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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

  • #93,341
  • Apr 9, 2011 8:20am Apr 9, 2011 8:20am
Could have made some profits on this crazy chart.
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Breakout?
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Clear target.
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  • #93,342
  • Apr 9, 2011 8:29am Apr 9, 2011 8:29am
Quoting plund
Could have made some profits on this crazy chart.
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Breakout?
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Clear target.
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The thing is, everything is clear in hindsight.
How were you to know price would shoot up and then shoot down in the first chart?
Maybe there was some information? Did you have that (in time) and the confidence to act upon it?
I could make millions if I had the horse racing results a day ahead of time.
  • #93,343
  • Apr 9, 2011 8:51am Apr 9, 2011 8:51am
Sir Wiz I would like to attend

Pipzilla
Conquer the beast with disciplined determination and intellegent control.
  • #93,344
  • Apr 9, 2011 9:27am Apr 9, 2011 9:27am
Quoting plund

Clear target.
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target? could you explain that. thanks
meine augen sind die sterne
  • #93,345
  • Apr 9, 2011 11:01am Apr 9, 2011 11:01am
Quoting Pinbar
Not sure what the 1.51100 you mentioned has to do with the current situation. The 1.52000 is the resistance area this bar came off and the close is below the 1.5000.
As Mike pointed out, the FTA is close but, it has about 70 pips of space.
This is not a bar, I would sit and watch it move 50 pips and leave my SL above the bar. This is where J16s WIPG comes in.
Hope this helps

Hey Pinbar,

the 1.51100 support was on the daily chart. Thanks for your insight
  • #93,346
  • Apr 9, 2011 11:29am Apr 9, 2011 11:29am
Quoting aserbfx
weekly dfz with a steep approach of the resistance zone. stock is very illiquide, so be carefull with market orders. after a break of the 12 usd the next target is the 10-year high at 13.15 usd.
dfz is something for a price-action textbook.
i guess mike is loving this...
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meine augen sind die sterne
  • #93,347
  • Apr 9, 2011 11:43am Apr 9, 2011 11:43am
Quoting mbqb11
WIPG = where is price going

It's something James created as a learning tool and beyond in the PF.

We have a lot of terms here huh?

Best
Mike
Pinbar has a list of abbreviations used here. Will he add this to the list as it is not there at the moment (last tile I checked)
  • #93,348
  • Apr 9, 2011 11:46am Apr 9, 2011 11:46am
Quoting aserbfx
dfz is something for a price-action textbook.
i guess mike is loving this...
Is that an Andrew's pitchfork you got there aserbfx???
  • #93,349
  • Apr 9, 2011 12:08pm Apr 9, 2011 12:08pm
Quoting aserbfx
dfz is something for a price-action textbook.
i guess mike is loving this...
Supoib work as ever M.

Keep 'em coming

Much respect

If
  • #93,350
  • Apr 9, 2011 12:38pm Apr 9, 2011 12:38pm
Quoting six gun
Is that an Andrew's pitchfork you got there aserbfx???
freestockcharts call it "error channel", cool word...
i was just looking for something to draw a channel and took this.
don't see a difference to a fork. seems like the same. at least what they tell us....
meine augen sind die sterne
  • #93,351
  • Apr 9, 2011 2:23pm Apr 9, 2011 2:23pm
How are things going in this forum?
  • #93,352
  • Apr 9, 2011 4:27pm Apr 9, 2011 4:27pm
hey guys,
while I was scnanning through my charts I noticed 2 things I would like to hear your opinion.

First is the pinbar on USD/CAD from friday. We are still in an overall downtrend and we are not really near an interesting area as I see it. Just the rund number 0.95 is close.
Basically it would be countertrend and more risky then trading with the trend. Is that correct?
http://www.forexfactory.com/attachme...1&d=1302384159

Second interesting setup I spotted on USD/CHF. We saw a bearish engulfing candle after hitting a previous PPZ. We broke the low of the bearish engulfing candle already. Would it had been tradable after the break of the low?
http://www.forexfactory.com/attachme...1&d=1302384159

I just try to see if I get it right. I am learning and enjoy the clean charts after comning from cluttered indicators
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  • #93,353
  • Apr 9, 2011 4:39pm Apr 9, 2011 4:39pm
After the dlbhc(04.06)that closed above the R,now at S the price gives a discount as IB(pin).Monthly in sideways market.
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Nothing personal,just business
  • #93,354
  • Apr 9, 2011 5:07pm Apr 9, 2011 5:07pm
Happy weekend to you all,

Quick question regarding trade management and spreadsheets:

I've watched FijiTrader's 'Compounding/Spreadsheet Video' a while back and was curios to know if anybody uses a similar system and if it's proven to be beneficial to their trading strategy?

Thanks in advance

Tomek
  • #93,355
  • Apr 9, 2011 5:54pm Apr 9, 2011 5:54pm
Quoting Miko1
hey guys,
while I was scnanning through my charts I noticed 2 things I would like to hear your opinion.

First is the pinbar on USD/CAD from friday. We are still in an overall downtrend and we are not really near an interesting area as I see it. Just the rund number 0.95 is close.
Basically it would be countertrend and more risky then trading with the trend. Is that correct?


Second interesting setup I spotted on USD/CHF. We saw a bearish engulfing candle after hitting a previous PPZ. We broke the low of the bearish engulfing candle already....

Hey Miko,

Yes, that PB looks very weak to counter the current strong move down.
To counter a BIG move down we need BIG PA to counter it. Good example is this weekly PB some time ago. (chart)

Also the BEOB is not at a swing high . .its where we like to see them. Outside Bars can be a powerful formation .even more when they are structured with strength and located at there proper swing High/Low point.

You can see that the Usd/Chf BEOB still work out even against not being at swing high and having a weak close. But they are more preditable and profitable when at a swing High and have a stronger close. (same chart)
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Indicators show the past. Price Action "Indicates" the future.
  • #93,356
  • Apr 9, 2011 6:10pm Apr 9, 2011 6:10pm
Quoting Miko1
hey guys,
while I was scnanning through my charts I noticed 2 things I would like to hear your opinion.

First is the pinbar on USD/CAD from friday. We are still in an overall downtrend and we are not really near an interesting area as I see it. Just the rund number 0.95 is close.
Basically it would be countertrend and more risky then trading with the trend. Is that correct?
Hi Miko1

Regarding the USDCAD:

This for me is not tradable.

1) My chart shows a somewhat different story on the daily, I have it set to NY close which I feel gives me a clearer sentiment of the market (It works for me). Anyway, it doesn't show a PB.

2) The PB on your chart could be due to profit taking at the end of the working week. (I have heard this mentioned many times and I think it holds a lot of credibility.)

3) I have avoided the USDCAD for a while, but the 4h chart is showing a much clearer structure now. Something I like. Note the Support turning to Resistance story playing out quite nicely here. Also, note the x2 PB's and which one gave the larger profit... counter trend, or with the trend?

Just my view, others may see it differently. I'm curious to see how the 0.9570 resistance level holds up and whether we'll see a test of the 9500 BRN.

Tomek
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  • #93,357
  • Apr 9, 2011 6:29pm Apr 9, 2011 6:29pm
Here is the updated J16 Terminology list.
You can always access this by clicking on my signature and indeed Jarroos PPZ basics along with a link to the Big guys videos.

FTA = first trouble area
PPZ = price pivot zone
BEOB = bearish engulfing outside bar
BUEOB = bullish Engulfing outside bar
PB = pin bar
DBLHC = double Bar low higher close
DBHLC = double Bar high lower close
IB = inside bar
Ib4 = inside 4 bar that is the smallest bar of the previous 3 bars
S/R = support/resistance
PA = price action
RN = round number
BRN = big round number
MA = moving average
TL = trend line
BO = breakout
BO + PB = breakout + pullback
RET = retracement
DIV = divergence
CT = counter trend
SL = stop loss
TP = take profit
BE = break even
FTB = First time back ( often used to denote the first time back to an EMA)
RT= retest
WIPG= Where is price going
(This is an exercise designed by J16, in working out where the initial push of any given PA setup is likely to stall at, before it even breaks. In other words the FTA)
WDPG= Where did price go ( This is the conclusion of WIPG)

Jarroo's New Terminology
--------------------------------------------------
PBT&CA= price breaks through & closes above
PBT&CB= price breaks through & closes below

LCS= lowest close of support
HCR=highest close of resistance
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  • #93,358
  • Apr 9, 2011 6:30pm Apr 9, 2011 6:30pm
Hi Guys
Quick question on this fiber BO please.
On daily, fter initial BO bar closes, next days bar retraces, tests daily ppz and closes (right on wkly ppz).
Would you enter long as soon as price retraces - ie by dropping down TF's to fine tune entry or would you wait for new day bar to open before entry.
Comments much appreciated, thanks
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  • #93,359
  • Apr 9, 2011 6:32pm Apr 9, 2011 6:32pm
Quoting six gun
Pinbar has a list of abbreviations used here. Will he add this to the list as it is not there at the moment (last tile I checked)

Good idea.

Done.
  • #93,360
  • Apr 9, 2011 6:35pm Apr 9, 2011 6:35pm
Quoting Pinbar
Here is the updated J16 Terminology list.
You can always access this by clicking on my signature and indeed Jarroos PPZ basics along with a link to the Big guys videos.

FTA = first trouble area
Thanks Pinbar, very useful, as always.

Today I hit my own FTA... BRN 30!!!
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