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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

  • #89,041
  • Feb 14, 2011 7:55pm Feb 14, 2011 7:55pm
Quoting Donkey
Watching CADJPY this week at BRN 85.00. Daily is showing divergence with a poodle pin bar. Would like to see a nice BEOB or Bearish PB after a test of 85.00.

If BRN is broken and retested, this would be a good spot for bullish PA....

You like riding those consolidation area don't you D. . .I don't blame you they can be very effective. I thought maybe you would ride that Cad/Chf again from its Monthly consolidation . .

Quoting jarroo
Let's look at it this way . . .

If your going to use the 4 Week time frame let's take a look at it.

Price is in consolidation on this time frame . .no surprise, that's what markets do, most of the time.

Looks like Donkey has a good signal that this consolidation will continue.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,042
  • Feb 14, 2011 7:58pm Feb 14, 2011 7:58pm
Quoting jarroo
I see. Yes, that was a very strong, robust break of the 1.3500 BRN on the 4 Hour. a nice Price flip . My concern is with the consolidation on the Daily that its running into. . .this may not be a problem if Price can close below the 1.3500 or 1.3400 on the Daily.

From how it looks now . .Price is revisiting previous Resistance and down we go is very possible.
I was looking for a lower timeframe entry once price broke 1.3500 and could only find the 4h BEOB. Entered on retest of broken support at 1.3490. The bold 1.3430 marks a PPZ off the weekly, reflecting the top of the daily consolidation Jarroo mentions. Certainly bounced off that. Is now deciding whether to play above or below 1.3500.
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  • #89,043
  • Feb 14, 2011 8:17pm Feb 14, 2011 8:17pm
Quoting johoma
I was looking for a lower timeframe entry once price broke 1.3500 and could only find the 4h BEOB. Entered on retest of broken support at 1.3490. The bold 1.3430 marks a PPZ off the weekly, reflecting the top of the daily consolidation Jarroo mentions. Certainly bounced off that. Is now deciding whether to play above or below 1.3500.

Yeah, I like the 1.3430-1.3450 level as a Support level. This level was a strong Resistance level for some time, more so than the 1.3500 . .and now Price broke through it and closed above.

So what we would like see is some strong bullish PA to compliment (or better said) confirm this newly formed Support level.

A play above the 1.35 may not be bad at all . . but just remmember that the 1.3450 may be retested again. This is where strong PA sure helps that decision making.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,044
  • Feb 14, 2011 8:30pm Feb 14, 2011 8:30pm
I passed on it as well.

1. I have 0.9800 as the PPZ. Just looked better when looking at the bigger picture -- zoomed out.

2. The high of the IB fell slightly short of 0.9750. I like my IBs tight up against round numbers. For example, if the high was at something like 0.9765, it would be much better. I like my IBs in locations where they are stuck and can only break in my direction.

Scott

Quoting ghous
Looks goods Avanish. I just couldn't pull my trigger on this, still wondering why but its got to be that gut again...

9650 looks good as the FTA.

g.
  • #89,045
  • Feb 14, 2011 8:35pm Feb 14, 2011 8:35pm
Quoting jarroo
Hey Pb are you watching the Eur/Chf?

Hey Pb what do you think about the Eur/Chf?
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Indicators show the past. Price Action "Indicates" the future.
  • #89,046
  • Feb 14, 2011 8:43pm Feb 14, 2011 8:43pm
Jarroo, this is an excellent time for me to ask.

On the EURUSD you pointed out the 1.3450 level as the best "round about" area for the PPZ.

I have noticed over time that often a PPZ will really be more about 50 pips shy of a BRN.

If you get a Bullish pin bar that looks GREAT, but closes at say 1.3475 will you trade that long back into the 1.35?
  • #89,047
  • Feb 14, 2011 8:48pm Feb 14, 2011 8:48pm
Quoting unlv_tj
Jarroo, this is an excellent time for me to ask.

On the EURUSD you pointed out the 1.3450 level as the best "round about" area for the PPZ.

I have noticed over time that often a PPZ will really be more about 50 pips shy of a BRN.

If you get a Bullish pin bar that looks GREAT, but closes at say 1.3475 will you trade that long back into the 1.35?

Like Mike, I really don't like trading into BRNs. They can be such a live wire at times . .meaning Price can touch them just a bit and react against you.

Depending on the setup, I may trade into them with James16's "This is Critical" in mind.
Indicators show the past. Price Action "Indicates" the future.
  • #89,048
  • Feb 14, 2011 9:12pm Feb 14, 2011 9:12pm
Quoting jarroo
Hey Pb what do you think about the Eur/Chf?
Hope you don't mind me jumping in here Jarroo, in Pb's absence. I like the clean structure of the support resistance, but am struggling to find reasons for entry other than the small 4h pin or a touch entry. Maybe 3 or so rejection candles on the 4h? Anything else?
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  • #89,049
  • Feb 14, 2011 9:21pm Feb 14, 2011 9:21pm
Quoting johoma
Hope you don't mind me jumping in here Jarroo, in Pb's absence. I like the clean structure of the support resistance, but am struggling to find reasons for entry other than the small 4h pin or a touch entry. Maybe 3 or so rejection candles on the 4h? Anything else?

Good eye John.

I mainly bring these types of live example to show how these Price Flips do work . .that a Resistance level will turn into Support level once PBT&CA.

Its one thing to back test and look for these in the past and see that they work out. . .which Pb and others do. Its another thing to see it happening when its happening.

They can provide a very effective and profitable touch trade when the level is strong . .but solid PA confirmation is always the best.
Indicators show the past. Price Action "Indicates" the future.
  • #89,050
  • Feb 14, 2011 9:29pm Feb 14, 2011 9:29pm
Quoting johoma
Hope you don't mind me jumping in here Jarroo, in Pb's absence. I like the clean structure of the support resistance, but am struggling to find reasons for entry other than the small 4h pin or a touch entry. Maybe 3 or so rejection candles on the 4h? Anything else?

I also wanted to point out the highest close of Resistance ( the same with the lowest close of Support). They can be a very important level as well.

You can see how Price came back and touch this highest close level.
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Indicators show the past. Price Action "Indicates" the future.
  • #89,051
  • Feb 14, 2011 9:35pm Feb 14, 2011 9:35pm
Quoting jarroo
Hey Pb what do you think about the Eur/Chf?

Hmmm, If we get a pullback to the 1.03500 with some serious bullish PA, it may come off but, I don't like the look of the traffic above it.
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  • #89,052
  • Feb 14, 2011 9:47pm Feb 14, 2011 9:47pm
hey G, nice IPB on the G/N. Too bad the spread is 12
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  • #89,053
  • Feb 14, 2011 9:49pm Feb 14, 2011 9:49pm
Maybe this is what I don't like, the 61.8 & 38.2 area above it.

When I put my Big Guy thinking cap on.
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  • #89,054
  • Feb 14, 2011 9:49pm Feb 14, 2011 9:49pm
Quoting jarroo
They can provide a very effective and profitable touch trade when the level is strong . .but solid PA confirmation is always the best.
Thanks Jim. This is the bit I'm wrestling with at the moment. The touch-retest trade often occurs before or during the formation of a PA confirmation bar (I'm also wondering if later touches are less reliable than earlier touches??). Maybe "when the level is strong" is the critical decider on which way to enter. The other aspect is if you wait for a PA confirmation of a reasonable size, is it better to enter on a retrace within the PA bar to help negate the influence of any nearby trouble areas on profit potential. Sort of like Dan's recent EurGbp trade.
  • #89,055
  • Feb 14, 2011 9:50pm Feb 14, 2011 9:50pm
Quoting Pinbar
Hmmm, If we get a pullback to the 1.03500 with some serious bullish PA, it may come off but, I don't like the look of the traffic above it.
I think you meant the 1.3050 . .yeah I like the 1.3000 BRN . .alot of bar highs there.
Indicators show the past. Price Action "Indicates" the future.
  • #89,056
  • Feb 14, 2011 10:02pm Feb 14, 2011 10:02pm
Quoting jarroo
I think you meant the 1.3050 . .yeah I like the 1.3000 BRN . .alot of bar highs there.
These consolidation areas freak me out.

This is my real problem, constantly switching between the Micro & Macro viewpoint. I realize that this is some personal issue and none can really help out with this. Perhaps many other people also have this problem, maybe not, not many seem to admit it. AP, for sure.

Yes, I did mean the 1.3050
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  • #89,057
  • Feb 14, 2011 10:14pm Feb 14, 2011 10:14pm
Quoting johoma
Thanks Jim. This is the bit I'm wrestling with at the moment. The touch-retest trade often occurs before or during the formation of a PA confirmation bar (I'm also wondering if later touches are less reliable than earlier touches??). Maybe "when the level is strong" is the critical decider on which way to enter. The other aspect is if you wait for a PA confirmation of a reasonable size, is it better to enter on a retrace within the PA bar to help negate the influence of any nearby trouble areas on profit potential. Sort of like Dan's recent EurGbp...

The stronger the level the better the touch trade. Check my earlier posts for what to look for in a strong level. The next step is . .demo . .practise . .demo . .practise .there is no other way around it. You will be surprised how much other information you will learn on how to touch trade these types of setups.

Its always best to wait for the break of a good PA setup. Retracement of a PA setup can be done when the setup is at a certain level. . . but the best rule of thumb is "always wait for the break".
Indicators show the past. Price Action "Indicates" the future.
  • #89,058
  • Feb 14, 2011 10:20pm Feb 14, 2011 10:20pm
Quoting Pinbar
These consolidation areas freak me out.

This is my real problem, constantly switching between the Micro & Macro viewpoint. I realize that this is some personal issue and none can really help out with this. Perhaps many other people also have this problem, maybe not, not many seem to admit it. AP, for sure.

Yes, I did mean the 1.3050

Let's go over some of them, Pb . .I know you got this, bro.

Tell me about this one .. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #89,059
  • Feb 14, 2011 10:29pm Feb 14, 2011 10:29pm
Quoting jarroo
I also wanted to point out the highest close of Resistance ( the same with the lowest close of Support). They can be a very important level as well.

You can see how Price came back and touch this highest close level.
Well there's a gold nugget. Very interesting concept. I decided to pull up a chart and mark a highest level just for fun. The GU pin a lot of us traded (me for BE) looks like a good example of the concept. Will have to add this to confluence tool box.

Now to catch one in real time....at a BRN, with ema and 61.8 retracement....and a nice big PA bar (is that too much to ask for?)
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  • #89,060
  • Feb 14, 2011 10:31pm Feb 14, 2011 10:31pm
Quoting Donkey
Well there's a gold nugget. Very interesting concept. I decided to pull up a chart and mark a highest level just for fun. The GU pin a lot of us traded (me for BE) looks like a good example of the concept. Will have to add this to confluence tool box.

Now to catch one in real time....at a BRN, with ema and 61.8 retracement....and a nice big PA bar (is that too much to ask for?)
I got a few nuggets left in me D. . . .
Indicators show the past. Price Action "Indicates" the future.
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