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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

  • #126,161
  • Jun 15, 2013 2:25am Jun 15, 2013 2:25am
Quoting mbqb11
what a great little vacation I had! Glad to be back though and catch up on everything around here. Will be spending the weekend catching up with all your posts/emails/PMs Here was my view from the balcony! What a place this was
Wow, that looks great, Mike. We´re happy to have you back.
  • #126,162
  • Jun 15, 2013 3:06am Jun 15, 2013 3:06am
Quoting mbqb11
what a great little vacation I had! Glad to be back though and catch up on everything around here. Will be spending the weekend catching up with all your posts/emails/PMs Here was my view from the balcony! What a place this was {image}

How jealous am i!!
you deserved it

jon
PATIENCE... DISCIPLINE
  • #126,163
  • Jun 15, 2013 9:04am Jun 15, 2013 9:04am
Quoting m00nman26
A question to the seniors here, Just a newbie question here. I noticed most of the trades here uses buy / sell stops beyond a PA trigger. I was told that it is much more conservative to use limit orders to wait for a better price. When i tried to use buy / sell stops (for e.g. after a pin bar), it almost always reverses back and hit my SL before it goes back into the trend. Although most of the time i do place my SL rather tight (usually less than 50 pips). I'm really frustrated at this. I have not had much success trading retracements as well (mostly...
Hey Moon

Orders are simply a way into the market. One is not more conservative or better it's how they are used as a function of your trade plan.

In terms of orders limit orders will get you in at the price you ask for or better. This is because a limit order is NOT executed at market like a stop order is. So the best part of a limit order is you will only get slippage in your favor. Where a stop order gets you in at "market" price. This can lead to slippage. Most brokers allow you to define the max deviation you are willing to take at the market order which is helpful but in turn in a fast moving market can mean you might not get filled. Again this is overall pretty rare in my experience when trading hourly and above timeframes where a fill that is off a few pips doesn't hurt the overall structure of your trade. If you are were trying to buy at market HUGE amounts this could become dangerous. For this reason many prefer limit orders understanding the notion that larger orders that are in the market place are going to use them to help fill their orders without hurting the price they get.


Just wanted to clear up the different between these types of orders. BUT using one order over the order doesn't mean it will help you be profitable. That will always come back to the trade plan as Jarroo was explaining about the different ways to enter. SO entering on the break of a bar or a retrace of a bar if it isn't a good bar/story will not help in the end. What kind of order or entry you use will come back to the situation as well as the trader style. Each has advantages and disadvantages.


I suggest tracking multiple entries(and exits) when demoing. This will help with your understand as well as with gathering data to analyze what might fit your style best. Over time you will probably learn to use them all in some form, or lean towards one style over another that works

Hope that helps a bit
Mike
  • #126,164
  • Jun 15, 2013 9:15am Jun 15, 2013 9:15am
Quoting gasgas
{quote} You need give ur self some credit Jim. Great vids of basics behinde support and resistent. Funny thing, this and proper money managment is really only things one might need to be succesfull in this business. And ofcourse psychology part, which i found the hardest to grasp Hope the guys which are at begining watch this vids over and over again. Thank you for sharing
Yes Jarroo is a great humble guy that does great job helping everyone I second that
  • #126,165
  • Jun 15, 2013 9:17am Jun 15, 2013 9:17am
Quoting dmc
{quote} Lamer, I am not too familiar with trading the gold and silver vs. other currencies spots. So I cant really comment on that. As far as exotic pairs, I think you can trade quite a few. Basically I would just take a look and see how they move. Some are just horrendous looking EUR/LVL, I would never trade that. SUPER CHOPPY Some gap a lot, I would also stay way from that. It might not necessarily be a gap rather than poor data. Take a look at USD /THB - Just looks absolutely bizarre, so i would stay away. But NZD HKD looks very normal to me...
yep watch everything that is reasonable! Why not as James says. More markets, helps most be more picky. If it looks wacky is when I stay away as well. Most spreads are reasonable to most pairs even the more exotic pairs these days.

I do the same on equities in terms of the "look"

Mike
  • #126,166
  • Jun 15, 2013 10:04am Jun 15, 2013 10:04am
Quoting meshka
well... I sold EURUSD here. lets look ... will this resistance be respected or not... {image}
Newbie here,.

Can you please let me know why you sold it. All I could see there was a tiny pin bar (in my chart). Moreover, it was trading into a weekly ppz and 360 ema.

Thanks
  • #126,167
  • Jun 15, 2013 10:21am Jun 15, 2013 10:21am
Quoting meshka
... and market ate me. will try next time
Are you refering to the eur/usd short trade that you took?.

There was a decent down move after you entered the trade. So were you stopped out?
  • #126,168
  • Jun 15, 2013 12:12pm Jun 15, 2013 12:12pm
Quoting ken.b
{quote} Guys, How do we trade setup like this? Thanks!
Hey Ken


Once I define a box I look for a few things personally

Example if it's a big box I am comfortable trading the extremes of the box. That is the top or bottom. The smaller a box is the less appealing that is to trade as price becomes even more tight and thus more likely to chop around. If we trade the extremes of the box we can use those smaller boxes for targets/trade mgmt. For example on a box play often price will get to that midpoint if it is a strong box. For example I am watching a box play on the usd/try weekly(see chart for more details). On a break of the beob the midpoint is a good shot to happen. But we must be aware we are trading within a range so we understand price is likely to continue ranging till proven otherwise

My favorites plays are generally when price gets OUTSIDE the box. That is breakout type plays. But the information is so important for knowing what time of market you are in and how to manage a trade(or stay out of a bad trade). Defining your boxes(big and small) will make you a better trader in my book


Best
Mike
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  • #126,169
  • Jun 15, 2013 12:16pm Jun 15, 2013 12:16pm
Quoting gasgas
Nice long leged pin. Sliced nicely past threw FTA. We suspected reaction around 0.8 BRN right? Weekly trend line gave this one some confidence also. {image}
well done, simple chart, but with all the key points we need to make a successful game plan

Nice G

Mike
  • #126,170
  • Jun 15, 2013 2:48pm Jun 15, 2013 2:48pm
Guys does Jarroo have a pdf or a condensed plan for his method. I've a good grasp of it but its been pieced together from me trawling 100's of posts and I'm wondering if there is a complete version including signatures that I can study etc. I'm not directing this to jarroo directly as I'm sure he has many PM's since I'm sure those who use his style must know the answer but of course I'd love to here from the master himself.....:-)

While I'm posting a big thank you to Jarroo for his helpfulness in allowing me to look over his shoulder.....
  • #126,171
  • Jun 15, 2013 3:37pm Jun 15, 2013 3:37pm
Quoting silverpuma
Guys does Jarroo have a pdf or a condensed plan for his method. I've a good grasp of it but its been pieced together from me trawling 100's of posts and I'm wondering if there is a complete version including signatures that I can study etc. I'm not directing this to jarroo directly as I'm sure he has many PM's since I'm sure those who use his style must know the answer but of course I'd love to here from the master himself.....:-) While I'm posting a big thank you to Jarroo for his helpfulness in allowing me to look over his shoulder.....
try this silver

best
Al
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  • #126,172
  • Jun 15, 2013 4:43pm Jun 15, 2013 4:43pm
Quoting albus999
{quote} try this silver best Al {image}
Thanks for this Al. I Read through the pdf and though a great piece of work and I am thankful for it, it does not deal with the main issue I'd like to clarify, that is, how Jarroo uses signatures on the hourly TF to confirm or invalidate a possible trade on the daily. But once again your help is appreciated.............
  • #126,173
  • Jun 15, 2013 11:55pm Jun 15, 2013 11:55pm
jarroo,

What are those hourly signatures and how to identify them? Can you please post a chart to explain it.

Thanks
  • #126,174
  • Jun 16, 2013 7:23am Jun 16, 2013 7:23am
looks not bad for long
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all is eternal - this is good news for people who loves bad news
  • #126,175
  • Jun 16, 2013 8:12am Jun 16, 2013 8:12am
GOL is long too... pin at double bottom.
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all is eternal - this is good news for people who loves bad news
  • #126,176
  • Jun 16, 2013 8:35am Jun 16, 2013 8:35am
pure beauty
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all is eternal - this is good news for people who loves bad news
  • #126,177
  • Jun 16, 2013 8:50am Jun 16, 2013 8:50am
well this is good to short.
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all is eternal - this is good news for people who loves bad news
  • #126,178
  • Jun 16, 2013 9:24am Jun 16, 2013 9:24am
Quoting dennis4u15
hi guys, what do you think of this BEOB on Usd/Cad..it does not have much confluence(s), decent space though...any advice would be much appreciated. Regards Dennis {image}
Quoting dennis4u15
hi guys, what do you think of this BEOB on Eur/NZD..it does not have much confluence(s)...any advice would be much appreciated. Regards Dennis {image}

Hey Dennis


Be careful with these two. Remember when starting out James says to look for beobs at swing highs. Usd/cad is at a swing low and eur/nzd is actually not a swing high but closer. it's not a true swing high since the high of the beob is not the highest point of the swing.

Best
Mike
  • #126,179
  • Jun 16, 2013 9:27am Jun 16, 2013 9:27am
Quoting dennis4u15
Hi mbqb11, Jaroo just wanted to know if we are using HCR and LCS on daily charts, does there have to be more than 1 candle or bar closing below or closing above a ppv or support area before we can place a trade. i am a bit confused cos your method uses the closing price and not wicks and the other method on this thread is using PPV as zones so both the closing price and wicks are considered. So if using zones there are always a few candles where price reacts and forms a support or resistance. Also in...
Hey Dennis

Check out all of Jarroos posting about HCR and LCS. I don't use them the same exact way so I don't want to confuse you. Signatures are also his particular material so I would check out his posts for that. This thread has a lot of material in it some of which is personal to certain traders. The core of it is what James started this thread with. Over time you will see folks like myself and Jarroo use James material as well as add out own personal touches which are similar to James but with our own touch to it.


I always recommend to stick to James material in the beginning. It's the core of what we all do


Best
Mike
  • #126,180
  • Jun 16, 2013 10:01am Jun 16, 2013 10:01am
Dailly PB and Weekly PB.
Hope to see it break weekly PB to confirm downtrend.
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