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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

  • #86,561
  • Jan 20, 2011 9:10pm Jan 20, 2011 9:10pm
Quoting Dan Gilbert
high was 1.29965... that is the most important. 3.5 points away from BRN is near perfect.
todays low, 1.2812. Missed round number 1.28 by 12 points (where I was going to move stop to B/E.
missed the technical FTA by about ~41 pips.
...
interesting mini discussion arose from this.. & many good points made by those who commented.

personally, i think
-current trend is up. huge BUB on weekly; triple bottom on Daily. we could naturally expect this weekly BUB to have a retracement(price cant move in 1 direction too much too soon)
-price didnt breach nor even touch the 1.30 BRN.
-price is a bit choppy, immediately to the left of the daily PB.
-daily PB is relatively small. what i call as a 'possible pause PA'. essentialy, this PB created the retracement the weekly BUB 'needed'. i think it's a nice trade but needs babysitting (personally i check & babysit on lower TFs) given its circumstance (countertrend trade, choppy environment).
-if price doesnt reach an 'obvious' FTA, often this means to me that the market has something else in mind.
- most likely bound for 1.33 - 1.40. 1.30/1.31 - 1.33 would be my initial area to watch.

again, many thanks for sharing Sir.
i learned & confirmed a few thoughts.


Quoting unlv_tj
I actually have WHC, and I see the listing for Currencies, but all the symbols are weird, like...
hey Sir TJ,
for your reference
http://www.brocompany.com/trading-pl...fd-on-futures/ (on the first list, "CFD futures for currency", u will see $ index is 'DXH1 & DXM1'; DX denotes $ index, H denotes March expiration of contract, '1' denotes 2011; 'M' denotes June2011 expiration.... please correct e if i wrong)
  • #86,562
  • Jan 20, 2011 9:13pm Jan 20, 2011 9:13pm
looked at this as a possibility for a trade but noticed 5 touches off the white line. Was hoping for the BRN above. Could make it but sitting out to catch up on sleep and shake off this nasty sinise (suck at spelling) infection
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  • #86,563
  • Jan 20, 2011 9:20pm Jan 20, 2011 9:20pm
Quoting g_j_hook@yah
This is one i do like. nice bar off a RN with divergence and with the trend
i just wish it came off the 130 level. A better level to trade from and it would have been a better retrace.

jon

PA with the trend . .

Off the 130.00 BRN would have been better but its still nice to see them work out.

The 131.55 4 Hour PPZ that it was trading into would be a concern. Nice retrace to that level when it broke through and closed above.


PA Rules . .
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Indicators show the past. Price Action "Indicates" the future.
  • #86,564
  • Jan 20, 2011 9:27pm Jan 20, 2011 9:27pm
Quoting jarroo
Price could also just retrace and continue to retest this new Support level . but notice the previous bar high on the BUOB . . let's see how it reacts . if any.

We are not surprised . .right guys? . .
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Indicators show the past. Price Action "Indicates" the future.
  • #86,565
  • Jan 20, 2011 9:33pm Jan 20, 2011 9:33pm
Quoting jarroo
We are not surprised . .right guys? . .
That was sweet J, love how price retested 1.3400 after breaking out.

-- Danny
  • #86,566
  • Jan 20, 2011 9:35pm Jan 20, 2011 9:35pm
Quoting jarroo
We are not surprised . .right guys? . .
Morning Jarroo

If it gets past the 50, the 61.8 looks really interesting.
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  • #86,567
  • Jan 20, 2011 9:43pm Jan 20, 2011 9:43pm
Quoting decentchap
Hi Jarroo,

I just wanted to ask you about your PPZ levels.

When you draw them ppz levels - do you only refer to closing prices? and when you work out your FTA - you generally look for previous bar(s) high/low (may be closing price to but high/lows more often?).

I also agree with your touch trade comment, and hope attain that level of expertise in years to come..

I do look at just the High and Lows for PPZ levels as James16 teach them . .that's a given.

But I will take note of their closes as well . .meaning when the Highs and Lows (PPZs) and Closes are together they shouldn't be ignored. I believe Bundyraider talked about this . . I don't know how long ago . . .and now I get it . . lol . .Thanks Bundy.

FTA .. at the previous bar Close as well . .Absolutely. .That sure would have come in handy on that Eur/Chf PB yesterday

With observations like that, decentchap, your expertise will come alot sooner than years . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #86,568
  • Jan 20, 2011 9:44pm Jan 20, 2011 9:44pm
Quoting bluetrader
That was sweet J, love how price retested 1.3400 after breaking out.

-- Danny
Simple Support and Resistance . . simple . . yet powerful.
Indicators show the past. Price Action "Indicates" the future.
  • #86,569
  • Jan 20, 2011 9:48pm Jan 20, 2011 9:48pm
Quoting Pinbar
Morning Jarroo

If it gets past the 50, the 61.8 looks really interesting.

Looks good Pb . .nice long term target potential.


So what did you think about PBT&CA, Res to Sup and the 1.3400 ish?

We talked about it for days before it happened. Any thoughts?
Indicators show the past. Price Action "Indicates" the future.
  • #86,570
  • Jan 20, 2011 10:08pm Jan 20, 2011 10:08pm
Quoting Crane80
Hi man,

This is golden. Thanks a lot.
Cannot wait to backtest this.

Regards,
C80

Just make note of how I emphasized Strong Resistance and/or Strong Support. . . meaning the levels that are Clean, Clear, Multi bar Highs, Lows and their Closes too, BRNs, RNs, ..

Here's a chart example. . .Eur/Nzd . .on crosses like this . . even more emphasis neeeds to be placed on the their multi-bar Highs/Low/Closes, clearness, etc. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #86,571
  • Jan 20, 2011 10:13pm Jan 20, 2011 10:13pm
Quoting Donkey
Tightened stop last night and put in take profit. TP was hit before today's reversal for a little over .5R return...2% risk on my tiny live account - a little over 1% Return on first trade of year.

That's excellent D.

I'm sure alot of people learned form this one . .even though it was a bit squrriely at times . .lol . .. darn crosses.

Let me repost your chart that had your targets before the fact . . .great stuff.
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Indicators show the past. Price Action "Indicates" the future.
  • #86,572
  • Jan 20, 2011 10:16pm Jan 20, 2011 10:16pm
Quoting ghous


Its great to see you pass on the trade setup. Just wanted to reinforce this Aser. We don't judge our trade setups based on what became of them. We judge them on the basis of what made them.

g.
There are million ways to skin the cat I noticed.

Immidiate trend is down .2 lower highs and a dip in the middle.

If you draw APF and fib from the previous important swing high and low

You NOTICE HOW THAT SLOPPY LOOKING PIN BOUNCE OFF THAT MEDIAN LINE.

AND LETS SEE A PA OFF ABOVE UPPER MEDIAN LINE MAYBE?

JUST AN OBSERVAYION GUYS.DIDNT WANA BE OFF THE TOPIC...

CHEERS VITO
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  • #86,573
  • Jan 20, 2011 10:26pm Jan 20, 2011 10:26pm
Quoting menomoo
There are million ways to skin the cat I noticed.
..
If you draw APF and fib from the previous important swing high and low
You NOTICE HOW THAT SLOPPY LOOKING PIN BOUNCE OFF THAT MEDIAN LINE.
...
Hello Vito,
nice overlay of Andrew's Pitchfork.
the low of that pinbar is off of a PPZ too (& 61.8 fib retracement, of Dec31 - Jan7 swing), as nicely shown by your 38.2 Fib horizontal line.
it's a false wedge breakout too (as shown by Ghous)
  • #86,574
  • Jan 20, 2011 10:34pm Jan 20, 2011 10:34pm
Quoting AvanishDemo
IPb and Inside Bar adds me to confusion...

It looks like an IPb,also formed at Swing High..

Pls clear my doubt!
Hey AvanishDemo . .I like that Demo in your name.

That's an Inside Bar . .it may look like an IPB or PB but in its strictest definition . . its just an IB.

Welcome to the Thread.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #86,575
  • Jan 20, 2011 10:35pm Jan 20, 2011 10:35pm
Quoting Pinbar
PB
-------------------------------------------------------------------
Looks a bit too tiny compared to the bullish bars for my liking.

I would watch out for the 1.27800 area.
-------------------------------------------------------------------


Hey Adi.....Something I can't get my head around here.

You previously mentioned you have strong rules and are being very picky.
Then yesterday we were talking about that tiny PB which to be honest, personally was not appealing at all. You seemed dead set on it for some reason, I can't figure out.
Yes, I thought I was picky with that one. Really so.
Now I think I need to "measure size" of any PB somehow more objectively...maybe something like: "PB's range cannot be smaller than the range of any previous bars.." Because by just looking at it I cannot say it is tiny, no, it is good bar, not small... but it is smaller than 4th bar to the left of it that's true...

Here it is, just to see visually again...

http://cdn.forexfactory.com/attachme...1&d=1295504506
  • #86,576
  • Jan 20, 2011 10:58pm Jan 20, 2011 10:58pm
Quoting fxgroup
This is mine on gbpusd.Let's see how it closes.

You saw my post . .didn't you fxgroup . .just kidding . .

No surprise where it closed above fxp . .



Quoting jarroo
Nothing but bullish bars . . .wouldn't you say that bearish PB looks bullish?? We want our bearish PBs to look . . .well . . bearish . . makes sense to me,

You got a great level there Pb . . just follow it through . .
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Indicators show the past. Price Action "Indicates" the future.
  • #86,577
  • Jan 20, 2011 11:16pm Jan 20, 2011 11:16pm
Quoting Be Cool
Hi Jarroo
After getting stopped out on a failed 4 Hour chart PB a few days ago, i took another PB -this time on the daily. Weekly PB hasn't break - reckon i take smaller risk with this daily PB.
PB rejected off two weekly PPZ, off 61.8% fib ret of the weekly PB and third TL touch. Entry below 1365.0 with stop above the high, took first profit at 1361.50, and closed second position at 1355 - the low of weekly PB and there was triple bottom with divergence on the 4 Hour. But price keeps on falling and now the weekly PB breaks as well. Should have...

First off, Be Cool . .we need to get rid of the many levels you have on your chart.

Start with the Weekly PPZ levels . . I want you to use only three lines on the Weekly. .so they better be good ones . .meaning they better have mutiple High and Lows touching them. . . we'll start there.
Indicators show the past. Price Action "Indicates" the future.
  • #86,578
  • Jan 21, 2011 1:28am Jan 21, 2011 1:28am
Quoting jarroo
PA with the trend . .

Off the 130.00 BRN would have been better but its still nice to see them work out.

The 131.55 4 Hour PPZ that it was trading into would be a concern. Nice retrace to that level when it broke through and closed above.


PA Rules . .
it does indeed!!

i noticed that 131.55 area also and tried to enter as it broke. (131.60)i didnt want to leave any later as i had my eye on 132.00 as my FTA and was trying to give myself some space to do something if it got there.worked out well and i now have a free ride and a little banked.

cheers

jon
PATIENCE... DISCIPLINE
  • #86,579
  • Jan 21, 2011 1:36am Jan 21, 2011 1:36am
Quoting jarroo
Looks good Pb . .nice long term target potential.


So what did you think about PBT&CA, Res to Sup and the 1.3400 ish?

We talked about it for days before it happened. Any thoughts?
Well, IMHO.

I think this whole band area between the 1.3400 & the 1.3600 is a fulcrum area on the higher TF. This seems to be the area that trends are either made or broken and it is our business to discover, using the tools you so diligently taught us, which way price intends to go. It also shows us how a PPZ can be so wide and we want to be on the alert for a breakthrough these areas and PA off the top or bottom.
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  • #86,580
  • Jan 21, 2011 1:42am Jan 21, 2011 1:42am
Quoting jarroo
First off, Be Cool . .we need to get rid of the many levels you have on your chart.

Start with the Weekly PPZ levels . . I want you to use only three lines on the Weekly. .so they better be good ones . .meaning they better have mutiple High and Lows touching them. . . we'll start there.
Or else, Jarroo is going to be!


LoL, nice to see someone else get the proclamation.

You will learn a lot from this BC...My knees used to knock when I got the Jarroo proclamation.

Now, I love it.
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