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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

  • #80,861
  • Nov 26, 2010 6:37am Nov 26, 2010 6:37am
Quoting jarroo
Crazy train.


It looks like you're getting it, Pb. PPZ levels are not that big as on your Daily chart . but I see your point. Just keep it simple.


Must be the bad economy or something, I got a seat on that train with no problem. I think the Japanese are not going out anywhere as much as they used to in the week.


How was your Thanksgiving Jarroo, did you do the turkey or some more exotic dish to celebrate?

I like doing an Indian type Chicken at XMAS, filled with rice saffron figs and stuff. I am not a traditional Xmas celebrator.


Yes, Jarroo, I am working on keeping it simple.
  • #80,862
  • Nov 26, 2010 6:45am Nov 26, 2010 6:45am
Quoting jarroo
Show me a chart on your concern and I'll show you.
Here you go Sir,
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  • #80,863
  • Nov 26, 2010 6:47am Nov 26, 2010 6:47am
Quoting Pinbar
Must be the bad economy or something, I got a seat on that train with no problem. I think the Japanese are not going out anywhere as much as they used to in the week.


How was your Thanksgiving Jarroo, did you do the turkey or some more exotic dish to celebrate?

I like doing an Indian type Chicken at XMAS, filled with rice saffron figs and stuff. I am not a traditional Xmas celebrator.


Yes, Jarroo, I am working on keeping it simple.

Hey Pb. I had a great Thanksgiving . .turkey, stuffing, yams, pumkin pie . . the works.


Tell me something, Pb. On Weekly and Daily chart of the Eur/Gbp, the .8450 is currently acting as Support . .when will we see the .8450 act as Resistance?
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Indicators show the past. Price Action "Indicates" the future.
  • #80,864
  • Nov 26, 2010 6:57am Nov 26, 2010 6:57am
I have been studying this thread and associated posts for some time now, ie : the first few hundred pages and the last 800 ish pages and at first I was at my charts continually looking for setups and learning learning learning. I thought I was amassing vast amounts of knowledge, but now I am studying the charts contained within the thread much much more and my own much less and I get the feeling as I go along that I know a lot less than I should and I feel a little stuck and wading through treacle. It is nothing specific that I can put my finger on just a feeling.
I am wondering if others have had that kind of experience.
Regards
Grahame
  • #80,865
  • Nov 26, 2010 7:03am Nov 26, 2010 7:03am
Quoting jarroo
Hey Pb. I had a great Thanksgiving . .turkey, stuffing, yams, pumkin pie . . the works.


Tell me something, Pb. On Weekly and Daily chart of the Eur/Gbp, the .8450 is currently acting as Support . .when will we see the .8450 act as Resistance?

Hhmm


Well, IMHO we need to see a retrace off of either the 0.8400 and then a pullback to the 0.8450 with bearish PA there, for a short.

For a Long, we will need to see a test of the 0.8500 with a rejection a pullback to the 0.8450 and bullish PA.

Of course the above depends on how this weekly candle closes.
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  • #80,866
  • Edited 7:44am Nov 26, 2010 7:06am | Edited 7:44am
Quoting 666Doom
Here you go Sir,

Ok Doom . . . let's back up a bit.

When looking for strong PPZ levels, we want to see these "Flip Areas" where Price turns from Support to Resistance or Resistance turns into Support once Price breaks through and closes below or above it . . . the clearer they are, the better.

For right now don't worry about BRNs or RNs, just these Filp Areas.


Here's my chart on a few clear ones.

In the yellow area, there is one or two clear Flip areas . .can you show me where they are? I hope you don't mind this exercise . .I believe it will help.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,867
  • Nov 26, 2010 7:09am Nov 26, 2010 7:09am
Quoting Pinbar

Of course the above depends on how this weekly candle closes.

Or the how the Daily will Close . .that will tell us if the .8450 will act as Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #80,868
  • Nov 26, 2010 7:11am Nov 26, 2010 7:11am
Quoting jarroo
Or the how the Daily will Close . .that will tell us if the .8450 will act as Resistance.

And if Price fails to Close below the .8450 . .meaning Price closes above the .8450 . .what will that mean??
Indicators show the past. Price Action "Indicates" the future.
  • #80,869
  • Nov 26, 2010 7:24am Nov 26, 2010 7:24am
Quoting jarroo
And if Price fails to Close below the .8450 . .meaning Price closes above the .8450 . .what will that mean??
It will mean it is strong support with confluence at the 61.8 & PPZ and the current daily bar with be either a PB or a BUOB that may take us back up to the 0.8600 area?
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  • #80,870
  • Nov 26, 2010 7:26am Nov 26, 2010 7:26am
Quoting jarroo
Or the how the Daily will Close . .that will tell us if the .8450 will act as Resistance.

Jarroo, as it is Friday, the weekly bar and the daily bar will be the same close, will they not?
  • #80,871
  • Nov 26, 2010 7:26am Nov 26, 2010 7:26am
Quoting Adilius07
Found this one during my backtest, I think It would be interesting for "Where price is going" contest... anyone?

EDIT: It is Monthly TF
Here's my take.

I think my FTA should be no problem for the price. It took out all three preceding highs on the chart and yet close below. 1st TP could make price stall for some time. 2nd TP would be my target.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,872
  • Edited 7:50am Nov 26, 2010 7:27am | Edited 7:50am
Quoting Pinbar
It will mean it is strong support with confluence at the 61.8 & PPZ and the current daily bar with be either a PB or a BUOB that may take us back up to the 0.8600 area?

YES .. .

It will mean the .8450 is still acting as Support with a good set of confluences. . .and bullish PA is what we look for . . . I don't know if it will take us back to the .8600 ..we will have to gauge our targets with the proper PA.
Indicators show the past. Price Action "Indicates" the future.
  • #80,873
  • Nov 26, 2010 7:30am Nov 26, 2010 7:30am
Quoting jarroo
Ok Doom . . . let's back up a bit.

When looking for strong PPZ levels, we want to see these "Flip Areas" where Price turns from Support to Resistance or Resistance turns into Support once Price breaks through and closes below or above it . . . the clearer they are, the better.

For right now don't worry about BRNs or RNs, just these Filp Areas.


Here's my chart on a few clear ones.

In the yellow area, there is one or two clear Flip areas . .can you show me where they are? I hope you don't mind this exercise . .I believe it will...

Agree with you sir,
Great Words,i understand Support turning into resistance or vice versa is a sign we are headed up.
But What is your entry basis.
Would you wait for PA there.
What if you dont get any but price is bouncing off that area several times.
Agreed the significance of close is important.

Correct me if i am wrong, you wanted me to see that whether support or resistance still holds,because clearly a break of an area and it holding signifies we are going up or down to next area from there.

Price breaks resistance turns into support.
Now price heads to next resistance.
In this context where is your entry criteria.

Would you just enter at break and hold and not worry if price again tests that area.
Or would you wait for a PA good enough in your eyes and enter irrespective of the fact that price may retest the same area again but will not break it and your stop loss is safely tuck behind a safer region.

In both ways looking for PA or not we are just seeing support or resistance holding right so getting a PA or not does not matter as long as price woks in my favor and flip area holds.

Please reply.
Taz
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  • #80,874
  • Edited 7:46am Nov 26, 2010 7:31am | Edited 7:46am
Quoting Pinbar
Jarroo, as it is Friday, the weekly bar and the daily bar will be the same close, will they not?

Today's (Friday's) Daily bar close will be the same as the Weekly bar's close . .yes, if that's what you mean. This happens every week.
Indicators show the past. Price Action "Indicates" the future.
  • #80,875
  • Nov 26, 2010 7:33am Nov 26, 2010 7:33am
Quoting HanSolo
Here's my take.

I think my FTA should be no problem for the price. It took out all three preceding highs on the chart and yet close below. 1st TP could make price stall for some time. 2nd TP would be my target.
Hello HanSolo. It was interesting for me because price behaved not as I was expecting, however Pinbar really pin pointed the correct answer. Here you go his reply is top chart

http://www.forexfactory.com/showpost...ostcount=80855
  • #80,876
  • Nov 26, 2010 7:37am Nov 26, 2010 7:37am
Quoting 666Doom
Agree with you sir,
Great Words,i understand Support turning into resistance or vice versa is a sign we are headed up.
But What is your entry basis.
Would you wait for PA there.
What if you dont get any but price is bouncing off that area several times.
Agreed the significance of close is important.

Correct me if i am wrong, you wanted me to see that whether support or resistance still holds,because clearly a break of an area and it holding signifies we are going up or down to next area from there.

Price breaks resistance turns into support.
Now...

You're running too fast ahead of me, Taz.

Please complete this exercise.

In the yellow area, there is one or two clear Flip areas . .can you show me where they are? I hope you don't mind this exercise . .I believe it will help
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Indicators show the past. Price Action "Indicates" the future.
  • #80,877
  • Nov 26, 2010 7:46am Nov 26, 2010 7:46am
Quoting Adilius07
Hello HanSolo. It was interesting for me because price behaved not as I was expecting, however Pinbar really pin pointed the correct answer. Here you go his reply is top chart

http://www.forexfactory.com/showpost...ostcount=80855
Not what I expected either. Great job, PB!
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,878
  • Nov 26, 2010 7:52am Nov 26, 2010 7:52am
Quoting jarroo
You're running too fast ahead of me, Taz.

Please complete this exercise.

In the yellow area, there is one or two clear Flip areas . .can you show me where they are? I hope you don't mind this exercise . .I believe it will help
No Problem sir,
My answer with pleasure.
Just exercised my PPZ skills.
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  • #80,879
  • Nov 26, 2010 8:00am Nov 26, 2010 8:00am
I think I found 3.
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  • #80,880
  • Nov 26, 2010 8:03am Nov 26, 2010 8:03am
Quoting HanSolo
Not what I expected either. Great job, PB!
I ignored the VBRN. Price did not close well below it. I hope this won't happen to me on a real account.
Thanks J16, Sam Seiden, Udine and Jacko
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