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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

  • #124,121
  • Mar 25, 2013 1:46pm Mar 25, 2013 1:46pm
Thanks, Mike. How do you keep this up? I notice you answer all questions, however silly I may take advantage of this.

I love math, stats and probabilities and this method makes the most sense for me. It is the least stressful and can be fun too!

I have a dead-end job and I am trying to build a sizeable account so I can be picky. I have just been playing around and studying for a year now (on and off). I don't have the time. I try. I have 2 girls (wife and 4 yr baby girl). It's hard to find time. Add to this, regular exercise at gym + eating 6 small portions per day (instead of 3 large meals that put you to sleep) ... Then I have to also get my intake of fruits and shakes daily.

The biggest obstacle to my trading is my wife . She wants me to give up trading endeavors since it's costing our family too much time. It is becoming a major issue in my home. I don't know what to do. I feel like I have to prove myself to her, and quick. This is a recipe for disaster as we all know. I am stressed out. Trading is the only hope I have to become free. I don't care how long it takes; I just need to stay in the game and keep practising.













Quoting mbqb11
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...
  • #124,122
  • Mar 25, 2013 1:52pm Mar 25, 2013 1:52pm
Quoting mbqb11
still some strong divergence on E/U

This is the make or break for the bulls coming up
Surely!

I was talking about the implicit version of divergence I made a post about.

'Implicit divergence' seems like a good word we can use to avoid the confusion.

g
I believe . . .
  • #124,123
  • Mar 25, 2013 1:53pm Mar 25, 2013 1:53pm
Hi,

Is anybody watching AUDCHF?

PBT&CA previouse HCR and LCS levels + broke through important BRN 0.9900 too.

Would you consider PA on 1H or maybe 30m as a signature? If so how would you play it?

Thanks

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  • #124,124
  • Edited 4:31pm Mar 25, 2013 1:57pm | Edited 4:31pm
Quoting jarroo
But of course, Mike . . . . .there's a bigger story going on here . .thanks bro. . .

There's going to one big old BEOB on the Daily wiping out alot of previous bars.. we'll see how it Closes.

Thanks guys this is a great dialog and a live learning experience. Either way I'm in so we shall see how it plays out.....
Great post Ghous (post 124127). Its going to take several reads for it to sink in.
Thanks Joe

Edit: Should be LLS on chart not LCS.

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  • #124,125
  • Mar 25, 2013 2:01pm Mar 25, 2013 2:01pm
Quoting ziven78
Hi,

Is anybody watching AUDCHF?

PBT&CA previouse HCR and LCS levels + broke through important BRN 0.9900 too.

Would you consider PA on 1H or maybe 30m as a signature? If so how would you play it?

Thanks

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Hey ziven . I would be looking for a Daily Close Above these two Daily HCR levels. .at the .9881-9885.

BRNs are important but they need to be lining up with a level or part of a bigger story like a Price Pattern.

I don't look at BRNs as a stand alone level.


Let's see where the Daily closes today. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #124,126
  • Mar 25, 2013 2:14pm Mar 25, 2013 2:14pm
Quoting jarroo
Hey ziven . I would be looking for a Daily Close Above these two HCR levels. .at the .9881-9885.

BRNs are important but they need to be lining up with a level or part of a bigger story like a Price Pattern.

I don't look at BRNs as a stand alone level.


Let's see where the Daily closes today. . .
Thanks for the answer jarroo. I was just wondering was that what you call signature on 1H or 30 min, or first you have to have Daily close above these HCR levels to be looking for signature at all? I thought that this 0.9900 level is lining up with previous swing highs thus is significant level. Am I understanding this correctly that you look for HCR LCS etc and then when they have confluence with BRN you consider this level to be significant? Is that correct?
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  • #124,127
  • Edited 2:31pm Mar 25, 2013 2:15pm | Edited 2:31pm
Quoting Mayube
Thanks, Mike. How do you keep this up? I notice you answer all questions, however silly I may take advantage of this.

I love math, stats and probabilities and this method makes the most sense for me. It is the least stressful and can be fun too!

I have a dead-end job and I am trying to build a sizeable account so I can be picky. I have just been playing around and studying for a year now (on and off). I don't have the time. I try. I have 2 girls (wife and 4 yr baby girl). It's hard to find time. Add to this, regular exercise at gym...
Hey M

You got a lot on your plate as a lot of people. I'm lucky in the sense I really only have to worry about anyone but myself at this point in my life. No kids or wife. Finding balance in life is key that's the ultimate goal I think we all have.

Don't put the added pressure on you something will suffer. If I had very little time I would watch weekly/monthly charts only. If you can find a few hours on the weekend to scan through some charts, plot your trades and that's it. Keep things as simple as possible it will give you all that much more time for the other things in your life(and of course family first).

So try really scaling back. Try browsing through a few hundred charts on the weekend when you can. Pick out a couple great trades a month. Y ou will be shocked what this can do and place you ahead of 90%+ out there who are killing themselves day in and day out

Best of luck and things will always fall the right way we just must remain positive

Mike
  • #124,128
  • Mar 25, 2013 2:27pm Mar 25, 2013 2:27pm
Quoting ziven78
Thanks for the answer jarroo. I was just wondering was that what you call signature on 1H or 30 min, or first you have to have Daily close above these HCR levels to be looking for signature at all? I thought that this 0.9900 level is lining up with previous swing highs thus is significant level. Am I understanding this correctly that you look for HCR LCS etc and then when they have confluence with BRN you consider this level to be significant? Is that correct?

Yes that's correct . . they need to be lining up at the same level . .meaning the BRN and the HCR level (or LCS) are the same level.

check out this one on the NzdCHf . .three Daily HCR levels (in blue) and PBT&CA them.

Upon the retracement, check the Hourly and 4 Hour bullish Signatures at these levels. Resitance level (HCR) flip to Support.

Bullish Signatures are when a Hourly and/or 4 Hour bar cannot close below a given level . .confirming that the level is Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #124,129
  • Mar 25, 2013 2:51pm Mar 25, 2013 2:51pm
Quoting jarroo
Yes that's correct . . they need to be lining up at the same level . .meaning the BRN and the HCR level (or LCS) are the same level.

check out this one on the NzdCHf . .three Daily HCR levels (in blue) and PBT&CA them.

Upon the retracement, check the Hourly and 4 Hour bullish Signatures at these levels. Resitance level (HCR) flip to Support.

Bullish Signatures are when a Hourly and/or 4 Hour bar cannot close below a given level . .confirming that the level is Support.
Yes Jarroo it is clear to me now, thanks for taking the time to explain that to me. appreciate that
  • #124,130
  • Mar 25, 2013 2:52pm Mar 25, 2013 2:52pm
deutsche bank on daily and weekly.
i will take some longs at around 30 euro.
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meine augen sind die sterne
  • #124,131
  • Mar 25, 2013 2:59pm Mar 25, 2013 2:59pm
a friend sent me this call on visa. daily chart.
strong uptrend.
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meine augen sind die sterne
  • #124,132
  • Mar 25, 2013 3:06pm Mar 25, 2013 3:06pm
Quoting ziven78
Yes Jarroo it is clear to me now, thanks for taking the time to explain that to me. appreciate that
Sure thing ziven.

Don't get me wrong on that .9900 RN . .(the .9900 was just a RN on the AudChf. BRNs on the AudChf would be 1.0000, .9500, .9000)

There are many Daily Highs that lined up with the .9900 so it is a level that can be considered to trade PBT&CA or B.

The more confluences a level has . .the better.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #124,133
  • Mar 25, 2013 3:37pm Mar 25, 2013 3:37pm
Quoting jarroo
Sure thing ziven.

Don't get me wrong on that .9900 RN . .(the .9900 was just a RN on the AudChf. BRNs on the AudChf would be 1.0000, .9500, .9000)

There are many Daily Highs that lined up with the .9900 so it is a level that can be considered to trade PBT&CA or B.

The more confluences a level has . .the better.

Jim
I just have these RN plotted on charts and getting too excited when price approach them, just have to remember to pay more attention to HCR & LCS levels and ignore BR if there is no confluence on them. All comments are always well received and appreciated, I'll learn something new every day and hope it'll pay off one day. Thx
  • #124,134
  • Mar 25, 2013 3:42pm Mar 25, 2013 3:42pm
Hi guys!

I might have noticed something and I have a question.
As far as I see on the same day, the given currency (in this case EUR) does the same thing on the carts. - Today on nearly ever chart it had a nice wick in the air, but than slid down like a roller coaster...

In the case of EUR CAD i noticed the following:
- My TL was broken
- Former HCR was broken (green)
- 61,8 fibo broken.

The only problem is the 1.3 BRN which is right under us. Now here turns this post theoretical:
Lets assume that BRN is not there - so we have some nice space. What do you do then?
- Do you wait for a retrace confirmation and then go sell?
- Or do we ignore these kind of things, because we say "Some big news just came out and thats how price reacted today, but it might climb back on the next day, and since (lets assume) things will be normal price will slow down and reverse, on this huge resistance level?

So basically my question is if that BRN wouldnt be there how would you enter, (or not) and why?

Cheers,
Stephen

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It's all psychology...
  • #124,135
  • Edited 4:10pm Mar 25, 2013 3:44pm | Edited 4:10pm
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.
We did have till the consolidation & TL broke.

I am not saying, this is going to go for a 1000 pips, just that it did, basically what we could expect it do to, around this area below the consolidation.
Just did not come back as far as I would have liked which, made the FTA & target, too near for my liking. That is why, I am not in it.
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  • #124,136
  • Mar 25, 2013 4:08pm Mar 25, 2013 4:08pm
Quoting LamerTrader
Hi guys!

I might have noticed something and I have a question.
As far as I see on the same day, the given currency (in this case EUR) does the same thing on the carts. - Today on nearly ever chart it had a nice wick in the air, but than slid down like a roller coaster...

In the case of EUR CAD i noticed the following:
- My TL was broken
- Former HCR was broken (green)
- 61,8 fibo broken.

The only problem is the 1.3 BRN which is right under us. Now here turns this post theoretical:
Lets assume that BRN is not there - so we have some...
This may help,http://www.forexfactory.com/showthre...37#post6544037 I am not just gonna jump on because we broke out, I'll wait for a retrace and some relevant PA.
  • #124,137
  • Mar 25, 2013 5:52pm Mar 25, 2013 5:52pm
Price is making higher highs but now it is on HCR, I think it is weekly level.
I am hesitating to short it here... but I will take a chance and if one hour closes above it, I will be out.
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  • #124,138
  • Mar 25, 2013 5:55pm Mar 25, 2013 5:55pm
Quoting jarroo
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
That is your teaching Sir... I still learning and at very beginning level.
  • #124,139
  • Mar 25, 2013 9:11pm Mar 25, 2013 9:11pm
Quoting fortunateson
Thanks guys this is a great dialog and a live learning experience. Either way I'm in so we shall see how it plays out.....
Great post Ghous (post 124127). Its going to take several reads for it to sink in.
Thanks Joe

Edit: Should be LLS on chart not LCS.

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I also have similar analysis as you..
but yesterday selling was way too strong..


Sonic
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  • #124,140
  • Edited 4:23am Mar 26, 2013 3:44am | Edited 4:23am
Quoting sonicdeejay
I also have similar analysis as you..
but yesterday selling was way too strong..


Sonic
Thanks Sonic:
Agreed:as Mike pointed out big BEOB on post(124145)

Quoting mbqb11
still some strong divergence on E/U

This is the make or break for the bulls coming up
Daily too bearish for me so covered at FTA and Fib 23.6% retrace confluence area.

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