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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

  • #116,581
  • Aug 28, 2012 7:51pm Aug 28, 2012 7:51pm
Quoting mbqb11
everything fixed? If not let me know


Mike
Working now, thanks!
  • #116,582
  • Aug 28, 2012 7:53pm Aug 28, 2012 7:53pm
Quoting Donkey
Those confluences could work on the upside as well....a BUOB or daily close above 1.5500 would work.

What can I say...I'm not too picky about the direction, but love the location
Looks like you called it again jarroo and we got the 4H BUOB and daily close above the 1.5500....hate I wasn't at my computer for the BUOB, that one is A+ for continuation in my book.
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  • #116,583
  • Aug 28, 2012 7:56pm Aug 28, 2012 7:56pm
Quoting Donkey
Looks like you called it again jarroo and we got the 4H BUOB and daily close above the 1.5500....hate I wasn't at my computer for the BUOB, that one is A+ for continuation in my book.

Classic Mike bar . .

It may not be done with this level just yet, my friend . . . .EurNzd loves to retest.
Indicators show the past. Price Action "Indicates" the future.
  • #116,584
  • Aug 28, 2012 7:57pm Aug 28, 2012 7:57pm
Quoting jarroo
You are not wrong DGB . .very well said. You have just described the most common dynamic in the market . .Support and Resistance.
But why should it work? It would have to break that level more often than bounce on these levels to make sense.

After all, swing lows should be levels where demand exceeded supply ; and swing high should be levels where supply exceeds demand. The logical answer would be that once price gets there, we are in a similar situation and price should bounce.

Also, why would one day close above on Daily be enough to confirm a lets say 1000 pip rally into that level? Not to mention the above statement that we are revisiting an old SUPPLY level, which would make it more likely to drop there.

Don't know if I explained it clearly enough, let me know, cause I'm a bit confused now.

Thanks!
I don't need easy. I just need possible.
  • #116,585
  • Aug 28, 2012 8:02pm Aug 28, 2012 8:02pm
This was sweet. :-)

Quoting Donkey
Looks like you called it again jarroo and we got the 4H BUOB and daily close above the 1.5500....hate I wasn't at my computer for the BUOB, that one is A+ for continuation in my book.
  • #116,586
  • Aug 28, 2012 8:06pm Aug 28, 2012 8:06pm
We are all told how important support and resistance is in trading. Probably nothing more important than these concepts. What many don't understand is HOW TO TRADE s/r. I and others previously focused in on the tips of the wicks trying to fit a line through all these wicks to make an important s/r line. Now Jarroo's concept of closes/opens at HCRs and LCS levels takes out ALOT of the subjectivity of identifying VALID s/r levels. Now that finding valid s/r levels has become so much easier the only question is how to trade the levels. The J16 price action candles/bars at these s/r levels will often signal proper entries at these levels. Other methods such as watching price action on lower time frames at these levels will also provide quite reliable entry signals. One thing I think Jarroo has said is to find the obvious ones. If you have a bunch of levels confusing the issue then move on to the next pair. Nothing gets my trading mojo going like seeing a clean break and close through a level then moving away for 50,100 or more pips then returning to the same level and BBBAAAAAAMMMM!
  • #116,587
  • Aug 28, 2012 8:09pm Aug 28, 2012 8:09pm
Quoting dmc
This was sweet. :-)
Like my buddy in real estate says....location, location, location!
  • #116,588
  • Aug 28, 2012 8:11pm Aug 28, 2012 8:11pm
Quoting DaGrizlyBull
But why should it work? It would have to break that level more often than bounce on these levels to make sense.

After all, swing lows should be levels where demand exceeded supply ; and swing high should be levels where supply exceeds demand. The logical answer would be that once price gets there, we are in a similar situation and price should bounce.

Also, why would one day close above on Daily be enough to confirm a lets say 1000 pip rally into that level? Not to mention the above statement that we are revisiting an old SUPPLY level, which...

Sorry, I don't know alot about the "Supply" and Demand" on the charts to answer your questions, DGB. Maybe someone that knows more about Supply/Demand on charts ( which is crazy to me) can answer.
Indicators show the past. Price Action "Indicates" the future.
  • #116,589
  • Aug 28, 2012 8:15pm Aug 28, 2012 8:15pm
Quoting Winston Reed
We are all told how important support and resistance is in trading. Probably nothing more important than these concepts. What many don't understand is HOW TO TRADE s/r. I and others previously focused in on the tips of the wicks trying to fit a line through all these wicks to make an important s/r line. Now Jarroo's concept of closes/opens at HCRs and LCS levels takes out ALOT of the subjectivity of identifying VALID s/r levels. Now that finding valid s/r levels has become so much easier the only question is how to trade the levels. The J16 price...

Bamm!! baby . .. .Thanks, Winston . .Clarity is King in this business. .
Indicators show the past. Price Action "Indicates" the future.
  • #116,590
  • Aug 28, 2012 8:23pm Aug 28, 2012 8:23pm
Quoting jarroo
Sorry, I don't know alot about the "Supply" and Demand" on the charts to answer your questions, DGB. Maybe someone that knows more about Supply/Demand on charts ( which is crazy to me) can answer.
Ok...Good luck
I don't need easy. I just need possible.
  • #116,591
  • Aug 28, 2012 8:34pm Aug 28, 2012 8:34pm
Quoting freeze
Hey, I entered late (I was out), at the close of yesterday's candle. I covered my losses (and then some) with my GBP/JPY short and I'm still holding on to this trade. The stoploss is under the PBT&CA candle - at 78.385.

This inner HCR (in white) in the consolidation is holding tough, freeze.
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Indicators show the past. Price Action "Indicates" the future.
  • #116,592
  • Aug 28, 2012 8:37pm Aug 28, 2012 8:37pm
Quoting jarroo
Sorry, I don't know alot about the "Supply" and Demand" on the charts to answer your questions, DGB. Maybe someone that knows more about Supply/Demand on charts ( which is crazy to me) can answer.
I traded the supply and demand "method" for a while. I met some truly talented traders in the PIE thread and have nothing but respect for them. I could not make it work for me. I think this has a lot to do with the subjectivity of s/d levels. When does a supply level cause a rejection or when does price bust through. Same for demand levels. While relating s/d to s/r is similar the Jarroo method clearly treats s/r as s/r and mixing supply and demand with the Jarroo style of support and resistance may be frustrating.
  • #116,593
  • Aug 28, 2012 8:39pm Aug 28, 2012 8:39pm
Quoting jarroo
This inner HCR (in white) in the consolidation is holding tough, freeze.
Quoting Slider20
jarroo,

When you refer to signatures on lower timeframes, what are you referring to and why? Please excuse me if this has been discussed already, but I couldn't find it when I was going back through posts.


Hey Slider .check out this 5min Signature on the UsdJpy . .Bam! ..
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Indicators show the past. Price Action "Indicates" the future.
  • #116,594
  • Aug 28, 2012 8:41pm Aug 28, 2012 8:41pm
This trade has been rockin'. I closed half earlier and I am letting the second half run to see if more downside to this pair. I entered on a lower time frame more than 24 hours ago.
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  • #116,595
  • Aug 28, 2012 8:43pm Aug 28, 2012 8:43pm
Quoting Winston Reed
I traded the supply and demand "method" for a while. I met some truly talented traders in the PIE thread and have nothing but respect for them. I could not make it work for me. I think this has a lot to do with the subjectivity of s/d levels. When does a supply level cause a rejection or when does price bust through. Same for demand levels. While relating s/d to s/r is similar the Jarroo method clearly treats s/r as s/r and mixing supply and demand with the Jarroo style of support and resistance may be frustrating.

I meant no disrespect to S/D traders . If I sounded bad, I apologize.

I've tried to follow S/D material before and it never really made sense to me.
Indicators show the past. Price Action "Indicates" the future.
  • #116,596
  • Aug 28, 2012 8:49pm Aug 28, 2012 8:49pm
Quoting Winston Reed
This trade has been rockin'. I closed half earlier and I am letting the second half run to see if more downside to this pair. I entered on a lower time frame more than 24 hours ago.

Very nice, Wiston.
Indicators show the past. Price Action "Indicates" the future.
  • #116,597
  • Aug 28, 2012 8:58pm Aug 28, 2012 8:58pm
Quoting jarroo
I meant no disrespect to S/D traders . If I sounded bad, I apologize.

I've tried to follow S/D material before and it never really made sense to me.
Damn Jaroo! I didn't mean to suggest that you or anyone might have been disrespecting anyone. My only suggestion was that mixing the two methods is unlikely to work. Nothing more and nothing less. Peace!
  • #116,598
  • Aug 28, 2012 9:00pm Aug 28, 2012 9:00pm
Tis looks interesting.
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  • #116,599
  • Aug 28, 2012 9:12pm Aug 28, 2012 9:12pm
Quoting Winston Reed
Damn Jaroo! I didn't mean to suggest that you or anyone might have been disrespecting anyone. My only suggestion was that mixing the two methods is unlikely to work. Nothing more and nothing less. Peace!
Ok WR . .lol . ..I just thought I was coming off wrong in my reply . .

no harm . .no foul.
Indicators show the past. Price Action "Indicates" the future.
  • #116,600
  • Aug 28, 2012 9:15pm Aug 28, 2012 9:15pm
How would you handle this?

It looks like a "touch" trade or should I wait for a daily close?

Regards,
JS
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