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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

  • #124,601
  • Apr 9, 2013 9:18pm Apr 9, 2013 9:18pm
i also agree with mike, there's a small divergence there if i am not mistaken but will wait for BEOB or big pin bar on H4 to confirm there's a turning back point
  • #124,602
  • Apr 9, 2013 10:21pm Apr 9, 2013 10:21pm
Quoting ping-ping
i also agree with mike, there's a small divergence there if i am not mistaken but will wait for BEOB or big pin bar on H4 to confirm there's a turning back point
Here's what I was kind of watching from a jarroo perspective. The weak daily close was important to me.

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  • #124,603
  • Apr 9, 2013 10:58pm Apr 9, 2013 10:58pm
hi ,

Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong?
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  • #124,604
  • Apr 10, 2013 1:05am Apr 10, 2013 1:05am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
I think it was a tricky area to go short. My opinion in my earlier post.

Quoting Magestic
I'm watching this pair for a long time, but I'm waiting for shorts or maybe longs higher. 1.05 is a BRN, but it had much less importance in the past comparetevely with 1.06 {image}
If not up, then down, otherwise sideways :-)
  • #124,605
  • Edited 2:20am Apr 10, 2013 1:54am | Edited 2:20am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
From what I have read so far, this area has been tested many times and that pin bar is weak and because it has been tested many times this might be a breakout to the upside.
  • #124,606
  • Apr 10, 2013 2:45am Apr 10, 2013 2:45am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
Hi yaki,
in my opinion the price did what it was supposed to do. I think that this pin bar was located just above trouble area where price had some trouble before (check my chart with arrows), this time price just didnīt have enough power to break down and bounced. But itīs just my opinion.

Mav
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  • #124,607
  • Apr 10, 2013 3:08am Apr 10, 2013 3:08am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
You are trading against a very strong bullish trend.
If you look to the daily or weeakly chart you will see the bullish trend.
  • #124,608
  • Apr 10, 2013 3:22am Apr 10, 2013 3:22am
hi mbqb11,
what you see in GBP/Aud long ?
Investing is SIMPLE but NOT EASY
  • #124,609
  • Apr 10, 2013 4:18am Apr 10, 2013 4:18am
anyone watching GU? something's surely on the horizon as that ppz is a strong one. I would say this is a retest and that we're heading down to about 1.49. Topside we have some traffic but it's still a possibility. Mike, Jim what do you guys and everybody else for that matter think?
all the best!
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  • #124,610
  • Apr 10, 2013 4:18am Apr 10, 2013 4:18am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
Maybe im not the most experienced trader here, but I would have gone BE definitely after that "spin" bar.
1) Just like many others said we are in a strong bullish trend
2) the next bar after the pin couldn't close below the wick of the pin which (for me) indicates the weakness of the move.
3) Just as james said - losing trades - they happen sometimes - just look back and you see when price was at this area your short would have worked

Best,
Stephen
It's all psychology...
  • #124,611
  • Apr 10, 2013 4:37am Apr 10, 2013 4:37am
Jarroo,

When you have got the time, any clarification to the following statement please (was a statement I made a few posts earlier for clarification, but not had any response yet)

"I thought the HCRs/LCRs should be on bars that are at swing highs/lows, however, it would appear I have seen some on bars that are not at swing highs/lows on some charts"

Thanks
Dan
  • #124,612
  • Apr 10, 2013 4:52am Apr 10, 2013 4:52am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}
I was bored at class so i devoted a bit more time to the problem.
I made several bad trades (and i still make a lot) but what I learned is that after seeing a nice pinbar i must not go crazy with dollar signs in my eyes. Forex is an investment - and what do we do normally when we want to invest? We look around the circumstances, we look into the details, and then with enough information we make our decision. - We look for the first trouble areas etc.

1st
Weekly:
On the weekly we can see that price more or less has been consolidating. (On chart H/L marked with blue rectangles) So thinking ideally - Im looking for the price making its swings in this channel.
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2nd
Daily:
We had a slow downtrend started which was broken. (Just draw the channel and you see price broke out of it) It might indicate strength. But the last Bar closed above the last two minor Daily Highest Close of Resistance. (So PBT&CA!! - 2 times!!!) Though price couldn't close above BRN.
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3rd
4H
A "Spin" or doji whatever you call - then a pin. Just look at the bars and the Daily exHCR. Bam bam =2 bars in a row couldnt close below. Go short now? Then another bar that still cant close below... For 12H was price trying to close below this level with no succes. I would consider to lower the risk on my short trade by the time...
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Best,
Stephen
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It's all psychology...
  • #124,613
  • Apr 10, 2013 4:59am Apr 10, 2013 4:59am
Quoting heaven
anyone watching GU? something's surely on the horizon as that ppz is a strong one. I would say this is a retest and that we're heading down to about 1.49. Topside we have some traffic but it's still a possibility. Mike, Jim what do you guys and everybody else for that matter think? all the best! {image}
Hi heaven
I have a very strong level at 1.5320 and I would rather wait a close above it followed by its confirmation as S before buy it...I just don't feel confortable buying against such an important level that proved to be an important support in the past !
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Nothing personal,just business
  • #124,614
  • Apr 10, 2013 5:17am Apr 10, 2013 5:17am
Quoting ghous
I know Mike and Jim and others talk about visualizing divergence on the chart itself without using the macd or any other oscillator. Generally speaking higher highs or lower lows that tend to squeeze into some kind of a pattern like a wedge come with a lot of surety of divergence hence eradicating the need to carry an otherwise useless indicator on the bottom of your screen. In context of all these magnificent Jarroo style charts around highlighting solid areas marked by bar closes, thought I'd put some topping on the cake with an interesting find....

Hi Ghous,

More information and examples of how you are using the above in your trading will be most appreciated. Thanks!
  • #124,615
  • Apr 10, 2013 6:13am Apr 10, 2013 6:13am
Quoting yaki
hi , Where I was wrong, I saw the PINBAR at the end of the move then appeared Dogi supposed to strengthen the end of the the move and the third candle reversed, where I went wrong? {image}

Don't know about you but I'm guilty of entering a trade after what I think is the end of the retracement...or worse yet, just blindly jumping in...before bar confirmation. Especially if it looks like an "A" trade. It's not worth trying to get a few more pips. I've been burned more often than not. Trying hard to break this habit.
  • #124,616
  • Apr 10, 2013 6:38am Apr 10, 2013 6:38am
For those of us dreaming of retiring from trading. Here's something fun to play around with. Even a small principle at a couple of percent a day is truly amazing. Of course it requires discipline.

http://compoundaily.com
  • #124,617
  • Apr 10, 2013 7:07am Apr 10, 2013 7:07am
Quoting danjuma
Jarroo, When you have got the time, any clarification to the following statement please (was a statement I made a few posts earlier for clarification, but not had any response yet) "I thought the HCRs/LCRs should be on bars that are at swing highs/lows, however, it would appear I have seen some on bars that are not at swing highs/lows on some charts" Thanks Dan
Not Jarroo, but I've been studying and trading his method for a while so I'll give a thought or 2. Jarroo teaches his HCR and LCS principals at multiple locations and as J16 teaches for Pins and outside bars the most obvious ones are best...and these are extreme swing points. However Jarroo does have charts that illustrate that them at other locations well.

One of these areas is the HCR/LCS of large areas of consolidation. Trading away from these areas after a close above is also a very valid jarroo play entry in my opinion. These consolidation areas can also be seen in the boxing that Mike describes. The consolidation boxes are where buyers and sellers are in equilibrium in the market and move away from the area is a sign that sentiment may be terming and one of the group has the strength to move price in their preferred direction (at least in my rudimentary thought process!!). The HCR/LCS entries that jarroo teaches at these consolidation areas are one way to participate in the move away from these areas.

Just my 2 pips and hope it helps a little bit.
  • #124,618
  • Apr 10, 2013 7:36am Apr 10, 2013 7:36am
Quoting Donkey
Not Jarroo, but I've been studying and trading his method for a while so I'll give a thought or 2. Jarroo teaches his HCR and LCS principals at multiple locations and as J16 teaches for Pins and outside bars the most obvious ones are best...and these are extreme swing points. However Jarroo does have charts that illustrate that them at other locations well. One of these areas is the HCR/LCS of large areas of consolidation. Trading away from these areas after a close above is also a very valid jarroo play entry in my opinion. These consolidation...
Donkey, thank you very much. Your explanation sure made it clearer for me. Much obliged.
  • #124,619
  • Apr 10, 2013 8:34am Apr 10, 2013 8:34am
Quoting Hiten123
The old timers will correct me if I'm wrong, but I think most people use NY close charts. My broker uses a different time zone but I use a demo trading mt4 feed from a different broker for my charting which has NY close.
Thank you very much for the answer, but why the NY time close, becouse its the most popular? Thats the only reason?
  • #124,620
  • Apr 10, 2013 9:01am Apr 10, 2013 9:01am
Quoting LamerTrader
I was bored at class so i devoted a bit more time to the problem. I made several bad trades (and i still make a lot) but what I learned is that after seeing a nice pinbar i must not go crazy with dollar signs in my eyes. Forex is an investment - and what do we do normally when we want to invest? We look around the circumstances, we look into the details, and then with enough information we make our decision. - We look for the first trouble areas etc. 1st Weekly: On the weekly we can see that price more or less has been consolidating. (On chart H/L...
Stephen thank you for your Comprehensive answer, your answer just demonstrated me what I need to do ,and how to do it ,to be selective with my trades and that I have a long way before me.

I would also like to thank the comments of other members in their own way contributed to my knowledge

Thank you all

Yaki
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