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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

  • #112,301
  • May 26, 2012 1:11am May 26, 2012 1:11am
Quoting Donkey
Thanks for kind words earlier Mike and hope you enjoy your friend's wedding (Magic Hat in your future??)

I've been waiting for price to arrive at the BRN on EURAUD for a few months now. http://www.forexfactory.com/showthre...16#post5517716

A TT near 1.3000 would certainly have been reasonable considering the previous strength of the level. I considered it, but was actually wanting to see price crash through and then come back to the level....guess I'll keep waiting!

BTW, I wasn't watching the channel, but am now...
Quoting mbqb11
Yea I think a few Jarrooers got in on a TT to that 1.3

I considered it! But that doesn't count right

Mike
We Jarrooers like to dial in a little closer to these levels. .because we know where Daily and Weekly Highs and Lows are born . . from HCR/LCS parents . . . .well most of the time, the Space really helps . .

I know Donkey remembers these levels . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #112,302
  • May 26, 2012 1:27am May 26, 2012 1:27am
Right Jim ,ive noticed this
thats how he does it then ,man hes awesome

Quoting jarroo
Hey Tony . .if you start lining up thoses trendlines with some S/R level confluences . .then now you're talking . .

Throw in an additional Fib confluence with those levels . . then you're looking like a classic Raczekfx setup . .


Jim
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,303
  • May 26, 2012 1:34am May 26, 2012 1:34am
Quoting Bones
Right Jim ,ive noticed this
thats how he does it then ,man hes awesome
All I'm saying Tony, is that some of your charts seem a bit random . .

. . .waiting for a stronger confluence of your levels, trendlines, fibs, emas, etc . .and the KaBooms (as Rac would say ) will come about alot stronger . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #112,304
  • May 26, 2012 1:35am May 26, 2012 1:35am
Jarroo, thanks again. Have a great weekend!

mbarker22, just focus on the Deep Swing points and their LCS/HCR levels that are relative to current Price. That should keep your chart looking clean and simple . .[/quote]
  • #112,305
  • Edited 2:11am May 26, 2012 1:54am | Edited 2:11am
Quoting mbarker22
Jarroo, thanks again. Have a great weekend!

mbarker22, just focus on the Deep Swing points and their LCS/HCR levels that are relative to current Price. That should keep your chart looking clean and simple . .

Sure thing mbarker . .

Let's watch this CadChf Monthly level on the Weekly and Daily.

This level maybe all Bamed out for going short and we may start seeing some Closes Above these Weekly and Daily HCR levels.

We would like it if the levels were tighter together, but we'll watch where Price closes in the coming week(s) . .
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Indicators show the past. Price Action "Indicates" the future.
  • #112,306
  • May 26, 2012 2:12am May 26, 2012 2:12am
OK Jim ,appreciate your advice ,thanks


Quoting jarroo
All I'm saying Tony, is that some of your charts seem a bit random . .

. . .waiting for a stronger confluence of your levels, trendlines, fibs, emas, etc . .and the KaBooms (as Rac would say ) will come about alot stronger . .


Jim
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,307
  • May 26, 2012 3:08am May 26, 2012 3:08am
Quoting Magestic
Hey, Mike. Was asking you about that if you remember. Glad I'm starting to notice things right. I took this one on a large BUOB that burst off 0.9300, marked on the chart, with my SL below it. It held after a large bearish bar after BUOB (or Maybe call it DBLHC). Still in drawdown, but i used PA, coz I dont understand touch trades yet. SL is below new support. This zone is minor flip point. If it hold it will hold futher. Was it a valid entry? Is my entire view right?
I would not have taken it because:
1. It was not a BUOB from a swing low
2. It was unusually big, compared to the other candles and we see often stagnation after such a move. Rather then a retracement entry.
3. Quite strong resistance at 0.94 area, just 20 pips from your entry.

On the first chart its visible we've come back down again, from where the up move was initiated. So its a good chance it will go up again. My first entry would have been after price was rejected and retraced back to this level.
The second will be if we break 0.94 and retrace to it -> resistance turns support.
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Thoughts are things
  • #112,308
  • Edited 4:09am May 26, 2012 3:44am | Edited 4:09am
In all honesty Jim its not coming back ,just like I said when I advised ec support wil go to you ,I read high tfs very well ,
EU is in freefall know the conditions and
dont take H4 pin (bullish )bars is my advise to others on this thread


Quoting jarroo
Looks like a classic in the making, Pinbar . .that's if it comes back. . . lol.

That Weekly LCS, 1.2531 way back when is coming into play again . .due to the Space.

Also keep an eye on the Monthly LCS, 1.2235. nice confluence with the 365 ema.
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,309
  • Edited 4:11am May 26, 2012 3:51am | Edited 4:11am
I can easily add confluence to my gold trade through eu ,that this trendline is in-fact correct without doubt and that gold is not in uptrend
Also the long nose weekly gold pin is not good


Quoting Bones
I look at TL on hourly and is respected also lines up with bearish weekly low before pin
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,310
  • May 26, 2012 4:03am May 26, 2012 4:03am
as advise before

Quoting Bones
Hi Jim that support ,gonna go
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,311
  • May 26, 2012 4:09am May 26, 2012 4:09am
also good advise to this thread

Quoting Bones
Yes Jim im thinking that pin ,its not real
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,312
  • May 26, 2012 4:58am May 26, 2012 4:58am
I see as short ,more eur weakness
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,313
  • May 26, 2012 5:50am May 26, 2012 5:50am
Quoting jarroo
Looks like a classic in the making, Pinbar . .that's if it comes back. . . lol.

That Weekly LCS, 1.2531 way back when is coming into play again . .due to the Space.

Also keep an eye on the Monthly LCS, 1.2235. nice confluence with the 365 ema.

Yeah, this downtrend is in full swing.

That monthly LCS could be the next port of call.

Thanks Jim
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  • #112,314
  • May 26, 2012 8:49am May 26, 2012 8:49am
Quoting Magestic
Hey, Mike. Was asking you about that if you remember. Glad I'm starting to notice things right. I took this one on a large BUOB that burst off 0.9300, marked on the chart, with my SL below it. It held after a large bearish bar after BUOB (or Maybe call it DBLHC). Still in drawdown, but i used PA, coz I dont understand touch trades yet. SL is below new support. This zone is minor flip point. If it hold it will hold futher. Was it a valid entry? Is my entire view right?
Hey Magestic

I think it's a fine entry, my bigger concern would be the way your drew your TL. That looks a bit curve fitted so your BUOB(actually a DBLHC as you said) is not closed outside the TL but actually closed right under it. Then that TL held before eventually trying to break back up. So I would be a bit more careful with your TL's so we know we get a valid break. Then you hit that big drawdown which can be tough to stomach. If we trade outside that TL that means that area should hold)as it is trying to do now). This makes managing our trades much easier and allows me at least to reduce a lot of risk very often on my trade while still maintaining a high probability entry

Best
Mike
  • #112,315
  • May 26, 2012 9:06am May 26, 2012 9:06am
Quoting mbqb11
Hey Magestic

I think it's a fine entry, my bigger concern would be the way your drew your TL. That looks a bit curve fitted so your BUOB(actually a DBLHC as you said) is not closed outside the TL but actually closed right under it. Then that TL held before eventually trying to break back up. So I would be a bit more careful with your TL's so we know we get a valid break. Then you hit that big drawdown which can be tough to stomach. If we trade outside that TL that means that area should hold)as it is trying to do now). This makes managing...
Got it, Mike. Really my mistake on TL drawing. Not on the wedding yet? Why?
If not up, then down, otherwise sideways :-)
  • #112,316
  • May 26, 2012 9:43am May 26, 2012 9:43am
Quoting Magestic
Got it, Mike. Really my mistake on TL drawing. Not on the wedding yet? Why?
yesterday was the prayer ceremony(which for Indian people is a apparently a big huge party with shows and dancing it was awesome). I wore the indian garb. Today is rehearsals so I leave soon


Have a great one all!
Mike
  • #112,317
  • May 26, 2012 10:10am May 26, 2012 10:10am
Edge I have considered eur gbp and actually we are both wrong it will be rangy next week ,actually im gonna close out on open
but I think week after we could look for buy ,


Quoting edge540
Saturday morning down in this part of the world and I got stopped out at BE on my EUR/GBP trade last night.
May be I was too tight on my SL placement but BE is a win in my book.
In hindsight (always 20/20) I should have taken profit down at the 80 level before the London open but I didn't.The London open seems to create a fair bit of volatility and I should have expected that and managed the trade accordingly.Notice how the price took out my SL and then carried on the direction of my original trade plan....No feelings here Bones just PA trading...
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,318
  • May 26, 2012 10:13am May 26, 2012 10:13am
Pin know the condition of this market , we must go to proper support I feel


Quoting Pinbar
Yeah, this downtrend is in full swing.

That monthly LCS could be the next port of call.

Thanks Jim
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #112,319
  • Edited 7:03pm May 26, 2012 6:42pm | Edited 7:03pm
Quoting Bones
Pin know the condition of this market , we must go to proper support I feel

I know the proper support, that is why it is marked on my charts.
Thing is, the daily already closed below the weekly LCS.
Granted, it was not a very definite close.

If price gets above this LCS, it will probably go back to the 1.26212 area.
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  • #112,320
  • May 26, 2012 7:32pm May 26, 2012 7:32pm
Here is one Jarroo is probably keeping an eye on.

Nice monthly consolidation area, the weekly gap is concern though.
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