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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

  • #111,441
  • May 8, 2012 6:44am May 8, 2012 6:44am
Quoting Bones
Jim im not trading ,but I think weekly is bearish set up ,I totally see support and upper target
Where the Daily closes today will be telling . .meaning if we close above those Weekly and Daily levels . .we could be moving up some more ..
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Indicators show the past. Price Action "Indicates" the future.
  • #111,442
  • May 8, 2012 6:45am May 8, 2012 6:45am
Quoting Magestic
You forgot that these candle has to engulf previous candle totally (from bottom to the top) and it has to be closed above the previous candle high.
Yes, you are right.

Had the real body in mind...
Thoughts are things
  • #111,443
  • May 8, 2012 7:03am May 8, 2012 7:03am
Quoting jarroo
I like those levels too, Tony . .1.6600ish

Jim
Alot of pairs currently consolidating between weekly levels. Patiently (or maybe not so patiently) waiting for the 1.66ish level on EURNZD to flip from Resistance to Support.
  • #111,444
  • May 8, 2012 7:27am May 8, 2012 7:27am
Jim I think we could see 1.6 really I think high prob ,the $ is bullish ,


Quoting Bones
change in market ?
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,445
  • May 8, 2012 7:53am May 8, 2012 7:53am
Quoting Quezoy
If you are new to all of this, just take MT4 and demo the hell out of it.
Market Scope is only for FXCM if Im not mistaken, so unless you wanna stay only with them, it does not make sense.
Tradestation I know only from videos and it seems like a powerfull platform, but for the begining stages I see no need for it.
You dont need 5000 instruments and the ability to track them in a sophisticated way, just take your 30-ish forex pairs and learn to analyse them. Belive me, its enough work for now.
THANK YOU so much Quezoy! That info is so helpful indeed. Helps clear a path, at least for me. Your point is exacting, focus, use a rifle & not a shotgun.
100 % of the shots you don't take wont go in. Wayne Gretzky
  • #111,446
  • May 8, 2012 8:00am May 8, 2012 8:00am
I think a massive explosion in the majors is imminent. Its all about to come together soon enough.
  • #111,447
  • May 8, 2012 8:06am May 8, 2012 8:06am
I read :
"DailyFXTeam
Bank of Japan bought 42 billion yen of ETFs and J-REITs yesterday."


In realizing that this thread is not about fundamentals per se, but it does play a role in price analysis. So, would that kind of "BUY" create the large gap I seen on the Monday open of the EUR/JPY?
100 % of the shots you don't take wont go in. Wayne Gretzky
  • #111,448
  • May 8, 2012 8:08am May 8, 2012 8:08am
outside already bears will be aggresive on eu (gap still there tho?)


Quoting Bones
Yes NZD and AUD are sell
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #111,449
  • May 8, 2012 8:37am May 8, 2012 8:37am
analogue situation isnt it?
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all is eternal - this is good news for people who loves bad news
  • #111,450
  • May 8, 2012 8:52am May 8, 2012 8:52am
well its historic moment
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all is eternal - this is good news for people who loves bad news
  • #111,451
  • May 8, 2012 9:13am May 8, 2012 9:13am
Aussie is pretty too
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all is eternal - this is good news for people who loves bad news
  • #111,452
  • May 8, 2012 11:20am May 8, 2012 11:20am
Hi everyone, I am sorry to ask a question that I am sure has been asked several hundred times at least. Does anyone have a link where Jaroo explains his HCR and LCS explanation? I would really appreciate any help given. Thanks everyone, I am on page 200 of this thread currently!
  • #111,453
  • May 8, 2012 12:26pm May 8, 2012 12:26pm
Quoting mbarker22
Hi everyone, I am sorry to ask a question that I am sure has been asked several hundred times at least. Does anyone have a link where Jaroo explains his HCR and LCS explanation? I would really appreciate any help given. Thanks everyone, I am on page 200 of this thread currently!
I did not see any sum-up of his approach, but you can learn it by following his old posts. Thats what I did. Its really not that difficult, at least the LCS/HCR identification. Putting that together with MTF price action is then another thing.

But a compilation of jarroo's and other great members's post you can find here:
http://www.forexfactory.com/showthre...95#post5618195
Thoughts are things
  • #111,454
  • May 8, 2012 12:32pm May 8, 2012 12:32pm
Quoting jarroo
Hey Caesar,

Let me see if I understand your question correctly . .

Whenever a Daily PBT&CA/B a HCR/LCS level setup appears...you will move down to H4, H1 charts or trade straight off that Daily level. Yes, that's correct.

There isn't much difference with the Hourly, 4 Hour or Daily PA confirmation because I'm trading off the Daily level on a lower TF.

The advantages are that I'm trading off the actual level that the Daily PA formed from . .meaning by the time a Daily PA setup is formed . .if one forms at all . . I...
Jarroo,

Thanks for your explanation and no, the chart are not cluttered

Caesar
"Nature's law" is called "Reason". When perfectly understood by human it is
  • #111,455
  • May 8, 2012 1:12pm May 8, 2012 1:12pm
Quoting Quezoy
I did not see any sum-up of his approach, but you can learn it by following his old posts. Thats what I did. Its really not that difficult, at least the LCS/HCR identification. Putting that together with MTF price action is then another thing.

But a compilation of jarroo's and other great members's post you can find here:
http://www.forexfactory.com/showthre...95#post5618195
Thank you Quezoy, I will look through that link. Can you tell me what you mean by MTF price action?Quezoy
Member
  • #111,456
  • May 8, 2012 1:33pm May 8, 2012 1:33pm
Quoting mbarker22
Can you tell me what you mean by MTF price action?Quezoy
Member
Well, I cant really talk for him, how exactly his strategy works, but from what I see, he plots weekly & daily levels and looks then for price action around those levels on D1, H4 and H1.
Thoughts are things
  • #111,457
  • May 8, 2012 2:04pm May 8, 2012 2:04pm
Quoting aserbfx
yes! it does!

and still in play...
done. 1.6000 touched.
now let's see if it gives some decent price action-setups in this area.
meine augen sind die sterne
  • #111,458
  • May 8, 2012 2:44pm May 8, 2012 2:44pm
Quoting aserbfx
done. 1.6000 touched.
now let's see if it gives some decent price action-setups in this area.
yes... its a cool place to watch.
all is eternal - this is good news for people who loves bad news
  • #111,459
  • May 8, 2012 3:17pm May 8, 2012 3:17pm
I have a very important question .Any Input by anyone Is HIGHLY appreciated . Everyone will have a different view , so every input is warmly welcome . Its about PPZ .
Some of the PPZ are easy to draw and easy to use for different purposes . But Some are not . My question is , What to include while drawing PPZ ? Some would say that its a visual thing , but for me , that is not an option . The way I manage my trades and the way I take my trades , I NEED my PPZ's to be as accurate as possible . one of the reason is , I trail my stops at the break of the PPZ , If I don't draw em correctly , I will be making a lot of bad decisions . I take them as a zone . I Know most recent ones are most important and all ,but while drawing them as a zone

1 ) are closing prices considered ?

2 ) Or the highs and lows ?

3 ) Or both ?

Below are couple of charts , Drawing the marked PPZ wrongly , I suffered a couple of losses . To your best of understandings , correct them if they are wrongly drawn or how you would prefer of them to be drawn ......
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Human
  • #111,460
  • May 8, 2012 3:25pm May 8, 2012 3:25pm
Quoting Chanya
I have a very important question .Any Input by anyone Is HIGHLY appreciated . Everyone will have a different view , so every input is warmly welcome . Its about PPZ .
Some of the PPZ are easy to draw and easy to use for different purposes . But Some are not . My question is , What to include while drawing PPZ ? Some would say that its a visual thing , but for me , that is not an option . The way I manage my trades and the way I take my trades , I NEED my PPZ's to be as accurate as possible . one of the reason is , I trail...

Hey C

The answer for me is both. Sometimes it might be more than the other. But also your PPZs(albeit very minor ones on both charts) are both correct too.

I think it's important to remember PPZs range from HUGE ones, to very very tiny ones. And knowing their place in both the execution and management is very important. I generally say(I hate general statements BUT) use the major ones for finding trades(with other confluence of course) and focus on the smaller ones for trade mgmt. I see people trading all PPZs(again not sure what your trades were based on) and it becomes just a lot of buying and selling based on price just moving above/below a small PPZ. That's not what we want to do and what I see can get people into trouble.

Best
Mike
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