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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

  • #116,461
  • Aug 27, 2012 10:34pm Aug 27, 2012 10:34pm
Quoting jarroo

Let me make another chart . .about that SP . .
Yes, that Swing Point is very strong, its probably why Price gathered around it to form that consolidation. Notice that its the mid-point or 50% level of that consolidation . .(Thanks Mike)

Now, here's the crazy thing . .if Price moves away from it and then comes back to it . .with newly formed Open Space . .it will now be reactivated (so to speak) and show its strength again. . .we'll have to wait and see what happens until then . .
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Indicators show the past. Price Action "Indicates" the future.
  • #116,462
  • Aug 27, 2012 10:40pm Aug 27, 2012 10:40pm
Quoting Donkey
The close below the swing (bar low) marked on the chart below, and the momentum of yesterday's bar is what had me thinking of an entry at close rather than the retest. I've noticed when many of my retest entries aren't picked up, there is a significant high or low that is taken out along with the HCR/LCS.

Going to be fun watching this play out, regardless of if I'm in it or not.

If Price is determined to go lower . .a retrace to a previous Low may be all it needs to do so . . . ."just give me an excuse to go lower . .retrace to a Daily Low . .Bam! .." . .
Indicators show the past. Price Action "Indicates" the future.
  • #116,463
  • Aug 27, 2012 10:47pm Aug 27, 2012 10:47pm
Quoting 0421
GOLD: when price PBT&CA on this HCR level i take a long position, it's was on some profit, but later i missed opportunity to take short, what do you think about this situaction jarroo??

THX.

chart:
Good eye again . .0421 ..

Notice that Price hit its target when PBT&CA . .nice. .
Indicators show the past. Price Action "Indicates" the future.
  • #116,464
  • Aug 27, 2012 10:58pm Aug 27, 2012 10:58pm
Quoting RonaldinhoKuban
good evening
nice chart as taught Jarroo
Beautiful RK . . . .I could talk about this one for hours. . . so many good things about it.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #116,465
  • Aug 27, 2012 11:05pm Aug 27, 2012 11:05pm
Quoting freeze
USD/JPY Weekly HCR lining up with the daily HCR, do you think the close above is strong enough?
Hey freeze . .How did that UsdJpy go? . .It hit some nice targets . .
Indicators show the past. Price Action "Indicates" the future.
  • #116,466
  • Aug 27, 2012 11:07pm Aug 27, 2012 11:07pm
Quoting jarroo
Yes, that Swing Point is very strong, its probably why Price gathered around it to form that consolidation. Notice that its the mid-point or 50% level of that consolidation . .(Thanks Mike)

Now, here's the crazy thing . .if Price moves away from it and then comes back to it . .with newly formed Open Space . .it will now be reactivated (so to speak) and show its strength again. . .we'll have to wait and see what happens until then . .
Thanks Jim

Yes, it all boils down to not having an expectation of the level, carved into stone. But more like having a rough map of where price is going, we still need to keep a close eye on the route, in case of a Uturn. It is easy to fall into that trait.

Thanks again Jim.
  • #116,467
  • Aug 27, 2012 11:16pm Aug 27, 2012 11:16pm
Quoting Pinbar
Thanks Jim

Yes, it all boils down to not having an expectation of the level, carved into stone. But more like having a rough map of where price is going, we still need to keep a close eye on the route, in case of a Uturn. It is easy to fall into that trait.

Thanks again Jim.
Yeah that's true, Steve. I've just noticed that you like those past levels alot . .don't get me wrong, that's good . . but you may be missing some nice levels that are more near term or more recent to current Price.
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Indicators show the past. Price Action "Indicates" the future.
  • #116,468
  • Aug 27, 2012 11:27pm Aug 27, 2012 11:27pm
Quoting jarroo
Yeah that's true, Steve. I've just noticed that you like those past levels alot . .don't get wrong, that's good . . but you may be missing some nice levels that are more near term or more recent to current Price.
Yes, Jim & you have mentioned that before.
I tend to be looking too much at the large past levels and putting too much weight on them. Is there any rule of thumb to prevent this, did you also fall into this aspect of the methodology when you were first formulating PBT&CAB?

Maybe it is because I start on the monthly and then move down to the weekly.
You mentioned previously that the weekly & daily are the way to go, should I use only the weekly and daily for a while?

Yes, Yes, Yes, I tend to look to the monthly and weekly too much, end up having to wait forever, then forget where I was at. LOL
  • #116,469
  • Aug 27, 2012 11:41pm Aug 27, 2012 11:41pm
Jim
Tell you what, could you name me three pairs to work on, I will trash all other pairs, go back to basics and work only on those pairs.
I know you are busy so, I don't expect a running cometary on those pairs but, at least you will know where I am at.
I will open a new demo account for this and trade only these pairs on FXPRO.

This may be good to do in this thread and others can also use the same three pairs, it may save you a lot of time, to be pair specific in this thread on FF.


Thanks
  • #116,470
  • Aug 27, 2012 11:42pm Aug 27, 2012 11:42pm
Quoting Pinbar
Yes, Jim & you have mentioned that before.
I tend to be looking too much at the large past levels and putting too much weight on them. Is there any rule of thumb to prevent this, did you also fall into this aspect of the methodology when you were first formulating PBT&CAB?

Maybe it is because I start on the monthly and then move down to the weekly.
You mentioned previously that the weekly & daily are the way to go, should I use only the weekly and daily for a while?

Yes, Yes, Yes, I tend to look to the monthly and weekly too much, end up having...
Quoting Pinbar
Jim
Tell you what, could you name me three pairs to work on, I will trash all other pairs, go back to basics and work only on those pairs.
I know you are busy so, I don't expect a running cometary on those pairs but, at least you will know where I am at.
I will open a new demo account for this and trade only these pairs on FXPRO.



Thanks
Oh Yes . .lol . .I fell right into that in the beginning . .James16's charts and webinars helped me alot to refocus that perspective. .

I would stick to the Daily and Weekly . .

Let's watch the Daily NzdChf and see if Price can Close below the Daily LCS levels at the .7765 . .it may or may not. . . let's see if we can follow it . .
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Indicators show the past. Price Action "Indicates" the future.
  • #116,471
  • Aug 28, 2012 12:14am Aug 28, 2012 12:14am
Quoting jarroo
Oh Yes . .lol . .I fell right into that in the beginning . .James16's charts and webinars helped me alot to refocus that perspective. .

I would stick to the Daily and Weekly . .

Let's watch the Daily NzdChf and see if Price can Close below the Daily LCS levels at the .7765 . .it may or may not. . . let's see if we can follow it . .
Ok Jim NZD CHF it is.
My mind is already thinking at these areas just below the Daily LCS on the weekly tf. I guess, I have to totally ignore the weekly in this exercise?
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  • #116,472
  • Aug 28, 2012 12:24am Aug 28, 2012 12:24am
Quoting Pinbar
Ok Jim NZD CHF it is.
My mind is already thinking at these areas just below the Daily LCS on the weekly tf. I guess, I have to totally ignore the weekly in this exercise?
I knew you were doing that . .I'm sure you even looked at the monthly too . .lol.

Let's just watch the Daily . .sure we can make note of the MOST recent Weekly HCR level(s) . .since it hasn't tested as Support since PBT&CA it. . .will just make a side note of that. Let's just watch the Daily activites . .

Got to go for now . .

Later

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #116,473
  • Aug 28, 2012 12:28am Aug 28, 2012 12:28am
Yes, I was... I was also thinking you are looking for a long oportunity around the 38.2 LOL

Right, no Monthly or Weekly stuff.

Sorry Jim
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  • #116,474
  • Aug 28, 2012 12:32am Aug 28, 2012 12:32am
Quoting jarroo
Hey freeze . .How did that UsdJpy go? . .It hit some nice targets . .
Hey, I entered late (I was out), at the close of yesterday's candle. I covered my losses (and then some) with my GBP/JPY short and I'm still holding on to this trade. The stoploss is under the PBT&CA candle - at 78.385.
  • #116,475
  • Aug 28, 2012 1:20am Aug 28, 2012 1:20am
It appears that this area is getting penetrated much more deeply than Friday or Monday.

Perhaps, it will break and turn into resistance for a move down.
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  • #116,476
  • Aug 28, 2012 1:39am Aug 28, 2012 1:39am
Quoting jarroo
I knew you were doing that . .I'm sure you even looked at the monthly too . .lol.

Let's just watch the Daily . .sure we can make note of the MOST recent Weekly HCR level(s) . .since it hasn't tested as Support since PBT&CA it. . .will just make a side note of that. Let's just watch the Daily activites . .

Got to go for now . .

Later

Jim
Jarroo, I'll understand correctly that you advise not to watch the monthly and weekly HCR / LCS (except recent Weekly levels), and just trade on day levels?
  • #116,477
  • Aug 28, 2012 2:28am Aug 28, 2012 2:28am
What about GBP/JPY...???
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  • #116,478
  • Edited 5:34am Aug 28, 2012 2:49am | Edited 5:34am
Hi Mike, Just wondering if I can get your advice on this Silver chart.

Price has moved up to the decending trendline, broke though but could not close above. A pinbar (small) has now formed and closed below the trendline. Looks like there is plenty of space below for room for price to move freely. Whats your thoughts mate ? Location seems great to me, the actual pinbar is a bit small though.

Basically:

Pinbar (not massive)
Swing High
Decending Trendline
Space

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  • #116,479
  • Aug 28, 2012 2:51am Aug 28, 2012 2:51am
Quoting gudras
What about GBP/JPY...???
I'll wait for todays close. Level on chart worked nicely as resistance then as support so it could be considered as PPZ area. It's also last swing high 38.2 fibo and price is just above descending trendline (TL since april 2012) so tomorrow I would like to see price still above and wait for retest to open long position.

Cheers
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  • #116,480
  • Aug 28, 2012 3:00am Aug 28, 2012 3:00am
This H1 bar looks interesting
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