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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

  • #117,001
  • Aug 31, 2012 12:50pm Aug 31, 2012 12:50pm
Quoting DaGrizlyBull
What would you guys do in this situation?

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I should use a bit of a wider stop. It's so painful to be kicked and then price go where you expect. Otherwise it looks logical to me I like it.
  • #117,002
  • Edited 4:27pm Aug 31, 2012 1:07pm | Edited 4:27pm
Nice bar on gold - Mike's (I think) and buob. And if nice close it also can be PBT setup.

Hey guys, is one pip on gold 0.01 ?? This last bar has now something about 4500 pips!!?? or this is 450, because I lost myself now...
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  • #117,003
  • Aug 31, 2012 6:12pm Aug 31, 2012 6:12pm
http://i1171.photobucket.com/albums/...28-11-10SA.png
  • #117,004
  • Edited 10:40pm Aug 31, 2012 10:29pm | Edited 10:40pm
Quoting DaGrizlyBull
I was referring to the picture in this post :

http://www.forexfactory.com/showthre...15#post5969915

We could interpret that in 2 ways. Long on a PBT&CA or Sell on the most recent PBT & CB.
Which one do we take? Cause from what i read, when we decide to go long, we put a limit buy order on that level, and we don't wait to see if it does close below or not.

I may not fully understood your method..All I've read was Chanya's PDF

Edit: Here is a screen to better show what i mean:

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There are many options available to enter the market than just a limit order. Much of it has to with confirming our levels as Support or Resistance before we enter a trade.

When we have a Support level from a PPZ level, James16 teaches us to wait for a bar confirmation to confirm that the Support level really is a Support level by looking for a Bullish PA ( Bullish PB or Bullish Outside Bar, etc.) at that perceived Support level.

My method uses the confirmation of S/R in a different way . . . by using the Close of Price.

Do these charts help . .??

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,005
  • Aug 31, 2012 10:45pm Aug 31, 2012 10:45pm
Quoting RonaldinhoKuban
We see a strong level, around which revolves the price, and can not close below it 4 days ..
Yesterday it still ended pin false breakout. IMHO, this deal has the potential to go up to the green line.
A similar situation exists for EurCad, only in reverse
Looks like another false breakout on Friday. RK . . . .now maybe we'll go upwards .
Indicators show the past. Price Action "Indicates" the future.
  • #117,006
  • Aug 31, 2012 10:56pm Aug 31, 2012 10:56pm
Quoting Pinbar
Jim, I can not really understand why we are ignoring the levels with the red rectangles on, especially the consolidation box.

EDIT: If you look at the black chart, we can see that the current downtrend has had some reaction at these two areas in yellow.
These are the main two areas that are confusing me as to why, you deem them not valid.

Steve . .I can't speak for DGB . .but I believe he saw the simplicty of your Cad chart (which is a good thing) and decided to mark some levels on his own. .mainly HCR levels. He just went to his Cad chart and when straight up the chart marking HCR levels ..and he drew these in blue.

Those levels that you drew are important . .I was just answering DGB's question on the levels he drew . .which were propably his first attempt in doing so. . .that's all.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,007
  • Aug 31, 2012 11:03pm Aug 31, 2012 11:03pm
Interesting trade scenario for Monday ...

Weekly PBT&CB and retest + Daily Level and now on daily , we have a daily close confirmation ... Stops above the yellow zone , a cheap trade in the making ... What are your thoughts Jarroo ? Are you going to close your longs now ???
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Human
  • #117,008
  • Aug 31, 2012 11:12pm Aug 31, 2012 11:12pm
Quoting Chanya
Interesting trade scenario for Monday ...

Weekly PBT&CB and retest + Daily Level and now on daily , we have a daily close confirmation ... Stops above the yellow zone , a cheap trade in the making ... What are your thoughts Jarroo ? Are you going to close your longs now ???
I'm looking at Audioslave's post on the Eurnzd now ..same situation . .
Indicators show the past. Price Action "Indicates" the future.
  • #117,009
  • Aug 31, 2012 11:23pm Aug 31, 2012 11:23pm
Quoting jarroo
I'm looking at Audioslave's post on the Eurnzd now ..same situation . .
I have no idea what that means and what is audioslave !!!
Human
  • #117,010
  • Edited Sep 1, 2012 12:12am Aug 31, 2012 11:55pm | Edited Sep 1, 2012 12:12am
Quoting Audioslave
Hi Guys

We have interesting scenario on EurNzd.

Price finally reached round number 1.5700 which worked well as support in february (creating double bottom from daily point of view). I see an oportunity to sell this cross, but what option do You think is best?

1) Wait for Weekly confirmation of resistance (if price closes below 1.5700) and search for entry next week.
2) Search for entry today if price should retest those Weekly/Daily levels before market closing. (Jarroo's PBT style)
3) Enter short if price does not retest those levels and...
Your english is great and your anaylsis of the sell options are even better audioslave . .

This is a strong Weekly and Daily LCS level. . .(previous Support turning into Resistance) . . Price had a couple of days of Closing below on the Daily and now we have a Weekly that Closed below confirming the level as Resistance.

I like # 3 at the time of your writing . .the Hourly BEOB . .but we can see that there was no momemtum in that Hourly BEOB . .if it did, Price would have broke downward pretty hard on the next bar or two after it formed. But we got nothing . . just the opposite .

The uptrend on this pair and EurAud are very strong. The poodle Daily PB (tiny, weak PB) on the EurNzd is not helping the cause to go short.

The chart is saying its Resistance but the strong up trend is saying, that Resistance will not hold for long. Price Beaking Through & Closing Above these levels look very good for longs.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,011
  • Edited 12:26am Sep 1, 2012 12:08am | Edited 12:26am
Quoting HanSolo
Sorry, I can't post charts at the moment. Just a quick update on my trades:
I closed my position on EURAUD at 1.2199. I thought about moving my stop again but I think price has reached an important resistance level now. A bigger retrace seems probable.
SL for AUDUSD and AUDCHF stay the same.

Have a nice day everyone!
Hans
This was a perfect exit on the EurAud (and EurNzd) . .Why? because if Price falls from this strong Resistance then . . .you win. . .if Price Breaks Through and Closes Above these strong Resistance levels turning them into strong Support . .you win also . .because you can always re-enter long if it does.

I'm still long on both pairs because I feel the uptrend on both is still very strong. But I would rather be in your shoes than mine. . because I don't have a win-win situation like you do right now . .

(btw, thanks for the kind words in my profile)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,012
  • Sep 1, 2012 12:12am Sep 1, 2012 12:12am
Quoting jarroo
Steve . .I can't speak for DGB . .but I believe he saw the simplicty of your Cad chart (which is a good thing) and decided to mark some levels on his own. .mainly HCR levels. He just went to his Cad chart and when straight up the chart marking HCR levels ..and he drew these in blue.

Those levels that you drew are important . .I was just answering DGB's question on the levels he drew . .which were propably his first attempt in doing so. . .that's all.

Jim
oh, for some reason, I thought you meant the levels I drew were not relevant, simply because the chart you posted did not have those levels.
sorry for the confusion.

Yeah! Totally agree, Grizly drew some good levels on his chart.
  • #117,013
  • Sep 1, 2012 12:18am Sep 1, 2012 12:18am
Quoting Pinbar
oh, for some reason, I thought you meant the levels I drew were not relevant, simply because the chart you posted did not have those levels.
sorry for the confusion.
Yeah! Totally agree, Grizly drew ome good levels on his chart.

Yeah I figured he was new to drawing the levels and took a try on some obvious ones, which were good. . .he never replied back . . so . .who knows. .
Indicators show the past. Price Action "Indicates" the future.
  • #117,014
  • Sep 1, 2012 12:22am Sep 1, 2012 12:22am
Quoting Chanya
Interesting trade scenario for Monday ...

Weekly PBT&CB and retest + Daily Level and now on daily , we have a daily close confirmation ... Stops above the yellow zone , a cheap trade in the making ... What are your thoughts Jarroo ? Are you going to close your longs now ???
These posts applies to yours, Chanya . .


Quoting jarroo
Your english is great and your anaylsis of the sell options are even better audioslave . .

This is a strong Weekly and Daily LCS level. . .(previous Support turning into Resistance) . . Price had a couple of days of Closing below on the Daily and now we have a Weekly that Closed below confirming the level as Resistance.

I like # 3 at the time of your writing . .the Hourly BEOB . .but we can see that there was no momemtum in that Hourly BEOB . .if it did, Price would have broke downward pretty hard on the next bar or two after it formed. But...

Quoting jarroo
This was a perfect exit on the EurAud (and EurNzd) . .Why? because if Price fall from this strong Resistance then . . .you win. . .if Price Breaks Through and Closes Above these strong Resistance levels turning them into strong Support . .you win also . .because you can always re-enter long if it does.

I'm still long on both pairs because I feel the uptrend on both is still very strong. But I would rather be in your shoes than mine. . because I don't have a win-win situation like you do right now . .

(btw, thanks for the...
Indicators show the past. Price Action "Indicates" the future.
  • #117,015
  • Sep 1, 2012 12:40am Sep 1, 2012 12:40am
Nzdusd should be fun to watch next week . .Price already made a few Daily Highs and Lows of the Day from the previous HCR levels . .let's see if they continue to produce Highs and Lows of the Day . . . . . . . then again it may just drop straight down . .
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Indicators show the past. Price Action "Indicates" the future.
  • #117,016
  • Sep 1, 2012 2:52am Sep 1, 2012 2:52am
Quoting jarroo
Yeah I figured he was new to drawing the levels and took a try on some obvious ones, which were good. . .he never replied back . . so . .who knows. .
Yup, I am new to these

I plotted the HCR and LCS as you said Didn't think levels that far and in such traffic matter. I looked only at clear levels.
Hope you post those beginner videos soon in the guest area

Good luck!
I don't need easy. I just need possible.
  • #117,017
  • Sep 1, 2012 2:53am Sep 1, 2012 2:53am
Quoting jarroo
Nzdusd should be fun to watch next week . .Price already made a few Daily Highs and Lows of the Day from the previous HCR levels . .let's see if they continue to produce Highs and Lows of the Day . . . . . . . then again it may just drop straight down . .
I went short on this the day after it broke the LCS and CB (retest). How would you have managed it till now, and after?
I don't need easy. I just need possible.
  • #117,018
  • Sep 1, 2012 3:00am Sep 1, 2012 3:00am
Hi folks,

I've learned plenty from this thread so far. Thanks to all of you!

Just logged another demo trade on my trading journal. The psychology of trading is so important. Missed a couple of brilliant setups over the past few days, and then got sucked into (demo) trading a poor one; or at least one in which I didn't have much confidence; Tuesday's candle on the cable (GBPUSD). Stuffed about with entry. Stuffed about with trade management. And when all is said and done I failed to trust my instincts.

If you're interested in what happened, check out http://moneyblogpost.com/2012/09/01/...-setup-gbpusd/
  • #117,019
  • Sep 1, 2012 6:50am Sep 1, 2012 6:50am
Quoting Donkey
I was watching the NZDJPY, http://www.forexfactory.com/showthre...98#post5962498
and endep up entering on Tuesday's bar using a 13pip buffer and 66 pip s/l. I've reduced 1/2 risk and considering since the PBT&CB bar on Tuesday, each day has closed lower than previous low, I'm going to try hold a little longer.
Support held so I closed the trade for about +0.5R
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  • #117,020
  • Sep 1, 2012 8:15am Sep 1, 2012 8:15am
So I thought I would take a moment to reflect on my trading since I've been studying J16 and Jaroo methodology.

I have been trading for about 3 years now, some live, but mostly on demo because I've never found that magic indicator (wink) that makes my demo account grow 100%/week. Prior to J16 I never had any consistently positive results, and my positive months were more the result of lucky trades using absurd levels of risk.

I started studying J16 in June and dedicated myself to following James' outline of treating this like a business. In July I began trading the J16 methodology exclusively (no indicators other than a 365 EMA), and grew my demo account by 40% for the month using improper MM, but I had far more wins than losses.

In August, using proper MM, risking a maximum of 3% on any given trade, I have increased my balance by 5%, and have another 5% in equity still open (and protected with stops at BE).

I am 2/3 of the way towards opening a small live account, and I can't describe how much more comfortable and confident I am in entering trades and managing them. J16 has provided great clarity for trading in a way that suits my personality and allows me to express myself through trading, and my patience has increased by a million fold.

I am more optimistic than I have ever been that I can get to where I want to be as a trader, and I want to thank everyone who posts in this thread for their insight and help. This is a great place to be, and I am sure that I will continue to learn from all of you and that one day I'll be able to give back as much as I have received.

Thank You!
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