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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

  • #88,641
  • Feb 10, 2011 9:15am Feb 10, 2011 9:15am
Quoting supremeChaos
hello Fxpat,
if i understood u correctly...
i personally mark them like in that post (remember it was a rough, quick post), but i place a slightly more emphasis/importance on lines (PPZs, S/R's) that are at & near the current price.

for example, i would place more importance on lines i plotted relating to 2010/2011 prices, than on lines plotted spanning back to 2007.
another example... i would place more importance on lines i plotted relating to Jan/Feb 2011 prices, than on lines plotted on Dec2010 backwards.
the reason being...
I'm glad this question was asked. Ive wondered if time plays a factor on the importance of S/R levels. Ok, a good way to mark S/R levels is to zoom out on the weekly and mark the obvious highs and lows. Now when you do this how far back would you go?

The chart here is a daily, I'm only using it for an example. Would the area in the box hold much importance since it was over 2years ago and price has broke through it several times? What if that box area had a larger high? I realize all time highs/lows and even yearly points have great value but I'm not sure about the areas in between. Does an old 1 touch area hold any value? Also, after time do S/R levels move?

Thanks in advance.
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  • #88,642
  • Feb 10, 2011 9:20am Feb 10, 2011 9:20am
Quoting spookie94
I'm glad this question was asked....
Hey Spookie

I think it is in the context of that "area". Notice the flip that is right around. So yes that "area" will most likely come back into play based on historical reaction around this 7500 area.

Best
Mike
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  • #88,643
  • Feb 10, 2011 9:31am Feb 10, 2011 9:31am
Here is a chart that I took a bunch of trades from. It uses so many of the concepts from the thread.

The picture has a bunch on it... it didn't have all this on it while I traded, it's all just there to illustrate the points.
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Be bullish on you.
  • #88,644
  • Feb 10, 2011 9:41am Feb 10, 2011 9:41am
Quoting mbqb11
Hey Spookie

I think it is in the context of that "area". Notice the flip that is right around. So yes that "area" will most likely come back into play based on historical reaction around this 7500 area.

Best
Mike
This was proably not the best example to use here. I agree with you that area had many hits and flips so it should be an area to watch. But what if this was the only high around for 500 pips and the only one at this area in the past. Would it then hold as much importance? I just trying to find out if Time is a factor?
  • #88,645
  • Feb 10, 2011 9:44am Feb 10, 2011 9:44am
Quoting spookie94
This was proably not the best example to use here. I agree with you that area had many hits and flips so it should be an area to watch. But what if this was the only high around for 500 pips and the only one at this area in the past. Would it then hold as much importance? I just trying to find out if Time is a factor?
Hey Spookie

If you are asking if some random high in the market(or low) that the market never looked liked it cared about in the short term, is important years down the line. Then my answer is more or less no. We care, if the market cares. We care more the more the market cares.

Does that help
Mike
  • #88,646
  • Feb 10, 2011 9:50am Feb 10, 2011 9:50am
Quoting DBallerz
fib confluence + strong support and a nice pin.
too late now..
but was just gonna say that the confluences u've mentioned might not be enough.

relatively smaller pin compared to the prior 2 bars. plus it is just a few pips into a BRN (0.85).
& yesterday's trend has prevailed.

& i believe that pin didn't break/trigger too!
  • #88,647
  • Feb 10, 2011 9:56am Feb 10, 2011 9:56am
G/J 4hr Continuation BUOB

 

  1. Div
  2. Break of blue ppz
  3. BEOB engulfing 4 bars + strong close + close above previous swing high PB

Risk 0.5 as its a B grade setup for me.

FTA 134.00

Update: close half + moved sl to BE as 133.75 is possible ppz area.

Os.

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Trade Smart
  • #88,648
  • Feb 10, 2011 10:01am Feb 10, 2011 10:01am
What does any one think of this setup posibble pin on the 4 hr

aususd.jpg
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  • #88,649
  • Feb 10, 2011 10:08am Feb 10, 2011 10:08am
Quoting NICK theF1SH
What does any one think of this setup possible pin on the 4 hr
..
has that bar closed yet?
relatively small. but similar pins on M30 & H1 have already triggered.
watch out primarily for 1.0080-90 area.
just be mindful of the current trend which seem to be down.
  • #88,650
  • Feb 10, 2011 10:11am Feb 10, 2011 10:11am
Quoting NICK theF1SH
What does any one think of this setup posibble pin on the 4 hr

aususd.jpg
I like your area Nick, just posted this in the PF

But I would want to see parity hit(1.00 BRN) as well as more clear bar size vs that down move as SC said
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  • #88,651
  • Feb 10, 2011 10:15am Feb 10, 2011 10:15am
Quoting supremeChaos
has that bar closed yet?
relatively small. but similar pins on M30 & H1 have already triggered.
watch out primarily for 1.0080-90 area.
just be mindful of the current trend which seem to be down.
Hey thanks for reply, no bar hasn't closed yet still just watching at mo.
  • #88,652
  • Feb 10, 2011 10:20am Feb 10, 2011 10:20am
Quoting mbqb11
I like your area Nick, just posted this in the PF

But I would want to see parity hit(1.00 BRN) as well as more clear bar size vs that down move as SC said
hey thanks for reply, so are you saying you would not take it because it didn't retract to th BRN and Bar tail is to small? just to clarify. :-)
  • #88,653
  • Feb 10, 2011 10:20am Feb 10, 2011 10:20am
Quoting Osman
G/J 4hr Continuation BUOB

 

  1. Div
  2. Break of blue ppz
  3. BEOB engulfing 4 bars + strong close + close above previous swing high PB

Risk 0.5 as its a B grade setup for me.

FTA 134.00

Update: close half + moved sl to BE as 133.75 is possible ppz area.

Os.

TP hit for second half.
Trade Smart
  • #88,654
  • Feb 10, 2011 10:22am Feb 10, 2011 10:22am
Hello,

Eur/CHF in interesting area. May be worth a punt if we get some bearish action on smaller tf. FTA 1.3075
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Trading is a test match not a Twenty20.
  • #88,655
  • Feb 10, 2011 10:23am Feb 10, 2011 10:23am
Quoting NICK theF1SH
hey thanks for reply, so are you saying you would not take it because it didn't retract to th BRN and Bar tail is to small? just to clarify. :-)
Hey Nick

Yep I personally get picky with highs/lows(in this case) , and touching my RNs. Ideally we stall slightly here, come down make a new low of 1.00 BRN and form a big pin or BUOB. then I will be there

Best
Mike
  • #88,656
  • Feb 10, 2011 10:24am Feb 10, 2011 10:24am
Quoting Osman
TP hit for second half.
Nice Job Os, that thing took of like a rocket

Mike
  • #88,657
  • Feb 10, 2011 10:38am Feb 10, 2011 10:38am
did any1 see this H1 Pin...i liked the location 1.0015...H4 chart shows much clear view of it,Price has respected...M30 also gives confirmation..

it will be even great if H4 closes as BUOB..


Good Trading!
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  • #88,658
  • Feb 10, 2011 10:40am Feb 10, 2011 10:40am
Quoting mbqb11
Nice Job Os, that thing took of like a rocket

Mike
Yeah, it was a fast one... thought we would have a retest of the 133 area but it didn't look back
Trade Smart
  • #88,659
  • Feb 10, 2011 10:42am Feb 10, 2011 10:42am
Quoting Osman
TP hit for second half.
A great trade Os, that setup was on my radar all day
  • #88,660
  • Feb 10, 2011 11:14am Feb 10, 2011 11:14am
Quoting mbqb11
Hey Spookie

If you are asking if some random high in the market(or low) that the market never looked liked it cared about in the short term, is important years down the line. Then my answer is more or less no. We care, if the market cares. We care more the more the market cares.

Does that help
Mike
That pretty much answers my question, Thanks.
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