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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

  • #124,081
  • Mar 24, 2013 7:59pm Mar 24, 2013 7:59pm
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.

Thanks,

Walt


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Nice charts Walt.

I would be looking at the other LCS level at the 1.2965 too. .nice 4 Hour and Hourly Signatures there as well.

Price has Close Above these LCS levels . .could be returning to Support from its previous Resistance.



Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #124,082
  • Edited 8:52pm Mar 24, 2013 8:27pm | Edited 8:52pm
Quoting makwana
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...
Yes that's correct Krunal (on your chart)

PBT&CA the HCR levels and previous LCS levels too. Look for them to act as Support if Price retraces down to them . .Yes, I know Price already did . .
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Indicators show the past. Price Action "Indicates" the future.
  • #124,083
  • Mar 24, 2013 9:06pm Mar 24, 2013 9:06pm
Anyone else having their FxPro feed have the market open at 6pm eastern instead of 5pm? Kind of annoying as it shows the gap an hour late...
  • #124,084
  • Mar 24, 2013 10:08pm Mar 24, 2013 10:08pm
Quoting Venic
Anyone else having their FxPro feed have the market open at 6pm eastern instead of 5pm? Kind of annoying as it shows the gap an hour late...


I believe FXXPro will make the adjustment next month . .not %100 sure.

FXXDD I believe is on the New York Close.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #124,085
  • Mar 24, 2013 10:41pm Mar 24, 2013 10:41pm
Quoting jarroo
Yes , those are valid HCR levels but you missed that minor HCR level at the 1.9190-1.9188 (in blue). .it was in play once PBT&CA . .made a couple Lows of the Day . .

Jim
Jim,

Thanks for your kind reply. But something is confusing me ....
1) For example we have upper levels 0.9273 - 0.9268 & lower level at 0.9190 - 0.0188
Now should I do short on each touch of resistance and buy each touch of support while the price stay in the box? or we will filter some trades.
2) Would we consider main trend if it is buy then we will only take buy trades on each touch of bottom or same for short?

I am not trying to avoid loss but I want to improve my trades and minimize the risk.

Another example can be EURUSD. I will post chart of EURUSD and will ask your guidance that idealy how should I play it.
Thanks.
  • #124,086
  • Mar 24, 2013 10:52pm Mar 24, 2013 10:52pm
Here is EURUSD chart with question.
May be I am thinking too much and making things more complex although I want simple thing.

One of my confusion is that should we filter some trades or we should try to take each touch of level if possible that is if we are in front of computer.

Thanks.
KayKay
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  • #124,087
  • Mar 24, 2013 11:25pm Mar 24, 2013 11:25pm
Quoting fxkaka
Jim,

Thanks for your kind reply. But something is confusing me ....
1) For example we have upper levels 0.9273 - 0.9268 & lower level at 0.9190 - 0.0188
Now should I do short on each touch of resistance and buy each touch of support while the price stay in the box? or we will filter some trades.
2) Would we consider main trend if it is buy then we will only take buy trades on each touch of bottom or same for short?

I am not trying to avoid loss but I want to improve my trades and minimize the risk.

Another example can be...
We can wait until the Daily Closes to give us a better indication of where Price is heading . .but we can look for other confirmations on a lower TF to take a trade. . .chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #124,088
  • Mar 24, 2013 11:38pm Mar 24, 2013 11:38pm
Quoting fxkaka
Here is EURUSD chart with question.
May be I am thinking too much and making things more complex although I want simple thing.

One of my confusion is that should we filter some trades or we should try to take each touch of level if possible that is if we are in front of computer.

Thanks.
KayKay
I would look for those higher HCR levels . . that are not in traffic . . for a possible shorting confirmation.

I would not just take a touch at each level . .wait for Price to give a "Close Confirmation" of Support or Resistance . .be it on the Daily, 4 Hour or Hourly . .or even the 15min TF.

Yes the 1.2965 was a buy because PBT&CA . .actually Price hit that other lower HCR at 1.2943. . .nice.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #124,089
  • Mar 25, 2013 2:06am Mar 25, 2013 2:06am
Let's see what happens here.
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  • #124,090
  • Mar 25, 2013 2:10am Mar 25, 2013 2:10am
Quoting mbqb11
here was my old euro chart. We are still nearing this great area to watch

http://www.forexfactory.com/showthre...87#post6531587



Attached also is usd/sgd. One is a chart I emailed to the PF, and the other is now my updated chartAttachment

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Hey Mike,

I would like to ask for your openion about a bit special part of your USDSGD example. Your conception with divergence is clear, I was also in position with this pair with a highly conservative SL.
The less clear point for me is setting the TP.
I put my TP directly before the "big gap" into the strong S/R zone, I thought this zone protected the gap very strongly from filling.. But when I noticed the huge retracement in the last approx. 8 hours some minutes ago I became quite confused. This is the first time I have seen a combination of a large gap and a strong divergence working.
Of course I am satisfied with my trade because it is directly before my TP, but

Do you think the combination of a strong divergence and a big gap can make a trend extremely weak and give us extremely good winning chances, or this huge and fast retracement in this case was just an accident?

Because if the answer is definite yes, next time in a similar case I will consider putting my TP beyond the gap.

I hope this question is interesting for others also.
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  • #124,091
  • Mar 25, 2013 4:17am Mar 25, 2013 4:17am
Hit its daily target on H4, without coming all the way back to touch the level.
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  • #124,092
  • Mar 25, 2013 4:44am Mar 25, 2013 4:44am
Quoting Pinbar
Hit its daily target on H4, without coming all the way back to touch the level.
Hi Pinbar,

I am also looking at this pair EUR/CAD daily, you mention a bearish signal, with confluence at a PPZ, so looks like a possible trade, but don't we have a strong upwards trend.
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  • #124,093
  • Mar 25, 2013 5:53am Mar 25, 2013 5:53am
Quoting jaypatel33
Hi Pinbar,

I am also looking at this pair EUR/CAD daily, you mention a bearish signal, with confluence at a PPZ, so looks like a possible trade, but don't we have a strong upwards trend.
I see this:-)

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  • #124,094
  • Mar 25, 2013 6:09am Mar 25, 2013 6:09am
Quoting dipie
I see this:-)

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That looks good, guess we will have to wait a bit longer. Thanks.
  • #124,095
  • Mar 25, 2013 8:19am Mar 25, 2013 8:19am
Quoting jarroo
I believe FXXPro will make the adjustment next month . .not %100 sure.

FXXDD I believe is on the New York Close.

Jim
yeah once they adjust their clocks over there then we are all back at 5pm. I think its a few weeks


Mike
  • #124,096
  • Mar 25, 2013 8:46am Mar 25, 2013 8:46am
Hi Mike

Thanks for your response!

I have a few questions today:

 

  1. I don't know how to reply to your response. Can someone help me with this?
  2. I can't create thick dashed lines like Mike. It's either thin dashed line or thick solid line. Pls help.
  3. How can I change MT4 to reflect EST time zone?
  4. Is there a way I can set a trade and forget it? I want to set a trade with stop and if a target is achieved, it must move automatically to BE. Is this possible? After that I can manage the trade by myself.

  • #124,097
  • Mar 25, 2013 9:05am Mar 25, 2013 9:05am
Quoting Mayube
Hi Mike

Thanks for your response!

I have a few questions today:

 

  1. I don't know how to reply to your response. Can someone help me with this?
  2. I can't create thick dashed lines like Mike. It's either thin dashed line or thick solid line. Pls help.
  3. How can I change MT4 to reflect EST time zone?
  4. Is there a way I can set a trade and forget it? I want to set a trade with stop and if a target is achieved, it must move automatically to BE. Is this possible? After that I can manage the trade by myself.

Hey Mayube

I attached a screen shot of the "quote" button to click in the top right of a post. This will quote the previous post you are looking to respond to

I use a program called Snag-it to take screenshots and draw on my charts. MT4 is limited in that regards. Since i am posting tons of charts a day it's a life saver.

You can not change your broker time to reflect another time. Your broker for mt4 will be based on the broker itself and what bar close they use.

Yes they have EA(expert advisors) that will move your stop to b/e at a designated point. I have no experience with these so I am reluctant to point you in the direction of any since I am not sure the good ones. One thing to note is that your PC must remain on and connected if using an EA with an MT4 broker. That worries me personally so i do everything manual.

Hope this helps
Mike
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  • #124,098
  • Mar 25, 2013 9:24am Mar 25, 2013 9:24am
Quoting Microtrader_
Hey Mike,

I would like to ask for your openion about a bit special part of your USDSGD example. Your conception with divergence is clear, I was also in position with this pair with a highly conservative SL.
The less clear point for me is setting the TP.
I put my TP directly before the "big gap" into the strong S/R zone, I thought this zone protected the gap very strongly from filling.. But when I noticed the huge retracement in the last approx. 8 hours some minutes ago I became quite confused. This is the first time I have seen a combination...
Hey Micro

I am not sure I understand but are you asking should you have put your TP lower right on the first gap close? If so I personally do what you did. Gaps often don't close and price bounces before them. I like to put them higher up just like you did. That's the "base" point of the pattern I showed as well as a strong PPZ area as you marked. That's a perfect place to get out with great profit. I would do it just like you did there

Nicely done

Best
Mike
  • #124,099
  • Mar 25, 2013 9:33am Mar 25, 2013 9:33am
Anybody looking at AUD/CAD, we are near decade highs, we have a pin bar, but its only on the 4hr, it does have some confluence with 62%fibo, also if breaks, has room to move
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  • #124,100
  • Edited 10:08am Mar 25, 2013 9:55am | Edited 10:08am
Quoting fxkaka
Here is EURUSD chart with question.
May be I am thinking too much and making things more complex although I want simple thing.

One of my confusion is that should we filter some trades or we should try to take each touch of level if possible that is if we are in front of computer.

Thanks.
KayKay
You nailed that level KayKay . .looks like that past LCS level was regenerized with that little bit of Space. . . great Signatures there.

The HCR and LCS levels that PBT&CA failed badly as Support.

I'm looking to see it that 1.2865 LCS level to hold.

You nailed it, Kay Kay.


Jim
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Indicators show the past. Price Action "Indicates" the future.
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