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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

  • #86,121
  • Jan 17, 2011 9:44pm Jan 17, 2011 9:44pm
Quoting ppfx
Like i said it may work. But imho is not a very good setup.

About space, what i meant is that the pb is in a very 'crowded' area (marked white). If there was more space the pb would stand out. Like the pb on retrace on NU(white box).

Attachment Attachment

Good old Resistance turning to Support once Price breaks through and closes above. Nice clear, mutli-bar Highs as Resistance on the Daily.

Nice ppfx . . ..
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Indicators show the past. Price Action "Indicates" the future.
  • #86,122
  • Jan 17, 2011 9:52pm Jan 17, 2011 9:52pm
Quoting sr2
Thanks for that Jim...appreciate it.

WOW is all I can say...just looking at that chart makes think forget about all other PA patterns apart from BEOB and BUOB and you have a "system" which would annihilate over 90% of the commercial systems out there!

Thanks for posting it and thanks to all the seniors (you know who you are).

I can see I am going to have to spend even more time looking at this

SR2

ps. I am the one who is not

I'll agree with you there, SR2 . . Outside Bars Rule! . .


Thanks again for your post.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #86,123
  • Jan 17, 2011 9:53pm Jan 17, 2011 9:53pm
Quoting mbqb11
Hey BC

I think it is fine to look at that as a DBLHC, but I would go with a BUOB since it does have a lower low. For me the more accurate the matching lows the more accurate to be called a DBLHC/DBHLC

Best
Mike
Thanks Bud
Mike, in your opinion does this 2 weeks PB pretty much done its job by reaching FTA (also price formed a PB in the opposite direction) OR is it still in play and now is retracing?
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  • #86,124
  • Jan 17, 2011 10:01pm Jan 17, 2011 10:01pm
Quoting ghous
I can't find more space for an age disclaimer in my sig. lol

No but seriously, you guys rate me higher than I probably deserve. I am not even close when it comes to every aspect of trading skills that Mike, Jarroo, the big guy and the other senior pros posses. I am blessed to have these guys at my head for long enough to learn something, and that is really the truth.

The purpose behind every post here is to fulfil the promise we've all made to the big guy in return for all he's done for us - to show the same torch of light to others that...

Happy Birthday Ghous!! . .wow, 21 . . As I said a few years ago and I'll say it again . .Your future looks very very very bright . .


Thank you for all the help on the thread . .especaily the IPBs . .

Don't forget us when your managing Multi Billion dollar funds , my friend. . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,125
  • Jan 17, 2011 10:03pm Jan 17, 2011 10:03pm
Quoting Be Cool
Thanks Bud
Mike, in your opinion does this 2 weeks PB pretty much done its job by reaching FTA (also price formed a PB in the opposite direction) OR is it still in play and now is retracing?
Hey BC

I think overall it's a pretty large bar so I would not be surprised to see some retracing before it picks back up. Now like you said it has gone to a very close FTA so we can't be surprised. It becomes what your faith is in the setup. It is an interesting setup coming off a very strong downtrend overall and recent downtrend so I would be looking to reduce my stop if one was going to hold onto it. The good this is we have the left eye lining up with the BRN. Of course a conservative trader may not like the weak break and look to pull the chord. I tend to take setups and let them work out a bit. I personally think price wants to test that 1.0 again

Best
Mike
  • #86,126
  • Jan 17, 2011 10:20pm Jan 17, 2011 10:20pm
Quoting Dan Gilbert
My C/J demo trade I posted a few pages back was stopped out. Not a real surprise. I'm glad overall i tried it out. Need to practice these mediocre setups

It was on the Weekly . .should be interesting to see where Price closes at the end of the week.
Indicators show the past. Price Action "Indicates" the future.
  • #86,127
  • Jan 17, 2011 10:27pm Jan 17, 2011 10:27pm
Quoting jarroo
I would like to see Daily close(s) above the 1.5310 for more bullish movement . maybe to the 1.5500.

Or Daily close(s) below the 1.5310 for some bearish movement to the 1.5150.
Looks like we are going up . .target 1.5500 . .not a trading call . .just something to watch since Price closed above the 1.5310 on the Daily.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,128
  • Jan 17, 2011 11:27pm Jan 17, 2011 11:27pm
Quoting jarroo
It was on the Weekly . .should be interesting to see where Price closes at the end of the week.
that's true.... I wouldn't allow myself to sit through such yuckiness for lack of better word lol. I'm not Mike
Many choose unhappiness over uncertainty.
  • #86,129
  • Jan 17, 2011 11:28pm Jan 17, 2011 11:28pm
PB-IB combo off weekly PPZ with 50%&61.8% Fib confluence. With the trend
Theres a BUOB on the weekly -i know but it may retrace before it breaks.
Sell stop 2.0490 SL 2.0685 Target 2.0400 Lets see if it breaks.
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  • #86,130
  • Jan 17, 2011 11:37pm Jan 17, 2011 11:37pm
Daily PB off monthly PPZ and BRN 1.58. With 50% fib ret (and perhaps 150 ema) acting as resistance. On the weekly 1.58 is still resistance.
Sell stop 1.5635 SL 1.5820 Target 1.5560. only one position due to the consolidation area under 1.5560. Lets see if it breaks.
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  • #86,131
  • Jan 18, 2011 12:27am Jan 18, 2011 12:27am
Quoting jarroo
You nailed that target Pb . .

Thanks Jarroo

Yeah, I distinctly remember seeing J16 showing us how to work out targets like this.

This would be a nice zone for some bullish PA.
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  • #86,132
  • Jan 18, 2011 12:37am Jan 18, 2011 12:37am
Quoting jarroo
It was on the Weekly . .should be interesting to see where Price closes at the end of the week.

I can see the logic behind that support area the PB came off with the BRN.

Jarroo, can you explain about the BEOB on the weekly, I remember seeking light talking about EMA's being charged or spent. Is this the same with PA.
I mean, you mentioned the BEOB had hit its target, does that mean it is now not actively having an effect on price or, is it possible that it is still actually having some effect?
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  • #86,133
  • Jan 18, 2011 1:22am Jan 18, 2011 1:22am
What more do You want

Very strong and tight support/TL confluence , first touch. No drawdown and already 40 pips. I had pending limit order on demo with 15 pip SL but wast too late to enter live :/.
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  • #86,134
  • Jan 18, 2011 1:29am Jan 18, 2011 1:29am
happy birthday my friend.

ghous does not get paid but he certainly deserves it.

if he would let me i would pay him something in a heart beat.

jim




Quoting ghous
I can't find more space for an age disclaimer in my sig. lol

No but seriously, you guys rate me higher than I probably deserve. I am not even close when it comes to every aspect of trading skills that Mike, Jarroo, the big guy and the other senior pros posses. I am blessed to have these guys at my head for long enough to learn something, and that is really the truth.

The purpose behind every post here is to fulfil the promise we've all made to the big guy in return for all he's done for us - to show the same torch of light to others that...
  • #86,135
  • Jan 18, 2011 1:44am Jan 18, 2011 1:44am
Quoting james16
happy birthday my friend.

ghous does not get paid but he certainly deserves it.

if he would let me i would pay him something in a heart beat.

jim

Hey big Guy . .good to see you . .I hope all is well . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,136
  • Jan 18, 2011 1:48am Jan 18, 2011 1:48am
Speaking about U/J , there were some good oportunities last year. I liked this one:
Price was trending lower making LL & LH. After seeing V-shape bottom there were clues about trend exhaustion. Price made HH and it started to retrace only to find support at left eye/shoulder area. After taking out the stops below the last low price made nice juicy BUOB.
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  • #86,137
  • Edited 2:57am Jan 18, 2011 2:00am | Edited 2:57am
Quoting Pinbar
I can see the logic behind that support area the PB came off with the BRN.

Jarroo, can you explain about the BEOB on the weekly, I remember seeking light talking about EMA's being charged or spent. Is this the same with PA.
I mean, you mentioned the BEOB had hit its target, does that mean it is now not actively having an effect on price or, is it possible that it is still actually having some effect?

I would consider this more of a consolidation breakout with the BEOB giving a good hint that it was about to break. The 150 ema I would look at as an added confluence with the consolidation.

I do like to look at PA setups that when they reach their target they have fullfilled their objective or life or purpose etc., . .and whatever they do after that .. who knows. But it still could be in play.

The top of that consolidation at the 85.00 is definitely acting as Support.
Indicators show the past. Price Action "Indicates" the future.
  • #86,138
  • Jan 18, 2011 2:02am Jan 18, 2011 2:02am
Selling new highs at the strong right shoulder area could be a good idea. Price spiked yesterday showing us that bulls are probably selling out. The momentum is getting weaker and there are stops over yesterday spike which are good place to fill for some bigger bears ...and we are still in the RES zone. Lets see...
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  • #86,139
  • Jan 18, 2011 2:06am Jan 18, 2011 2:06am
Quoting Dan Gilbert
that's true.... I wouldn't allow myself to sit through such yuckiness for lack of better word lol. I'm not Mike

I hear ya Dan . .doing a little scapling off that Weekly PB. . getting a little head start before the break . . I saw what you were doing, friend . .

I would still wait for the break or some lower time frame bullish PA . .but that's just me.
Indicators show the past. Price Action "Indicates" the future.
  • #86,140
  • Jan 18, 2011 2:17am Jan 18, 2011 2:17am
Quoting Greenhaze
Selling new highs at the strong right shoulder area could be a good idea. Price spiked yesterday showing us that bulls are probably selling out. The momentum is getting weaker and there are stops over yesterday spike which are good place to fill for some bigger bears ...and we are still in the RES zone. Lets see...

Should be good for a bounce . .
Indicators show the past. Price Action "Indicates" the future.
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