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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

  • #125,781
  • May 30, 2013 2:44am May 30, 2013 2:44am
Quoting jarroo
{quote} oh, I see. . .You mean measuring the Swings with the ATR . . .meaning, qualifying the swing as major or minor . . Yes, that is pretty cool. Let me say . . if Tom The Wizard is measuring it and finds it substantial . .I would have to agree . . Tom The Wizard Rules!!!. .. . .he's a great guy, for sure. I have been looking at HCR/LCS levels that were once part of the structure of a past successful SFP. Those look really good. Jim

Yeah, Jim sorry, I confused you a bit.

It seems that for a hourly SFP, he takes the shortest side of the swing, be it the swing in or the swing out, the shorter side of the swing must be 1X the Daily ATR.
For the daily TF the shorter swing point must be 3X the Daily ATR or he passes.
  • #125,782
  • May 30, 2013 2:47am May 30, 2013 2:47am
Quoting jarroo
{quote} Hey g_j_ . .good to see you . . Jim
hey Jarroo, and you buddy. great to see you all again, still helping patiently and sincerely i see. (why am i not suprized??

cheers

jon
PATIENCE... DISCIPLINE
  • #125,783
  • May 30, 2013 2:48am May 30, 2013 2:48am
Quoting Pinbar
{quote} Yeah, Jim sorry, I confused you a bit. It seems that for a hourly SFP, he takes the shortest side of the swing, be it the swing in or the swing out, the shorter side of the swing must be 1X the Daily ATR.For the daily TF the shorter swing point must be 3X the Daily ATR or he passes.
Yes, I believe that's correct, Steve.

Is all about weeding out the bad ones and taking the good ones . .
Indicators show the past. Price Action "Indicates" the future.
  • #125,784
  • May 30, 2013 2:49am May 30, 2013 2:49am
Quoting jarroo
{quote} Target Hit . . . . .EurAud. Jim {image} {image}
lovin it jaroo.

jon
PATIENCE... DISCIPLINE
  • #125,785
  • May 30, 2013 2:59am May 30, 2013 2:59am
Quoting g_j_hook@yah
{quote} lovin it jaroo. jon

Thanks, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #125,786
  • May 30, 2013 3:10am May 30, 2013 3:10am
Watching this today.
EU/AUD, long trend up to BRN, a run like that is gonna have some kind of pull back imo. big ole 4h BEOB closing below it with bearish div. theres a couple of problem areas first but could hit 131. or even lower. 132. would be my first target.

jon
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PATIENCE... DISCIPLINE
  • #125,787
  • May 30, 2013 3:10am May 30, 2013 3:10am
Quoting jarroo
{quote} Yes, I believe that's correct, Steve. Is all about weeding out the bad ones and taking the good ones . .

So what I was really asking was, are you also considering the size of both the Swing In & Swing Out of your HCR & LCS levels, with say an ATR in the configuration?

Probably not? Just a the deeper ones.
  • #125,788
  • May 30, 2013 3:12am May 30, 2013 3:12am
aussie D1 PB triggerd in asian session. lets see wot happens..



jon
PATIENCE... DISCIPLINE
  • #125,789
  • May 30, 2013 3:14am May 30, 2013 3:14am
Jim
GJ just provided us with a good example of the failed SFP and how it will generally rally to the next level.

I am liking both of these views on these levels.
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  • #125,790
  • May 30, 2013 3:38am May 30, 2013 3:38am
Quoting mbqb11
{quote} I use the demo feed from FXpro mostly, or my thinkorswim charts BestMike
Thanks Mike - that makes sense. Hope you're well.

Take care,
Greg
  • #125,791
  • May 30, 2013 4:55am May 30, 2013 4:55am
Quoting jarroo
{quote} Target Hit . . . . .EurAud. Jim {image} {image}
supertrade
all is eternal - this is good news for people who loves bad news
  • #125,792
  • May 30, 2013 5:13am May 30, 2013 5:13am
Quoting jarroo
{quote} oh, I see. . .You mean measuring the Swings with the ATR . . .meaning, qualifying the swing as major or minor . . Yes, that is pretty cool. Let me say . . if Tom The Wizard is measuring it and finds it substantial . .I would have to agree . . Tom The Wizard Rules!!!. .. . .he's a great guy, for sure. I have been looking at HCR/LCS levels that were once part of the structure of a past successful SFP. Those look really good. Jim
Right jim, that is what I wanted to know.
  • #125,793
  • May 30, 2013 6:08am May 30, 2013 6:08am
Hi, I thank you for those posts. they are indeed very informative.

But, what do you think about EURJPY ? In my opinion it seems its down in view of the PB on the Weekly chart. What's your take on it?
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  • #125,794
  • May 30, 2013 6:41am May 30, 2013 6:41am
Quoting fxdonchris
Hi, I thank you for those posts. they are indeed very informative. But, what do you think about EURJPY ? In my opinion it seems its down in view of the PB on the Weekly chart. What's your take on it? {image}
Hey man, if you mean the penultimate bar on the chart you posted, it's not a pinbar. It completely engulfs the previous bar, so it's actually a Bearish Outside Bar (BEOB). Pinbars must have their open and close within the (high and low of the) previous bar. Personally I think you'd be a brave man to trade it, but do be aware of what kind of bar it actually is - you'll probably need to play it differently. Good luck either way.
When the going gets weird, the weird turn pro.
  • #125,795
  • May 30, 2013 8:07am May 30, 2013 8:07am
Here's a chart to ponder, not sure if or how to play this. price is at ppz and possibly breaking out of wedge and looking like price might break thru &CA D HCR. There do appear to be some H4 signatures but FTA I think would be at the 1.35 area that is if it can break yesterdays high, Doesn't seem like a lot of space. probably just watch this one.

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  • #125,796
  • May 30, 2013 8:27am May 30, 2013 8:27am
took a loss with gold and reversed to long from 1.4000 ... it seems there will no box this time.
all is eternal - this is good news for people who loves bad news
  • #125,797
  • May 30, 2013 9:06am May 30, 2013 9:06am
Quoting hunzul
Hi Mike Great charts... Do you have a rule for how much you risk in equties at any one time? For example I gather that the stock markets is correlated so when we see price action i.e a BEOB on some individual stocks it is not unusual to see it on many others? What should we do as traders about this? Take care dude
Hey Hunzul

I position size the same in FX and equities as a fixed risk per trade. I am pretty good at watching my overall risks to the market. But even if I say might open 3 trades there is a very rare chance I take 3 full bar losses. So while my open risk could be X% the reality is really it is much less. That's just the basis point to find my position size. My risks were reduced instantly on the 3 above trades leaving my exposure less than even one full trade.


As for correlation, yes and no. Last week was a heavily correlated week. I mean there were beobs EVERYWHERE. My watch list was literally like 25-30 stocks deep. I then picked my favorite few. Much like I would in FX. Many weeks though you don't have such strong correlation as you would think you would and stocks do their own "thing" and their own pace

Hope this helps
Mike
  • #125,798
  • May 30, 2013 1:50pm May 30, 2013 1:50pm
Hi guys,

Yeah I know it sounds like a stupid question, but what does it mean when stop is moved to break even; does it mean moving it to your entry price plus the spread? Many thanks.
  • #125,799
  • May 30, 2013 2:23pm May 30, 2013 2:23pm
Quoting danjuma
Hi guys, Yeah I know it sounds like a stupid question, but what does it mean when stop is moved to break even; does it mean moving it to your entry price plus the spread? Many thanks.
Correct. Break even = getting out where you entered when price comes back on you. More importantly, it means not losing money, and to quote Jim, 'goes in the 'win' column'
When the going gets weird, the weird turn pro.
  • #125,800
  • May 30, 2013 2:47pm May 30, 2013 2:47pm
Quoting danjuma
Hi guys, Yeah I know it sounds like a stupid question, but what does it mean when stop is moved to break even; does it mean moving it to your entry price plus the spread? Many thanks.
Thats right. Getting into free trade. Here's a script that makes this thingie easier. You might wanna use it
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