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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

  • #24,881
  • Mar 25, 2009 9:55pm Mar 25, 2009 9:55pm
post that chart as it shows now joe.

jim

Quoting joebryce
Beautiful pinbar just screaming TRADE ME after retesting ppz and trendline
  • #24,882
  • Mar 25, 2009 10:28pm Mar 25, 2009 10:28pm
Quoting james16
this is where the light must come on and it will if you work for a while.

matts post mentioned it went to a certain level and i was rejected.

this was a great example of what we teach.

this was an easy profit but most would have watched it disappear into a loss.

as mike said it went exactly where we would have expected.

would we like to see price break thru and give us more?

you bet but it did not and we knew right away to not let it turn into a loss.

stick with it DUDE it just takes a little time.

Thanks for the advice James, will do.

Greetings,
ForexDude.
Why do we fall? "So we can learn to pick ourselves up."
  • #24,883
  • Mar 25, 2009 10:30pm Mar 25, 2009 10:30pm
Quoting ForexDude
Hello mbqb11, can you please tell me which indicators you are using in your chart to know where it will bounce?? (orange lines)

And what are the red tick lines?

Thank you.
Hey Dude

Those orange lines are simply major round numbers. For eur/jpy 130 was a major round number, and previous support and resistance area, also refered to as a PPZ(price pivot zone). Which is the flip b/w the support and resistance. The purple lines are highlighting the larger range/consolidation we were in. You can see by the red arrows the highs, that were former resistance caused price to bounce off as support today

Keep at it

Mike
  • #24,884
  • Mar 25, 2009 10:31pm Mar 25, 2009 10:31pm
Quoting james16
this is where the light must come on and it will if you work for a while.

matts post mentioned it went to a certain level and i was rejected.

this was a great example of what we teach.

this was an easy profit but most would have watched it disappear into a loss.

as mike said it went exactly where we would have expected.

would we like to see price break thru and give us more?

you bet but it did not and we knew right away to not let it turn into a loss.

stick with it DUDE it just takes a little time.
I second that. Stick with it.. it's totally worth it..
You might think it takes too much time but I'm pretty sure that soon you realize that it's not like that at all..

thanks
  • #24,885
  • Mar 25, 2009 10:31pm Mar 25, 2009 10:31pm
Quoting james16
post that chart as it shows now joe.

jim
Broke just like Jaroo likes to see. Let's see what happens tonight.
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  • #24,886
  • Mar 25, 2009 10:31pm Mar 25, 2009 10:31pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting mbqb11
Hey FX dude

It did actually go down, and right to where we would have expected it to bounce

Remember location and what is around our bars is the MOST crucial thing.

See chart below

Mike
So what now, is the pin still valid, i think i saw Rac talking about trading the retracement (will have to go back and find the post) or what do we look for now.
  • #24,887
  • Mar 25, 2009 10:32pm Mar 25, 2009 10:32pm
whoops sorry that is my fault I posted the eur/jpy while his question was NZD/JPY

But both charts are similar. My bad
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  • #24,888
  • Mar 25, 2009 10:32pm Mar 25, 2009 10:32pm
Quoting ForexDude
Hello, what are the 3 violet dotted lines?

ppz areas
  • #24,889
  • Mar 25, 2009 10:36pm Mar 25, 2009 10:36pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
ok.. and the last one for today (have been watching screens way too long this morning )

We've got daily pin, which broke last night. Now we've got rac's favorite retrace..
I wonder how it will play out in asia...
tc
OK so heres the post, we know it was played long from the 4h pin, but now it looks like it's being played short!!
  • #24,890
  • Mar 25, 2009 10:37pm Mar 25, 2009 10:37pm
Quoting MPP
So what now, is the pin still valid, i think i saw Rac talking about trading the retracement (will have to go back and find the post) or what do we look for now.
Technically speaking the pin is still valid till the high is broken. But it already did as we expecting. IMO it is very difficult to have traded this one any other way then the James16 "day trade off daily charts". Meaning you should have done something at the point it hit the heavy ppz area 130/131ish area. I personally Was still long the BUOB from awhile ago, used that pin to move my stop to lock in profit. Next for me was looking for PA to go long back off the major PPZ area. It had a 4hr pin, but was just not quite good enough for me personally to long.

So now it is a waiting game

Mike
  • #24,891
  • Mar 25, 2009 10:38pm Mar 25, 2009 10:38pm
Quoting Bemac

Huge! Absaflogginlutely HUGE.
I can't believe I actually googled that word... must be lack of sleep
  • #24,892
  • Mar 25, 2009 10:39pm Mar 25, 2009 10:39pm
Quoting marcelnyo
I can't believe I actually googled that word... must be lack of sleep
  • #24,893
  • Mar 25, 2009 10:45pm Mar 25, 2009 10:45pm
Please need more explanation.
I had just started your thread by reading from begining and I am on demo and trading only daily/weekly.

I have two questions please:
As a beginner should I take only A setup or should I also take B and C setups too to train ourselves that how price react.

My second question is that once we know that price will go down but on support it will bounce which are few pips as comapred to our risk above the pin bar. Should we still trade on this pin bar?

Thanks Jim and Mike and all gurus to help me.


Quoting james16
this is where the light must come on and it will if you work for a while.

matts post mentioned it went to a certain level and i was rejected.

this was a great example of what we teach.

this was an easy profit but most would have watched it disappear into a loss.

as mike said it went exactly where we would have expected.

would we like to see price break thru and give us more?

you bet but it did not and we knew right away to not let it turn into a loss.

stick with it DUDE it just takes a little time.
  • #24,894
  • Mar 25, 2009 10:45pm Mar 25, 2009 10:45pm
Quoting Jduester
Sorry for off topic. Does anyone know if it's possible to quote a full message when you reply to someone on the thread? It seems every time I reply, the quoted section gets cut off and I get "..."... which is frustrating if I want people to read the quoted message AND have the link to that message.

Any help would be much appreciated. I've tried lots of stuff, looked at the forum FAQ, etc... no luck so far.

Josh
Heya Josh, actually the link to the quoted post is already there, when the person's name is written in bold, next to the right of it, you'll find a small arrow that links to the full quoted post, ain't FF a wonder

BTW, I really like to thank you for summarizing this extra-thick thread, and pointing out to read it like a textbook, it's amazing what a change of prespective can effect the way you feel when you read it slowly but sure.

Hope that helps.

Marcel.
  • #24,895
  • Mar 25, 2009 10:52pm Mar 25, 2009 10:52pm
Quoting joebryce
Broke just like Jaroo likes to see. Let's see what happens tonight.
Beautiful.

This break confirmation puts the "plus" in an "A+" trade in my book.
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Indicators show the past. Price Action "Indicates" the future.
  • #24,896
  • Mar 25, 2009 11:01pm Mar 25, 2009 11:01pm
Greetings! This is my first post I've been demo trading for about 3-4 months unsuccessfully. I found this thread and so far have been very impressed! I'm on page 132 and I intend to read through it all. Then, I'll join the PF and continue learning... I am truly grateful to James and everyone else who has invested their time on this amazing thread.

Here is my first question, is what I highlighted in blue a PPZ? It seems that the area is strong S/R. Thanks in advance!
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  • #24,897
  • Mar 25, 2009 11:06pm Mar 25, 2009 11:06pm
Quoting frankm7
Greetings! This is my first post I've been demo trading for about 3-4 months unsuccessfully. I found this thread and so far have been very impressed! I'm on page 132 and I intend to read through it all. Then, I'll join the PF and continue learning... I am truly grateful to James and everyone else who has invested their time on this amazing thread.

Here is my first question, is what I highlighted in blue a PPZ? It seems that the area is strong S/R. Thanks in advance!
Welcome Frank, your first post and you NAILED it.

Yes that is, well done

PS you will never look back
  • #24,898
  • Mar 25, 2009 11:19pm Mar 25, 2009 11:19pm
Quoting bundyraider
Holy sh!!!

Just opened up one of my accounts to find a 700 point profit on a forgotten Euro trade that's put my account up 10%-ish

Payed for last weeks "play time". ..NICE!!
Good Lord! someone can actually do that?

Now that house on the beach is on my mind again *poof*
  • #24,899
  • Mar 25, 2009 11:21pm Mar 25, 2009 11:21pm
Quoting 786 trading
Please need more explanation.
I had just started your thread by reading from begining and I am on demo and trading only daily/weekly.

I have two questions please:
As a beginner should I take only A setup or should I also take B and C setups too to train ourselves that how price react.

My second question is that once we know that price will go down but on support it will bounce which are few pips as comapred to our risk above the pin bar. Should we still trade on this pin bar?

Thanks Jim and Mike and all gurus to help me.
Well NO guru here for sure but,

I think as someone new to it you should do as your doing trading only daily/weekly and A setups. I think with those B and C, you should just watch and observe and mark where you think they will go, etc. But only actually trade the A setups. Then as you progress, different ideas can be tested and worked out on demo and put through the same process.

As for R:R of your second question here is a recent post from james that will serve you well

http://www.forexfactory.com/showthre...27#post2624427

The main idea for most of us is we take what the market gives, and let the charts tell us what that is. For example today on the xxx/jpy pairs. There was a nice bar, but clearly there was an area that HOPING for it to push through was IMO not the way to trade it. Or at least(and this is not to put words in James' mouth) he would never have taken a loss on that trade. EVER EVER. Was it still good for some pips? or a b/e? or maybe a small loss? Sure depends on how you played it. But the KEY is that we KNEW going in where it was likely to stall. Then you make the decsisions on how you want to manage that. That comes with time and experience and how you are as a trader.


Best
Mike
  • #24,900
  • Mar 25, 2009 11:23pm Mar 25, 2009 11:23pm
Quoting frankm7
Greetings! This is my first post Thanks in advance!
Welcome frankm7, I wish you the best on your journey.
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