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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

  • #118,921
  • Sep 22, 2012 12:24pm Sep 22, 2012 12:24pm
Quoting jarroo
You're getting ahead of me . . I'm just looking for how many different verifications or confirmations that this previous HCR level is now Support.

You got 2 . .Hourly Signature and Daily Close Confirmation (Daily Signature).

Any more things that would confirm this level as now Support?
Hi, well I had already decided on Friday when this bar closed and resulted in a DCC that I would take the long trade using this entry method.

In terms of the verifications, I only see 2 that worth pointing out. The Hourly signature (no H1 bar closing below the level) and the recent DCC. The bar itself kinda looks like a pinbar but its barley noticable and as a result I dont think this is worth pointing out in regards to confirmation or the support level. I dont see any other verifications myself but im usually wrong so maybe you point them out for me.

Cheers
Dan
  • #118,922
  • Sep 22, 2012 12:26pm Sep 22, 2012 12:26pm
Quoting jarroo
Excellent Dan ..you have the best characteristic that every trader Must have . . . Patience. Patience to wait for a setup to develop or present itself.

You are ahead of most traders.
Thanks for the kind words but I highly doubt that ...
  • #118,923
  • Sep 22, 2012 12:34pm Sep 22, 2012 12:34pm
Quoting dan89
Hi, well I had already decided on Friday when this bar closed and resulted in a DCC that I would take the long trade using this entry method.

In terms of the verifications, I only see 2 that worth pointing out. The Hourly signature (no H1 bar closing below the level) and the recent DCC. The bar itself kinda looks like a pinbar but its barley noticable and as a result I dont think this is worth pointing out in regards to confirmation or the support level. I dont see any other verifications myself but im usually wrong so maybe you point them out...
Ok that's what you currently see . .but what other confirmations that you don't see that would verify this level as Support.

You got #3 . .bullish PA. A bullish Pin Bar or a bullish Outside Bar at this level would confirm this level as Support.

Any thing else?
Indicators show the past. Price Action "Indicates" the future.
  • #118,924
  • Sep 22, 2012 12:41pm Sep 22, 2012 12:41pm
Quoting jarroo
Ok that's what you currently see . .but what other confirmations that you don't see that would verify this level as Support.

You got #3 . .bullish PA. A bullish Pin Bar or a bullish Outside Bar at this level would confirm this level as Support.

Any thing else?
Sorry I dont understand. I only see 2 confirmations at the moment. H1 signature and DCC.

I cant think of any confirmations that I dont currently see that would confirm this level as support .. except if we (as you mentioned) get a pinbar or BUOB on monday

Cheers
Dan
  • #118,925
  • Edited 2:07pm Sep 22, 2012 12:41pm | Edited 2:07pm
Quoting DaGrizlyBull
Hey Jaroo,

If my style let's say is riding a TREND and my goal is to leave the positions open for as long as possible AND keep adding during the trend (new PBT opportunities) how can i manage this? The win-win situation does not apply anymore (closing and reentering ) for me i think.

1) Do I keep at BE until we breach a new trouble level (LCS/HCR/PPZ) and let it close at BE if the level holds ?

1a) And if the level is breached, where do i move my SL? Below the new broken level?

2) Do i get aggressive once price reaches those levels and...
Hey DGB,

1) No, take profits at these levels . .Your question is what defines a "Break Even trader". . . They move to break even and watch Price hit there targets and then watch Price take them out at B/E. Out at B/E if they're lucky, many times they will remove there stop loss from B/E hoping Price will return to profit levels . .it doesn't happen and then they take a loss . .madness.

1a) Yes, above/below the broken level.

2) Yes, if I understand your question correctly . To trail your S/L on the lower time frame is aggressive for taking profits.

3) Some times I do take partial profits and move to B/E . .depends on the situation or "story" of the trade.

4) Taking full protfits where you think Price will reverse on you. . .which could be a decent setup to take in the opposite direction.

________________________________________________________________________________________________________________

Check our this UsdSek trade and wouldn't it be smart to take full profit at this Daily LCS level (6.7831). Strong confluenced level. .

No, I'll just move to break even and see if it breaks through the 6.7831 . . .(chart 1)

#%$^$# !!. . .(chart 2)
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #118,926
  • Sep 22, 2012 12:55pm Sep 22, 2012 12:55pm
Quoting dan89
Sorry I dont understand. I only see 2 confirmations at the moment. H1 signature and DCC.

I cant think of any confirmations that I dont currently see that would confirm this level as support .. except if we (as you mentioned) get a pinbar or BUOB on monday

Cheers
Dan
I'm not only talking about what you see and what is there now . . but what could also be seen that would confirm this level as Support.

It could get busy at this level next week. . .so we want to know other possibilities that would verify this level as Support.

So let's see . .

1. No Close below on the lower TFs (Hourly Signature, 4 Hour Signature, etc) . .confirms Support.

2. Daily Close Confirmation of Support. . .confirms Support.

3. Bullish Price Action. .(could be on the lower TFs too). .confirms Support.

4. ???. .confirms Support.

Any thing else??
Indicators show the past. Price Action "Indicates" the future.
  • #118,927
  • Sep 22, 2012 1:07pm Sep 22, 2012 1:07pm
Quoting dan89
Thanks for the kind words but I highly doubt that ...
Do not underestimate the Power of this characteristic Luke . .I mean . . Dan.

It will make or break a profitable trader.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #118,928
  • Sep 22, 2012 1:31pm Sep 22, 2012 1:31pm
Quoting DaGrizlyBull
Hey Jaroo,

Thanks !
Btw DGB . .I like your new Avatar . .

Let me guess where you got it . . . it looks familar . . .could it be this Weekly setup on UsdChf from last year . .maybe not . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #118,929
  • Sep 22, 2012 1:47pm Sep 22, 2012 1:47pm
Quoting jarroo
I'm not only talking about what you see and what is there now . . but what could also be seen that would confirm this level as Support.

It could get busy at this level next week. . .so we want to know other possibilities that would verify this level as Support.

So let's see . .

1. No Close below on the lower TFs (Hourly Signature, 4 Hour Signature, etc) . .confirms Support.

2. Daily Close Confirmation of Support. . .confirms Support.

3. Bullish Price Action. .(could be on the lower TFs too). .confirms Support.

4. ???....
Hi, Sorry I cant think of anything else, except for the 3 already metioned.

Dan
  • #118,930
  • Sep 22, 2012 1:57pm Sep 22, 2012 1:57pm
Quoting dan89
Hi, Sorry I cant think of anything else, except for the 3 already metioned.

Dan
That's great Dan . .those are the main ones. We could get into some of Mike's Price Pattern formations that show Support . .they could be on a lower TF. . .that why Mike's stuff is so great.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #118,931
  • Sep 22, 2012 2:14pm Sep 22, 2012 2:14pm
Hi,Jarroo!How do you mean close?. You've been waiting for!?
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  • #118,932
  • Sep 22, 2012 2:20pm Sep 22, 2012 2:20pm
Quoting brzvadeg
Hi,Jarroo!How do you mean close?. You've been waiting for!?
Attachment

Yes brzvadeg . . . .That LCS was confirmed as Support on Friday . by Price not closing below it . .looks like we are going up to me . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,933
  • Sep 22, 2012 2:22pm Sep 22, 2012 2:22pm
Quoting jarroo
Btw DGB . .I like your new Avatar . .

Let me guess where you got it . . . it looks familar . . .could it be this Weekly setup on UsdChf from last year . .maybe not . .

Yup. That's the one. You really love your charts if you spotted it that fast

Thanks for your reply btw. One question. What Daily EMAs do you use? 365 and 200? And how do you use them?
I don't need easy. I just need possible.
  • #118,934
  • Sep 22, 2012 2:26pm Sep 22, 2012 2:26pm
Quoting DaGrizlyBull
Yup. That's the one. You really love your charts if you spotted it that fast

Thanks for your reply btw. One question. What Daily EMAs do you use? 365 and 200? And how do you use them?
I just remember the successful ones . .

I use the same ones that James16 uses . .365 ema at the close (black) and the 150 ema at the close (blue).

I use them as a confluencing tool with my levels.

Did you see my other post reply to you??
Indicators show the past. Price Action "Indicates" the future.
  • #118,935
  • Sep 22, 2012 2:28pm Sep 22, 2012 2:28pm
I like it now. But as it is difficult. many levels and so not nice price went above 1.51168
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  • #118,936
  • Sep 22, 2012 2:34pm Sep 22, 2012 2:34pm
Quoting brzvadeg
I like it now. But as it is difficult. many levels and so not nice price went above 1.51168
Attachment
I'm still in this one brzvadeg . .partial postion. I may re-enter again.

I'm using the most recent levels . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #118,937
  • Sep 22, 2012 2:50pm Sep 22, 2012 2:50pm
Something interesting happens!
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  • #118,938
  • Sep 22, 2012 2:51pm Sep 22, 2012 2:51pm
Quoting dan89
Hi Mike, Whats your opinion on this Pin Bar at a level of s/r ? Looks like a decent pinbar that jumps off the chart.

Attachment
Quoting mrluckystar
a strong push back to inside bar range.. there is no clean break yet on daily....
a pinbar form is not at the top of the move but at consolidation area... the reversal signal is weak...

i would rather to wait until its break thursday low for confirmation...

regards.
Here's my take on the GbpUsd. . .very similar strong Weekly/ Daily HCR levels like the one on the AudUsd.

Obvious differences with the PBs in size and structure. . .but the levels strength that their trading off of . . are the same.

Retrace to the GU's 1.6260-70 levels look good for a short. . or waiting for PBT&CB the 1.6213 LCS looks good for a short also.


Learn more about Swing Failure Pattern (SFP) from "The Wizard (Tom)" and his "Fail Better" thread.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #118,939
  • Sep 22, 2012 2:53pm Sep 22, 2012 2:53pm
Quoting brzvadeg
Something interesting happens!
Attachment

Those LCS levels . .once established . .can be very reactive brzvadeg . .
Indicators show the past. Price Action "Indicates" the future.
  • #118,940
  • Sep 22, 2012 2:54pm Sep 22, 2012 2:54pm
Quoting jarroo
I just remember the successful ones . .

I use the same ones that James16 uses . .365 ema at the close (black) and the 150 ema at the close (blue).

I use them as a confluencing tool with my levels.

Did you see my other post reply to you??
Yes i saw it. That's the one i was thanking you for

Here is what i mean more exactly. What is the best SL management method for riding a trend like in this picture? Cause if the trend is strong, it may not provide too many additional PBT reentries. Do i accept BE s with the idea/plan that they are overcompensated by the times PBT and I catch a big trend?

Let me know if it makes sense.

Attached Image (click to enlarge)
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I don't need easy. I just need possible.
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