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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

  • #115,361
  • Edited 7:53pm Aug 12, 2012 10:26am | Edited 7:53pm
Quoting jarroo
Check out how this Weekly and Daily LCS level (same levels) on the UsdJpy is making Price dance on the Daily and lower time frames.

It is still my contention that the Highs and Lows of Price are born from the Close of Price. .specifically the HCR and LCS levels.

I'll let you decide if there were low risk opportunities to long this pair at these levels.
Here's the Hourly Time frame of the UsdJpy, with the Weekly and Daily LCS levels on it.

How many losses would there be if you entered long at each of this levels and waited for a Hourly bar to close below them to take you out of the trade?

Targets would be previous Daily and/or Weekly Highs and Lows. (not marked on the chart)

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #115,362
  • Aug 12, 2012 11:50am Aug 12, 2012 11:50am
watching the next level
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  • #115,363
  • Aug 12, 2012 12:06pm Aug 12, 2012 12:06pm
hi Jarroo this is an area I struggle with. if you enter a trade at one of the lcs levels are you looking for a positive move away from the lcs on the hourly and if you do not get that reaction and price drifts lower ( in this example) do you cut out quick for a very small loss and then wait for another opportunity to enter and hope that next time you get that positive move away from your entry point. I guess sometimes you may cut out and then price heads off in the direction you want it to go but at least you have kept the loss small if it does not. thanks Alex
  • #115,364
  • Aug 12, 2012 2:21pm Aug 12, 2012 2:21pm
Hey, Jarroo, can I have question for you?

For example I'll take cadjpy.

On weekly pbt&ca and I'd like to wait for retest to go long.
But when i change to daily, I can see that retest already happened, right before candle close (right before in terms of weekly , it took several hours ).
Is the setup still valid for you???

thanks in advance
cheers!
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  • #115,365
  • Aug 12, 2012 2:40pm Aug 12, 2012 2:40pm
Mike
Hello

What is your opinion
The pair eur / cad ib?

Graph below are the most

Sorry for my bad English
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  • #115,366
  • Aug 12, 2012 2:50pm Aug 12, 2012 2:50pm
Quoting Yehuda Sh
Mike
Hello

What is your opinion
The pair eur / cad ib?

Graph below are the most

Sorry for my bad English
Hey Yehuda

For me this is nothing more then an inside bar/TBL at a very very very deep swing low. Tough to do much with it for me. Would like more information and confluences to want to play a break


Best
Mike
  • #115,367
  • Aug 12, 2012 3:19pm Aug 12, 2012 3:19pm
Hello,

Everything is on my chart. Best.

Quoting jarroo
What can I say Chanya . . those are some great charts.

I like the levels that you are thinking to add to your position. I think the better approach is to bank the 1st position and enter the "added position" as an individual trade. So if it doesn't go your way, you have that cash in the bank.

Got to love those multi time frame levels. . .meaning when there is a Weekly and Daily LCS level at the same level on both time frames.

Fanastic job Chanya . .

Jim
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  • #115,368
  • Aug 12, 2012 4:03pm Aug 12, 2012 4:03pm
Hey Jim
good to have you back, These are my favourite trades of yours now, I am picking my levels and touch trading them all the time and looking at the hourly signature to get me out of a bad trade.
I have noticed that I do get out of some trades that then go in my direction I am thinking of trying to see if the 4hourly charts would keep me in more trades and still get me out early in the bad trades.
Do you have an opinion on this?
Thanks and its good to have the master back to clear things up!

Quoting jarroo
Check out how this Weekly and Daily LCS level (same levels) on the UsdJpy is making Price dance on the Daily and lower time frames.

It is still my contention that the Highs and Lows of Price are born from the Close of Price. .specifically the HCR and LCS levels.

I'll let you decide if there were low risk opportunities to long this pair at these levels.
  • #115,369
  • Aug 12, 2012 4:12pm Aug 12, 2012 4:12pm
Hi Rosa
I am not Jarroo but I can answer this my friend. That is not a gap you are refering too. The HCR level is the one marked by Jarroo, there would be a gap if the next bar opened above this level and retraced.

So there for the candle you are pointing at has closed below the HCR level and you should have been looking to short from the level not go long.

Have a look at jarroos charts on the previous page and see the gaps he marks on the chart and why .

Quoting Rosa
Hello,

Everything is on my chart. Best.
  • #115,370
  • Aug 12, 2012 4:13pm Aug 12, 2012 4:13pm
Quoting SlapShot
Hey what do you think about this weekly BEOB on AUDCAD? Price couldn't hold the BRN which also acts as a PPZ. But I'm a little doubtful about the PB on the daily. Worth to try a short?

The charts are weekly zoomed out; weekly zoomed in and daily.
This trade has been spoken about quite a bit. Mikey is in this trade from a lower timeframe beob a few days ago. I like to trade like james16 with fairly tight stop losses so I have a pending order following Thursday's BEOB looking for a retrace back to the BRN 1.05 and a stop loss as always 45 pips away (above the beob). The pinbar could be interpreted as telling us to go in the opposite direction but that is not my view. Momentum is clearly down- look at the divergence, narrowing wedge, BRN and 2 BEOBS in the last 3 days. I am hoping that the pinbar has merely consumed all the buying orders (see Mikey's post a few days ago) and giving price a free run down. On my feed, a gap has occurred on the open so lets hope for the gap to closa and a retrace to get me in this trade.

Millions
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  • #115,371
  • Aug 12, 2012 4:26pm Aug 12, 2012 4:26pm
Hello,

Can you tell me if my chart is good, and is there sell setup on usd/chf ?.
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  • #115,372
  • Aug 12, 2012 4:37pm Aug 12, 2012 4:37pm
I personally wouldnt trade this in either direction at the mo I think it has closed above the HCR levels you have marked ( although i am not sure as you have black marks on the chart) but the nature of the long wick is bearish however its not really got a nice close on the bar to make it a pin bar. I would just leave it there are always enough decent set ups using Jarroos method every week to no have to take these. Technically tho if you had to take it using Jarroos methed it would be a long

Quoting Rosa
Hello,

Can you tell me if my chart is good, and is there sell setup on usd/chf ?.
  • #115,373
  • Aug 12, 2012 4:43pm Aug 12, 2012 4:43pm
Hello,

I know I know, but, different brokers has different feeds, and in this case 5 pips don't mean close above .

Quoting haircut
I personally wouldnt trade this in either direction at the mo I think it has closed above the HCR levels you have marked ( although i am not sure as you have black marks on the chart) but the nature of the long wick is bearish however its not really got a nice close on the bar to make it a pin bar. I would just leave it there are always enough decent set ups using Jarroos method every week to no have to take these. Technically tho if you had to take it using Jarroos methed it would be a long
  • #115,374
  • Aug 12, 2012 4:45pm Aug 12, 2012 4:45pm
Another Trade I am planning to take today ...
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Human
  • #115,375
  • Aug 12, 2012 4:51pm Aug 12, 2012 4:51pm
Hi Rosa
Here is a demo trade I am in from last week I think you will see how much clearer it looks ( well to me anyhow I am no expert)

Price took 3 attempts to break through the HCR level in Light blue which made it a reasonable level to look at. Then we had a retest marked by the x but price couldnt close below the level confirming the level was now a support level and I entered on a touch the next day. I closed 2 thirds or the trade at the FTA which was the daily low a few days before I am no at break even on the final 3rd and am hoping the pin bar breaks and goes my way could be a nice little trade

hope this helps
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  • #115,376
  • Aug 12, 2012 4:53pm Aug 12, 2012 4:53pm
You have to trade what you see on your chart 5 pips above means close above!

Quoting Rosa
Hello,

I know I know, but, different brokers has different feeds, and in this case 5 pips don't mean close above .
  • #115,377
  • Aug 12, 2012 4:59pm Aug 12, 2012 4:59pm
Hello,

Last one (eur/usd) you were saing of tight SL, bo then was about 60 pips move down, and now you put your chart with this position, so how much is tight SL ?.

Quoting Chanya
Another Trade I am planning to take today ...
  • #115,378
  • Aug 12, 2012 5:22pm Aug 12, 2012 5:22pm
Quoting Rosa
Hello,

Last one (eur/usd) you were saing of tight SL, bo then was about 60 pips move down, and now you put your chart with this position, so how much is tight SL ?.
My stop loss is always , ALWAYS behind the most recent PPZ . When I say stops are tight , this means that PPZ is close enough . You are refering to EUR USD , I kept a small stop initially but as I see more potential in that trade as a HEAD and shoulder is also present , I moved then as usual behind the most recent PPZ shown by yellow are on the chart .... I have shown where my stops are at EUR USD in the chart with the yellow zone ...

In this one , as you can see there is a gap which will probably be filled . My stops are 25 pips behind the GAP ... Clear ???
Human
  • #115,379
  • Aug 12, 2012 5:34pm Aug 12, 2012 5:34pm
Quoting Rosa
Hello,

Last one (eur/usd) you were saing of tight SL, bo then was about 60 pips move down, and now you put your chart with this position, so how much is tight SL ?.
Every pair is moving differently, for example eurusd does sth about 100 daily, gbpnzd 400 and gbppln even 1000 a day...either way - in this case i think chanya by tight mean 20-30 pips...

EDIT:
Chanya was faster
  • #115,380
  • Aug 12, 2012 8:19pm Aug 12, 2012 8:19pm
Quoting fabx
hi Jarroo this is an area I struggle with. if you enter a trade at one of the lcs levels are you looking for a positive move away from the lcs on the hourly and if you do not get that reaction and price drifts lower ( in this example) do you cut out quick for a very small loss and then wait for another opportunity to enter and hope that next time you get that positive move away from your entry point. I guess sometimes you may cut out and then price heads off in the direction you want it to go but at least you have kept the loss small if it does...
Hey Alex . .that's correct. You could place your S/L below the Daily & Weekly Lows. And if a Hourly or 4 Hour closes below our entry level(s) we are out for a small percentage loss.

Or you could just set your S/L and target(s) and wait until the daily closes and see what happens . .
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Indicators show the past. Price Action "Indicates" the future.
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