yellow zone and we might have a decent runner ...
The "yellow zone" is the target(s) . .pervious bar Highs . .did you take profit???

Check out this one on the USDLVL . .no I didn't take it, just an example . .(but I could have )

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #113,527
  • Jun 22, 2012 12:13am Jun 22, 2012 12:13am
Quoting Chanya
Has anybody tried and played EUR USD this week ??? In any way ??? I find its behavior this week , pretty elusive , to say the least ....
Easy trade on the Euro . .very little draw down if any . .targets hit nicely . .check some of James16 recent charts . .this setup will look familar.
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Indicators show the past. Price Action "Indicates" the future.
  • #113,528
  • Jun 22, 2012 12:22am Jun 22, 2012 12:22am
Quoting Pinbar
I hear you Jim, the FTB to the 150 was also not as reactive as we may have assumed.

Damn FXpro will not connect, right now.
You having any problems with it?

EDIT: Back online with FXpro

As you say the 150 could have flipped price.
Let's see.
Quoting jarroo
Great levels Steve . .on the GbpAud. Price not bouncing to the moon at the first touch of the 1.5470 . .with a Daily PB to boot . was sure telling where Price may be heading . .downtown.

I like the 150 ema confluence at the HCR level, 1.5470.
Yes, it was a nice little setup with the potenial to be a big one . .but Price hit its targets and that is really all we want a setup like this to do . .
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Indicators show the past. Price Action "Indicates" the future.
  • #113,529
  • Jun 22, 2012 1:15am Jun 22, 2012 1:15am
Quoting ricosta
Hi Jarroo, may I ask you how you do define your targets? I have seen LL's and HH's with little lines on it, can you please explain?

Targets are defined as previous bar Highs or Lows of a PA setup and/or Support /Resistance level you are trading . .

. . so on this potential trade on the GbpAud since PBT&CA a LCS level . the targets in blue would be the previous bar Highs and Lows . .

Those are not "little lines" . . they are big lines . .you got that?
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Indicators show the past. Price Action "Indicates" the future.
  • #113,530
  • Jun 22, 2012 1:57am Jun 22, 2012 1:57am
Quoting Chanya
A better setup then NZDJPY but correlated

1 ) HUGE BEOB

2 ) EMA's

3 ) Fib

4 ) Trendline

5 ) HCR and LCS Levels

6 ) Retraced of 0.8000 BRN , so obviously picked up big order flow from there ...

Will enter at the retest of the HCR and LCS levels
I would be very careful as it has only 20-30 pips free space. Also although 0.80 is a VBRN it has not much power in it for me. Little action in the past. Especially comparatively with the area above (0.8070).
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If not up, then down, otherwise sideways :-)
  • #113,531
  • Jun 22, 2012 2:02am Jun 22, 2012 2:02am
Quoting jarroo
Those are not "little lines" . . they are big lines . .you got that?
Ok, I understand now, thank you. However, these targets look awfully close to the entry and a decent s/l (on the other side of the LCS/HCR) will be multiple times the first target. Also I do see at the example that you are trading into areas with very little "space". Am I correct to say that this is more of a scalping method around LCS/HCR levels?
  • #113,532
  • Edited 2:23am Jun 22, 2012 2:10am | Edited 2:23am
Quoting Magestic
I would be very careful as it has only 20-30 pips free space. Also although 0.80 is a VBRN it has not much power in it for me. Little action in the past. Especially comparatively with the area above (0.8070).
One of the big downsides of waiting price action confirmation. It can mean you arrive late to the party.

The BEOB was pretty big so you have to hope for a retrace back towards 0.8. There's no guarantee that will happen.

Best plan here would have been a touch trade at 0.8 with a small stop. Or played the retrace back to 0.8 on the H4.
  • #113,533
  • Jun 22, 2012 2:17am Jun 22, 2012 2:17am
Quoting C-12
Anyone looking at AUDCAD?
Better late than never! I kept my sell stop under that H4 pin for a few days. Closing in on my first take profit.

Maybe I should have cancelled the sell stop and just sold at 1.04 instead since? Not much point waiting for that pin to activate.
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  • #113,534
  • Jun 22, 2012 2:19am Jun 22, 2012 2:19am
Quoting C-12
One of the big downsides of waiting price action confirmation. It can mean you arrive late to the party.

The BEOB was pretty big so you have to hope for a retrace back towards 0.8. There's no guarantee that will happen.

Best plan here would have been a touch trade at 0.8 with a small stop. Or play the retrace back to 0.8 on the H4.
I wouldn't take shorts at all, coz I don't think and feel rally is over, just my view of AUD and NZD.If i dont feel I dont trade I think buyers with rifles are still there with limit orders, coz we had no pretty strong bar confirmation (at Higher TF) at previous resistance areas that now may turn at support. I'll better watch
If not up, then down, otherwise sideways :-)
  • #113,535
  • Jun 22, 2012 2:56am Jun 22, 2012 2:56am
Have to see what this looks like at the close but the AUD index has also hit an area of resistance and at the 50% retracement.
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  • #113,536
  • Jun 22, 2012 3:10am Jun 22, 2012 3:10am
Quoting C-12
Have to see what this looks like at the close but the AUD index has also hit an area of resistance and at the 50% retracement.
Hi C-12,

Any chance you can tell us how we can get dollar index feeds on MT4?
  • #113,537
  • Jun 22, 2012 3:13am Jun 22, 2012 3:13am
Quoting jarroo
I like to think we are riding on the blue one . . lol

chart update . .
Good to see you back Jim
  • #113,538
  • Jun 22, 2012 3:13am Jun 22, 2012 3:13am
Pitka

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btw i see GBPAUD as a very good breakout too.
  • #113,539
  • Jun 22, 2012 3:13am Jun 22, 2012 3:13am
Quoting Chanya
Two Daily BE trades OF NZDCHF in two day ... Crappy pair ...
Sir If I may chime in:
- You should not always expect to make back to back or 2 consecutive trades, specially in a higher timeframe like daily.
it CAN happen, but at least u have to be realistic.

- more or less, we can say this is a continuation trade (this was not a swing low buy trade). and as such it is much trickier. u have to be prepared to run into potential PPZs

- price does not move in 1 direction for a very long time. there are always up & down moves along the way.
for nzdchf, it has been in a good upmove since 0.70/0.71 area. always anticipate up & down moves along with consolidation.

hope this helps Sir
  • #113,540
  • Jun 22, 2012 3:18am Jun 22, 2012 3:18am
Quoting Rust
Pitka
That's fantastic Rust. How would you manage it when it approaches 1.2300?
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