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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

  • #117,541
  • Sep 6, 2012 2:36am Sep 6, 2012 2:36am
Quoting jarroo
I like your plan very much . . . .you're trading into some nice Space there . .I like its potential.

You'll start liking them more when you see them work out more . . I believe your fingers are safe, Hans.

Jim
Thanks for your encouragement, Jarroo. Yes, the space is what I like about it most, too. I hope the small 4h level isn't one of those minor yet very reactive levels we were talking about.

Whenever I improve my strategy by implementing something new I easily get mousetrapped by anaylsis paralysis because I'm so afraid of my first big loss. But learning involves making mistakes. That's part of why I take this trade anyway I think. If it hurts me it hopefully teaches me a lesson and improves my chart reading.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #117,542
  • Sep 6, 2012 2:42am Sep 6, 2012 2:42am
Quoting HanSolo
Thanks for your encouragement, Jarroo. Yes, the space is what I like about it most, too. I hope the small 4h level isn't one of those minor yet very reactive levels we were talking about.
Looks like that was the area that caused the reaction. The path looks like it has been cleared now.
  • #117,543
  • Sep 6, 2012 2:45am Sep 6, 2012 2:45am
Quoting HanSolo
Thanks for your encouragement, Jarroo. Yes, the space is what I like about it most, too. I hope the small 4h level isn't one of those minor yet very reactive levels we were talking about.

Whenever I improve my strategy by implementing something new I easily get mousetrapped by anaylsis paralysis because I'm so afraid of my first big loss. But learning involves making mistakes. That's part of why I take this trade anyway I think. If it hurts me it hopefully teaches me a lesson and improves my chart reading.
I hear you, Hans . .we all go through the same thing.

Just speaking for myself . . on how I trade and the levels I trade. . . If the trade is there and works out no surprise. . .but if it doesn't work out and goes the other way I'm fine with that too because I'll just trade it the other way at the same level. If that fails also I step back and re-access. . .lol

So my mindset is a little more relaxed . .


I don't know it this helps much to what you said . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,544
  • Sep 6, 2012 2:58am Sep 6, 2012 2:58am
Jarroo, you never sleep?
You are always here Appreciated!
  • #117,545
  • Sep 6, 2012 2:59am Sep 6, 2012 2:59am
Hi Jarroo,

May I ask your thoughts on NZDUSD.

Was looking for the 0.79714 to act convincingly as resistance, and then in an ideal world go down to 0.79060...but there is probably a bit of turbulence on the way down?

What do you think of this one?


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  • #117,546
  • Sep 6, 2012 3:03am Sep 6, 2012 3:03am
Quoting C-12
Looks like that was the area that caused the reaction. The path looks like it has been cleared now.
Hopefully, C-12. But I think there's still some resistance left at the 1.5950ish area. And we've got the BRN 1.6 above.

Quoting jarroo
I don't know it this helps much to what you said . .

Jim
Very much so, Jim. That's a pretty good strategy and something I will try next time I lose: if it is a false breakout, just trade the right one. Thanks for your help.
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,547
  • Sep 6, 2012 3:11am Sep 6, 2012 3:11am
Quoting S_Ferrer
Hi Jarroo,

May I ask your thoughts on NZDUSD.

Was looking for the 0.79714 to act convincingly as resistance, and then in an ideal world go down to 0.79060...but there is probably a bit of turbulence on the way down?

What do you think of this one?


Attachment
I like it S_Ferrer . . and Hans this could be a good example of what I was saying about trading a level(s) in either direction . .

The Short looks good at the newly formed Resistance . . Targets in blue . . . .like to see Price smash through those targets but will manage the S/L with them.

If Price fails as Resistance at this previous LCS . .and Closes Above tomorrow. .turning back into Support . . .we'll trade it long . .at the same level(s) . (damn gaps)

Jim
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #117,548
  • Sep 6, 2012 3:12am Sep 6, 2012 3:12am
Quoting HanSolo
Hopefully, C-12. But I think there's still some resistance left at the 1.5950ish area. And we've got the BRN 1.6 above.


Very much so, Jim. That's a pretty good strategy and something I will try next time I lose: if it is a false breakout, just trade the right one. Thanks for your help.
No problem, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #117,549
  • Sep 6, 2012 3:18am Sep 6, 2012 3:18am
Quoting jarroo
I like it S_Ferrer . . and Hans this could be a good example of what I was saying about trading a level(s) in either direction . .

The Short looks good at the newly formed Resistance . . Targets in blue . . . .like to see Price smash through those targets but will manage the S/L with them.

If Price fails as Resistance at this previous LCS . .and Closes Above tomorrow. .turning back into Support . . .we'll trade it long . .

Jim
Jim, thanks for that. Great stuff.

Never really thought about trading a long based on the close tomorrow..but now you mention it, the way you guys 'think' about the markets is different - 2 or 3 steps ahead.

Thanks again ...
  • #117,550
  • Sep 6, 2012 3:19am Sep 6, 2012 3:19am
Quoting jarroo
You got a chart migmac

also did you see this post reply to you ?. .
jarroo,

sorry for the missing chart, I have attach to this post, don't you think is a strong level? do you trade against it? it might be an approach we can go in and move the SL to BE before the level is hit

I did miss the post 117285 , thank you so much for let me know, I understand now what is Daily Close Confirmation

Thank you
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  • #117,551
  • Sep 6, 2012 3:21am Sep 6, 2012 3:21am
Quoting S_Ferrer
Jim, thanks for that. Great stuff.

Never really thought about trading a long based on the close tomorrow..but now you mention it, the way you guys 'think' about the markets is different - 2 or 3 steps ahead.

Thanks again ...
I forgot about the S/L placement . it could be these two . .




Jim
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #117,552
  • Sep 6, 2012 3:24am Sep 6, 2012 3:24am
Quoting jarroo
I forgot about the S/L placement . it could be these two . .




Jim
Yeah, I hear you man
  • #117,553
  • Sep 6, 2012 3:25am Sep 6, 2012 3:25am
Quoting jarroo
I forgot about the S/L placement . it could be these two . .




Jim

Jim,

in this chart, what price would you have enter for a short?

thank you
  • #117,554
  • Edited 3:49am Sep 6, 2012 3:29am | Edited 3:49am
Quoting migmac
jarroo,

sorry for the missing chart, I have attach to this post, don't you think is a strong level? do you trade against it? it might be an approach we can go in and move the SL to BE before the level is hit

I did miss the post 117285 , thank you so much for let me know, I understand now what is Daily Close Confirmation

Thank you
Wow . . that is a strong weekly level on the UsdSgd, migmac.

Should be interesting when or if Price gets there. Would like to see Price break through and close below that sucker. .

Yes , on the trade I presented on the UsdSgd it would be wise to move to BE before it gets hit.
Indicators show the past. Price Action "Indicates" the future.
  • #117,555
  • Sep 6, 2012 3:31am Sep 6, 2012 3:31am
Quoting jarroo
I forgot about the S/L placement . it could be these two . .




Jim

Jarroo, would you enter short now on the touch of the level? Or would you wait for the bar to close (still below the level) and then enter on the next days bar on the level or where the bar closes.
  • #117,556
  • Sep 6, 2012 3:34am Sep 6, 2012 3:34am
Quoting migmac
Jim,

in this chart, what price would you have enter for a short?

thank you
Right at the LCS level .7977 . .the early entry or buffer entry would be these bar Lows in blue.

I wonder what the High of the Day will be . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #117,557
  • Sep 6, 2012 3:41am Sep 6, 2012 3:41am
Quoting jarroo
Right at the LCS level .7977 . .the early entry or buffer entry would be these bar Lows in blue.

I wonder what the High of the Day will be . .
Jim,

this question was already done by someone on the thread, but I can't find a reply, you probably have already reply to this, do you think you can help me to find your post?

When do you decide to use a Daily Close Confirmation as you already explain to me, or this situation NZDUSD where you sell just on the level?

Thank you
  • #117,558
  • Sep 6, 2012 3:41am Sep 6, 2012 3:41am
Quoting Johan N
Jarroo, would you enter short now on the touch of the level? Or would you wait for the bar to close (still below the level) and then enter on the next days bar on the level or where the bar closes.
You have just explained the Daily Close Confirmation perfectly Johan . .

You can do whatever fits your style. . .you can do both or all of the above.

I will tend to take a touch on a Hourly Close Confirmation (Hourly Signature) and see where it goes . .and wait for the Daily to Close . . .taking profit and/or moving my S/L with the targets of course.
Indicators show the past. Price Action "Indicates" the future.
  • #117,559
  • Sep 6, 2012 3:45am Sep 6, 2012 3:45am
Quoting migmac
Jim,

this question was already done by someone on the thread, but I can't find a reply, you probably have already reply to this, do you think you can help me to find your post?

When do you decide to use a Daily Close Confirmation as you already explain to me, or this situation NZDUSD where you sell just on the level?

Thank you
Its mainly up to you, migmac. You can wait until the close of today to see that Daily Close Cofirmation of Resistance, then take the trade.

Or you can take a touch and see how it plays out.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,560
  • Sep 6, 2012 3:58am Sep 6, 2012 3:58am
Quoting jarroo
You have just explained the Daily Close Confirmation perfectly Johan . .

You can do whatever fits your style. . .you can do both or all of the above.

I will tend to take a touch on a Hourly Close Confirmation (Hourly Signature) and see where it goes . .and wait for the Daily to Close . . .taking profit and/or moving my S/L with the targets of course.

Oki Jim thanks!
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