james16 Chart Thread | Page 638 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #12,741
  • Aug 16, 2008 9:51pm Aug 16, 2008 9:51pm
I signed up for a demo account with a broker that carries the pair. It does look like a great setup.

Scott

Quoting ghous
yes the ppz i mentioned is easily the most important ppz for this pair, i can see price responding to it since 2005, as for the pin bar closing below the ppz it really does'nt indicate much because obviously the ppz is'nt just a single line it's more a region then a strictly defined line, i thus felt that the pin bar was just abt in a perfct place for a long...we'll see...
  • #12,742
  • Aug 17, 2008 5:20am Aug 17, 2008 5:20am
Quoting ghous
yes the ppz i mentioned is easily the most important ppz for this pair, i can see price responding to it since 2005, as for the pin bar closing below the ppz it really does'nt indicate much because obviously the ppz is'nt just a single line it's more a region then a strictly defined line, i thus felt that the pin bar was just abt in a perfct place for a long...we'll see...
Thanks for explaining the PPZ because that is exactly how I defined it as a zone that encompasses a range of prices rather than just one particular price.
Patience + Humility + Study = Success
  • #12,743
  • Edited 9:33am Aug 17, 2008 9:03am | Edited 9:33am
Quoting phpscott
Attached is a weekly chart of NZD/USD which has a beautiful looking PB off of a long term trend line. I wanted to share this chart as this is an example of a great looking PB I plan on not trading. The reason I would not trade this PB is because if it were to break to the upside, it is likely to stall at the weekly PPZ (white line). If price breaks above the weekly PPZ, I plan on watching for a pull back to the PPZ and a PA setup on the daily or weekly timeframe.

Scott
yes i agree and disagree with you Scott...i agree with you that the pin is nice, i also agree that Nu is still to break very important barriers in recent times if it wants to go up, but then i disagree that you find it unlikely that the price may not break these levels, when the price tells you where it wants to go why do have to think otherwise, the setup is just abt as genuine as you will find, the support line is exremely long term and strong as hell, we have seen bounces consisting of thousands of pips off it, so then when you find a nice Pin bar on it why should you not take it?? just because you think there are important price levels around??

let's take the example of the last bounce that occured off the trendline back in March 2006...

(refer to attathed chart...)

we first see the price drop to 0.607 ppz then bounce off it all the way to 0.64, then a restest to the 0.607 trendline this time with a confluence with the long term support line, so when the pin bar occured, indicating a strong desire for the price to go up, how much of an importance did the 0.64 level have around that green rectangle within the larger rectangle??

the whole point is that res/sup levels no matter how strong or weak, hold only uptill the point when the price is no mood to break them, when the price wants it can reak all time res/sup levels without ever looking back, and at times stall on weaker ones for weeks...so my agenda is to follow what price desires to do, on this occasion yet again price does want to go up, so will it break all those levels above?...it may or may not, but then the best part abt getting in early is that you have time to bag in the pips before the climax of the trade arrives...;
Attached Image (click to enlarge)
Click to Enlarge Name: nu.gif Size: 14 KB
I believe . . .
  • #12,744
  • Aug 17, 2008 9:51am Aug 17, 2008 9:51am
[quote=ghous;2169448]yes i agree and disagree with you Scott...i agree with you that the pin is nice, i also agree that Nu is still to break very important barriers in recent times if it wants to go up, but then i disagree that you find it unlikely that the price may not break these levels, when the price tells you where it wants to go why do have to think otherwise, the setup is just abt as genuine as you will find, the support line is exremely long term and strong as hell, we have seen bounces consisting of thousands of pips off it, so then when you find a nice Pin bar on it why should you not take it?? just because you think there are important price levels around??


ghous,

I loved your post and explanation of why to go ahead, if it fits within your trading plan, to take this pinbar! I have debated these same things with myself on whether or not to take a trade when there is some strong resistance reasonably away. But the points you gave and the chart you showed really helped me quite a bit. I think too, that the point you made at the last can't be overlooked: on this occasion yet again price does want to go up, so will it break all those levels above?...it may or may not, but then the best part abt getting in early is that you have time to bag in the pips before the climax of the trade arrives...; my plan is to be sure and bank some pips or at least move my stop to breakeven on a move in my favor.

Thanks for the great post!
  • #12,745
  • Aug 17, 2008 10:04am Aug 17, 2008 10:04am
[quote=cluelessbroadband;2169490]
Quoting ghous
yes i agree and disagree with you Scott...i agree with you that the pin is nice, i also agree that Nu is still to break very important barriers in recent times if it wants to go up, but then i disagree that you find it unlikely that the price may not break these levels, when the price tells you where it wants to go why do have to think otherwise, the setup is just abt as genuine as you will find, the support line is exremely long term and strong as hell, we have seen bounces consisting of thousands of pips off it, so then when you find a nice Pin bar on it why should you not take it?? just because you think there are important price levels around??


ghous,

I loved your post and explanation of why to go ahead, if it fits within your trading plan, to take this pinbar! I have debated these same things with myself on whether or not to take a trade when there is some strong resistance reasonably away. But the points you gave and the chart you showed really helped me quite a bit. I think too, that the point you made at the last can't be overlooked: on this occasion yet again price does want to go up, so will it break all those levels above?...it may or may not, but then the best part abt getting in early is that you have time to bag in the pips before the climax of the trade arrives...; my plan is to be sure and bank some pips or at least move my stop to breakeven on a move in my favor.

Thanks for the great post!
this is exactly what i aim for, i trade this method a lot, i.e take setuos on imprtant levels regardless of how many close res/sup is and just keep a close watch for any signs of a bounce threatning my position, but the important thing here is that i should have some space to allow my trade to be in without the enterference of an important price level at first, because obviosuly you need to breath a bit to bag in the pips or to get out at breakeven in the worst scenario...trading off a ppz with another ppz very lose to price may not be a wise idea...

allow me to post an example.

refer to post number 12380 when i posted the Eur/Nzd trade setup i was abt to take and why, this was just another healthy trade based on these ideas..

http://forexfactory.com/showpost.php...ostcount=12380

here is the current situation...

the price drops down to the support line where i close 50% of my trade (on most occasions this is my policy, 50% postion close at the point o the main event, in this case the trendline break on others it's the range break...) and ride the rest at breakeven.

so why was this a great trade for me? simply because i chose to step in earlier as compared to a trader who wanted to wait for the trendline break, note however that i had other confirmations along with me to make me confident on the early trade, on this occasion it was the nice pin bar producing from the res line to the north...

Aud/Nzd was another sucessful trade i opened along with Eur/Nzd and still in it...

Regards,
ghous.
Attached Image (click to enlarge)
Click to Enlarge Name: eurnzd.gif Size: 10 KB
I believe . . .
  • #12,746
  • Aug 17, 2008 11:00am Aug 17, 2008 11:00am
Hi, what's your profit target in aud/nzd? I'm in it @real account, i see 1st problem on .2100 , there's S/R changed level . What do you think?

[quote=ghous;2169502]
Quoting cluelessbroadband

Aud/Nzd was another sucessful trade i opened along with Eur/Nzd and still in it...

Regards,
ghous.
  • #12,747
  • Aug 17, 2008 11:16am Aug 17, 2008 11:16am
[quote=Jankone;2169543]Hi, what's your profit target in aud/nzd? I'm in it @real account, i see 1st problem on .2100 , there's S/R changed level . What do you think?


yeah that sure is an important level, besides the 50% fib line is also just above this ppz, the price should find some sort of support here, we'll see as we appraoch this level, my sl is at 1.24 at the moment, with 350 already booked i can afford to have a wide stop...when did you take the trade, at what price?
I believe . . .
  • #12,748
  • Edited 11:25am Aug 17, 2008 11:24am | Edited 11:25am
1st entry was on .2740, but i moved SL to B/E very fast and then i got kicked . unlucky on H4 great pin bar (on my broker).My fault and my fear. Then I wait for good entry - sell stop after long ride on .2390 ( there was nice S/R level ) . 1st entry was 4.8. 4pm. central europe time. because i saw great weekly setup - double pin bars
  • #12,749
  • Aug 17, 2008 11:37am Aug 17, 2008 11:37am
I appreciate the input. I personally like my trades to have initial breathing room, just like your March '06 example does. I am not talking about hundreds of pips of room though either... enough room so if a strong reaction does occur, I can get out with a small gain. I hope NZD/USD does break up and give a solid opportunity I like. Yes, I am PICKY, but I know there will always be more opportunities.

I went short on AUD/NZD as well... twice actually. I added to my position along the way. I am currently sizing up GBP/USD.

Scott

Quoting ghous
yes i agree and disagree with you Scott...i agree with you that the pin is nice, i also agree that Nu is still to break very important barriers in recent times if it wants to go up, but then i disagree that you find it unlikely that the price may not break these levels, when the price tells you where it wants to go why do have to think otherwise, the setup is just abt as genuine as you will find, the support line is exremely long term and strong as hell, we have seen bounces consisting of thousands of pips off it, so then when you find a nice Pin bar on it why should you not take it?? just because you think there are important price levels around??

let's take the example of the last bounce that occured off the trendline back in March 2006...

(refer to attathed chart...)

we first see the price drop to 0.607 ppz then bounce off it all the way to 0.64, then a restest to the 0.607 trendline this time with a confluence with the long term support line, so when the pin bar occured, indicating a strong desire for the price to go up, how much of an importance did the 0.64 level have around that green rectangle within the larger rectangle??

the whole point is that res/sup levels no matter how strong or weak, hold only uptill the point when the price is no mood to break them, when the price wants it can reak all time res/sup levels without ever looking back, and at times stall on weaker ones for weeks...so my agenda is to follow what price desires to do, on this occasion yet again price does want to go up, so will it break all those levels above?...it may or may not, but then the best part abt getting in early is that you have time to bag in the pips before the climax of the trade arrives...;
  • #12,750
  • Aug 17, 2008 6:39pm Aug 17, 2008 6:39pm
Ghous

Many thanks for your insight in PA.A question if i may.What is your method for setting Stop Losses?Any advice is appreciated.

Regards Gerard
  • #12,751
  • Aug 17, 2008 7:30pm Aug 17, 2008 7:30pm
The first clear and concise definition of PPZ. Thanks Jarroo.

Quoting jarroo
And guess where I got the defintion from . . James16 . . lol.

Let me illustrate this from Jim's point of veiw and he can tell me if I'm off track or not.

PivotPointZones are made up of Support and Resistence levels. S/R levels can come together and be on top of each other and be very tight as Jim has shown a few posts back. Or they can be wide in range.
The area between the Sup and Res levels is the PPZ.


Let's look at the Usd/Jpy prior to the up move through Resistence. An obvious Res. level. (Chart 1)

Then Price moved up and up and then down which created a Support level. This is what Jim is pointing out. (Chart 2)

This area between the Sup and Res is the PPZ. (Chart 3)

Now this is where the fun part comes into play and it requires participation on your part.

Put the horizon lines on your Daily chart the same as mine. At the 109.09-.10 level and the 108.39-.40 level. (click off the "autoscroll") And go back in time . . . 2008, 2007, 2005, 2004, 2000 and even back 1998.

Cool stuff.

Jim
  • #12,752
  • Aug 17, 2008 8:03pm Aug 17, 2008 8:03pm
Quoting ezz
in the nzd-jpy there is a d0wnside triangle(i dont know what else to call it)

Its when price keeps making l0wer highs and keeps its l0ws at one line
This is a downward continuati0n pattern
Just take care
Soz i cant p0st charts atm(am on my cell) maybe someone else can point 0ut what i saw in that chart
If you look at the monthly, the support at the pinbar is very strong.
Patience + Humility + Study = Success
  • #12,753
  • Aug 17, 2008 9:08pm Aug 17, 2008 9:08pm
Quoting Jankone
Hi, what's your profit target in aud/nzd? I'm in it @real account, i see 1st problem on .2100 , there's S/R changed level . What do you think?
Hey Jankone, not sure if you are really trading with a live account or not. If so, I hope you have tested this material and learned to trade it in your own way before risking your hard earned $. Many suggest demo trading for at least 3 profitable months before trading live.
Dion
  • #12,754
  • Aug 17, 2008 10:30pm Aug 17, 2008 10:30pm
Gbp/Usd

This PB looks good.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #12,755
  • Aug 17, 2008 11:00pm Aug 17, 2008 11:00pm
Agreed! I jumped on this one.

Scott

Quoting jarroo
Gbp/Usd

This PB looks good.
  • #12,756
  • Aug 17, 2008 11:04pm Aug 17, 2008 11:04pm
Quoting phpscott
Agreed! I jumped on this one.

Scott
Fib level on the Weekly. At the 61.8.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #12,757
  • Aug 17, 2008 11:11pm Aug 17, 2008 11:11pm
Quoting Gerard212
Ghous

Many thanks for your insight in PA.A question if i may.What is your method for setting Stop Losses?Any advice is appreciated.

Regards Gerard
Hi Gerard, offtopic but worth mentioning that your name reminds me off a great soccer player...

anyways my stop loss strategy is'nt all that special, i was struggling with my exits when on this thread only Mike and a few others recommended a nice strategy to me, i now move my stops along important price levels and move them manually as we go along, this is why i have my stop on aud/nzd at 1.24, it is an important ppz and if the price does go all the way back to restest it the time will be right for me to get out...

another method that i personally use specially when i ride trends is that i ensure that i stay in as long as the overall definition of a trend hold true, for a downtrend the high needs to be lower than the previous one and the low needs to be lower than the previous one, vice versa for an uptrend. when this happens all i have to do is to merely move the stops along lows on an uptrend and highs on downtrends, so when the price thinks to even make a low/high equal to the previous one the definition becomes void and again it's better to get out then. i made a post earlier with an example of such a case, i'll see if i can find it...

note however that this overall definiton may not be valid each time the price looks to find a direction, when it does and you want to ride it (i.e endure the minor retracments in between) this strategy can be useful.
Regards,
Ghous.
I believe . . .
  • #12,758
  • Aug 17, 2008 11:17pm Aug 17, 2008 11:17pm
Quoting jarroo
Gbp/Usd

This PB looks good.
Nice one Jarroo, but nooo! cant jump on i need to keep a control on my rules and ensure i follow them, i am not going aginst the momentum, only last week i was kicked hard in the butt when i decided to go long on a few pairs totally against the momentum around nice pin bars most of which were faliures...happy pipping!
I believe . . .
  • #12,759
  • Aug 17, 2008 11:30pm Aug 17, 2008 11:30pm
Quoting ghous
Hi Gerard, offtopic but worth mentioning that your name reminds me off a great soccer player...

anyways my stop loss strategy is'nt all that special, i was struggling with my exits when on this thread only Mike and a few others recommended a nice strategy to me, i now move my stops along important price levels and move them manually as we go along, this is why i have my stop on aud/nzd at 1.24, it is an important ppz and if the price does go all the way back to restest it the time will be right for me to get out...

another method that i personally use specially when i ride trends is that i ensure that i stay in as long as the overall definition of a trend hold true, for a downtrend the high needs to be lower than the previous one and the low needs to be lower than the previous one, vice versa for an uptrend. when this happens all i have to do is to merely move the stops along lows on an uptrend and highs on downtrends, so when the price thinks to even make a low/high equal to the previous one the definition becomes void and again it's better to get out then. i made a post earlier with an example of such a case, i'll see if i can find it...

note however that this overall definiton may not be valid each time the price looks to find a direction, when it does and you want to ride it (i.e endure the minor retracments in between) this strategy can be useful.
Regards,
Ghous.
had to surf through 40 pages to find the post i mentioned above....lol! one of the very few disadvantages of a fast moving thread...

anyways here is the post..

http://forexfactory.com/showpost.php...ostcount=11922
I believe . . .
  • #12,760
  • Aug 18, 2008 12:54am Aug 18, 2008 12:54am
Quoting jarroo
Gbp/Usd

This PB looks good.

Hey Jaroo,
Thank you for your explanation on how to define a PPZ. I notice on your recent charts (about the pb on GU), there are lines which I take are your PPZs. Can you elaborate on that? I mean I know that you've given an example earlier on UJ. I would appreciate if you can show more examples on how to draw a PPZ. Or perhaps you can point me to your posts that talks about PPZ and how to identify them in details. Thanks.

Regards,
46 traders viewing now