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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

  • #106,321
  • Jan 25, 2012 5:22pm Jan 25, 2012 5:22pm
Pretty sure this is a classic case of Jarroo's PBT&CA, RN and prev. support..

Didn't take it myself but an easy winner.
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  • #106,322
  • Jan 25, 2012 5:59pm Jan 25, 2012 5:59pm
Hey Mike ,
could you give me your view on GOLD , please ?

Here is what i mean :
Daily chart - we have this wedge , 3 touches so far and then a break with a big big bullish outside bar.
The thing is that I see this more of a weekly setup where it's like only two touches of the trendline , so kinda not enough developed .

Good enough ?
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  • #106,323
  • Jan 25, 2012 6:05pm Jan 25, 2012 6:05pm
wow, NZD/USD never even looked back.

Just shows how we need to wait for a daily close below before deciding it is going to act as resistance.
The 150 EMA contributed strongly to this move.
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  • #106,324
  • Jan 25, 2012 6:31pm Jan 25, 2012 6:31pm
Had my eye on this but, with the Japanese announcing their first trade deficit in 30 years, I am wary of it.
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  • #106,325
  • Jan 25, 2012 6:32pm Jan 25, 2012 6:32pm
Quoting Rust
Hey Mike ,
could you give me your view on GOLD , please ?

Here is what i mean :
Daily chart - we have this wedge , 3 touches so far and then a break with a big big bullish outside bar.
The thing is that I see this more of a weekly setup where it's like only two touches of the trendline , so kinda not enough developed .

Good enough ?
Hey Rust

Looks good to me if I wasn't in the US i would buy the spot gold. Don't forget to mark up the BRN of 1700 there also for trade mgmt. I would have liked to see a strong last bounce here to really feel confident in it. But I would agree with your analysis and draw it up the same way

Best
Mike
  • #106,326
  • Jan 25, 2012 6:42pm Jan 25, 2012 6:42pm
Gold retest of the bueob previous bar high would be nice.
Could be a bit too deep to come back though.
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  • #106,327
  • Jan 25, 2012 7:01pm Jan 25, 2012 7:01pm
Quoting mbqb11
Hey Rust

Looks good to me if I wasn't in the US i would buy the spot gold. Don't forget to mark up the BRN of 1700 there also for trade mgmt. I would have liked to see a strong last bounce here to really feel confident in it. But I would agree with your analysis and draw it up the same way

Best
Mike
Thanks a lot man !
1700 level already marked up - the upper blue rectangle is it
Forgot to mention I like very much that daily closed above .
So .... I think I will cut some risk and play it !
  • #106,328
  • Jan 25, 2012 7:25pm Jan 25, 2012 7:25pm
Quoting Rust
Thanks a lot man !
1700 level already marked up - the upper blue rectangle is it
Forgot to mention I like very much that daily closed above .
So .... I think I will cut some risk and play it !
There is a small daily ppz around this area, we just had an H1 BEOB,

I put a 11 pip buffer on it and my sell order did not get hit, yet.

Looks like time for a retrace.
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  • #106,329
  • Edited 8:43pm Jan 25, 2012 7:41pm | Edited 8:43pm
Quoting PinWing
Hello Drop

The levels marked on the charts i posted are the monthly HCR & LCS of the range we are stuck right now on this pair, those are supposed to be more reliable than any level on a lower timeframe. This is the range we have been hanging since november 2011 begginings. I assume the 77,20 is a HCR on daily (marked on the chart attached), or midpoint of actual range (Mike wrote about it a few posts back). Daily levels work too, but they are supposed to be less reliable.

Thank you for your feedback

Best wishes

Hector
You assumed correctly, Hector . . the 77.20 is a Daily (on your feed) and Weekly HCR level.

. .we are not surprised . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #106,330
  • Jan 25, 2012 7:44pm Jan 25, 2012 7:44pm
Quoting Pinbar
Looks like time for a retrace.
Time for some sleep for me
Let tomorrow bring some retrace for you then one more straight shot for me
  • #106,331
  • Edited 8:44pm Jan 25, 2012 7:45pm | Edited 8:44pm
Quoting Pinbar
Yeah, you got it.

This chart is for anyone still wondering about it.
This is awesome Pinbar!!!!!

I made it a little brighter

Excellent!!
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Indicators show the past. Price Action "Indicates" the future.
  • #106,332
  • Jan 25, 2012 7:49pm Jan 25, 2012 7:49pm
Quoting Pinbar
And for any totally new people, who are still confused about PPZ & S&R, as I was for a long time. Here is the PPZ S&R house.
Honestly, support and resistance did not click in my mind when I first started learning trading, until I got round to thinking of these levels as floors and ceilings in a house. its true. LOL

Edit: We can even put PB chandeliers & standing lamps in it.

Hey there is a marketing idea for traders, PB lamps!

You're like butter, Pinbar . .you're on a rollll . .


Don't forget to CLOSE the door . .. . . . .


Nice one , Pinbar . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,333
  • Jan 25, 2012 8:34pm Jan 25, 2012 8:34pm
Quoting jarroo
You're like butter, Pinbar . .you're on a rollll . .


Don't forget to CLOSE the door . .. . . . .


Nice one , Pinbar . . .

Don't forget to close the door? I forgot to even draw it. LOL

Are you up for marketing the Trader's Bullish & bearish PB chandeliers and standing lamps?
Don't forget I am in China and can probably get a great deal on manufacturing them.
  • #106,334
  • Jan 25, 2012 8:42pm Jan 25, 2012 8:42pm
Quoting Pinbar
Don't forget to close the door? I forgot to even draw it. LOL

Are you up for marketing the Trader's Bullish & bearish PB chandeliers and standing lamps?
Don't forget I am in China and can probably get a great deal on manufacturing them.
LOL . . .I'm in on that one, Pinbar .

Did you notice the AudUsd Monthly level . .target hit . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,335
  • Jan 25, 2012 8:48pm Jan 25, 2012 8:48pm
Quoting jarroo
LOL . . .I'm in on that one, Pinbar .

Did you notice the AudUsd Monthly level . .target hit . . .

Yes, but I got so tied up in the monthly HCR, I ignored the bar lows, which I am sure you did not.

I think I am becoming too biased in which way price will react, instead of watching what price is doing.
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  • #106,336
  • Jan 25, 2012 8:55pm Jan 25, 2012 8:55pm
Quoting Pinbar
Yes, but I got so tied up in the monthly HCR, I ignored the bar lows, which I am sure you did not.

I think I am becoming too biased in which way price will react, instead of watching what price is doing.

Well, the main thing I trying to get acrooss is keying on these deep swing points and their HCR/LCS level. . . they are very reactive.

Sure, there are many internal HCR/LCS . .I see you point to them on your charts all the time . .its not a bad thing to do. But the Deepest ones are the best.

Let's watch and see what happens at this HCR on the Weekly NzdUsd at this deep Swing High. .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,337
  • Jan 25, 2012 9:03pm Jan 25, 2012 9:03pm
Quoting jarroo
You assumed correctly, Hector . . the 77.20 is a Daily (on your feed) and Weekly HCR level.

. .we are not surprised . .


Jim
This tools are awesome, what you guys teach is pure gold!!!, the usd jpy levels work over and over again, too bad price went to the monthly HCR faster than i thought, and i didnt placed the sell order... next time!!!

Best wishes

Hector
  • #106,338
  • Jan 25, 2012 9:11pm Jan 25, 2012 9:11pm
Quoting jarroo
Well, the main thing I trying to get acrooss is keying on these deep swing points and their HCR/LCS level. . . they are very reactive.

Sure, there are many internal HCR/LCS . .I see you point to them on your charts all the time . .its not a bad thing to do. But the Deepest ones are the best.

Let's watch and see what happens at this HCR on the Weekly NzdUsd at this deep Swing High. .

I take it that is, 0.82064 on hte FXPRO feed.

I am watching it.

Yes, it is easy to get distracted between the Monthly & weekly TFs and the smaller swing points. I am working on it.

Got to run, back later
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  • #106,339
  • Jan 25, 2012 9:12pm Jan 25, 2012 9:12pm
It will be interesting to watch gold @ $ 1750 mark for some nice PA , also $1680 -$1700 level will present nice opportunity.

One should not discard that big BEOB on monthly charts for obvious reasons.

Cheers.

V
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  • #106,340
  • Jan 25, 2012 9:16pm Jan 25, 2012 9:16pm
Quoting PinWing
This tools are awesome, what you guys teach is pure gold!!!, the usd jpy levels work over and over again, too bad price went to the monthly HCR faster than i thought, and i didnt placed the sell order... next time!!!

Best wishes

Hector
Throw in some confluences at these levels and they become easier to take. . . . meaning . . James16: "We need many reasons to enter a trade . . "

Confluences like . . .Fibs, trendlines, EMAs, BRNs , RNs, Space, etc . .and/or PA at these levels ( even on a lower TF) gives confirmation of that level.

The stronger the PA the better. . .you know, the kind of PA that Mike would be proud of . .
Indicators show the past. Price Action "Indicates" the future.
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