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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

  • #79,381
  • Edited 10:41pm Nov 5, 2010 10:30pm | Edited 10:41pm
Quoting Donkey
So let's find a couple of areas for next week...

EURAUD, 1.4000 has been strong support, with a nice consolidation area above. Price broke through pretty strongly with the Friday candle. I'll be watching for a pullback to test 1.4000 as resistance.

You really want to chase that all the way to the bottom and the low of that monthly PB?


Oh, sorry Donkey, I didn't read you were looking for a pullback to the 4000
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  • #79,382
  • Nov 5, 2010 10:51pm Nov 5, 2010 10:51pm
Quoting Pinbar
You really want to chase that all the way to the bottom and the low of that monthly PB?
Not necessarily, however I am definitely have a bearish bias on this pair. I zoomed monthly in a bit. 1.4000 looks to be a strong level and has been support several of the last months. I won't be surprised if price moves back to that area. If it does I'll look for PA to tell me the direction, but it would need to be very telling for me to trade countertrend after such a strong down move.

On my feed the pin looks to be more by proxy and is red with a small wick. A weak-looking bar in my opinion. I counted 15 straight bearish bars on the monthly, with 19 of the last 22 being bearish. I see PA on the daily or 4H at the 1.4000 for a chance to get a quick-hitter.
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  • #79,383
  • Nov 5, 2010 11:07pm Nov 5, 2010 11:07pm
Quoting jarroo
Absolutely D.

If Price doesn't find Resistance at the 132.00, look for it to find Support, especially if it doesn't give much of a bounce down, meaning a small bounce down would tell me that we're heading upward . .probably to the 135.00.
Well it didn't quite make 132.00. It made it to 131.999 on my feed, and the last bar closed about 55 pips lower. Too bad this wasn't Wednesday, I would've like to have seen the reaction at this area earlier in the week. The last push down of the last 4H candle of the week could have definitely been Friday profit taking.
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  • #79,384
  • Nov 6, 2010 12:33am Nov 6, 2010 12:33am
Great posts D
  • #79,385
  • Nov 6, 2010 1:21am Nov 6, 2010 1:21am
[quote=Adilius07;4151333]Wow outstanding!!!! Keep it up!
And this performance tracking soft is cool! What is it?]

onanda beta software
  • #79,386
  • Nov 6, 2010 2:43am Nov 6, 2010 2:43am
I have just started up in this thread. I have read several post from the begining of the thread, i have not seen the entry rule. everybody keep posting chart and writing big big grammer.from the first post by james16 himself. CAN SOMEONE SHOW ME WHERE I CAN FIND THERE ENTRY RULE. ATLEAST IN THE THREAD POSTS.
  • #79,387
  • Nov 6, 2010 3:34am Nov 6, 2010 3:34am
Quoting Donkey
EURCHF. Friday candle testing 1.3500 after consolidating below and breaking through resistance.

Will it hold as support? Or will it pass back through?

Doesn't the EURCHF weekly beob suggest passing back through?
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  • #79,388
  • Nov 6, 2010 3:58am Nov 6, 2010 3:58am
I'm seeing lots of nice looking potential setups on JPY pairs this week. Anyone got any preferences?

EUR/JPY - not quite a BUOB/DBLHC on my feed but quite a strong bullish bar. Shame it didn't close above 115 - which is also the neckine of a reverse H&S. a Break of 115 to watch for?
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Anything can happen.
  • #79,389
  • Nov 6, 2010 4:09am Nov 6, 2010 4:09am
CHF/JPY formed a massive BUOB - not quite at a swing low and didn't close above the 61.8 - but still..... another level to watch for a possible breakout?
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Anything can happen.
  • #79,390
  • Nov 6, 2010 4:14am Nov 6, 2010 4:14am
CAD/JPY - not so big a bar, didn't break the PPZ (although did close above BRN 82) - heading into traffic...

Practicing my reasons not to take these bars
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Anything can happen.
  • #79,391
  • Nov 6, 2010 4:25am Nov 6, 2010 4:25am
And my favourite of the JPY weeklies - AUD/JPY

Not actually a valid PA bar to trade off but I like that it closed well above the 61.8 and BRN 82. Nice space and upward looking trend as well.

Buy limit orders placed for a retest of the 61.8 at 82.10.

T/P 1 - 82.90
T/P 2 - 84.00 ~ ish (78.6 fib level)
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Anything can happen.
  • #79,392
  • Nov 6, 2010 5:27am Nov 6, 2010 5:27am
[quote=ddinnov;4151739]I'm seeing lots of nice looking potential setups on JPY pairs this week. Anyone got any preferences?
quote]

thought I would throw in this pair in the mix -----Watching/Patience/PA
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  • #79,393
  • Nov 6, 2010 6:07am Nov 6, 2010 6:07am
I like 115 as a psycho RN as well
Anything can happen.
  • #79,394
  • Nov 6, 2010 7:08am Nov 6, 2010 7:08am
Quoting john225
Yes it helped me a lot thanks for the great help
I'll second that!

Thanks Pinbar
  • #79,395
  • Nov 6, 2010 9:25am Nov 6, 2010 9:25am
Quoting Pinbar
New people Study this till you go blind folks.

Sometimes the way price moves may look random, but actually it is not, those consolidation areas are there for a reason, we just have to work out why and where and learn to utilize consolidation, rather than hate it, which most new traders do. Consolidation is telling us a story which we have to think about, if we can work out the story we can then, have a very good idea of where price is likely to go. Look at james16, Mike, Jarroo, Ghous, SC & other seniors of J16. These guys sometimes stay in a...

Hey... Thanks Pb . ..

It really can be that simple . .

Where Support turns into Resistance once Price breaks through it and closes below or
Where Resistance turns into Support once Price breaks through it and closes above. . .then using PA . .either bullish (at Support) or bearish (at Resistance).


One thing that I should have shown that's important . . where Price closes as it relates to these levels. Which you showed on your #YMZ0 Daily chart. I have updated the XAG/USD example chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,396
  • Nov 6, 2010 9:39am Nov 6, 2010 9:39am
Quoting Donkey
Well it didn't quite make 132.00. It made it to 131.999 on my feed, and the last bar closed about 55 pips lower. Too bad this wasn't Wednesday, I would've like to have seen the reaction at this area earlier in the week. The last push down of the last 4H candle of the week could have definitely been Friday profit taking.

lol . . yeah it didn't quite make it. .. but that's a hit in my book. These confluenced levels are usually more of a zone or area of about 20 -30 pips especially on the Gbp/Jpy. But you can get pretty close when they're at a RN or BRN, obviously.

We expected a reaction at this level and got it, but we have some big bullish bars on the Daily and Weekly so Price will test the metal of this level, 132.00. A nice break through and close above it, should find some Support. Or, of course, some strong looking bearish PA to confirm Resistance and head back down.

Indicators show the past. Price Action "Indicates" the future.
  • #79,397
  • Nov 6, 2010 10:07am Nov 6, 2010 10:07am
Quoting Donkey
.....................

could have definitely been Friday profit taking.
We are partially right when we proclaim statements like this.

Lets bring the opposite situation which is more reliable (just my view), and the truth is most people lose money, and the reason markets go down is also because they take their losses.

Being said that we can reaffirm this statement as follow:

The markets go down not only on profit taking, but on a lot of loss taking as well.

all the best!!
  • #79,398
  • Nov 6, 2010 10:15am Nov 6, 2010 10:15am
[quote=Atc;4151775]
Quoting ddinnov
I'm seeing lots of nice looking potential setups on JPY pairs this week. Anyone got any preferences?
quote]

thought I would throw in this pair in the mix -----Watching/Patience/PA
On the E-J, price also has pulled back towards the high @ 11400-ish of the october PB. This PB has reached its FTA and price is now pulling back to its high which now could serve as support.
Pipcrawler
  • #79,399
  • Nov 6, 2010 10:17am Nov 6, 2010 10:17am
Forgot to post a chart again:
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Pipcrawler
  • #79,400
  • Nov 6, 2010 11:44am Nov 6, 2010 11:44am
Quoting jarroo
Hey... Thanks Pb . ..

It really can be that simple . .

Where Support turns into Resistance once Price breaks through it and closes below or
Where Resistance turns into Support once Price breaks through it and closes above. . .then using PA . .either bullish (at Support) or bearish (at Resistance).


One thing that I should have shown that's important . . where Price closes as it relates to these levels. Which you showed on your #YMZ0 Daily chart. I have updated the XAG/USD example chart.


Okidoki Jarroo, I updated the chart with the new one so the old post is good to go. Great stuff.

Jarroo, I have a question about something you mentioned the other day, maybe it was a PM. When you mentioned you like how J16 trades.

How did you mean? Possibly just eyeballing the PA and taking the trades without drawing PPZ as j16 seems to in the videos?

I am really looking forward to hearing this.

Thanks in advance.
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