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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

  • #118,181
  • Sep 11, 2012 2:37pm Sep 11, 2012 2:37pm
Quoting extremerrage
if there are plenty jarroers, so i am a miker


weekly looks even better...

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  • #118,182
  • Sep 11, 2012 2:37pm Sep 11, 2012 2:37pm
Quoting extremerrage
mike i think this question was asked here before, but as ur faithful disciple i would like to hear it from u .. why more often price retraces back to the turning point ? like for instance for a beob ,buob, pin etc..... is it because of supply and demand ?
Yes...well everything is supply and demand. But you have so many traders doing different things. If price breaks out often price wants to come back to retest that breakout point. People take profit and sell back into that breakout point where supply/demand will be heavily located again since this was the last major point of buying/selling.

This is often why if you buy a break of a buob/pin/price pattern/etc and get your stop to breakeven you get stopped out before the LARGER move. price hits a trouble area, gets some weak selling price bounces back to the point of origin(breakout point) fresh buyers come back in to get back on the bus

Doesn't mean it happens every time, but the market tends to not move in a straight line too much

Best
Mike
  • #118,183
  • Sep 11, 2012 2:50pm Sep 11, 2012 2:50pm
SILVER

looks interesting for me, IB and a small pin ...maybe a reversal,i will wait for the next candle

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  • #118,184
  • Sep 11, 2012 3:01pm Sep 11, 2012 3:01pm
USD/CHF

a nice PPZ, many space ahead, i would like to see a retest of the blue area and a nice strong move down

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  • #118,185
  • Sep 11, 2012 3:32pm Sep 11, 2012 3:32pm
Hello,

I try to take setup from daily s/r level and h4 PA. So this is my first setup of this kind of strategy. LCS on daily and double or more lows, so i paint it as LLS, then was PBTCB and retest, now wa second retest of this level. On my h4 chart there is shutting star and daily close is below this level. So short is on, am I right in this setup ??

PS. SL above pin from h4 = high of a daily bar + 13 pips (spread on my broker) + 10 pips.
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  • #118,186
  • Sep 11, 2012 3:43pm Sep 11, 2012 3:43pm
Do you have some fast calculator which calculates the amount of volumes for 2% risk?
It's all psychology...
  • #118,187
  • Sep 11, 2012 4:05pm Sep 11, 2012 4:05pm
Quoting bullzeye
USD/CHF

a nice PPZ, many space ahead, i would like to see a retest of the blue area and a nice strong move down

Attachment
Good Idea ...
Human
  • #118,188
  • Sep 11, 2012 4:30pm Sep 11, 2012 4:30pm
Quoting LamerTrader
Do you have some fast calculator which calculates the amount of volumes for 2% risk?
Hey Lamer

There are a bunch if you google Forex Position sizing.

I use the one built in to Oandas platform

Here is one from google
http://www.earnforex.com/position-size-calculator

Best
Mike
  • #118,189
  • Sep 11, 2012 6:15pm Sep 11, 2012 6:15pm
Let's see if EUR/SEK can hit its targets.
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  • #118,190
  • Edited 6:53pm Sep 11, 2012 6:15pm | Edited 6:53pm
Quoting bullzeye
USD/CHF

a nice PPZ, many space ahead, i would like to see a retest of the blue area and a nice strong move down

Attachment

I would like to see that move down into the confluenced area at 1.9300.

  1. Obvious PPZ
  2. RN
  3. 61.8% ret
  4. Untested HCR at Swing point
  5. Space

Looks like the perfect place for mike, jarroo, classic J16 to come together. Currently biased to look for bullish PA here, but open to a bearish signal if price close below the 9300 RN.

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  • #118,191
  • Sep 11, 2012 10:36pm Sep 11, 2012 10:36pm
Quoting fabx
Hi Jarroo please can you clarify for me something that I am not clear on.
On the recent NZD CHF chart the the HCR is on the top of a bearish candle. I appreciate it is at the highest point of the swing high. I had it in my head that HCR should be on the top of a bull candle (as that is where the candle closed) and the opposite way around for LCS (at the bottom of a bearish candle).
Or is this the the Damn Gaps and you do take the level at the highest point in this example.

I hope my question makes sense and thanks once again for your help, Alex....

Quoting DaGrizlyBull
Had the same question He said that this is a LCS , but he didnt say why. I assumed because of the gaps.
Yeah . .it has to do with the (damn) gaps . .I filled it in for clarity . .Alex.
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Indicators show the past. Price Action "Indicates" the future.
  • #118,192
  • Sep 11, 2012 10:41pm Sep 11, 2012 10:41pm
Quoting LamerTrader
Do you have some fast calculator which calculates the amount of volumes for 2% risk?
You can try this one.
Attached File(s)
File Type: xls risk size calculetor.xls   26 KB | 471 downloads
  • #118,193
  • Sep 11, 2012 10:53pm Sep 11, 2012 10:53pm
Quoting dan89
Im going to focus on what Jarroo has advised me to do

Cool, Dan . .let's follow this one on the EurAud . .as an example.

We have a bit of a consolidation . .a LCS and a HCR level of this consolidation . . . I like that confluence with 150 ema on the HCR level.

We will follow the Daily Close of Price.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #118,194
  • Sep 11, 2012 10:56pm Sep 11, 2012 10:56pm
Quoting Rosa
Hello,

yes, i do : http://www.forexfactory.com/attachme...4&d=1347372324
Oh I see . .Yes we could bounce around the Monthly HCRLCS levels . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,195
  • Sep 11, 2012 11:00pm Sep 11, 2012 11:00pm
Quoting Rosa
Hello,

Another question about levels . On this chart (daily aud/cad) we have hcr level from past, which was pbt&cb and next daily bar pbt&ca it. So was there right setup to take short ? Or maybe some other comments ?
Yes, very valid to take Short but it failed as Resistance . .

Quoting jarroo
Excellent chart as always, 0421 Yes that is a perfect Take Profit level . . .Why? . .because if PBT&CA it, you can always re-enter the trade long.

chart . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,196
  • Sep 11, 2012 11:04pm Sep 11, 2012 11:04pm
Quoting annu333
Sorry for the delay but here is my chart. Should I wait for the retrace and then enter or if it doesn't retrace look for the next level?

Yes that's a good level to wait for Price to retrace. If it respects it and moves higher . .this uptrend is strong .
Indicators show the past. Price Action "Indicates" the future.
  • #118,197
  • Sep 11, 2012 11:08pm Sep 11, 2012 11:08pm
Quoting dan89
Jarroo are you watching this potential setup yourself ? What are your thoughts on it as a short opportunity ? Since price has tested the level (low) and closes above will you be looking for a long at a retrace the the LCS ?

Attachment
Price did not touch the 1.9370 yet . .let's wait until Price touches it and than we'll see where it Closes on the Daily to give us more information to where Price may be heading.
Indicators show the past. Price Action "Indicates" the future.
  • #118,198
  • Sep 11, 2012 11:19pm Sep 11, 2012 11:19pm
Quoting vickym
I am assuming that this setup will be valid only if today's candle closes below the HCR level on the left, right? And that is when u'll enter, isn't it?

No, that past HCR level has been tested already and Price "should" be reactive to the most current levels.
Indicators show the past. Price Action "Indicates" the future.
  • #118,199
  • Sep 11, 2012 11:22pm Sep 11, 2012 11:22pm
Quoting extremerrage
if there are plenty jarroers, so i am a miker
There would be no "jarrooers" without being a Miker first .
Indicators show the past. Price Action "Indicates" the future.
  • #118,200
  • Sep 11, 2012 11:24pm Sep 11, 2012 11:24pm
Hi

I just started to play with this risk/value calculator and my question is how many pips do you set as SL? As I have seen in most cases the price bounces back a little bit which means we have to have at lest 50-100pips right?
It's all psychology...
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