james16 Chart Thread | Page 4557 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #91,121
  • Mar 8, 2011 9:27pm Mar 8, 2011 9:27pm
Quoting jarroo
Check that Monthly HCR on IBFX . .I believe its 113.82
Yes, it is.

Ok, son now we have the HCR

Which area are we looking for next, the LCS meaning a red bar close?
Attached Image (click to enlarge)
Click to Enlarge Name: d.jpg Size: 84 KB
  • #91,122
  • Mar 8, 2011 9:30pm Mar 8, 2011 9:30pm
Quoting Pinbar
Yes, it is.

Ok, son now we have the HCR

Which area are we looking for next, the LCS meaning a red bar close?

Since Price broke through and close above this Resistance level, we now look for it to act as Support. . . Price has to come back down there . .it may or it may not. We're ready for it if it does.
Indicators show the past. Price Action "Indicates" the future.
  • #91,123
  • Mar 8, 2011 9:34pm Mar 8, 2011 9:34pm
Quoting jarroo
Since Price broke through and close above this Resistance level, we now look for it to act as Support. . . Price has to come back down there . .it may or it may not. We're ready for it if it does.

I am with you..

So now we have the HCR which price has broken, we look for it to act as a springboard.

What about the close at 115? Which is the LCS.

Hmm, maybe that red candle is not the next HCR but the HCS?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: m.jpg Size: 83 KB
Click to Enlarge Name: d.jpg Size: 87 KB
  • #91,124
  • Mar 8, 2011 9:35pm Mar 8, 2011 9:35pm
Thanks and may I say I love your latest concept HCR, LCS )) So simple yet effective.... SIMPLY BEWDY )

Be safe Steve...


Be back later Cheers

V
  • #91,125
  • Mar 8, 2011 9:35pm Mar 8, 2011 9:35pm
Quoting menomoo
Thanks and may I say I love your latest concept HCR, LCS )) So simple yet effective.... SIMPLY BEWDY )

Be safe Steve...


Be back later Cheers

V

Thanks Men.

It is over now.
  • #91,126
  • Mar 8, 2011 9:37pm Mar 8, 2011 9:37pm
I may have lost you as I have confused myself with that Red bar.

I have written it up as both the next HCR and LCS.
  • #91,127
  • Mar 8, 2011 9:41pm Mar 8, 2011 9:41pm
Quoting jarroo
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,...
Sorry Jim, i don't quite understand
Does the HCR suppose to determine the really important PPZ levels? In this case 115.0? So a strong PA close below 115.0 is imperative?
  • #91,128
  • Mar 8, 2011 9:41pm Mar 8, 2011 9:41pm
Quoting Pinbar
I am with you..

So now we have the HCR which price has broken, we look for it to act as a springboard.

What about the close at 115? Which is the LCS.

Hmm, maybe that red candle is not the next HCR but the HCS?
Yeah there's bit of a gap between 01/01/09 and 02/01/09 what the Open of the monthly 02/01/09?
Indicators show the past. Price Action "Indicates" the future.
  • #91,129
  • Mar 8, 2011 9:46pm Mar 8, 2011 9:46pm
Quoting jarroo
Yeah there's bit of a gap between 01/01/09 and 02/01/09 what the Open of the monthly 02/01/09?

Ok, could we back up a bit, as I think this is what is confusing is.

You are talking about the open and I was under the impression that only the close is being used. Hence HCR & LCS?
  • #91,130
  • Mar 8, 2011 9:46pm Mar 8, 2011 9:46pm
Quoting Be Cool
Sorry Jim, i don't quite understand
Does the HCR suppose to determine the really important PPZ levels? In this case 115.0? So a strong PA close below 115.0 is imperative?

Yes, that's right. I was just showing that the Highest Close of Resistance was actually lower, 114.88/114.75. So if the PB's close was lower then those levels, it would have been better or stronger.
Indicators show the past. Price Action "Indicates" the future.
  • #91,131
  • Mar 8, 2011 9:50pm Mar 8, 2011 9:50pm
Quoting Pinbar
Ok, could we back up a bit, as I think this is what is confusing is.

You are talking about the open and I was under the impression that only the close is being used. Hence HCR & LCS?

Yes, we still are doing that.

The Open is just the Close of the previous bar or candle, correct?

So look at the Open of the 02/01/09 monthly candle and that will tell you the Close of the previous candle.
Indicators show the past. Price Action "Indicates" the future.
  • #91,132
  • Mar 8, 2011 9:50pm Mar 8, 2011 9:50pm
I got a big loss on this pair cad/jpy. Maybe some one can help me with the rationale?

The only logic of failure that I see could be: the PB was on Friday close, then on Monday it generally is not a good time to trade.
Attached Image (click to enlarge)
Click to Enlarge Name: ii.gif Size: 19 KB
  • #91,133
  • Mar 8, 2011 9:54pm Mar 8, 2011 9:54pm
Quoting jarroo
Yes, that's right. I was just showing that the Highest Close of Resistance was actually lower, 114.88/114.75. So if the PB's close was lower then those levels, it would have been better or stronger.
So HCR basically shows which PPZ levels is the strongest and might turn into strong support should price break and close above it? And if HCR close above certain PPZ then those PPZ will we very tough to break on the way down like that EURJPY example?

Just trying to straighten this concept in my head
  • #91,134
  • Mar 8, 2011 9:56pm Mar 8, 2011 9:56pm
Quoting jarroo
Yes, we still are doing that.

The Open is just the Close of the previous bar or candle, correct?

So look at the Open of the 02/01/09 monthly candle and that will tell you the Close of the previous candle.

Oh, I see....Hmm, there is a 60 pip gap in the close and open of these two monthly bars.

EDIT: Actually 80 pips
Attached Image (click to enlarge)
Click to Enlarge Name: m.jpg Size: 76 KB
  • #91,135
  • Mar 8, 2011 9:58pm Mar 8, 2011 9:58pm
Quoting spookie94
Do you have a bias on this one? I would perfer a sell. It doesn't seem to have as much room going up.
I have this setup, too. Short and wait. I hit very similar pattern on the same TF for cad/jpy, it gave me a full loss though. I was expecting some ideas since that trade truly upset me.
  • #91,136
  • Edited 10:11pm Mar 8, 2011 9:59pm | Edited 10:11pm
Quoting Be Cool
So HCR basically shows which PPZ levels is the strongest and might turn into strong support should price break and close above it? And if HCR close above certain PPZ then those PPZ will we very tough to break on the way down like that EURJPY example?

Just trying to straighten this concept in my head

All HCR and LCS is a way of fine tuning or narrowing down PPZ levels or S/R levels.

Put up a PPZ level from a different pair and let's take a look.
Indicators show the past. Price Action "Indicates" the future.
  • #91,137
  • Mar 8, 2011 10:01pm Mar 8, 2011 10:01pm
If the blue line is the HCR, is the red line the LCS?
Attached Image (click to enlarge)
Click to Enlarge Name: m.jpg Size: 76 KB
  • #91,138
  • Mar 8, 2011 10:01pm Mar 8, 2011 10:01pm
Quoting Pinbar
Oh, I see....Hmm, there is a 60 pip gap in the close and open of these two monthly bars.

EDIT: Actually 80 pips

What's the weekly LCS at that time . .I like the Weekly better.
Indicators show the past. Price Action "Indicates" the future.
  • #91,139
  • Mar 8, 2011 10:05pm Mar 8, 2011 10:05pm
Jarroo

How many new terms did you introduce, 2 or 4?

At the time of my updating the terminology list there was only these two.

LCS= lowest close of support
HCR=highest close of resistance

And yet. I see you just said LCR?

I think this is what is screwing with my mind.
  • #91,140
  • Mar 8, 2011 10:09pm Mar 8, 2011 10:09pm
Quoting Pinbar
Jarroo

How many new terms did you introduce, 2 or 4?

At the time of my updating the terminology list there was only these two.

LCS= lowest close of support
HCR=highest close of resistance

And yet. I see you just said LCR?

I think this is what is screwing with my mind.
Yeah I know . . . . . . my mistake.

I may be going to fast with this material and probably beyond the scope of this thread.
Indicators show the past. Price Action "Indicates" the future.
42 traders viewing now