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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

  • #121,701
  • Dec 12, 2012 12:46am Dec 12, 2012 12:46am
Quoting Pinbar
Jim,

What's your opinion on AUD/JPY at this monthly level at 87.07, in real time?
As price has just touched this area?

Just TT it at this level but, on demo as I am not so convinced as to what price is doing, right now.
As a Resistance level to go short? . .I would wait and see if a 4 Hour bar can't close above it to confirm that level is Resistance first, instead of a TT.
Indicators show the past. Price Action "Indicates" the future.
  • #121,702
  • Dec 12, 2012 12:49am Dec 12, 2012 12:49am
Quoting jarroo
As a Resistance level to go short? . .I would wait and see if a 4 Hour bar can't close above it to confirm that level is Resistance first, instead of a TT.

Look for an H4 signature like a close below, IB on the line?

Now, I will have to wait for a close above to take me out, H1 perhaps.

Good practice in exits. LOL
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  • #121,703
  • Dec 12, 2012 12:58am Dec 12, 2012 12:58am
Quoting Pinbar
Look for an H4 signature like a close below, IB on the line?

Now, I will have to wait for a close above to take me out, H1 perhaps.

Good practice in exits. LOL
I'm not a big fan of TTs unless the level is heavily confluenced and confirmed.

If you would have waited for a 15min bar to touch the 87.07 and then close below it to enter short (instead of a TT) . . would you be short right now??
Indicators show the past. Price Action "Indicates" the future.
  • #121,704
  • Dec 12, 2012 1:04am Dec 12, 2012 1:04am
Quoting jarroo
I'm not a big fan of TTs unless the level is heavily confluenced and confirmed.

If you would have waited for a 15min bar to touch the 87.07 and then close below it to enter short (instead of a TT) . . would you be short right now??
Nope, an M15 bar never actually touched the area before the H1 bar closed above it.
  • #121,705
  • Dec 12, 2012 1:11am Dec 12, 2012 1:11am
Quoting Pinbar
Nope, an M15 bar never actually touched the area before the H1 bar closed above it.

The 15min touched the 87.07 and could not close below it . .that would have kept you out of a TT at this level . . .again I like TTs at heavily confluenced levels . . even then I would still like to see price closing below it on the lower TFs.
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Indicators show the past. Price Action "Indicates" the future.
  • #121,706
  • Dec 12, 2012 1:13am Dec 12, 2012 1:13am
Jim

EDIT:
(Concerning the point of you not being a big fan of Touch Trading)



Are you saying the following, as in the diagram on a rally back to this former area of rejection.

You would buy a TT at point A after PBT&CA this area.

You would not sell a TT at point B on the touch?
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  • #121,707
  • Dec 12, 2012 1:15am Dec 12, 2012 1:15am
Quoting jarroo
The 15min touched the 87.07 and could not close below it . .that would have kept you out of a TT at this level . . .again I like TTs at heavily confluenced levels . . even then I would still like to see price closing below it on the lower TFs.

Yes, I hear you.
We are saying the same thing.
It just happens that the M15 bar close, was also the H1 close.
  • #121,708
  • Dec 12, 2012 1:21am Dec 12, 2012 1:21am
Quoting Pinbar
Jim

Are you saying the following, as in the diagram on a rally back to this former area of rejection.

You would buy a TT at point A after PBT&CA this area.

You would not sell a TT at point B on the touch?
Yes exactly but I would still wait for a bullish Hourly Signature at point A when PBT&CA the MHCR level on the Daily .

At "B" if Price could not Close Above that MHCR level on the Daily I would still wait for a bearish Hourly Signature at "B". . .
Indicators show the past. Price Action "Indicates" the future.
  • #121,709
  • Dec 12, 2012 1:25am Dec 12, 2012 1:25am
Quoting jarroo
Yes exactly but I would still wait for a bullish Hourly Signature at point A when PBT&CA the MHCR level on the Daily .

At "B" if Price could not Close Above that MHCR level on the Daily I would still wait for a bearish Hourly Signature at "B". . .
The momentum is too much, I imagine for a TT at in these long rallies back to a level?

Thanks Jim.


PS: I can see this going all the way to the weekly level and the 365 on the Monthly TF.
I am out with the H1 close above
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  • #121,710
  • Edited 1:48am Dec 12, 2012 1:30am | Edited 1:48am
Quoting Pinbar
The momentum is too much, I imagine for a TT at in these long rallies back to a level?

Thanks Jim.


Here's an example on the NzdUsd Duel Action Daily HCR .8309 ..
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Indicators show the past. Price Action "Indicates" the future.
  • #121,711
  • Dec 12, 2012 1:38am Dec 12, 2012 1:38am
Quoting jarroo
He an example on the NzdUsd Duel Action Daily HCR .8309 ..
Thanks Jim

I get it.

A question though, for a signature to be valid on any TF, does the bar have to actually touch the level?

Like these two appear to have done.
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  • #121,712
  • Dec 12, 2012 1:40am Dec 12, 2012 1:40am
Quoting Pinbar
Thanks Jim

I get it.

A question though, for a signature to be valid on any TF, does the bar have to actually touch the level?

Yes . .and both levels in the case where there is two levels because of the damn gap . ..
Indicators show the past. Price Action "Indicates" the future.
  • #121,713
  • Dec 12, 2012 1:43am Dec 12, 2012 1:43am
Hey Steve check out the GbpJpy at our strong Multi TF HCR levels . .133.00-133.65 . .lets's see where the Daily closes today . .
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Indicators show the past. Price Action "Indicates" the future.
  • #121,714
  • Dec 12, 2012 1:51am Dec 12, 2012 1:51am
Quoting jarroo
Yes exactly but I would still wait for a bullish Hourly Signature at point A when PBT&CA the MHCR level on the Daily .

At "B" if Price could not Close Above that MHCR level on the Daily I would still wait for a bearish Hourly Signature at "B". . .
It means no TT pending limit sell orders at "В" until you have an hourly Signature confirmation?

How many bad trades percentage wise is filtered by this approach with a help of 1 hour Signature?
  • #121,715
  • Dec 12, 2012 1:51am Dec 12, 2012 1:51am
Quoting Pinbar
Thanks Jim

I get it.

A question though, for a signature to be valid on any TF, does the bar have to actually touch the level?

Like these two appear to have done.
It doesn't have to touch that Weekly level but if the daily level 8309 was gapped and say there were two levels because of the gap like 8309-8312 I would want Price to have touched both levels.
Indicators show the past. Price Action "Indicates" the future.
  • #121,716
  • Dec 12, 2012 1:52am Dec 12, 2012 1:52am
Quoting jarroo
Hey Steve check out the GbpJpy at our strong Multi TF HCR levels . .133.00-133.65 . .lets's see where the Daily closes today . .

Yes, I like the weekly 150 EMA as a bounce area. Would make that a nice long nosed daily PB.
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  • #121,717
  • Dec 12, 2012 1:54am Dec 12, 2012 1:54am
Quoting cold chisel
It means no TT pending limit sell orders at "В" until you have an hourly Signature confirmation?
Correct . .but you can have a tigher entry . .like wait for 15min signature or a 5min signature

What was the lowest bullish TF Signature on the Nzdusd at the 8309?
Indicators show the past. Price Action "Indicates" the future.
  • #121,718
  • Dec 12, 2012 1:59am Dec 12, 2012 1:59am
Quoting Pinbar
Yes, I like the weekly 150 EMA as a bounce area. Would make that a nice long nosed daily PB.
Yes exactly . .with Price closing below the 133.00-133.65 on the Daily . . . .that would be a nice big size bearish PB . . off a very strong (confirmed) Resistance level.
Indicators show the past. Price Action "Indicates" the future.
  • #121,719
  • Dec 12, 2012 2:01am Dec 12, 2012 2:01am
Quoting jarroo
Correct . .but you can have a tigher entry . .like wait for 15min signature or a 5min signature

What was the lowest bullish TF Signature on the Nzdusd at the 8309?
Several 5 min signatures.
  • #121,720
  • Dec 12, 2012 2:02am Dec 12, 2012 2:02am
Quoting jarroo
Correct . .but you can have a tigher entry . .like wait for 15min signature or a 5min signature

What was the lowest bullish TF Signature on the Nzdusd at the 8309?

This M5 PB

EDIT" Or this M1 PB but this is getting crazy. LOL
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