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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

  • #107,141
  • Feb 9, 2012 7:03pm Feb 9, 2012 7:03pm
Quoting deankenny21
sometimes i go down a timeframe to look for PA
but i prefer that if im working with daily i get a good candle on the daily, here in the chart attached is a perfect scenario of what im talking about
Eurusd broke above this PPV so i waited to see the next days candle, and low and behold it was a nice rejection candle (highlighted in blue rectangle) off the PPZ so i took the buy, thats what i like to look for in these cases.
I do the same Dean . .have you see this video . .

Quoting jarroo
Yes, thats correct gado . .this video will help . .

http://www.youtube.com/watch?v=7j3uE...layer_embedded
Indicators show the past. Price Action "Indicates" the future.
  • #107,142
  • Feb 9, 2012 7:23pm Feb 9, 2012 7:23pm
Quoting jarroo
I do the same Dean . .have you see this video . .
Yes i saw that video, some good stuff there.
  • #107,143
  • Feb 9, 2012 7:36pm Feb 9, 2012 7:36pm
New chart data revealed the footprint of sellers, the shooting star. The unconfirmed weekly levels above are now confirmed. As identified well in advance the "weakness" of the BUOC is reinforced by the two consecutive daily candles that managed to "false" break it but without the proper momentum to elevate price at higher levels. Although the latest facts favor my trade, we must remember that the BUOC is valid until price break its low.

Based on the above I lower my stop loss at $1755.
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  • #107,144
  • Edited 9:27pm Feb 9, 2012 8:16pm | Edited 9:27pm
Quoting deankenny21
Yes i saw that video, some good stuff there.

Thanks Dean . .Its a great example of that great common market dynamic of Resistance turning into Support. Actually it was Support to Resistance then turning back to Support. I just add, Price Beaking Through and Closing Above or Below as a way of confirming this transition.

Here's some charts on the Euro that are clearer from the video ... .
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: euro09zzwwdd.gif Size: 30 KB
Indicators show the past. Price Action "Indicates" the future.
  • #107,145
  • Feb 9, 2012 8:22pm Feb 9, 2012 8:22pm
Quoting deankenny21
Im not Jim, but i have studied his working for a long time now and use them all the time, Credit to him.

The way i play these using Jims teachings, is very similar to that of the long i went in on eurusd yesterday, i wait for an official close above of the candle nice and clear close above, and then time has taught me to be patient and wait for the price to come back down to the PPZ level and play the reaction of a bounce. If it doesnt retrace its just bad luck and i wait for next setup.
Quoting deankenny21
It will come with time, believe me i am one of the most impatient ppl in the world, i want everything yesterday! when i first started here, i got so desperate if nothing on the daily i would go down to 4 hr then even 1hr charts just to find a half decent setup, a bar which my brain turned into a pinbar just so i could be in a trade, i felt like i was missing out if no trades were open. Of course i lost at this stage, and as i read more about J16 and treating it like a business, i wrote out a plan or business model if you will, over time creating...

Great posts Dean . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,146
  • Feb 9, 2012 8:28pm Feb 9, 2012 8:28pm
EURGBP looks interesting, I know the pin hasn't broken through resistance. If it does I would expect
.8550 to be tested although two potential trouble spots below.
Any comment appreciated.

Thomas
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  • #107,147
  • Feb 9, 2012 8:50pm Feb 9, 2012 8:50pm
Quoting jarroo
Thanks Dean . .Its a great example of that great common market dynamic of Resistance turning into Support. Actually it was Support to Resistance than turning back to Support. I just add, Price Beaking Through and Closing Above or Below as a way of confirming this transition.

Here's some charts on the Euro that are clearer from the video ... .
HI Jarroo,
I have attached a H4 version of the EURUSD chart for TT as discussed. How would you manage the trade since after touching the blue line (and we enter), it came back down to touch it again? Thks
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  • #107,148
  • Feb 9, 2012 8:50pm Feb 9, 2012 8:50pm
Quoting hometrading
EURGBP looks interesting, I know the pin hasn't broken through resistance. If it does I would expect
.8550 to be tested although two potential trouble spots below.
Any comment appreciated.

Thomas
Hey Thomas . .I would look to the previous Day's Highs and Lows for FTAs
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #107,149
  • Edited 9:54pm Feb 9, 2012 8:52pm | Edited 9:54pm
Quoting Fx7877
HI Jarroo,
I have attached a H4 version of the EURUSD chart for TT as discussed. How would you manage the trade since after touching the blue line (and we enter), it came back down to touch it again? Thks
Throw on the Daily/Weekly targets on your chart and that is where the trade management comes into play . .for moving your S/L to reduce risk (moving to B/E), partial profit taking or full profit taking. . .once your target(s) are hit.
Indicators show the past. Price Action "Indicates" the future.
  • #107,150
  • Feb 9, 2012 9:35pm Feb 9, 2012 9:35pm
Quoting jarroo
Thanks Dean . .Its a great example of that great common market dynamic of Resistance turning into Support. Actually it was Support to Resistance then turning back to Support. I just add, Price Beaking Through and Closing Above or Below as a way of confirming this transition.

Here's some charts on the Euro that are clearer from the video ... .

The Hourly TF shows Touch Trade opportunities at these levels . .notice there was no Hourly Close Below these levels.

Bullish PA at these levels .. like a Bullish PB . .is always great confirmation . . (PB is actual size . .lol)
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #107,151
  • Feb 9, 2012 10:24pm Feb 9, 2012 10:24pm
Quoting Michael-SPA
New chart data revealed the footprint of sellers, the shooting star. The unconfirmed weekly levels above are now confirmed. As identified well in advance the "weakness" of the BUOC is reinforced by the two consecutive daily candles that managed to "false" break it but without the proper momentum to elevate price at higher levels. Although the latest facts favor my trade, we must remember that the BUOC is valid until price break its low.

Based on the above I lower my stop loss at $1755.
Hey Michael,

Have you seen James16's "This is Critical" post? I believe it applies very well with your chart analysis . .and what the Bullish Outside Candle is trading into . .


Quoting james16

THIS IS CRITICAL.


WE MUST LEARN TO:

1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.

if we know its there, we have several choices.

1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.

jim
Indicators show the past. Price Action "Indicates" the future.
  • #107,152
  • Feb 9, 2012 10:34pm Feb 9, 2012 10:34pm
Quoting jarroo
Hey Thomas . .I would look to the previous Day's Highs and Lows for FTAs
Thanks for the feedback
  • #107,153
  • Feb 9, 2012 10:37pm Feb 9, 2012 10:37pm
First chart was sent to the group on 2-7. second is a follow up chart sent out tonight.
Attached Image(s) (click to enlarge)
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  • #107,154
  • Feb 9, 2012 10:39pm Feb 9, 2012 10:39pm
Quoting hometrading
Thanks for the feedback
Sure thing, ht . .

That's a great level on the EurGbp . .if we get a Daily Close above that level we could be going upward . .if not, more downward movement is in the cards . .
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Indicators show the past. Price Action "Indicates" the future.
  • #107,155
  • Feb 9, 2012 10:46pm Feb 9, 2012 10:46pm
Quoting james16
First chart was sent to the group on 2-7. second is a follow up chart sent out tonight.

Nice charts Jim . .that PB was a bit crowded for most people but it was a great testament to the power of PA . . The built in momentum that they possess seems to over power any traffic in its way . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,156
  • Feb 9, 2012 11:04pm Feb 9, 2012 11:04pm
Quoting gadogado
Thanks jarroo, it helps me a lot.
Indicators show the past. Price Action "Indicates" the future.
  • #107,157
  • Feb 9, 2012 11:18pm Feb 9, 2012 11:18pm
8200 on NZDUSD looks like a likely support area to watch over the next few days.
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  • #107,158
  • Feb 9, 2012 11:27pm Feb 9, 2012 11:27pm
Quoting Donkey
8200 on NZDUSD looks like a likely support area to watch over the next few days.

Great level there D . .
Indicators show the past. Price Action "Indicates" the future.
  • #107,159
  • Feb 9, 2012 11:32pm Feb 9, 2012 11:32pm
Quoting ddinnov
GBP/JPY is at an interesting area - confluence of 2 fibs, RN 122 and daily 150 EMA. However - is the blue shaded area what people refer to as a supply zone? The confluence area looks solid and it appears to have PBT&CA'd...

*EDIT* - Weekly double bottom adds weight to the story


Quoting jarroo
Nice charts dd . .I like the 122.60ish level . .more open Space to the upside if we close above it on the Daily and/or Weekly..
The Yen crosses do love their multi bar Highs and Lows. .
I have the Daily HCR level at 122.53 . .PBT&CA on the Daily . . should be fun to watch . . .Price is there right now. .again
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #107,160
  • Feb 9, 2012 11:59pm Feb 9, 2012 11:59pm
yes and thats the great thing about demo and practice. when someone gets good at making a small or demo account grow even when trading less than perfect bars and set ups its a done deal. you can then make money consisently as long as you keep your head in the right place.

appreciate all you do jim,

jim

Quoting jarroo
Nice charts Jim . .that PB was a bit crowded for most people but it was a great testament to the power of PA . . The built in momentum that they possess seems to over power any traffic in its way . .
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