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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

  • #123,861
  • Mar 16, 2013 12:28am Mar 16, 2013 12:28am
Quoting jarroo
That's not true . .quite the opposite. he'll use that exit strategy at times . .again depending on the bigger story involved.

He will take full profits at targets . . . big time . .

Oh, ok, I must have gotten the wrong impression from his videos.

Thanks for straitening me out on that.
  • #123,862
  • Mar 16, 2013 12:34am Mar 16, 2013 12:34am
Quoting Pinbar
Yes, you did, in a roundabout way.
I was thinking more of weekly and monthly PA. Then trying to get in, on the lower tf with a good level.

I think that close below was a good hint, that PB was not going to break.
No . . too far back. It was more this LCS level in blue .. albeit, a minor one. But do you see that this minor one was also part of the bigger swing point?
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Indicators show the past. Price Action "Indicates" the future.
  • #123,863
  • Mar 16, 2013 12:35am Mar 16, 2013 12:35am
Quoting Pinbar
Oh, ok, I must have gotten the wrong impression from his videos.

Thanks for straitening me out on that.

You can ask him more directly . . He'll probably give a clearer answer than mine.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,864
  • Mar 16, 2013 12:41am Mar 16, 2013 12:41am
Quoting jarroo
No . . too far back. It was more this LCS level in blue .. albeit, a minor one. But do you see that this minor one was also part of the bigger swing point?

Yeah, I think we are both talking about the same level at 1.224 on my chart and on yours.
  • #123,865
  • Mar 16, 2013 12:45am Mar 16, 2013 12:45am
Quoting Pinbar
Yeah, I think we are both talking about the same level at 1.5224 on my chart and on yours.
No I'm talking about the 1.5265 at the swing point where the PB was formed from. .not that past consolidation.
Indicators show the past. Price Action "Indicates" the future.
  • #123,866
  • Mar 16, 2013 12:58am Mar 16, 2013 12:58am
Quoting jarroo
No I'm talking about the 1.5265 at the swing point where the PB was formed from. .not that past consolidation.

Sorry, Jim, you have lost me there.

The 1.5265 and that LCS of the consolidation, appears to be roughly the same level.
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  • #123,867
  • Mar 16, 2013 1:06am Mar 16, 2013 1:06am
Quoting Pinbar
Sorry, Jim, you have lost me there.

The 1.5265 and that LCS of the consolidation, appears to be roughly the same level.
Yes they may be the same . .but which one do you think Price was reacting to at that PB the near term Swing Point or that past consolidation. . .Where's the 1.5224 at that past consolidation ??
Indicators show the past. Price Action "Indicates" the future.
  • #123,868
  • Mar 16, 2013 1:09am Mar 16, 2013 1:09am
Quoting jarroo
Yes they may be the same . .but which one do you think Price was reacting to at that PB the near term Swing Point or that past consolidation. . .Where's the 1.5224 at that past consolidation ??

Ok, sorry.

I see what you are saying now, you are referring to the close of the PB.
  • #123,869
  • Mar 16, 2013 1:15am Mar 16, 2013 1:15am
Quoting Pinbar
Ok, sorry.

I see what you are saying now, you are referring to the close of the PB.


What I'm saying is that all Price activity around that PB had more to do with the near term Swing Point than that past consolidation . .I know you like looking at those past levels in thick traffic . .and I can't stop you from doing that . .(God knows I've tried . .lol)

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,870
  • Mar 16, 2013 1:38am Mar 16, 2013 1:38am
Quoting mbqb11
Hey Mav

Don't look at FTA as concrete areas that the market can't break....
Quoting markf45
Hi Mav,

I think you got the answer you were looking for from Mike.
Just to add to that, and to give you an idea why I wasn't too concerned about the traffic with this setup...
Hi Mike and Mark, thank you both for your answers and explanation, I´ll try to work on this.

Thanks,
Mav
  • #123,871
  • Edited 2:38am Mar 16, 2013 1:49am | Edited 2:38am
Quoting login761
Hi Jarroo
You mentioned that after e.g. PBT you watch for hourly signatures. I did't quite get that. Could you explain a bit more about these hourly signatures.
Thanks in advance

Peter

Quoting fxkaka
Sir Jim,

I took two short trades and first TP target hit.

Are they valid setups?

How can I improve more?

Thank you very much Sir.
Quoting jarroo
Hey Kay Kay ..

Yes, that was a weak PBT&CB but its technically correct.



Jim

Hey Peter . .let' s see if I can go over this by using Kaykay's charts and questions . .by the away, great trades and targets Kay Kay . .excellent .

What I call "Signatures" is just a way of confirming if a level is either Support or Resistance by which Price cannot close above or below it on a given Time Frame.

If we have a level and Price cannot Close above it on the Hourly we would say that this level is acting as Resistance on the Hourly. . .Bearish Hourly Signature.

just the opposite for Support .. . If we have a level and Price cannot Close below it on the Hourly we would say that this level is acting as Support on the Hourly. . .Bullish Hourly Signature.

If we look as KayKay's Euro trade where we had PBT&CB a LCS level we would be thinking that this previous Support level (LCS) would flip to Resistance. We can see that Price Closed above on the Daily upon the retracement. Price failed as Resistance at this level on the Daily because it did not Close below our previous Support level . . it did not give a Daily Signature of Resistance .

Did Price act as Resistance prior to the Daily Close, on the Hourly at this Daily LCS level??
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Indicators show the past. Price Action "Indicates" the future.
  • #123,872
  • Mar 16, 2013 2:10am Mar 16, 2013 2:10am
Quoting jarroo
Hey Peter . .let' s see if I can go over this by using Kaykay's charts and questions . .by the away, great trades and targets Kay Kay . .excellent .

What I call "Signatures" is just a way of confirming if a level is either Support or Resistance by which Price cannot close above or below it on a given Time Frame.

If we have a level and Price cannot Close above it on the Hourly we would say that this level is acting as Resistance on the Hourly. . .Bearish Hourly Signature.

just the opposite for Support .. . If we...
Price did act as Resistance on the Hourly and hit its target . .previous Daily Low.
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Indicators show the past. Price Action "Indicates" the future.
  • #123,873
  • Mar 16, 2013 2:32am Mar 16, 2013 2:32am
Quoting jarroo
Price did act as Resistance on the Hourly and hit its target . .previous Daily Low.
Quoting fxkaka
Sir Jim,

I took two short trades and first TP target hit.

Are they valid setups?

How can I improve more?

Thank you very much Sir.
If we look at Kay Kay's other trade at the Daily HCR level, we know that this HCR level is Resistance because Price can not close above it. Then we see a confluence with the Daily 365 ema . .we love confluences with our levels . .it gives them strength. Since this is a Daily level we can have Daily targets . .previous Daily Highs in this case.

The Daily did not Close above this level, its still Resistance and will remain as Resistance on the Daily until a Daily can Closes above it.

Looking on the Hourly we see a nice bearish Hourly Signature at our Daily HCR level . .and Price Hitting its target(s).

Very nice Kay Kay .. very valid setups . .keep doing what you're doing . .


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,874
  • Mar 16, 2013 4:54am Mar 16, 2013 4:54am
Quoting jarroo
What I'm saying is that all Price activity around that PB had more to do with the near term Swing Point than that past consolidation . .I know you like looking at those past levels in thick traffic . .and I can't stop you from doing that . .(God knows I've tried . .lol)

Jim

Jim

I was just mentioning the consolidation as an area to watch out for if that pb had broken.
Didn't intend it to be an actual level, just a boxing area to go to BE at if, the PB had broken.
  • #123,875
  • Mar 16, 2013 5:03am Mar 16, 2013 5:03am
Quoting Pinbar
Jim

I was just mentioning the consolidation as an area to watch out for if that pb had broken.
Didn't intend it to be an actual level, just a boxing area to go to BE at if, the PB had broken.
If that PB had broken, I would not be looking at that past consolidation area . .I wouldn't even be looking at the near term swing point. I would be looking at the these near term targets in the a path of my trade.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,876
  • Mar 16, 2013 9:50am Mar 16, 2013 9:50am
german continental on weekly.
the 100 euro looks like a decent area for a short-play.
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meine augen sind die sterne
  • #123,877
  • Mar 16, 2013 1:18pm Mar 16, 2013 1:18pm
Thanks for the help Jim !!! I got it now

One more thing though.
Where would our entries be in the example with Kay Kay's trades? After we spot the signatures what would trigger the entry?
I'm guessing may be it's the close of the signature candle.

Thanks
Peter
  • #123,878
  • Mar 16, 2013 2:13pm Mar 16, 2013 2:13pm
Quoting login761
Thanks for the help Jim !!! I got it now

One more thing though.
Where would our entries be in the example with Kay Kay's trades? After we spot the signatures what would trigger the entry?
I'm guessing may be it's the close of the signature candle.

Thanks
Peter
Sure thing Peter . .

You are guessing correctly .. on the Close would trigger our entry . . once the Signature has been confirmed.

also we can have a Price Action setup on the Hourly too . .like a PB or BEOB on the Hourly at these higher TF levels.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,879
  • Mar 16, 2013 8:51pm Mar 16, 2013 8:51pm
Quoting jarroo
If that PB had broken, I would not be looking at that past consolidation area . .I wouldn't even be looking at the near term swing point. I would be looking at the these near term targets in the a path of my trade.

Jim

Yes, There is something basically wrong with the way, I am looking at these levels.
Sorry to cause you so many headaches with this.
Is it just me or do some people in the PF struggle with this point of looking too far back also?

I am trying to get a handle on it.
Perhaps it stems from looking only at the large swing points on the weekly or perhaps, it is something else.

For example, if we were looking at the Daily on EU, do I only need to look at the HCR and LCS in this consolidation at points C&D and, not the large swing point marked A and, the minor sp at B that is creating a double area?
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  • #123,880
  • Mar 16, 2013 9:12pm Mar 16, 2013 9:12pm
DailyPivot Point
Resistance 1: 1.3112 Resistance 2: 1.3151 Resistance 3: 1.3244
PIVOT POINT: 1.3058
Support 1: 1.3019 Support 2: 1.2965 Support 3: 1.2872
The MACD is currently BULLISH. The MACD is currently above the signal line. The MACD crossed above the signal line last Friday ago. A Stochastic BUY signal was generated last Friday. Currently the Stochastic indicator is generating a BUY signal against the direction of the major trend. The RSI has just reached its highest value in the last 14 days. This is BULLISH signal. The RSI has set a new 14-period high while prices has not. This is a BULLISH DIVERGENCE.
The close is currently
ABOVE its 200 daily moving average
BELOW its 90 daily moving average
BELOW its 30 daily moving average
The current market condition for Euro Dollar / US Dollar is Mildly Bullish
Buy on open with profit target at 1.3112 and place stop loss at 1.2965
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