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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

  • #117,261
  • Sep 3, 2012 6:35pm Sep 3, 2012 6:35pm
Quoting Pinbar
No problem Jim.
You were right about the other stuff, I was getting irritated waiting for a setup, that combined with the confusion drove me to the lower TF.

I shall STAY on the daily and these 4 charts.

Thanks Jim.
Zoom in on that Cad consolidation . .did we get a PBT&CB on that LCS . .albeit a weak one. .??
Indicators show the past. Price Action "Indicates" the future.
  • #117,262
  • Sep 3, 2012 6:45pm Sep 3, 2012 6:45pm
Quoting jarroo
Zoom in on that Cad consolidation . .did we get a PBT&CB on that LCS . .albeit a weak one. .??

Yes, we did with one of the gaps you like so much.
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  • #117,263
  • Sep 3, 2012 6:51pm Sep 3, 2012 6:51pm
Quoting Pinbar
Yes, we did with one of the gaps you like so much.

Yeah I have the same chart . .looks like we have a secondary LCS level in that consoldaitin too . .let's see how it plays out.
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Indicators show the past. Price Action "Indicates" the future.
  • #117,264
  • Sep 3, 2012 6:56pm Sep 3, 2012 6:56pm
Quoting migmac
"Do you understand the Daily Close Confirmation?? I don't blame you if you don't understand it, because I haven't talked about it much on this Thread mainly just in the PF. . . .. .some have asked about it here and I've tried to help.

Daily Close Confirmation has an "entry on the Close" option . .I shouldn't have brought it up . .just ignore that entry on the close."


Jim,

Can you explain what is this please? Daily Close Confirmation has an "entry on the Close" , what do you mean? it means we should enter the trade on the daily...
maybe this chart will help . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,265
  • Sep 3, 2012 7:02pm Sep 3, 2012 7:02pm
Almost a DBLHC on EUR/SEK but, 3 pips difference in the lows.
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  • #117,266
  • Sep 3, 2012 8:00pm Sep 3, 2012 8:00pm
Quoting Pinbar
Almost a DBLHC on EUR/SEK but, 3 pips difference in the lows.
look on this chart in this way...
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  • #117,267
  • Edited 9:40pm Sep 3, 2012 8:37pm | Edited 9:40pm
Quoting mbqb11

But every single day TONS of people are plopping indicators, curve fitting a single chart/pair optimizing something and inevitably they will get crushed. Some spends months, others decades doing this.

It doesn't have to be that hard. That doesn't mean its an easy business, but it's more simple then people make it

Good stuff
Mike
Been there stuck in analysis paralysis for ages thankfully I diddn't blow accounts over it. Unfortunately many do. I was stuck on the 1 min and tic charts thinking I couldn't lose too much on a trade because of the timeframe. Capital preservation or scared money mentality.

Thats what makes this thread so refreshing. It doesn't have to be that hard and whats funny is the stops on a daily chart, granted if done properly, aren't much bigger than on many 1 min systems. So why not follow James16 and learn from trading the daily and cut out much of the noise and confusion from lower timeframes?
  • #117,268
  • Sep 3, 2012 10:16pm Sep 3, 2012 10:16pm
Quoting Chanya
Last week was a bad week for me ... I missed plenty of good opportunities ... I went against my rules and manually closed couple of orders ... I took 6 major losses last week ...

All in all , I was in negative for the week ...

But one thing I am proud of was that I did not fingered with my AUD CHF Management , which I did with almost my every other trade ... I think I am in love with AUD CHF , although this one also gave me two minor buy losses ... I would have kissed her if it were something human ....
Hi Chanya,
Great job!
Can you explain for me which system you used when opened those trades?
I dont see any signals of the 1st, 2nd, 4th, 5th, 8th,
the 3rd, 6th, 7th i understand.

and please tell me what LVL mean?
Thanks!
G
Mától én vagyok a Soros!
  • #117,269
  • Sep 3, 2012 10:37pm Sep 3, 2012 10:37pm
Hi Jarroo
In your system i see sometimes you waiting for the price comes back and touch the HCR/LCS lines only, but sometimes you waiting for the price comes back and NOT to close below HCR/above LCS ( DCC).
Depend on what? Please explain it for me!
Thanks
Mától én vagyok a Soros!
  • #117,270
  • Sep 3, 2012 11:08pm Sep 3, 2012 11:08pm
The situation like this GAP where do you place SL?
OR maybe better just ignore this pair?
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Mától én vagyok a Soros!
  • #117,271
  • Sep 4, 2012 2:00am Sep 4, 2012 2:00am
Quoting jarroo
Yeah I have the same chart . .looks like we have a secondary LCS level in that consoldaitin too . .let's see how it plays out.
Did yu nticed that?
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Price Is The Best Indicator Itself.
  • #117,272
  • Sep 4, 2012 2:04am Sep 4, 2012 2:04am
Quoting asim.iqbal
Did yu nticed that?
I did ... That is why I did not take this trade !!! Nice observation ... Also notice HUGE bullish Divergence also ...
Human
  • #117,273
  • Sep 4, 2012 2:48am Sep 4, 2012 2:48am
Quoting Chanya
I did ... That is why I did not take this trade !!! Nice observation ... Also notice HUGE bullish Divergence also ...
Now you can see that we have Doubling on both side and will be a clear decision on breaking out theses. Lets See. Ha ha haaaaa.
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Price Is The Best Indicator Itself.
  • #117,274
  • Sep 4, 2012 3:04am Sep 4, 2012 3:04am
Quoting HanSolo
I underestimated the AUD pairs yesterday and maybe I'm doing it again. But as I am already more than 3:1 in the black I'm not willing to give back that much profit. I'm going to bed soon. So I moved my stop on AUDCHF to 0.9813 based on the 4hr closes.

Everyone have a nice day/evening/good night ,
Hans
I closed both trades this morning. AUDCHF at 0.9758, AUDUSD at 1.0253.
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,275
  • Sep 4, 2012 3:11am Sep 4, 2012 3:11am
Quoting asim.iqbal
Now you can see that we have Doubling on both side and will be a clear decision on breaking out theses. Lets See. Ha ha haaaaa.
I have no Idea what is meant by what you just said but I think its gonna be a triple bottom formation so I just placed a buy deal there with just 9 pip stop loss ... Minor Risk , Greater reward ...
Human
  • #117,276
  • Sep 4, 2012 3:19am Sep 4, 2012 3:19am
Quoting jarroo
The 1.0220 Lowest Close of Support level (or near it) would be a great exit Hans . .Why? . because if Price Breaks Through and Closes Below it you can always get back in it . .win/win . .
Yes, you're right, Jarroo. I closed my position because of this support level. Betting on a further drop seems to risky and would mean a bigger stop loss to avoid a possible retrace wiping out my SL. Doesn't seem worth it.
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,277
  • Sep 4, 2012 3:21am Sep 4, 2012 3:21am
Quoting jarroo
Mike Bar update on the AudJpy . .
Notice how well it worked out along with your PBT method.

Quoting Chanya
Last week was a bad week for me ...
Pretty impressive, would you explain to us your thinking behind some of the nontraditional entries? Thanks.
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  • #117,278
  • Sep 4, 2012 4:23am Sep 4, 2012 4:23am
Mike, would you be so kind to share your experience in sideways market. I mean I understood your concept of trading out of consolidation areas. But I bet u trade inside these areas also. How do u feel it? What are thing we should be aware of? I mean we often see market boxing and price respects S and R of this box. Do u use this. This is the example of USD/CAD. Is it tradeble inside the box for u, and how? What do u seek when u trade this kind of market not outside but inside the box? Maybe you have a good example? Thank you.
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If not up, then down, otherwise sideways :-)
  • #117,279
  • Edited 5:11am Sep 4, 2012 4:36am | Edited 5:11am
Quoting jarroo
maybe this chart will help . .

Jim
Is that mean you don't use touch trade any more? Or maybe it depends? If so - how? Or you just show another method - like signatures (and isn't waiting for daily close after retest something like signature on d1?)

thanks for your great work
  • #117,280
  • Sep 4, 2012 5:14am Sep 4, 2012 5:14am
Quoting rafstraszek
Is that mean you don't use touch trade any more? Or maybe it depends? If so - how? Or you just show another method - like signatures (and isn't waiting for daily close after retest something like signature on d1?)

thanks for your great work
No, I am pretty sure Jarroo showed us only another option how to jump in the market when daily close confirms the new flipped level to be valid and close is very near to this level. In this case you can get in by market order. It is very similar to what Ghous does when his pinbar closes at the HCR/LCS.
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