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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

  • #30,781
  • May 22, 2009 5:55am May 22, 2009 5:55am
Quoting jarroo
Looks like your having an "AhhA" moment yourself, Mark.

I've had this green box at the 150.00 waiting and watching Price Action around it. Fine tuning your PPZ levels and waiting for Price is worth the wait. Just ask Mike and bundy. (1st chart, sorry a little messy)

(hey, nice post bundy.)


Yes you are correct, the 4 hour time frame presents better setups when these higher level PPZs are located. I don't know how to trade lower time frames without them.
Although I see people try. (2nd chart)
I kinda already knew this or had read it a lot but it hadn't clicked properly, if you can stay in this game minimum 6 months learning as much as you can you begin to get the moments of clarity.
Economists have forecast 9 out of the last 5 recessions
  • #30,782
  • May 22, 2009 6:00am May 22, 2009 6:00am
Quoting ngb
Hi all. Yesterday I found a pin bar on AUD/JPY H4 chart but it failed terribly. Appreciate if anyone could tell me what's wrong with this pin bar. Thanks a lot.
bro..for the past few day's we have had some bizzare movement around ,since the cable manipulation on monday..i will suggest you add a little volune to you trading analysis,so you don't get caught in the cross fire,BOJ,BOE,FEDS affairs
Imanuel Parsifal
  • #30,783
  • May 22, 2009 6:01am May 22, 2009 6:01am
Quoting markmm
I kinda already knew this or had read it a lot but it hadn't clicked properly, if you can stay in this game minimum 6 months learning as much as you can you begin to get the moments of clarity.
Well said. . "moments of clairty". For me, they have been almost a religious epiphany. lol.
Indicators show the past. Price Action "Indicates" the future.
  • #30,784
  • May 22, 2009 6:06am May 22, 2009 6:06am
Quoting markmm
I kinda already knew this or had read it a lot but it hadn't clicked properly, if you can stay in this game minimum 6 months learning as much as you can you begin to get the moments of clarity.
I don't think this is true. Or it is true for maybe 5% new people here.
  • #30,785
  • May 22, 2009 6:08am May 22, 2009 6:08am
Quote
Who knows, we might go into a range from here, before we get another PB or BUOB for an upmove. But as it is, there are a lot of traffic/resistance above (1.15-1.18 area) but LESSER immediate roadblocks below (1.13 then..... 1.08 range highs last Sept! ; possible ppz's/support prior Aug'07 may also exert some influence)
Alexandra,
let's see where the train goes

Alexandra,
the areas in my above post are the possible future "train stations" we'll get to visit. the question could be: are we in a steam train or bullet train?

Quote
Chaos, the train filled up back at the station 1.1475
  • #30,786
  • May 22, 2009 6:18am May 22, 2009 6:18am
ngb, ykramesh, J-r,

Welcome!Have Rock-solid Patience & Determination, Never stop Learning & Good luck!


ykramesh,
No worries, I've blown more accounts than u did.
After u learn & earn.... don't forget to pay it forward.
& never stop until u get to change this
" A master in the making" to this ---- "A made master"


J-r,
what a first post! Good luck!
  • #30,787
  • May 22, 2009 6:18am May 22, 2009 6:18am
Quoting alter
I don't think this is true. Or it is true for maybe 5% new people here.
Here as in forex trading or here as in this thread?
Economists have forecast 9 out of the last 5 recessions
  • #30,788
  • May 22, 2009 6:21am May 22, 2009 6:21am
Can anyone see an obvious reason why this pinbar failed? Thanks in advance.
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  • #30,789
  • May 22, 2009 6:22am May 22, 2009 6:22am
Quoting markmm
Here as in forex trading or here as in this thread?
I mean in general this thread or another.
  • #30,790
  • May 22, 2009 6:22am May 22, 2009 6:22am
OK. Just completed that post above as promised.

<Breath> ...I'm calling it a night.
Bundy's status today: "Waiting..."
  • #30,791
  • May 22, 2009 6:33am May 22, 2009 6:33am
Quoting kk007
Can anyone see an obvious reason why this pinbar failed? Thanks in advance.
Hi 007,
I don't normally trade the 1 hour charts but at a first glance of your chart it looks like a classic "support becomes resistance" type movement, where the market tests a level (the green box) breaks through and then tests it from the underneath. I sometimes find it easier to use line charts to see this.
I hope this helps.
Lakey
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  • #30,792
  • May 22, 2009 6:37am May 22, 2009 6:37am
Quote
I think I might just have had my first aha moment so I thought I'd share it on here in case it helps other rookies like myself.
A bit of history:
Like many people, I came to forex expecting.....
I now realise that I should not be looking for pinbars, or any other kind of PA, until I have identified the PPZs. Then I can look for PA to confirm that the PPZ is acting as support or resistance....

TotalNewbie,
excellent observation & very important A-ha moment.
PA goes very well with PPZ just like chocolate with.... chocolate

I definitely urge u to change your name as u have definitely found 1 milestone. Probably Twee would oblige



markmm,
Glad to know u had an "additional A-ha moment" yourself.

bundyraider,
great post on this topic. What's up on your food table? chocolate?
  • #30,793
  • May 22, 2009 6:43am May 22, 2009 6:43am
Quoting Lakey
Hi 007,
I don't normally trade the 1 hour charts but at a first glance of your chart it looks like a classic "support becomes resistance" type movement, where the market tests a level (the green box) breaks through and then tests it from the underneath. I sometimes find it easier to use line charts to see this.
I hope this helps.
Lakey
Very good. Thanks buddy. I was trading against an established resistance. That is why it failed. I have completely overlooked this. I am now inspired! Thanks a lot.
  • #30,794
  • May 22, 2009 6:44am May 22, 2009 6:44am
Quote
Can anyone see an obvious reason why this pinbar failed?
kk007,
just by looking at your chart,
1. that's a 1-hour chart. U should be well-practiced enough to trade below 4H/Daily charts, by this thread's basic criteria.
2. $ is/has been weak.
3. $chf is in a downtrend.
4. immediate resistance/roadblock/PPZ directly above the PB u mentioned
5. NOT ALL PB's, or all PA for that matter, work 100% of the time. there are other factors, PPZ, location, etc

#3 & #4 are the most obvious imho. Hope this clarifies it for u.
  • #30,795
  • May 22, 2009 6:48am May 22, 2009 6:48am
Quoting alter
I mean in general this thread or another.
I agree then, there's a post over at babypips forum which talks about percentages of people who fail, its quite harsh http://forums.babypips.com/105841-post12.html
Economists have forecast 9 out of the last 5 recessions
  • #30,796
  • May 22, 2009 7:04am May 22, 2009 7:04am
markmm,
I'm sure u have read, seen, heard about it a couple of times.

Never mind or completely forget about the statistic if u can. At best, keep it as a reminder that, as serious traders, we are part of that dreaded statistic temporarily & we are determined to tread the trader's path & move on to be part of the successful few in our respective futures, as deservingly soon as we can.

Keep at it..... with the help of your sig
  • #30,797
  • May 22, 2009 7:09am May 22, 2009 7:09am
Quoting supremeChaos
markmm,
I'm sure u have read, seen, heard about it a couple of times.

Never mind or completely forget about the statistic if u can. At best, keep it as a reminder that, as serious traders, we are part of that dreaded statistic temporarily & we are determined to tread the trader's path & move on to be part of the successful few in our respective futures, as deservingly soon as we can.

Keep at it..... with the help of your sig
Thanks Chaos,

I firmly believe that the info here and in the PF gives you everything you need to make it to the 5%, you just have to execute it by practice, learning, reviewing and testing, some will fail even with what's here. I run my own business so I know what its like to have to motivate yourself and the work required to be successful.
Economists have forecast 9 out of the last 5 recessions
  • #30,798
  • May 22, 2009 7:33am May 22, 2009 7:33am
Quoting supremeChaos
kk007,
just by looking at your chart,
1. that's a 1-hour chart. U should be well-practiced enough to trade below 4H/Daily charts, by this thread's basic criteria.
2. $ is/has been weak.
3. $chf is in a downtrend.
4. immediate resistance/roadblock/PPZ directly above the PB u mentioned
5. NOT ALL PB's, or all PA for that matter, work 100% of the time. there are other factors, PPZ, location, etc

#3 & #4 are the most obvious imho. Hope this clarifies it for u.
Thanks! I was aware that it was a countertrend low-timeframe trade (I am doing demo). My practise is that when I have a failed trade, I will try to find logical explanations, before labelling the case as unexplanable.
  • #30,799
  • May 22, 2009 7:56am May 22, 2009 7:56am
Thanks. So are you saying for example, if you are trading daily TF....

Zoom out to the weekly or monthly charts and draw your major PPZs only. Then wait for PA to hit those areas and look for rejection or breakout and retest? Then possibly drawing minor PPZs to manage the trade?




Quoting bundyraider
Yes Yes! On ya!

It also means you can set alerts and not watch the screen as much while out of trades.

Plan the areas and wait. Also try and see past the immediate PPZs and look for the one that'll give you the highest chance of success that's often not much further away.

Example:

[i]"If I don't take this bearish pin of this ppz and then wait for the PPZ just above that's in confluence with a consolidation bottom from earlier in the week ,AND a deep fib retrace too, I'll have a pretty good chance of going immediately...
  • #30,800
  • May 22, 2009 7:57am May 22, 2009 7:57am
Quoting sycho
bro..for the past few day's we have had some bizzare movement around ,since the cable manipulation on monday..i will suggest you add a little volune to you trading analysis,so you don't get caught in the cross fire,BOJ,BOE,FEDS affairs
Thanks for your advice sycho. Noted
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