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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

  • #116,841
  • Aug 30, 2012 3:21am Aug 30, 2012 3:21am
Quoting Chanya
No , i did not take it but I closed my previous long position for 13 pip loss when close below occurred ...

My friend asked me yesterday " Chanya , How in the hell do you pick up highs and lows of the day ??? "

I said " Uh I can't tell you ... Its a secret " ...

( Literally made that kind of face with the glasses on ) ....
lol . .Its a secret method . .don't tell anybody .. .


Usd Cad . .
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Indicators show the past. Price Action "Indicates" the future.
  • #116,842
  • Aug 30, 2012 3:22am Aug 30, 2012 3:22am
Quoting jarroo
I heard Johnny Lang's song today . .

Good riff.
Actually I was just playing the Les Paul and my fingers are hurting.
  • #116,843
  • Aug 30, 2012 3:23am Aug 30, 2012 3:23am
Quoting Pinbar
Yes, J16 PA did show the way but, you showed the level and were clearly expecting it to show PA here.

Way to go Jim.
This is a perfect example showing, how you are actually doing the VERY same thing as J16, Mike, Ghous, SC and everyone else in this thread. It also shows that you are just qualifying the PPZ a little differently.

Well said Steve . .thanks.
Indicators show the past. Price Action "Indicates" the future.
  • #116,844
  • Aug 30, 2012 3:26am Aug 30, 2012 3:26am
Quoting Pinbar
Good riff.
Actually I was just playing the Les Paul and my fingers are hurting.

That's right you play the guitar . . cool.
Indicators show the past. Price Action "Indicates" the future.
  • #116,845
  • Aug 30, 2012 3:34am Aug 30, 2012 3:34am
Quoting Rosa
Hello,

Maybe to early but there is 2 HCR so I think that is good position, now I am wainting for a Jarroo "Baammmmm" . best, Rosa.
Rosa . .Could you have just picked the High of the Day? . .we'll have to wait and see . .
Indicators show the past. Price Action "Indicates" the future.
  • #116,846
  • Aug 30, 2012 3:51am Aug 30, 2012 3:51am
Quoting jarroo
Great charts, Hans . .nice work . .
Thanks, Jarroo. They all worked out so nicely because I adopted your entry and SL strategy. It's been only two weeks since demoing this approach but what I see looks nice. So kudos to you, Mr. Jarroo.

Quoting LamerTrader
1) Even if I followed the thread for days there were several abbreviation that I wasn’t able to understand. Could you give me some details on the followings? HCR, (Daily) LCS, PBT&CB and PA. (PA = price action?
Hi LameTrader, welcome to the J16 thread. I agree with Chanya, you should really dig deeper and start at page one. Read at least the first few hundred pages and the posts of the well-respected members in this thread (James16 of course, mbqb11, Jarroo, Ghous, SeekingLight - just to name a few). Also don't miss Chanyas excellent PDF on the Jarroo trading method. Many of those abbreviations are explained inside: Price Breaks Through.pdf

Yes, PA = price action.

The rest comes with time. Just read and start posting some charts. We help you to understand what this thread is all about.
Best,
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,847
  • Aug 30, 2012 4:28am Aug 30, 2012 4:28am
Quoting rafstraszek
Watching nzdusd...quite nice lvl for pbt trade
Well...it's just good to be right
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  • #116,848
  • Aug 30, 2012 4:42am Aug 30, 2012 4:42am
Quoting HanSolo
Hey Gogolak, could you tell us what pair/commodity/stock/etc. you are trading here. It makes it easier for us since we can look at our own charts.

I've got two questions:
1. Why did you enter?
2. Where was your FTA (First Trouble Area), 2nd, 3rd and so on?
Hi Solo!
Thanks for the reply.
-The pair was USDSEK (as you can see from the photo )
- I opened above the pin's high
-my first target was 6.66500 (which is a TL)
I pulled my SL to BE at that time when the price reached that. After the price turned back and i stoped out.
What should i do?
Mától én vagyok a Soros!
  • #116,849
  • Aug 30, 2012 5:21am Aug 30, 2012 5:21am
Hmm, would have been possible to add to the position here.
Here comes the RT of this level.
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  • #116,850
  • Aug 30, 2012 5:33am Aug 30, 2012 5:33am
Quoting Gogolak
Hi Solo!
Thanks for the reply.
-The pair was USDSEK (as you can see from the photo )
- I opened above the pin's high
-my first target was 6.66500 (which is a TL)
I pulled my SL to BE at that time when the price reached that. After the price turned back and i stoped out.
What should i do?
It looks here a little different here, but I think that you did good (and you had more a buob than pinbar - I have pinbar). You saw trendline as fta and move sl to be, when price got there. You were stopped out - but it happens. You can reenter at breaking trendline, or retest ( after breaking) - but I don't think it's a good idea.

You could also tighten your stop instead moving it to be (to grey area for example) - but it is just another way - yours was good too...

take care


@down
HanSolo is right - for me be trade is a winning one.
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  • #116,851
  • Aug 30, 2012 5:36am Aug 30, 2012 5:36am
Quoting Gogolak
Hi Solo!
Thanks for the reply.
-The pair was USDSEK (as you can see from the photo )
- I opened above the pin's high
-my first target was 6.66500 (which is a TL)
I pulled my SL to BE at that time when the price reached that. After the price turned back and i stoped out.
What should i do?
First of all the PA on your chart is not a pinbar it is a BUOB as it encompasses the previous bar and has a higher close. A pinbar and a BUOB are two different setups and the things that make a great PB do not necessarily make a great BUOB. This distinction is important.

Second of all, being stopped out at BE isn't something to be upset about. Actually you managed this trade better than maybe 90 % of all the other retail traders. You had a plan and that is key in trading! Like James16 once said: if you become a BE trader - that is a trader who does not make money but also doesn't lose it - you have made a very important step in your trading career and you can pat yourself on the back. Because the rest (i.e. becoming profitable) is now just a matter of being more picky.

As for your setup: Nice BUOB encompassing two previous bars, nice location at a weekly resistance area, closed above the 6.6000. But it also had some resistance above and it was pretty obvious that it would struggle up there. I think it was a wise decision to move your stop to BE. Though I think your FTA was pretty optimistic as it was well into the resistance already. Mine would have been at around 6.64.
And why did you enter +100 pips above the BUOB? With an entry just 10-15 pips above the BUOB you would have probably been stopped out with some profit.

Hope what I say makes sense.
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,852
  • Aug 30, 2012 5:38am Aug 30, 2012 5:38am
Quoting jarroo
Hang in there, my friend . .the story is there. .

I really don't see anything that would interrupt its path to your target . .

Jim

Jarroo, I just read your post on NZD/USD.
Are you not concerned about the FTB to the 150 EMA and it confluencing with the 0.8000?

Just trying to get a handle on how you can be so sure of it reaching its daily target, given the two factors mentioned.
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  • #116,853
  • Aug 30, 2012 5:39am Aug 30, 2012 5:39am
Quoting HanSolo
And why did you enter +100 pips above the BUOB? With an entry just 10-15 pips above the BUOB you would have probably been stopped out with some profit.
Sorry, I just saw you have a different feed. My BOUB's high was at 6.6244.
Thanks J16, Sam Seiden, Udine and Jacko
  • #116,854
  • Aug 30, 2012 6:07am Aug 30, 2012 6:07am
Quoting HanSolo
First of all the PA on your chart is not a pinbar it is a BUOB as it encompasses the previous bar and has a higher close. A pinbar and a BUOB are two different setups and the things that make a great PB do not necessarily make a great BUOB. This distinction is important.

Second of all, being stopped out at BE isn't something to be upset about. Actually you managed this trade better than maybe 90 % of all the other retail traders. You had a plan and that is key in trading! Like James16 once said: if you become a BE trader - that is a trader who...
Thank you for answer!
I hear you.
Yes, you right this candle is more a BUOB than a PB... and i should be more picky, more care full.
Mától én vagyok a Soros!
  • #116,855
  • Aug 30, 2012 6:51am Aug 30, 2012 6:51am
GBPCHF Daily chart:

Price formed a 2 day bullish pinbar @ trendline and @ support and @ RN.
We have a (small) divergence.

Im long with a stop below the 2 daily bars from wednesday and tuesday.

Mike what do u reckon? (or anyone else)

Lehmann
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  • #116,856
  • Aug 30, 2012 8:20am Aug 30, 2012 8:20am
[quote=james16;17960]the ones i have mentioned so far are.

1. dblhc;double bar low with a higher close on second bar

2. dbhlc; double bar high with a lower close on second bar

3. the above can be triples or more

4. two or more matching highs or lows which if broken usually mean a
resumption of the current trend

5. beovb; bearish outside verticle bar; second bar totally encompasses the prior bar with a lower close on the second. usually signals a continuation of the current trend. quote]

For #5.. Outer bars does wick matter as much
What about the candle wicks? I've seen these work with just the candle body
see the bold for my question please
  • #116,857
  • Aug 30, 2012 8:34am Aug 30, 2012 8:34am
Quoting phixuanthi
http://i1171.photobucket.com/albums/...21-55-01CH.png
Great job Phix! That is something I would see James take all day long for sure. Looks like his chart


Best
Mike
  • #116,858
  • Aug 30, 2012 8:48am Aug 30, 2012 8:48am
Quoting jarroo
Hey Chanya . .did you take it ?. . You would have picked the High of the Day.

I know you were thinking that since PBT&CA these Daily /Weekly HCR levels that they should at as Support. . .they didn't. Once the Daily Closed below this HCR it confirmed that the level was not acting as Support.

Does this mean the levels are no good or not strong . . . No. It means that the down trend is very strong and this level failed as Support. Good chance it will act as strong Resistance . .which it did.
So there si no rule to which side the HCR or LCS should be broken?

I see you agreeed with the sell decision when the HCR level was broken to the downside and closed below. I thought HCR need PBTCA and LCS need PBTCB to be a valid trade.

Why wouldn't we have entered long on that level since PBT CA in July, and now we are retesting that level (long entry) ?

Thanks
I don't need easy. I just need possible.
  • #116,859
  • Aug 30, 2012 8:50am Aug 30, 2012 8:50am
[quote=Maverick731;5971236]
Quoting james16
the ones i have mentioned so far are.

1. dblhc;double bar low with a higher close on second bar

2. dbhlc; double bar high with a lower close on second bar

3. the above can be triples or more

4. two or more matching highs or lows which if broken usually mean a
resumption of the current trend

5. beovb; bearish outside verticle bar; second bar totally encompasses the prior bar with a lower close on the second. usually signals a continuation of the current trend. quote]

For #5.. Outer bars does wick matter...
Hey Mav

I am a bit confused on your question? Do you have a chart maybe that further explains

Best
Mike
  • #116,860
  • Aug 30, 2012 8:54am Aug 30, 2012 8:54am
Mike,

I can't post a chart right now but look at the daily of gbp/usd. 08/28/12 has the body of the candle having a cloe higher than the pervious open. It also has a higher high than the previous candle. However it does not have lower low than the previous candle. I'm wondering if we can just use the Body of the candles to help determine an outside bar.

Thanks
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