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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

  • #77,041
  • Oct 10, 2010 1:11am Oct 10, 2010 1:11am
Quoting Mr Smith
This is what mike meant when he said looking for 22.20, see the line here at 22.20, its a previous high, that was his area of interest, not sure if he was closing there, or going to b/e there, but that was his fta, then as nfp neared, he moved stops way down and got knocked out for a small loss before price ran up again.

Hope that partly helps.
Thanks for the explanation.
Cheers
Novice198
  • #77,042
  • Oct 10, 2010 1:25am Oct 10, 2010 1:25am
look for some decent price action at 65 usd. this price is an old resistance back from 2005/2006.
fib confluence (23% fib retracement and 100% fib expansion), trendline, round number.
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meine augen sind die sterne
  • #77,043
  • Oct 10, 2010 1:43am Oct 10, 2010 1:43am
Quoting melvin87
Ahh okok. Thanks for the very detailed reply. Lots of good points in there.

Another question though. I tend to treat every RN and/or BRN as a PPZ because at some point of time in the past, several bars would have reacted off that area. That means even if there is a good setup, my FTA would usually very pretty close by. And with a good pin that spans over a 100 pips, it makes it difficult for me to decide whether to enter the trade or not because of the supposedly unfavourable R:R ratio. Thats what made me think that perhaps trading at extreme...
The best thing to do IMO is to eye ball the areas that look like S/R flips (you see bar highs and lows lying in roughly the same horizontal area) and try to locate a RN at or around that level.

And in case you do end up with only a round number and no recent indications of support and resistance at that level at best you could watch how price behaves around that level specially if it's close to your entry, perhaps even reduce your stop when price hits the RN Though you will have to take some points off the "space" department for the overall setup and this spatial concern will be a factor to consider - not necessarily a trade breaker, but a considerable factor for sure.

g.
I believe . . .
  • #77,044
  • Oct 10, 2010 1:49am Oct 10, 2010 1:49am
GU is looking like it is worth keeping our eyes open for PA.
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  • #77,045
  • Edited 3:32am Oct 10, 2010 2:34am | Edited 3:32am
Quoting cprao
My Views:

If I look at PB on its own, it does not stand out. However if I look at this in relation to big BUOB (Technically not a BUOB but a big bullish bar) of 09/15, it does make lot of sense to me.

As Jarroo always says- BUOB/BEOB's retrace before it moves in the direction of the PA. Here the PB at 130 looks like supporting the big BUOB.


Jarroo, would like to hear your thoughts ..
The 2 Day chart shows it as a BUOB that broke . . a good sign, meaning the BUOB is validated. Even if it wasn't validated, by not breaking, a retracement entry is still viable as long as it is well supported.

The general retracement level is the previous bar High with BUOBs (previous bar Low with BEOBs). . .

But if there is other levels witnin the Outside Bar that look strong, like a PPZ level and/or BRN with other confluence (Fib levels, 50% Ret., Divergence), strong proven Support (BUOB), strong proven Resistance (BEOB) then these levels can also be considered as retracement levels. (blue arrows)

Now, Price has retraced to the general rule, previous bar High, which is also a BRN-PPZ level with 61.8 fib. . .130.00 and reacted accordingly, (bigger blue arrow). . . .nice!

Now to the question . . is there an opportunity to take a break of this 2 Day PB? (which looks that same as the Daily PB, IBFX feed).

The size could be bigger . . its more pooble than pitbull, so continued downward retracement is still possible maybe even to retest the 130.00. Lack of Space or traffic infront is tight.

All in all . . .I do like the story of this one, cprao . .
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Indicators show the past. Price Action "Indicates" the future.
  • #77,046
  • Oct 10, 2010 2:34am Oct 10, 2010 2:34am
AUD/JPY looks very interesting also.
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  • #77,047
  • Oct 10, 2010 2:49am Oct 10, 2010 2:49am
Quoting Pinbar
AUD/JPY looks very interesting also.
I like your top Bing, Bang, Boom but I would have the bottom like this. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #77,048
  • Oct 10, 2010 3:14am Oct 10, 2010 3:14am
Quoting jarroo
I like your top Bing, Bang, Boom but I would have the bottom like this. . .


Yes, on a second look at it, I see your point Jarroo.


So, this is one of the giant PPZ you mentioned a while back, between the 61.8 & 50, with the 81 RN as the pencil lead.

Thanks Jarroo
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  • #77,049
  • Oct 10, 2010 3:22am Oct 10, 2010 3:22am
Quoting Pinbar
Yes, on a second look at it, I see your point Jarroo.


So, this is one of the giant PPZ you mentioned a while back, between the 61.8 & 50, with the 81 RN as the pencil lead.

Thanks Jarroo

Yes, I remember that Pb, I see the darken pencil on your chart and its very much in play here. I lot of activity at this level, ergo the consolidation. We'll let PA show us the way and that consolidation, I believe, will play an important part of that story . .
Indicators show the past. Price Action "Indicates" the future.
  • #77,050
  • Oct 10, 2010 3:33am Oct 10, 2010 3:33am
Ehhh daily/weekly charts trading is sometimes so borring...
  • #77,051
  • Oct 10, 2010 3:55am Oct 10, 2010 3:55am
Quoting jarroo
Yes, I remember that Pb, I see the darken pencil on your chart and its very much in play here. I lot of activity at this level, ergo the consolidation. We'll let PA show us the way and that consolidation, I believe, will play an important part of that story . .

Thanks Jarroo, let's see what the PA shows us.

I Opened an IBFX demo account for the daily.

Now, I am going to learn to use all of what you so graciously taught me, in real time, with no fear, no greed and no ego.

This is funny.
I was just playing billiards with a guy in Texas.
He asked me what Japan was like, we got chatting about Japan and I told him how there are no religious hangups and stuff, but the men are pretty perverted, He asked me in what way and I told him about the latest fad here in Japan of men wearing women's bras. He freaked out, wouldn't believe me, till I sent him this link.


http://www.japantoday.com/category/k...lot-of-support
  • #77,052
  • Oct 10, 2010 3:58am Oct 10, 2010 3:58am
Quoting Pinbar
Thanks Jarroo, let's see what the PA shows us.

I Opened an IBFX demo account for the daily.

Now, I am going to learn to use all of what you so graciously taught me, in real time, with no fear, no greed and no ego.

This is funny.
I was just playing billiards with a guy in Texas.
He asked me what Japan was like, we got chatting about Japan and I told him how there are no religious hangups and stuff, but the men are pretty perverted, He asked me in what way and I told him about the latest fad here in Japan of men wearing women's bras. He freaked...

lol . . .thoses crazy asians . . I've seen some of their game shows too . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #77,053
  • Oct 10, 2010 4:06am Oct 10, 2010 4:06am
Quoting jarroo
lol . . .thoses crazy asians . . I've seen some of their game shows too . . lol

Yeah, it is crazy.

But at least, they do not resort to violence and let people be.

The guy I just mentioned was like, "Hey, if we saw them in Texas, we would kick their ass". I mean, if a guy wants to wear a bra, it is his sick business and kicking his ass, isn't going to change anything. Might like it even. LOL


Looks like EU might be in a similar situation as GU.

EDIT: Bigger range though.


Am I on the right track with this Jarroo?
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  • #77,054
  • Oct 10, 2010 4:15am Oct 10, 2010 4:15am
Quoting Pinbar
Yeah, it is crazy.

But at least, they do not resort to violence and let people be.

The guy I just mentioned was like, "Hey, if we saw them in Texas, we would kick their ass". I mean, if a guy wants to wear a bra, it is his sick business and kicking his ass, isn't going to change anything. Might like it even. LOL


Looks like EU might be in a similar situation as GU.

EDIT: Bigger range though.

GU is at a interesting level, to say the least. Bearish PA at the 1.6000 would be well supported.
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Indicators show the past. Price Action "Indicates" the future.
  • #77,055
  • Edited 5:44am Oct 10, 2010 4:30am | Edited 5:44am
Quoting jarroo
GU is at a interesting level, to say the least. Bearish PA at the 1.6000 would be well supported.

That 1.58000 area looks pretty consistent, and I imagine it could be where it gets a foothold if it breaks the BRN.

The range above the BRN looks very strong on the monthly though.

Either way, a breakout with a retest and pa is the only way, I will take either of them.


EDIT: Looks like D1 is showing plenty of div.
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  • #77,056
  • Oct 10, 2010 4:49am Oct 10, 2010 4:49am
Quoting jarroo
Great examples blue . .here's another one. . .
did you teach your dog to spot pinbars? does he barks when he sees one?
im sorry i couldnt resist.
  • #77,057
  • Oct 10, 2010 4:53am Oct 10, 2010 4:53am
Quoting ghous
The best thing to do IMO is to eye ball the areas that look like S/R flips (you see bar highs and lows lying in roughly the same horizontal area) and try to locate a RN at or around that level.

And in case you do end up with only a round number and no recent indications of support and resistance at that level at best you could watch how price behaves around that level specially if it's close to your entry, perhaps even reduce your stop when price hits the RN Though you will have to take some points off the "space" department for the overall...
Yup thats what I usually do, locate S/R and try to link an RN to it. Hmm reducing my stop, never considered that before hahah. I'll backtest with it and see how it goes. Thanks Ghous!
  • #77,058
  • Edited 8:03am Oct 10, 2010 7:29am | Edited 8:03am
Quoting Adilius07
...
Maybe someone knows where can I get an indicator for my MT4 that would make Fractals Indicator look like this of the Trade Station platform (small, clean, circles)
The one there is just so so ugly...
...
it's not a default MT4 indicator, that's for sure.

i made a very minor modification on the code. (changed the arrows [#217 & #218 below] into circles [#158 as seen below] ; i named it Fractal c --- 'c' for (small) circles)
http://i43.photobucket.com/albums/e3.../Wingdings.png
it plots small circles just like u requested.
what i noticed is the circles are plotted very near/beside the tip of the candles, but it doesnt create a 'candle visibility' problem. (placing the circles away from the candle will need a little more tweaking in the code.)

let me know if it works ok.
if u get problems i cant handle, then u just have to post this in the Programming forum (Platform Tech)


Quoting Adilius07
Ehhh daily/weekly charts trading is sometimes so boring... http://cdn.forexfactory.com/images/smilies/yim/yawn.gif
boring but increases pateience at the same time


Quoting Pinbar
Is IBFX an Australian broker?
....
u must've downloaded from the IBFX Australia branch.
https://www.ibfx.com.au/

Quoting Pinbar
Yeah, I know the indicator has to be in the indicators folder.
It is just that, I tried changing the name, rebooting MT4 and it would not work.
....
EDIT: Yeah, it worked for some reason.
Here is the version again saved with a better name. (SweetSpotsGold.mq4)
just FYI...

there is an indicator called SweetSpotsGold. it plots pivot points.
(please take not of this distinction, just in case others get confused.)

Quoting Pinbar
Thanks Jarroo...
This is funny.
I was just playing billiards with a guy in Texas.
...
billiards. nice.
maybe we can play when i get to visit your place.
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  • #77,059
  • Oct 10, 2010 7:43am Oct 10, 2010 7:43am
Quoting supremeChaos
it's not a default MT4 indicator, that's for sure.

i made a very minor modification on the code. (changed the arrows [#217 & #218 below] into circles [#158 as seen below] ; i named it Fractal c --- 'c' for (small) circles)
http://i43.photobucket.com/albums/e3.../Wingdings.png
it plots small circles just like u requested.
what i noticed is the circles are plotted very near/beside the tip of the candles, but it doesnt create a 'candle visibility' problem. (placing the circles away from the candle will need a...
Wooooww SC!!! Thank you so much!! It is just perfect I think!!
Visibility is just fine! Here is the chart example.
Cool, thank you very much for your effort!!!
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  • #77,060
  • Oct 10, 2010 8:08am Oct 10, 2010 8:08am
My first pick for next week. A-C weekly, nice bearish IPB at a swing high and @ BRN 10000.
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