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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

  • #79,961
  • Nov 13, 2010 10:09pm Nov 13, 2010 10:09pm
Quoting Pinbar
Oh right, we were reinventing the wheel, or at least doing a tire check.

I liked Doom's chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,962
  • Nov 13, 2010 10:12pm Nov 13, 2010 10:12pm
Quoting cprao
Jarroo,

What do you think about this EURCAD BUOB bar at 1.3700 ?

Pros: With the trend
BUOB at 50% of the retracement
Rejected at PPZ - 1.37
1.37 concided with Monthly BUOB retracement level.

BUT the close of BUOB is NOT GOOD.. It may go .. but does not provide confidence of buying pressure...

Should be a pass..
I like it, cprao . . . .its what we look for . .

There may be more testing of the 1.3700ish level but Price has proven it as Support.
Indicators show the past. Price Action "Indicates" the future.
  • #79,963
  • Nov 13, 2010 10:18pm Nov 13, 2010 10:18pm
Quoting jarroo
I liked Doom's chart.



Yeah, we know a PB is a H&S on a lower time frame.

I am still wondering when a 2 day PB is not a 2 day PB depending on what criteria. I mean, is there any criteria?
For example, if the second bar high is outside the high of the previous bar, does that invalidate it?
  • #79,964
  • Nov 13, 2010 10:21pm Nov 13, 2010 10:21pm
No intentions to trade this pair.. but curious to know..

Is this a IPB ?

At absolute swing low.
How ever the low of the so called IPB is lower than the preceeding candle.
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  • #79,965
  • Nov 13, 2010 10:22pm Nov 13, 2010 10:22pm
Quoting Pinbar
Yeah, we know a PB is a H&S on a lower time frame.

I am still wondering when a 2 day PB is not a 2 day PB depending on what criteria. I mean, is there any criteria?
For example, if the second bar high is outside the high of the previous bar, does that invalidate it?
The clearer they are the better. If there is a question of clarity .. I don't like them . The Aud/Usd 2 Week PB is very clear, but the size is questionable.
Indicators show the past. Price Action "Indicates" the future.
  • #79,966
  • Nov 13, 2010 10:45pm Nov 13, 2010 10:45pm
Quoting cprao
No intentions to trade this pair.. but curious to know..

Is this a IPB ?

At absolute swing low.
How ever the low of the so called IPB is lower than the preceeding candle.
Technically its a BUOB with a weak close. But I like that it looks like a bullish IPB at its swing low location.

You can see why it reacted the way it did. . . previous Support in green.

The .8500 BRN, previous Support and bullish IPB looking BUOB could be enough to sent this puppy upward, but I would like to see Price above the .8500.

Conversely, since Price has moved down so strongly it looks like a good turning point to turn into Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,967
  • Nov 13, 2010 11:07pm Nov 13, 2010 11:07pm
Quoting Carnegie
Sorry for the double posting guys, I saw the post after I made the other comments.

This is what I was thinking also, that this one closed below the area(parity) that you said the first BEOB couldn't. And since there are two of them in a row, wouldn't this increase the probability.

But the thing is, all of you guys are correct in that I should learn to recognize S&R areas and PPZ before I trade because it seems to me as I always short into support and buy into resistance.

So there's some learning to me. It's just that right now in the beginning.....

Mike's post was excellent on the Aud/Usd Daily BEOBs. Take some time and read all of his posts in this thread . . .that's what I do.


Here's some chart examples on the Aud/Usd of how I distinguish PPZ levels.

PPZ levels are "Price flips" meaning where areas of Support turn into areas of Resistance . .and vice versa. This turning point occurs (usually) once Price breaks the given level of Support or Resistance and closes either above or below .

Look for how Price reacts and closes at these levels on the higher time frames any it should cut down on seeing them everywhere.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,968
  • Nov 13, 2010 11:09pm Nov 13, 2010 11:09pm
Quoting jarroo
The clearer they are the better. If there is a question of clarity .. I don't like them . The Aud/Usd 2 Week PB is very clear, but the size is questionable.

Thanks Jarroo.


Wow, you think it is small!


I thought they are quite big.

Maybe I have to zoom in to two clicks only and check the size.
  • #79,969
  • Nov 13, 2010 11:13pm Nov 13, 2010 11:13pm
Quoting Pinbar
Thanks Jarroo.


Wow, you think it is small!


I thought they are quite big.

Maybe I have to zoom in to two clicks only and check the size.
Its all relative to the TF. Check the size of the previous BUBs.
Indicators show the past. Price Action "Indicates" the future.
  • #79,970
  • Nov 13, 2010 11:20pm Nov 13, 2010 11:20pm
Quoting jarroo
Its all relative to the TF. Check the size of the previous BUBs.

I did, the two lower maybe 2 week PB is larger but, nothing is else appears to be much larger than these two.
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  • #79,971
  • Nov 13, 2010 11:26pm Nov 13, 2010 11:26pm
Quoting Pinbar
I did, the two lower maybe 2 week PB is larger but, nothing is else appears to be much larger than these two.

You have to stick to the TF that the setup was given.

The 2 Week PB is about 370 pip, the previous BUBs are over 400 pips. Now if the 2 Week PB was 500 pips . . .now we're talking.
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Indicators show the past. Price Action "Indicates" the future.
  • #79,972
  • Nov 13, 2010 11:29pm Nov 13, 2010 11:29pm
Quoting jarroo
You have to stick to the TF that the setup was given.

The 2 Week PB is about 370 pip, the previous BUBs are over 400 pips. Now if the 2 Week PB was 500 pips . . .now we're talking.

Oh, I see, thanks Jarroo

I didn't realize we had to look at the original TF for sizing these X2 bars.

Another thing to remember.


Wish that converter would work as used to.
I suppose that Trading station is a great advantage in this respect, as we can change the TF to almost anything we like.
  • #79,973
  • Nov 13, 2010 11:32pm Nov 13, 2010 11:32pm
Quoting Pinbar
Oh, I see, thanks Jarroo

I didn't realize we had to look at the original TF for sizing these X2 bars.

Another thing to remember.

That's for eveything . . its not just Size but PPZ levels, Targets, etc. . .be it a Monthly or an Hourly TF.
Indicators show the past. Price Action "Indicates" the future.
  • #79,974
  • Nov 13, 2010 11:33pm Nov 13, 2010 11:33pm
Quoting jarroo
That's for eveything . . its not just Size but PPZ levels, Targets, etc. . .be it a Monthly or an Hourly TF.

Really, wow, you have to treat it as whole new setup then.


Many thanks Jarroo
  • #79,975
  • Nov 14, 2010 12:04am Nov 14, 2010 12:04am
Quoting jarroo
I think we found the answer to the question on the 132.00 to act as Support . .and it is, NO. . . lol

That's why I wait for PA at these levels. Now it could shoot up and form a PB . .if so then that's fine, I don't think so . .wow .. .look at her go.

A followup on the Gbp/Jpy . .

I was a bit quick on claiming the 132.00 as not a Support level and it wasn't in the short term.

But we can see that Price did close above the 132.00 . .another example of why higher TFs rule. Because Price closed above the 132.00, I look for it to act as Support . .I've removed the question mark.

These confluenced levels are great way to find strong PPZ levels.

Here's an example on the Aud/Cad where these confluenced levels acting as strong PPZ level. No surprise on the .9000 BRN . .right Mike . .
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Indicators show the past. Price Action "Indicates" the future.
  • #79,976
  • Edited 12:53am Nov 14, 2010 12:39am | Edited 12:53am
Found a nice simple candle aggregation indicator, not a script in MQ4 by Hanover.

You can change the colors and turn it on or off, no need to open a chart offline as before.



I think the Aggregate backwards option is best to use.
So that, the second candle becomes the aggregated candle as opposed to the first candle in the aggregation.
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Attached File(s)
File Type: zip CandleAggregator.ZIP   73 KB | 426 downloads
  • #79,977
  • Nov 14, 2010 12:48am Nov 14, 2010 12:48am
Quoting Pinbar
Found a nice simple candle aggregation indicator, not a script in MQ4 by Hanover.

You can change the colors and turn it on or off, no need to open a chart offline as before.
Nice! Thanks, PB.
Thanks J16, Sam Seiden, Udine and Jacko
  • #79,978
  • Nov 14, 2010 12:54am Nov 14, 2010 12:54am
Quoting HanSolo
Nice! Thanks, PB.

Your welcome HS..I think it is best to turn the aggregate backwards switch on.
  • #79,979
  • Nov 14, 2010 1:01am Nov 14, 2010 1:01am
Quoting 666Doom
My advice:
Learn FTA plotting as per J 16
Never take any setup without confluence.
Never take any setup pushing towards PPZ.
And always use common sense before anything.
Always hid your stop loss behind major levels.
If price goes in your way BE as soon as you feel trade is going to be a runner,and let it run.
Regards
Taz
Hello,Doom. thank you for your advice .and i am not sure i have understanded them absolutely .
and.........................
i am just a newbie lost some money .i have a long way to go to be a professional , i believe i can success and earn the lost money . really thank you for all your help ,and i think i need more help from you , give my best wishes to all of the FF members .
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A chart helps those who can read it.
  • #79,980
  • Nov 14, 2010 1:03am Nov 14, 2010 1:03am
More on the 2 week aussie, I feel if the 2 week pinbar base was sitting a little higher it would have been that much nicer even at the current size.

For me I'll be waiting for another retest of 1.000 with hopefully a big fat nice 4hr or even 1hr pin to get short from, try catch the weekly run that way.
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