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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

  • #66,621
  • Jun 17, 2010 4:53pm Jun 17, 2010 4:53pm
Quoting jarroo
Same thing here with the Gbp/Usd. The thing is (as with the Aud/Usd). . . maybe Support is turning back into Support. This is where PA will shows us the way or at least give us a hint.

Nzd/Usd.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,622
  • Jun 17, 2010 4:58pm Jun 17, 2010 4:58pm
Quoting james16
Happy birthday old friend and thank you to all that have given of themselves to make this a fun and happy place.

Words cant describe how much the friendships i have made here mean to me.

Merlin wherever you are i love you brother.

Jim
you sly dog waiting right till 641 pm
  • #66,623
  • Jun 17, 2010 4:58pm Jun 17, 2010 4:58pm
Quoting jarroo
Nzd/Usd.
on of my favorite setups is setting up Mr. Jarroo on this one. Come on nice PA
  • #66,624
  • Jun 17, 2010 5:05pm Jun 17, 2010 5:05pm
Quoting mbqb11
on of my favorite setups is setting up Mr. Jarroo on this one. Come on nice PA

Care for a little touch trade on the .7000 retest or retrace, Mr. Mike?
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Indicators show the past. Price Action "Indicates" the future.
  • #66,625
  • Jun 17, 2010 5:09pm Jun 17, 2010 5:09pm
Quoting jarroo
Interesting area on the Aus/Usd. .8700 level. Support turning into Resistance? Maybe some good bearish PA looks good, like a long wick moving up through and rejecting this level forming a bearish PB. Or Big BEOB bar up and through this level.

Jarroo in this case, how much weight do we give to the support found off the 365 EMA. A lot I imagine.
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  • #66,626
  • Jun 17, 2010 5:09pm Jun 17, 2010 5:09pm
Quoting jarroo
Care for a little touch trade on the .7000 retest or retrace, Mr. Mike?
Very possible or another is

Price has been moving higher all weak and is now potentially over sold(divg), friday = notorious profit taking day. Maybe we can see a nice big BEOB up here and closing near or under the top portion of the range under the round number Of course we must now do some waiting(the most important).
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  • #66,627
  • Jun 17, 2010 5:11pm Jun 17, 2010 5:11pm
Quoting Pinbar
Jarroo in this case, how much weight do we give to the support found off the 365 EMA. A lot I imagine.
Absolutely Pb. I wouldn't say its huge but as an added confluence it does add strength. (imo)
Indicators show the past. Price Action "Indicates" the future.
  • #66,628
  • Jun 17, 2010 5:24pm Jun 17, 2010 5:24pm
Quoting mbqb11
Very possible or another is

Price has been moving higher all weak and is now potentially over sold(divg), friday = notorious profit taking day. Maybe we can see a nice big BEOB up here and closing near or under the top portion of the range under the round number Of course we must now do some waiting(the most important).

Nice Mike.

On the 4 hour, Price comes down and forms a bullish PB at the .7000 (the head of course above the .7000) that 4 hour consolidation (your blue box) would aid in its support, correct?
Indicators show the past. Price Action "Indicates" the future.
  • #66,629
  • Jun 17, 2010 5:27pm Jun 17, 2010 5:27pm
Looking at the H4 chart, there seems to be huge support building around the 365 ema with 50 and 23.6 fib rets at around 0.6950. I pretty new to the methods used in this thread so Jim and Mike, help me out here: do you use the 150 and 365 emas on a 4 hour chart? Also, have I drawn the fibs correct?
Appreciate your input.
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If you don't risk, you don't ever have to lose.
  • #66,630
  • Jun 17, 2010 5:28pm Jun 17, 2010 5:28pm
Quoting jarroo
Nice Mike.

On the 4 hour, Price comes down and forms a bullish PB at the .7000 (the head of course above the .7000) that 4 hour consolidation (your blue box) would aid in its support, correct?
Hey Jim

I think I understand what you are asking. You are saying if price comes down to our PPZ at .7 and forms a bullish pin is that good for me? I would actually prefer a large beob now that we created a new high and have divergence going into a friday. A bullish pin would not be out of the question but would have to be managed tightly for me(depending on its size). I hope we see a sell off with some PA though, but again for me it could go either way(as you see it or this).

Mike
  • #66,631
  • Jun 17, 2010 5:33pm Jun 17, 2010 5:33pm
Quoting mbqb11
Hey Jim

I think I understand what you are asking. You are saying if price comes down to our PPZ at .7 and forms a bullish pin is that good for me? I would actually prefer a large beob now that we created a new high and have divergence going into a friday. A bullish pin would not be out of the question but would have to be managed tightly for me(depending on its size). I hope we see a sell off with some PA though, but again for me it could go either way(as you see it or this).

Mike

Thanks Mike. I too like to see both sides. Sticking to just one side of the equation at these levels have hurt me before.
Indicators show the past. Price Action "Indicates" the future.
  • #66,632
  • Jun 17, 2010 5:33pm Jun 17, 2010 5:33pm
Quoting jarroo
Nice Mike.

On the 4 hour, Price comes down and forms a bullish PB at the .7000 (the head of course above the .7000) that 4 hour consolidation (your blue box) would aid in its support, correct?

Interesting trying to work out what you two gentlemen are up to here.

Maybe the TL will give us a hint.
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  • #66,633
  • Jun 17, 2010 5:38pm Jun 17, 2010 5:38pm
Quoting jarroo
Thanks Mike. I too like to see both sides. Sticking to just one side of the equation at these levels have hurt me before.
YES! Couldn't agree more, I tend to just have scenarios in my head for a few ways that way we aren't caught off guard. Off course you gotta be flexible in the markets
  • #66,634
  • Jun 17, 2010 5:44pm Jun 17, 2010 5:44pm
Quoting jarroo
Thanks Mike. I too like to see both sides. Sticking to just one side of the equation at these levels have hurt me before.
Hey Jim, Mike,

Does playing these in the way described by yourselves (waiting for PA) constitute 'touch trade'?
I had thought touch trade in this case would mean either

1) Selling right after the 0.7 breakout and targeting price to retrace back to 0.7.

or

2) Place a buy limit at 0.7 after price has broke out 0.7 level.

Thanks

CY
  • #66,635
  • Jun 17, 2010 5:44pm Jun 17, 2010 5:44pm
Quoting bug
Looking at the H4 chart, there seems to be huge support building around the 365 ema with 50 and 23.6 fib rets at around 0.6950. I pretty new to the methods used in this thread so Jim and Mike, help me out here: do you use the 150 and 365 emas on a 4 hour chart? Also, have I drawn the fibs correct?
Appreciate your input.

I know Mike doesn't use MAs but I only use them as added confluence to PPZ levels and with keys levels like Price Targets.

Fibs look good.
Indicators show the past. Price Action "Indicates" the future.
  • #66,636
  • Jun 17, 2010 5:48pm Jun 17, 2010 5:48pm
Quoting ertorque
Hey Jim, Mike,

Does playing these in the way described by yourselves (waiting for PA) constitute 'touch trade'?
I had thought touch trade in this case would mean either

1) Selling right after the 0.7 breakout and targeting price to retrace back to 0.7.

or

2) Place a buy limit at 0.7 after price has broke out 0.7 level.

Thanks

CY
Hey CY

IMO the touch trades happened on a shorter time scale. First arrow is first time to 7000, then second arrow is when price broke up finally close above and then pulled back quickly to 7000.


Mike
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  • #66,637
  • Jun 17, 2010 5:56pm Jun 17, 2010 5:56pm
Quoting mbqb11
Hey CY

IMO the touch trades happened on a shorter time scale. First arrow is first time to 7000, then second arrow is when price broke up finally close above and then pulled back quickly to 7000.


Mike

Also touch trades can be defined on different time frames.

Just like on the Hourly, Price has now close above the .7000 on the Daily, a touch at the .7000 can now be decided.
Indicators show the past. Price Action "Indicates" the future.
  • #66,638
  • Jun 17, 2010 6:04pm Jun 17, 2010 6:04pm
Quoting jarroo
Also touch trades can be defined on different time frames.

Just like on the Hourly, Price has now close above the .7000 on the Daily, a touch at the .7000 can now be decided.

Sorry forgot the charts.

Also the 4 hour bar had closed above the .7000. We can even go to the weekly, again if the weekly closes above the .7000 or a strong PPZ level.

.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,639
  • Jun 17, 2010 6:13pm Jun 17, 2010 6:13pm
Quoting Pinbar
Interesting trying to work out what you two gentlemen are up to here.

Maybe the TL will give us a hint.

Trend lines can help with the confluence of all the other factors involved with the PPZ level. But the PPZ .7000 is the key and waiting for PA.

Your trendline is bit unconventional and pretty subjective as with conventional trendlines. Let's see how it works out.
Indicators show the past. Price Action "Indicates" the future.
  • #66,640
  • Jun 17, 2010 6:19pm Jun 17, 2010 6:19pm
Any thoughts on the CHFJPY DBLHC, We seem to have a new PPZ just above the BRN 80. Sell the Break, stop below the BRN (a little large but much safer initial stop)?

Move stop twice around trouble areas at 83 and 84, take profit at 85?
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