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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

  • #84,041
  • Dec 29, 2010 3:34pm Dec 29, 2010 3:34pm
Quoting jarroo
Very true . . a quotable quote.
Thanks Jarroo, everything I know comes from this thread and the PF, some amazing posters including yourself, was reading an amazing post from Joelcf earlier, here.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #84,042
  • Dec 29, 2010 3:37pm Dec 29, 2010 3:37pm
Quoting markmm
Thanks Jarroo, everything I know comes from this thread and the PF, some amazing posters including yourself, was reading an amazing post from Joelcf earlier, here.

Mark
Yeah that was a good from our buddy Joel . . .I haven't really seen a bad one from him.

I'm glad he's on our side . . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,043
  • Dec 29, 2010 3:38pm Dec 29, 2010 3:38pm
Quoting g_j_hook@yah
I want to try and put my view forward on this issue of A+,B+ etc grading of setups in the hope that it will put this thing in context for the more newbies here than me.

I (of course ) am willing to believe everything J16 and the other seniors say here when they advise me of something but is that enough?? Not for me, I need to KNOW that it is real and I have to do all the work involved to make it real for me.
All we need is a lot of work and time and this issue will clear itself up.

jon
A+ post Jon
  • #84,044
  • Dec 29, 2010 3:45pm Dec 29, 2010 3:45pm
Quoting Osman
Great post, Jon !!

Os.

Quote
Atc A+ post Jon

thanx guys, glad to help when i can

Quote
Thanks Jarroo, everything I know comes from this thread and the PF, some amazing posters including yourself, was reading an amazing post from Joelcf earlier, here.

Mark

yep... Joel is one of my personal favorite posters here. he does some great stuff. cool sense of humor too

jon
PATIENCE... DISCIPLINE
  • #84,045
  • Edited 9:47pm Dec 29, 2010 3:46pm | Edited 9:47pm
Quoting JoshDance
Hi Jaroo,

This second chart in your post--in the middle the red bearish bar highlighted in light blue looks like a great opportunity to have gone short, am I right? Price closed through support, retested new resistance, and took off south.

Then the next bar when up north through the resistance. This is a case where a good setup should have been taken probabilistically, but failed, correct? Thanks!

Yes, you are right.

Look what happened next, Price broke through and closed above this Resistance . .this was an indication that Price failed to hold as Resistance at this level. But notice what happened next . . Price began to hold as Support.

This transition or transformation of Support turning into Resistance (and vice versa) once Price breaks through and closes above or below is key to undestanding PPZ level behavior (to me). Its where a touch trade can be placed or . .more importantly . . where we want to see quality PA setups to form. The clearer the PPZ level (or Support / Resistance level) the better.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,046
  • Dec 29, 2010 3:53pm Dec 29, 2010 3:53pm
How's about a little PA? Any inclinations? WIPG real time?
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  • #84,047
  • Dec 29, 2010 4:02pm Dec 29, 2010 4:02pm
Quoting cprao
Yesterday when Ghous and others were discussing about this setup, I expected it to be behaving like the following chart.

At this point, I don't see any indications any bearish PA either in H4 or H1 TF's.

What would be your opinion on this one ?
Hey cprao.

I like to see clearer, more distinct levels . .the real obvious looking ones.

The 1.3263 level looks 'kind of" clear . . let's see how it turns out.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,048
  • Dec 29, 2010 4:13pm Dec 29, 2010 4:13pm
Quoting g_j_hook@yah
now this made me laugh!!
Quoting Adilius07
I don't even know what to say now...


That was freaking hilarious . . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,049
  • Dec 29, 2010 4:18pm Dec 29, 2010 4:18pm
Quoting jarroo
Hey cprao.

I like to see clearer, more distinct levels . .the real obvious looking ones.

The 1.3263 level looks 'kind of" clear . . let's see how it turns out.
Well. Thanks Jarroo. I will be watching this pair at this level.
  • #84,050
  • Dec 29, 2010 4:26pm Dec 29, 2010 4:26pm
Quoting cprao
Well. Thanks Jarroo. I will be watching this pair at this level.
Check out the 1.3677ish level some weeks ago. . now that's a nice clear level.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,051
  • Dec 29, 2010 4:39pm Dec 29, 2010 4:39pm
Quoting jarroo
Check out the 1.3677ish level some weeks ago. . now that's a nice clear level.
Yes Jarroo. That was pretty clear. Thanks for pointing that.
  • #84,052
  • Dec 29, 2010 4:41pm Dec 29, 2010 4:41pm
Quoting fxgroup
I like the story and the location of this PB.The only problem that it came in a period of the year I don't trade,but it will be interesting to learn by watching.

Quoting jarroo
I like the close above the 1.3000 and its confluence, of course . . I like its odds fxg . . . Size could be bigger.

Edit: Oh wait . . that was not a close above the 1.3000 . . .now I like its odds of going down . . .should be fun to watch . .
Many reasons why this small poodle PB went downward. One reasons was the size of course, . . . Any others reasons? Any one?
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Indicators show the past. Price Action "Indicates" the future.
  • #84,053
  • Dec 29, 2010 4:48pm Dec 29, 2010 4:48pm
It is techinically neither BUOB not DBLHC. But looks like has some story with this daily bar.

1. Swing Low
2. Engulfing 4 bars ( with the exception of the yesterday's bar)
3. Off from clear support (Pink Box)
4. Closed above the resistance (Red boxes)
5. FIB levels are NOT really lined up.
6. Closed at 1.5499 (one pip below 1.55, FXDD chart)

Any other thoughts ?
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  • #84,054
  • Dec 29, 2010 4:48pm Dec 29, 2010 4:48pm
Quoting jarroo
Many reasons why this small poodle PB went downward. One reasons was the size of course, . . . Any others reasons? Any one?
I think that the other reason is that the poodle PB didnīt closed above 1.3 ( PPZ) which holds still as resistance.
  • #84,055
  • Edited Dec 30, 2010 7:58am Dec 29, 2010 4:49pm | Edited Dec 30, 2010 7:58am
Quoting jarroo
Continued . . .
Update: Gbp/Usd
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Indicators show the past. Price Action "Indicates" the future.
  • #84,056
  • Dec 29, 2010 4:52pm Dec 29, 2010 4:52pm
Quoting cprao
It is techinically neither BUOB not DBLHC. But looks like has some story with this daily bar.

1. Swing Low
2. Engulfing 4 bars ( with the exception of the yesterday's bar)
3. Off from clear support (Pink Box)
4. Closed above the resistance (Red boxes)
5. FIB levels are NOT really lined up.
6. Closed at 1.5499 (one pip below 1.55, FXDD chart)

Any other thoughts ?

The 1.55 is a good BRN level to watch, cprao. Like to see a stronger close above the 1.55 to turn that Resistance level into Support . . .but for now the 1.55 is still a Resistance level of the PPZ.
Indicators show the past. Price Action "Indicates" the future.
  • #84,057
  • Dec 29, 2010 4:59pm Dec 29, 2010 4:59pm
Quoting jarroo
I like the close above the 1.3000 and its confluence, of course . . I like its odds fxg . . . Size could be bigger.

Edit: Oh wait . . that was not a close above the 1.3000 . . .now I like its odds of going down . . .should be fun to watch . .
Nice odds Jarroo !Your observation about the candle's CLOSE was the KEY.The weekly S now acted as R.I didn't realise how important was the candle that broke the sideways market and the pin was only a buyers attempt to push the price back to sideways limit .Today the price stoped in first monthly S. You are right,it is very fun to watch and learn !
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Nothing personal,just business
  • #84,058
  • Dec 29, 2010 5:00pm Dec 29, 2010 5:00pm
Quoting jarroo
Many reasons why this small poodle PB went downward. One reasons was the size of course, . . . Any others reasons? Any one?
Tried to answer on a couple of charts....wkly chart shows that last weeks close the 1.3000 was maintaining strong support.

This week we had daily closes (daily chart) below the previous support and we would expect the level to act as resistance.

Also a daily box of consolidation we would expect to provide resistance as well.

Poodle never broke so it wasn't "technically" a pin
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  • #84,059
  • Dec 29, 2010 5:02pm Dec 29, 2010 5:02pm
Quoting fxgroup
Nice odds Jarroo !Your observation about the candle's CLOSE was the KEY.The weekly S now acted as R.I didn't realise how important was the candle that broke the sideways market and the pin was only a buyers attempt to push the price back to sideways limit .Today the price stoped in first monthly S. You are right,it is very fun to watch and learn !

Excellent fxg . .very nice. Even if the small PB broke in had a big box to run into.
Indicators show the past. Price Action "Indicates" the future.
  • #84,060
  • Dec 29, 2010 5:06pm Dec 29, 2010 5:06pm
Quoting Donkey
Tried to answer on a couple of charts....wkly chart shows that last weeks close the 1.3000 was maintaining strong support.

This week we had daily closes (daily chart) below the previous support and we would expect the level to act as resistance.

Also a daily box of consolidation we would expect to provide resistance as well.

Poodle never broke so it wasn't "technically" a pin
Are you looking to my charts,over my shoulder? Just kidding !
Nothing personal,just business
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