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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

  • #88,961
  • Feb 14, 2011 4:54am Feb 14, 2011 4:54am
Quoting jarroo
That area looks good based on the Weekly and Daily.

You think the monthly is a bit off?
  • #88,962
  • Feb 14, 2011 5:32am Feb 14, 2011 5:32am
Any thoughts? Potential bearish setup based on PPZ and PB and a few IB's after PB. Going straight into RN 0.97000

Could be a nice run down if we get a break

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  • #88,963
  • Feb 14, 2011 8:04am Feb 14, 2011 8:04am
Anyone see what just happened on Cad pairs??
  • #88,964
  • Feb 14, 2011 8:19am Feb 14, 2011 8:19am
Car sales related report on CAD...

I am staing away. If I were trading it, I would go long...
  • #88,965
  • Feb 14, 2011 8:26am Feb 14, 2011 8:26am
Quoting Krysztau
Car sales related report on CAD...

I am staing away. If I were trading it, I would go long...
I dont think this move had much in common with that. CADJPY might be good on the short side. Those spikes proved to be good reverse signs.
  • #88,966
  • Feb 14, 2011 9:11am Feb 14, 2011 9:11am
Multiple reasons for a buy, entry via a 30m-PB ..........
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Pipcrawler
  • #88,967
  • Feb 14, 2011 9:30am Feb 14, 2011 9:30am
Quoting jarroo
Looking good Dan . . .
Took off half @ 84.00, still got 1/2 open.
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Many choose unhappiness over uncertainty.
  • #88,968
  • Feb 14, 2011 9:42am Feb 14, 2011 9:42am
Quoting jarroo
I like it, john . .

Even better, if Price goes up higher and then back down to form a PB (with the close of the PB above the 1.55) then we can have that great Space that Mike talks about all the time. . . or even at the 1.5375
Hey Jarroo..i like the CA 1.55 on GBPCHF..is it recommended to take such trades when PBT n CA/CB comes into picture..?im bit confused abt it as sometimes it fail to act as support or resistance..
EURUSD for example..
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  • #88,969
  • Feb 14, 2011 10:19am Feb 14, 2011 10:19am
Quoting AvanishDemo
Hey Jarroo..i like the CA 1.55 on GBPCHF..is it recommended to take such trades when PBT n CA/CB comes into picture..?im bit confused abt it as sometimes it fail to act as support or resistance..
EURUSD for example..
Hey Avanish

S/R is not a perfect thing. It is simply areas of past interest that price reacted around. This can then become what James teaches as PPZ, or the flip of support and resistance around a ZONE.

Here on the euro price has greatly respected previous areas. By limiting it down to the highs and lows within and area and looking for a close above and below is simply to give a better idea of what price may act as next. It doesn't mean it has too. This is where bringing in confluence and location and bar analysis come in next. I think the exercises Jarroo shows with price closing above and below are great to understand how support turns into resistance, but don't forget the context of everything we are doing from a broader perspective. Price is simply reacting or not reacting around areas(zones) it previously has proven too. In this case price is doing just that. Support turning to resistance.

Watch for bar setups in these areas and you will greatly increases your odds. These s/r Flips and areas give us a better idea of where price is going and then using them to help enter and manage trades according to ones method.
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  • #88,970
  • Feb 14, 2011 10:21am Feb 14, 2011 10:21am
Hi this is my first post in forex factory!

Thanks a lot for all the knowledge you gave free in this thread, of course i cant read all of the 5000 pages but i spent some time in it.

I am a programmer so its difficult for me to trade manually but i beleave in this method because i backtested a little of it (good pinbars) and worked profiteable from 2001 to 2011 in one currency pair... so i am here to join you because this thread proved me to work.

I hope i can contribute with some charts so we can see if i can find good trading oportunities for us.

Thanks for reading!
  • #88,971
  • Feb 14, 2011 10:43am Feb 14, 2011 10:43am
Quoting Pinbar
You think the monthly is a bit off?
Your Monthly looked fine. Its just that Weekly and Daily looked better.
Indicators show the past. Price Action "Indicates" the future.
  • #88,972
  • Edited 11:13am Feb 14, 2011 10:50am | Edited 11:13am
Quoting Dan Gilbert
Took off half @ 84.00, still got 1/2 open.

Great trade Dan . .Now if we can get a Daily Close below this Support level and turn it into Resistance . .let's see how far down this puppy can go . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,973
  • Edited 11:37am Feb 14, 2011 11:09am | Edited 11:37am
Quoting mbqb11
Hey Avanish

S/R is not a perfect thing. It is simply areas of past interest that price reacted around. This can then become what James teaches as PPZ, or the flip of support and resistance around a ZONE.

Here on the euro price has greatly respected previous areas. By limiting it down to the highs and lows within and area and looking for a close above and below is simply to give a better idea of what price may act as next. It doesn't mean it has too. This is where bringing in confluence and location and bar analysis come in next. I think the...
This is a great point Mike.

Price breaking through and closing above and below at a given S/R level is a great story of how PPZ levels form and develop. But all the other characteristics of a high quality setup don't go flying out the window.

Numebr one : Bar confirmation; its a confirmation that our Price Flip actually flipped ..lol. Also Space, confluences, Swing High/low, etc . .can only add to a setup's success at these Price flips. . .
Indicators show the past. Price Action "Indicates" the future.
  • #88,974
  • Feb 14, 2011 11:09am Feb 14, 2011 11:09am
Quoting jarroo
Your Monthly looked fine. Its just that Weekly and Daily looked better.
Hey Jarroo, it stopped almost to the pip on the weekly close 1.3502 (close) and 1.3516 is the low. S and R rules!!
  • #88,975
  • Feb 14, 2011 11:16am Feb 14, 2011 11:16am
Quoting Chelski
Hey Jarroo, it stopped almost to the pip on the weekly close 1.3502 (close) and 1.3516 is the low. S and R rules!!

they sure do . . wait . .are you talking about the Eur/Chf??
Indicators show the past. Price Action "Indicates" the future.
  • #88,976
  • Feb 14, 2011 11:20am Feb 14, 2011 11:20am
Quoting jarroo
they sure do . . wait . .are you talking about the Eur/Chf??
Yes Jarroo, been in the bushes on this one with my scope. I touch traded.
  • #88,977
  • Feb 14, 2011 11:21am Feb 14, 2011 11:21am
Quoting trucheitor
Hi this is my first post in forex factory!
...
hello trucheitor,
wow, first post!
which pair did u backtest? using which chart platform (MT4, etc)?

welcome & looking forward to your posts!
  • #88,978
  • Feb 14, 2011 11:33am Feb 14, 2011 11:33am
Quoting AvanishDemo
Hey Jarroo..i like the CA 1.55 on GBPCHF..is it recommended to take such trades when PBT n CA/CB comes into picture..?im bit confused abt it as sometimes it fail to act as support or resistance..
EURUSD for example..

Here's a better look . .not sure what you were looking at on the Euro. was it the 1.3800?

You can see that there was a reaction once PBT&CA at the 1.3750 level. . .in did act as Support . .but just not a big move.

Notice what happen when it broke through and closed below the 1.3750. It didn't touch the level but it came close.

Just keep looking and finding them . .backtesting them . . practise the hell out of them. . .it does get easier . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,979
  • Feb 14, 2011 11:44am Feb 14, 2011 11:44am
Quoting jarroo
Great trade Dan . .Now if we can get a Daily Close below this Support level and turn it into Resistance . .let's see how far down this puppy can go . .
E/U and G/U are both in very vital areas right now, and based on the current action we are seeing, I like it. I'm not looking to take any more positions, but just keeping an eye on the USD pairs right now.
Many choose unhappiness over uncertainty.
  • #88,980
  • Feb 14, 2011 11:44am Feb 14, 2011 11:44am
Quoting vasmiza
Any thoughts? Potential bearish setup based on PPZ and PB and a few IB's after PB. Going straight into RN 0.97000

Could be a nice run down if we get a break
I like its potential of continuing down or continuing its consolidation.

Now if we can only get some BIG breaish PA.

Quoting jarroo
Will the consolidation continue on the Usd/Chf. I like its chance of continuing . .in this case down. If not, up we go.
Indicators show the past. Price Action "Indicates" the future.
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