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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

  • #91,561
  • Mar 13, 2011 10:19pm Mar 13, 2011 10:19pm
I've been watching GBPCHF quite a bit the last couple of weeks - hoping it would climb back up to the 1.5400 area. Looks like that is not likely at the moment. A daily close below 1.4900 would be nice to see. A lot of room to the down side and a nice consolidation area above 1.5000 for resistance....should be fun to watch this week.
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  • #91,562
  • Mar 14, 2011 2:21am Mar 14, 2011 2:21am
Quoting jarroo
Yes, that's very good, ksg. That's what I would be looking at on the Weekly.


I was looking at the Daily consolidation in my post in yellow.

Here's what I got on the Daily.
thanks for your reply jarroo.

this is great, a consolidation within the consolidation. a sort of light bulb went off when i saw your post regarding this concept and this is how i sumarize my understanding of pbtcb and hcr/lcs:

pbtca or cb : we are generally looking for price to break through a key ppz / price level and close above or below it. after it does so, some price action which indicates that price now treats the previous key level as resistance/ support is great for a trade.

pbtcb or ca WITH hcr/lcs: in a conolidation box where there are a lot of bars, the highest close of resistance or lowest close of support tell us which key level we need to be watching out for pbtcb or ca!

thanks againn jarroo. maybe its elementary, but good to summarize what i have understood for others to validate / gain from.
  • #91,563
  • Mar 14, 2011 2:25am Mar 14, 2011 2:25am
Good morning and afternoon.
Kindly comment on the following GU charts. The weekly bar is BEOB rejected from 150 ema (Magenta) and it reached the FTA which is also a BRN i.e 1.6000. The daily chart on the other hand shows a bullish PB at the same BRN (1.6000). I think it is a pass for me as there is a conflict between the weekly and the daily. What do you think.

Thanks in advance.
Ammar
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  • #91,564
  • Mar 14, 2011 2:50am Mar 14, 2011 2:50am
Quoting mbqb11
Hey F451

Welcome to the thread

Most of the bars have similar entries

For example for Pinbars/outside bars/DBLHC DBHLC

Conservative entry - would actually be waiting for a break of the bar....
Thank you Mike

One questions on that - with an aggressive entry, what does a retracement of the bar to a certain level mean, and how is calculated?

f451
  • #91,565
  • Mar 14, 2011 3:06am Mar 14, 2011 3:06am
Quoting f451
Thank you Mike

One questions on that - with an aggressive entry, what does a retracement of the bar to a certain level mean, and how is calculated?

f451
Hi f451,

I'm not Mike but unless I am mistaken, Mike means the actual retracement of the PA bar(s) with a limit order. The attached should hopefully clarify.

Regards
Ganesh
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  • #91,566
  • Mar 14, 2011 3:24am Mar 14, 2011 3:24am
Hi All

hope you had good weekend. Thoughts with the folks in Japan.

Been off the thread for a while and just wanted to ask about the nw terminology! I assume LCS = Lowest Close Support and HCR = Highest Close Resistance?

Thanks,

Kal
  • #91,567
  • Mar 14, 2011 3:50am Mar 14, 2011 3:50am
Quoting jarroo
Morning Pb


I was still looking at this early 2010 example.

Better looking Daily PB on the FxPro feed at the previous Resistance level (HCR) 1.5550.

Sorry for the late reply Jarroo.
Things are hectic in japan right now, had to line for 2 hours to get into the supermarket which was empty by the time I got in, and then I had to line up for over an hour for gasoline which they are charging 148JPY per liter, for. Panic buying all over the place and a government implemented power cut is in place in each area nationwide. Was supposed to get cut off at 17:20 but they seem to think they can get by without cutting us off.

will check out the chart but, right now, I have to use the laptop because it won't damage my HD if there is an unexpected power cut and I only have mu live FXDD account on this computer. No, GBP/CAD on FXDD.
  • #91,568
  • Mar 14, 2011 4:03am Mar 14, 2011 4:03am
Pinbar sorry to hear and see what happened in Japan.
  • #91,569
  • Mar 14, 2011 4:17am Mar 14, 2011 4:17am
Quoting Pinbar
Sorry for the late reply Jarroo.
Things are hectic in japan right now, had to line for 2 hours to get into the supermarket which was empty by the time I got in, and then I had to line up for over an hour for gasoline which they are charging 148JPY per liter, for. Panic buying all over the place and a government implemented power cut is in place in each area nationwide. Was supposed to get cut off at 17:20 but they seem to think they can get by without cutting us off.

will check out the chart but, right now, I have to use the laptop because it...
Sory to hear that Pinbar ... hope every thing will go back to normal as soon as posible and that no one else gets hurt .
About gas i think this is a normal price maybe a few cents less where i live ... and we dont have any disaters exept greedy goverment lol
  • #91,570
  • Mar 14, 2011 4:20am Mar 14, 2011 4:20am
Quoting mbqb11
some crazy opening
Nice Mike.

Can I ask what broker are you using here? My broker did not have the opening spike! Very strange.

Thanks
  • #91,571
  • Mar 14, 2011 4:52am Mar 14, 2011 4:52am
Quoting sr2
Nice Mike.

Can I ask what broker are you using here? My broker did not have the opening spike! Very strange.

Thanks
Its an opening gap because of the weekend ... and because alot of brokers are in diferend time zones or they close trading at diferend time and open it again on sunday at diferend time again . A few hour diference can change the pic you see alot comparing to what some one else sees.

i use 3 feeds FXCM , MBT and IBFX ....
if that helps ...

lol im sory ... i read to fast my english is realy bad some times ... i missed that you wrote "opening spike" wich probably means you understand why it comes to it ....hehe
  • #91,572
  • Mar 14, 2011 5:14am Mar 14, 2011 5:14am
Quoting Pinbar
Things are hectic in japan right now
Hi PB,

still got all fingers and toes crossed for you guys.

Be well, and keep in touch
  • #91,573
  • Mar 14, 2011 5:21am Mar 14, 2011 5:21am
Quoting FxPrelude
Its an opening gap because of the weekend ... and because alot of brokers are in diferend time zones or they close trading at diferend time and open it again on sunday at diferend time again . A few hour diference can change the pic you see alot comparing to what some one else sees.

i use 3 feeds FXCM , MBT and IBFX ....
if that helps ...

lol im sory ... i read to fast my english is realy bad some times ... i missed that you wrote "opening spike" wich probably means you understand why it comes to it ....hehe
Thanks FX...I use Alpari and I know Mike uses Alpari to (as well as others). Was just concerned that if it was his Alpari feed why mine looked so different

Yes, I've seen the opening spike so many times

Thanks
Azam

ps. your English is good!
  • #91,574
  • Mar 14, 2011 5:48am Mar 14, 2011 5:48am
Thanks folks but, I think it is time to get out of Japan.

I am working on getting out right now with those 3 nuclear power plants about to melt down and more possible large earthquakes closer to where I am.
  • #91,575
  • Mar 14, 2011 6:00am Mar 14, 2011 6:00am
Quoting Pinbar
Thanks folks but, I think it is time to get out of Japan.

I am working on getting out right now with those 3 nuclear power plants about to melt down and more possible large earthquakes closer to where I am.
welcome to China. and good luck to Japan .
A chart helps those who can read it.
  • #91,576
  • Mar 14, 2011 6:07am Mar 14, 2011 6:07am
Quoting geniusztc
welcome to China. and good luck to Japan .

Yeah, welcome to Harbin, it is looking like the university job.

Great Harubin Piju (Beer)
  • #91,577
  • Mar 14, 2011 6:15am Mar 14, 2011 6:15am
Quoting Kalbar
Hi All
Been off the thread for a while and just wanted to ask about the new terminology...
yes.. check out Pinbar's signature
  • #91,578
  • Mar 14, 2011 6:34am Mar 14, 2011 6:34am
Quoting Kalbar
Hi All

hope you had good weekend. Thoughts with the folks in Japan.

Been off the thread for a while and just wanted to ask about the nw terminology! I assume LCS = Lowest Close Support and HCR = Highest Close Resistance?

Thanks,

Kal

Hey Kalbar

Here is my quick take on it but, let's wait to see if Jarroo confirms this.

I only put the areas to look for bullish or bearish PA on this chart. We still have to look for surrounding S&R.

Oh no, I just posted a chart, does this mean another earthquake?
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  • #91,579
  • Mar 14, 2011 6:51am Mar 14, 2011 6:51am
Quoting Pinbar
Thanks folks but, I think it is time to get out of Japan.

I am working on getting out right now with those 3 nuclear power plants about to melt down and more possible large earthquakes closer to where I am.
My friends and family are leaving on Tuesday, heading back to the UK. It's easier for them as it was the company that asked them to move to Tokyo and a return was always on the cards.

Best of luck, I know the situation is bad there.
  • #91,580
  • Mar 14, 2011 7:00am Mar 14, 2011 7:00am
Quoting Pinbar
Hey Kalbar

Here is my quick take on it but, let's wait to see if Jarroo confirms this.

I only put the areas to look for bullish or bearish PA on this chart. We still have to look for surrounding S&R.

Oh no, I just posted a chart, does this mean another earthquake?
Hey Pb

I think one needs to be very carefull playing this pair now. Liquidity is low and it can be very volatile at moments. S&R dont hold so much in environment like that.
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