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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

  • #27,341
  • Apr 19, 2009 12:00am Apr 19, 2009 12:00am
Quoting trader john
sorry for such a dumb question, but what does "ppz" mean?

I know it's gotta mean price ....something



thanks

Hey John

Check this out

http://www.forexfactory.com/showthre...pz#post2334887

Mike
  • #27,342
  • Apr 19, 2009 12:05am Apr 19, 2009 12:05am
Thank you both, PPz was not what I thought it was!, glad i asked!
  • #27,343
  • Apr 19, 2009 12:07am Apr 19, 2009 12:07am
you guys do a great job here, I've got that link with the different topics bookmarked on my desktop.

There is definately a bit to chew on....................
  • #27,344
  • Apr 19, 2009 12:57am Apr 19, 2009 12:57am
Quoting ghous
Yup! It can be treated as a 2 day beob, a 3 day pin although valid would not be off a great shape...

@Squeezy,

Considering the 2 day BEOB...

The probability ratio would be:

location: 3/4 (with the trend, 50 fib, however not at a true swing high but rather on a pullback)

Space: 3/4 (The 1.46 level looks obtainable some prior bar highs however may raise a question mark)

Shape: 2/2 (fine in this department)

8/10 would be my answer

Regards,
Ghous.
Very niced ghous. This is what we look for, BEOB at a swing High off a strong PPZ 1.5000. The 3 Day may not be a "great" PB but it is a Bearish PB none the less.
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Indicators show the past. Price Action "Indicates" the future.
  • #27,345
  • Apr 19, 2009 2:21am Apr 19, 2009 2:21am
Quoting Jigsaw
Hey Squeezy bro, hope everything is going good with you

Careful with this one, it is not a 3 day BEOB vs. the last three days (See chart) I don't use one of those period converters that Jim has but I doodled would look like that if you used it.

Regards,
Jig
sorry im jst seeing ur post, sleep got the best of me
point taken sir, i even wanted to say 2 day bar but never mind.....
thnx again jig
Simplicity is the key to success
  • #27,346
  • Edited 3:04am Apr 19, 2009 2:29am | Edited 3:04am
Quoting ghous
Yup! It can be treated as a 2 day beob, a 3 day pin although valid would not be off a great shape...

@Squeezy,

Considering the 2 day BEOB...

The probability ratio would be:

location: 3/4 (with the trend, 50 fib, however not at a true swing high but rather on a pullback)

Space: 3/4 (The 1.46 level looks obtainable some prior bar highs however may raise a question mark)

Shape: 2/2 (fine in this department)

8/10 would be my answer

Regards,
Ghous.
im so sorry for the confusion, i wanted to say 2 day bar, i used jims periodcon and not jst my naked eyes.....men! it was the sleep i tell u, wasnt thinking straight, i shld hav jst posted the 2 day bar but was way too tired for dat, anyways dat was wat i was actually talking about, good to see ur soccer formation ...
promise not to post rubbish next time ( esp when im sleepy) lol
thnx everyone
Simplicity is the key to success
  • #27,347
  • Apr 19, 2009 4:30am Apr 19, 2009 4:30am
I will be more keen in the lookout of Bullish PB or BUOB for this case....
Patient is a key I must say!!!

Sonic
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  • #27,348
  • Apr 19, 2009 5:29am Apr 19, 2009 5:29am
A number of you have been demonstrating some interesting setups on GBPUSD and i would agree that the 2 day BEOB is definitely playable.
However my reasons for this are largely fundamental. It is budget week here in the UK and that twat of a chancellor (who personally i don't think is capable of running a bath let alone the Uk's finances) will have to announce just how bad the UK economy is and the fact that this recession is going to last far longer than they expected, and that they have no realistic way of paying for it. After 8 years of exceptional growth around the world how on earth do you manage to run up the biggest PSBR in our history? Incompetence is not strong enough -it is gross negligence - it is verging on criminal and these people should be jailed for what they have done to the country.
(oops getting a bit carried away)

but you get the point - -I expect GBP to take a hammering this week. I for one like the setup of the 2 bar BEOB. Originally I thought that maybe the TL on the 4hr might create another bounce that would take us back above 1.5 but unless there is bad news in the US I am now thinking the TL will be broken and the weekly down trend continues.
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  • #27,349
  • Apr 19, 2009 7:17am Apr 19, 2009 7:17am
Quoting simoncs
A number of you have been demonstrating some interesting setups on GBPUSD and i would...
And look at that divergence.

Tools at the top over here too. There always is.

The financial meltdown isn't the scary bit. It's the future consequences of the so called measures to "fix it".

Like they say: Pay peanuts.....
Bundy's status today: "Waiting..."
  • #27,350
  • Edited 11:40am Apr 19, 2009 9:14am | Edited 11:40am
Jarroo:

I knew this was your forte, but it looks like we have some opposition from LasVahGoose and Shermenator. Although I do have my first trouble spot long at the 1.2276 area which corresponds with the 1.2300 trend line Lasvahgoose shows . I will have to watch that area close.

Quoting jarroo
Very nice Alias. Good eye. Yes I'll combine many different time periods when Price has reached a good location and confluence.

My only concern is the size of the 3 Day PB, may not be strong enough.

Bounce of the 1.2000, extra special round number and the 1.2100 is very strong as well. Strong break of the 1.2200 not the PB, very good.

Also look for the break of the 1.2200 then retrace back. 1.2200 then may act as support from resistence.

Well done sir.

Jim
  • #27,351
  • Apr 19, 2009 10:03am Apr 19, 2009 10:03am
Since I've started my thread, I'm really happy and I have more powers for trading.
Now I understand what was j16 (jim) talking about. It's really pleasure to share your "knowledge" with other people.

Good luck again
  • #27,352
  • Apr 19, 2009 11:07am Apr 19, 2009 11:07am
Quoting LasVahGoose
Here is a bigger picture view of the pair, the way I see it...
Great analysis. One question or point, let's not forget that trendlines continue upward or downward as the hours,days,months etc. pass.If enough time passes the critical 1.23 area becomes 1.24 and so on. I personally would like to see it take a run at it the middle to end of May. Again great analysis. Keep up the good work folks
  • #27,353
  • Apr 19, 2009 11:11am Apr 19, 2009 11:11am
Quoting Lou
Yes. I like the ability to customize the size of my trade. Very low spreads on several pairs. They have treated me fairly when their platform had a glitch and caused me a loss when I should have had a gain. My account makes interest even when I am not trading. Their daily candle starts in the middle of the Asian session. This is different. For some methods it helps. For others... confusion. No trailing stops have been an issue although they have it going in their beta study. Fib study tools are antiquated. Their fib time tool is broken. They know...
thx lou. i have yet to come across a negative that would affect my plan and style of trading or make me want to go w/ someone else. my plan is simple. i am just going to trade the 3-5 a+ wkly/daily setups that we usually get in a given month and just slowly but consistently build up my acct. my main concern in a fx retail broker is safety of funds (& low spreads). & given the choices we have in this market i dont think there is anyone better.
  • #27,354
  • Apr 19, 2009 11:13am Apr 19, 2009 11:13am
Quoting LasVahGoose
I think they are one of the best out there.
i am thinking that they are the best, given the market circumstances.
  • #27,355
  • Apr 19, 2009 11:44am Apr 19, 2009 11:44am
Quoting dkmb92
i am thinking that they are the best, given the market circumstances.
you can actually test it by paypal deposit a few dollar in live and trade it.
for scalping ecn may be another option, you don't need to go ecn if trade day time frames..the roll-over rate is very high for position trading at say mbtf.
  • #27,356
  • Apr 19, 2009 11:48am Apr 19, 2009 11:48am
Quoting dkmb92
thx lou. i have yet to come across a negative that would affect my plan and style of trading or make me want to go w/ someone else. my plan is simple. i am just going to trade the 3-5 a+ wkly/daily setups that we usually get in a given month and just slowly but consistently build up my acct. my main concern in a fx retail broker is safety of funds (& low spreads). & given the choices we have in this market i dont think there is anyone better.
If you want to compare apples with apples, then I suggest charting on a mt4 platform and trading on O . This is because of the printing of the daily candle on O is in the mid Asian session. Whereas the charts we see on this and other S/R threads usually follow the 5 pm US EDT daily candle printing.
  • #27,357
  • Apr 19, 2009 12:01pm Apr 19, 2009 12:01pm
Quoting jarroo
Very niced ghous. This is what we look for, BEOB at a swing High off a strong PPZ 1.5000. The 3 Day may not be a "great" PB but it is a Bearish PB none the less.
I think the only question becomes how much downward movement can one expect? It's currently respecting an upward trendline, and looks like quite a zone to get through 1.47-1.46. It is currently sitting at the 61.8 retrace of the 1.46 to 1.5050 move up. The way I see it, the best play here maybe a difinitive break of 1.46 or 1.50-5050.(unless of course one is already in with a short and has moved to +) Just my analysis, hope not to step on any toes, you guys do such a great job with the help of others.

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  • #27,358
  • Apr 19, 2009 12:25pm Apr 19, 2009 12:25pm
Quoting bigandrich
I think the only question becomes how much downward movement can one expect? It's currently respecting an upward trendline, and looks like quite a zone to get through 1.47-1.46. It is currently sitting at the 61.8 retrace of the 1.46 to 1.5050 move up. The way I see it, the best play here maybe a difinitive break of 1.46 or 1.50-5050.(unless of course one is already in with a short and has moved to +) Just my analysis, hope not to step on any toes, you guys do such a great job with the help of others.

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Your "key support area!!!!" is precisely the first target are for any shorts, it's a good 100 pips from where price is currently so should be a good little move, and depending on the strength of this move one may even look forward to the break of this "key support level"

It's all abt lining up probabilities enough to instigate an action

Regards,
Ghous.
I believe . . .
  • #27,359
  • Apr 19, 2009 12:27pm Apr 19, 2009 12:27pm
Quoting sonicdeejay
I will be more keen in the lookout of Bullish PB or BUOB for this case....
Patient is a key I must say!!!

Sonic
Patience is the key, I agree...
Especially while looking at these charts
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Jesus Christ is my only Lord !
  • #27,360
  • Edited 12:43pm Apr 19, 2009 12:39pm | Edited 12:43pm
and one more chart with fibo 61
I think I would not go short now
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Jesus Christ is my only Lord !
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