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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

  • #91,101
  • Mar 8, 2011 4:42pm Mar 8, 2011 4:42pm
Quoting Dan Gilbert
I'm essentially in a free trade now, so I can sit on it....

Sit on a free trade is always a good place to be . .nice.


I think Mike is on to something wth these patteren breakouts . . . No signs of this one going down any time soon.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,102
  • Mar 8, 2011 4:54pm Mar 8, 2011 4:54pm
Quoting 786 trading
Good morning everybody?

is it valid pin bar?

PB is valid but very small to trade to counter such a strong move upward.

But is a great introduction to the power of Big Round Numbers, 1.4000.

You can see why Mike and others center most of their trading around these strong market levels, BRNs.




Jim
Indicators show the past. Price Action "Indicates" the future.
  • #91,103
  • Mar 8, 2011 5:13pm Mar 8, 2011 5:13pm
cadchf has been fun to watch. looks like bottom of consolidation box and 9500 have done their job...again. 9700 and 9800 look to be nicely confluenced areas...RNs, retracement and ema. Maybe one will give chance to get long on swiss francs.
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  • #91,104
  • Edited 6:13pm Mar 8, 2011 5:31pm | Edited 6:13pm
Quoting Be Cool
Thanks Jim -I may have to do that. I've watched Pinbar's video as well.
And this is my thinking:

1. Regarding traffic. The reason it is hard to trade in traffic is because there are several difference lows/highs where people can draw support/resistance line differently. Or in other words, support/resistance is not very clear. However, depending on the choppiness of the consolidation area and the distance the FTA to the low/high of our PA bar, some traffic is still manageable, at least to reach FTA.

2. When there is a minor PPZ just below/above...
Its preferable to have large PA whether the PPZ levels are minor or major.

Having a strong close of a PA setup above or below a strong level (S/R, PPZ, BRN,) is vitial. It can make the difference between validating or invalidating a setup . . of passing or trading a setup as I discussed.

We look for PA setups to develop at great locations . .strong levels . . .well, where are these levels? A study of Mike's charts will show you that BRNs are an execellent place to find them. Higher time frame PPZ levels is another.

Also the Tops and Bottoms of clearly defined consolidation areas. The Eur/Jpy Daily PB is a great example of this but the analysis doesn't stop there . .

I'll be back
Indicators show the past. Price Action "Indicates" the future.
  • #91,105
  • Mar 8, 2011 5:41pm Mar 8, 2011 5:41pm
Morning Jarroo

I have a question about the HCR & LCS.

This is the EUR/USD Monthly chart which I have marked these areas on.

If we look at the daily chart, we can see these lines are above and below that block of consolidation which, on the daily chart we can clearly spot.

So, my question is, is this not how we should be drawing these.
I mean, in what situation is this going to be useful because we can clearly see this box on the daily anyway.

Not, questioning it, just trying to work out in what situation it can be of greater advantage than just looking for consolidation areas on the daily?


Maybe I am not grasping this.
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  • #91,106
  • Edited 6:52pm Mar 8, 2011 6:31pm | Edited 6:52pm
Quoting jarroo
Its preferable to have large PA whether the PPZ levels are minor or major.

Having a strong close of a PA setup above or below a strong level (S/R, PPZ, BRN,) is vitial. It can make the difference between validating or invalidating a setup . . of passing or trading a setup as I discussed.

We look for PA setups to develop at great locations . .strong levels . . .well, where are these levels? A study of Mike's charts will show you that BRNs are an execellent place to find them. Higher time frame PPZ levels is another.

Also the Tops and Bottoms...
So we have our consolidation area on the Eur/Jpy not only on the Daily but on the Weekly and Monthly as well.

We know that these tops and bottoms of consolidation can be a great turning point of a Price Fip or Resistance turning to Support and vice versa. . .a PPZ level.

A way to define these levels is where Price Closes above or below them on a given time frame.

Looking at the weekly, we have a two Highest Close of Resistance. This is due to the weekend gaping and the demo feed. I'll look at both.

Last week closed above these levels, 114.88, 114.75 and the BRN 115.00. If that Daily PB had a close below the 114.75 at the vey most, it would have been much easier to take.

The other part of the equation is that we could be going upward, these levels of Resistance could now be turning into Support.
Show me on the Monthly where this could be taking place or took place.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,107
  • Mar 8, 2011 6:48pm Mar 8, 2011 6:48pm
Quoting Pinbar
Morning Jarroo

I have a question about the HCR & LCS.

This is the EUR/USD Monthly chart which I have marked these areas on.

If we look at the daily chart, we can see these lines are above and below that block of consolidation which, on the daily chart we can clearly spot.

So, my question is, is this not how we should be drawing these.
I mean, in what situation is this going to be useful because we can clearly see this box on the daily anyway.

Not, questioning it, just trying to work out in what situation it can be of greater advantage...
I like to draw them at clear PPZ levels, consolidation area. .here's what I got. . .I'm sure there are others.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,108
  • Mar 8, 2011 6:48pm Mar 8, 2011 6:48pm
Here you go...Wooooo
In the middle of a large earthquake as I type this.

You can see the earthquake on the chart. LoL
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  • #91,109
  • Mar 8, 2011 6:54pm Mar 8, 2011 6:54pm
Quoting Pinbar
Here you go...Wooooo
In the middle of a large earthquake as I type this.

You can see the earthquake on the chart. LoL

Are you serious?. . . .you wouldn't kid a kidder, would you . ?
Indicators show the past. Price Action "Indicates" the future.
  • #91,110
  • Mar 8, 2011 6:56pm Mar 8, 2011 6:56pm
Quoting jarroo
Are you serious?. . . .you wouldn't kid a kidder, would you . ?
be safe Steve, get in a doorwell, leave the computer we know you're dedicated


MIke
  • #91,111
  • Mar 8, 2011 7:04pm Mar 8, 2011 7:04pm
Quoting Pinbar
Here you go...Wooooo
In the middle of a large earthquake as I type this.

You can see the earthquake on the chart. LoL
Are you still here, Pb . . ??

Look at this level on the Daily.
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Indicators show the past. Price Action "Indicates" the future.
  • #91,112
  • Mar 8, 2011 7:04pm Mar 8, 2011 7:04pm
Quoting jarroo
Are you serious?. . . .you wouldn't kid a kidder, would you . ?

Yeah, I was making that top chart as it occurred, that is why it is weird.

The earthquake was in Miyagi prefecture and there is a tidal wave warning out. wasn't that big according to the news but it may have been a shallow depth. Miyagi is a long way away.

Thanks Mike, yes I know the drill well.
  • #91,113
  • Mar 8, 2011 7:06pm Mar 8, 2011 7:06pm
Quoting jarroo
Are you still here, Pb . . ??

Look at this level on the Daily.

Actually, that is the first area I drew it at before I changed my mind. LoL

I was thinking it can't be this easy. LoL


So, we could just as easily mark these areas on the obvious daily chart and then move up to the Monthly or weekly to check them?
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  • #91,114
  • Mar 8, 2011 7:08pm Mar 8, 2011 7:08pm
Quoting Pinbar
Actually, that is the first area I drew it at before I changed my mind. LoL

I was thinking it can't be this easy. LoL
When you think it can't be this easy, you're on the right track. lol

I hope I'm not making it complicated . .it really isn't.
Indicators show the past. Price Action "Indicates" the future.
  • #91,115
  • Mar 8, 2011 7:10pm Mar 8, 2011 7:10pm
Quoting jarroo
When you think it can't be this easy, you're on the right track. lol

I hope I'm not making it complicated . .it really isn't.

No, you aren't making it complicated, I am.

This I am working on.

Many thanks Jarroo.
  • #91,116
  • Mar 8, 2011 7:12pm Mar 8, 2011 7:12pm
Quoting Pinbar
I was thinking it can't be this easy. LoL


So, we could just as easily mark these areas on the obvious daily chart and then move up to the Monthly or weekly to check them?
Just the reverse, Pb. Mark them on the Weekly and Monthly then do go the Daily.
Indicators show the past. Price Action "Indicates" the future.
  • #91,117
  • Mar 8, 2011 7:15pm Mar 8, 2011 7:15pm
Quoting Pinbar
Actually, that is the first area I drew it at before I changed my mind. LoL

I was thinking it can't be this easy. LoL


So, we could just as easily mark these areas on the obvious daily chart and then move up to the Monthly or weekly to check them?
Check that Monthly HCR on IBFX . .I believe its 113.82
Indicators show the past. Price Action "Indicates" the future.
  • #91,118
  • Mar 8, 2011 7:17pm Mar 8, 2011 7:17pm
Usd/Chf At the swinglow,PPZ .
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  • #91,119
  • Mar 8, 2011 7:20pm Mar 8, 2011 7:20pm
Quoting menomoo
Usd/Chf At the swinglow,PPZ .
Yes, it looks a PPZ level is forming (what am I saying . .it already did form .) on the Daily Usd/Chf at the .9930ish level . .I would be looking for bullish PA at this level . .good chance that PPZ level will act as Support.. . .Nice job V.
Indicators show the past. Price Action "Indicates" the future.
  • #91,120
  • Mar 8, 2011 7:26pm Mar 8, 2011 7:26pm
Quoting Dan Gilbert
I'm liking the daily I4B on EUR/JPY today.
Do you have a bias on this one? I would perfer a sell. It doesn't seem to have as much room going up.
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