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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

  • #117,321
  • Sep 4, 2012 3:03pm Sep 4, 2012 3:03pm
Quoting nwo-trader
Good Morning Ladies and Gents,
Looking for some guidance on the Jaroo method and anyone's comments on how this scenario could have been best traded using it. Was watching it unfold over the last two weeks, after the BEOB and IB formed the LCS, price then broke through and closed below. Do we just put a sell order on a retrace to the LCS? 50 Pips stop might have kept you in had you done that in this scenario.
This one has been pretty cool to watch, priced dropped to this old HCR and then retraced exactly to the LCS that it broke out from. Now price has touched the HCR twice and may be headed back up. Still demoing and visually learning the Jaroo material. :-)
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Price is beautiful. A repetitive method is a competitive method.
  • #117,322
  • Sep 4, 2012 3:44pm Sep 4, 2012 3:44pm
What do you guys think of this? Is this a valid PBT CB setup?
Does the pinbar -ish look (strong reaction up from the level, then big sell pressure) on this Daily bar add some confluence about this level?

Thanks!

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I don't need easy. I just need possible.
  • #117,323
  • Sep 4, 2012 3:45pm Sep 4, 2012 3:45pm
it helps thx for your replies ,,
ok im watching chart and i see there's close under the
support line u select 1.25712 correct ? this gonna confirm our form to be in a short?
i have a Q. Is this form happend on the support areas only to wait for the closing and for the strong signal right Mike ?
Investing is SIMPLE but NOT EASY
  • #117,324
  • Sep 4, 2012 3:50pm Sep 4, 2012 3:50pm
Did you take this one Mike ?

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I don't need easy. I just need possible.
  • #117,325
  • Sep 4, 2012 4:11pm Sep 4, 2012 4:11pm
Quoting Moly_Cam5
it helps thx for your replies ,,
ok im watching chart and i see there's close under the
support line u select 1.25712 correct ? this gonna confirm our form to be in a short?
i have a Q. Is this form happend on the support areas only to wait for the closing and for the strong signal right Mike ?
Hey Moly

I would want to see price close below 2550 to give a stronger idea that it closed below this are. Price is teetering on it. Again we can sell a break and look for the 2575 area to hold but I don't want to be trading back into that area and BRN myself. I want a bigger bar then this. Specifically having a higher high then the previous high from friday. This would give a much clearer strong signal. Being picky is the key for me

Best
Mike
  • #117,326
  • Sep 4, 2012 4:13pm Sep 4, 2012 4:13pm
Quoting mbqb11
Hey MR

I wouldn't want to generalize that if you trade against the trend your profits are less. For me it is highly situational to the opportunity and overall story. If the story is significant enough then fighting a trend is not really an issue. If the story/bar situation is less significant then fighting a trend plays a larger role. So you have a range of stories in b/w the easy to see ones to the harder to see ones. Sort of a general answer but its how I view each situation

Best
Mike
Hi Mike thanks for the reply much appreciated
  • #117,327
  • Sep 4, 2012 4:30pm Sep 4, 2012 4:30pm
I read many reviews for different brokers and not able to decide who to open an account with. Most of the reviews are terrible for every broker, can you guys recommend a broker, please.
  • #117,328
  • Sep 4, 2012 4:38pm Sep 4, 2012 4:38pm
After today's close, I decided to go long on EURUSD. Price failed to close below support again and I thought a buy with a small SL would be low risk. I'm only using a third of my normal risk. My thinking here is that even though there is weekly and trendline resistance overhead, there is still enough room to capture profit and/or get to break before it's hit. Had price closed below support, I wouldn't have looked long here.

Anyone else see this or something different?
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  • #117,329
  • Sep 4, 2012 4:43pm Sep 4, 2012 4:43pm
Quoting mbqb11
Hey Moly

I would want to see price close below 2550 to give a stronger idea that it closed below this are. Price is teetering on it. Again we can sell a break and look for the 2575 area to hold but I don't want to be trading back into that area and BRN myself. I want a bigger bar then this. Specifically having a higher high then the previous high from friday. This would give a much clearer strong signal. Being picky is the key for me

Best
Mike
hi Mike
got it ,so we are out market wait for the higher high than friday candle
the price trading in rectangle with its borders high and low of friday's candle!
Investing is SIMPLE but NOT EASY
  • #117,330
  • Sep 4, 2012 4:55pm Sep 4, 2012 4:55pm
Quoting Slider20
After today's close, I decided to go long on EURUSD. Price failed to close below support again and I thought a buy with a small SL would be low risk. I'm only using a third of my normal risk. My thinking here is that even though there is weekly and trendline resistance overhead, there is still enough room to capture profit and/or get to break before it's hit. Had price closed below support, I wouldn't have looked long here.

Anyone else see this or something different?
There are far better opportunities out there to take such a high risk low reward setup. Imo...
I don't need easy. I just need possible.
  • #117,331
  • Sep 4, 2012 4:58pm Sep 4, 2012 4:58pm
Quoting Moly_Cam5
hi Mike
got it ,so we are out market wait for the higher high than friday candle
the price trading in rectangle with its borders high and low of friday's candle!
Hey Moly

Here is the setup I am waiting for IF it materializes.

Notice we have fading momentum of price to the upside. Also noted by the "squeeze"

Now this doesn't mean price HAS to go down BUT if it gets back to the BRN of 1.25 which it feels like it wants too and can get under this area we could get back to the last swing low. I will watch for a breakout accordingly around this area.

This is a highly confluenced area. This is what we want to look for

Best
Mike
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  • #117,332
  • Sep 4, 2012 5:38pm Sep 4, 2012 5:38pm
Jarroo i have a question about Daily Close Confirmation, please look at those two charts and explain: Is it necessary that cofirmation bar touch our hcr/lcs level or it's enough that close of the bar is above/below hcr/lcs level?

Charts:
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  • #117,333
  • Sep 4, 2012 5:54pm Sep 4, 2012 5:54pm
Quoting rafstraszek
Thanks - I will do that

As I said before I'm using fxpro (new york close) - and I know that a lot people is using its demo to analyzing charts (not trading) - Mike included, so it can't be that bad Unless Mike changed his broker to analyzes...

take care

Can't say I have noticed that feed sucking at all.
I dare say, Mike or Jarroo would not be using it. if it sucked.
  • #117,334
  • Sep 4, 2012 6:02pm Sep 4, 2012 6:02pm
Quoting patapouer
Hi there,

done some charting, I would love to have some feedback on

1. AUDCHF.
- Monthly & weekly PPZ
- RN 0.98
- down trend
- 150EMA & 50% retracement
- if close as is (I know, it still can change ) small bullish pinbar
Either the bar does not close as a pinbar, in which case I won't enter, or it does.
In that case, I would consider 2 options:
(1) bar small but still valid (confluence EMA & 50% ret) -> long above 0.98 if broken.
(2) bar too small against the current down trend -> PBTCB 0.977 and short.
In both cases, I would say there...
Where did you get that information on the top left corner in Metatrader?
I don't need easy. I just need possible.
  • #117,335
  • Sep 4, 2012 6:18pm Sep 4, 2012 6:18pm
Quoting 0421
look on this chart in this way...
That's very good, 0421 . .there's a few levels to look for potential long entries beneath current Price. .
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Indicators show the past. Price Action "Indicates" the future.
  • #117,336
  • Sep 4, 2012 6:23pm Sep 4, 2012 6:23pm
Quoting Gogolak
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

There's a coversation that brzvadeg and I had few pages back where we talked about this . .It mainly has to do with how open the Space is that we are trading iinto ..

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,337
  • Sep 4, 2012 6:24pm Sep 4, 2012 6:24pm
Quoting bullzeye
EUR/AUD

great location to look for PA: 50 Fib and PPZ, now we need a mike bar

Attachment
what is a mike bar?
  • #117,338
  • Sep 4, 2012 6:27pm Sep 4, 2012 6:27pm
Quoting deltaskelta
what is a mike bar?
here you go . .

Quoting jarroo
Mike (mbqb11) Bar: is a bar that is large in size that is in a direct relationship to a Price Pattern Breakout, Consolidation Breakout or Price Action Formation that could lead to a structural and/or dynamical shift in the market.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,339
  • Sep 4, 2012 6:28pm Sep 4, 2012 6:28pm
Quoting jarroo
here you go . .

I should also add . ."or current trend continuation"
Indicators show the past. Price Action "Indicates" the future.
  • #117,340
  • Sep 4, 2012 6:30pm Sep 4, 2012 6:30pm
Quoting Pinbar
Can't say I have noticed that feed sucking at all.
I dare say, Mike or Jarroo would not be using it. if it sucked.
Yep I still use them for my main demo charting. They are as good as I have seen. I always cross check closes with live brokers especially intraday but they are good in my book(for charting that is)


Mike
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