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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

  • #124,501
  • Edited 10:55pm Apr 5, 2013 10:35pm | Edited 10:55pm
Quoting dervel
Isn't SFP method and Jarroo's method going to contradict in many cases?I don't have a chart to give an example, but imagine the following case: We have a major swing and price approaches those high levels again.Price goes past the previous swing high but closes back below, thus creating an SFP setup giving us a short opportunity.However price close above the previous HCR level as well, which makes us (if we follow Jarroo's method) look for a long position. I don't know if you can understand this without a specific chart.In a case like this what...
That's the beauty of the Swing Failure Pattern (SFP). It was a crucial missing piece of the puzzle of my method. SFPs can not only be a method by itself but it also gives a bias (Bearish or Bullish) at a Swing point.

Many times I would be scratching my heading wondering why a setup as you described, dervel, didn't work out initially. I just chalked it up to my HCR/LCS levels can be traded in either direction. . .and they can be when they are at the proper location and confluenced.

Then I realized that there was a bigger story going on here . . enter the SFP . . thanks to The Wizard, Tom.

See this post on the EurNzd . .I give a few more examples



Quoting jarroo
I hear you, g. Take this example on the EurNzd . .PBT&CB a nice LCS level in Consolidation . . wow, when Price ret. once PBT&CB the LCS it really didn't act as Resistance . .I wonder why?? (chart 1) That's why . . bullish SFPs were heading at me . .lol (chart 2) {image} {image}

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #124,502
  • Edited Apr 6, 2013 12:01am Apr 5, 2013 10:45pm | Edited Apr 6, 2013 12:01am
Quoting shephrd
I realize that hindsight gives us the luxury of making perfect trading decisions after the fact, but I think that this is how I would approach this situation with Jarroo's PBT&CAorB method (notes on chart). {image}
Hey Shep !!! .. What a great example of the SFP used as a Daily Bias . .Bearish Bias in this case,

" . .I realize that hindsight gives us the luxury of making perfect trading decisions after the fact . ."

Well Shep, I'll show the charts before the fact. I took this one in real time, here are the charts. ..which fits your chart to a tee . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #124,503
  • Apr 5, 2013 11:25pm Apr 5, 2013 11:25pm
Quoting ghous
That is a great question Dervel! I don't trade Jarroo's PBT method

What a great post, ghous . .

This is what this thread is all about. We start off with James16's material and then we see the bigger picture while still applying James16' stuff with Mike's (mbqb11) material. Than we find our way to get more information to fit our own personal trading style. . .believe me, you can just start and stop with James16 and Mike . .and do just fine. My method would not have come about if it wasn't for James16 and Mike(mbqb11)

I like how you show how your putting the pieces together, ghous . .

I'm also glad they you are still looking HCR/LCS levels . . .now that I put them in your head you can't get them out . .lol . . . . .sorry about that ghous . .lol . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #124,504
  • Apr 5, 2013 11:42pm Apr 5, 2013 11:42pm
Hey Jim!

That is just unreal.

Great job catching that trade in real time.

Are you already out of this trade at one of your targets or are you still holding it for a longer move down? It looks like you have some space (especially below the Weekly HCR). If you're still in it, then it'd be great to see how you manage it with your method.

Shep.

Quoting jarroo
Hey Shep !!! .. What a great example of the SFP used a Daily Bias . .Bearish Bias in this case, " . .I realize that hindsight gives us the luxury of making perfect trading decisions after the fact . ." Well Shep, I'll show the charts before the fact. I took this one in real time, here are the charts. ..which fits your chart to a tee . Jim
"Dare to live the life you have dreamed for yourself. Go forward and make y
  • #124,505
  • Edited Apr 6, 2013 3:21am Apr 5, 2013 11:56pm | Edited Apr 6, 2013 3:21am
Quoting shephrd
Hey Jim! That is just unreal. Great job catching that trade in real time. Are you already out of this trade at one of your targets or are you still holding it for a longer move down? It looks like you have some space (especially below the Weekly HCR). If you're still in it, then it'd be great to see how you manage it with your method. Shep.

Its not that unreal . . . .your chart was perfect . .

I was able to take it down to the lower LCS level but not the full move down. What I'm finding out about the SFP at these deeper Swing Points is that they can be a trend changing event and have some real power behind them. But we still have to be mindful of our targets and manage the trade accordingly. . .meaning we want Price to Close below our targets (in this case, NzdChf) and move our S/L above them.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #124,506
  • Apr 6, 2013 1:24am Apr 6, 2013 1:24am
Quoting mbqb11
well 20 million views I gotta put up SOMETHING lol Here is my webinar from this week and you
The other 30 mins I discuss in great detail a trade I took and posted here as well. So a little something for everyone See you guys at 40 million I can only hope http://rapidshare.com/files/24437930...%20webinar.wmv Best Mike


I just watch it again Mike . .great suff . .


https://rapidshare.com/#!download|82....wmv|62601|0|0


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #124,507
  • Apr 6, 2013 1:27am Apr 6, 2013 1:27am
Quoting jarroo
That's the beauty of the Swing Failure Pattern (SFP). It was a crucial missing piece of the puzzle of my method. SFPs can not only be a method by itself but it also gives a bias (Bearish or Bullish) at a Swing point. Many times I would be scratching my heading wondering why a setup as you described, dervel, didn't work out initially. I just chalked it up to my HCR/LCS levels can be traded in either direction. . .and they can be when they are at the proper location and confluenced. Then I realized that there was a bigger story going...

Yes, Jim.

The bias is the conclusion I just came to last night after studying the Fail Better thread.
Do you find the SFP can make a reasonable SL, once PBT&CB one of your HCR or LCS levels after a bias has been shown by the SFP?
  • #124,508
  • Apr 6, 2013 1:35am Apr 6, 2013 1:35am
Quoting Pinbar
Yes, Jim. The bias is the conclusion I just came to last night after studying the Fail Better thread. Do you find the SFP can make a reasonable SL, once PBT&CB one of your HCR or LCS levels after a bias has been shown by the SFP?

Not sure what you mean, Steve . .you mean once the SFP was formed?
Indicators show the past. Price Action "Indicates" the future.
  • #124,509
  • Apr 6, 2013 1:37am Apr 6, 2013 1:37am
Quoting Pinbar
I am just a newbie also, especially at the SFP. Thanks for letting me off the hook. Unless there is a lot of space, I feel the SFP is just like Jarroo's HCR & LCS and the more recent levels are more important. Here is one I am watching the SFP level and the HCR level. A weekly close below will be interesting. {image}

That's correct . .but we have to wait for the Close .
Indicators show the past. Price Action "Indicates" the future.
  • #124,510
  • Apr 6, 2013 1:41am Apr 6, 2013 1:41am
Quoting ghous
Nice example. The consolidation box was building up pretty heavy, there was this weekend "damn you gap" that I am sure was needing to be filled before price broke through as a "breakout". g.
damn you gaps . . !! . .lol

I would also say that the previous LCS levels that PBT&CB were untest and need to be tested before moving downward.
Indicators show the past. Price Action "Indicates" the future.
  • #124,511
  • Apr 6, 2013 2:39am Apr 6, 2013 2:39am
Quoting jarroo
Not sure what you mean, Steve . .you mean once the SFP was formed?

Yes, Jim.

Once the SFP has showed us the bias, would you place the safety stop above the SFP bar itself or possibly use the original SP High?

I know in this example price did not come back after the close below but, let's assume if it had.
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  • #124,512
  • Apr 6, 2013 3:05am Apr 6, 2013 3:05am
Quoting ghous
We can now go back to Gold and see how price is implicitly diverging there. g. {image}
The divergence paid off! It was a rather dodgy setup and I was expecting it to play some tricks but the NFP boost helped it work really well.
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I believe . . .
  • #124,513
  • Apr 6, 2013 3:07am Apr 6, 2013 3:07am
Quoting jarroo
Hey Shep !!! .. What a great example of the SFP used as a Daily Bias . .Bearish Bias in this case, " . .I realize that hindsight gives us the luxury of making perfect trading decisions after the fact . ." Well Shep, I'll show the charts before the fact. I took this one in real time, here are the charts. ..which fits your chart to a tee . . Jim {image} {image} {image}
fantastic stuff Jim! I knew something like this was on the way.

g.
I believe . . .
  • #124,514
  • Apr 6, 2013 3:09am Apr 6, 2013 3:09am
Quoting jarroo
What a great post, ghous . . This is what this thread is all about. We start off with James16's material and then we see the bigger picture while still applying James16' stuff with Mike's (mbqb11) material. Than we find our way to get more information to fit our own personal trading style. . .believe me, you can just start and stop with James16 and Mike . .and do just fine. My method would not have come about if it wasn't for James16 and Mike(mbqb11) I like how you show how your putting the pieces together, ghous . . I'm also glad they...
Yeah I can't get HCR/LCS levels out of my head. Don't want to either.

They have helped me countless times in forming the bigger picture. They may not be a part of my method but still are a crucial component of my chart reading tools.

g.
I believe . . .
  • #124,515
  • Edited 5:30am Apr 6, 2013 3:23am | Edited 5:30am
Quoting ghous
Yeah I can't get HCR/LCS levels out of my head. Don't want to either. They have helped me countless times in forming the bigger picture. They may not be a part of my method but still are a crucial component of my chart reading tools. g.
These days I am head first into some real R&D projects.

I am desperately looking to find a solution to the "soft stop" problem pertaining to exiting my SFP trades only when price closes above the high of a bearish SFP and below the low of a bullish SFP.

Implicit divergence is a concept I developed right out of this problem actually. Price would continue to give me the scares by threatening to close beyond the SFP and failing to do so for multiple attempts before it would turn in my favor and I would hang on because I knew this was a case getting strong.

I admit though that my unrealized draw down at times has gone past -3R and I have taken losses (rare but not non-existent) up to -3R before. A problem that soft stops come with - you never know how much you are going to loose. The stats for me still don't reveal anything dangerous but I understand how an open stop can be detrimental and leaves you totally at the mercy of the market's choice of behavior.

Hence I am on the lookout to get rid of this loophole and HCR/LCS levels are an area I am seriously looking at!

Since I am now trading exclusively on the higher time frames, the HCR/LCS perspective for trade management is a serious consideration in helping me sort out the problem.

So no I am not looking forward to getting rid of thinking about HCR/LCS levels.

g.
I believe . . .
  • #124,516
  • Apr 6, 2013 4:49pm Apr 6, 2013 4:49pm
I think the beauty of Jarroo's methodology is that, if price closes above the or below the swing point of the SFP area, it gives us another oportunity to get in on the pullback as, we are looking for PBT&CA or below. If price closes above the HCR, the SFP high gives us a logical target to aim for.
Also, the SFP seems to be single dimensional meaning, if price closes below a bearish SFP we short above a bullish SFP we go long.
Whereas, Jims HCR & LCS are multi directional meaning we can go long after a breakthrough and pullback to a HCR or short on the pullback to the LCS, once they break & price shows us they are not acting as the resistance or support we expected.

Either way, these two concepts seem to greatly enhance each other.
  • #124,517
  • Apr 6, 2013 8:31pm Apr 6, 2013 8:31pm
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mike, or anybody can answer this why is my m1 chart showing this huge pinbar but w1 d1 never shows any such move?
  • #124,518
  • Apr 6, 2013 8:32pm Apr 6, 2013 8:32pm
month not min sorry
  • #124,519
  • Apr 7, 2013 1:36am Apr 7, 2013 1:36am
Quoting 4xjoema
{image}{image}mike, or anybody can answer this why is my m1 chart showing this huge pinbar but w1 d1 never shows any such move?
Hi 4xjoema, my best guess is that broker got bad data or itīs some kind of data spike, anyway I tend to be sceptical when I see these.

Mav
  • #124,520
  • Apr 7, 2013 7:54am Apr 7, 2013 7:54am
Quoting mbqb11
and todays updated chart If you are killing yourself out there with 50 trades a month, try searching for a handful of these a month(like the eur/cad D posted too). You won't look back many of you {image}
Mike,

There is a lot of traffic in the Eur/Cad. May I know what makes it a good setup for you?

Kenny
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