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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

  • #76,221
  • Oct 2, 2010 2:57am Oct 2, 2010 2:57am
Quoting aserbfx
vodafone seems to be ready for a retrace.
the retrace has started...
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meine augen sind die sterne
  • #76,222
  • Oct 2, 2010 3:45am Oct 2, 2010 3:45am
I have posted charts for the EURUSD and EURGBP. I wanted to talk through LONG entries and see if they align with the methods taught in this thread. Is this how others would have played these?

EURGBP:
-Weekly trend down however daily shows short term reversal upwards. Recent uptrend has been moving between an upward channel.
- On September 22, price moved upwards strongly through areas of interest (previous high point). This would have been my "reference" bar.
- Price then consolidated (inside bars formed).
- I would place a limit order LONG at high of my reference bar (0.85770). Stop would have been at the low of my reference bar (0.8463).
- Once price moved above channel, I would have moved stop to break even.

EURUSD:
- Upward trend since May.
- Price had touched but not broken up at a 50 fib level and BRN (1.3500).
- Candle (at thumb image) would have been my signal. Earlier bar would have been my "reference" bar.
- I would have set limit order LONG slightly above area of interest and red candle. Approx 1.35100. Stop would have been low of "reference bar" (1.3280).
- Price broke up and order would have been filled.
- At the latest move up I would have moved stop to area of interest at 1.3500.

I am also watching the following pairs:
EURJPY - A move above 114 would be significant with space to 120. (LONG)
GBPUSD - Sitting at area of interest (61.8 fib). Potential SHORT opportunity.
AUDCAD - Failed to break VBRN (1.000). I would be reluctant to go against strong uptrend, but waiting for price action here.
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  • #76,223
  • Oct 2, 2010 4:13am Oct 2, 2010 4:13am
Promising chart off the weekly. More than 100 pips for the taking.
As usual, its off the resistance, in a good downtrend, nice rejection and closing below the inbetween zone.

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  • #76,224
  • Oct 2, 2010 5:18am Oct 2, 2010 5:18am
Quoting The Lord
Promising chart off the weekly. More than 100 pips for the taking.
As usual, its off the resistance, in a good downtrend, nice rejection and closing below the inbetween zone.

Attachment
To support what you are seeing may I add confluence(s).
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  • #76,225
  • Oct 2, 2010 7:06am Oct 2, 2010 7:06am
I want to signup for Jim's service through Paypal. Mailed a couple times to his email and contact form, but absolutely no response at all. Anyone know, how to get to him so I canwork out paypal payment?
  • #76,226
  • Oct 2, 2010 8:14am Oct 2, 2010 8:14am
qcom on weekly.
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meine augen sind die sterne
  • #76,227
  • Oct 2, 2010 8:38am Oct 2, 2010 8:38am
Quoting Atc
To support what you are seeing may I add confluence(s).
In fact two consecutives PB's formed. Interesting point is both of them closed below 1.62 making 1.62 as a big PPZ.
  • #76,228
  • Oct 2, 2010 9:37am Oct 2, 2010 9:37am
Quoting The Lord
Promising chart off the weekly. More than 100 pips for the taking.
As usual, its off the resistance, in a good downtrend, nice rejection and closing below the inbetween zone.

Attachment

Hi The_Lord,

Would you consider this a valid pin?
  • #76,229
  • Oct 2, 2010 10:54am Oct 2, 2010 10:54am
syy on weekly.
large beob.
price rose above rn 30 usd and fell below all movering averages.
close not that nice. only in the 2/3 of the bar.
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meine augen sind die sterne
  • #76,230
  • Oct 2, 2010 11:10am Oct 2, 2010 11:10am
Quoting melvin87
Hi The_Lord,

Would you consider this a valid pin?
Of course! Actually, better than a pin, its a hammer (inverted).
Is there something I am missing? Looks fine for me.
  • #76,231
  • Oct 2, 2010 12:01pm Oct 2, 2010 12:01pm
Quoting aserbfx
this could be interesting in the next week...
bmw on weekly.
pinbar closing below ppz/brn.
BMW just recalled 300,000? cars in Europe as well.
  • #76,232
  • Oct 2, 2010 2:06pm Oct 2, 2010 2:06pm
Is this bearish daily bar at swing high IPB ?
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  • #76,233
  • Edited 4:10pm Oct 2, 2010 3:39pm | Edited 4:10pm
Quoting billm
my FXpro demo doesn't show a weekly BUOB, neither does my demo Interbank FX .. which puts a totally different slant on things. Maybe demo feeds are not to be used ?

Can anyone else see a weekly BUOB on GBPUSD on their feed ?

OOooopps. You're right billm. Demo feeds are not that bad, although they can be a bit loose at times.

I guess in my haste I chose to ignore that gap I have on FxPro and did not check other feeds.

Just to save face here billm . . my eyes are so drawn to Support levels turning into Resistance levels (and vice versa) . . .otherwise known as PPZ levels . .that I didn't even notice the Weekly BUOB discrepency, to be honest.

Here's how I saw it . .

The 1.5700 is a Weekly PPZ level and has been acting as strong Resistance as of late. I then saw Price breaking through this level pretty convincingly.

We know that when Price breaks through a strong Resistance level it will then turning into a strong Support level, (most of the time). It is at these turning points that we look for PA for confirmation.

(Charts are FxPro and IBFX feeds)

Sorry about the confusing post.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #76,234
  • Oct 2, 2010 4:34pm Oct 2, 2010 4:34pm
Quoting slade1986
I missed the GJ Jarroo, but I am watching the current GU retrace to the 1.5800 area..

Edit: No PA, pass

Nice slade. . . it really can be as simple as that . . No PA, Pass. . .as long as we know the story behind where we want that PA to form.

The 1.5800 is a Daily PPZ level and Price begins to retrace off the Daily BEOB (pinnish looking, which I like). Since there was no convincing PA at the 1.5800, on many lower time frames, a "Pass on this one" was easy to decide.

This is where a lot of touch traders get into trouble. imo They see a good level with a good story behind it and take it without PA confirmation. That extra part at the end of the story . . .PA . . can make all the difference in the world.


Side Note: . .about the Daily BEOB . .

I would have liked to have seen the swing high of the BEOB a bit higher, up by those Highs in yellow at the 1.6000. Also, a bit of traffic infront of it and sitting on the 1.5700 PPZ level. James16's "This is Critical" in full force.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #76,235
  • Oct 2, 2010 4:43pm Oct 2, 2010 4:43pm
Quoting aserbfx
this could be interesting in the next week...
bmw on weekly.
pinbar closing below ppz/brn.
What broker are you getting these from ?

Thanks,
Jig
  • #76,236
  • Oct 2, 2010 4:48pm Oct 2, 2010 4:48pm
Quoting ghous
Neither broke...so technically you shouldn't be in either of those trades.

Remember...a PA bar only looks like a PA bar until it's validated bu virtue of a break of the low/high of the bar itself.

Besides...

GBP/USD failed to close below 1.57...I can't even emphasize enough how important the close of a PA bar is specially when you're talking about immediate traffic. Notice all the bar highs that found resistance at 1.57 before price broke up. That difference between the low and the close of the beob speaks for itself when it comes to the "strength...

Great post g. . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,237
  • Oct 2, 2010 5:21pm Oct 2, 2010 5:21pm
Adidas weekly, short play to RNB,PPZ @ 4400, tight stop few pips above RNB @ 4600.
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Pipcrawler
  • #76,238
  • Oct 2, 2010 5:32pm Oct 2, 2010 5:32pm
Quoting jarroo
OOooopps. You're right billm. Demo feeds are not that bad, although they can be a bit loose at times ...Jim
Hi Jim, great explanation, thank you for clearing that up. Enjoying your posts, very informative and very helpful for me being a newbie to PA
  • #76,239
  • Edited 6:29pm Oct 2, 2010 5:40pm | Edited 6:29pm
Can these possibly work?





fxtsun
___________________________________

I need my conscience to keep watch over me
To protect me from myself - Brendan Perry
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  • #76,240
  • Oct 2, 2010 5:41pm Oct 2, 2010 5:41pm
Quoting billm
Hi Jim, great explanation, thank you for clearing that up. Enjoying your posts, very informative and very helpful for me being a newbie to PA

Sure thing billm.

Let me know if I can be of any other help.
Indicators show the past. Price Action "Indicates" the future.
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