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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

  • #100,601
  • Aug 17, 2011 9:44pm Aug 17, 2011 9:44pm
Quoting cprao
If the close is below 1.3022, it would have been perfect.
I agree . and a bit bigger would have been nice . ..
Indicators show the past. Price Action "Indicates" the future.
  • #100,602
  • Aug 17, 2011 10:01pm Aug 17, 2011 10:01pm
Quoting jarroo
Hey Chelski . .sorry for the post and run on the GU from earlier today . .also to answer a few PMs I got today . .


Here's is a more detailed explanation. . .

On the Weekly we had a very clear, strong Two (Three/ Four) Bar High with very good Space to trade into. Two (Three, etc) Bar High (or Low) are a very valid entry when PBT&CA or B our strong level . .I've talked about this before . . .Eur/Jpy example (chart)

Since this is a Weekly level we have Weekly targets (in blue). Since this was a Strong level, we can move down to a lower TFs...

Jarroo, I have a question on GU.

I got that 1.6475 is a 3 or 4 bar resistance at the weekly level.

1) So when this level is broke on intraday you take the trade if price retraces back to the weekly level within that week ?
or

2) You wait for the end of the week to ensure it is a confirned PBT & CA, then take the trade if price retraced to that level in the subsequent weeks? (Either by PA or touch trade )
  • #100,603
  • Aug 17, 2011 10:11pm Aug 17, 2011 10:11pm
Quoting jarroo
Interesting IPB at a Swing High on the Gbp/Chf. .don't you think, ghous? . .
Haven't seen a lot of healthier ones in recent times. I was wondering what to do with this one last night and eventually gave it a pass (which normally tends to happen when a quick glimpse isn't enough to convince me)

Don't like how it doesn't have its back against the 1.3 RN but rather looking over it from above. And yeah a bigger bar would have been better.

Here's a great IPB that occured on Eu not long ago. Wonderful support, inverted head and shoulders and trend line confluence. Also a superb Constrictor entry (ET2) for those of you who follow (or are slightly aware of) it.



...

It's good to chime in.

g.
Attached Image (click to enlarge)
Click to Enlarge Name: eu 1h.gif Size: 41 KB
I believe . . .
  • #100,604
  • Aug 17, 2011 10:14pm Aug 17, 2011 10:14pm
Quoting cprao
Jarroo, I have a question on GU.

I got that 1.6475 is a 3 or 4 bar resistance at the weekly level.

1) So when this level is broke on intraday you take the trade if price retraces back to the weekly level within that week ?
or

2) You wait for the end of the week to ensure it is a confirned PBT & CA, then take the trade if price retraced to that level in the subsequent weeks? (Either by PA or touch trade )
Strong levels like this one on the Weekly can be viewed on many of the lower TFs . .check the 4 Hour and Hourly . .there was no close above this level and so with the Daily and Weekly. For some reason or another, Price could not close above this level.

So when Price broke though and closed above on the Hourly and the 4 Hour (just a bit on the 4 Hour). . .a transition was in the making . . Resistance turning into Support. I took advantage of that on the Hourly.

Now that the Daily has now Closed above this level . .looking for this level to act as Support from the Daily on down to the hourly.


The weekly has yet to show what it going to do . .meaning that Price could Close below this level on the weekly, thus returning this level to Resistance.

Does that make sense or did I lose you . .
Indicators show the past. Price Action "Indicates" the future.
  • #100,605
  • Aug 17, 2011 10:21pm Aug 17, 2011 10:21pm
Quoting ghous
Haven't seen a lot of healthier ones in recent times. I was wondering what to do with this one last night and eventually gave it a pass (which normally tends to happen when a quick glimpse isn't enough to convince me)

Don't like how it doesn't have its back against the 1.3 RN but rather looking over it from above. And yeah a bigger bar would have been better.

Here's a great IPB that occured on Eu not long ago. Wonderful support, inverted head and shoulders and trend line confluence. Also a superb Constrictor entry (ET2) for those...
I see . .g . .

Who would have guessed . .multiple confluences gives a setup supportive strength which inturn they tend to work out stronger. . . .


Thanks . .g

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #100,606
  • Aug 17, 2011 10:23pm Aug 17, 2011 10:23pm
Quoting jarroo
Strong levels like this one on the Weekly can be viewed on many of the lower TFs . .check the 4 Hour and Hourly . .there was no close above this level and so with the Daily and Weekly. For some reason or another, Price could not close above this level.

So when Price broke though and closed above on the Hourly and the 4 Hour (just a bit on the 4 Hour). . .a transition was in the making . . Resistance turning into Support. I took advantage of that on the Hourly.

Now that the Daily has now Closed above this level . .looking for this level to act...
It does make sense.. since this a good level ( 4 weekly bars and price is not closed above this level on any major TF's), an advantage can be taken on lower TF if this level is broken convincingly.

Now, what if the end of the week, this closes below the level on the weekly, do you again expect any PA or touch trade possibility towards south ?
  • #100,607
  • Aug 17, 2011 10:24pm Aug 17, 2011 10:24pm
Quoting jarroo
I see . .g . .

Who would have guessed . .multiple confluences gives a setup supportive strength which inturn they tend to work out stronger. . . .

Jim
I would never have, had it not been for this thread and its inhabitants.

g.
I believe . . .
  • #100,608
  • Aug 17, 2011 10:28pm Aug 17, 2011 10:28pm
Quoting cprao
It does make sense.. since this a good level ( 4 weekly bars and price is not closed above this level on any major TF's), an advantage can be taken on lower TF if this level is broken convincingly.

Now, what if the end of the week, this closes below the level on the weekly, do you again expect any PA or touch trade possibility towards south ?
Absolutely . .a Weekly close below this level would revert it back to its strong Resistance level status. Bearish PA or TT down very possible .. .
Indicators show the past. Price Action "Indicates" the future.
  • #100,609
  • Aug 17, 2011 10:28pm Aug 17, 2011 10:28pm
Quoting ghous
I would never have, had it not been for this thread and its inhabitants.

g.
ditto that g, ditto that . .
Indicators show the past. Price Action "Indicates" the future.
  • #100,610
  • Aug 17, 2011 10:37pm Aug 17, 2011 10:37pm
Quoting jarroo
Absolutely . .a Weekly close below this level would revert it back to its strong Resistance level status. Bearish PA or TT down very possible .. .
Thanks Jarroo.. Lets watch how this behaves as the weekend gets closer.
  • #100,611
  • Aug 17, 2011 10:42pm Aug 17, 2011 10:42pm
Yesterday I bowls at the MT4 under Unix. In another forum thread, but I haveno one to help. Maybe I did not write back? Anybody can help me with the Mac OS or Unix in general.
Alternative free client terminal MetaTrader 4 (open source, free)

Quoting NewFxStar
Hello, dear Sirs, help me please. What are the trading platform in the world, except for MT4? All the time I was trading on MT4. Now I bought a computer Apple with MAC OS. I want to try something new. Help, please who know this.
Anybody can help me with the Mac OS or Unix in general.
  • #100,612
  • Aug 17, 2011 10:45pm Aug 17, 2011 10:45pm
Quoting Bemac
Great Question Adilius & deserves an honest answer. I will give this answer my best effort but I have been known (in the past) to be somewhat cryptic.

How can you possiibly hope be successfull if you don't run an RR enquiry before Entering a Trade.
(Adilius, is that a fair abridged version of your question?)

The answer is simple really.

I do. but I do it in another fashion.

Before you Enter a Trade
Draw, or imagine, Two Horizontal Lines.
One will be where you have decided how far Price can move toward your Goal. (remember....
Thank you very much, Bemac. I would need to really think about all this. Thanks!
  • #100,613
  • Aug 17, 2011 10:45pm Aug 17, 2011 10:45pm
Quoting cprao
Thanks Jarroo.. Lets watch how this behaves as the weekend gets closer.




Check this out on the Gbp/Aud from last year . .no Close above . .still Resistance . .

gotta go .. .later

jim
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #100,614
  • Aug 17, 2011 11:22pm Aug 17, 2011 11:22pm
Quoting Patrick.
Hey Mike (Mbq) have to be certain so many Mikes around now, I bailed on my Swissy position when I saw it tanking due to news, I need to be more confident, send me some of that tiger blood you drinking.
i bailed on that too. hoping on re-entering on either EURCHF or GBPCHF based on the weekly pin bar.

Anybody out there holding on to those pairs? where are your profit targets?
  • #100,615
  • Aug 17, 2011 11:40pm Aug 17, 2011 11:40pm
Quoting fascist
i bailed on that too. hoping on re-entering on either EURCHF or GBPCHF based on the weekly pin bar.

Anybody out there holding on to those pairs? where are your profit targets?
Hey F

I don't have a target myself with the usd/chf. I am going to see what new information prints and hopefully trail it out for now

Best
Mike
  • #100,616
  • Aug 18, 2011 12:24am Aug 18, 2011 12:24am
Quoting ghous
Haven't seen a lot of healthier ones in recent times. I was wondering what to do with this one last night and eventually gave it a pass (which normally tends to happen when a quick glimpse isn't enough to convince me)

Don't like how it doesn't have its back against the 1.3 RN but rather looking over it from above. And yeah a bigger bar would have been better.

Here's a great IPB that occured on Eu not long ago. Wonderful support, inverted head and shoulders and trend line confluence. Also a superb Constrictor entry (ET2) for...
Location was good but something js kept me away from this. .
maybe the size of IPB not attractive compared to the strong bullish bars we had before IPB.
Attached Image (click to enlarge)
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  • #100,617
  • Aug 18, 2011 1:28am Aug 18, 2011 1:28am
Quoting jarroo
Hey Chelski . .sorry for the post and run on the GU from earlier today . .also to answer a few PMs I got today . .


Here's is a more detailed explanation. . .

On the Weekly we had a very clear, strong Two (Three/ Four) Bar High with very good Space to trade into. Two (Three, etc) Bar High (or Low) are a very valid entry when PBT&CA or B our strong level . .I've talked about this before . . .Eur/Jpy example (chart)

Since this is a Weekly level we have Weekly targets (in blue). Since this was a Strong level, we can move down to a lower...
Thanks,

I thought you were trading lower TF. (not for me yet!) But now Daily had taken out this level i can look for action here?
  • #100,618
  • Aug 18, 2011 2:05am Aug 18, 2011 2:05am
Quoting mbqb11
Hey TP

It's really how you want to use this information that is most important and it varies from trader to trader

Just to give you some ideas

Trader A(TA)- Takes a long on the break of the bar and places stop below pinbar. They reduce their stop at the FTA to under the current weekly bar. They want to reduce majority of their risk(80+%) and yet remain in logically to see what happens next

Trader B(TB) - Takes an entry at the break of the bar targets the FTA for a small move and gets out or moves to b/e

TC - Starts with a stop below the...
As always, thanks for the help mike. http://www.forexfactory.com/images/icons/icon14.gif
  • #100,619
  • Edited 7:06am Aug 18, 2011 2:07am | Edited 7:06am
so ,my plan is long @ 0.9850 ,and SL @9750,TP may be @ 0.9980 area .

and if we go to the h4 chart ,we can see the same thing .
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A chart helps those who can read it.
  • #100,620
  • Aug 18, 2011 4:22am Aug 18, 2011 4:22am
Quoting AvanishDemo
Location was good but something js kept me away from this. .
maybe the size of IPB not attractive compared to the strong bullish bars we had before IPB.
Right on bud.

g.
I believe . . .
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