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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

  • #19,621
  • Jan 26, 2009 10:40pm Jan 26, 2009 10:40pm
Right now I am looking at the USD/JPY 1 hour chart. I drew up a pennant. I have it breaking this pennant briefly to the upside, but finding stiff resistance at the 61.2 retrace. I will wait for the bottom break of the pennant before going short. Any thoughts or opinions? Sorry I will figure out soon how to post a chart
  • #19,622
  • Jan 26, 2009 10:48pm Jan 26, 2009 10:48pm
Quoting Jlr
Right now I am looking at the USD/JPY 1 hour chart. I drew up a pennant. I have it breaking this pennant briefly to the upside, but finding stiff resistance at the 61.2 retrace. I will wait for the bottom break of the pennant before going short. Any thoughts or opinions? Sorry I will figure out soon how to post a chart
I generally don't like to post the lower timeframe charts as I feel it gets newer readers to this thread off on the wrong foot.

But the concepts remain the same. I will watch 90 big round number + ppz for reaction. Until then I stay on the sidelines personally


Mike
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  • #19,623
  • Jan 26, 2009 10:51pm Jan 26, 2009 10:51pm
Thanks for your thoughts. I will look that up as I have absolutely no clue what you're talking about Edit: the ppz part anyway.
  • #19,624
  • Edited Jan 27, 2009 12:48pm Jan 26, 2009 10:53pm | Edited Jan 27, 2009 12:48pm
Quoting Jlr
Right now I am looking at the USD/JPY 1 hour chart. I drew up a pennant. I have it breaking this pennant briefly to the upside, but finding stiff resistance at the 61.2 retrace. I will wait for the bottom break of the pennant before going short. Any thoughts or opinions? Sorry I will figure out soon how to post a chart
I would like to welcome you abroad as well Jlr.

As you read the very important 1st post of this thread and begin learning the methods of Price Action. I would strongly suggest that you start your education on the higher time frames . This will give a clearer picture of how Price Action setups work and how consistent they are.

Jim.
Indicators show the past. Price Action "Indicates" the future.
  • #19,625
  • Jan 26, 2009 10:55pm Jan 26, 2009 10:55pm
Quoting Jlr
Thanks for your thoughts. I will look that up as I have absolutely no clue what you're talking about Edit: the ppz part anyway.

PPZ = price pivot zone. This is a flip b/w support and resistance. Notice how price swivels in a zone around the 90 mark.

You can read more from James here

http://www.forexfactory.com/showpost...ostcount=14084

oh an what Jaeroo says is VERY important above
  • #19,626
  • Jan 26, 2009 10:56pm Jan 26, 2009 10:56pm
Ty Jim, I will heed your advice and look to do that. Honestly though I thought I was looking at some pretty long term charts there with that 1h chart haha.. guess not. Ty also mbqb, will check that out.
  • #19,627
  • Edited Jan 27, 2009 12:48pm Jan 26, 2009 11:01pm | Edited Jan 27, 2009 12:48pm
Quoting mbqb11
PPZ = price pivot zone. This is a flip b/w support and resistance. Notice how price swivels in a zone around the 90 mark.

You can read more from James here

http://www.forexfactory.com/showpost...ostcount=14084

oh an what Jarroo says is VERY important above

I guess you didn't see Jlr's post number and member date. lol

New member and starting on this thread. What a lucky guy.
Indicators show the past. Price Action "Indicates" the future.
  • #19,628
  • Jan 26, 2009 11:03pm Jan 26, 2009 11:03pm
Quoting jarroo
I guess you did see Jli's post number and member date. lol

New member and starting on this thread. What a lucky guy.
nostalgic Man how time flies

But seriously if you follow the rules laid out in post 1, work your way through this thread slowly...you will find a bright light that continues to get brighter
  • #19,629
  • Jan 26, 2009 11:04pm Jan 26, 2009 11:04pm
Quoting jarroo
I like the 1.4000 as resistence then turning into support better then the 1.4050 as well, Jig.
Yeah, Im hoping its going to hold, Im actually long on cable since Sunday night. I was in the chatroom in the PF with the great Rockrat at the time, he was long from from around that price too, wonder if he still held.

I just said after it closed the Gap that I would leave it on and see what way Prices interaction with the previous pin bars daily high was . . . I was going to go long on the Daily anyway so I might as well leave it on.

Up to 1.4350 ? ! ? . . . . . . . .

Long way to go , I will be looking for a counterattack on lower TF's :nerd:
(I think it was Ghous who said that a while ago lol)
  • #19,630
  • Jan 26, 2009 11:06pm Jan 26, 2009 11:06pm
Quoting mbqb11
you will find a bright light that continues to get brighter
  • #19,631
  • Jan 26, 2009 11:14pm Jan 26, 2009 11:14pm
Quoting Jigsaw
You beat me to that one, Jig.

Indicators show the past. Price Action "Indicates" the future.
  • #19,632
  • Jan 26, 2009 11:16pm Jan 26, 2009 11:16pm
Quoting jarroo
What do I consider when Price moves through a PPZ level and comes back down to form a Pin Bar, at a swing high? I consider it a tradable opportunity.

A few problems with this PA setup: the 1.4050 is actually a Resistence level not a PPZ and Pin Bar's nose is much to short. I do like the level of resistence which could turn into support and strengthen the 1.4050 level. Also, the swing high could be higher. Just my thoughts.

Now watch it fall like a stone. lol
hi jarro i'm still learning want to ask why u said that resistance level not ppz. what diference between ppz and that resistance level thx.
  • #19,633
  • Jan 26, 2009 11:19pm Jan 26, 2009 11:19pm
Quoting jarroo
I guess you didn't see Jli's post number and member date. lol

New member and starting on this thread. What a lucky guy.
Saw the post count and figured I'd see whats up
  • #19,634
  • Edited Jan 27, 2009 12:34am Jan 26, 2009 11:48pm | Edited Jan 27, 2009 12:34am
Quoting poplar
hi jarro i'm still learning want to ask why u said that resistance level not ppz. what diference between ppz and that resistance level thx.
Support levels and Resistence levels are independent levels we see on our charts all the time. It is when these levels meet together that makes a quality PPZ zone.

I like my post a few months ago.

http://www.forexfactory.com/showpost...ostcount=12729
Indicators show the past. Price Action "Indicates" the future.
  • #19,635
  • Jan 27, 2009 12:36am Jan 27, 2009 12:36am
Hi
I saw some people took daily PB on USDCHF. There is strong PPZ 1.1480-1.1500 and this PB would be taken directly into this zone.
Last week we had similar PBs on weekly CHFJPY and EURJPY that would be stop out if one take them. It was also explained in further discussion as a not go pin bars.
So what is defferent with the approach regarding these trades?
thank you
  • #19,636
  • Jan 27, 2009 12:40am Jan 27, 2009 12:40am
Quoting mbqb11
Yes PPZ are just s/r when they flip and you have both. I don't use any MAs personally, you will find a lot of people here use the 150, 365 emas. They aren't magic but can help with confluence and getting a general sense of the market.

Take care
Mike
sorry for jst replying mike,
had to dash out
ppz has been noted, its where there's flip between sup & res
i.e. where sup and res have been tested (area between sup & res)
hope dats correct
thnx a lot
Simplicity is the key to success
  • #19,637
  • Jan 27, 2009 12:46am Jan 27, 2009 12:46am
Quoting sonicdeejay
Look like we have serious resistance @ 119.3x lvl

http://www.forexfactory.com/attachme...1&d=1233030088
I have taken my profit...

Sonic
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  • #19,638
  • Edited 1:22am Jan 27, 2009 1:04am | Edited 1:22am
Quote
Hi
I saw some people took daily PB on USDCHF. There is strong PPZ 1.1480-1.1500 and this PB would be taken directly into this zone.
Last week we had similar PBs on weekly CHFJPY and EURJPY that would be stop out if one take them. It was also explained in further discussion as a not go pin bars.
So what is defferent with the approach regarding these trades?
thank you

Great question alter

Nothing abt what you were anticipating was wrong.

What made me enter was the confluence and bar shape. Some ppl also followed Jim's (James16's) advice of taking the trade at the break of 1.15 that level being so close to the Pin bar, i personally took purely the break of the Pb...

It's just a case of "different strokes for different folkes" some found 1.15 as a potential hell of a support zone for usd/chf, some did'nt...who was right? who was wrong? neither were right nor wrong. It also cannot be deduced with the result of the trade...it's just how "you interpret the market" and as far as you're aware of the fact that you won't be right 100% of the times you're on the right path...

Regards,
Ghous.
I believe . . .
  • #19,639
  • Jan 27, 2009 1:23am Jan 27, 2009 1:23am
hey guys
pls hav a look at dis trade i entered
any comments ,good or bad is welcomed wit open arms
dat looks like comfluence right?
look at my sl, is it ok and where do u think i shld put my tp
i kno i have to always move to be as fast as possible,but im waiting for it to move about + 50 pips first
btw thnx ghous
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Simplicity is the key to success
  • #19,640
  • Jan 27, 2009 1:36am Jan 27, 2009 1:36am
Quoting squeezy
hey guys
pls hav a look at dis trade i entered
any comments ,good or bad is welcomed wit open arms
dat looks like comfluence right?
look at my sl, is it ok and where do u think i shld put my tp
i kno i have to always move to be as fast as possible,but im waiting for it to move about + 50 pips first
btw thnx ghous
Hi Squeezy, sorry I qouted your post in an attempt to respond to Alter's post...

Abt this particular setup, IMO this was a good take...

refer to my post earlier here regarding how i was seeing the setup.

Abt the managment, I am eyeing as 0.91 as my first TP and the second being possibly around 0.89...

My SL is just above the left eye of the pin bar i.e at 0.934

Regards,
Ghous.
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I believe . . .
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