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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

  • #117,841
  • Edited 2:33am Sep 8, 2012 2:02am | Edited 2:33am
Quoting Rosa
hello,

I am searching and searching Jarroo method, but sometimes I don't understand basics . Can you tell why lower lcs level is good, and upper is not good , chart is usd/chf. best, Rosa.
Hi Rosa, I'm only recently trading Jarroo's method. But this is what I can tell you from my general trading experience.
The situation is exactly like you see it: controversial. If PBT&CB a LCS and there's still another LCS right below it, it of course will make your trade riskier than compared to a trade into open space. So if you think the 2nd LCS below will also break in your favor, you might take the trade, but make sure that you take measures when price gets to the 2nd LCS again (e.g. move SL to BE, protect your profits).

Take a look at the USDCHF chart, there's even a 3rd LCS below. All those are possible trouble areas. You're doing great, Rosa. Your doubts are reasonable. So trust them and take measures accordingly.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #117,842
  • Sep 8, 2012 2:25am Sep 8, 2012 2:25am
Quoting Rosa
Hello,

And one more question on usdchf chart .
If you look carefully you can see that price retraced to the upper area - not to the LCS but to the LLS (Lowest Low of Support) which is a perfectly valid entry for a Jarroo-like trade I think (please correct me if I'm wrong, Jarroo).

I found that price often retraces to some kind of mean value when a PPZ is made out of multiple levels like differing lows/highs, opens/closes and probably also differing LCSs/HCRs and TF signatures. So in a situation like on USDCHF you could have placed your entry based on your evaluation of the two HCR/LCS levels: the fact that price also closed below the HCR made it more unlikely that it would fully retrace to the LCS.

I hope this isn't too confusing.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #117,843
  • Sep 8, 2012 3:12am Sep 8, 2012 3:12am
Hello, HS

I saw it earlier but like I said when you put on your chart every LCS HCR LLS and HHR level and these levels will be from daily, weekly, monthly you will have each level over next 20 pips, and how to play it . The space is the key I think, but can you tell me something about confirmation ??

Quoting HanSolo
If you look carefully you can see that price retraced to the upper area - not to the LCS but to the LLS (Lowest Low of Support) which is a perfectly valid entry for a Jarroo-like trade I think (please correct me if I'm wrong, Jarroo).

I found that price often retraces to some kind of mean value when a PPZ is made out of multiple levels like differing lows/highs, opens/closes and probably also differing LCSs/HCRs and TF signatures. So in a situation like on USDCHF you could have placed your entry based on your evaluation of the two HCR/LCS levels:...
  • #117,844
  • Sep 8, 2012 6:16am Sep 8, 2012 6:16am
Quoting Rosa
Hello, HS

I saw it earlier but like I said when you put on your chart every LCS HCR LLS and HHR level and these levels will be from daily, weekly, monthly you will have each level over next 20 pips, and how to play it . The space is the key I think, but can you tell me something about confirmation ??
Hm, I'm not sure. So far I have focused on daily HCRs/LCSs and did not care about the others too much as long as there was enough space I traded into. Maybe Jarroo will chime in and help us with this.
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,845
  • Sep 8, 2012 6:28am Sep 8, 2012 6:28am
Hello traders,

Could anyone spare a few mins and validate the HCRs/LCSs marked in the charts below. Your comments will be of great help, thanks in advance!



Cheers
Vicky
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Fall seven times, stand up Eight! #GGMU
  • #117,846
  • Sep 8, 2012 6:30am Sep 8, 2012 6:30am
Some more charts here!
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Fall seven times, stand up Eight! #GGMU
  • #117,847
  • Sep 8, 2012 7:14am Sep 8, 2012 7:14am
Quoting Rosa
Hello, HS

I saw it earlier but like I said when you put on your chart every LCS HCR LLS and HHR level and these levels will be from daily, weekly, monthly you will have each level over next 20 pips, and how to play it . The space is the key I think, but can you tell me something about confirmation ??
Hi Rosa,

I am struggling with the real meanings of these terms that are frequently used in recent posts....LLS/LCR/HCR/HHR - PBT&CA etc.

Would anyone help me with meaning of it ( other then FF) and its significance in PA. I know too much of asking.. but as this is very long thread.. any references to posts will as well do or for any particular member id who's posts i need to search.llike Jaroo as referred in post.

regards
Success is 1 % intelligence and 99% perseverance - Edison
  • #117,848
  • Sep 8, 2012 7:20am Sep 8, 2012 7:20am
Quoting ritesh_fx
Hi Rosa,

I am struggling with the real meanings of these terms that are frequently used in recent posts....LLS/LCR/HCR/HHR - PBT&CA etc.

Would anyone help me with meaning of it ( other then FF) and its significance in PA. I know too much of asking.. but as this is very long thread.. any references to posts will as well do or for any particular member id who's posts i need to search.llike Jaroo as referred in post.

regards
Here you've got meaning of this shortcuts http://www.forexfactory.com/showthre...57#post5442457
(from Pinbar's sig - all thanks to him)

HHR - highest high of resistance
LLS -lowest low of support
  • #117,849
  • Sep 8, 2012 7:45am Sep 8, 2012 7:45am
Quoting ritesh_fx
Hi Rosa,

I am struggling with the real meanings of these terms that are frequently used in recent posts....LLS/LCR/HCR/HHR - PBT&CA etc.

Would anyone help me with meaning of it ( other then FF) and its significance in PA. I know too much of asking.. but as this is very long thread.. any references to posts will as well do or for any particular member id who's posts i need to search.llike Jaroo as referred in post.

regards
Hi ritesh, Chanya has compiled a very nice PDF on the basics of Jarroo's strategy. It will probably help you with the meaning of those terms (apart from their abbreviations): Price Break Through.pdf
Thanks J16, Sam Seiden, Udine and Jacko
  • #117,850
  • Sep 8, 2012 8:31am Sep 8, 2012 8:31am
Quoting jarroo
Yes brzvadeg, those LCS levels could indeed act as . .Support. Unless of course PBT&CB them . .
Quoting jarroo
BRN 1.2500 . .the ATR could be tighter . .Bam??? we'll see . .

This euro trade is working out alright . .
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Indicators show the past. Price Action "Indicates" the future.
  • #117,851
  • Sep 8, 2012 8:55am Sep 8, 2012 8:55am
Quoting dan89
Cool, So the setup was a good one it just happened to not work out ..? Yeah the DCC would of kept me out but trading this live I wouldnt of known ...hindsight and all that ...

How often (percentage wise) would you say that you use the DCC for your trades compared to touch trades off the levels ?

Cheers
Dan
Hey Dan . .upon a closer look of the earlier NzdUsd setup . .It was technically correct when PBT&CB initially. It was still a valid setup as we discussed.

HCR/LCS levels have the potential to be the borders of Consolidation.

Although this LCS level was valid on the NZDUsd, I would like to see them at deeper Swing points.

Here's a question for you . .Can a failed Touch Trade be a successful Daily Close Conformation on the same setup?

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,852
  • Sep 8, 2012 9:06am Sep 8, 2012 9:06am
Quoting HanSolo
For me it depends on what's above (in case of a long trade). If the level from where price retraced is strong, it may stand against my entry and I rather stay out. But if the level is a minor one, price breaches it and there's space above - that's when a retrace to my entry has a good chance to work out.

Great post Hans . . . . on the question of pending orders and Space.

I was thinking about the best way to say what you did . .and you nailed it . . . .I may steal your response for future use . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #117,853
  • Sep 8, 2012 9:23am Sep 8, 2012 9:23am
Quoting fabx
I took this trade for EUR CAD yesterday at 1.2413 level. I had to endure a bit of drawdown but at the moment it seems to be moving in the right direction. Would be nice to see it break out of this consolidation to the upside but who knows with NFP fast approaching. I hope my entry method was ok. Thanks Alex.
Hey fabx ..nice trade . .don't forget the LCS levels . .they are in play too. I noticed that you didn't mark them on your chart .

. ..more thoughts on this setup . .(Chart).

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #117,854
  • Sep 8, 2012 9:26am Sep 8, 2012 9:26am
Quoting Rosa
Hello,

And it closed below , but eur/usd close also below hcr, and this is for short setup, so which is fake usdchf long, or eur/usd short .
first retest,

but honestly i wouldnt sell such a daily bullish bar...
Hero calls followed by margin calls...
  • #117,855
  • Sep 8, 2012 9:28am Sep 8, 2012 9:28am
Quoting Donkey
. Checking trade before work this am, price to FTA, risk reduce per trade plan.

Indicators show the past. Price Action "Indicates" the future.
  • #117,856
  • Sep 8, 2012 9:34am Sep 8, 2012 9:34am
Quoting Pinbar
Yeah, but I kept too tight of an rein on it and it took me out before the run.
Another dimension to think about.
That said, if I had played it according to these levels, I would still have been in the trade. Just goes to show that management is equally as important to the entry, in the long term.
The birthing process can be a bit messy . .lol . .just kidding, Steve.

Is there a shorting opportunity now on the EurSek?
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Indicators show the past. Price Action "Indicates" the future.
  • #117,857
  • Sep 8, 2012 10:00am Sep 8, 2012 10:00am
Quoting jarroo
The birthing process can be a bit messy . .lol . .just kidding, Steve.

Is there a shorting opportunity now on the EurSek?
Most of the crosses are in reversal mode ... We have multiple opportunities for Monday ... I have been waiting for CHF JPY a long time ... Lets hope it gets activated too ...
Human
  • #117,858
  • Sep 8, 2012 10:05am Sep 8, 2012 10:05am
Quoting DaGrizlyBull
It's not really like this. It's only "BAM" when it holds. When SL gets hit its "OOPS" .
The only thing that matters is: Are the "BAM"s more often than the "OOPS"?

Edit: I got this also btw. Was nice.
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Yeah I would say that was nice, DGB . .you entered on the Low of that Day, on the Euro.

The potential BAMs! will be there and the OOPS rarely come about. . .meaning full position loss of our S/L being hit.

If Price closed below our HCR/entry level (in the case of your Euro trade) would have gotten us out for a small position loss. . .Chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #117,859
  • Sep 8, 2012 10:09am Sep 8, 2012 10:09am
Quoting MtlTrader
Closed the trade (TP at 1.5997) that I was holding on to since yesterday for a +92pip
That BRN 1.6000 is not to mess around with... for now

Very nice Mtl . .nice story on your chart . .
Indicators show the past. Price Action "Indicates" the future.
  • #117,860
  • Sep 8, 2012 10:25am Sep 8, 2012 10:25am
Quoting bullzeye
hey dan, well jaroo`s lcs/hcr levels are in fact ppz levels. They have just another names. Open a line chart and you will understand how to drawn ppz levels correctly, there is nothing subjective about it. And playing breakouts and retests is just one of many styles of "james-trading". Jaroo was just very good on it and bring it simply to perfection.

Try to play all of the beautiful chart pattern of PA and you will love it.
Not exactly bullz, but you're close. Initially, I viewed HCR/LCS levels as the "boundaries" of PPZ levels. . .which they can be still labeled in that way. But I have found they can also be the clear transitional point of S/R.
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Indicators show the past. Price Action "Indicates" the future.
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