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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

  • #26,561
  • Apr 8, 2009 8:07am Apr 8, 2009 8:07am
Quoting jarroo
Those are not Pivot Price Zones. They are mathematical floor pivots.
Ummm....OK........and the difference being?
Ghost Rider - WWTBMD?
  • #26,562
  • Apr 8, 2009 8:11am Apr 8, 2009 8:11am
Quoting albchr
Ummm....OK........and the difference being?
PPZs are given by the market (or pair) itself. The other is a math equation.

I strongly urge you to continue your study from the 1st post. Many of your questions will be answered.
Indicators show the past. Price Action "Indicates" the future.
  • #26,563
  • Apr 8, 2009 8:13am Apr 8, 2009 8:13am
Quoting jarroo
PPZs are given by the market (or pair) itself. The other is a math equation.

I strongly urge you to continue your study from the 1st post. Many of your questions will be answered.
I was just about to edit my last post with that exact suggestion and say nevermind. Will do..
Ghost Rider - WWTBMD?
  • #26,564
  • Apr 8, 2009 8:13am Apr 8, 2009 8:13am
Probably a simple question.. With the pinbar setup, does the close have to be lower than the open of the pinbar when its bearish, and vice versa for bullish?

Ive been passing up a few because they didnt follow this criteria only to watch them work out to be good trades had I taken them.
  • #26,565
  • Apr 8, 2009 8:14am Apr 8, 2009 8:14am
Quoting g_j_hook@yah
those pins are doing well anyone still in??
i took the break of the gb/yen pin and the eu/yen pin. i closed both for small pips. i then went long again eu/yen at 132.10, closed 1/2 for + 65 and the rest at BE.
i dont like trading like this, i should not have entered these pins to close at +10,30,imo,i was driven more by trying to catch the move than good trading skills.my second entry should have been my only entry. feeling lucky to have made something.

yup definitely hard - i am sat here watching it go without me. The temptation is very great to jump in i can tell you. So i just remember back to the last time I tried to jump on a moving train - easy way to get yourself killed.
  • #26,566
  • Apr 8, 2009 8:18am Apr 8, 2009 8:18am
Quoting Delfino
Probably a simple question.. With the pinbar setup, does the close have to be lower than the open of the pinbar when its bearish, and vice versa for bullish?

Ive been passing up a few because they didnt follow this criteria only to watch them work out to be good trades had I taken them.
It is preferable but not written in stone. The key is that they are within the previous bar (candle).
Indicators show the past. Price Action "Indicates" the future.
  • #26,567
  • Apr 8, 2009 8:19am Apr 8, 2009 8:19am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Thanks, Ghous, for your version of bias and anticipation.

With regard to the pattern formation, it's indeed pretty interesting. either rectanglar or triangle, both are patterns implying in most cases continuation tendency, if I am not wrong. the only difference lies in the subtlity of the current bar of the month. I think we will have clearer picture once the month finishes its journey. however, it is good to see a sign of bullishness given your IPB formation, isn't it?

I appreciate your help, Ghous, talking with you makes me see more out of the chart, so, your comment is really invaluable to me. thanks again, Ghous.

Quoting ghous
Hi again Krue,

Here is how I understand the 2:

Anticipation:

Simply a gut feeling. But again the gut feeling wasn't a revelation was it? Things like divergence and the overall trend once noticed can be good occupants of a corner of your mind. It's these that then make you "feel" the market is headed in a certain direction. Quite often I get to muster such anticipatory points upon the first look on the pair.

When I looked at the Aud/Chf setup the first thing I noticed was the bullish momentum and the smooth logical uptrend. (rythemic consolidations...
  • #26,568
  • Apr 8, 2009 8:21am Apr 8, 2009 8:21am
Quoting Delfino
Probably a simple question.. With the pinbar setup, does the close have to be lower than the open of the pinbar when its bearish, and vice versa for bullish?

Ive been passing up a few because they didnt follow this criteria only to watch them work out to be good trades had I taken them.
Hey Delfino

No not strictly. It isn't a bad idea though. Something you have to get comfortable with i suppose. I use the close as a guide though in the whole setup. So if it is not the best location or there is something not A+ about it then I will prefer the close to be going in the correct direction for the trade i am about to take.

cheers

Simon
  • #26,569
  • Apr 8, 2009 8:29am Apr 8, 2009 8:29am
Quoting g_j_hook@yah
those pins are doing well anyone still in??
i took the break of the gb/yen pin and the eu/yen pin. i closed both for small pips. i then went long again eu/yen at 132.10, closed 1/2 for + 65 and the rest at BE.
i dont like trading like this, i should not have entered these pins to close at +10,30,imo,i was driven more by trying to catch the move than good trading skills.my second entry should have been my only entry. feeling lucky to have made something.
Still riding the EurJpy 3h PB. First TP was hit, stop moved to BE. Price hasn't challenged the entry again yet.. seeing if we can make TP2.

Plan the trade, trade the plan. If you've learnt something from this trade and at the same time made some pips, then you are in a more fortunate postion than most. I find chasing trades used to make me very skittish about a postion I was in. I've learnt to let things go now if I miss them. The next pip bus will be along shortly

Best,
chris
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  • #26,570
  • Apr 8, 2009 8:30am Apr 8, 2009 8:30am
Quoting jarroo
PPZs are given by the market (or pair) itself. The other is a math equation.

I strongly urge you to continue your study from the 1st post. Many of your questions will be answered.
This is something I was thinking about, if we mark PPZ based on S/R where price has shown to respect, then we shouldnt need the Pivot point indicator. If price respected the Pivot Point lines (math ones) then we would catch them with our PPZ drawing.? Unless you give more weight to Weekly Pivot points over PPZ's?
Economists have forecast 9 out of the last 5 recessions
  • #26,571
  • Apr 8, 2009 8:31am Apr 8, 2009 8:31am
Quoting ghous
nice shape (tick)
great location (tick)
space (tick)

BANG!
Riding this one with ya buddy.

Stop to BE. TP2 at 58.85 ...
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  • #26,572
  • Apr 8, 2009 8:33am Apr 8, 2009 8:33am
Quoting Delfino
Probably a simple question.. With the pinbar setup, does the close have to be lower than the open of the pinbar when its bearish, and vice versa for bullish?

Ive been passing up a few because they didnt follow this criteria only to watch them work out to be good trades had I taken them.
I wouldn't pass them up, the key is its open/close are within the previous bar and towards the top/bottom 3rd or quarter of the bar, and also a decent nose protruding. Of course then location is the next thing thing to look for.
Economists have forecast 9 out of the last 5 recessions
  • #26,573
  • Apr 8, 2009 8:33am Apr 8, 2009 8:33am
Quoting ghous
nice shape (tick)
great location (tick)
space (tick)

BANG!
ghous, how is that pinbar different than the e/j, it doesn't appear it's open and close is within the previous. Thanks for your time
  • #26,574
  • Apr 8, 2009 8:38am Apr 8, 2009 8:38am
Quoting markmm
This is something I was thinking about, if we mark PPZ based on S/R where price has shown to respect, then we shouldnt need the Pivot point indicator. If price respected the Pivot Point lines (math ones) then we would catch them with our PPZ drawing.? Unless you give more weight to Weekly Pivot points over PPZ's?
I don't use floor pivots and I'm not saying one shouldn't use them. If I did use them, when they line up with a PPZ it would add a point of confluence to a given setup.
Indicators show the past. Price Action "Indicates" the future.
  • #26,575
  • Apr 8, 2009 8:41am Apr 8, 2009 8:41am
Quoting markmm
This is something I was thinking about, if we mark PPZ based on S/R where price has shown to respect, then we shouldnt need the Pivot point indicator. If price respected the Pivot Point lines (math ones) then we would catch them with our PPZ drawing.? Unless you give more weight to Weekly Pivot points over PPZ's?
Pivot Point Indicators are used by a lot of Intraday traders (5min timeframe stuff). Just check around some of the other threads here at FF and you'll quickly come across some examples. For the J16 style of trading though, they are irrelevant IMO. What we focus on are clear Price Pivot Zones - areas were price flips around support/resistance.

So what's the difference? Well, the Price Pivot Indicator lines, as Jarroo mentioned, are mathmatical calculations based upon the open, high, low, close of different periods. Whereas the PPZ's are obvious areas where we can expect price action to occur. As traders we want to get as many factors onto our side so that we have a big help in pushing price in the direction we are trading. By focusing solely on PPZ's, we know that these are areas watched by a significant amount of people, therefore helping to increase the odds of a trade going in our favour - once we jump onboard the confirming PA of course

Price may respect Price Pivot Lines as well, I've honestly no idea. To mee they just add a lot more mess to the chart, which is another reason I don't use them.

Ok, bit of a ramble here, but I hope I managed to make the difference clear. That's how I perceive it and why I only use PPZ's in my trading.

Best,
Chris
  • #26,576
  • Apr 8, 2009 8:53am Apr 8, 2009 8:53am
Quoting Chris P
Pivot Point Indicators are used by a lot of Intraday traders (5min timeframe stuff). Just check around some of the other threads here at FF and you'll quickly come across some examples. For the J16 style of trading though, they are irrelevant IMO. What we focus on are clear Price Pivot Zones - areas were price flips around support/resistance.

So what's the difference? Well, the Price Pivot Indicator lines, as Jarroo mentioned, are mathmatical calculations based upon the open, high, low, close of different periods. Whereas the PPZ's are obvious...
Thanks Chris, I was aware of the differences, just pointing out as you mentioned with PPZ's we see were price DID move around or respect, wherase the floor traders one may or may not be respected and may or may nor line up with J16 PPZ's. Anyway I agree I like to keep my charts clean less is more.

Thanks Mark
Economists have forecast 9 out of the last 5 recessions
  • #26,577
  • Apr 8, 2009 8:56am Apr 8, 2009 8:56am
Quoting markmm
This is something I was thinking about, if we mark PPZ based on S/R where price has shown to respect, then we shouldnt need the Pivot point indicator. If price respected the Pivot Point lines (math ones) then we would catch them with our PPZ drawing.? Unless you give more weight to Weekly Pivot points over PPZ's?

This is what I did this morning. After drawing my PPZ lines off the weekly according to the videos in the PF guest area I then put the weekly/daily (math) pivots up. I found that most, not all, of them matched or very nearly matched the ones I had drawn.

Oh well, 200 posts in and it's back to post one again. Something I intended from the start anyway as, at least for me, one time through isn't enough...lol
Ghost Rider - WWTBMD?
  • #26,578
  • Apr 8, 2009 9:00am Apr 8, 2009 9:00am
... so is everyone on the daily TF's looking at every single cross their broker offers? ... or is that too much? Should I just be looking at the majors (base USD) ?
WARNING: Don't follow me as I'm just learning
  • #26,579
  • Apr 8, 2009 9:07am Apr 8, 2009 9:07am
Quoting bigandrich
ghous, how is that pinbar different than the e/j, it doesn't appear it's open and close is within the previous. Thanks for your time
If you look closely, Ghous' pinbar did close within the previous bar.
EJ closed just a little bit lower than the previous bar's low.

Tom
  • #26,580
  • Apr 8, 2009 9:10am Apr 8, 2009 9:10am
Quoting adam777
... so is everyone on the daily TF's looking at every single cross their broker offers? ... or is that too much? Should I just be looking at the majors (base USD) ?
Hi Adam,

This question has been coming up a lot lately.
But yes, most people look at all pairs available.
When looking at more pairs, it makes it easier to pick only the best setups. It can prevent overtrading.
Why limit your trade opportunities by only looking at majors when you can find great setups on many pairs.

Tom
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