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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

  • #90,301
  • Feb 27, 2011 11:08pm Feb 27, 2011 11:08pm
Quoting johoma
Thanks Jim. Agreed. I'm viewing it as 2 different plays. The traditional break of a wBEOB (and the consolidation), and a daily retest of PBT & CB within the background of the wBEOB. For the wBEOB break, there are a few prior weekly bar lows (in the 1.5700's) that may act as FTA's, and in that respect the breakout boundary may need to be broadened or some of "this is critical" action may be required soon after entry. The daily retest of the 1.5840-50 area maybe a little cleaner with easier management IF it happens.
Nice plan John . .I like it ..

Do you mean by "traditional break" on the Weekly BEOB a breakout type trade or a breakout with a pull back (retrace) ?
Indicators show the past. Price Action "Indicates" the future.
  • #90,302
  • Feb 27, 2011 11:11pm Feb 27, 2011 11:11pm
Quoting Pinbar
Any thoughts on this GBP/CHF Monthly PB that is due to close today?

Let's see how the daily closes. I would like to see it close below the 61.8 which is drawn upside down as I am looking for the support areas which we want it to close below. H4 seems to be winding up, a nice H4 BEOB closing below the support would be nice.
That 1.49 PPZ level with the 61.8 fib confluence looks pretty strong. I would like to see price break below it . . .
Indicators show the past. Price Action "Indicates" the future.
  • #90,303
  • Feb 27, 2011 11:16pm Feb 27, 2011 11:16pm
Quoting jarroo
That 1.49 PPZ level with the 61.8 fib confluence looks pretty strong. I would like to see price break below it . . .

Yes, those were my thoughts also, along with any decent bullish PA at this area.

Thanks Jarroo
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  • #90,304
  • Feb 27, 2011 11:19pm Feb 27, 2011 11:19pm
Quoting Pinbar
Yes, those were my thoughts also, along with any decent bullish PA at this area.

Thanks Jarroo
I hear that . . Great location . . .now we just need some great PA . .
Indicators show the past. Price Action "Indicates" the future.
  • #90,305
  • Feb 27, 2011 11:21pm Feb 27, 2011 11:21pm
Quoting jarroo
I hear that . . Great location . . .now we just need some great PA . .

Yes, we need one more ingredient for the pie.
  • #90,306
  • Feb 27, 2011 11:21pm Feb 27, 2011 11:21pm
Quoting jarroo
Do you mean by "traditional break" on the Weekly BEOB a breakout type trade or a breakout with a pull back (retrace) ?
I was thinking entry upon break of the low (traditional J16/Mike). But now you have me thinking. Because it also is a consolidation breakout, rather than a simple BEOB at a swing high (as you pointed out), maybe waiting for a retest of the breakout would be more prudent by allowing it to better define the current support/resistance area that will be respected within the broader 1.5700 area I mentioned earlier. So that was what you were thinking all along.
Cheers,
John
  • #90,307
  • Feb 27, 2011 11:26pm Feb 27, 2011 11:26pm
any thoughts on this weekly PB?
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  • #90,308
  • Feb 27, 2011 11:35pm Feb 27, 2011 11:35pm
Quoting johoma
I was thinking entry upon break of the low (traditional J16/Mike). But now you have me thinking. Because it also is a consolidation breakout, rather than a simple BEOB at a swing high (as you pointed out), maybe waiting for a retest of the breakout would be more prudent by allowing it to better define the current support/resistance area that will be respected within the broader 1.5700 area I mentioned earlier. So that was what you were thinking all along.
Cheers,
John
Nothing wrong with a straight out break out play here . . the 1.58 looks pretty clear as the bottom of consolidation and the BEOB's bottom 1.5780, would be a good trigger.

I like the breakout pull back as a more confirming S/R area, as you said. Also Price my break out and then retrace to our 1.5950 giving a more qualifying bearish PA with Space, Size, etc.

Both ways to play it are valid, I would just play it tight as a straight breakout.
Indicators show the past. Price Action "Indicates" the future.
  • #90,309
  • Feb 27, 2011 11:37pm Feb 27, 2011 11:37pm
Quoting vasmiza
any thoughts on this weekly PB?

As a bearish PB its not at a swing High . .looks more in the middle of everything.
Indicators show the past. Price Action "Indicates" the future.
  • #90,310
  • Feb 27, 2011 11:37pm Feb 27, 2011 11:37pm
How would you manage this trade?

1/2 TP at 1.02, move to BE then close it out at 1.025?

http://my.jetscreenshot.com/5886/m_2...-cys6-71kb.jpg
  • #90,311
  • Feb 27, 2011 11:43pm Feb 27, 2011 11:43pm
Quoting DBallerz
How would you manage this trade?

1/2 TP at 1.02, move to BE then close it out at 1.025?

What was the setup on this one, DB?
Indicators show the past. Price Action "Indicates" the future.
  • #90,312
  • Feb 27, 2011 11:47pm Feb 27, 2011 11:47pm
Quoting jarroo
What was the setup on this one, DB?
http://my.jetscreenshot.com/5886/m_2...-xqjj-65kb.jpg
  • #90,313
  • Feb 27, 2011 11:54pm Feb 27, 2011 11:54pm
Quoting DBallerz
.

I see . .nice one . The 1.2 looks good . . give your stops some space and see if it can close above that 1.2 and run up some more. Taking some off the table is not a bad way to go . .
Indicators show the past. Price Action "Indicates" the future.
  • #90,314
  • Feb 28, 2011 1:41am Feb 28, 2011 1:41am
GOLD & AU at theirs weekly res. This week might provide good opportunities. Lets see...
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  • #90,315
  • Feb 28, 2011 1:58am Feb 28, 2011 1:58am
looks as if it was forming a pb on h4. yet still 60 minutes to go
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  • #90,316
  • Edited 3:19am Feb 28, 2011 3:03am | Edited 3:19am
Quoting Dan Gilbert
Only thing I see on weekly...
I think this is a good set-up. GJ DBHLC on the Weekly. Top of the consolidation area. Off the BRN 135.00.

A difference of 5 pips should be ok on the weekly TF.

0908

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  • #90,317
  • Edited 6:24am Feb 28, 2011 3:52am | Edited 6:24am
Quoting jarroo
Yeah that may not be a bad way to go . .exit at b/e and see if Price retests the 82.50 with a Daily close above.

Or see if the 83.00 will hold as support like its doing on the 4 Hour. . meaning place your stop just below b/e. . say under the 82.93. and see if Price can get above (and close) over the Highs in blue. Just remember, this can be a crazy cross . .notice the long spikes or wicks that arise often.

I do like your multi confluence of Support.

Hey mug.

Its amazing how Price reacts to those PA targets.

Looks like those 4 Hour Support levels I had didn't hold. I have found pairs like these (i.e. Aud/Jpy, Chf/Jpy, Nzd/Jpy, etc.) are best analyzed on the higher time frames ..Daily, Weekly and Monthly.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,318
  • Feb 28, 2011 3:55am Feb 28, 2011 3:55am
Quoting johoma
Thanks Jim. Agreed. I'm viewing it as 2 different plays. The traditional break of a wBEOB (and the consolidation), and a daily retest of PBT & CB within the background of the wBEOB. For the wBEOB break, there are a few prior weekly bar lows (in the 1.5700's) that may act as FTA's, and in that respect the breakout boundary may need to be broadened or some of "this is critical" action may be required soon after entry. The daily retest of the 1.5840-50 area maybe a little cleaner with easier management IF it happens.

Lets's see if Resistance will hold at the 1.5950.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,319
  • Feb 28, 2011 4:01am Feb 28, 2011 4:01am
The .7550 held (so far) as Resistance on the Weekly Nzd/Usd.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,320
  • Feb 28, 2011 4:19am Feb 28, 2011 4:19am
Hi Guys

Did anyone take this weekly pin on the UJ? Price retraced from PPZ and with a weekly downtrend although the bar size could have been bigger. good runner for a quick 100+ pips. Had my eye on it at Friday close but missed the move through work commitments on Sunday.

Anyone take it? How do you rate it as a setup? Any thoughts or comments most welcome.

Kal
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