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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

  • #66,161
  • Jun 13, 2010 7:19pm Jun 13, 2010 7:19pm
Quoting look_anno
Hi everyone

It's my first post , I interested this thread very well {watched longer time} and I think I see some interesting EURGBP weekly.

any comments, please?
Hey Look

Welcome to the thread.

This bar is super tiny, we want a much bigger bar to reverse the current down move. These smaller bars are much trickier to play cause they can turn around quick. I suggest zooming your charts out a bit otherwise they often look a lot bigger then they are . I marked where this thing could see trouble and turn around at(blue box and arrows).

Best
Mike
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  • #66,162
  • Jun 13, 2010 7:22pm Jun 13, 2010 7:22pm
Quoting g_j_hook@yah





jon

loll
Indicators show the past. Price Action "Indicates" the future.
  • #66,163
  • Edited 7:40pm Jun 13, 2010 7:26pm | Edited 7:40pm
Morning people.

For some reason this minuscule bar has got my attention.

There is nothing special about it but, it sort of stands out because it is at the 50 & 38.2 fibo and standing right on the 78.03 and a weekly PPZ.
Has that sort of defiant look about it I had as little kid. loL


Maybe, it will give us some idea at the close.

EDIT: PPZ adjusted
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  • #66,164
  • Jun 13, 2010 7:52pm Jun 13, 2010 7:52pm
Quoting ddinnov
I'm long GBP/USD for tonight - dunno about you guys..
Quoting Pinbar
That's weird, a lot of us including Jarroo were all shorting GBP/USD on Friday.

Some on the H4 some on the h1.

Pb, I'm sure you would agree that the 1.4500 BRN is a PPZ level. Add a 61.8 Fib retracement to it and it becomes stronger. Price is going to react to this level. ddinnov recognized this occurrence (I believe) and acted accordingly. Will this be a reversal long to the Moon? Maybe, but it may also be a bump in the road to a continuation of the down trend. We have only these PPZ levels and Price action to show us the way.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,165
  • Jun 13, 2010 8:10pm Jun 13, 2010 8:10pm
Quoting raczekfx
good, ooold days



It is funny..

.

Higher time frame levels on lower time frames. An good 1st lesson to learn.


You want to see something really funny . . . check out some of my oold posts . .
Indicators show the past. Price Action "Indicates" the future.
  • #66,166
  • Jun 13, 2010 8:20pm Jun 13, 2010 8:20pm
Quoting jarroo
Pb, I'm sure you would agree that the 1.4500 BRN is a PPZ level. Add a 61.8 Fib retracement to it and it becomes stronger. Price is going to react to this level. ddinnov recognized this occurrence (I believe) and acted accordingly. Will this be a reversal long to the Moon? Maybe, but it may also be a bump in the road to a continuation of the down trend. We have only these PPZ levels and Price action to show us the way.

Oh, I see it now, don't I always when it is pointed out. Doh.
There was no chart with the trade which makes it harder to see what is being discussed.


I suppose this is a touch trade, even so, is this a recommended approach in the face of that Daily BEOB?
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  • #66,167
  • Jun 13, 2010 8:28pm Jun 13, 2010 8:28pm
Quoting Pinbar
Oh, I see it now, don't I always when it is pointed out. Doh.
There was no chart with the trade which makes it harder to see what is being discussed.


I suppose this is a touch trade, even so, is this a recommended approach in the face of that Daily BEOB?
Is that Daily BEOB (or 2 Day PB) at a swing High?
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Indicators show the past. Price Action "Indicates" the future.
  • #66,168
  • Jun 13, 2010 8:41pm Jun 13, 2010 8:41pm
Quoting jarroo
Is that Daily BEOB (or 2 Day PB) at a swing High?

I hear you Jarroo, there are so many ways to consider this.
Please don't get me wrong, I am trying to get my mind around all these ways to look at this and I can now see that my thinking when looking at this setup may very well be a dangerous extreme.

No, Jarroo it is not at a swing high, but it is not exactly at a swing low either, is it?
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  • #66,169
  • Jun 13, 2010 8:55pm Jun 13, 2010 8:55pm
Quoting Pinbar
I hear you Jarroo, there are so many ways to consider this.
Please don't get me wrong, I am trying to get my mind around all these ways to look at this and I can now see that my thinking when looking at this setup may very well be a dangerous extreme.

No, Jarroo it is not at a swing high, but it is not exactly at a swing low either, is it?

" No, . . its not at a swing High" stop right there. Then its not setup we would take . . remember back to basics.

Also, get rid of the Fibs . . its not the 38.2 that holding it up its the 1.4600 PPZ level. The 38.2 fib level is a retracement level to go long (in this case) once Price passed this level is no longer a valid Ret. level. Also its a confluencing tool meaning it has to line up with a PPZ level.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,170
  • Jun 13, 2010 8:59pm Jun 13, 2010 8:59pm
Quoting jarroo
" No, . . its not at a swing High" stop right there. Then its not setup we would take . . remember back to basics.

Also, get rid of the Fibs . . its not the 38.2 that holding it up its the 1.4600 PPZ level. The 38.2 fib level is a retracement level to go long (in this case) once Price passed this level is no longer a valid Ret. level. Also its a confluencing tool meaning it has to line up with a PPZ level.

Ooops I guess it does line up Pb, . I was looking at the wrong fib, your Daily fib. Damn those fibs lol
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Indicators show the past. Price Action "Indicates" the future.
  • #66,171
  • Edited 9:25pm Jun 13, 2010 9:14pm | Edited 9:25pm
Quoting jarroo
Ooops I guess it does line up Pb, . I was looking at the wrong fib, your Daily fib. Damn those fibs lol



Yes, it can get terribly confusing. LOL

So, we can assume that the 38.2 and the PPZ are valid as a resistance level that price needs to break or it could well act as a spring board to plunge this down?

You are right though, the main point which should have been in my mind was the BEOB not being at a considerable swing high just a minor swing.

Now this TL really confuses matters and combined with the gap it does make it look bullish.
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  • #66,172
  • Jun 13, 2010 9:22pm Jun 13, 2010 9:22pm
Quoting Pinbar
Yes, it can get terribly confusing. LOL

So, we can assume that the 38.2 and the PPZ are valid as a resistance level that price needs to break or it could well act as a spring board to plunge this down?

Yes Pb. I'm not a big fan of the 38. I like the 50% ret. and the 61.8 fib.

I quess I wanted you to say the 1.4600 PPZ level and not even mention any Fib, MAs, or what ever. These Sup and/or Res levels are the main focus that the charts give us. PPZ levels and PA are where the setups live.

You'll notice you never see any Fib levels on any of Mike's chart. What does that tell you.
Indicators show the past. Price Action "Indicates" the future.
  • #66,173
  • Jun 13, 2010 9:27pm Jun 13, 2010 9:27pm
Quoting jarroo
Yes Pb. I'm not a big fan of the 38. I like the 50% ret. and the 61.8 fib.

I quess I wanted you to say the 1.4600 PPZ level and not even mention any Fib, MAs, or what ever. These Sup and/or Res levels are the main focus that the charts give us. PPZ levels and PA are where the setups live.

You'll notice you never see any Fib levels on any of Mike's chart. What does that tell you.
Yes, I am only confusing myself.

As someone said, "if it doesn't jump out at you and you have to think about it, forget it".
  • #66,174
  • Jun 13, 2010 9:31pm Jun 13, 2010 9:31pm
Quoting Pinbar
Yes, I am only confusing myself.

As someone said, "if it doesn't jump out at you and you have to think about it, forget it".
That sounds like a quotable quote from Mr. Mike.
Indicators show the past. Price Action "Indicates" the future.
  • #66,175
  • Jun 13, 2010 9:46pm Jun 13, 2010 9:46pm
EUR/CHF looks interesting maybe later in the week.

I realize the weekly PB is small compared to the previous bearish bar, but PA is approaching a nice area.
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  • #66,176
  • Jun 13, 2010 9:54pm Jun 13, 2010 9:54pm
Quoting Pinbar
EUR/CHF looks interesting maybe later in the week.

I realize the weekly PB is small compared to the previous bearish bar, but PA is approaching a nice area.
Looks good Pb. Let's see if that Weekly PB hits the 1.4000.
Indicators show the past. Price Action "Indicates" the future.
  • #66,177
  • Jun 13, 2010 10:37pm Jun 13, 2010 10:37pm
Quoting Pinbar
EUR/CHF looks interesting maybe later in the week.

I realize the weekly PB is small compared to the previous bearish bar, but PA is approaching a nice area.
On the 4H, are you saying keep vigilant on bearish PA ?
I suppose on the weekly long is not advisable because that would mean playing into PPZ (1.4) ( which I believe is not something Mike will do).

CY
  • #66,178
  • Jun 13, 2010 10:38pm Jun 13, 2010 10:38pm
Quoting jarroo
You'll notice you never see any Fib levels on any of Mike's chart. What does that tell you.
That Mike doesn't fib!!
Bundy's status today: "Waiting..."
  • #66,179
  • Jun 13, 2010 10:43pm Jun 13, 2010 10:43pm
Quoting bundyraider
That Mike doesn't fib!!
Doesn't Fib! Not to us, maybe to his GF!
  • #66,180
  • Jun 13, 2010 10:44pm Jun 13, 2010 10:44pm
Quoting jarroo
Looks good Pb. Let's see if that Weekly PB hits the 1.4000.

Yes, possibly keep an eye on it.

Thanks Jarroo


EDIT:

Jarroo

Looking at the 365, 150 & 50 EMAs in such a downturn, I imagine we may possibly see some Bearish PA?

I am not sure about the role of the EMAs, I know we use them as S & R and as confluence but in such a downturn of the EMA as we see on Major TF M1, W1 does this make us be more inclined to have a bearish bias in PA or is this pure counter trend setups we are looking for?
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