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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

  • #90,321
  • Feb 28, 2011 4:19am Feb 28, 2011 4:19am
Watching to see if the 1.36 on the Daily Eur/Aud will stay as Resistance or flip to Support.

Maybe PA can give us a hint, if any form.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,322
  • Feb 28, 2011 4:22am Feb 28, 2011 4:22am
Quoting Kalbar
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
That was a nice one . It was off a Monthly Resistance level, 84.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,323
  • Feb 28, 2011 4:29am Feb 28, 2011 4:29am
Quoting jarroo
Watching to see if the 1.36 on the Daily Eur/Aud will stay as Resistance or flip to Support.

Maybe PA can give us a hint, if any form.
I know there is some correlation between Eur and Gbp, but I still find it amazing that both the Eur/Aud and Gbp/Aud are "deciding" whether to respect their key levels (1.3600 and 1.5950 respectively) at exactly the same time.
  • #90,324
  • Feb 28, 2011 4:36am Feb 28, 2011 4:36am
Quoting johoma
I know there is some correlation between Eur and Gbp, but I still find it amazing that both the Eur/Aud and Gbp/Aud are "deciding" whether to respect their key levels (1.3600 and 1.5950 respectively) at exactly the same time.

It looks like its the old Support - PBT&C B and A- back to Support trick on the Gbp/Aud . .still to early to tell. It could be a bearish PB in the making on the 4 hour. We'll have to wait and see what's presented.

Correlation can be a funny thing at times . .I'm sure Joel would have a better answer than that one . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #90,325
  • Feb 28, 2011 4:38am Feb 28, 2011 4:38am
Quoting jarroo
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 analysis on the higher time frames ..Daily, Weekly and Monthly.
Yup i agree its got a tendency to be all over the place...
looks like there is a nice inverse h&s patten setting up on the hourly.
sellers just dont want to give it up quite yet as they keep putting in shooting stars on the top of the range.

if it does confirm though it will be a good compliment to what we are seeing on the daily tf.

ps. i exited my previous position and am waiting for price to confirm my bias
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  • #90,326
  • Feb 28, 2011 4:38am Feb 28, 2011 4:38am
audusd is hung up on a 1.015 as well haha
  • #90,327
  • Feb 28, 2011 4:43am Feb 28, 2011 4:43am
Quoting mugged
Yup i agree its got a tendency to be all over the place...
looks like there is a nice inverse h&s patten setting up on the hourly.
sellers just dont want to give it up quite yet as they keep putting in shooting stars on the top of the range.

if it does confirm though it will be a good compliment to what we are seeing on the daily tf.

ps. i exited my previous position and am waiting for price to confirm my bias

I like it, mug . . nice confluence there.

Big formations on the 4 Hour and Hourly . like a h&s, wedges, penent formation, etc . .would qualify in the "higher time frame" catagory . . to me .
Indicators show the past. Price Action "Indicates" the future.
  • #90,328
  • Feb 28, 2011 4:46am Feb 28, 2011 4:46am
Quoting jarroo
Lets's see if Resistance will hold at the 1.5950.
Quoting jarroo
The .7550 held (so far) as Resistance on the Weekly Nzd/Usd.
Quoting jarroo
Watching to see if the 1.36 on the Daily Eur/Aud will stay as Resistance or flip to Support.

Maybe PA can give us a hint, if any form.
Quoting jarroo
That was a nice one . It was off a Monthly Resistance level, 84.00.
Hi Jarroo, appreciate the charts, gives us all something to think about

Here's another one.. CAD finally breaking out of the range with a weekly BEOB, maybe we'll see a retrace and some decent PA at .9850..
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  • #90,329
  • Feb 28, 2011 4:48am Feb 28, 2011 4:48am
Quoting jarroo
That was a nice one . It was off a Monthly Resistance level, 84.00.
Hey Jarroo

If you say it was a nie one that will do for me!! Have to be honest with you though I did NOT check the monthly chart!! I must remember to do this in future when checking potential trades. My only slight doubt with this one was the bar size but that apart I thought everything else pointed to a good setup.

Kal
  • #90,330
  • Feb 28, 2011 4:54am Feb 28, 2011 4:54am
Quoting Sgrb1
Hi Jarroo, appreciate the charts, gives us all something to think about

Here's another one.. CAD finally breaking out of the range with a weekly BEOB, maybe we'll see a retrace and some decent PA at .9850..

Yes, that's a good one on the Cad, Sgrb. I like the .9825 (closer to the Weekly Lows) and the .9800 (Round Number).

These are all qualified levels where Price flips . .the thing is . . it looks like their flipping back to either their original Support or Resistance . .lol . . will have to see where they close or what they present.
Indicators show the past. Price Action "Indicates" the future.
  • #90,331
  • Feb 28, 2011 5:00am Feb 28, 2011 5:00am
Quoting Kalbar
Hey Jarroo

If you say it was a nie one that will do for me!! Have to be honest with you though I did NOT check the monthly chart!! I must remember to do this in future when checking potential trades. My only slight doubt with this one was the bar size but that apart I thought everything else pointed to a good setup.

Kal
Price loves to consoldate in markets . .they just do . .that's why PA can be an advantage when they are presented within these ranging or sideways market conditions.

The Higher TFs, like the Weekly and Monthly, can give you a better sense if Price is trending or just trending in a consolidation area.
Indicators show the past. Price Action "Indicates" the future.
  • #90,332
  • Feb 28, 2011 5:13am Feb 28, 2011 5:13am
Quoting Kalbar
Hey Jarroo

If you say it was a nie one that will do for me!! Have to be honest with you though I did NOT check the monthly chart!! I must remember to do this in future when checking potential trades. My only slight doubt with this one was the bar size but that apart I thought everything else pointed to a good setup.

Kal

Take the Gbp/Aud on the Weekly . .its been in a consolidation (1.62-1.58) since the beginning of the year. Prior to that, in 2010, it consolidated again. At different levels , but it was there. . .doing what markets do.

Using PBT&CAorB can give us a look or indication to where these levels can begin and/or end.

The Weekly BEOB (as it appears right now) is simply ignored by this consolidation . .and Price continues on . .
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Indicators show the past. Price Action "Indicates" the future.
  • #90,333
  • Feb 28, 2011 5:16am Feb 28, 2011 5:16am
Quoting jarroo
Price loves to consoldate in markets . .they just do . .that's why PA can be an advantage when they are presented within these ranging or sideways market conditions.

The Higher TFs, like the Weekly and Monthly, can give you a better sense if Price is trending or just trending in a consolidation area.
Thanks for that piece of wisdom Jarroo.....another wee piece of the puzzle but a good bit to go before I finish my jigsaw!! Will definitely check my monthly chart from now on.

Ps - did you get in on the UJ trade?

thanks

kal
  • #90,334
  • Feb 28, 2011 5:27am Feb 28, 2011 5:27am
Jarroo

Did you catch the breakout on GBP/CHF?

No pa on my FXDD feed so, I just watched it.
Bummer
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  • #90,335
  • Edited 6:43am Feb 28, 2011 5:27am | Edited 6:43am
Quoting Kalbar
Thanks for that piece of wisdom Jarroo.....another wee piece of the puzzle but a good bit to go before I finish my jigsaw!! Will definitely check my monthly chart from now on.

Ps - did you get in on the UJ trade?

thanks

kal
Yes, there were a few trades I took this year and late last year on the Usd/Jpy at that level of Resistance based on my Monthly chart posted earlier.
Indicators show the past. Price Action "Indicates" the future.
  • #90,336
  • Feb 28, 2011 5:31am Feb 28, 2011 5:31am
Quoting Pinbar
Jarroo

Did you catch the breakout on GBP/CHF?

No pa on my FXDD feed so, I just watched it.
Bummer
No, I didn't catch that breakout . .Looks like its retracing.

Any fibs confluencing with any good levels (RNs, S or R, PPZs)?
Indicators show the past. Price Action "Indicates" the future.
  • #90,337
  • Feb 28, 2011 5:37am Feb 28, 2011 5:37am
Mmmm.
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  • #90,338
  • Feb 28, 2011 5:38am Feb 28, 2011 5:38am
Quoting jarroo
No, I didn't catch that breakout . .Looks like its retracing.

Any fibs confluencing with any good levels (RNs, S or R, PPZs)?
The 1.5070ish level looks like a good level, (no fib confluence on the Daily, 50% ret. on the 4 Hour))

It held up that PB (in green) a while back.
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Indicators show the past. Price Action "Indicates" the future.
  • #90,339
  • Feb 28, 2011 5:47am Feb 28, 2011 5:47am
Quoting jarroo
The 1.5070ish level looks like a good level, (no fib confluence on the Daily, 50% ret. on the 4 Hour))

It held up that PB (in green) a while back.

Yeah, that is the level I have and the only bearish fibo I can see there is the 50 on the H4.
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  • #90,340
  • Feb 28, 2011 5:54am Feb 28, 2011 5:54am
Quoting Pinbar
Yeah, that is the level I have and the only bearish fibo I can see there is the 50 on the H4.

Thanks Pb. Looks like a 4 Hour PPZ at the 61.8 on your chart. Something to watch as well.
Indicators show the past. Price Action "Indicates" the future.
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