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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

  • #98,681
  • Edited Jul 17, 2011 3:40am Jul 16, 2011 2:06pm | Edited Jul 17, 2011 3:40am
Quoting Jim Rogers
Hey Jim,

Would you play this weekly pin bar using the eyes of the previous three weekly bars (not the most recent eye which would disqualify this pin as an a+ set up) and ppz level? Could this weekly pin be classed as an advanced pin bar set up?

Would appreciate your thoughts and others too on this set up.

Jim


Jim

Hey Jim . . Do you mean as a touch trade base on this Weekly PB and its "eyes"? No, I wouldn't trade it in this way . . I would look at it like this .
. . .
The PPZ level at the 1.4080ish is currently acting as Support . .notice that Price can't close below this level. I would look for Bullish PA at this level on the Daily or even the 4 Hour as long as the bullish PA closed above this level.

Is the current Weekly PB showing this bullish indication? It may be, but I would want the PB to be more Bullish in structure and closer to the actual level.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #98,682
  • Edited 2:35pm Jul 16, 2011 2:19pm | Edited 2:35pm
Quoting AvanishDemo
Hey Kunal..cool nice to see u..
where exactly in Mumbai?
actually..abt IB..if u see jarroo,ghous..they usually like the IB small..
smaller the IB,more the compression
as far as IB..i would like to see FTA as HCS(highest close of support,show on chart) which is still like a 1:1 R:R....so dats y i posted..
but u cn be right as well
thanks for sharing!!
Hey AD . .I think you meant to say LCS (Lowest Close of Support) .. I knew what you meant . . . .and Yes, that's a good target . .

What's great about these levels are that they can be very effective in either direction . .as long as we use Price Breaks Through & Closes Above or Below as confirmation .. .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #98,683
  • Jul 16, 2011 2:27pm Jul 16, 2011 2:27pm
Quoting Pinbar
Partial monthly checks?

Like one month you send the top right hand corner, and so on, as in a jigsaw puzzle?



LOL
Yeah .. lol . . .but I think Joel will want to be paid in Gold bullion . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #98,684
  • Jul 16, 2011 3:02pm Jul 16, 2011 3:02pm
Quoting 5.25
Something new I'm looking into:

eurchf: 4h, S/R level lining up rather nicely with these fibs. I'm curious to see if we will get any PA at the 38.2 or 61.8 level.

Note: As I understand it, the S/R level at 38.2 is not technically 'S/R', given that it has not acted as resistance... yet

Please correct me anyone if I have wrong here.

Not a trade call, just an observation and personal study.
You are correct, T . .nice levels with good confluence . .the Rac-man would be proud . .
Indicators show the past. Price Action "Indicates" the future.
  • #98,685
  • Jul 16, 2011 3:08pm Jul 16, 2011 3:08pm
Quoting jarroo
Hey AD . .I think you meant to say LCS (Lowest Close of Support) .. I knew what you meant . . . .and Yes, that's a good target . .

What's great about these levels are that they can be very effective in either direction . .as long as we use Price Breaks Through & Closes Above or Below as confirmation .. .


Jim
Yikes..
sorry for the blunder..Kunal(Fx Trader-)...hope u read Jarroo's post..

hey Jarroo,one thing
i see u that u have mentioned "damn gaps" on ur chart..n then its written "price cnt CA,enter short.."..i hope u were talking abt TT here..
but not sure y u mention abt "damn gaps" lol
i mean,its never discussed here in public thread abt gaps so not sure wats the significance of it.

somethng PF related?
  • #98,686
  • Jul 16, 2011 3:21pm Jul 16, 2011 3:21pm
Quoting AvanishDemo
Yikes..
sorry for the blunder..Kunal(Fx Trader-)...hope u read Jarroo's post..

hey Jarroo,one thing
i see u that u have mentioned "damn gaps" on ur chart..n then its written "price cnt CA,enter short.."..i hope u were talking abt TT here..
but not sure y u mention abt "damn gaps" lol
i mean,its never discussed here in public thread abt gaps so not sure wats the significance it.

somethng PF related?

Yes that would have been a touch trade with a very tight S/L at a very strong level acting as Resistance. . .its Resistance because PBT&CB.


Damn Gaps!! . . . .The weekend gaps ocurr very often and they mess up my Close levels. . . .since I look at Swing Highs (HCR) and Swing Lows (LCS) I like them to be one level . .nice and clear.

The weekend gaps messes up these levels at times . .meaning they form basically two levels of Closes . . . . . which is not really a big deal because I will look at both levels . .
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Indicators show the past. Price Action "Indicates" the future.
  • #98,687
  • Jul 16, 2011 7:43pm Jul 16, 2011 7:43pm
Something to watch?

Price failed to close below 1.3260 forming a PB on the weekly. There's space to move before hitting 1.3400.
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  • #98,688
  • Jul 16, 2011 7:46pm Jul 16, 2011 7:46pm
You are 100% correct.

the 38.2 fib is at former support and you know what often happens at former support resistance levels. I would not trade a PA setup there. As you stated, the level is not well-defined, and I do not take trades off of the 38.2 fib very often (not a huge fan of it. I do not even use the 23.6 at all).

My favorite fib in general is the 61.8. I would definitely watch PA at that level if it gets there as the level has a lot going for it.

Scott

Quoting 5.25
Something new I'm looking into:

eurchf: 4h, S/R level lining up rather nicely with these fibs. I'm curious to see if we will get any PA at the 38.2 or 61.8 level.

Note: As I understand it, the S/R level at 38.2 is not technically 'S/R', given that it has not acted as resistance... yet

Please correct me anyone if I have wrong here.

Not a trade call, just an observation and personal study.
  • #98,689
  • Jul 17, 2011 2:20am Jul 17, 2011 2:20am
Quoting 5.25
Something to watch?

Price failed to close below 1.3260 forming a PB on the weekly. There's space to move before hitting 1.3400.

Excellent, T!!! . . . . . ..No way would I take a full bar loss . .stop loss probably under the previous bar weekly Low . . . very tradable PB. .
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Indicators show the past. Price Action "Indicates" the future.
  • #98,690
  • Jul 17, 2011 2:22am Jul 17, 2011 2:22am
Quoting jarroo
Excellent, T!!! . . . . . ..No way would I take a full bar loss . .stop loss probably under the previous bar weekly Low . . . very tradable PB . .

This Swing Low was sweet once PBT&CB . .
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Indicators show the past. Price Action "Indicates" the future.
  • #98,691
  • Jul 17, 2011 2:40am Jul 17, 2011 2:40am
Quoting AvanishDemo
Hey Kunal..cool nice to see u..
where exactly in Mumbai?
actually..abt IB..if u see jarroo,ghous..they usually like the IB small..
smaller the IB,more the compression
as far as IB..i would like to see FTA as HCS(highest close of support,show on chart) which is still like a 1:1 R:R....so dats y i posted..
but u cn be right as well
thanks for sharing!!

avanish i m in central mumbai (mulund -to be precise will be good to see u some day ) Abt the IB may be that lower the body lower the compression i have never noticed this but its more off like a spinning top R:R yes if u enter at the low of IB is 1:1 The daily trend is down which is a plus for the trade but definitely not a A+ set ups.

Best would be to look for a good set up to sell on smaller TF's ( h4 - m15 ) i trade them all works pretty good .

cheers!!
  • #98,692
  • Jul 17, 2011 3:26am Jul 17, 2011 3:26am
Quoting jarroo
Hey Jim . . Do you mean as a touch trade base on this Weekly PB and its "eyes"? No, I wouldn't trade it in this way . . I would look at it like this .
. . .
The PPZ level at the 1.4080ish is currently acting as Support . .notice that Price can't close below this level. I would look for Bullish PA at this level on the Daily or even the 4 Hour as long as the bulish PA closed above this level.

Is the current Weekly PB showing this bullish indication? It maybe, but I would want the PB to be more Bullish in structure and closer to the actual level....
Hey Jim. Thanks for the explanation. I am talking about the red weekly pin bar shown in your chart for last week/this week. When I looked at Vegas's pin bar pdf (advanced pin bars) at the beginning of J16 thread, it mentioned you could take the eye of a previous weekly bar if the one before it, did not fit the criteria.

Am I wrong to even consider this?

I was also thinking that weekly bars are much more powerful than daily or 4 hourly, so would be grateful for your view on whether this weekly pin bar could be a valid set up based on the eyes of the previous weeks (last four weeks) AND the obvious ppz support aroung this area.

Thx.
Jim
  • #98,693
  • Jul 17, 2011 4:27am Jul 17, 2011 4:27am
Quoting jarroo
Hey Xhale . .have you check out the PPZ links that were posted to you. .

Finding PPZ levels are a great place to start . .its where a lot of Price Action setups are born.

Maybe you can post some charts with some PPZ levels on them and we can go over them . .many people here will help.

I'll go first . .

I like to start on the Weekly and Daily (remember the 1st post of this thread that you read) . .here are some on the Eur/Usd. . .charts . .maybe you can find more on my charts ..

Jarroo,

If you don't mind, would you comment on my outlook of the EURUSD charts?

I think were going to see quite a retrace on the weekly pin (probably most of next week) because of Thursday's nice bearish pin. The weekly pin may not work at all. It's not a great pin first off, and there are three previous lower highs on the weekly. Additionally, we still have May's BEOB in play.

I would be thinking sell. Thanks in advance Jarroo.
  • #98,694
  • Jul 17, 2011 4:38am Jul 17, 2011 4:38am
hi guys,

Noticed a bit late almost a day after it was made but still looks good to trade.

Comments appreciated :

regards,
Kunal (fx trader-)
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  • #98,695
  • Jul 17, 2011 5:15am Jul 17, 2011 5:15am
scco on weekly. the stock formed the cnadlestick-pattern "three white soldiers" in the last weeks. take a look how the rising volume supports the move. bottom was at the 50%. it now arrived at a minor ppz at about 37 usd. a break of this area can be seen as a nice trigger for longs.
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meine augen sind die sterne
  • #98,696
  • Jul 17, 2011 5:50am Jul 17, 2011 5:50am
sm on weekly. approachin a ppz with brn 80 usd, 123.6 fib and previous high.
stock is in a major uptrend since 2009. above 80 usd long.
(yes i know that it is highly correlated with commodities, nut who cares...).
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meine augen sind die sterne
  • #98,697
  • Jul 17, 2011 5:56am Jul 17, 2011 5:56am
Quoting fx trader-
avanish i m in central mumbai (mulund -to be precise will be good to see u some day ) Abt the IB may be that lower the body lower the compression i have never noticed this but its more off like a spinning top R:R yes if u enter at the low of IB is 1:1 The daily trend is down which is a plus for the trade but definitely not a A+ set ups.

Best would be to look for a good set up to sell on smaller TF's ( h4 - m15 ) i trade them all works pretty good .

cheers!!
ok cool..thanks for ur post buddy,
wil be interesting abt this IB...
good that lower TFs working for u..
but try watching Dailies,Weekly as well alng with lower TFs
js a help as J16 team always recommend higher TFs..

I live in Nerul,Navi Mumbai.
i have been a lot of times in Mulund..mostly to attend my classes n Nirmal Lifestyle twice or thirce there maybe..
Good Trading!
  • #98,698
  • Jul 17, 2011 8:06am Jul 17, 2011 8:06am
Quoting jarroo
This Swing Low was sweet once PBT&CB . .
something similar we have on AUDCHF..
it broke two previous swings..
tight SL would be great....
CB 0.87 n LCS as well...
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  • #98,699
  • Jul 17, 2011 11:27am Jul 17, 2011 11:27am
Quoting Jim Rogers
Hey Jim. Thanks for the explanation. I am talking about the red weekly pin bar shown in your chart for last week/this week. When I looked at Vegas's pin bar pdf (advanced pin bars) at the beginning of J16 thread, it mentioned you could take the eye of a previous weekly bar if the one before it, did not fit the criteria.

Am I wrong to even consider this?

I was also thinking that weekly bars are much more powerful than daily or 4 hourly, so would be grateful for your view on whether this weekly pin bar could be a valid set up based on the eyes...
I think I see your point Jim . .the left eye of a PB is inherently a good Support level for a Bullish PB . .(left eye of a Bearish PB would be Resistance level)

An inherent quality in a PB is one thing . .having an actual Support level as the left eye in a Bullish PB is another.

Let me respond to the other posts about the Euro about a trade that I'm actual in . .give me a few.
Indicators show the past. Price Action "Indicates" the future.
  • #98,700
  • Edited 12:03pm Jul 17, 2011 11:50am | Edited 12:03pm
Quoting Bryan
Jarroo,

If you don't mind, would you comment on my outlook of the EURUSD charts?

I think were going to see quite a retrace on the weekly pin (probably most of next week) because of Thursday's nice bearish pin. The weekly pin may not work at all. It's not a great pin first off, and there are three previous lower highs on the weekly. Additionally, we still have May's BEOB in play.

I would be thinking sell. Thanks in advance Jarroo.


Quoting fx trader-
hi guys,

Noticed a bit late almost a day after it was made but still looks good to trade.

Comments appreciated :

regards,
Kunal (fx trader-)
Yes Bryan . .I do think there is more down movent in the Euro.

fx trader . .your chart analysis of the PB is excellent . . Mike would be proud of that . .Pattern Breakout / Pull Back with PA . . .nice.

Here is some charts I posted in the PF of when and why I took this PB.

It was mainly due that Price Broke Through and Closed Below these two Lowest Close of Support levels at these Swing Lows.

Notice on the Daily I have my Daily targets . .previous Highs/Lows. . . . .I was using a Hourly bar close above as my S/L . .I took alot off the table when Price reached its 1st Daily target.

This Bearish PB's left eye has a strong Resistance level to back it up. . .not just an inherent one. . .because PBT&CB a strong Support level turning it into Resistance.

(sorry my charts are a little messy)

Jim
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Indicators show the past. Price Action "Indicates" the future.
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