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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

  • #116,041
  • Aug 22, 2012 10:48am Aug 22, 2012 10:48am
USD/CAD

this beautiful pin wash me out of my even better short trade...nice profit anyway

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  • #116,042
  • Aug 22, 2012 11:03am Aug 22, 2012 11:03am
Quoting bullzeye
AUD/CHF

stop at BE...
Hi bullzeye, can you tell me the signal you used to go short this one? Thank you.
  • #116,043
  • Aug 22, 2012 11:06am Aug 22, 2012 11:06am
Quoting deltaskelta
were you short the USDCAD? Looking at the daily last night I went long and am up and BE at the moment
I am long from a 4hr breakout

But here is the daily chart. i think the confluence of factors is absolutely amazing and the multi bar high just is the tipping point that says price is going to "burst" out at LEAST to that fta
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  • #116,044
  • Aug 22, 2012 11:14am Aug 22, 2012 11:14am
Quoting bullzeye
AUD/CHF

stop at BE...

Attachment
Good trade - I know, because I'm in too Already sth about 100 pips and some profit booked I hope price will close below this minor trouble area on which is now...
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  • #116,045
  • Aug 22, 2012 11:17am Aug 22, 2012 11:17am
Quoting jarroo
Its how we roll . .

(sorry for the post and run)

Later,

Jim
Missed pending by 3 pips - but great trade anyway
Almost this same was (is) on usdchf In this I was in, but was BE out because of EA problems (my BE lvl changed itself on it's own...a little to soon)

take care and thanks for you work
  • #116,046
  • Aug 22, 2012 11:40am Aug 22, 2012 11:40am
Quoting March2011
Hi bullzeye, can you tell me the signal you used to go short this one? Thank you.
support zone was broken, than retest and bounce down from it: support turns resistance

i am not as good as mike on explaining things

cheers
  • #116,047
  • Aug 22, 2012 1:38pm Aug 22, 2012 1:38pm
PIIIIIIIIIIIPS!

USDJPY short
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  • #116,048
  • Aug 22, 2012 1:47pm Aug 22, 2012 1:47pm
The red cross shows the confirmation bar which shows that the HCR level is still valid and the arrow shows the touch trade off of the area which was filled this morning. FTA hit and 2 thirds closed the rest running and it has really ran on!.
I love the simplicity of this Jarroo just need to keep learning
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  • #116,049
  • Aug 22, 2012 1:55pm Aug 22, 2012 1:55pm
Quoting jarroo
Its how we roll . .

(sorry for the post and run)

Later,

Jim
Jim,

on your EURUSD long trade when are you going to TP?

Do you use any moving average? the one you have on your chart do you use it for anything?
  • #116,050
  • Aug 22, 2012 2:18pm Aug 22, 2012 2:18pm
Quoting jarroo
I didn't like how the HCR/LCS levels were zigzaged or staggered apart. A nice clear, striaght level with a nice build of consolidation that is trading into Space is what I prefer.

But it did work out nicely ..they often do at these S/L placements.

Jim
Surley you would of had a 1hr/4hr close/signiture on this level that would of taken you out for a loss though ?
  • #116,051
  • Aug 22, 2012 2:21pm Aug 22, 2012 2:21pm
OK - so this one worked out quite well - but it's only demo - unfortunately.

But marking on the charts monthly/weekly/daily PPZ have been a revelation.

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For me it's just a case of finding some demo a/c profitability and consistency over the next months before going live .

Fantastic thread ... I am starting to see these patterns emerge everywhere - oh look EURTRY seems to be in the process of 'breaking through'?!
  • #116,052
  • Edited 3:13pm Aug 22, 2012 2:23pm | Edited 3:13pm
Quoting jarroo
To use the Daily Close Confirmation you simply wait for the Daily Close to make your decision . .which I believe James16 uses this approach also.

Or to use a touch trade at this level, you could use a Hourly Close Confirmation thing. .
how would you enter using a daily close confirmation ? price breaks though and closes above a HCR level. Now we are looking for the area to hold as support. Price retests the level (or doesnt) and closes above the hcr level after the pbt&ca candle ... where do we enter ? Any examples with the daily and hourly close confirmations ?
  • #116,053
  • Aug 22, 2012 2:25pm Aug 22, 2012 2:25pm
Right, if you look at any currency/jpy daily charts, you will see falls right of monthly pivots but gbp/yen lagging somewhat. However, it has formed dbhlc right at monthly R1. If this is not a short trade, then what is?
oh and btw, that monthly R1 happens to be BRN
regards,
J
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  • #116,054
  • Aug 22, 2012 2:35pm Aug 22, 2012 2:35pm
Hi! New story and trade)
-Solid blue line shows S/R of monthly chart
-Dashed line is S/R on weekly chart
-Dotted line is S/R on daily chart

Here is my point of view.
There is a very strong support on W around 1.22 in confluence with M and W lines. Also we can observe a handsome BUOB at swing low. And this BUOB was broken upwards. Daily chart looks even better. Very strong PPZ, marked with rectangle, was broken upwards. Buy at 1.2432. BE at FTA.

Looking forward your comment, fellows!
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  • #116,055
  • Aug 22, 2012 3:23pm Aug 22, 2012 3:23pm
Quoting dan89
how would you enter using a daily close confirmation ? price breaks though and closes above a HCR level. Now we are looking for the area to hold as support. Price retests the level (or doesnt) and closes above the hcr level after the pbt&ca candle ... where do we enter ? Any examples with the daily and hourly close confirmations ?

I put an example of the confirmation bar on the last page on my GBP/JPY trade the confirmation bar is one that touches the highest HCR level but cannot close above it, this confirms that the level is still resistence. I then set my orders at the HCR level and trade off a touch of that level.

I am demoing this way because I cannot watch charts all day in order to use the hourly signatures that I would use if I were just touch trading the levels without the daily confirmation bars.

The success rate to the FTA is proving to be very successful at the mo. I hope my demoing can continue to be this successful for 5 or 6 months and then I could go live.

I like this way of trading because I can set my orders at the close of the daily candles set entry and exit points without going square eyed watching hourly charts all day. Hope this helps but if not I am sure Jarroo will clear it up for you
  • #116,056
  • Aug 22, 2012 3:34pm Aug 22, 2012 3:34pm
Quoting HanSolo
I totally agree, that's a good strategy. By the way, I see you are a fan of Mr. Gauss. I haven't read anything about him yet but I sure will do. I strongly admire those polymaths of ancient times who were not only good scientists but great artist and philosophers, too.
Yes, I like this as well. Don't know if there are many people around nowadays that "combine" these different fields.
I bet he would have invented some crazy indicators :nerd:


For not getting too off-topic, here is a trade I'm going to take if the bar closes lower than the one before:

GBP/JPY daily; double bar high (almost to the pip), horizontal resistance and diagonal resistance.


EDIT: Sorry for the double-call, jsvihla already posted this!
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  • #116,057
  • Aug 22, 2012 3:54pm Aug 22, 2012 3:54pm
Quoting haircut
I put an example of the confirmation bar on the last page on my GBP/JPY trade the confirmation bar is one that touches the highest HCR level but cannot close above it, this confirms that the level is still resistence. I then set my orders at the HCR level and trade off a touch of that level.

I am demoing this way because I cannot watch charts all day in order to use the hourly signatures that I would use if I were just touch trading the levels without the daily confirmation bars.

The success rate to the FTA is proving to be very successful at...
Do you use an ea to get stop to be at fta?
  • #116,058
  • Aug 22, 2012 3:56pm Aug 22, 2012 3:56pm
Quoting millions
Some people are short on this, I'm long. The pbtca/b traders are looking at the rejection of the hcr. I believe this hcr was caused by the 150 ema- see how well prce has respected it. Now I have enough confluence (wedge breakout, 150 ema, brn with previous resistance and a dblhc) to get me into a trade with a low stop loss and look for runner to next brn- it may not get there but I will have stop to be asap.
Looks like my analysis wasn't so good- 50 pip loss (demo). Jarroo/ Chanya method won out on this occasion.
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  • #116,059
  • Aug 22, 2012 4:22pm Aug 22, 2012 4:22pm
Quoting millions
Do you use an ea to get stop to be at fta?
The way I am demoing is that I work out how big my top loss needs to be by protecting it behind a bar high or swing point. Once I have done this I can work out the amount I am going to trade in order to stay in my money management plan.

Once I have done this I place 2 orders. I place 3/4's or say 2/3's of the trade amount for example on the first trade with stop loss set and a limit order set at the FTA so that once the price hits the FTA the trade is closed.
The second order has 1/4 or 1/3 placed on it with the stop loss but no limit order so it can run. I move the stop to break even when the FTA is hit.

If the daily bar closes against me above or below my entry point at the HCR LCS I close my trade as this could mean the level has flipped to support or resistence against me.

Hope you understand what I have meant its a bit of a ramble. I find by trading this way ( demoing )the last few months I am making profits every week, getting the odd good runner but more importantly even though I am having losing trades very very rarely do I take a full bar loss and there for I am protecting my account and gradually growing it. Fingers crossed its not just luck!!
  • #116,060
  • Aug 22, 2012 4:35pm Aug 22, 2012 4:35pm
Quoting haircut
I put an example of the confirmation bar on the last page on my GBP/JPY trade the confirmation bar is one that touches the highest HCR level but cannot close above it, this confirms that the level is still resistence. I then set my orders at the HCR level and trade off a touch of that level.

I am demoing this way because I cannot watch charts all day in order to use the hourly signatures that I would use if I were just touch trading the levels without the daily confirmation bars.

The success rate to the FTA is proving to be very successful at...
Hi thanks for the reply mate, but from what i read this is just another way of playing the LCS/HCR levels where price fails to close above of below.
Im trying to understand this newer concept of Confirmation closes.
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