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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

  • #117,621
  • Sep 6, 2012 2:29pm Sep 6, 2012 2:29pm
Quoting HanSolo
Hi Rosa, this is my opinion: Great places to take profit are those PPZs or prominent support/resistance lines. Where exactly I take profit depends on how much I trust a level. If I think it breaks through I put my stop behind a line where I think price won't wipe it out. If I'm not sure if price breaks through the level I usually am conservative and rather protect my profits with a tight SL or take full profit. If I think a level is gonna hold and price returns on me I will take full profit.

I think Jarroo gave us a great method to move our stops...
Did you try taking AUD USD and USD CAD today ???
Human
  • #117,622
  • Sep 6, 2012 2:42pm Sep 6, 2012 2:42pm
Quoting DaGrizlyBull
Hey guys.

Today i got 2 losses with the PBT on EURAUD and GBPAUD ( which are so highly correlated that i basically doubled my risk on one of them ).

Yesterday PBT CA, and i put a buy limit on both. Could this have been avoided without a Daily Close Confirmation of Support?

Thanks

Btw, when it works , its great...I got 4 High/Lows of the Day in 1 week of studying PBT.
Can you attatch a chart with your levels on. Looking at my charts now i dont see any clear levels to take long trades from ...
  • #117,623
  • Sep 6, 2012 2:43pm Sep 6, 2012 2:43pm
Quoting Chanya
Did you try taking AUD USD and USD CAD today ???
I'm already long USDCAD but only looking for few pips before I move to BE fast. Tomorrow's close will be interesting.
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  • #117,624
  • Sep 6, 2012 2:44pm Sep 6, 2012 2:44pm
Quoting Chanya
Did you try taking AUD USD and USD CAD today ???
Hey Chanya, do you mean as short trades? No. I usually stay out when I see two bounces on top of each other like on the AUDUSD. Price often gets through the first level and reacts strongly at the second. Maybe with a stronger PBT&CB into the second level and a lot of space below it. It depends on the overall scenario.

USDCAD broke the daily but not the weekly. Plus it traded into such a bounce. Maybe I'm in when it breaks the weekly LCS.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #117,625
  • Sep 6, 2012 2:51pm Sep 6, 2012 2:51pm
Quoting dan89
Can you attatch a chart with your levels on. Looking at my charts now i dont see any clear levels to take long trades from ...
Here it is. The red rectangles are the reasons behind the lines. GL
I'm in the process on switching to FXP for the 5PM EST Close like you guys, so go easy on my levels

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I don't need easy. I just need possible.
  • #117,626
  • Sep 6, 2012 2:57pm Sep 6, 2012 2:57pm
Quoting DaGrizlyBull
Here it is. The red rectangles are the reasons behind the lines. GL

Attachment
Well from what i've read, by going through Jarroo's charts, is that he doesnt use so many levels from way back in the past. From what I understand the hcr/lcs levels are fairly recent, and even more recent in a trending market. If you look at his charts you will often see how zoomed in they are, unless looking at the overall big picture as Mike does. Also be aware that as price gathers around levels from the past they start to loose their effectiveness/strength.

...This is just my opinion though from studying Jarroo's posts. It would be a good idea to wait for his reply

Cheers
Dan
  • #117,627
  • Sep 6, 2012 2:58pm Sep 6, 2012 2:58pm
Hi all,
i would like to ask Mike what do you think about sap,dow any battle plan ?
  • #117,628
  • Sep 6, 2012 3:01pm Sep 6, 2012 3:01pm
Anyone took the pin on gold?
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  • #117,629
  • Sep 6, 2012 3:04pm Sep 6, 2012 3:04pm
Quoting dan89
Well from what i've read, by going through Jarroo's charts, is that he doesnt use so many levels from way back in the past. From what I understand the hcr/lcs levels are fairly recent, and even more recent in a trending market. If you look at his charts you will often see how zoomed in they are, unless looking at the overall big picture as Mike does. Also be aware that as price gathers around levels from the past they start to loose their effectiveness/strength.

...This is just my opinion though from studying Jarroo's posts. It would be a good...
You have a point there, lets wait for the experts advice
I don't need easy. I just need possible.
  • #117,630
  • Sep 6, 2012 3:04pm Sep 6, 2012 3:04pm
Quoting tinkerbelle
Hi all,
i would like to ask Mike what do you think about sap,dow any battle plan ?
I know I am not mike, but I was surprised to the the spx and the ndx break the highs today. The dow, however, did not put in any new highs, but stopped right at the highs.

Overall I see it looking pretty bearish with some longer term divergence. I am not ready to go long yet until maybe a thrust upwards and a pullback. But for the short term I am looking for bearish price action from today's possible whipsaw.
  • #117,631
  • Sep 6, 2012 3:05pm Sep 6, 2012 3:05pm
Quoting C-12
I'm already long USDCAD but only looking for few pips before I move to BE fast. Tomorrow's close will be interesting.
Long??

Hmmm...I'm thinking about short know...

Also almost all jpy pair are something to offer for pbters...
I think, I'll go with long gbpjpy, short usdcad, long nzdusd...probably if one xxxjpy wil fail - other will also, so no point taking more than one....hmm??

But this usdcad...i'm already long in eurcad - I will trade a little against myself I think...

Either way gbpjpy i like the most...
EDIT:
After a little thinking.... won't usdcad and nzdusd go in different directions...basically the same trade....argh...this correlation thing will kill me...
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  • #117,632
  • Edited 4:17pm Sep 6, 2012 3:26pm | Edited 4:17pm
Quoting DaGrizlyBull
You have a point there
Hi ... I also took both of these trades and both were BE for me ...

GBP AUD was BE for me because it nice did hit a PPZ level , thus allowing us to move to BE and then went the other direction ... See chart 1 and 2 below ...

EUR AUD ... Most recent PPZ is held its place and reversed the price for us , but I manually closed this one for the reason as you stated that they are correlated , and I dont want to go against the correlation ... See the chart 3 below ...

Hope this helps ...

I know ... Frustrating ... But thats the way it is ...
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Human
  • #117,633
  • Sep 6, 2012 3:33pm Sep 6, 2012 3:33pm
Quoting rafstraszek
Long??

Hmmm...I'm thinking about short know...

Also almost all jpy pair are something to offer for pbters...
I think, I'll go with long gbpjpy, short usdcad, long nzdusd...probably if one xxxjpy wil fail - other will also, so no point taking more than one....hmm??

But this usdcad...i'm already long in eurcad - I will trade a little against myself I think...

Either way gbpjpy i like the most...
EDIT:
After a little thinking.... won't usdcad and nzdusd go in different directions...basically the same trade....argh...this correlation thing will...

You like GBP JPY most .... The chances of this trade being activated is less See chart below ... A lot in the way stopping it from going down to activate the order ... But still , I am gonna place it too ...

I like CHF JPY most ... Lets just hope orders get activated today ... We had a lot of volatility today so maybe we are left behind ...
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Human
  • #117,634
  • Sep 6, 2012 3:42pm Sep 6, 2012 3:42pm
Quoting Chanya
Hi ... I also took both of these trades and both were BE for me ...

GBP AUD was BE for me because it nice did hit a PPZ level , thus allowing us to move to BE and then went the other direction ... See chart 1 and 2 below ...

EUR AUD ... Most recent PPZ is held its place and reversed the price for us , but I manually closed this one for the reason as you stated that they are correlated , and I dont want to go against the correlation ... See the chart 3 below ...

Hope this helps ...

I know ... Frustrating ... But thats the way it is ...
Hey man,

Thanks for the reply. So after the first test of the level (seen on H1 in your 2nd chart), we move to BE when price reaches that yellow area ( the PPZ) ?

That area (yellow) one isn't that clear to me (as to why i should watch that and not another one). Does it usually rarely come back to our level after that PPZ is breached to the upside from your experience and thats why you do it?

Appreciate it,
Thanks
I don't need easy. I just need possible.
  • #117,635
  • Sep 6, 2012 3:46pm Sep 6, 2012 3:46pm
Quoting DaGrizlyBull
Hey man,

Thanks for the reply. So after the first test of the level (seen on H1 in your 2nd chart), we move to BE when price reaches that yellow area ( the PPZ) ?

Thanks
yes ...

Quoting DaGrizlyBull

That area (yellow) one isn't that clear to me (as to why i should watch that and not another one). Does it usually rarely come back to our level after that PPZ is breached to the upside from your experience and thats why you do it?


Thanks
Sorry but I could not understand what you mean by this ...
Human
  • #117,636
  • Sep 6, 2012 3:49pm Sep 6, 2012 3:49pm
Quoting Chanya
Sorry but I could not understand what you mean by this ...
I don't understand why you picked that "yellow PPZ" as FTA (SL to BE). I didn't notice it at all.
Also, on picture Number3, i don't see any PPZ where you point it out.
I don't need easy. I just need possible.
  • #117,637
  • Sep 6, 2012 3:55pm Sep 6, 2012 3:55pm
Hey all,

Next my chart on aud/usd now, see chart and please some comments , best Rosa.
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  • #117,638
  • Sep 6, 2012 3:56pm Sep 6, 2012 3:56pm
Quoting DaGrizlyBull
I don't understand why you picked that "yellow PPZ" as FTA (SL to BE). I didn't notice it at all.
Also, on picture Number3, i don't see any PPZ where you point it out.

Chart below ... Haven't you red the PDF ??? It might not be cool but it at least provides basics such as these ...
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Human
  • #117,639
  • Sep 6, 2012 3:58pm Sep 6, 2012 3:58pm
Quoting Rosa
Hey all,

Next my chart on aud/usd now, see chart and please some comments , best Rosa.
The upper one is proper LCS but it has already been tested ...

Lower one was a 15 pip loss for me today so no worries about that ...
Human
  • #117,640
  • Sep 6, 2012 4:03pm Sep 6, 2012 4:03pm
Quoting Chanya
Chart below ... Haven't you red the PDF ??? It might not be cool but it at least provides basics such as these ...
Hehe. I read it... I figured you were referring to those wicks. I just didn't see it as a PPZ

Do you have any stats regarding the % of BEs you have? Or is it top secret stuff ?

Cheers!
I don't need easy. I just need possible.
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