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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

  • #22,981
  • Mar 4, 2009 12:10pm Mar 4, 2009 12:10pm
Hi,

On the 4H TF, it seems there could be a Bearish Double Top.
My concern is there is 1pip difference between the 2 tops (the first one is 1pip higher).
Is it still considered as a valid figure (1pip is an acceptable error)?

Cheers
  • #22,982
  • Mar 4, 2009 12:17pm Mar 4, 2009 12:17pm
Quoting raczekfx
some based on PA,
some on SR or SR flip
some on 'buy them when no one wants them'..

.
Rac, do you still consider the 2nd arrow from the right as resistance and first arrow from the right as support? I sort of get confused around this not-so obvious s/r flip whether it can be considered as flip or not, atleast for me now. Thanks Rac!

ps: sorry about the MA if it distracts you. Trading it with a system.
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  • #22,983
  • Mar 4, 2009 12:25pm Mar 4, 2009 12:25pm
Quoting Lapin
Hi,

On the 4H TF, it seems there could be a Bearish Double Top.
My concern is there is 1pip difference between the 2 tops (the first one is 1pip higher).
Is it still considered as a valid figure (1pip is an acceptable error)?

Cheers
Sure it is more about the area. I am not sure what double top you are seeing yet though. I still think until 100 is hit we should stand aside

here is an example of a potential double top area to keep an eye on

Mike
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  • #22,984
  • Mar 4, 2009 12:25pm Mar 4, 2009 12:25pm
Quoting arcus
Rac, do you still consider the 2nd arrow from the right as resistance and first arrow from the right as support?
breaking those three pinbars to the upside validates your blue line as support and at the same time it gives me signal to rush in with more longs.
hope this helps.
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  • #22,985
  • Mar 4, 2009 12:31pm Mar 4, 2009 12:31pm
Sorry I forgot the picture
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  • #22,986
  • Mar 4, 2009 12:38pm Mar 4, 2009 12:38pm
Quoting raczekfx
breaking those three pinbars to the upside validates your blue line as support and at the same time it gives me signal to rush in with more longs.
hope this helps.
Thanks Rac. It sure helps me to understand better. And I had one more Q about the same chart. Don't we have another PPZ right above the are upside PBs. When I see this it would mean for me no trade as it directly against a PPZ. And this might be the box condition that always mentioned by Jims (J16), the new line that I draw is sort of middle area. What your process of thought when you first see this? I still don't get what to do in the middle of the box. Hope you can clear this up for me I've looked up past charts and demo the area, it where the price relax for a moment and continues it journey but it do fail sometimes. Please enlighten me Rac. Thank you very much.
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  • #22,987
  • Mar 4, 2009 12:41pm Mar 4, 2009 12:41pm
Quoting mbqb11
Sure it is more about the area. I am not sure what double top you are seeing yet though. I still think until 100 is hit we should stand aside

here is an example of a potential double top area to keep an eye on

Mike

like that one too Mike - thinking it might stay in this channel all the way up to the double top or even better would be a fake out through the channel and then freefall like it did on 20th feb.
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  • #22,988
  • Mar 4, 2009 12:47pm Mar 4, 2009 12:47pm
to be honest this was all about the location - the PA was less than average - an I4B at best. But divergence helped the location and justify the setup.
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  • #22,989
  • Mar 4, 2009 1:08pm Mar 4, 2009 1:08pm
but will probably pass on this.
has excellent divergence and double top - but i have no PA(even on lower tf) and even though it is close to my PPZ I am unsure. Had it been closer or tested the 85 then i would have been more interested.

boy it's hard to make pips these days - i bet we have another mad friday and i have to go out again.
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  • #22,990
  • Mar 4, 2009 1:11pm Mar 4, 2009 1:11pm
Quoting arcus
Thanks Rac. It sure helps me to understand better. And I had one more Q about the same chart. Don't we have another PPZ right above the are upside PBs. When I see this it would mean for me no trade as it directly against a PPZ. And this might be the box condition that always mentioned by Jims (J16), the new line that I draw is sort of middle area. What your process of thought when you first see this? I still don't get what to do in the middle of the box. Hope you can clear this up for me I've looked up past charts and demo the area, it where...
This is what happens when you guys start to trade on smaller (4hr) tf before you master higher tf first....

You endup questioning yourself over and over and see many more ppzs than necessary..
Make your trading simple otherwise, you will never enter a trade or close for 10pips once you're in it. That's not trading, That's torture.

This is what my gj chart look like.
Isn't it easier to trade off daily.... when you get on the bus around one of those SRs?
.
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  • #22,991
  • Mar 4, 2009 1:38pm Mar 4, 2009 1:38pm
Quoting raczekfx
This is what happens when you guys start to trade on smaller (4hr) tf before you master higher tf first....

You endup questioning yourself over and over and see many more ppzs than necessary..
Make your trading simple otherwise, you will never enter a trade or close for 10pips once you're in it. That's not trading, That's torture.

This is what my gj chart look like.
Isn't it easier to trade off daily.... when you get on the bus around one of those SRs?
.

I dont get your pink lines. I feel kinda dumb, what are they?
100% of traders are losers. Just that some win more than they lose!
  • #22,992
  • Mar 4, 2009 1:42pm Mar 4, 2009 1:42pm
Quoting Mr demark
I dont get your pink lines. I feel kinda dumb, what are they?
They are PPZs or flips b/w support and resistance

down arrows resistance up arrows support

We have both major and minor flips all over any chart
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  • #22,993
  • Mar 4, 2009 2:38pm Mar 4, 2009 2:38pm
Quoting mbqb11
They are PPZs or flips b/w support and resistance

down arrows resistance up arrows support

We have both major and minor flips all over any chart
His was abit unclear to me that's why i had to double check. I normally draw mines on the tip or bottom of the S/R. But his originally seem to run through other candles.

I guess i'm getting old too!
100% of traders are losers. Just that some win more than they lose!
  • #22,994
  • Mar 4, 2009 3:13pm Mar 4, 2009 3:13pm
What do you guys think about this possible bullish outside bar? I've gotten a lot more conservative, so this is about the closest thing I've got to a setup on the daily in some time. If it closes like this and breaks up, I figure it may have trouble around 51.50 or definitely 52.00. Thoughts?
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"Don't trade to trade . . . trade to win." - James16
  • #22,995
  • Mar 4, 2009 3:16pm Mar 4, 2009 3:16pm
hey mike,
is that inverted H&S i see

Quoting mbqb11
They are PPZs or flips b/w support and resistance

down arrows resistance up arrows support

We have both major and minor flips all over any chart
  • #22,996
  • Mar 4, 2009 3:24pm Mar 4, 2009 3:24pm
Quoting raczekfx
This is what happens when you guys start to trade on smaller (4hr) tf before you master higher tf first....

This is what my gj chart look like.
Isn't it easier to trade off daily.... when you get on the bus around one of those SRs?
.
Thanks Rac. Appreciated it. I'm still trading this on demo on daily but I just get puzzled that you don't draw PPZ at that area. My bad, I did not look thoroughly at the line you drew. It was daily PPZ where you entry is and the new line I drew just a minor one. Thanks again

.

This is the pair I'm currently watching. E/U might end up as PB off daily support but what worries me is PPZ just right above it and also a round number 1.2700. Another one, is U/J which I'm looking forward for any PA around 100 level. Still waiting.

Any comments is welcome
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  • #22,997
  • Mar 4, 2009 3:36pm Mar 4, 2009 3:36pm
Quoting Flem26
What do you guys think about this possible bullish outside bar? I've gotten a lot more conservative, so this is about the closest thing I've got to a setup on the daily in some time. If it closes like this and breaks up, I figure it may have trouble around 51.50 or definitely 52.00. Thoughts?
IMO, it would make a good BUOB at swing low and we have divergence. It would be better if we could close above the daily resistance and target would be the next PPZ which is also a Weekly PPZ. This just my 2 cents as I'm still learning this stuff too.
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  • #22,998
  • Mar 4, 2009 3:45pm Mar 4, 2009 3:45pm
Quoting Flem26
What do you guys think about this possible bullish outside bar? I've gotten a lot more conservative, so this is about the closest thing I've got to a setup on the daily in some time. If it closes like this and breaks up, I figure it may have trouble around 51.50 or definitely 52.00. Thoughts?
Ha, I was looking at this as well.Again I feel I'm elaborating on the topic I have limited expertise so please take it with great pinch of salt and pepper
Pros:
1.Good shape BUOB starting off a significant S/R level dating on the weekly chart (line dates back to 2002) as the pair is now in a deep downtrend
2.Exhausted downtrend move plus fundamentals (another bout of euophoria on markets because of China)
Cons:
1.Has to close above dowtrend channel line (white) to be even more valid
2.The pair has closed below significant S/R line dating back to 1999 (below 02..5015-30 as can't be more accurate on such a time frame) is in the downtrend still
And as you can see I've already started to sell it and now the pair maybe retracing after going through the S/R (support is tested as resistance). I would hedge my shorts it if it breaks downtrend line and the bar.
Again this is only my two cents worth even less. Would be grateful if somebody senior could help me (us).
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  • #22,999
  • Mar 4, 2009 3:51pm Mar 4, 2009 3:51pm
Anybody planing to take this one?
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  • #23,000
  • Mar 4, 2009 4:03pm Mar 4, 2009 4:03pm
Quoting pakiestra
Ha, I was looking at this as well.Again I feel I'm elaborating on the topic I have limited expertise so please take it with great pinch of salt and pepper
Pros:
1.Good shape BUOB starting off a significant S/R level dating on the weekly chart (line dates back to 2002) as the pair is now in a deep downtrend
2.Exhausted downtrend move plus fundamentals (another bout of euophoria on markets because of China)
Cons:
1.Has to close above dowtrend channel line (white) to be even more valid
2.The pair has closed below significant S/R line dating...

I have sold it at 0.5070 TP 4917 as it has touched Upper Bollinger and over bought in stoch. in my H4 Chart.
Bomi
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