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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

  • #29,481
  • May 8, 2009 9:46am May 8, 2009 9:46am
Quoting Billy73
No one has mentioned this buob on Eur/Jpy so i'm thinking maybe i'm reading it wrong ? As we can see from the chart it is with the trend but there's lots of lots of Ppz ahead, 134 and 136, any thoughts ?

A BUOB or BEOB must engulf the whole previous bar.
  • #29,482
  • May 8, 2009 9:55am May 8, 2009 9:55am
Quoting Billy73
No one has mentioned this buob on Eur/Jpy so i'm thinking maybe i'm reading it wrong ? As we can see from the chart it is with the trend but there's lots of lots of Ppz ahead, 134 and 136, any thoughts ?
Hi Billy,

A BUOB or BEOB must engulf the entire previous bar. Generally you want these at swing highs or swing lows.

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  • #29,483
  • May 8, 2009 10:23am May 8, 2009 10:23am
Quoting fxprocessor
Well after analysing all my pairs it's another pass for me. Nothing outstanding and tomorrows data could throw a spanner in the works if just going for a few pips.

Catch you guys next week.
As it turns out I like the way that price has reacted to this setup and have sold with a view to holding into next week.

TP is the previous swing low.
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  • #29,484
  • May 8, 2009 10:44am May 8, 2009 10:44am
Quoting mea
I have the feeling that James trades a lot more money with his account (but I am not sure, cause I am not James) so he tends to have the BE line covered sooner than Mike.
this is what I sensed watching James webinars!
mea
you are very correct sir
  • #29,485
  • May 8, 2009 11:40am May 8, 2009 11:40am
Quoting fxprocessor
As it turns out I like the way that price has reacted to this setup and have sold with a view to holding into next week.

TP is the previous swing low.
Nice trade FXPro ..... looking good. I'm in the EURGBP.
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  • #29,486
  • May 8, 2009 11:40am May 8, 2009 11:40am
Quoting MinceMeat
Hi Billy,

A BUOB or BEOB must engulf the entire previous bar. Generally you want these at swing highs or swing lows.

Attachment
Ah right ok my mistake
  • #29,487
  • May 8, 2009 11:58am May 8, 2009 11:58am
Quoting fxprocessor
As it turns out I like the way that price has reacted to this setup and have sold with a view to holding into next week.

TP is the previous swing low.
yeah fxprocessor ,im thinking the same.
price has just reached my 1st TP (1.6810)and have closed 60% with stop at BE.
next target is them bar lows like yourself. It would be nice to see price go all the way to the lower TL...????
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PATIENCE... DISCIPLINE
  • #29,488
  • May 8, 2009 1:09pm May 8, 2009 1:09pm
Quoting fxprocessor
As it turns out I like the way that price has reacted to this setup and have sold with a view to holding into next week.

TP is the previous swing low.
nice trade fxp, im also in dis and hav closed partial profit of 40pips, other half still running....thinking of holding it till next wk, isnt dat a double top i see & if im not mistaken if we break the neckline , we shld drop even further
have a lovely weekend guys
cheers
Simplicity is the key to success
  • #29,489
  • May 8, 2009 1:52pm May 8, 2009 1:52pm
Quoting MinceMeat
Nice trade FXPro ..... looking good. I'm in the EURGBP.
Yeah the BUOB with trendline break on this one looks interesting. Cool.

Quoting squeezy
nice trade fxp, im also in dis and hav closed partial profit of 40pips, other half still running....thinking of holding it till next wk, isnt dat a double top i see & if im not mistaken if we break the neckline , we shld drop even further
have a lovely weekend guys
cheers
Nice one squeezy

Quoting g_j_hook@yah
yeah fxprocessor ,im thinking the same.
price has just reached my 1st TP (1.6810)and have closed 60% with stop at BE.
next target is them bar lows like yourself. It would be nice to see price go all the way to the lower TL...????
Yeah I will potentially leave a little on the table with a view to a longer move too with stop at BE if it hoits my target

Time for some wine
  • #29,490
  • May 8, 2009 2:33pm May 8, 2009 2:33pm
[quote=PipGator;2720405]marcelnyo,

I have been practicing the drawing of PPZs and am seeing lots of improvements, but I feel that I have to get a lot more practice before I can be as consistent as many others here. One of my biggest challenges right now is trying to find possible "trouble spots" or areas where price might turn against you. As you probably know, these are areas that james16 considers important (we must recognize them) and he highly recommends taking profit, moving to break even, trading after price passes these areas, etc. If you look at some of my recent posts, you will see me asking questions geared towards trying to improve my ability to spot these areas.

If we draw suport/resistance lines at every high and low, our charts will be completely covered and we will not see any opportunities to trade. If we do not draw enough lines, we will take too many risks and blow our accounts. I suppose that if we are to chose one mistake over the other, it is safer to have too many "areas of concern" than not enough "areas of concern"....

Howdy y'all
There was a nice bit of synergy for me in finding this post this morning. I was coming to the thread with a plan to get some feedback on my chart setups. Right now I am focussing on analysis and set up of my charts after which I will move on to formalizing a trading plan. I thought that, being the weekend and all, this might be a good time for a bit more discussion about chart analysis prior to looking for set-ups.
I was going to post my take on the eur/aud analyzed from both the weekly and daily perspective but once I put my zones and tl's on the weekly I found they held the same amount of validity/consistency on the daily in my view so I just left it at that. Yesterday I had begun by analyzing my charts on the daily tf (since that is the one I am focussing on right now) but it seems that I might do just as well or better to analyze on the weekly tf even if I am going to look for trades on the daily. Any thoughts on this? For interest's sake I am attaching also my analysis of the usdcad done on the daily tf.
Comparing my chart to Pipgator's I notice that we are quite close in our placement of ppz's. I swear I didn't cheat off you Pipgator. I guess this speaks to the apparent nature of ppz's. Which I guess it to suggest that one can get these wrong and that there is technique to be mastered in drawing these.
Any thoughts or comments?
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  • #29,491
  • Edited 3:44pm May 8, 2009 3:32pm | Edited 3:44pm
[quote=Meum;2722150]
Quoting PipGator
marcelnyo,

I have been practicing the drawing of PPZs and am seeing lots of improvements, but I feel that I have to get a lot more practice before I can be as consistent as many others here. One of my biggest challenges right now is trying to find possible "trouble spots" or areas where price might turn against you. As you probably know, these are areas that james16 considers important (we must recognize them) and he highly recommends taking profit, moving to break even, trading after price passes these areas, etc. If...
hi Meum,for what its worth, looking at your charts your ppzs look good to me. my only question is do you zoom out any more when you start your analysis ? your charts seem a little close up??
My veiw on PPZs is that the minor ones that can clutter your chart have to be taken just as that ...minor ppz. the major and most obvious ones will stand out, as in your weekly chart,and carry a lot more weight than the intra day clutter. These are the levels i like to look for a trade .The minor ppzs are also important though for the management of the trades.
i am constantly suprised by how price reacts to these level time after time, take the aussie today, at first glance price looks like it stopped in mid air, but on a closer look its actualy respecting a PPZ stretching back to early 1994!!
cheers
jon
EDIT: the fib youve drawn on the daily chart needs to be drawn to the low of the last bar.
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PATIENCE... DISCIPLINE
  • #29,492
  • May 8, 2009 3:59pm May 8, 2009 3:59pm
Thanks for the feedback GJ. About zooming out: yes I do zoom out more to get more of the big picture and I am thinking that having a more 'zoomed out' perspective and more of the big picture would be a benefit to doing initial analysis on the weekly tf rather than daily.

Regarding my fib lines, those were placed yesterday before the opening of the current bar so should I redraw my fibs with the open of each new bar or once drawn should I leave them to see how price reacts with historic fib levels?

Upon looking at the big picture on the USDCAD a little more I realized that price is at a support level from last october as well as sitting on the 365 ema. So I guess we look for price action to indicate a break of support and move down or a bounce off of support and move up then?
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  • #29,493
  • Edited 4:50pm May 8, 2009 4:27pm | Edited 4:50pm
yeah i realized the fib was drawn from yest. i should have wrote "needs updating" the fibs need to be drawn from the swing h/l, therefore if price continues in the same direction, like on your chart,the day after, the fib is no longer valid, and needs to be UPDATED hehe. the only fibs i usually leave on my chart( or in my head) are the fibs drawn from bigger swings, usually drawn from higher time frames.

[/quote]Upon looking at the big picture on the USDCAD a little more I realized that price is at a support level from last october as well as sitting on the 365 ema. So I guess we look for price action to indicate a break of support and move down or a bounce off of support and move up then?[/quote]

spot on, if we are lucky we will get some nice j19 pa to give us an entry. Price seems to act like matter in a vacume..it keeps going untill something stops it. good PPZs will almost always have an affect on price and the stronger the PPZ the stronger the likely reaction.
for comparison here is my us/cad chart. what i do to keep clutter to a min. is to only draw the PPZs from the relevent bars ,and as thin as price allows. if price returns to these level then i will update the lines. This way any intraday PPZs i draw in are lost over time and the PPZs which become more important grow with the pa.
jon

EDIT: i forgot to mention that yes your right, all your analysis should start on the higher time frames. the most important PPZs will be found on the higher TFs, even monthly charts.
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PATIENCE... DISCIPLINE
  • #29,494
  • May 8, 2009 4:47pm May 8, 2009 4:47pm
Indeed, 0.8 seems a strong PPZ also confluence with 50 fib. But we have to look that minor area too. IMHO
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #29,495
  • May 8, 2009 5:21pm May 8, 2009 5:21pm
Quoting lordgbengs
Hi,i cant just but say this,you such a good person,i have known you from petercrown's thread and i have literally studied you,i love your charts ,simple and straightforward and your response to post,keep it up jarroo you are appreciated,thank you

Thanks lb.

I'm just continuing with what I've learned from many others on this great thread. I plan on doing it until they tell me to stop.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #29,496
  • May 8, 2009 5:24pm May 8, 2009 5:24pm
Quoting jarroo
Thanks lb.

I'm just continuing with what I've learned from many others on this great thread. I plan on doing it until they tell me to stop.

Jim
Jim, was just wondering about how you traded today.

I went long on the EURAUD and my trade never really got close.

Did you take the EURGPB or GBPCHF trades? I passed on them, I felt the charts were too congested.
  • #29,497
  • May 8, 2009 5:32pm May 8, 2009 5:32pm
Quoting Aliassmith
Have to agree that the GBP/USD looks better, only because EUR/GBP looks like it is in a tight range market verse the uptrend GBP/USD is showing. GBP/USD will be against the trend so be nimble, if it breaks looking at 40ish to 200ish pips.
Very nice. Yes, the Gbp/Usd did look better setup wise but the market had other ideas. Waiting for the break has saved me on so many trades its not even funny.
Indicators show the past. Price Action "Indicates" the future.
  • #29,498
  • May 8, 2009 5:36pm May 8, 2009 5:36pm
Quoting mea
I have the feeling that James trades a lot more money with his account (but I am not sure, cause I am not James) so he tends to have the BE line covered sooner than Mike.
this is what I sensed watching James webinars!
mea
Probably true. I wonder if Mike would differ away from his trading stlye if he had twice as much as James16. If I were him, I wouldn't. lol

Quoting mbqb11
you are very correct sir
oops. Maybe not. lol
Indicators show the past. Price Action "Indicates" the future.
  • #29,499
  • May 8, 2009 5:54pm May 8, 2009 5:54pm
Quoting g_j_hook@yah
yeah i realized the fib was drawn from yest. i should have wrote "needs updating" the fibs need to be drawn from the swing h/l, therefore if price continues in the same direction, like on your chart,the day after, the fib is no longer valid, and needs to be UPDATED hehe.
for comparison here is my us/cad chart. what i do to keep clutter to a min. is to only draw the PPZs from the relevent bars ,and as thin as price allows. if price returns to these level then i will update the lines. This way any intraday PPZs i draw in are lost over...
Got it, thanks man. I'll keep hacking away at my charts.
M
  • #29,500
  • Edited 6:17pm May 8, 2009 6:06pm | Edited 6:17pm
Quoting TiaForex
Great work Jarroo. This is exactly what I've been trying to describe for a while. Trade selection is only part of the picture. Mike is super picky because his management style means he doesn't 'day trade off the dailies' like Jim. So everyone picks trades differently depending on how they manage them. If I'm a "quickly get stops to break even" kinda trader then I'll take more trades but get chopped out more in the whipsaws back to break even. I've tried to encapsulate it before now but I bow to the poet of FF...

Have a great weekend everyone....
Thanks Aaron. Their two styles are the same yet different, but the main core of each is the quality the PA setup. This is what we learn here imo.

Once we understand that these setups take time to develop and patience is a must in this business, our own style begins to form. Mine is more like James16, because I plan on trading account size like his.

With Mike, the learning never stops (and Jim too) with the nuts and bolts of putting it altogether and making it work. By sheer repetition (Practise), it really becomes quite easy. You may find yourself saying in your mind what I have said many times which is : " Wait a minute, is that all there is to it . . " . . . .and then I laugh.


Also Ive enjoy your posts between you and jduester. You guys are well on your way.
Indicators show the past. Price Action "Indicates" the future.
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