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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

  • #24,941
  • Mar 26, 2009 7:50am Mar 26, 2009 7:50am
Quoting MPP
Hi Raczekfx
any chance of a follow up on this EJ, my daily closed as what looks like a bullish Pin, and has broken long, possibly looking to hit 134.40 area or at least a continuation of the bull run.

MPP
Sure,
If you followed my posts for some time, you'd probably know that I trade at specific areas, not necessarily waiting for a break of pins, beovbs, etc.

That trade would be categorized as short terms counter trade.
entry 132.80
exit 131.80 (previous 1hr ppz and bars low) No need to hope for more.

On a contrary If I was still long (my swing trades) from a weekly consolidation breakup around week of feb 18, my stop would be around 130.30 area (129.80 - check monthly chart to find out why).
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  • #24,942
  • Mar 26, 2009 8:04am Mar 26, 2009 8:04am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting raczekfx
Sure,
If you followed my posts for some time, you'd probably know that I trade at specific areas, not necessarily waiting for a break of pins, beovbs, etc.

That trade would be categorized as short terms counter trade.
entry 132.80
exit 131.80 (previous 1hr ppz and bars low) No need to hope for more.

On a contrary If I was still long (my swing trades) from a weekly consolidation breakup around week of feb 18, my stop would be around 130.30 area (129.80 - check monthly chart to find out why).
cheers for the follow up, not been following this thread for long, so i'm just starting to understand each of the key members - great to have so many of you here, helping and the thread hasn't been pulled apart like most others.

question to all or any
with a continuation of learning on the EJ chart, i noticed on mine a gap within the weekly, at the end of sept 08 rolling into Oct 08, it's a small gap for such a big chart 143.75 - 143.97, but none the less it sits around the same areas as potential price points, I use the 100 and 200 ema and a varied set of fibs.

Any views on this?

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  • #24,943
  • Mar 26, 2009 9:08am Mar 26, 2009 9:08am
BUOB at the swing low, testing a minor resistence. My order is above the minor resistence.

Let's see.
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  • #24,944
  • Mar 26, 2009 9:17am Mar 26, 2009 9:17am
The 4hr bars just closed on FXPro. Looks a nice pinbar on both Eur/Usd and Gold. But both are just at a PPZ so I would skip this one.

Coming from the scalping environment it is very attractive to trade as much as possible and I almost entered a pending order for eur/usd. But I just can't ignore the PPZ under it and the location of the bar.

Yeah I made it to resist this one, I'm going only for the A+ opportunities and I hope you other guys join with me in not trading it. It could end up as a winner but in the end we want high probability trades which can give us many winners instead of a couple of winners.
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  • #24,945
  • Mar 26, 2009 9:55am Mar 26, 2009 9:55am
Quoting artov
The 4hr bars just closed on FXPro. Looks a nice pinbar on both Eur/Usd and Gold. But both are just at a PPZ so I would skip this one.

Coming from the scalping environment it is very attractive to trade as much as possible and I almost entered a pending order for eur/usd. But I just can't ignore the PPZ under it and the location of the bar.

.
I agree with you on the euro...also pin seems to be in congestion with the nose not having any room to breathe...
  • #24,946
  • Mar 26, 2009 10:05am Mar 26, 2009 10:05am
Not sure if anyone trades soybean contract...but I saw this pin bar (not in the eye of previous bar due to gap at open)followed 2 bars later by BEOB with fib confluence...break could signal a move to first zone around 920 level...the groups thoughts on this setup would be very welcome...thanks
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  • #24,947
  • Mar 26, 2009 10:08am Mar 26, 2009 10:08am
Quoting artov
The 4hr bars just closed on FXPro. Looks a nice pinbar on both Eur/Usd and Gold. But both are just at a PPZ so I would skip this one.

Coming from the scalping environment it is very attractive to trade as much as possible and I almost entered a pending order for eur/usd. But I just can't ignore the PPZ under it and the location of the bar.

Yeah I made it to resist this one, I'm going only for the A+ opportunities and I hope you other guys join with me in not trading it. It could end up as a winner but in the end we want high probability trades...
Such pin bars are best traded when they close below the ppz.

This one closed above it so technically not A+

Cheers,
Ghous.
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I believe . . .
  • #24,948
  • Mar 26, 2009 10:20am Mar 26, 2009 10:20am
Quoting Jeev121
Not sure if anyone trades soybean contract...but I saw this pin bar (not in the eye of previous bar due to gap at open)followed 2 bars later by BEOB with fib confluence...break could signal a move to first zone around 920 level...the groups thoughts on this setup would be very welcome...thanks
Not sure which bars yu're pointing at Jeev,

But I'll do a general kind of analysis on the future...

To me nothing interesting is going on in there, price is kinda hanging around the 61.8 fib from the monthly swing and we have some historic congestion in this area too...

Personally I would like to wait for price to hit either 960 or 770 to look for price action.

Regards,
Ghous.
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I believe . . .
  • #24,949
  • Mar 26, 2009 10:24am Mar 26, 2009 10:24am
We had an ib from 2 days ago that went higher yesterday but closed within the previous ib range. Is this still considered valid? Also had a nice 1hr pb off a confluence area at 800-795. Could this ib still be traded to the breakout upside? I have major confluence at 825-830 so was going to wait for the break of that for the long play on ib...thoughts
  • #24,950
  • Mar 26, 2009 10:34am Mar 26, 2009 10:34am
Quoting ghous
Not sure which bars yu're pointing at Jeev,

But I'll do a general kind of analysis on the future...

To me nothing interesting is going on in there, price is kinda hanging around the 61.8 fib from the monthly swing and we have some historic congestion in this area too...

Personally I would like to wait for price to hit either 960 or 770 to look for price action.

Regards,
Ghous.
Hi Ghous

Thanks for the analysis...I was looking at the May contract...ysterdays daily bar was a BEOB and mondays bar was the pin.

Jeev
  • #24,951
  • Mar 26, 2009 10:37am Mar 26, 2009 10:37am
Quoting Jeev121
My first question is...I seem to spend a great deal of time on each chart setting up the ppz etc...is this normal or am I trying too hard to find the levels...ie should I be only looking for the ones that hit me in the face or at swing highs/lows.

I suppose it will all come down to experience and practice...thanks again to you all...here's looking forward to a great learning experience and a lifetime of profitable trading.
Hey Jeev welcome to the thread

PPZ come in both major and minor ones. The major ones after a very short time will simply jump off the screen. Much like a beautiful pinbar will. The minor ones, and the potential trouble areas that can effect a trade tend to be a bit more difficult to spot and take more practice. The best advice I have for drawing them is to zoom out on your charts. If you ever have a question about a PPZ post up a chart and we will check it out

Take care
Mike
  • #24,952
  • Mar 26, 2009 10:48am Mar 26, 2009 10:48am
Quoting mbqb11
Hey Jeev welcome to the thread

PPZ come in both major and minor ones. The major ones after a very short time will simply jump off the screen. Much like a beautiful pinbar will. The minor ones, and the potential trouble areas that can effect a trade tend to be a bit more difficult to spot and take more practice. The best advice I have for drawing them is to zoom out on your charts. If you ever have a question about a PPZ post up a chart and we will check it out

Take care
Mike
Thanks Mike

I'm posting my eur/usd daily chart...the thin purple lines are my daily ppz areas whilst the shorter orange horizontal lines are my 4hr potential problem zones.

Do you think my intrpretation is ok?...I feel that I may be drawing in too many ppz lines...hence may scare myself out of pulling the trigger on a trade.

Jeev
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  • #24,953
  • Mar 26, 2009 10:54am Mar 26, 2009 10:54am
Quoting ghous
Such pin bars are best traded when they close below the ppz.

This one closed above it so technically not A+

Cheers,
Ghous.
It would've been if it was off 3730 (imoo), but
i think we'd have to wait for (that rally every analyst is looking for on the front page of FF) a bit longer... (I could be wrong...)
.
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  • #24,954
  • Mar 26, 2009 10:57am Mar 26, 2009 10:57am
Quoting Jeev121
Thanks Mike

I'm posting my eur/usd daily chart...the thin purple lines are my daily ppz areas whilst the shorter orange horizontal lines are my 4hr potential problem zones.

Do you think my intrpretation is ok?...I feel that I may be drawing in too many ppz lines...hence may scare myself out of pulling the trigger on a trade.

Jeev

This is a big problem, what a lot of people do is have all their PPZs drawn on their chart and then it looks like Grid Paper. Also remember the PPZs are zones(so my interpretation is below). So you got them right just one line often is misleading when interpreting the "area".

I personally only draw the ones relevant. Example say i get into a trade based off of Price action at a PPZ. I would then draw in the relevant minor PPZs that may effect THAT trade. Not every trade to come. I need my charts as clean as possible. For this reason I don't leave every line/blue box on the chart. It is exactly the reason you stated above. Some choose to leave all their lines. Also if I take a daily trade, all my analysis involves the daily. I don't drop down to the 4hr and look for potential trouble areas for my daily trade.

Hope that helps

Mike
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  • #24,955
  • Mar 26, 2009 11:11am Mar 26, 2009 11:11am
Quoting mbqb11
This is a big problem, what a lot of people do is have all their PPZs drawn on their chart and then it looks like Grid Paper. Also remember the PPZs are zones(so my interpretation is below). So you got them right just one line often is misleading when interpreting the "area".

I personally only draw the ones relevant. Example say i get into a trade based off of Price action at a PPZ. I would then draw in the relevant minor PPZs that may effect THAT trade. Not every trade to come. I need my charts as clean as possible. For this reason I don't...
Thats a great help...I will remove the lines that don't seem relevant at the moment...thanks.
  • #24,956
  • Mar 26, 2009 11:12am Mar 26, 2009 11:12am
Quoting mbqb11
This is a big problem, what a lot of people do is have all their PPZs drawn on their chart and then it looks like Grid Paper. Also remember the PPZs are zones(so my interpretation is below). So you got them right just one line often is misleading when interpreting the "area".

Mike
I agree. Jeev, have a look at the weekly chart and try drawing the major zones based on what you see there. You'll draw horizontal lines that are often found at psychological price levels (ie round numbers), then you draw the zone around those horizontal lines with a height based on past stops and reverses that took place around the horizontal lines.
The nail that sticks out gets hammered back in
  • #24,957
  • Mar 26, 2009 11:22am Mar 26, 2009 11:22am
Quoting layton
Thanks for the info. I didn't see that before my trade was triggered last night.

Trade not looking too well right now.....
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  • #24,958
  • Mar 26, 2009 12:16pm Mar 26, 2009 12:16pm
Quoting Shermenator
Rail road tracks in the daily chart...this is a pin bar in a 2 day chart....I am looking to position my self in the smaller timeframes trying to align the daily...

Pretty good break of the 2 Day PB Shermen. Good for 40 pips. I'd be at breakeven or a tight stop right now.

Good eye.

(close look on the Hourly)
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Indicators show the past. Price Action "Indicates" the future.
  • #24,959
  • Mar 26, 2009 12:17pm Mar 26, 2009 12:17pm
That trade had alot of support below, it bounced where you would expect, if your a holder, then fine, if you play the way james plays them, you would be out with either full profit, partial and b/e or a full b/e.

This was regarding EJ, two posts back.
  • #24,960
  • Mar 26, 2009 12:20pm Mar 26, 2009 12:20pm
Hey Rac,

I'm sure you're watching U.S. indexes move into former support
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