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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

  • #123,841
  • Mar 16, 2013 12:09am Mar 16, 2013 12:09am
Quoting Pinbar
NZD/USD

Looks like we are going to have a daily close above.
I shall look for an H1 signature and be wary of that gap on the way up.
If it does in fact close above on the Daily.

Also remember this post and chart . . .on the NzdUsd


Quoting jarroo
That's not a bad buffer to enter the setup, Steve . .on your chart

Also, these levels in blue have not been tested since PBT&CB them . .they have the potential of being hit. ..but I do like the .8193-.8200 level for this setup.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,842
  • Mar 16, 2013 12:12am Mar 16, 2013 12:12am
Quoting ymo613
Anyone else get triggered on the Jarroo trade on EUR/CAD? So far so good!
Attachment


Classic, ymo613 . . Three LCS levels in a row . .nice . ..


Quoting jarroo
I like the EurCad too , Meahka . .

Triple Action level . . three LCS levels lining up. .nice.

To bad that BEOB didn't Close (below) stronger . .still a great level to watch this week ..

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,843
  • Mar 16, 2013 12:25am Mar 16, 2013 12:25am
Quoting jarroo
Yes that's correct. . . . .looks like you picked the Low of the Day, Steve.

Same situation with the Euro, but the Euro didn't retrace.

Some thoughts on the chart . .an Hourly close below the newly formed LCS level would have got me out.

I hear you Jim.

Actually, If I remember correctly, I entered after the H1 close above the level and set the SL just below the daily close below.

Just reading the other info.
  • #123,844
  • Mar 16, 2013 12:28am Mar 16, 2013 12:28am
Quoting jarroo
Also remember this post and chart . . .on the NzdUsd

Yes, I entered at 0.81950 the weekly level.
  • #123,845
  • Mar 16, 2013 12:37am Mar 16, 2013 12:37am
Quoting Pinbar
Yes, I entered at 0.81950 the weekly level.
did you see the .82312, .82169 and .82028 LCS levels from that chart ..these were levels that Price did not test after PBT&CB.

A Hourly bearish Signature at the .8231 was a valid short . .just something I see . .untested levels ..not a big deal.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,846
  • Mar 16, 2013 12:47am Mar 16, 2013 12:47am
Quoting Pinbar
I hear you Jim.

Actually, If I remember correctly, I entered after the H1 close above the level and set the SL just below the daily close below.

Just reading the other info.


Yes that was great

We really didn't know if that level was going to flip back to Support until the Daily closed. . . sure PBT& Closed back Above the level, that was a great clue . . . but using the Lower TF (Bullish) Signatures . .upon its retrace . . gives us even more clues (confirmations) that the level has flipped back to Support . .and gives us entries ..

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,847
  • Mar 16, 2013 12:54am Mar 16, 2013 12:54am
Quoting login761
Hi Jarroo
You mentioned that after e.g. PBT you watch for hourly signatures. I did't quite get that. Could you explain a bit more about these hourly signatures.
Thanks in advance

Peter
Quoting fxkaka
Sir Jim,

I took two short trades and first TP target hit.

Are they valid setups?

How can I improve more?

Thank you very much Sir.


Hey Peter . .let' s see if I can go over this by using Kaykay's charts and questions . .by the away, great trades and targets Kay Kay . .excellent .
Indicators show the past. Price Action "Indicates" the future.
  • #123,848
  • Mar 16, 2013 12:56am Mar 16, 2013 12:56am
Quoting jarroo
did you see the .82312, .82169 and .82028 LCS levels from that chart ..these were levels that Price did not test after PBT&CB.

A Hourly bearish Signature at the .8231 was a valid short . .just something I see . .untested levels ..not a big deal.

Jim
Yes, I did, it was where I went to BE after that H4 IB broke and it hit that target of the 0.8231 area.
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  • #123,849
  • Mar 16, 2013 12:57am Mar 16, 2013 12:57am
Quoting jarroo
did you see the .82312, .82169 and .82028 LCS levels from that chart ..these were levels that Price did not test after PBT&CB.

A Hourly bearish Signature at the .8231 was a valid short . .just something I see . .untested levels ..not a big deal.

Jim

I forgot to add this about those levels . . .

. . . damn you gaps!!! . . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #123,850
  • Mar 16, 2013 1:05am Mar 16, 2013 1:05am
Quoting jarroo
I forgot to add this about those levels . . .

. . . damn you gaps!!! . . . lol



Your slipping Jim.

Haaaaaa


Nice couple of weekly areas to look for lower tf signatures at.
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  • #123,851
  • Mar 16, 2013 1:09am Mar 16, 2013 1:09am
Quoting Pinbar
Yes, I did, it was where I went to BE after that H4 IB broke and it hit that target of the 0.8231 area.

I see . .did you take full or partial profits there?

Just to be frank, Steve. . . it would be great to have taken full profits there because we are not trading into Space . .that's the thing with these types of setups, we are trading back into consolidation .. ..that's not a good thing, just ask Mike . .

But we are trading off a prior Swing Point so the potential is there for a nice little runner . .

. .I'm just saying . .Its the difference between a break even trader and a profitable trader . .

Profitable traders take profits at targets.

Break even traders move to break even at targets.

That level could have taken you out for break even.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,852
  • Mar 16, 2013 1:23am Mar 16, 2013 1:23am
Quoting Pinbar
Your slipping Jim.

Haaaaaa


Nice couple of weekly areas to look for lower tf signatures at.
Those look good . .I like the Daily HCR and LCS levels too in those areas.
Indicators show the past. Price Action "Indicates" the future.
  • #123,853
  • Mar 16, 2013 1:24am Mar 16, 2013 1:24am
Quoting jarroo
I see . .did you take full or partial profits there?

Just to be frank, Steve. . . it would be great to have taken full profits there because we are not trading into Space . .that's the thing with these types of setups, we are trading back into consolidation .. ..that's not a good thing, just ask Mike . .

But we are trading off a prior Swing Point so the potential is there for a nice little runner . .

. .I'm just saying . .Its the difference between a break even trader and a profitable trader . .

Profitable traders take profits at targets....
Yes, I know what you mean.

I had already taken two thirds off the table and moved to BE as, it was Friday, the H4 PPZ looked like it could react strongly.

I was also interested to see if that daily IB was going to get triggered at this area.


Thanks for the tips Jim


PS. the 0.8200 lining up with that weekly level, is what kept me in with the remainder of the position.
  • #123,854
  • Mar 16, 2013 1:27am Mar 16, 2013 1:27am
Quoting Pinbar
Yes, I know what you mean.

I had already taken two thirds off the table and moved to BE as, it was Friday, the H4 PPZ looked like it could react strongly.

Thanks for the tips Jim

Sure thing, Steve . .

I wish I had a dollar for every time I just moved to break even instead of take full profit . .

I'm not talking about the full profits I would have had . .I talking about just a dollar . .lol

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,855
  • Mar 16, 2013 1:34am Mar 16, 2013 1:34am
Quoting jarroo
Sure thing, Steve . .

I wish I had a dollar for every time I just moved to break even instead of take full profit . .

I'm not talking about the full profits I would have had . .I talking about just a dollar . .lol

Jim

LOL

However, I am sure because you are going to BE and taking profit, shouldn't this allow you to catch more of the Runners, than taking full profit?
I realize every trade is different and needs to be managed accordingly.
  • #123,856
  • Mar 16, 2013 1:43am Mar 16, 2013 1:43am
Quoting Pinbar
LOL

However, I am sure because you are going to BE and taking profit, shouldn't this allow you to catch more of the Runners, than taking full profit?
I realize every trade is different and needs to be managed accordingly.
Absolutely true . .It depend on the situation of the trade (setup) . .the bigger story involved.

Allowing more room with your S/L (risk management) . . .

Are we trading into Space??

Is there a bigger story break out like a Price Pattern or big Consolidation break out, etc. into that Space.

Huge PA setup with Space.

If you look at all of Mike's setups they all have the potential to be these long term runners . . . its all he takes . .(well mostly )

But he also knows that these setups have targets too and he'll take full profits at these targets without blinking an eye..

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,857
  • Mar 16, 2013 1:52am Mar 16, 2013 1:52am
Quoting jarroo
Absolutely true . .It depend on the situation of the trade (setup) . .the bigger story involved.

Allowing more room with your S/L (risk management) . . .

Are we trading into Space??

Is there a bigger story break out like a Price Pattern or big Consolidation break out, etc. into that Space.

Huge PA setup with Space.

If you look at all of Mike's setups they all have the potential to be these long term runners . . . its all he takes . .(well mostly )

But he also knows that these setups have targets too and he'll take full profits at these...

Yes, Jim, I agree that, I need to work more on the big picture with your entry method.
What I am currently thinking about, is Large TF PA and trying to get in with your system.
Although, sometimes the Large TF PA, seems to retrace a lot more before the Bham and, this seems to catch me out quite a bit.
It is probably because, using the HCR LCS, affords us a tighter stop than we may usually have if trading the PA alone?
Any thoughts on this?

PS: I thought Mike usually used his two bar stop to take him out of the trade and, actually did not take full profit so much?
  • #123,858
  • Mar 16, 2013 2:11am Mar 16, 2013 2:11am
Quoting Pinbar
Yes, Jim, I agree that, I need to work more on the big picture with your entry method.
What I am currently thinking about, is Large TF PA and trying to get in with your system.
Although, sometimes the Large TF PA, seems to retrace a lot more before the Bham and, this seems to catch me out quite a bit.
It is probably because, using the HCR LCS, affords us a tighter stop than we may usually have if trading the PA alone?
Any thoughts on this?

PS: I thought Mike usually used his two bar stop to take him out of the trade and, actually did not...

PA setups off HCR/ LCS levels can really make difference. Take this PB example ..

Notice that the PB closed above the Bar Lows yet it did not close above the LCS level, this is why this PB didn't work out.

I'm sure this one frustrated alot of PA traders. The PB was above prior Lows, what happened?? darn it.

Actually it was a signal for me to go short . .

Don't know if I came near to your question Steve . .lol

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,859
  • Mar 16, 2013 2:25am Mar 16, 2013 2:25am
Quoting Pinbar

PS: I thought Mike usually used his two bar stop to take him out of the trade and, actually did not take full profit so much?

That's not true . .quite the opposite. he'll use that exit strategy at times . .again depending on the bigger story involved.

He will take full profits at targets . . . big time . .
Indicators show the past. Price Action "Indicates" the future.
  • #123,860
  • Mar 16, 2013 2:26am Mar 16, 2013 2:26am
Quoting jarroo
PA setups off HCR/ LCS levels can really make difference. Take this PB example ..

Notice that the PB closed above the Bar Lows yet it did not close above the LCS level, this is why this PB didn't work out.

I'm sure this one frustrated alot of PA traders. The PB was above prior Lows, what happened?? darn it.

Actually it was a signal for me to go short . .

Don't know if I came near to your question Steve . .lol

Jim

Yes, you did, in a roundabout way.
I was thinking more of weekly and monthly PA. Then trying to get in, on the lower tf with a good level.

I think that close below was a good hint, that PB was not going to break.
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