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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

  • #115,441
  • Aug 13, 2012 6:23pm Aug 13, 2012 6:23pm
Quoting MrShort
Hi Jarroo,
thank you for everything you have been doing for us newbs! I've been learning a lot but still strugling with the basics... takes time I guess

Can I bother you with another newb question? Here it goes:
Why do you think price reacts to Weekly HCR/LCS on the Daily charts. Does buy or sell orders acumulate at those levels? I thought that the market looked more to the Highs and Lows...

Thank you very much for everything.
Thanks MrShort.

Its a good question . .Price still reacts to Highs and Lows . . and Buyers and Sellers are definitely looking at these levels for opportunities, S/L placements etc.

But it is my thought that the market will put a line in the sand at different levels and say, "Price will not Close above this level or Price will not Close below this level."

Once that "Close" level is established, Price tends to test that "Close" level and it cause Highs and Lows once PBT&CAorB them.



Traders and investors always talk about the "Close" of Price. .

Have you heard this conversation before ?. .

Trader: "Wow, the Dow was crazy today?"

Trader's Buddy: "Really!? Where did it close today?"

Trader:" Dude, it was freaking wild today . .unbelievable."

Trader's Buddy: "Ok. . but where did it close today?"

Trader: "You're asking, where did it close today??"

Trader's Buddy: "Yes, . I'm asking where did it close today?"

Trader: "Oh, . . it closed a little lower than yesterday."

Trader's Buddy: " Wait? what? . .Ok thanks."


Indicators show the past. Price Action "Indicates" the future.
  • #115,442
  • Aug 13, 2012 6:43pm Aug 13, 2012 6:43pm
Quoting Chanya
HI . Why do you hate gaps so much ? I don't seem to have any problems due to them yet ... Infact , it gives me an additional confidence in the trade considering there are two levels instead of one to protect the trade ...

Damn you gaps!!!!. . .they mess up my Close levels. . . . . .lol

Its mainly an inside joke to the gaps traders. But I would perfer a nice clean, linear level of the HCR/LCS level.

We have our classic James16 Price Pivot Zone level and we can fine tune the boundaries of that Zone with HCR/LCS levels. . .the damn gaps mess that up a bit.

Its not a big deal . .I will usually use both levels equally.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #115,443
  • Aug 13, 2012 6:47pm Aug 13, 2012 6:47pm
Quoting jarroo
I like that 1.4890, Steve . .It sure worked out great in the past.

Let's see if it still has its magic since Price has now close above it on the Daily
Hi Jim, that's great in the Daily chart but i see weekly ......What do you think?
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  • #115,444
  • Aug 13, 2012 7:08pm Aug 13, 2012 7:08pm
Quoting jarroo
I like that 1.4890, Steve . .It sure worked out great in the past.

Let's see if it still has its magic since Price has now close above it on the Daily

hi jarroo, i'm very like Your method, and i try to understand it.
and i have a question, what about trend line, and play with or against trend?

THX and sorry for my english.

chart:

http://i49.tinypic.com/2ugl4s7.gif
  • #115,445
  • Aug 13, 2012 7:08pm Aug 13, 2012 7:08pm
Quoting Nake
Hi Jim, that's great in the Daily chart but i see weekly ......What do you think?
Attachment
Attachment
I like those past weekly LCS levels . .I believe the recent Space regenerated their strength.

It looks good to short ther Nake. . .But the more recent levels may hold as a stronger level. I like shorts up by the Daily LCS level.

We shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #115,446
  • Aug 13, 2012 7:18pm Aug 13, 2012 7:18pm
Quoting 0421
hi jarroo, i'm very like Your method, and i try to understand it.
and i have a question, what about trend line, and play with or against trend?

THX and sorry for my english.

chart:
Nake's short is looking better and better ..

Your English is great 0421.

Absolutely, trendlines are a great confluence tool. Trendline are "Ok" when your looking at a general trend.

Trendlines show their true strength when they are confluencing with S/R levels.


Check out this post (charts) from James16:

Quoting james16
CHARTS
Notice how the trendline confluenced with the Resistance level . .then the level flip to Support once Price Broke through the level and Closed above it.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #115,447
  • Aug 13, 2012 7:19pm Aug 13, 2012 7:19pm
Quoting jarroo
Thanks MrShort.

Its a good question . .Price still reacts to Highs and Lows . . and Buyers and Sellers are definitely looking at these levels for opportunities, S/L placements etc.

But it is my thought that the market will put a line in the sand at different levels and say, "Price will not Close above this level or Price will not Close below this level."

Once that "Close" level is established, Price tends to test that "Close" level and it cause Highs and Lows once PBT&CAorB them.



Traders and investors always talk about the "Close"...
Seriously , where in the world people talk like that ???
Human
  • #115,448
  • Aug 13, 2012 7:20pm Aug 13, 2012 7:20pm
Quoting Chanya
Seriously , where in the world people talk like that ???
lol
Indicators show the past. Price Action "Indicates" the future.
  • #115,449
  • Aug 13, 2012 7:25pm Aug 13, 2012 7:25pm
Quoting Chanya
Another Trade I am planning to take today ...
My trade from yesterday ... Awesooooommeee
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Human
  • #115,450
  • Aug 13, 2012 7:28pm Aug 13, 2012 7:28pm
Quoting Chanya
My trade from yesterday ... Awesooooommeee

Nice Chanya . .Price does like to consolidate . .what better place to exploit that dynamic . . HCR/LCS levels.
Indicators show the past. Price Action "Indicates" the future.
  • #115,451
  • Aug 13, 2012 7:30pm Aug 13, 2012 7:30pm
Quoting 5.25
Hey there

Although I like your analysis I think your wording and approach can be a little damaging. Building a good psychological foundation is key in this business IMHO, if a trade goes by and and you missed your entry point let it go even if on demo. Bad habits can re-manifest themselves come live trading.

I'm not trying to be derogatory, only I've been there before.

Hope this makes sense?

Nice posts, T . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,452
  • Aug 13, 2012 7:32pm Aug 13, 2012 7:32pm
Quoting utiq
a little late, but ... try

Attachment

Attachment

Very nice, utiq . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,453
  • Aug 13, 2012 7:32pm Aug 13, 2012 7:32pm
Quoting jarroo
Nice Chanya . .Price does like to consolidate . .what better place to exploit that dynamic . . HCR/LCS levels.
You would know better obviously but I don't think that consolidation base is going to last long ... Tons of divergence ... ( Even if it does , I am already safe , so no worries )
Human
  • #115,454
  • Aug 13, 2012 7:38pm Aug 13, 2012 7:38pm
Quoting Chanya
You would know better obviously but I don't think that consolidation base is going to last long ... Tons of divergence ... ( Even if it does , I am already safe , so no worries )

I understand Chanya . .But I would wait for close below this LCS level to go short.
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Indicators show the past. Price Action "Indicates" the future.
  • #115,455
  • Aug 13, 2012 7:51pm Aug 13, 2012 7:51pm
jarroo what Do You think about this chart:

http://i46.tinypic.com/2ihp6jl.gif

Do You like my HCR and LCS?

THX.
  • #115,456
  • Aug 13, 2012 8:02pm Aug 13, 2012 8:02pm
Quoting haircut
Here is my Gold trade for today. Orders were sat last night and have been filled today whilst at work.

The purple lines are monthly levels and the light blue lines are daily levels. Price returned to the monthly and daily HCR levels and could not close above.
The 150 ma is also there right by the levels for added confluence so I placed my sell order. I have closed the majority at the FTA and I am now hoping I get a bit of a run on the rest as price is currently at the top of once of mikes boxes created by the 2 monthly levels.

Waiting for a nice Daily to Close above the 1623. looks alot better because we would be trading into Space.

I'm not saying that price will not fall downward . . .if it does fall south, it has a lot of traffic to deal with.

But you did present a nice story to go short, HC ..
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Indicators show the past. Price Action "Indicates" the future.
  • #115,457
  • Aug 13, 2012 8:18pm Aug 13, 2012 8:18pm
Quoting 0421
jarroo what Do You think about this chart:



Do You like my HCR and LCS?

THX.
Looks goods .0421 . . I like your HCR/LCS levels. .

Also look to the Weekly HCR/LCS level and see if they align with the Daily HCR/LCS . .when they do, watch out!! . . they can be very powerful. .
Like these on the Swissy.


The current CB that Daily LCS level, .9745 may work out but it is better to catch them on the first time back to them.

As Price gathers around them, they tend to loss their effectiveness due to the traffic that builds around them.

Nice Chart, 0421 . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #115,458
  • Edited Aug 14, 2012 3:33am Aug 13, 2012 8:45pm | Edited Aug 14, 2012 3:33am
Quoting euro_dude
Chanya:

I saw it a little different and would have been a loss!


Quoting rafstraszek
I think it would be BE. Remember to pay attention to wicks!!!

cheers
All we really want out of a setup is for Price to hit its 1st target. (Targets are previous bar Highs and Lows.)

When this happen, it initiates an action on our part. We can reduce our risk or we can move to break even . .or we can . .wait a minture . . what was that 3rd thing . . . . . . ..Oh Yeah . . . . Take Full or Partial PROFITS!!!

charts . .Hourly shows the target(s) getting hit better.
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Indicators show the past. Price Action "Indicates" the future.
  • #115,459
  • Aug 13, 2012 8:49pm Aug 13, 2012 8:49pm
Quoting jarroo
All we really out of a setup is for Price to hit its 1st target. (Targets are previous bar Highs and Lows.)

When this happen, it initiates an action on our part. We can reduce our risk or we can move to break even . .or we can . .wait a minture . . what was that 3rd thing . . . . . . ..Oh Yeah . . . . Take Full or Partial PROFITS!!!

charts . .Hourly shows the target(s) getting hit better.
First targets are usually so close , I don't understand how taking profits there suits in the long run unless we are trading a 64 million dollar account ....
Human
  • #115,460
  • Aug 13, 2012 8:50pm Aug 13, 2012 8:50pm
Jarroo i have a one more question.

chart:

http://i45.tinypic.com/iwqird.gif

how long do we wait for reaction whenthe price make a PBT&(CA,CB).
it is some limit of time or pips??

THX
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