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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

  • #118,701
  • Sep 19, 2012 11:35am Sep 19, 2012 11:35am
Quoting mbqb11
take profit hit just above 1.3 BRN. tempted to hold my shorts but this area could give us some issues. I think since so many are expecting 1.3 to hold we'll see lower with these markets

Mike
Nice trade Mike:-) The bullish outside candle reversal from 1.3000 was a great long too. Small bar but great PPZ/round number rejection.
  • #118,702
  • Sep 19, 2012 11:37am Sep 19, 2012 11:37am
works pretty well
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  • #118,703
  • Sep 19, 2012 11:43am Sep 19, 2012 11:43am
Hi all,
anybody know solid broker which allows tradeing NYSE and Nasdaq stocks with mini or micro lots ? or is it even possible ? thx.
  • #118,704
  • Sep 19, 2012 11:52am Sep 19, 2012 11:52am
Quoting fxprocessor
Nice trade Mike:-) The bullish outside candle reversal from 1.3000 was a great long too. Small bar but great PPZ/round number rejection.
Chart.
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  • #118,705
  • Sep 19, 2012 11:53am Sep 19, 2012 11:53am
Quoting fxprocessor
Chart.
yep worked out real well Nick

I think we might actually get one more flush to the upside. Usd/chf has a gap from way back that might draw the euro higher. Just a hunch again :nerd:
  • #118,706
  • Sep 19, 2012 1:19pm Sep 19, 2012 1:19pm
Quoting Swede
Would be interested in comments regarding this trade....are my support areas drawn correctly? Should stops be moved to be at this point? (up 102 pips atm) Any comments would be appreciated.
Many in here use Jarroo's method of drawing support and resistance based on monthly, weekly and daily CLOSES at obvious swing highs and swing lows. This method tends to decrease the subjectivity except for the difference in broker feeds. That is why many try to get a broker with a NY close to further decrease the subjectivity. Other's use more traditional "eyeballing" methods to see support and resistance. PPZ's are another support and resistance area based on longer term fluctuations of price around an obvious pivot area.

The support and resistance areas you have marked are what many in here call trouble areas or where price is likely to stall or even reverse. I see your short sell so the areas marked off are good "trouble areas".

Regarding taking profit or moving to break even I guess we all just have to decide for ourselves. Personally I progressively take some off the table as price moves in my direction. Eventually I leave a little in and let run at break even.
  • #118,707
  • Sep 19, 2012 1:34pm Sep 19, 2012 1:34pm
Quoting bullzeye
USD/JPY

took my whole profit here, H4 PA is showing signs that it will continue the down trend

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USD/JPY

big BEOB on daily, the downtrend will continue...

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  • #118,708
  • Sep 19, 2012 2:59pm Sep 19, 2012 2:59pm
Quoting bullzeye
USD/JPY

big BEOB on daily, the downtrend will continue...

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I'm on this one Bullzye.
  • #118,709
  • Sep 19, 2012 4:06pm Sep 19, 2012 4:06pm
Quoting Winston Reed
Many in here use Jarroo's method of drawing support and resistance based on monthly, weekly and daily CLOSES at obvious swing highs and swing lows. This method tends to decrease the subjectivity except for the difference in broker feeds. That is why many try to get a broker with a NY close to further decrease the subjectivity. Other's use more traditional "eyeballing" methods to see support and resistance. PPZ's are another support and resistance area based on longer term fluctuations of price around an obvious pivot area.

The support and...
I trade with Oanda....New daily candle starts at midnight Eastern...I noticed my H4 Cad chart was quite different from yours ....are u on gmt?
  • #118,710
  • Sep 19, 2012 4:13pm Sep 19, 2012 4:13pm

Another decent looking setup that failed ... 1hr/4hr/daily signitures all failed. Jarroo any advice/comments on this trade ?

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Thanks
Dan
  • #118,711
  • Sep 19, 2012 4:13pm Sep 19, 2012 4:13pm
Quoting Swede
I trade with Oanda....New daily candle starts at midnight Eastern...I noticed my H4 Cad chart was quite different from yours ....are u on gmt?
I use a demo from FxPro for all my technical analysis. Daily close is NY close. I use Oanda to enter trades.
  • #118,712
  • Sep 19, 2012 4:14pm Sep 19, 2012 4:14pm
Quoting mbqb11
yep worked out real well Nick

I think we might actually get one more flush to the upside. Usd/chf has a gap from way back that might draw the euro higher. Just a hunch again :nerd:
hallo mike,

have searched how to do boxing but cant seem to find my way. is there a post that show how to box those consolidations? i see some boxes have prices not boxed.

regards
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #118,713
  • Sep 19, 2012 4:24pm Sep 19, 2012 4:24pm
Quoting Libra
hallo mike,

have searched how to do boxing but cant seem to find my way. is there a post that show how to box those consolidations? i see some boxes have prices not boxed.

regards
Hi Libra, I'm not Mike but thought I'd chip in... (I'm sure he can explain it better than me).

Demarcating 'boxing' is not all that hard, it is when price is contained within obvious areas of consolidation. The easier they are to draw the higher the validity in my opinion. Hope this chart helps somewhat. Boxing at it's finest. Note how the recent breakout of the consolidation box was retest see the reaction on the first time back.
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  • #118,714
  • Sep 19, 2012 4:25pm Sep 19, 2012 4:25pm
Quoting dan89

Another decent looking setup that failed ... 1hr/4hr/daily signitures all failed. Jarroo any advice/comments on this trade ?

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Thanks
Dan
Hi Dan. I'm assuming you were long? If you were I see a daily PBT-CA. In this case we wait for price to come back and touch the daily line. We can look for signatures at the touch but looking at h4 and h1 I saw nothing convincing to take a long. Now that PBT-CB the same daily line there were some signatures on the H4 and H1 to go short.
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  • #118,715
  • Sep 19, 2012 4:28pm Sep 19, 2012 4:28pm
Quoting dan89

Another decent looking setup that failed ... 1hr/4hr/daily signitures all failed. Jarroo any advice/comments on this trade ?

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Thanks
Dan

I also lost on this one (demo). The HCR was never confirmed by the daily timeframe.... I should have waited for the daily to close above HCR (turning into LCS), instead I bought on the touch of the HCR.
  • #118,716
  • Sep 19, 2012 4:30pm Sep 19, 2012 4:30pm
Quoting 5.25
Hi Libra, I'm not Mike but thought I'd chip in... (I'm sure he can explain it better than me).

Demarcating 'boxing' is not all that hard, it is when price is contained within obvious areas of consolidation. The easier they are to draw the higher the validity in my opinion. Hope this chart helps somewhat. Boxing at it's finest. Note how the recent breakout of the consolidation box was retest see the reaction on the first time back.
my concern is the price to pick. the highs or the close and open to box. in short what determines the width and length of a box?
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #118,717
  • Sep 19, 2012 4:37pm Sep 19, 2012 4:37pm
Quoting Libra
my concern is the price to pick. the highs or the close and open to box. in short what determines the width and length of a box?
Hey Libra

Someone just emailed me about this yesterday as well

One thing to remember about trading concepts are in general they vary

For boxes we have perfect boxes that all fit within the highs and lows.

We have other boxes where the tops and bottoms may fit better with closes/opens

We have other boxes that may use some of the both.

Like PPZs we have major to minor boxes etc.

So don't think of it as it has to be one exact way. Rather look at the nuances and differences b/w your boxes.

Here is a nice example of boxing that I emailed out and happen to just be scanning back through to pull you up some examples. Notice how nice those boxes are. Perfect, maybe not. But the key is the boxes create a story within a bigger story


Best
Mike
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  • #118,718
  • Sep 19, 2012 4:38pm Sep 19, 2012 4:38pm
Quoting 5.25
Hi Libra, I'm not Mike but thought I'd chip in... (I'm sure he can explain it better than me).

Demarcating 'boxing' is not all that hard, it is when price is contained within obvious areas of consolidation. The easier they are to draw the higher the validity in my opinion. Hope this chart helps somewhat. Boxing at it's finest. Note how the recent breakout of the consolidation box was retest see the reaction on the first time back.
great buddy
  • #118,719
  • Sep 19, 2012 4:38pm Sep 19, 2012 4:38pm
Quoting dan89

Another decent looking setup that failed ... 1hr/4hr/daily signitures all failed. Jarroo any advice/comments on this trade ?

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Thanks
Dan
Here is my H4 chart with some notes.
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  • #118,720
  • Sep 19, 2012 4:43pm Sep 19, 2012 4:43pm
Quoting Libra
my concern is the price to pick. the highs or the close and open to box. in short what determines the width and length of a box?
It can be for a number of reasons but is fundamentally discretionary and up to the trader him/herself. You could however chose several wicks that may line up to determine the edge of the zone, or use the close of the bar etc, or average them out.

I don't have a set of rules but prefer to let price and the chart determine the outcome. For me it is just a graphic and a zone that tells me what price is doing at that moment in time i.e. consolidating. It can be used to determine the story (as Mike likes to put it) to support the rational behind your trade.

Eventually you won't need to draw them as they'll be clear enough when looking at a chart. Hope this helps.

Quoting mbqb11
great buddy
Mike as always is quick on the trigger Hey buddy!
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