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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

  • #80,301
  • Nov 18, 2010 12:42am Nov 18, 2010 12:42am
Quoting geniusztc
if price drop below 3570,eu may go short again . i am not sure ,

What is the Daily and Weekly showing us?
Indicators show the past. Price Action "Indicates" the future.
  • #80,302
  • Nov 18, 2010 12:52am Nov 18, 2010 12:52am
Quoting HanSolo
Very interesting. Thanks for pointing that out, Jarroo.

Here is another expample: DBHLC on daily GJ. Retrace on 4h with a PB. The PB looks weak + there's a recently broken TL and a PPZ@RN below. So I will watch it from the sideline.
Hey Hans. Have you checked out the Chf/Jpy Weekly BUOB?

Interesting where Price retraced to . . . . .maybe a break out pull back off the 85.00 . .we shall see.

Nice chart . .btw . .
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Indicators show the past. Price Action "Indicates" the future.
  • #80,303
  • Nov 18, 2010 1:12am Nov 18, 2010 1:12am
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A chart helps those who can read it.
  • #80,304
  • Nov 18, 2010 1:15am Nov 18, 2010 1:15am
Quoting geniusztc
Looks a bit different now eh?
  • #80,305
  • Nov 18, 2010 1:17am Nov 18, 2010 1:17am
Quoting Pinbar
Jarroo, got me thinking about USD/JPY yesterday, after it just broke right through the heavy confluence area.


We can see that volume is decreasing and we have macd div.
I don't normally pay attention to volume as their is no central order body for forex.


in 12 hours the US Unemployment claims are due to be released, it looks like the new is bad. How bad, I am not sure, and I really don't pay that much attention to news apart from avoiding taking trades just before or after the release. I am wondering if we are seeing USD/JPY getting the...

I wouldn't put much wieght into that volume indicator. Have you read what Joel says about it? . .good stuff.

Quoting joelcf
Volume can be useful, but to be honest, it would just give people something else to misinterpret (just like they do in the equity and futures markets). The way the forex market is structured today, the information wouldnt be worth much at all.

You will never get true volume in spot forex, for a couple of reasons. Primarily, because it is a decentralised market and so reliable data doesnt exist. All your broker will give you, if anything, is their volume. And that isnt too helpful. Or they construct a lame tick vol, which isnt the...
Quoting joelcf
(also, you may as well lose that volume indicator)
Indicators show the past. Price Action "Indicates" the future.
  • #80,306
  • Nov 18, 2010 1:21am Nov 18, 2010 1:21am
Quoting spookie94
vicissitude??? great now I have to keep a dictionary by my side The word of the day is....
lol . .I was listening to a talking head about the natural ebb and flow of the market and he used that word . .I thought it sounded cool . . I was looking for a chance to use it . . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #80,307
  • Nov 18, 2010 1:21am Nov 18, 2010 1:21am
Quoting jarroo
I wouldn't put much wieght into that volume indicator. Have you read what Joel says about it? . .good stuff.

Yes, Jarroo, I also feel that volume indication is useless in most situations and I do not put too much interest in it.

However, it can be used as a sort of divergence indication in some situations, I feel.

Pa is the thing to watch, and that is what I am doing.


Yeah, I read Joel's opinion on volume.
  • #80,308
  • Nov 18, 2010 1:23am Nov 18, 2010 1:23am
Quoting jarroo
Hey Hans. Have you checked out the Chf/Jpy Weekly BUOB?

Interesting where Price retraced to . . . . .maybe a break out pull back off the 85.00 . .we shall see.

Nice chart . .btw . .
Very nice. Would this retracement on CHFJPY be sufficient for you to enter the trade or would you like to see even better PA than at, say, a 61.8 retracement? My guess is that the BRN, EMAs and the daily TL add to the fact that it's not retracing more.

I've read this retracement thing over and over again but did not really get aware of it on the charts. With some pracitce it becomes real obvious:
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,309
  • Nov 18, 2010 1:31am Nov 18, 2010 1:31am
Quoting HanSolo
Very nice. Would this retracement on CHFJPY be sufficient for you to enter the trade or would you like to see even better PA than at, say, a 61.8 retracement? My guess is that the BRN, EMAs and the daily TL add to the fact that it's not retracing more.

I've read this retracement thing over and over again but did not really get aware of it on the charts. With some pracitce it becomes real obvious:

Not sure I understand your question on the Chf/Jpy? Do have a chart to better illustrate?
Indicators show the past. Price Action "Indicates" the future.
  • #80,310
  • Nov 18, 2010 1:57am Nov 18, 2010 1:57am
USD/JPY is interesting the way it is boxing up just above the 365 on H4.

Also, there is considerable macd Div on H4.
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  • #80,311
  • Nov 18, 2010 1:58am Nov 18, 2010 1:58am
Quoting jarroo
Not sure I understand your question on the Chf/Jpy? Do have a chart to better illustrate?
I remember reading that BEOBs/BUOBs often retrace to their 50.0 or 61.8 fib and then break. The one on CHFJPY has just been lingering in the upper third of the BUOB. Does the depth of a retrace matter or is S/R (i.e. preceding highs/lows) much more important for where it retraces before lift off?

As I write this I get aware that there probably can't be an easy answer to this. It must again be the whole story that defines where price retraces to after forming a BEOB/BUOB: how well defined is the PPZ, does it coincide with one of the bars fibs, are there important levels/TLs nearby etc. etc.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,312
  • Nov 18, 2010 2:02am Nov 18, 2010 2:02am
Quoting HanSolo
I remember reading that BEOBs/BUOBs often retrace to their 50.0 or 61.8 fib and then break. The one on CHFJPY has just been lingering in the upper third of the BUOB. Does the depth of a retrace matter or is S/R (i.e. preceding highs/lows) much more important for where it retraces before lift off?

As I write this I get aware that there probably can't be an easy answer to this. It must again be the whole story that defines where price retraces to after forming a BEOB/BUOB: how well defined is the PPZ, does it coincide with one of the bars fibs, are...

Hansolo,

wasn't it more like a BEOB retracing to the high of the previous bar, not a fibo retracement. That is what I remember.

If I am correct, the fibo retracement of an entry bar was a way to tell if it was going to hold or not and that was for a PB.
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  • #80,313
  • Nov 18, 2010 2:14am Nov 18, 2010 2:14am
Quoting Pinbar
Hansolo,

wasn't it more like a BEOB retracing to the high of the previous bar, not a fibo retracement. That is what I remember.
Yes, that is what Jarroo pointed me to. I was totally ignoring this until now. It dawns on me: A retrace is a retrace. It tends to retrace to where things line up or where it broke out of. Be it a range, a trendline, a PPZ/Flip Zone or a fib. Preferably all of them together. BEOBs/BUOBs make no exception.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,314
  • Nov 18, 2010 2:16am Nov 18, 2010 2:16am
Quoting HanSolo
I remember reading that BEOBs/BUOBs often retrace to their 50.0 or 61.8 fib and then break. The one on CHFJPY has just been lingering in the upper third of the BUOB. Does the depth of a retrace matter or is S/R (i.e. preceding highs/lows) much more important for where it retraces before lift off?

As I write this I get aware that there probably can't be an easy answer to this. It must again be the whole story that defines where price retraces to after forming a BEOB/BUOB: how well defined is the PPZ, does it coincide with one of the bars fibs,...

You answered your own question pertty good there, Hans.

The confluences are always a plus but I am finding out that it is really coming down to the basic premise of Resistance tuning into Suport (and vice versa) . .when Price breaks through and closes above or below.

PA is the next best thing to have at these levels for confirmation, but I have put on some touch trades with good results. Note, my touch trades are usually base off the PA formation in one form or another.

PA . .as always . . Rules.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,315
  • Nov 18, 2010 2:27am Nov 18, 2010 2:27am
gbp has get some supports.if the price go above 1.6000 . isnt it a chance to go long to 1.62.?
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A chart helps those who can read it.
  • #80,316
  • Nov 18, 2010 2:30am Nov 18, 2010 2:30am
Quoting jarroo
You answered your own question pertty good there, Hans.

The confluences are always a plus but I am finding out that it is really coming down to the basic premise of Resistance tuning into Suport (and vice versa) . .when Price breaks through and closes above or below.

PA is the next best thing to have at these levels for confirmation, but I have put on some touch trades with good results. Note, my touch trades are usually base off the PA formation in one form or another.

PA . .as always . . Rules.


Jarroo, I have never seen PPZ explained as you explain them, even in the PF.

I imagine this is something that you worked out yourself, what a great discovery and how freely you share it with us.

You are a very good man indeed Jarroo.
  • #80,317
  • Nov 18, 2010 2:35am Nov 18, 2010 2:35am
Quoting Pinbar
Jarroo, I have never seen PPZ explained as you explain them, even in the PF.

I imagine this is something that you worked out yourself, what a great discovery and how freely you share it with us.

You are a very good man indeed Jarroo.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,318
  • Nov 18, 2010 2:38am Nov 18, 2010 2:38am
Quoting xmzhang
Well, looks like the Guppy isn't going anywere at the moment, Guppy wasn't able to get to the low of the daily BEOB. I've taken somewhat more profit off the table, total profit uptill now 96 pips. Let the remaining position open for the asian session, maybe we see a break there, but first I'am going to get some

May the force be with you.
My remaining position got stopped out at BE, for now price hasn't been able to validate that daily BEOB. Seems to me that daily uptrend is still strong, but no worries scored already some pips from my [pullback/preemptive break] trade
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Pipcrawler
  • #80,319
  • Nov 18, 2010 2:40am Nov 18, 2010 2:40am
Quoting HanSolo

Yeah Hansolo and I think it is a severe understatement.

Funny, I think I was just about at the point where I was thinking of giving up, when Jarroo first asked me a question about PPZ and PA on the higher TF.

I was spinning my wheels with PPZ and I thought, how can these people possibly draw these PPZ like this, are they all from Harvard or Oxford uni?

It seemed impossible for any human to be able to do this.
  • #80,320
  • Nov 18, 2010 2:42am Nov 18, 2010 2:42am
EURCHF: Channel breakout above PPZ and BRN?
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Thanks J16, Sam Seiden, Udine and Jacko
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