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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

  • #78,181
  • Oct 22, 2010 11:44pm Oct 22, 2010 11:44pm
CHFJPY....nice Fib confluence at both the 83 and 81.5 area. Nice space as well. I don't like to be biased, but I'll be looking for some bullish PA on this pair next week for sure.

Opportunity to get in the current overall uptrend from May.
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  • #78,182
  • Oct 22, 2010 11:46pm Oct 22, 2010 11:46pm
Quoting Pinbar
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.

Let me show you an example of how I would have liked the Daily Bars (in yellow) to close on the Eur/Jpy chart for that 4 Hour BEOB to work.

Here's the Aud/Usd Daily chart. Same type of situation as in the Daily Eur/Jpy, but this time the Daily bar did not Close above the .9870 PPZ level or previous Support. So now the .9870 will act as Resistance.

Looking at the 4 Hour we have a BEOB at this Resistance level (that was previous Support then Price broke through it) and it works out fine for some good pips.
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Indicators show the past. Price Action "Indicates" the future.
  • #78,183
  • Oct 23, 2010 12:07am Oct 23, 2010 12:07am
Quoting Donkey
CHFJPY....nice Fib confluence at both the 83 and 81.5 area. Nice space as well. I don't like to be biased, but I'll be looking for some bullish PA on this pair next week for sure.

Opportunity to get in the current overall uptrend from May.
I like it D.

The Weekly agrees with you . .Res turning into Sup.

Check out those weekly PB (in yellow) they couldn't even break with a close above the 83.00 . .83.00 is strong. . .then Price breaks through it. .should act as strong Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #78,184
  • Oct 23, 2010 1:25am Oct 23, 2010 1:25am
congrats to Jim and his rangers, I know how much it meant.

They beat us up fair and square. Hope they can get that ring finally
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  • #78,185
  • Oct 23, 2010 1:39am Oct 23, 2010 1:39am
Quoting jarroo
Let me show you an example of how I would have liked the Daily Bars (in yellow) to close on the Eur/Jpy chart for that 4 Hour BEOB to work.

Here's the Aud/Usd Daily chart. Same type of situation as in the Daily Eur/Jpy, but this time the Daily bar did not Close above the .9870 PPZ level or previous Support. So now the .9870 will act as Resistance.

Looking at the 4 Hour we have a BEOB at this Resistance level (that was previous Support then Price broke through it) and it works out fine for some good pips.


So, it is the fact that the AU Daily closed below the PPZ but EJ didn't.



I see what you are saying, the fact that the RN was violated and held means that price is capable of breaking it soon as opposed to AU where price was rejected by the PPZ so AU is now probably going to go and test the lower PPZ for support. Whereas EJ may just pullback and breakout again and this time the 113 may polarize to become support.


Wow, that yellow box really confused me.

Had me thinking all kinds of things. LOL


Thanks for the advice Jarroo, it is duly noted.
  • #78,186
  • Oct 23, 2010 2:54am Oct 23, 2010 2:54am
Good morning,

Guys, I have a question. I quite often hear terms "weak close" and "strong close". I thought I understand them, but now I have doubts about that.

Let's take a Beovb for example. I thought that strong close is when second bar closes lower than the low of the first bar, and weak close is when 2nd bar just closes below the open of first bar. (as in the chart attached).

But what do those terms really mean?

Thank you for your time,
and here goes a joke:

A sign on the door of brokerage:
Dear clients, please respect your broker. You see only one fool, and he has to look at a bunch of them.
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  • #78,187
  • Oct 23, 2010 3:16am Oct 23, 2010 3:16am
Interesting how this BAL PB failed. However, it never triggered.

http://cdn.forexfactory.com/attachme...1&d=1287821624
  • #78,188
  • Oct 23, 2010 5:53am Oct 23, 2010 5:53am
Quoting jarroo
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.
Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me?
Looking at the IPB you just posted I'd intuitively say that bears are taking over. How come one should expect it to go up?
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,189
  • Edited 6:40am Oct 23, 2010 6:15am | Edited 6:40am
I have been practicing what Jarroo showed this morning.

I think AUD/CHF is possibly a good example of the bar closing above the PPZ and then showing us bullish PA.
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  • #78,190
  • Oct 23, 2010 6:38am Oct 23, 2010 6:38am
Quoting mbqb11
congrats to Jim and his rangers, I know how much it meant.

They beat us up fair and square. Hope they can get that ring finally
Yes, great job by the Rangers. They have a great team and a great shot at winning the Series. Enjoy it Jim!
  • #78,191
  • Oct 23, 2010 7:10am Oct 23, 2010 7:10am
Quoting Pinbar
I have been practicing what Jarroo showed this morning.
.
Great Job PB...man you are attacking this stuff and should be congratulated on your progress...I just wanted to thank you for posting your charts and your input to this thread.

Bill
  • #78,192
  • Oct 23, 2010 9:17am Oct 23, 2010 9:17am
Quoting albinas
Good morning,

Guys, I have a question. I quite often hear terms "weak close" and "strong close". I thought I understand them, but now I have doubts about that.

Let's take a Beovb for example. I thought that strong close is when second bar closes lower than the low of the first bar, and weak close is when 2nd bar just closes below the open of first bar. (as in the chart attached).

But what do those terms really mean?

Thank you for your time,
and here goes a joke:

A sign on the door of brokerage:
[font=&quot]Dear clients, please respect your...
When we say a strong close, we mean a close on the PA bar that is very near/at its low for a bearish setup and a close very near/at its high for a bullish setup.


So in that chart the the BEOB on the right is a strong one not just because it closed below the low of the prior bar but also because it closed very near its own low.

Hope that clears things up.

g.
I believe . . .
  • #78,193
  • Oct 23, 2010 9:31am Oct 23, 2010 9:31am
To all seniors here

do you guys rely more on probability or RR?
  • #78,194
  • Oct 23, 2010 9:45am Oct 23, 2010 9:45am
Quoting albinas
Good morning,

Guys, I have a question. I quite often hear terms "weak close" and "strong close". I thought I understand them, but now I have doubts about that.

Let's take a Beovb for example. I thought that strong close is when second bar closes lower than the low of the first bar, and weak close is when 2nd bar just closes below the open of first bar. (as in the chart attached).

But what do those terms really mean?

Thank you for your time,
and here goes a joke:

A sign on the door of brokerage:
[font=&quot]Dear clients, please respect your...
Also to add to what Ghous said.

Think about it from a very simple terms. About WHERE that close is into relation of where price has been.

Say price is stuck in a range and it hasn't been able to close under that range in X amount of bars(time). Then finally it is now able to close below that range. Price has now shown some sort of shift in power b/w the bears and bulls.

Closes are extremely important to me and my trading

Hope everyone is having a nice weekend
Mike
  • #78,195
  • Oct 23, 2010 9:46am Oct 23, 2010 9:46am
Quoting arsa
To all seniors here

do you guys rely more on probability or RR?
I guess for me it would be probability. If I see a great setup i take it and work from there

Best
Mike
  • #78,196
  • Oct 23, 2010 9:56am Oct 23, 2010 9:56am
Quoting HanSolo
Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me?
Looking at the IPB you just posted I'd intuitively say that bears are taking over. How come one should expect it to go up?
Jarroo, I just read Ghous' explanation on the psychology behind IPB but still I don't fully understand. Would you mind explaining it to me?

If I may...

Actually Mike was kind enough to do a video for me at the PF where I asked him why big bars have a tendency to hold back on breaking hard and sustaining breaks and that got him going on order flow concepts including the logic behind IPBs.

What happens is, when a strong, say up trend get's obstructed by sudden bearish action it tends to eat up the order flow in that area even though you see that the bar closes higher leaving behind only a wick, truth is that wick does tend to give a heads up for more bearish orders to come in and occupy the "now vacant space". Then again you got to make sure the bears have a very good reason to come into the market (i.e location and confluence needs to be spot on).

Same is true for a very large BEOBs and strong BUBs and BEBs. You will tend to see that price often retraces into the bar (weak buying/selling, profit taking...)

Advanced stuff, and no one really needs a good hang of all this info to trade IPBs (and PA) well, but just because the question was raised, thought I'd chime in...

Looking at the IPB you just posted I'd intuitively say that bears are taking over. How come one should expect it to go up?

Agreed. Jarroo, again has that BIG..no I mean BIG edge in terms of experience that he has, once he understood the logic behind these bars he's been on top of them with his charts and insights. His experience provides him with the skills he needs, to take less than A+ setups literally whenever he wants and nail them down with his exceptional trade management.

A bullish IPB as the one Jarroo talks about, is best taken at a swing low, or in trend-less sideways markets, with enough set of supporting confluences.



g.
I believe . . .
  • #78,197
  • Oct 23, 2010 10:04am Oct 23, 2010 10:04am
Quoting arsa
To all seniors here

do you guys rely more on probability or RR?
RR is bogus.

Think about this...

Which trade would you prefer better?

one that gives you a potential 1:2 with 30% chances of success?

OR

one that gives you 1:0.5 with 90% chances of success?...that's how sure you can get with neat setups with the method, and which makes RR look like a concept for the retards.

g.
I believe . . .
  • #78,198
  • Oct 23, 2010 10:20am Oct 23, 2010 10:20am
Quoting mbqb11
I guess for me it would be probability. If I see a great setup i take it and work from there

Best
Mike
do you have pre-set tp(s)? or protect it with sl until you're stopped out?

all the best,
Art
  • #78,199
  • Oct 23, 2010 10:21am Oct 23, 2010 10:21am
Quoting arsa
do you have pre-set tp(s)? or protect it with sl?

all the best,
Art
Hey Art

Nope I look and evaluate each trade and determine from there what I believe is the best course of action for my exits. Sometimes that is trailing out, sometimes a quick take profit, sometimes breakeven and try to run.

Best
Mike
  • #78,200
  • Oct 23, 2010 10:22am Oct 23, 2010 10:22am
Quoting ghous
RR is bogus.

Think about this...

Which trade would you prefer better?

one that gives you a potential 1:2 with 30% chances of success?

OR

one that gives you 1:0.5 with 90% chances of success?...that's how sure you can get with neat setups with the method, and which makes RR look like a concept for the retards.

g.
you just called me a retard mate though i make money with RR.

Just wanted to get another point of view here.

Art
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