Ok, son now we have the HCR
Which area are we looking for next, the LCS meaning a red bar close?
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedYes, it is.
Ok, son now we have the HCR
Which area are we looking for next, the LCS meaning a red bar close?Ignored
DislikedSince 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.Ignored
DislikedThanks and may I say I love your latest concept HCR, LCS )) So simple yet effective.... SIMPLY BEWDY )
Be safe Steve...
Be back later Cheers
VIgnored
DislikedSo 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,...Ignored
DislikedI 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?Ignored
DislikedYeah there's bit of a gap between 01/01/09 and 02/01/09 what the Open of the monthly 02/01/09?Ignored
DislikedSorry 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?Ignored
DislikedOk, 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?Ignored
DislikedYes, 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.Ignored
DislikedYes, 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.Ignored
DislikedDo you have a bias on this one? I would perfer a sell. It doesn't seem to have as much room going up.Ignored
DislikedSo 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 headIgnored
DislikedOh, I see....Hmm, there is a 60 pip gap in the close and open of these two monthly bars.
EDIT: Actually 80 pipsIgnored
DislikedJarroo
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.Ignored