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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

  • #79,561
  • Nov 8, 2010 9:39pm Nov 8, 2010 9:39pm
Quoting Be Cool
Hi Jaroo
I've been thinking about your chart since last week, when ghous and pinbar explain boxes. Now i know that price move from one boxes to the next. And when it breaks out of boxes and give PA that we want to trade. What was once the lower/upper boundary of boxes has flipped from sup/res to res/sup.

With this in mind, i assume you always look for retest once price breaks out of consolidation. Then you look for PA in the direction away from the box.
I also notice that price can retest right away after the break (A), or it can breaks and...

I gotten a few PMs about my Nzd/Chf Weekly chart, mainly about the area in yellow . . How do you trade that?? Or What do you look for? touch trades? PA trades?

Let me show you with a series of charts. But the quick answer is that you are right Be Cool . .that PB is at a swing low . .bad . but size looks good. . .etc..


Give me a minute. . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #79,562
  • Nov 8, 2010 9:43pm Nov 8, 2010 9:43pm
Quoting Be Cool
Can't find any good setup on daily today. EURNZD -just PPZ and IB
Doesn't look convincing enough
Patience may pay off on this one. Take a look at 1.7500, with hidden bullish divergence showing.

Of course, price could plow right through the BRN, but definitely worth watching.
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  • #79,563
  • Edited 10:01pm Nov 8, 2010 9:45pm | Edited 10:01pm
Quoting jarroo
That is why high quality setups can be played in many different ways and the Weekly BEOB on the Eur/Gbp is one of them in my book.

The strong Weekly PPZ level (.8650) that this BEOB was trading into keep me out of a hard break trade. But you can see, an entry just below this level would have worked just fine . . .straight out of James16's "This is Critical".

"A" setups like this, can be managed just as discussed throughout this Thread . . . stop loss above/below the setup. The trick is . . how are you going to manage it after it hits its...


Yes, I think this weekly BEOB needed to be better managed by me or perhaps, a better looking open on the daily bearish PB may have gotten me in after the retrace.

Just taking the BEOB at the break, as I did, was not a good entry I feel, It would have been more profitable and I could have been at BE much quicker, by waiting for daily, or perhaps even H4 PA at the retrace. I mean, the entry off of the weekly BEOB is still only 70 pips ahead after so long.


EDIT: I think I am also in a similar situation with this AUD/NZD weekly BEOB.

I am sure it will be an interesting experience to learn from.

One thing that strikes me is, I took this large BEOB at a swing high on the weekly TF, it just lingers and lingers threatening to re challenge the 1.29000 area.

The other day, Mike took a BUOB at a swing high and it went for like 200 pips,,,,I guess this is just experience.
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  • #79,564
  • Edited 10:15pm Nov 8, 2010 10:00pm | Edited 10:15pm
Quoting jarroo
I gotten a few PMs about my Nzd/Chf Weekly chart, mainly about the area in yellow . . How do you trade that?? Or What do you look for? touch trades? PA trades?

Let me show you with a series of charts. .
(Just a side note . .this is how I view things . .)

By starting on the Weekly, we find stronger PPZ levels. When we find these levels, we want to see how they are acting . .meaning are they acting as Support or Resistance currently.

Once we find that they are acting as Support (in case on the Nzd/Chf) we wait for Price to break through it and see if it acts as Resistance or look for bullish PA at this Support level.

I will drop down to the Daily time frame (or even the 8 hour, 4 hour, or even the Hourly) with this information I gained from the weekly.

Since Price broke through and closed below the .7600, I then look for the .7600 to act as Resistance and bearish PA to pull the trigger. Touch trades at this level are possible when there are other level confluences supporting it. But nothing beats good old PA for confirmation.

When the level confluences are there and confirming PA . .Oh boy! . . . time to pack some pips.

A touch was available with th 50% ret. but no clear bearish PA.


Let's continue forward with the other weekly bars . .
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Indicators show the past. Price Action "Indicates" the future.
  • #79,565
  • Nov 8, 2010 10:03pm Nov 8, 2010 10:03pm
Quoting Pinbar
Yes, I think this weekly BEOB needed to be better managed by me or perhaps, a better looking open on the daily bearish PB may have gotten me in after the retrace.

Just taking the BEOB at the break, as I did, was not a good entry I feel, It would have been more profitable and I could have been at BE much quicker, by waiting for daily, or perhaps even H4 PA at the retrace. I mean, the entry off of the weekly BEOB is still only 70 pips ahead after so long.


EDIT: I think I am also in a similar situation with this AUD/NZD weekly BEOB.

I am sure...

Yeah . .you'll learn alot from this one. I like your decision to end the trade at that target you noted.
Indicators show the past. Price Action "Indicates" the future.
  • #79,566
  • Nov 8, 2010 10:04pm Nov 8, 2010 10:04pm
Time to get hungry folks and eat Jarroo's charts up.


Oh, thanks Jarroo....You are really Cooking here!
  • #79,567
  • Nov 8, 2010 10:08pm Nov 8, 2010 10:08pm
Quoting jarroo
Yeah . .you'll learn alot from this one. I like your decision to end the trade at that target you noted.


Thanks Jarroo.
I cut it as I didn't like the confluence and I did not want to start a bad habit and have to rely on Hope!

You guys have taught me, Hope is not a factor figured into the market, along with the new car, washing machine or vacation, one may want.
  • #79,568
  • Nov 8, 2010 10:26pm Nov 8, 2010 10:26pm
I am calmly looking at this logically.
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  • #79,569
  • Nov 8, 2010 10:34pm Nov 8, 2010 10:34pm
Quoting jarroo
Let's continue forward with the other weekly bars . .
This weekly bar breaks through and closes above the strong PPZ level, .7600. I now look for the .7600 to act as Support. I then drop down to the Daily, 8 hour, 4 Hour, etc., to look for some quality bullish PA to pull the trigger.

There is a bullish Daily PB just below . . not at . .the .7600. We still look for our PA to have all the necessary attributes : Good Size, Space, Swing High/Low, traffic, etc .

Trading that PB into the .7600 is not a good decision. James16's "This is Critical" comes into play if I choose to trade it.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,570
  • Nov 8, 2010 10:47pm Nov 8, 2010 10:47pm
Quoting jarroo
(Just a side note . .this is how I view things . .)

By starting on the Weekly, we find stronger PPZ levels. When we find these levels, we want to see how they are acting . .meaning are they acting as Support or Resistance currently.

Once we find that they are acting as Support (in case on the Nzd/Chf) we wait for Price to break through it and see if it acts as Resistance or look for bullish PA at this Support level.

I will drop down to the Daily time frame (or even the 8 hour, 4 hour, or even the Hourly) with this information I gained...
I just want to say that I really enjoyed this post, jarroo.

Thank you!
fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur
  • #79,571
  • Nov 8, 2010 10:51pm Nov 8, 2010 10:51pm
Not sure if you are finished yet or, are going to explain the high of the yellow box? I can not work out why the high of the box is not perhaps a little higher at that row of bar opens and closes.
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  • #79,572
  • Nov 8, 2010 10:57pm Nov 8, 2010 10:57pm
This weekly bar closes at the .7612, I view this as closing at the .7600. No strong close above or below the .7600, technically it closed above the .7600 so the .7600 could act as Support, but it could act as either Support or Resistance . .Price is indifferent to the .7600.

Nothing clearly going on here. I may look for some IBs that straddle the .7600 on the Daily and play a break out or I'll just move on to other pairs.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,573
  • Nov 8, 2010 11:00pm Nov 8, 2010 11:00pm
Quoting Pinbar
Not sure if you are finished yet or, are going to explain the high of the yellow box? I can not work out why the high of the box is not perhaps a little higher at that row of bar opens and closes.

Sorry PB . .that yellow box was not to indicate consolidation as you draw them. It was drawn to show the Weekly bars for my examples.
Indicators show the past. Price Action "Indicates" the future.
  • #79,574
  • Nov 8, 2010 11:02pm Nov 8, 2010 11:02pm
Quoting fxtsun
I just want to say that I really enjoyed this post, jarroo.

Thanks fxsun . .let me know if you have any questions.
Indicators show the past. Price Action "Indicates" the future.
  • #79,575
  • Nov 8, 2010 11:14pm Nov 8, 2010 11:14pm
Quoting jarroo
Sorry PB . .that yellow box was not to indicate consolidation as you draw them. It was drawn to show the Weekly bars for my examples.

Ok, I get you...Thanks Jarroo....That really, really, gets me thinking about how easy it should be.

Find, the pivot balance area, and the support and resistance either side of it, and just wait for price to violate it either way, pullback and show us where it really wants to go via the language of PA.

Great stuff Jarroo. You deserve a medal for all your hard work.
  • #79,576
  • Nov 8, 2010 11:21pm Nov 8, 2010 11:21pm
Quoting Pinbar
Ok, I get you...Thanks Jarroo....That really, really, gets me thinking about how easy it should be.

Find, the pivot balance area, and the support and resistance either side of it, and just wait for price to violate it either way, pullback and show us where it really wants to go via the language of PA.

Great stuff Jarroo. You deserve a medal for all your hard work.

You got it, Pb. It really can be this easy.

Now you see if Price is telling more of a story at these levels . . . like a wedge breakout pullback with PA, or multi-confluences forming at these levels, etc.


No metal for me . . I love this stuff .. .
Indicators show the past. Price Action "Indicates" the future.
  • #79,577
  • Nov 8, 2010 11:27pm Nov 8, 2010 11:27pm
Quoting ghous
This is exactly how I use the consolidation boxes.

One thing I'd like to clarify before I begin is that I don't use boxes extensively, but they will catch my attention immediately when they are obvious.

How I understand them is just what the name suggests "Consolidation" box. That is they represent a period where price instead of riding a dominant bias in the market looks to hold up a bit and strengthen before it either reverses or continues on with the same trend. I look at these as "price breathers". The analogy of the spring is rather...
Great post g. . .
Indicators show the past. Price Action "Indicates" the future.
  • #79,578
  • Nov 9, 2010 12:39am Nov 9, 2010 12:39am
Last line of defense is about to get challenged on AUD/NZD.

Let's see how it reacts to the 150 EMA with 50 fibo confluence and the TL.

Actually, maybe the 1.3000 is the very last line of defense.
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  • #79,579
  • Nov 9, 2010 1:09am Nov 9, 2010 1:09am
Quoting Pinbar
Last line of defense is about to get challenged on AUD/NZD.
Let's see how it reacts to the 150 EMA with 50 fibo confluence and the TL.
Actually, maybe the 1.3000 is the very last line of defense.
unprecedented.

anyone got a chart going past prior 2005 for this pair? which broker?

imho, this pair is bullish on Daily & up.
i see 1.3000 getting blown sooner or later. then the 1.32 - 1.33 highs, then the sky (if 1.3200 area is indeed the overall high; & unless a 2008-like deleveraging recurs)
back to range below 1.2700

i'll be watching. unprecedented. interesting.


hey Sir joel, how about a first insightful post after your birthday?
i quick-read a news article, seems like RBA is trying to tame AUD rise.
  • #79,580
  • Nov 9, 2010 1:26am Nov 9, 2010 1:26am
Quoting Pinbar
Hey U.


I closed the EG trade yesterday for a small profit.
The reason I closed it was that price was lingering around and the RN+365 EMA+ fibo confluence, does not appeal.
hey PB on that EG trade where did you draw PPZ?coz on my chart the BEOB didn't close below PPZ.
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