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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

  • #118,801
  • Sep 20, 2012 3:26pm Sep 20, 2012 3:26pm
Quoting dan89
I dont really like PA setups because they are subjective to a certain degree.... which pinbar to take which to leave etc etc.

Im trying to decide which entry method to use and which one is more accurate. What is your advice. Traditional touch trades from the levels or DCC.

You can use both on the same setup. TTs can be used but also using a Hourly Close Confirmation, then enter, . . is a good way to go as well. You get a TT type entry with a confirmation.

Let's watch the LCS level on the EurNzd at 1.5628.

If Price can touch the 1.5628 and have a Daily Close above the 1.5628 looks good for a possible long entry. . .meaning its still Support. . .could we begin to consolidate here???
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Indicators show the past. Price Action "Indicates" the future.
  • #118,802
  • Sep 20, 2012 3:29pm Sep 20, 2012 3:29pm
Quoting dan89
I dont really like PA setups because they are subjective to a certain degree.... which pinbar to take which to leave etc etc.

Im trying to decide which entry method to use and which one is more accurate. What is your advice. Traditional touch trades from the levels or DCC.
This 4 Hour PB off a Daily level was good enough PA for me . .on Winston's chart.

Quoting Winston Reed
Here is my H4 chart with some notes.
Indicators show the past. Price Action "Indicates" the future.
  • #118,803
  • Sep 20, 2012 3:35pm Sep 20, 2012 3:35pm
Quoting jarroo
Nice Winston . .that small 4 Hour PB was a 4 Hour Close Confirmation of Resistance or a 4 Hour Signature. .
Hey jarroo,

I have a couple of questions, if you don't mind. The daily confirmation is the baseline about the S/R flip right? Or do you make entries based on H or 4H signatures alone?

The second question, if the market prints a H or 4H close on the other side of the HCR/LCS line after you took the trade, do you exit right away or wait for the daily bar close to confirm the exit?

Thanks,
  • #118,804
  • Sep 20, 2012 3:38pm Sep 20, 2012 3:38pm
Quoting Swede
Attached Keltner for mt4...enjoy
thanks Swede,

any changes in settings? or just keep it as it is?
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #118,805
  • Sep 20, 2012 3:39pm Sep 20, 2012 3:39pm
does anyone know how to run two mt4 platforms on the same pc? I believe I can just just copy it to another drive, right?
  • #118,806
  • Sep 20, 2012 3:51pm Sep 20, 2012 3:51pm
Quoting Crane80
Hey jarroo,

I have a couple of questions, if you don't mind. The daily confirmation is the baseline about the S/R flip right? Or do you make entries based on H or 4H signatures alone?

The second question, if the market prints a H or 4H close on the other side of the HCR/LCS line after you took the trade, do you exit right away or wait for the daily bar close to confirm the exit?

Thanks,

1) Not sure what you mean by "baseline" but the DCC gives evidence that the "Flip" from S to R or R to S took place.

1a) There are entries on the touch of a level and then wait for the Signature to keep you in or out. ..or . .waiting for the Signature, be they Hourly or 4 Hour, then entering on the Close.

2) That's a great question . .waiting for the Daily Close is what we are really after. .since its a Daily Setup. Getting out early when the lower TF Signature are on the wrong side of your trade can be very fortelling if the trade is going to be successful or not. I tend to get out early and see where the Daily Closes. (depending on the pair . .damn you crazy crosses . .lol)

If you have the proper S/L placement (S/L Above or Below the PBT&CAorB Bar) you can wait for that Daily Close.
Indicators show the past. Price Action "Indicates" the future.
  • #118,807
  • Sep 20, 2012 3:55pm Sep 20, 2012 3:55pm
Quoting Sf13
my next trade using this thread method
are you playing this as a Low of High Period play?
ie once price closes below the high of the period or swing you go short and trail on a 2 bar stop??
Thank you J16 & Trader Dante
  • #118,808
  • Sep 20, 2012 3:57pm Sep 20, 2012 3:57pm
Quoting Donkey
Hey dan, not jarroo, but I thought I would give some thoughts (most are on the charts) about how I might play the setup you mentioned (I took a loss on a similar set up a few weeks ago). First question I would ask, is what was your entry and what was your stop? Did you take a full Risk loss?

Jarroo's been talking about Daily Close Confirmations, and it may not be a bad idea not to drop time frames to look for entry signatures.

The first thing that jumped out at me is that the daily hcr is not at extreme swing point or at major consolidation,...
Great post, D . .great insight . .

Although I did have a hard time reading whats on your chart . .maybe its just me .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,809
  • Sep 20, 2012 3:58pm Sep 20, 2012 3:58pm
Hello,

My view and trade of aud/chf. best, Rosa.
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  • #118,810
  • Sep 20, 2012 4:10pm Sep 20, 2012 4:10pm
Hello,

I don't take it (because of 2%, small account and open aud/chf ), but I see it. Touch trade from PBT&CA HCR level, simple target and simple stop loss. best, Rosa.
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  • #118,811
  • Sep 20, 2012 4:12pm Sep 20, 2012 4:12pm
Quoting mbqb11
As pinbar said if you have a "gambling" account well that would be up to you. I do actually. It's money I kiss goodbye but take well educated larger risk accounts. I think of it as going to a casino where the odds are in my favor. But it is money I consider VERY different then my account and again it is HUGE risk if you are risking amounts like that. So I could blow that account but its money i personally put back and it's like my scratch off ticket that I win a lot more at LOL

But I don't recommend someone who can't build an account do...
Thanks for the comment Mike.

Your reply about the gambling account blew my mind.

Hope we don't see new people risking 50% in live accounts, on M15 next week. LOL
  • #118,812
  • Edited 5:40pm Sep 20, 2012 4:12pm | Edited 5:40pm
Quoting jarroo
You can use both on the same setup. TTs can be used but also using a Hourly Close Confirmation, then enter, . . is a good way to go as well. You get a TT type entry with a confirmation.

Let's watch the LCS level on the EurNzd at 1.5628.

If Price can touch the 1.5628 and have a Daily Close above the 1.5628 looks good for a possible long entry. . .meaning its still Support. . .could we begin to consolidate here???

Darn it . .I would have liked to have seen Price at least touch or break through and close above on the daily to go long . .It still may touch it and go upwards . .
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd20ab.gif Size: 29 KB
Indicators show the past. Price Action "Indicates" the future.
  • #118,813
  • Sep 20, 2012 4:14pm Sep 20, 2012 4:14pm
Quoting mbqb11
now your talking buddy

Here was my chart to the group yesterday
Mike,
I was looking at this one last night and didn't take it as the 365 ema was just ahead. Am I over-complicting things?
  • #118,814
  • Sep 20, 2012 4:17pm Sep 20, 2012 4:17pm
Quoting dan89
I dont really like PA setups because they are subjective to a certain degree.... which pinbar to take which to leave etc etc.

Im trying to decide which entry method to use and which one is more accurate. What is your advice. Traditional touch trades from the levels or DCC.
I can't say I never take trades without price action....because damn it I do! Typically I like to see a break through of s/r then a return. Having said that I do believe touch trades are the riskiest. It is much sweeter and gives much more confidence to see a nice price action candle (signature) confirm the trade.

Touch trades require excellent money management with well-placed stops. You have to have this down rigidly....no wishy washy voo doo hope it will go my way BS
  • #118,815
  • Sep 20, 2012 4:21pm Sep 20, 2012 4:21pm
Quoting Winston Reed
I can't say I never take trades without price action....because damn it I do! Typically I like to see a break through of s/r then a return. Having said that I do believe touch trades are the riskiest. It is much sweeter and gives much more confidence to see a nice price action candle (signature) confirm the trade.

Touch trades require excellent money management with well-placed stops. You have to have this down rigidly....no wishy washy voo doo hope it will go my way BS
I totally agree Winston . .I like TTs at very heavily confluenced levels . .even still . . that extra confirmation can make all the difference in the world . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,816
  • Sep 20, 2012 4:21pm Sep 20, 2012 4:21pm
Quoting millions
Mike,
I was looking at this one last night and didn't take it as the 365 ema was just ahead. Am I over-complicting things?
Hey Millions

I think this one was rather simple. So much confluence huge bar, lots of space, lots of JPY strength across the board. Really to me a very solid trade. Of course again if your testing shows to be careful and not trade back into the 365 that's OK too. I don't use MAs myself

Best
Mike
  • #118,817
  • Sep 20, 2012 4:22pm Sep 20, 2012 4:22pm
Quoting Pinbar
Thanks for the comment Mike.

Your reply about the gambling account blew my mind.

Hope we don't see new people risking 50% in live accounts, on M15 next week. LOL
Hey Pin

Yep I have spoken on this before. I know a lot of profitable traders that do this. Often we know those trades that are just money in the bank and it becomes worth it. BUT we also understand that risk and separate the two from our day to day trading. MOST will not separate the two and thus what you say above happens all too often

Best
Mike
  • #118,818
  • Sep 20, 2012 4:30pm Sep 20, 2012 4:30pm
Quoting jarroo
Great post, D . .great insight . .

Although I did have a hard time reading whats on your chart . .maybe its just me .

Jim
Hi Jarroo, Which entry method in your experience is more sucessful, TT or DCC ?
  • #118,819
  • Sep 20, 2012 4:35pm Sep 20, 2012 4:35pm
Quoting mbqb11
Hey Millions

I think this one was rather simple. So much confluence huge bar, lots of space, lots of JPY strength across the board. Really to me a very solid trade. Of course again if your testing shows to be careful and not trade back into the 365 that's OK too. I don't use MAs myself

Best
Mike
Mike,
Many thanks. Totally understand. I am in one trade currently, my third of the month. What are you're views on this trade?
Also, do you think I have too much on my charts. I find the emas put me off a lot of trades when there is massive confluence like this. I see some of the best traders here don't even have the brns on their charts and just eye pivot zones. What are your thoughts?

Much appreciated.
M
Attached Image (click to enlarge)
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  • #118,820
  • Sep 20, 2012 4:37pm Sep 20, 2012 4:37pm
Quoting dan89
Hi Jarroo, Which entry method in your experience is more sucessful, TT or DCC ?

Each trade is different . . the strength of the level, the Space involved . .Confluences . .. . if you put a gun to my head I would have to say the DCC trades are pretty great . .

. . whats great about these levels is that if they don't work out . .good chance they are going the other way . .

Are you watching the EurNzd I presented?
Indicators show the past. Price Action "Indicates" the future.
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