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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

  • #87,001
  • Jan 25, 2011 7:57pm Jan 25, 2011 7:57pm
Quoting Ifmyante
And later on price spent 8 weeks trying to close over 105.5

So
The PPZs have been proven in the past
perhaps and probably, because of this the PPZ's have recently been proven again, but Price Breaks Through & Closes Above/Below, and strong support becomes strong resistance and vice versa.

Now that is really, really simple

I think that every trader who has never typed the words Price Breaks Through & Closes Above/Below should probably do so as soon as possible. You can read it all the time and sort of know it, but write it once and you'll sort...

That is a good point you make about a PPZ being proven in the past.

I think many new people miss this point when learning PPZ, I did. But, to actually qualify as being a PPZ, historically the area must have acted as both Support & Resistance. If the area has not fulfilled both roles, it is either a strong support or resistance area but, not a PPZ.
  • #87,002
  • Jan 25, 2011 8:00pm Jan 25, 2011 8:00pm
What you think of this setup, looking to go long anytime soon.

I know Mike just shorted this recently, but we have nice PPZ (support), rebound off fibs, a nice pin formation, rebound off 150EMA and a RN . What do you think?

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Regards

p.s. there seems to be some space, my only worry is the downward sloping TL (which Mike played off of recently)
  • #87,003
  • Edited 8:13pm Jan 25, 2011 8:01pm | Edited 8:13pm
Quoting Ifmyante
And later on price spent 8 weeks trying to close over 105.5

So
The PPZs have been proven in the past
perhaps and probably, because of this the PPZ's have recently been proven again, but Price Breaks Through & Closes Above/Below, and strong support becomes strong resistance and vice versa.

Now that is really, really simple

I think that every trader who has never typed the words Price Breaks Through & Closes Above/Below should probably do so as soon as possible. You can read it all the time and sort of know it, but write it once and you'll...

Simple is good.

Now back to your #1 BEOB.

We did not know where the Weekly was going to close at the time of your 1# BEOB. But the level did break on the Daily but not that strong.

The past Lows of the Weekly/Daily are also important to your BEOB on the 4 Hour . .so the story of your BEOB looked good . .did it look great? . .I seen better but not bad..

Let's continue on . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #87,004
  • Jan 25, 2011 8:04pm Jan 25, 2011 8:04pm
Quoting vasmiza
What you think of this setup, looking to go long anytime soon.

I know Mike just shorted this recently, but we have nice PPZ (support), rebound off fibs, a nice pin formation, rebound off 150EMA and a RN . What do you think?

Attachment

Regards

p.s. there seems to be some space, my only worry is the downward sloping TL (which Mike played off of recently)

Bit of a small bar to reverse this downtrend, is it not?
Also, is the close of the bar within the eye of the previous bar?
  • #87,005
  • Jan 25, 2011 8:10pm Jan 25, 2011 8:10pm
Quoting Pinbar
Bit of a small bar to reverse this downtrend, is it not?
Also, is the close of the bar within the eye of the previous bar?
You are right the PB is not the best, we have had a long downtrend and the close of the bar seems to have just missed out on the eye of the previous bar (I guess this close may change depending on your feed).

Need to be patient, picky and go for those A+ setups. Lets see how this turns out anyway.

Harry
  • #87,006
  • Jan 25, 2011 8:16pm Jan 25, 2011 8:16pm
Quoting vasmiza
You are right the PB is not the best, we have had a long downtrend and the close of the bar seems to have just missed out on the eye of the previous bar (I guess this close may change depending on your feed).

Need to be patient, picky and go for those A+ setups. Lets see how this turns out anyway.

Harry

I am glad you decided not to try and catch, the falling knife.
  • #87,007
  • Jan 25, 2011 8:21pm Jan 25, 2011 8:21pm
Quoting vasmiza
What you think of this setup, looking to go long anytime soon.

I know Mike just shorted this recently, but we have nice PPZ (support), rebound off fibs, a nice pin formation, rebound off 150EMA and a RN . What do you think?

Attachment

Regards

p.s. there seems to be some space, my only worry is the downward sloping TL (which Mike played off of recently)
Hey V

Yeah be careful here(not cause I am in this my stop is above the pin). But b/c this is a super small bar with a very weak close. These don't hold up much and the FTA can be deadly. Not saying we aren't gonna bounce but we have the BRN right above us as well. There is a lot to fight here

Best
Mike
  • #87,008
  • Jan 25, 2011 8:21pm Jan 25, 2011 8:21pm
Quoting jarroo
lol

I had I guy ask me if you were working on a book . I told them I didn't know.

But it I had a 1000 or so pre-orders for a 100 bucks . .I'm sure he would consider it . .
i hate books lol
  • #87,009
  • Jan 25, 2011 8:24pm Jan 25, 2011 8:24pm
Quoting mbqb11
i hate books lol

We'll get Joel to co-author it to make it readable . .I mean fun-able . .. . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #87,010
  • Jan 25, 2011 8:52pm Jan 25, 2011 8:52pm
Quoting jarroo
Simple is good.


Let's continue on . . .

So now the Weekly close is confirmed . . . it closes below our Weekly Support level, 108.3 . . .we now look for this level to act as Resistance (in white). We just have to wait for Price to get there, to reach that level. . . .as Ghous would say . . "not near there, at there."

Your trades #2, #3, #4 and #5 have some pluses and minuses in terms of Quality, Size , Space, etc . .(I would say more minuses if your picky) . . but they are not at the Weekly 108.3 where we now veiw as a strong Weekly Resistance level.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,011
  • Jan 25, 2011 9:04pm Jan 25, 2011 9:04pm
Quoting jarroo
So now the Weekly close is confirmed . . . it closes below our Weekly Support level, 108.3 . . .we now look for this level to act as Resistance (in white). We just have to wait for Price to get there, to reach that level. . . .as Ghous would say . . "not near there, at there."

Your trades #2, #3, #4 and #5 have some pluses and minuses in terms of Quality, Size , Space, etc . .(I would say more minuses if your picky) . . but they are not at the Weekly 108.3 where we now veiw as a strong Weekly Resistance level.

That's a Great post Jarroo.
Clear & crisply it shows what the J16 methodology is all about, in simple terms.
I also understand how much hard work, time and effort it took for you to arrive at this conclusion, which you offer to everyone freely.
For sure, it will help almost everyone on the board.
  • #87,012
  • Edited 9:33pm Jan 25, 2011 9:10pm | Edited 9:33pm
Quoting Pinbar
That's a Great post Jarroo.
Clear & crisply it shows what the J16 methodology is all about.

I think it will help almost everyone on the board.

Thanks Steve . .its what I'm trying to show . .but of course . . there are many ways to view this "Blue Area" . .there could be other patterns that develop like wedge, or penants, etc., that are present here.

Like its been said before . .there are many stories about how to skin a cat . .
Indicators show the past. Price Action "Indicates" the future.
  • #87,013
  • Jan 25, 2011 9:33pm Jan 25, 2011 9:33pm
Quoting jarroo
So now the Weekly close is confirmed . . . it closes below our Weekly Support level, 108.3 . . .we now look for this level to act as Resistance (in white). We just have to wait for Price to get there, to reach that level. . . .as Ghous would say . . "not near there, at there."

Your trades #2, #3, #4 and #5 have some pluses and minuses in terms of Quality, Size , Space, etc . .(I would say more minuses if your picky) . . but they are not at the Weekly 108.3 where we now veiw as a strong Weekly Resistance level.

Price reaches our Weekly "Resistance" level . .I put Resistance in quotes because now we want confirmation or signs that its acting as Resistance.

A weekly close below would prove it and/or a Daily close would also give a good sign of Resistance. But the Weekly hasn't closed yet . .so we look at the Daily. We could look at the lower time frames for this confirmation but staying on the Weekly and Daily will give a stronger confirmation. . .meaning a close below.

On the 4 Hour , a good confirmation would be of course a close below but also strong Bearish PA. This would be good confirmation that this weekly "Resistance" level is acting as Resistance . .no quotes.

The poodle PB is not a good sign but the good size BEOB is a good sign.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,014
  • Jan 25, 2011 9:43pm Jan 25, 2011 9:43pm
Quoting jarroo
Thanks Steve . .its what I'm trying to show . .but of course . . there are many ways to view this "Blue Area" . .there could be other patterns that develop like wedge, or penants, etc., that are present here.

Like its been said before . .there are many stories about how to skin a cat . .

I hear you Jim.


I am looking at AUD/USD like this right now.
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  • #87,015
  • Jan 25, 2011 9:43pm Jan 25, 2011 9:43pm
Hows this one look to you guys?
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  • #87,016
  • Jan 25, 2011 9:51pm Jan 25, 2011 9:51pm
Quoting jarroo
Price reaches our Weekly "Resistance" level . .I put Resistance in quotes because now we want confirmation or signs that its acting as Resistance.

A weekly close below would prove it and/or a Daily close would also give a good sign of Resistance. But the Weekly hasn't closed yet . .so we look at the Daily. We could look at the lower time frames for this confirmation but staying on the Weekly and Daily will give a stronger confirmation. . .meaning a close below.

On the 4 Hour , a good confirmation would be of course a close below but also...

Jim, I have a question about a situation which often occurs.

For example, your BEOB that is a good sign.

Would you have taken that BEOB? I mean, by the close of that BEOB we are almost at the 150 EMA which would make that a tricky trade , would it not? Also, even though it was a good sized bar, price went sideways after it, and there are not really any outstanding bearish PA bars after it.
Basically I am asking at which point on this H4 chart would you even consider taking a setup and which one.
If you are just touch trading off the PPZ, this is of course a different matter.
  • #87,017
  • Jan 25, 2011 9:53pm Jan 25, 2011 9:53pm
Quoting jarroo
So now the Weekly close is confirmed . . . it closes below our Weekly Support level, 108.3 . . .we now look for this level to act as Resistance (in white). We just have to wait for Price to get there, to reach that level. . . .as Ghous would say . . "not near there, at there."
Hi Jarroo. Thought I would give your weekly exercise a shot on EURO. Recognizing that we are talking zones and they can be pretty wide, I chose the 1.3800 level as key area of interest. At this point it looks like we have a zone to watch for bearish PA, until we can get a weekly close above or at minimum strong daily close above.

Would be interested to see how anyone else views the pair.
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  • #87,018
  • Jan 25, 2011 10:23pm Jan 25, 2011 10:23pm
Quoting Pinbar
Jim, I have a question about a situation which often occurs.

For example, your BEOB that is a good sign.

Would you have taken that BEOB? I mean, by the close of that BEOB we are almost at the 150 EMA which would make that a tricky trade , would it not? Also, even though it was a good sized bar, price went sideways after it, and there are not really any outstanding bearish PA bars after it.
Basically I am asking at which point on this H4 chart would you even consider taking a setup and which one.
If you are just touch trading off the PPZ, this...

Yes, I would take it. The BEOB engulfs that bit of 4 Hour consolidation, some divergence on RSI but not MACD, below the 108.00 RN, respected the previous bar low and of course our Weekly 108.3.

But we don't stop there . .what's are targets? . .previous Highs and Lows. So James16's "This is Critical" would apply.


What I would like to see . notice that similar setup on the Daily in yellow (Daily chart). . .BEOB engulfing a bit of Daily consolidation, etc. Price drop hard and continues.

This is what I would have liked the 4 BEOB to do. Since it did not, I would be thinking that this 108.3 may be breaking the other way. but its still early. The strength of the 108.3 would not go away . it just would be as Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #87,019
  • Jan 25, 2011 10:29pm Jan 25, 2011 10:29pm
Quoting Donkey
Hi Jarroo. Thought I would give your weekly exercise a shot on EURO. Recognizing that we are talking zones and they can be pretty wide, I chose the 1.3800 level as key area of interest. At this point it looks like we have a zone to watch for bearish PA, until we can get a weekly close above or at minimum strong daily close above.

Would be interested to see how anyone else views the pair.

Abolutely D. The 1.3800 is definitely an area to watch. , . . nice chart showing this


I also like that Price is above this close (chart) . .so far at least ..
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Indicators show the past. Price Action "Indicates" the future.
  • #87,020
  • Jan 25, 2011 10:35pm Jan 25, 2011 10:35pm
Quoting jarroo
Yes, I would take it. The BEOB engulfs that bit of 4 Hour consolidation, some divergence on RSI but not MACD, below the 108.00 RN, respected the previous bar low and of course our Weekly 108.3.

But we don't stop there . .what's are targets? . .previous Highs and Lows. So James16's "This is Critical" would apply.


What I would like to see . notice that similar setup on the Daily in yellow (Daily chart). . .BEOB engulfing a bit of Daily consolidation, etc. Price drop hard and continues.

This is what I would have liked the 4 BEOB to do. Since...

Would you have closed the trade when price got to the TL, where I suspect there is fibo confluence, before that bullish PB closed?

I am just looking at the considerable draw down if we held on to it.
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