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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

  • #16,521
  • Dec 9, 2008 11:43am Dec 9, 2008 11:43am
Quoting leis
Thoughts.....
Breakout above resistance?
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  • #16,522
  • Dec 9, 2008 11:57am Dec 9, 2008 11:57am
NO it was not luck at all...

The confluence had nothing to do with the MACD though.

It was the perfect bounce off the 50% Fib of the upmove that constituted the confluence and also the 150 EMA on the 4H was conveniently at the same place.

Very nice trade.

Just a beginner's observation in hindsight.

EDIT: Got the Fib the wrong way round but still a 50% bounce !!!

EDIT 2: What you show in your first attached chart is not a PB but a BUOB... the bar that came next was a PB
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  • #16,523
  • Dec 9, 2008 12:06pm Dec 9, 2008 12:06pm
beautiful PB on EUR/CHF 4 hr northfinance feed
The PB is on a strong resistence, confluence of down trendline + static level
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  • #16,524
  • Dec 9, 2008 12:08pm Dec 9, 2008 12:08pm
Quoting Vourvoul
NO it was not luck at all...

The confluence had nothing to do with the MACD though.

It was the perfect bounce off the 50% Fib of the upmove that constituted the confluence and also the 150 EMA on the 4H was conveniently at the same place.

Very nice trade.

Just a beginner's observation in hindsight.

EDIT: Got the Fib the wrong way round but still a 50% bounce !!!
Thanks Vourvol
Still learning....after three years of not getting this forex gobbledegook stuff. Yep and still trying to get to grips with this confluence thingy. Maybe I'm jst maybe getting to understand the value of support and resistance....
  • #16,525
  • Dec 9, 2008 12:13pm Dec 9, 2008 12:13pm
Quoting Vourvoul
NO it was not luck at all...

The confluence had nothing to do with the MACD though.

It was the perfect bounce off the 50% Fib of the upmove that constituted the confluence and also the 150 EMA on the 4H was conveniently at the same place.
perfect description of the aud/usd 4h pb i toook earlier...
  • #16,526
  • Dec 9, 2008 12:16pm Dec 9, 2008 12:16pm
Quoting james16
many traders here do very well using multiple time frames. some of you will find it virtually impossible to do which is fine as it does me also. i rarely look at more than one time frame when trading with pa and s/r. it causes me to second guess muself which is what it did to you jim. dont do it if you find it handcuffs you.

jim

exactly what i needed to hear, it so makes me second guess myself..and if its possible to trade just one then im happy..i find th purpose behind smaller time frames is to get bettery entery of the larger times frames..but i cant seem to do that...infact i end up trading the smaller ones i get it!
  • #16,527
  • Dec 9, 2008 12:25pm Dec 9, 2008 12:25pm
Quoting canados
beautiful PB on EUR/CHF 4 hr northfinance feed
The PB is on a strong resistence, confluence of down trendline + static level
Here is what I am looking at. I would love to see it clear ~1.5530.
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  • #16,528
  • Dec 9, 2008 12:28pm Dec 9, 2008 12:28pm
Quoting HipsterPipster
Here is what I am looking at. I would love to see it clear ~1.5530.
I have that levels on my chart too. I'll move my stop to break even when the first support will be reached
  • #16,529
  • Dec 9, 2008 12:29pm Dec 9, 2008 12:29pm
Anyone in on this, I played the break targeting the green line above, that area anyway.
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  • #16,530
  • Dec 9, 2008 12:31pm Dec 9, 2008 12:31pm
Quoting canados
I have that levels on my chart too. I'll move my stop to break even when the first support will be reached
, I am also looking at the immediate bar lows of this consolidation, ~1.5550.
  • #16,531
  • Dec 9, 2008 12:38pm Dec 9, 2008 12:38pm
Quoting Mr Smith
Anyone in on this, I played the break targeting the green line above, that area anyway.
If that red line is your PPZ than it seems you took this trade directly into a support area?
  • #16,532
  • Dec 9, 2008 12:42pm Dec 9, 2008 12:42pm
Quoting saskgui
If that red line is your PPZ than it seems you took this trade directly into a support area?

The red line already broke by 30+ pips triggering the trade,
4hr pin thru 61.8% retrace.
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  • #16,533
  • Dec 9, 2008 1:04pm Dec 9, 2008 1:04pm
Quoting rustyjeff
The location looks good.. At least for a bounce.
Against... Strong trend.
I dont play this cross, just cause i dont have a feel for it.
It does look good though.
Hi, for audnzd, I just entered long because there is a dlhc on a confluence of daily support + trendline + 50 and 38.2 fib retracements.
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  • #16,534
  • Dec 9, 2008 1:44pm Dec 9, 2008 1:44pm
Hi Guys,

Hope you are all trading well. I would like to direrct these at the more experienced members although any advice from any quarter will be welcome. I am having a bit of trouble with plotting ppz zones. On the 4h TF for example is it possible to have multiple PPz zones? I seem to have quite a few and it clutters up the charts a bit. Does anyone have any rules for plotting these zones, eg mininmum no of bars, near RNs etc?

My second question concerns Pins located at PPz zones/areas of confluence.
When we talk about the pin being in a good location at these areas do we mean that the the nosebody or tail is resting on the confluence area or can the ppz cut through the middle of the pin?

Thanks guys,

berti
PA is where its at!!
  • #16,535
  • Dec 9, 2008 1:47pm Dec 9, 2008 1:47pm
James,

Just like to say thanks for your recent posts. Everything you are saying is spot on - esp the statement that this business is bleeding hard! Would you agree that virtually all newbies have to pay a 'tuition fee' to the market or can this be avoided?
PA is where its at!!
  • #16,536
  • Dec 9, 2008 1:55pm Dec 9, 2008 1:55pm
PB forming on the 4 hr on EUR/USD. Also Daily Pivot right below PB. Break of DP and we will most likely see bears.
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  • #16,537
  • Dec 9, 2008 1:58pm Dec 9, 2008 1:58pm
Yeah I noticed that PB Kirby....it is a pretty strong PPZ below it where price has flipped so if you were getting in I'd work on somewhere below 1.2880
  • #16,538
  • Dec 9, 2008 2:00pm Dec 9, 2008 2:00pm
Hey B My answers below in bold

Quoting bertie123
Hi Guys,

Hope you are all trading well....

I had nearly an identical question today here was my response

Quoting mbqb11

We have both major and minor PPZs. This means that technically speaking(our chart), can be filled with lines everywhere. So what to do?

You have to start the best way till you get used to how you want to effectively use them. The way I recommend do this is stick to the MAJOR ones only. Instead of drawing them on the daily, then 4hr and so on. Draw them on say the weekly and daily only. The real major ones. They should be very clear and obvious. What happens is people fill their charts with all these lines and then are just paralyzed by the chart.

As you get a feel for these major zones, slowly you will be able to add the less minor ones, or the ones on lower timeframes. One rule I have is do everything on one timeframe. So if you are taking a daily trade, that should involve daily ppzs(or weekly is ok because you will have so few of them). If you start mixing 4hr ppzs in there your chart will look crazy.

Hope this sheds a bit of light

Mike


Then I had another post with a chart --- here is that response and chart below


Quoting mbqb11
here is an example of some major and some more minor PPZs

In the blue you can see the more clearly defined PPZs area. These are what I consider major PPZs. Then in purple. you have the less major ones. Now this doesn't mean they aren't or won't be important. But when learning you have to strip things down and take it in pieces. My suggestion is to stick to ppzs that jump out like the ones in blue


Mike
[/b]
My second question concerns Pins located at PPz zones/areas of confluence.
When we talk about the pin being in a good location at these areas do we mean that the the nosebody or tail is resting on the confluence area or can the ppz cut through the middle of the pin?


This can be both ways. Sometimes the nose will pierce by a little, sometimes a little more, sometimes it will stop dead on. All are potentially valid and ok.

Thanks guys,

berti[/quote]
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  • #16,539
  • Dec 9, 2008 2:08pm Dec 9, 2008 2:08pm
Quoting mbqb11
I had nearly an identical question today here was my response
Mike, thank you very much for a great post. Hope you feel better ny now.
One Chart is Worth Ten Thousand Words.
  • #16,540
  • Dec 9, 2008 2:10pm Dec 9, 2008 2:10pm
Hi all,

very nice PB on GBPAUD with closed profit about 200 pips, see PB in red circle.
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