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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

  • #122,361
  • Jan 10, 2013 5:26pm Jan 10, 2013 5:26pm
hi guys
anyone have any thoughts on eur/usd. big run up overnight (i'm in aus) and seems to be heading into some major resistance at 1.33. i'm thinking of going short if i get some PA confirmation at 1.33 level and look for it to run back down to 1.315 or even to 1.30.
would like to get in with a small stop as i don't really like the lack of confluence on the different time frames.
cheers
steve
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Learning for Earning and Trading for Freedom
  • #122,362
  • Jan 10, 2013 6:05pm Jan 10, 2013 6:05pm
Quoting hally0301
hi guys
anyone have any thoughts on eur/usd. big run up overnight (i'm in aus) and seems to be heading into some major resistance at 1.33. i'm thinking of going short if i get some PA confirmation at 1.33 level and look for it to run back down to 1.315 or even to 1.30.
would like to get in with a small stop as i don't really like the lack of confluence on the different time frames.
cheers
steve
I was thinking about this as well, but it seems too risky considering how bullish the market is right now. I'd like to wait and see what happens around the resistance of 1.33, and possibly enter a buy order if that level can be broken.

...Just the opinion of a noob though, take it with a grain of salt.
"If you won't risk the usual, you'll have to settle for the ordinary."
  • #122,363
  • Jan 10, 2013 8:44pm Jan 10, 2013 8:44pm
Quoting hally0301
hi guys
anyone have any thoughts on eur/usd. big run up overnight (i'm in aus) and seems to be heading into some major resistance at 1.33. i'm thinking of going short if i get some PA confirmation at 1.33 level and look for it to run back down to 1.315 or even to 1.30.
would like to get in with a small stop as i don't really like the lack of confluence on the different time frames.
cheers
steve
Hi hally and everyone,

This is my first post. Have been studying this thread for 2 months and trying to put everything into practice now.

My thoughts on EURUSD.

EURUSD Weekly, I see multi-top bars forming at the Weekly swing high. Not much trouble zone beyond that point and possible going for 1.35.
I know as a newbie, I should wait for bearish bar at this swing high. So not going to do anything if this breaks.

EURUSD Daily, I see divergence in the MACD and I will be waiting for bearish PA at the top resistance. If really bearish PA, I will place SL above Weekly swing high, TP will be at the bottom of the box provide the risk/reward is at about 1:1.

All comments are welcome for a 2 months newbie.

Many Thanks.

Wee
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Trade what you see. Not what you think.
  • #122,364
  • Jan 10, 2013 8:51pm Jan 10, 2013 8:51pm
Quoting hally0301
cool thanks. i had a look at a weekly chart but not a monthly chart so i didn't find the PPZ.

cheers

steve
It is there.
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  • #122,365
  • Edited 6:40am Jan 11, 2013 12:03am | Edited 6:40am
Quoting laoshi
ooow. so you never SellLimit before there are confirmation.

thanx Jim

Generally as a rule I like confirmations before I enter. . ..now the confirmations can could come in many forms . . PA Bar is an obvious one, but isn't that what PA is?? . . confirmation a Support or Resistance level. sure it is.

Confirmations can be on lower TFs (Signatures) . .meaning lower TF bars not being able to Close Above or Below a given S/R level confirming its status.


But there are situations where a Touch Trade (Sell/ Buy Limit) can take place . .when the level or situation is heavily confluenced . When the level is aligned with long term emas (150/365 emas) or Fib levels or BRNs, RNs etc.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,366
  • Jan 11, 2013 12:30am Jan 11, 2013 12:30am
Quoting jarroo
Generally as a rule I like confirmations before I enter. . ..now the confirmations can could come in many forms . . PA Bar is an obvious one, but isn't that what PA is?? . . confirmation a Support or Resistance level. sure it is.

Confirmations can be on lower TFs (Signatures) . .meaning lower TF bars not being able to Close Above or Below a given S/R level confirming its status.


But there are situations where a Touch Trade (Sell/ Buy Limit) can take place . .when the level or situation is heavily confluenced . When the level is aligned with...

Tahnk you very much Jim
  • #122,367
  • Edited 12:55am Jan 11, 2013 12:33am | Edited 12:55am
Quoting Pinbar
Sounds good.

Still has yet to hit it's target 1 of the close of the weekly PBT&CB candle, as they often do.
Even, in the face of that weekly BUEOB.

Let's see if it does.

Quoting jarroo
Hey Steve . .

Nice charts . .



Nice Weekly levels and Weekly Close Confirmation . .and it hit some good targets . . .its a nice trade . .

The Swissy sure looks to be itching to go higher . .Let's see if it Closes above these levels . .


Jim
Looks like the bullish itch to go higher never got scratched Steve . .

Tells me to always look for those Daily and Weekly Close Confirmation to ring true . .like we had here on the Swissy.

Price smashed through all those targets but look where Price reacted to . .that Weekly LCS . .
check out the Hourly Signatures and PB . .

These are great Full Profit Targets (HCR/LCS levels) because if it closes below this level we have another setup and get back in it.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #122,368
  • Jan 11, 2013 12:41am Jan 11, 2013 12:41am
Quoting laoshi
Tahnk you very much Jim
Here's a Classic example of a TT at a heavily confluenced level and situation . .UsdCad last year at this time.

How many confluences can you count . .damn lol . .

We have a Price Pattern Break Out . .PA (BEOB) and many other confluences that align with this level ...

PBT & Closing Below was the key. There were 2 and 3 bar Lows for an early entry TT short.
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Indicators show the past. Price Action "Indicates" the future.
  • #122,369
  • Jan 11, 2013 1:08am Jan 11, 2013 1:08am
Quoting livethedream
I was thinking about this as well, but it seems too risky considering how bullish the market is right now. I'd like to wait and see what happens around the resistance of 1.33, and possibly enter a buy order if that level can be broken.

...Just the opinion of a noob though, take it with a grain of salt.
Definitely agree that the market does seem rather bullish. Will be interesting to see what happens at 1.33

At the moment on the 4 hour chart there has been an inside bar and the current bar looks very indecisive also. Waiting to see how it breaks against the inside bar.

I think if it breaks 1.33 to the upside I would buy and put my stop under 1.33. If it breaks the IB to the downside I would sell and place my stop just above 1.33

cheers

hally
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Learning for Earning and Trading for Freedom
  • #122,370
  • Jan 11, 2013 1:25am Jan 11, 2013 1:25am
Quoting Rust
I was thinking few days ago "where this guy has lost" hehe
Just lost in the a busy life, my friend .. Trading relaxes me . .that's why this Thread is so great ..

glad to be back for awhile.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,371
  • Edited 6:42am Jan 11, 2013 1:35am | Edited 6:42am
Quoting A-Mode
Hello guys, i want to ask a question just to check if i have a good understanding of Jaroo's method.
If the price on GbpAud close below that swing point of 1.5179, i will put a sell limit under it. Is it correct? Where should be my stop loss?
Attachment


Quoting DaGrizlyBull
Hey. You are confusing Lows with LCS (Lowest CLOSE of Support). Take a look at this chart.

Attachment


As to where the SL should be, you can approach it in many ways : Above the PBT candle like in the chart, using a H4 signature, H1 signature, etc.

The basic idea is that you expect the level to become resistance. Where that idea is invalidated is up to you and your risk parameters

GL!
Thanks DGB for your help.

Here's my GbpAud Chart . .

Lower TF Signatures is a viable option before the Daily Close. Waiting for the Daily Close on a Daily level gives a stronger indication that the level will flip . .
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Indicators show the past. Price Action "Indicates" the future.
  • #122,372
  • Jan 11, 2013 1:54am Jan 11, 2013 1:54am
Quoting jarroo
Thanks DBB for your help.

Here's my GbpAud Chart . .

Lower TF Signatures is a viable option before the Daily Close. Waiting for the Daily Close on a Daily level gives a stronger indication that the level will flip . .
Thanks, also re-read some older posts. Looks clear now.
  • #122,373
  • Jan 11, 2013 1:58am Jan 11, 2013 1:58am
Quoting jarroo
glad to be back for awhile.
hehe, glad to have you here for a while
Slow & steady
  • #122,374
  • Jan 11, 2013 1:59am Jan 11, 2013 1:59am
Quoting A-Mode
Thanks, also re-read some older posts. Looks clear now.
I do have alot a charts here . .lol

let me know if you have any questions. .
Indicators show the past. Price Action "Indicates" the future.
  • #122,375
  • Jan 11, 2013 2:01am Jan 11, 2013 2:01am
Quoting patapouer
hehe, glad to have you here for a while
Thanks pat . .

I love that Mike quote . . it says so so much.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,376
  • Jan 11, 2013 2:24am Jan 11, 2013 2:24am
Quoting hally0301
Definitely agree that the market does seem rather bullish. Will be interesting to see what happens at 1.33

At the moment on the 4 hour chart there has been an inside bar and the current bar looks very indecisive also. Waiting to see how it breaks against the inside bar.

I think if it breaks 1.33 to the upside I would buy and put my stop under 1.33. If it breaks the IB to the downside I would sell and place my stop just above 1.33

cheers

hally
Hey Hally,

Inside bars can be tricky . .just like any PA formation the key to them is were they are located . .meaning are they off a Support or Resistance level? Being this is a 4 Hour IB, I would look for it to be off a Daily or even a Weekly Support or Resistance level and look to trade it away from there.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,377
  • Jan 11, 2013 2:29am Jan 11, 2013 2:29am
Quoting mbqb11
Hey Sergeant

Based on how you drew your channel their was a confirmation candle there for you. it was a small pinbar off the 9400


Best
Mike
I asked the question wrong. What to do if breakout is without PA? Wait for retest?

Thank you for help!
Attached Image
Sorry for my bad English
  • #122,378
  • Jan 11, 2013 2:33am Jan 11, 2013 2:33am
Quoting Sergeant88
I asked the question wrong. What to do if breakout is without PA? Wait for retest?

Thank you for help!
Your English is better then mine . .I mean "than mine" . .lol

Yes I would wait for a retest and for Price to hold as Resistance . . meaning, I waiting for Price to touch it and not close above it . .confirming that the retest is Resistance.

Nice diagram . ..

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,379
  • Jan 11, 2013 2:53am Jan 11, 2013 2:53am
Quoting hally0301
Hi jarroo

just wondered what your take on this is as to how far it might run. i am maybe a bit longer term in my outlook that some others. happy to hold trades for few days/a week and move my stops up behind the price movement. major uptrend for quite a while on this pair. don't see any real upside resistance after it gets past 61.8 fib extension up to 100 fib extension at about 95.4.

i'm currently at +110 but reckon this has further to run. any suggestions?

cheers
steve
You caught a runner, my friend . . and its running in some nice open Space . .

You can look at some past levels, Highs and Lows (2008) and use them to manage your trade . . Or look for the BRN (95.00) and RNs to manage it. . .meaning look for Price to break through these levels and Close above them and place your S/L under them once they do.

Runners in Open Space . . . this is not a coincidence . .it where Price likes to run . . .Just ask Mike . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #122,380
  • Jan 11, 2013 3:02am Jan 11, 2013 3:02am
Quoting patapouer
Hi guys,

I would like to share with you a quick follow up on my learning of treating trading as a business.
Nothing much important, since I consider myself as a newbie in the field.
This is just a way for me to force myself to be proficient: I cannot present results I would let turn negative. If I start sharing what I am in, then I simply have to continue doing so... (if nobody minds )

Anyway.

Since we've been talking about James's "100 pips a month"... I came across James's post a while ago when trying to figure out how...
Mike said it best, Pat . . Fantastic . .
Indicators show the past. Price Action "Indicates" the future.
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