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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

  • #39,601
  • Jul 31, 2009 11:17pm Jul 31, 2009 11:17pm
Quoting bundyraider
To be honest,...

Hey Bundy,

Thanks for your comment. I appreciate it
It's good to know the point about the closing of the bar close to the confluence area. I"l take note of that next time for sure.
By the way, I'm not sure when that bar will close, but there is a chance it will close higher...hope so lol.

Not sure what you have asked for....but here is a line chart with the 38.2 - hope that helps.

Take care,
Ben
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  • #39,602
  • Aug 1, 2009 12:51am Aug 1, 2009 12:51am
Quoting benji533
Here is a pic of a lovely weekly pin bar.

Take note it is John AKA johnnykanoo who found it. He can't upload a pic so I did and added explanations.

Good eye Johnny

Pin bar looks good, the close could be a little lower. PPZs look good (in blue).

Not sure where your (or his) 38.2 fib came from but the 61.8 is right in the mix along with the 150 ema (blue / 365 ema red) and strong round number, 1.0000.

MACD divergence, if any, looks weak. First trouble or traffic area in green. With the trend PB. I would use the 1st blue PPZ as the 1st TP then the next blue PPZ as the 2nd TP. Overall a nice setup.

Let's see how she breaks. (if she breaks).
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Indicators show the past. Price Action "Indicates" the future.
  • #39,603
  • Aug 1, 2009 1:10am Aug 1, 2009 1:10am
Quoting jarroo
Pin bar looks good, the close could be a little lower. PPZs look good (in blue).

Not sure where your (or his) 38.2 fib came from but the 61.8 is right in the mix along with the 150 ema (blue / 365 ema red) and strong round number, 1.0000.

MACD divergence, if any, looks weak. First trouble or traffic area in green. With the trend PB. I would use the 1st blue PPZ as the 1st TP then the next blue PPZ as the 2nd TP. Overall a nice setup.

Let's see how she breaks. (if she breaks).
The fib ret is pulled from the high of November 2007 all the way down to the low of december 2008 and makes a good line of 38.2 crossing the nose of the PB.
Yes, I was mistaken with the divergence...I have placed the line wrong and confused my self...sorry

Ben
  • #39,604
  • Aug 1, 2009 1:14am Aug 1, 2009 1:14am
Quoting benji533
The fib ret is pulled from the high of November 2007 all the way down to the low of december 2008 and makes a good line of 38.2 crossing the nose of the PB.
Yes, I was mistaken with the divergence...I have placed the line wrong and confused my self...sorry

Ben
Yes I see where the 38.2 came from now. My bad.

Very nice. There's is nothing like mulitple confluences at given level. I'm liking this one more and more.

Boy, that Nov 07 BEOB was A++.
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Indicators show the past. Price Action "Indicates" the future.
  • #39,605
  • Aug 1, 2009 1:22am Aug 1, 2009 1:22am
Quoting jarroo
Yes I see where the 38.2 came from now. My bad.

Very nice. There's is nothing like mulitple confluences at given level. I'm liking this one more and more.

Boy, that Nov 07 BEOB was A++.
Yes it was
Bad luck I didn't know the forex world when it formed LOL.

Ben
  • #39,606
  • Aug 1, 2009 1:26am Aug 1, 2009 1:26am
Quoting benji533
Yes it was
Bad luck I didn't know the forex world when it formed LOL.

Ben
lol Well you know it now. You never know, someone a year from now maybe wishing they saw the current Weekly PB on the Cad/Chf.
Indicators show the past. Price Action "Indicates" the future.
  • #39,607
  • Aug 1, 2009 1:28am Aug 1, 2009 1:28am
Quoting jarroo
lol Well you know it now. You never know, someone a year from now maybe wishing they saw the current Weekly PB on the Cad/Chf.
Well...now we have a good reason to hope that will happen

Ben
  • #39,608
  • Aug 1, 2009 2:00am Aug 1, 2009 2:00am
Quoting benji533
There is a pin bar forming on the weekly EURCAD.
There is confluence of three fib rets.
There is also a nice bounce from the 365ema which is good in acting as a strong SR in swings.
Ohh and a mini PPZ as well.

The thing that bothers me is the lower highs and lower lows the price makes...in other words trading against the trend. But most likely it's time for a reserve, so I can take the train to the next lower low.
I am still confided that the 365ema will give it a nice bounce.
What do you think?

Bundy made some great points about the close. The PB is rather small compared to the 2 weeks of a strong down move.

You do have to like the heavy confluenced area of the PPZ level, 150 & 365 emas and the 50% retracement.

I like your style Ben.

Also . . . ."I am still confided that the 365ema will give it a nice bounce."

These tools . . MAs, Fib retracements, 50% retracements, S/R levels, Trendlines, MACD Divergence, etc. . . . have some or little strength by themselves but when they are aligned with each other, especially at a strong PPZ level, they are strengthen to a higher level when relating to Price. imo

For example, you may seen Price run into the 365 ema and bounce noticably. But if you look around to the left of that 365 ema you will find either PPZ level or a Fib level or something else that gave it strength.

just some thoughts,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #39,609
  • Aug 1, 2009 2:08am Aug 1, 2009 2:08am
Quoting bundyraider
To be honest,...
All of what Bundy said, EDIT: and what Jarroo said....

+

The daily isn't looking too neat for a long either.

When I look at it on my chart I see bears rushing past the 50 fib which has worked well as a horizontal ppz , and what then? Nothing martian for anybody who understands the role of ppzs in a market and the reactions they bring about....A typical, breakout restest scenario

(can't bother longing a bearish breakout )

Notice how Friday's daily bar closed. A high that touches the 50 fib but fails to keep price near or at it. A BIG warning sign for me...because the further price moves from a high/low within a price bar the better is that high/low equipped to provide res/supp

To tell you more abt it this is very nearly a good touch trade (short) setup for me if price can look to kiss/touch Friday's bar high early on Monday...

Ghous.
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I believe . . .
  • #39,610
  • Aug 1, 2009 2:14am Aug 1, 2009 2:14am
Quoting ghous
All of what Bundy said, EDIT: and what Jarroo said....

+

[size=4]The daily isn't looking too neat for a long either.

When I look at it on my chart I see bears rushing past the 50 fib which has worked well as a horizontal ppz , and what then? Nothing martian for anybody who understands the role of ppzs in a market and the reactions they bring about....A typical, breakout restest scenario

(can't bother longing a bearish breakout )

[size=2]Notice...
Nice observation ghous. Top notch.

Also, traders buying out of their shorts (so to speak) or getting out of their shorts causing the rise in Price. To get out before the weekend.
Indicators show the past. Price Action "Indicates" the future.
  • #39,611
  • Aug 1, 2009 2:16am Aug 1, 2009 2:16am
Quoting jarroo
Nice observation ghous. Top notch.

Also, traders buying out of their shorts (so to speak) or getting out of their shorts causing the rise in Price. To get out before the weekend.
You gotta a bit of a Sherm look there Mate!

101 (or maybe more) ways to read the market.
I believe . . .
  • #39,612
  • Aug 1, 2009 2:21am Aug 1, 2009 2:21am
hello jaroo hows u bro

what is ur prediction on GBp/yen for the next month
i would like to hear from you to confirm my view as i can see a bearish hanging man pattern on monthly chart

cheers
  • #39,613
  • Aug 1, 2009 2:29am Aug 1, 2009 2:29am
Quoting ghous
All of what Bundy said, EDIT: and what Jarroo said....

+

[size=4]The daily isn't looking too neat for a long either.

When I look at it on my chart I see bears rushing past the 50 fib which has worked well as a horizontal ppz , and what then? Nothing martian for anybody who understands the role of ppzs in a market and the reactions they bring about....A typical, breakout restest scenario

(can't bother longing a bearish breakout )

[size=4]Notice how Friday's daily...
Price also respecting trendlines.
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  • #39,614
  • Aug 1, 2009 2:32am Aug 1, 2009 2:32am
Quoting warta
hello jaroo hows u bro

what is ur prediction on GBp/yen for the next month
i would like to hear from you to confirm my view as i can see a bearish hanging man pattern on monthly chart

cheers
It looks like an IPB that could show a strong down move. I would have to ask ghous about that one.

Or that big Ole PB may break upward to the 165.00 which is a strong PPZ level near the 50% retrace. Hard to say.

Should be fun to watch.
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Indicators show the past. Price Action "Indicates" the future.
  • #39,615
  • Aug 1, 2009 2:51am Aug 1, 2009 2:51am
Quoting jarroo
It looks like an IPB that could show a strong down move. I would have to ask ghous about that one.

Or that big Ole PB may break upward to the 165.00 which is a strong PPZ level near the 50% retrace. Hard to say.

Should be fun to watch.
oh yeah the next monthly candle can confirm the PA but interresting to keep an eye for some load of green pips

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cheers jaroo

  • #39,616
  • Aug 1, 2009 3:01am Aug 1, 2009 3:01am
hello guys
sup jarroo, ghous and everyone else
just wanted to pitch in on the eurcadwkly pin
i like to keep my charts clean with nothing (no lines, emas etc) until i see pa , then i start looking for trouble areas & also put emas, fibs for confluence
on the 4hr chart , there was a small bullish pin which i diddnt like, so i didnt buy...but when i saw the buob, i entered on the break(i liked the divergence too on the 4hr)....which im still holding now at be

my main question now is this,....for someone who works mainly with the tf where he finds PA....i dnt think one shld start dropping down to other tf , he/she would end up confused

on my 4hr chart i have 1.5487 as my next barrier while the pin's high is 1.5461 with its next barrier drawn on the weekly as 1.5650 area.....

thinking of adding to my current position on the break of the pin but with all the barriers on the lower tf(4hr & daily), not sure how to approach this....
hope i made sense, i didnt proof read this....lol

anyways, ill wait ur replies guys

ps: another thing i was planning on doing was playing the inside bar long on the 4hr chart depending on wat i see on sunday open
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Simplicity is the key to success
  • #39,617
  • Aug 1, 2009 3:21am Aug 1, 2009 3:21am
Quoting squeezy
hello guys
sup jarroo, ghous and everyone else
just wanted to pitch in on the eurcadwkly pin
i like to keep my charts clean with nothing (no lines, emas etc) until i see pa , then i start looking for trouble areas & also put emas, fibs for confluence
on the 4hr chart , there was a small bullish pin which i diddnt like, so i didnt buy...but when i saw the buob, i entered on the break(i liked the divergence too on the 4hr)....which im still holding now at be

my main question now is this,....for someone who works mainly with the tf where he finds...
Very good Patience and trade management on that 4 hour BUOB, squeezy.
This is how we do it. We wait and wait until a strong and obvious PA presents itself with supporting confluences. I like how the BUOB engulfed many preceeding candles. I'm sure you saw the 4 hour PPZ (in green) that acted as support to confirm your BUOB. Well done.

Yes, stay with the time frame that your PA setup was given. If you don't it can get confusing. However, check higher time frames to see if conflicting PA may be present. The higher time frame PA will (most of the time) be stronger then your lower time frame PA.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #39,618
  • Aug 1, 2009 3:37am Aug 1, 2009 3:37am
Quoting warta
oh yeah the next monthly candle can confirm the PA but interresting to keep an eye for some load of green pips


cheers jaroo

Interesting warta. A nice down move maybe in the works.

I've seen this pattern many times (forgot what it was called). A reversing and then continuation pattern.

(another example that is currently underway, on the Weekly Eur/Gbp.)
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Indicators show the past. Price Action "Indicates" the future.
  • #39,619
  • Aug 1, 2009 3:45am Aug 1, 2009 3:45am
Just a quickie to thank you all for your replies to my queries. That was very helpful and is very much appreciated.

I will come back to this end of the thread soon to read, and post again. In the meantime I'm still looking through tons of old posts, picking a few out to read. There are an awful lot of them, and I'm nearly up to page 800 of 2600, or June 2008.

There looks to be some good material in there, so I'm still making some notes, and I'm looking forward to looking at the other side, eventually.

My PM facility may be working soon, I hope, so please feel free to contact me via that as well.

Thanks again for now.

JL
  • #39,620
  • Aug 1, 2009 3:50am Aug 1, 2009 3:50am
Quoting JamesL
Just a quickie to thank you all for your replies to my queries. That was very helpful and is very much appreciated.

I will come back to this end of the thread soon to read, and post again. In the meantime I'm still looking through tons of old posts, picking a few out to read. There are an awful lot of them, and I'm nearly up to page 800 of 2600, or June 2008.

There looks to be some good material in there, so I'm still making some notes, and I'm looking forward to looking at the other side, eventually.

My PM facility may be working soon,...
Are you sure you don't have any more questions JamesL?

Just kidding . . . don't answer that. lol


I would also like to thank those that took on those many questions. They were very helpful to many people.

(Mike Rules )


Jim
Indicators show the past. Price Action "Indicates" the future.
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