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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

  • #88,921
  • Feb 13, 2011 9:08pm Feb 13, 2011 9:08pm
Quoting mbqb11
xag/usd is silver spot market

The swing points will give you an idea of what kind of room you have to run....
Appreciate it Mike.
I can understand when the Big Guy says "It is dirt simple" that he probably also arrived at the Dirt Simple stage after seriously over complicating it, as I have been doing to the point where I can not pull the trigger.

This is what I am working on, or trying to work on.

Anyway, I now see both Jarroo's point and indeed the point you made along with, my original point. I think
  • #88,922
  • Edited 9:29pm Feb 13, 2011 9:14pm | Edited 9:29pm
Quoting Pinbar
Thanks Mike, I thought I was losing my mind.

I see, it is silver on your chart and XAG/USD on mine.

Maybe I confused Jarroo with my chart.
It seemed like a decent setup but the FTA was close, not too close to trade but I understand it was close.
I think it would have been much better at a good SH, but I couldn't get my mind around what Jarroo was saying about it not being at a SH.

Sorry about that Steve . . since the Daily BEOB was not at swing high I sure was a bit confusing.

But I like, as you know, the simple story of . .Support . .PBT&CB . .turns into Resistance. . .that all that I was showing. the BEOB was confirming that the level turned into Resistance. (and a flag break out story going for it as well that Mike showed.)
Indicators show the past. Price Action "Indicates" the future.
  • #88,923
  • Feb 13, 2011 9:16pm Feb 13, 2011 9:16pm
Quoting jarroo
Hey pb . . .remember this chart . .Usd/Mxn.

I always check out this pair when I'm on the FXDD feed.

Yes, I remember that introduction when I lost my virginity. LoL

Some serious PA at these areas on the lower TF.
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  • #88,924
  • Feb 13, 2011 9:17pm Feb 13, 2011 9:17pm
Quoting Pinbar
Yes, I remember that introduction when I lost my virginity. LoL

Some serious PA at these areas on the lower TF.

That's my boy .. .lol . . .nice add-ons to the chart, Pb . . .
Indicators show the past. Price Action "Indicates" the future.
  • #88,925
  • Edited 9:40pm Feb 13, 2011 9:26pm | Edited 9:40pm
Hey PB how's the GU doing ??

Looks like your GU video was right about the 1.6 or that consolidation area turning fom Resistance to Support.
Indicators show the past. Price Action "Indicates" the future.
  • #88,926
  • Feb 13, 2011 9:48pm Feb 13, 2011 9:48pm
Quoting jarroo
Hey PB how's the GU doing ??

Looks like your GU video was right about the 1.6 or that consolidation area turning fom Resistance to Support.

What video was that? Done so many and looked at so many charts over the weekend, I have forgotten them all.

Will go back and check it, right now.
  • #88,927
  • Feb 13, 2011 9:49pm Feb 13, 2011 9:49pm
Quoting Pinbar
What video was that? Done so many and looked at so many charts over the weekend, I have forgotten them all.

Will go back and check it, right now.

This one . .

Quoting Pinbar
Short video on GU while trying to keep it simple.

Maybe Ghous, Jarroo or SC can see more easily, where I am going wrong with this.
http://www.youtube.com/watch?v=AxglSaKHqw0
Indicators show the past. Price Action "Indicates" the future.
  • #88,928
  • Feb 13, 2011 9:56pm Feb 13, 2011 9:56pm
Quoting jarroo
This one . .

Yes, I just went back and looked at it.

Thanks Jarroo.


I was thinking the 1.5900 area would have been a nice area for a pullback.
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  • #88,929
  • Feb 13, 2011 10:01pm Feb 13, 2011 10:01pm
Quoting johoma
I'm wondering if the 1.3250 could be an important level before the 1.3300.
Cheers,
John
Hey John . .taking a closer look at the history, the 1.3300ish area does look a bit better. Not taking a from your 1.3250 . .but the consolidation areas look more defined. The clearer the level the stronger they are . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,930
  • Feb 13, 2011 10:05pm Feb 13, 2011 10:05pm
Got to take these two guys to the vet for their inoculations so will be in and out today.

I love Maine Coons but, they are rather large when it comes to taking them to the vet. The Black chap is 10 kilos.
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  • #88,931
  • Feb 13, 2011 10:22pm Feb 13, 2011 10:22pm
Quoting Pinbar
Yes, I just went back and looked at it.

Thanks Jarroo.


I was thinking the 1.5900 area would have been a nice area for a pullback.
Its interesting where Price spiked down to . .previous bar High on the BUOB.

This was a good area to find Support in addition to the 1.6. . did I mention that love Outside bars no matter where they are formed . .I think I did once or twice .. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #88,932
  • Feb 13, 2011 10:38pm Feb 13, 2011 10:38pm
Do you guys know where can I trade all metals, grains, meats, softs etc as a US resident?
  • #88,933
  • Feb 13, 2011 11:38pm Feb 13, 2011 11:38pm
Quoting jarroo
Hey John . .taking a closer look at the history, the 1.3300ish area does look a bit better. Not taking a from your 1.3250 . .but the consolidation areas look more defined. The clearer the level the stronger they are . .
Thanks for looking. I agree with your daily chart. My charts show a few differences in the detail (eg: 4 Oct 2010 bar closes at 1.3278). Currently they have a 5pm EST close, but with the day light saving shifts, I think they closed an hour later (EST wise) back in Oct which, when I look at the hourly on 4 Oct, can account for this particular difference. I suppose it just goes to show that we need to be careful about trying to be too clever with defining these levels and simply observe what price is currently doing around them.
Cheers,
John
  • #88,934
  • Feb 13, 2011 11:44pm Feb 13, 2011 11:44pm
hi Mike/ghous/jaroo/senior members,

I have a question regarding support and resistance. please help me in this.how much in the chart do u go back for finding relevant SR. I ask this because sometimes the price reacts from the recent SR level or sometimes it reacts a level,wick or zone from long back. So one problem that I face is when the price goes up or down we do not know which SR wil work or which do not. I understand that if we know exactly which SR or wick will work its very easy to trade. But what I am asking is how u guys decide..."okie this is a relevant SR area or wick.. price might probably turn from here". and sometimes even though there is good PA in 4hr for the price to go up the price will be coming down from a tendline in 15 min may be after giving a small pin or it may not give any pin. So how do u guys handle this kind of situation...? thanks a lot for your lessons......really appreciatee

regards
  • #88,935
  • Feb 14, 2011 1:05am Feb 14, 2011 1:05am
Quoting gladiator123
hi...
I have a question regarding support and resistance
.. I ask this because sometimes the price reacts from the recent SR level or sometimes it reacts a level,wick or zone from long back. So one problem that I face is when the price goes up or down we do not know which SR wil work or which do not. I understand that if we know exactly which SR or wick will work its very easy to trade....
Hello gladiator123,
in trading, & life in general, we cannot talk of certainties, only probabilities.
we cannot be certain that a particular S/R or PPZ will work or not. sometimes that particular S/R will work, sometimes it wont(price will either blow past it easily or price will chop around it).
what we can do is be alert, prepare ourselves by determining potential S/R's & PPZs, so whatever happens, we will know how to act/react & not be surprised.
of course, thru experience, studying & constant practice helps us determine which S/Rs will hold or break, but only with a degree of certainty.

i believe excellent S/R & PPZ plotting is part of a big edge in trading.
if we say that not all pinbars or PA setups are tradeable.. it is the same with PPZS or S/R's -- not all PPZS or S/R's are important.

post some charts, & let others help & learn along with u.


edit:
about 'how far back to check for relevant S/R'..
check here & here. hope that helps
  • #88,936
  • Feb 14, 2011 1:21am Feb 14, 2011 1:21am
Ok I took my full profit just now, don't like how it stalled at that Res.
First profitable trade for a loooooooong time...
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  • #88,937
  • Feb 14, 2011 1:33am Feb 14, 2011 1:33am
Quoting Adilius07
Ok I took my full profit just now, don't like how it stalled at that Res.
that was relatively range-bound environment, nice one.
  • #88,938
  • Feb 14, 2011 1:53am Feb 14, 2011 1:53am
Quoting Adilius07
Ok I took my full profit just now, don't like how it stalled at that Res.
First profitable trade for a loooooooong time...
.If the price stalled at R is just normal,that doesn't mean that the price will drop down going against you,maybe it is making its consolidation in order to broke the R. 83.78 is also a strong S on Monthly and the limit of W's consolitation(blue box)witch was just broken.We could use the 2 box (yellow and blue)for managing our trades.But the most important thing is not what I've just said,but the fact that you are re-gaining the faith in yourself.
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Nothing personal,just business
  • #88,939
  • Feb 14, 2011 2:06am Feb 14, 2011 2:06am
Thanks SC, FX, yes the most important is the faith which I slowly bring back to me

First profitable trade since late september 2010... so I really needed it
  • #88,940
  • Feb 14, 2011 2:30am Feb 14, 2011 2:30am
Quoting gladiator123
hi Mike/ghous/jaroo/senior members,

I have a question regarding support and resistance. please help me in this.how much in the chart do u go back for finding relevant SR. I ask this because sometimes the price reacts from the recent SR level or sometimes it reacts a level,wick or zone from long back. So one problem that I face is when the price goes up or down we do not know which SR wil work or which do not. I understand that if we know exactly which SR or wick will work its very easy to trade. But what I am asking is how u guys decide..."okie...

I agree with sChoas. .we can only have high probability level. . . and I define that the best ones are the ones that show multiple Highs, Lows (PPZ levels) and even Closes lining up that are clear, tight, obvious, standing out, (I'm trying to think of other adjectives).

I do favor the most recent of this level building as oppose to the ones that are far out in history . .meaning way far out . . like years ago.

We can find these level at the tops and bottoms of consolidation areas and of course, BRNs and RNs.

Take the GU at the 1.5350 level. . . very strong Support level. When Price came back to this level it was going to act as strong Support again (which it did) or it was going to act as strong Resistance if Price broke through it and closed below.
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Indicators show the past. Price Action "Indicates" the future.
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