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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

  • #123,941
  • Mar 19, 2013 11:38am Mar 19, 2013 11:38am
Question for Jarroo or those of you who trade his method: How soon do you move your stop to break even, do you look to see what makes sense, meaning in regards to whats going on, on the chart or as soon as you are 15, 20, 30 pips in the profit you move it to break even no matter what.

Thanks in advance!
  • #123,942
  • Edited 5:16pm Mar 19, 2013 4:14pm | Edited 5:16pm
Thanks for your answers mbqb11 and LamerTrader !!!

I don't know that my broker shows me false bars
Maybe I should change it...
And last - where I can watch real forex graphics
Your best teacher is your last mistake ...
  • #123,943
  • Mar 19, 2013 5:11pm Mar 19, 2013 5:11pm
Quoting mbqb11
Hey F

Don't let it throw you off too much

For example if you were gonna short that beob(which is a small beob but i'll leave that as a side note to this). Was your order going to be under the beob? If so the gap has no effect you could simply leave your order in place. If your plan was to play a retrace then you could play the retrace as normal

If the gaps throw my patterns/areas off too much I simply just wait till price comes back and does something that I can find logical. I really don't let it throw off too much as gaps happen often....
Thanks Mike, that helped me a lot. Slowly but surely I will become a trader.
  • #123,944
  • Mar 19, 2013 6:16pm Mar 19, 2013 6:16pm
Quoting Flamegs23
Thanks Mike, that helped me a lot. Slowly but surely I will become a trader.
keep at it bud
  • #123,945
  • Mar 19, 2013 6:17pm Mar 19, 2013 6:17pm
Quoting b3g1nn3er
Thanks for your answers mbqb11 and LamerTrader !!!

I don't know that my broker shows me false bars
Maybe I should change it...
And last - where I can watch real forex graphics
Hey B

it's ok to have the sunday bars. Most people just choose to ignore them or "blend" them into their monday bar. If you don't like them there you could use a feed like FXpro for your charting. Many of us use that

Best
Mike
  • #123,946
  • Mar 19, 2013 11:54pm Mar 19, 2013 11:54pm
Quoting inditrader
Very interesting phenomenon which occur again and again . I really love watching them.


Attachment

It proved me wrong and one more BE trade. The current market conditions are best medicines for curing a Trader's ego and learning a vital aspect of trading called " acceptance". Time to move forward and look for the best opportunities in the coming.

Lot of BE trades at my end though JPY pairs got stopped at 50 odd pips.

Here are some interesting setups.

EU - Divergence on hourly chart. It did work in the past. That does not mean it will work now. What all I can do is take a low risk entry and wait for reward or small loss.

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Regards Inditrader
  • #123,947
  • Mar 20, 2013 12:02am Mar 20, 2013 12:02am
EJ - Very very interesting.

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GU - The price has declined from 6300 non stop i.e: Without any visible leg of retracement. Now we are witnessing a huge consolidation after a 200 pips rally on last Thursday. In normal conditions a consolidation at the top of rally signifies continuation. Are we in a normal market condition? Thats a food for thought .

The Green outside bar provides some clues. However on the other hand sellers are doing all their best to push the buyers to the wall.The breakout here should lead to a huge move.

The first add to the winner got stopped out and the stop for the initial position is still surviving despite such a fierce battle!
Attached Image (click to enlarge)
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May not be best of the Pivot zones. Still it matters.
Attached Image (click to enlarge)
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Regards Inditrader
  • #123,948
  • Mar 20, 2013 12:14am Mar 20, 2013 12:14am
Quoting long2339
Hi Inditrader

My chart looks different.
Hey Long2339! - On the lighter side, did you get your nick name from your long trade in EU since 1.2339? LOL.

Coming back to chart - I think Mike and MAV have cleared your query. Though I did use different feeds earlier, I liked FXPro to keep my thought process aligned with with Pro's or veterans!

In the end price is price and the feeds should not make any significant differnce to your trading as long as the broker/feed is of good quality.

Hope that answers your query.
Regards Inditrader
  • #123,949
  • Mar 20, 2013 12:43am Mar 20, 2013 12:43am
Hi Inditrader

What was your cue to place a buy on that GBP/USD even though it was on a down trend. I'm looking at my charts and I don't see it, can you highlight on your chart why that choice was made?
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #123,950
  • Mar 20, 2013 1:41am Mar 20, 2013 1:41am
Quoting inditrader
It proved me wrong and one more BE trade. The current market conditions are best medicines for curing a Trader's ego and learning a vital aspect of trading called " acceptance". Time to move forward and look for the best opportunities in the coming.

Lot of BE trades at my end though JPY pairs got stopped at 50 odd pips.

Here are some interesting setups.

EU - Divergence on hourly chart. It did work in the past. That does not mean it will work now. What all I can do is take a low risk entry and wait for reward or small loss.

Attachment ...

Don't take divergence trades blindly. Use confluence with it. As Mike says, taking divergence blindly with lead to to disaster. It can work by the accident several times, but it wont always. I tried to do this also when I was only starting forex. Yes I caught the bottoms and the tops sometimes, but divergence realy doesnt matter the end of the move. Its just the calculated data.
If not up, then down, otherwise sideways :-)
  • #123,951
  • Mar 20, 2013 1:45am Mar 20, 2013 1:45am
Quoting forextrini1
Hi Inditrader

What was your cue to place a buy on that GBP/USD even though it was on a down trend. I'm looking at my charts and I don't see it, can you highlight on your chart why that choice was made?
Hi Forextrini,

I have explained the same in one of my ealrier posts. I hope you won't mind doing some homework on that?
Regards Inditrader
  • #123,952
  • Mar 20, 2013 1:48am Mar 20, 2013 1:48am
Quoting Magestic
Don't take divergence trades blindly. Use confluence with it. As Mike says, taking divergence blindly with lead to to disaster. It can work by the accident several times, but it wont always. I tried to do this also when I was only starting forex. Yes I caught the bottoms and the tops sometimes, but divergence realy doesnt matter the end of the move. Its just the calculated data.

Hi Magestic,

Regarding trading divergence, Myself and Mike had a short discussion on the same in earlier posts and what all you have written above is covered in those posts.
Regards Inditrader
  • #123,953
  • Mar 20, 2013 5:31am Mar 20, 2013 5:31am
Quoting ymo613
Question for Jarroo or those of you who trade his method: How soon do you move your stop to break even, do you look to see what makes sense, meaning in regards to whats going on, on the chart or as soon as you are 15, 20, 30 pips in the profit you move it to break even no matter what.

Thanks in advance!
If you go to the link below, there is a great PDF which assists in explaining the Jarroo method

https://www.google.co.uk/url?sa=t&rc...44011176,d.ZWU
  • #123,954
  • Mar 20, 2013 5:48am Mar 20, 2013 5:48am
Hey guys,

I'm currently getting to grips with the Jarroo method and would love the input of the members here to ensure my setups are correct. I'll try and post my version of the trades here so that I can get a better clarity if I am doing the right or wrong thing. Would the senior members advise that for getting to grips with this method to concentrate on a few markets or all the majors, and if just a few which should I concentrate on.

I've posted two charts both of the same trade and my logic with it, I've classed this trade is a break even trade but happy to be correct if my thought process is wrong.

Kind regards,

Krunal
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 2013-03-20 EURUSD H1.png Size: 32 KB
  • #123,955
  • Mar 20, 2013 6:49am Mar 20, 2013 6:49am
Quoting james16
if your not willing to give this at least two years of study and practice then your just playing around. doctors and lawyers etc spend 6 to 10+ years mastering something that can make them rich. why would anyone think that this business which can make you much wealthier than most any other profession is any different.
Looking back over these earlier posts the one above caught my attention. It is undoubtably a truism in trading studies and one many new people choose to ignore at their cost.
Well done Jim et al. You guys turned my trading around some time ago but I still enjoy looking in to savour the knowledge and sincerity of your posts
every Saint has a past. Every Sinner has a Future
  • #123,956
  • Mar 20, 2013 7:38am Mar 20, 2013 7:38am
Krunal, If you don't mind I'd like to comment on your charts. I've little experience but this is the way I see it. The bars you have marked as LCS include a Sunday bar, which I think may void that LCS and above is a BRN so I think we are looking at resistance above more than support. I have attached my charts showing things the way I see them. Would also like comments on my charts.

Thanks,

Walt


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  • #123,957
  • Mar 20, 2013 8:30am Mar 20, 2013 8:30am
Would be way too beautiful. Nice DBLHC - BUT candle isnt closed yet and we have a major PPZ above our heads.
Mike! Do you always wait until the bars are closed, or if you see a nice setup (like this one without major PPZ above) do you trade it immediately?

Attached Image (click to enlarge)
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Best,
Stephen
It's all psychology...
  • #123,958
  • Mar 20, 2013 8:32am Mar 20, 2013 8:32am
Quoting LamerTrader
Would be way too beautiful. Nice DBLHC - BUT candle isnt closed yet and we have a major PPZ above our heads.
Mike! Do you always wait until the bars are closed, or if you see a nice setup (like this one without major PPZ above) do you trade it immediately?

Attachment

Best,
Stephen
Hey Stephen

ALWAYS wait for those bars to close for sure. In this case just be careful cause this is up at a swing high , so as you said we are trading right into the previous swing point. These can be tricky

Best
Mike
  • #123,959
  • Mar 20, 2013 8:40am Mar 20, 2013 8:40am
Quoting bwaltner
Krunal, If you don't mind I'd like to comment on your charts. I've little experience but this is the way I see it. The bars you have marked as LCS include a Sunday bar, which I think may void that LCS and above is a BRN so I think we are looking at resistance above more than support. I have attached my charts showing things the way I see them. Would also like comments on my charts.
Hi Walt,

Thanks for that, I think you are spot on, the small candlestick was a sunday bar which should never have counted. I've got a few charting packages which disregard the Sunday bar which I think would be more appropriate.

I can also see what you mean about the trade actually maybe having a HCR. If you don't mind be asking what does BRN mean? With the same chart that you posted we are currently for a long position, looking for todays bar to break HCR and then set an order for that line. Also Walt, with this method do we normally follow prevailing trend or does it allow us to go against the trend in assuming we've 'bottomed' out.

Kind regards,

Krunal
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-03-20 EURUSD Daily 2.png Size: 31 KB
  • #123,960
  • Mar 20, 2013 8:56am Mar 20, 2013 8:56am
I was going through the PA Short Summary (attached) over & over, with intent to engrave the setups in my mind so that I'm able to immediately identify them as soon one appears. Have a few points to clarify:

 

  1. 2 or more consecutive Matching Lows / Highs: it says this is trend continuation breakout setup. What if it appears at swing high or swing low? Can it be taken to validate reversal? Or shd we be extra cautious of the reversal that occurs with this setup?
  2. BOVB (BEOVB & BUOVB): this is also intended to be trend continuation setup. Again, what if it appears at swing high or swing low?
  3. Double Bar Low with Higher Close (DBLHC) / Double Bar High with Lower Close (DBHLC): as I understand this is reversal setup. But in the attached charts some of the setups did not really occur at swing high or swing low, esp the 2nd one from the left in the 2nd chart.
  4. Are there any more common PA setups that the Summary did not contain?

God bless!

Bliss

Attached File(s)
File Type: doc PA short summary.doc   29 KB | 851 downloads
File Type: docx charts.docx   225 KB | 585 downloads
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