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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

  • #78,161
  • Oct 22, 2010 11:20am Oct 22, 2010 11:20am
Quoting damien100
Hi Jonnyislost

just looking at W1 TF could close poss. as weekly Proxy bull PB. that will put back on line for the break upwards maybe.

Looking at price on weekly though ,it is kind of sat/sandwiched right in the middle at 80.BRN between .88 and .73.

That H4 bear PB looks healthy but not good location with no room to move ,green line and it's Friday and I've been taught it's sell your grandmothers favourite candlesticks time of day
have a good one
D
Hi D.
Aud/Jpy seems to be in a boxing mode now, with H4 producing bullish and bearish pins all over the place (so generally very choppy and probably better to avoid)
As far as the weekly bar goes, Personally I'd wanna see it close above that recent range if I was to consider long (so engulfing the previous few weekly bars)
The only thing clear to me with this pair is that the 80 is a huge level of importance. But I don't see any clear PA giving us and directional clues so I will stay away for now.

Jonny
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  • #78,162
  • Oct 22, 2010 1:20pm Oct 22, 2010 1:20pm
This TRID weekly stock chart looks tempting....

Good weekend everyone.

-- Danny
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  • #78,163
  • Oct 22, 2010 6:20pm Oct 22, 2010 6:20pm
Quoting msmarple
.

Pinbar I would like to thank you especially for your templates, they are ideal for my swing trading needs.

For all new readers : during the first 100 posts you find excellent charts by " seekinglight " on PPZ and how he draws them,starting from monthly, weekly and daily....and differentiating between major PPZ and minor ones.

And ( my favourite ) going through all of jarroos`charts one by one teaches a...

Glad you like the template MS
  • #78,164
  • Oct 22, 2010 6:26pm Oct 22, 2010 6:26pm
Quoting Pinbar
Jarroo

What do you think of this.

I would have liked to see this PB close below the 113 instead of the 1130.54 it closed at. I am wondering as it is Friday, if we are going to get a run up to the 50 fibo and linger there a while till London opens for the Kaboom?

Yeah a stronger close below the 113.00 would have gave some indication that the 113.00 level would start turning into Resistance from its current Support. And today it still didn't close below the 113.

This may give some insight to why that 4 hour BEOB on this pair that you posted earlier this week failed to make a hard break or at least hit a close target.

Let me explain . .
Indicators show the past. Price Action "Indicates" the future.
  • #78,165
  • Oct 22, 2010 6:43pm Oct 22, 2010 6:43pm
Looking at AUD/JPY on the weekly.

Seems to have that cherry hanging from tree type look to it.

Off good support but major resistance above it, lets see what it does next week.
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  • #78,166
  • Edited 7:00pm Oct 22, 2010 6:48pm | Edited 7:00pm
Quoting jarroo
Let me explain . .

First let's look at the 113.75 of the Eur/Jpy. I like to define Price as acting as Support or Resistance on a given level by how it closes. So even if there is a long wick above or below the given level, its how it closes that defines it. By "it" I mean the given level.
(The 150 ema played a confluencing role as well.)

Let me know if the chart is too messy to understand.


The 113.00 level. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #78,167
  • Oct 22, 2010 6:48pm Oct 22, 2010 6:48pm
Quoting jarroo
Yeah a stronger close below the 113.00 would have gave some indication that the 113.00 level would start turning into Resistance from its current Support. And today it still didn't close below the 113.

This may give some insight to why that 4 hour BEOB on this pair that you posted earlier this week failed to make a hard break or at least hit a close target.

Let me explain . .
Morning Jarroo

Yes, it looks similar to AU.
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  • #78,168
  • Oct 22, 2010 7:01pm Oct 22, 2010 7:01pm
Quoting jarroo
First let's look at the 113.75 of the Eur/Jpy. I like to define Price as acting as Support or Resistance on a given level by how it closes. So even if there is a long wick above or below the given level, its how it closes that defines it. The 150 ema played a confluencing role as well.

Let me know if the chart is to messy to understand.


The 113.00 level. . .

So, once again, we need to look at this whole area as the pencil PPZ.
Looking at the area of the pencil we hold to get a grip on, not the pencil lead.
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  • #78,169
  • Oct 22, 2010 7:18pm Oct 22, 2010 7:18pm
Quoting Pinbar
So, once again, we need to look at this whole area as the pencil PPZ.
Looking at the area of the pencil we hold to get a grip on, not the pencil lead.

I still talking about the 4 Hour Eur/Jpy BEOB from early this week that you posted . . give me a few. . .
Indicators show the past. Price Action "Indicates" the future.
  • #78,170
  • Oct 22, 2010 7:26pm Oct 22, 2010 7:26pm
Quoting jarroo
I still talking about the 4 Hour Eur/Jpy BEOB from early this week that you posted . . give me a few. . .

I know, sorry, that post above was AU.

The lower one was EJ.

Looking at M30, we can see how boxed in it is.
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  • #78,171
  • Oct 22, 2010 7:53pm Oct 22, 2010 7:53pm
Quoting jarroo
The 113.00 level. . .

The 113.00 level has a bit of choppiness along it but it shows signs of a PPZ level. You can see why clear, clean levels are not only stronger but easier to work with.

The yellow area is what I want to talk about. Price strongly closes below the 113.00 on the Daily . . so now I would look for the 113.00 to act as Resistance. . . .easy stuff.

But you can see that once Price came back up to the 113.00, there was no signs (bearish PA) that is was acting as Resistance on even the smallest of time frames.

Then Price closes above the 113.00 on the Daily . .so now I would look for the 113.00 to act as Support . . .here is where your 4 Hour BEOB comes into play.

One reason, I believe, that the 4 hour BEOB worked out so poorly was that the previous Daily bar closed above the 113.00. . . because of this, the 113.00 was now a Support level and the 4 Hour BEOB was fighting this . . it didn't have the strength, due to size or stronger close itself, etc., to override this higher time frame level.

Your thoughts?

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #78,172
  • Oct 22, 2010 8:03pm Oct 22, 2010 8:03pm
Quoting jarroo
The 113.00 level has a bit of choppiness along it but it shows signs of a PPZ level. You can see why clear, clean levels are not only stronger but easier to work with.

The yellow area is what I want to talk about. Price strongly closes below the 113.00 on the Daily . . so now I would look for the 113.00 to act as Resistance. . . .easy stuff.

But you can see that once Price came back up to the 113.00, there was no signs (bearish PA) that is was acting as Resistance on even the smallest of time frames.

Then Price closes above the 113.00 on...
This is tricky.....I am working on it but need some time.

The first thing that stands out is that we now appear to have a R H&S at a swing low also on the daily. But, that is not what we are doing here right now.

EDTI: Still it supports the bullish theory.

Give me a few mins to digest your thoughts.
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  • #78,173
  • Oct 22, 2010 8:03pm Oct 22, 2010 8:03pm
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  • #78,174
  • Oct 22, 2010 8:07pm Oct 22, 2010 8:07pm
Quoting Atc
Classic, Atc . .
Indicators show the past. Price Action "Indicates" the future.
  • #78,175
  • Oct 22, 2010 8:49pm Oct 22, 2010 8:49pm
Quoting Mist Gun
Thanks for your reply, Jim.
Yes it answered my questions.

From reading earlier posts, I learned that PA set ups on a good location is the one we are advised to take.

However, I am a bit confused about swing highs. For example, on the chart, could the pin bar inside the box be said to have formed at a swing high?

MG

Yes, that PB would be considered at a swing High. Why we like our PA at these swing Highs/Lows is because they provide the much needed Space or lack of traffic of previous bar Highs and Lows so they have room to run when they break.

So the deeper the swing point the better . . .like bluetrader's recent post as a great example . .notice the Space it provided.

Quoting bluetrader
This TRID weekly stock chart looks tempting....

Good weekend everyone.

-- Danny
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Indicators show the past. Price Action "Indicates" the future.
  • #78,176
  • Oct 22, 2010 8:56pm Oct 22, 2010 8:56pm
Hey g . .2 Day IPB on the Gbp/Usd hit its first target. I like to see if it can break above it. . . the IPB could have been at a deeper swing low.
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Indicators show the past. Price Action "Indicates" the future.
  • #78,177
  • Oct 22, 2010 9:03pm Oct 22, 2010 9:03pm
I am floundering here somewhat so, I am trying to simplify things.

I can see on the H4 and the daily that, we actually have 3 ranges going on and the 113.621 area is the support area, if indeed we are going to rally up and test the upper range.

Still thinking about this.
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  • #78,178
  • Oct 22, 2010 9:03pm Oct 22, 2010 9:03pm
Quoting xmzhang
G'day Jarroo,
Would you consider the posted setup I saw today a valid one ? The 4H-PPZ in the 1H-TF didn't match the point of confluence that nicely, they were about 10 pips off. On the lower TF though price gave a nice PB @ the point of confluence and closed below the 4H-PPZ.

May the force be with you.
Yes, a valid setup. . .confluence at a PPZ level, previous Support turning into Resistance . Nice. Remember these are zones or areas of confluence . . . . +/-10 pips is good.

The Hourly is not a PB, its an IB . .still valid PA. . .
Indicators show the past. Price Action "Indicates" the future.
  • #78,179
  • Oct 22, 2010 9:08pm Oct 22, 2010 9:08pm
Quoting nasir.khan
Let me make it simple for all of you.

1-Dont take a touch trade until u have at least 3 confluence factors.

2-Dont take a touch trade without a clear daily (or above) PPZ.

I took this Echf setup and got stopped out. There was this TL, PPZ,Double top in 1h, and Divg. But could have passed it easily cause that was really a poor PPZ.

This one is a classic rac setup, See clear PPZ, 50 Fib and TL.

P.S: I was just reading Rac's posts i think it's the 6th or 7th time i am doing this. It really clears my mind looking at his clean charts and PPZ's.
....

Great post nasir . .
Indicators show the past. Price Action "Indicates" the future.
  • #78,180
  • Oct 22, 2010 10:02pm Oct 22, 2010 10:02pm
I have the feeling we are revisiting those hanging in space bars again but, can't quite grasp it.

Maybe my mind has dropped the ball on this one and is sitting on the bench.
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