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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

  • #119,881
  • Oct 21, 2012 9:03pm Oct 21, 2012 9:03pm
Quoting DaGrizlyBull
Jaroo,

In your experience, which approach is more profitable if I enter the PBT setups using a touch trade?

1) Wait for the Bar (whatever TF the setup is on) to close and notice where it closed regarding to the level ( Idea confirmed or invalidated)

2) Use a smaller TF "signature" (by signature I understand a smaller TF bar that closes the wrong way that you expect it to) to exit ( Invalidates your higher TF PBT idea) and taking an insignificant loss.

I personally like the 1st one since it makes more sense and it lets the story...
Yes I like the first one too. . .but both can be very valid approaches .

A lower time frame Signature or Close Confirmation can give us a clue if the Support level (in this case ) is holding as Support.

Let's see if the current Weekly HCR level . .(chart 2) ..will hold as Support because PBT&CA this one on the Weekly. . . .we'll have to wait until the end of the week to be sure . .but the daily Close can sure give a clue or confimation that its holding as support . .so far so good . .
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Indicators show the past. Price Action "Indicates" the future.
  • #119,882
  • Oct 21, 2012 9:24pm Oct 21, 2012 9:24pm
Quoting mbqb11
Hey M

That looks like a Jarroo type play with price closing under that LCS area. Not my style but for me overall price is in a consolidation period here

Makes sense here was a chart I posted the other day in the PF

Best
Mike
It just shows Mike that we are looking at the same thing just in a different way.

I do like bring down the Daily Levels to the lower TF and see if there is confluence and/or story that may be present . .
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Indicators show the past. Price Action "Indicates" the future.
  • #119,883
  • Oct 21, 2012 9:50pm Oct 21, 2012 9:50pm
Quoting trc
Hi,
what do you think about this one ?

Regards,
Peter

Attachment
Very nice indeed, Peter . .
Indicators show the past. Price Action "Indicates" the future.
  • #119,884
  • Oct 21, 2012 9:53pm Oct 21, 2012 9:53pm
Here are two that, I am keeping my eye on.
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  • #119,885
  • Oct 21, 2012 9:59pm Oct 21, 2012 9:59pm
Quoting Pinbar
Here are two that, I am keeping my eye on.

On the Euro . .Does that Monthly level(s) (area) line up with any Weekly or Daily HCR/LCS levels?
Indicators show the past. Price Action "Indicates" the future.
  • #119,886
  • Oct 21, 2012 10:03pm Oct 21, 2012 10:03pm
Quoting jarroo
On the Euro . .Does that Monthly level(s) (area) line up with any Weekly or Daily HCR/LCS levels?

Ooops, NO

Hmmm, I seem to get entangled in the monthly level alone and not look at finding a dual TF level.
It looks more like an old PPZ, on the daily.


Would you avoid this?
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  • #119,887
  • Oct 21, 2012 10:09pm Oct 21, 2012 10:09pm
Quoting Pinbar
Ooops, NO

Hmmm, I seem to get entangled in the monthly level alone and not look at finding a dual TF level.
It looks more like an old PPZ, on the daily.


Would you avoid this?
This Monthly level lines up with this Weekly LCS and Daily HCR level . .not the best but something to watch . .
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Indicators show the past. Price Action "Indicates" the future.
  • #119,888
  • Oct 21, 2012 10:13pm Oct 21, 2012 10:13pm
Quoting jarroo
This Monthly level lines up with this Weekly LCS and Daily HCR level . .not the best but something to watch . .

So, even a small SP on multiple levels, can take precedent over two monthly double SPs? Thanks Jim.
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  • #119,889
  • Oct 21, 2012 10:20pm Oct 21, 2012 10:20pm
Quoting Pinbar
So, even a small SP on multiple levels, can take precedent over two monthly double SPs? Thanks Jim.
Multi TF levels like a Weekly / Daily level can be very strong. . .Duel Action levels are nice too
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Indicators show the past. Price Action "Indicates" the future.
  • #119,890
  • Oct 21, 2012 10:26pm Oct 21, 2012 10:26pm
Quoting jarroo
Multi TF levels like a Weekly / Daily level can be very strong. . .Duel Action levels are nice too

Thanks Jim

Sort of throws a spanner into my mind. LOL

The spanner is saying, "Stick to the Weekly & Daily TF".
  • #119,891
  • Oct 22, 2012 2:54am Oct 22, 2012 2:54am
Hi there,

here are few things I'm watching at:

GBP ZAR:
2 bar lows at 13.78 + 2nd IB forming.
Short at the break of the TML. Troubles areas: dashed lines.

Practicing Mike's BO patterns:
EUR PLN: 2 IB on D1, price "squeezing" towards 4.1 RN.
Waiting for a BO of the descending TL as well as a confirmation of 4.1 to hold as support.
Long entry if bullish signal on H4.
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Slow & steady
  • #119,892
  • Edited 6:02am Oct 22, 2012 5:50am | Edited 6:02am
Jarroo

I think the USD/NOK is a much cleaner level than the Eu, with Multiple Weekly levels and Monthly, Weekly and Daily levels in a zone.

Buy limit placed at 5.5721 SL at 5.5382
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  • #119,893
  • Oct 22, 2012 6:00am Oct 22, 2012 6:00am
Hi guys,

What do you think of this one? Confluence around the 104.500 level in my books. Too much traffic on its way down for my taste!
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Keep up the good work!
  • #119,894
  • Oct 22, 2012 6:06am Oct 22, 2012 6:06am
GBPJPY - if this resistance level will be broken up, it would be nice long at 128 BRN too as it should become a nice support then. now i decided to go for a little short.
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all is eternal - this is good news for people who loves bad news
  • #119,895
  • Edited 7:05am Oct 22, 2012 6:52am | Edited 7:05am
And I am about to reenter short on XAUUSD @ 1725 stp above 1730.... no. will wait for the 4H candle close.
all is eternal - this is good news for people who loves bad news
  • #119,896
  • Oct 22, 2012 6:59am Oct 22, 2012 6:59am
Quoting meshka
And I am about to reenter short on XAUUSD @ 1725 stp above 1730.
great charts and analysis as usual...
you're turning into a signal provider?
Slow & steady
  • #119,897
  • Oct 22, 2012 7:14am Oct 22, 2012 7:14am
Quoting meshka
GBPJPY - if this resistance level will be broken up, it would be nice long at 128 BRN too as it should become a nice support then. now i decided to go for a little short.

meshka.......watchin it also. Great PPZ for sure.
The Eyes Believe What They See And The Ears Believe What Others Say.
  • #119,898
  • Oct 22, 2012 7:18am Oct 22, 2012 7:18am
Im currently in this one. Im liking the TL, 150EMA, and RN. See what happens.

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The Eyes Believe What They See And The Ears Believe What Others Say.
  • #119,899
  • Oct 22, 2012 7:50am Oct 22, 2012 7:50am
Quoting jarroo
Yes I like the first one too. . .but both can be very valid approaches .

A lower time frame Signature or Close Confirmation can give us a clue if the Support level (in this case ) is holding as Support.

Let's see if the current Weekly HCR level . .(chart 2) ..will hold as Support because PBT&CA this one on the Weekly. . . .we'll have to wait until the end of the week to be sure . .but the daily Close can sure give a clue or confimation that its holding as support . .so far so good . .
this looks like a failed setup to me. strong PBT&CA on weekley. plenty of space. retest, fail. W chart below. refer to D, 1h, 15m etc to see the setup fail. Am i missing something here ?

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Dan
  • #119,900
  • Oct 22, 2012 8:05am Oct 22, 2012 8:05am
Quoting dan89
this looks like a failed setup to me. strong PBT&CA on weekley. plenty of space. retest, fail. W chart below. refer to D, 1h, 15m etc to see the setup fail. Am i missing something here ?

Attachment

Dan
If you had a tight stop, it failed. But the idea is VALID. Price retested the level and closed above it => Support, which we expected.

This is why i asked about keeping the setup on the same timeframe and ignoring lower TF signatures VS playing the lower TF signatures.

Think in the end it's about experience and finding a balance between the two.

I'm gonna post an after the fact thought. I'm curious what Jaroo thinks about this approach:

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I don't need easy. I just need possible.
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