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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

  • #40,401
  • Aug 7, 2009 11:17pm Aug 7, 2009 11:17pm
Quoting benji533
Hey guys (: just want to share my thoughts about the GBPUSD.

1.7000 is a very strong PPZ. Look at the picture.


Look on the weekly...there is a pin bar forming. Well that pin bar is nice, but not an A pin bar IMO cause it's nose is quite short if we compare it to the surrounding bars...ummm...
The thing that jumped out at me though was that 50.00 ret level that Jim always mentioned....
Quoting phpscott
GBP/USD weekly PB looks like a poodle to me. I almost fell off my chair laughing when James posted the poodle versus pitbull chart. I will pass on this one myself.

Scott
Hey guys I respect your pickiness. But I put this one in the "A" catagory.

Nice work on showing the Pros:

Strong Monthly PPZ level; 1.7000.
Fib 61.8% confluence.
50% retracement confluence.
Off recent Highs.
Sure the size could be bigger but its closely equal to or greater then the size of recent bars in the last few weeks.
Top of consolidation of the recent weeks.

This last one is where it gets a little tricky. The traffic in the consolidation. How strong the break is (momentum) and how Price behaves at these levels in blue (zoomed in chart) will be key for me.

I do like this one.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #40,402
  • Aug 7, 2009 11:30pm Aug 7, 2009 11:30pm
I am picky, yes. The past three years showed me it pays to be. I know one that meets my criteria will come along soon enough.

Scott

Quoting jarroo
Hey guys I respect your pickiness. But I put this one in the "A" catagory.

Nice work on showing the Pros:

Strong Monthly PPZ level; 1.7000.
Fib 61.8% confluence.
50% retracement confluence.
Off recent Highs.
Sure the size could be bigger but its closely equal to or greater then the size of recent bars in the last few weeks.
Top of consolidation of the recent weeks.

This last one is where it gets a little tricky. The traffic in the consolidation. How strong the break is (momentum) and how Price behaves at these levels in blue (zoomed...
  • #40,403
  • Aug 7, 2009 11:32pm Aug 7, 2009 11:32pm
Quoting phpscott
I am picky, yes. The past three years showed me it pays to be. I know one that meets my criteria will come along soon enough.

Scott

Indicators show the past. Price Action "Indicates" the future.
  • #40,404
  • Aug 8, 2009 12:17am Aug 8, 2009 12:17am
Quoting Rocket!
Hi there. Time for another one of those awkward first posts.

Firstly, I just want to say hello to everyone and thank you all for contributing to one of the most interesting threads I've ever seen. I get the feeling that stumbling across this thread could be the catalyst to a series of life changing events for me. I really feel there is that much potential in the methods that you all preach here.

My plan of action is going to take time but I believe the wait will be worth the rewards. At the present time, Im studying for an exam at the end of...
Hi Rocket,

Welcome to the thread and congrats on your first post!

Thank you for your kind words, much appreciated,

Looking forward to your posts,

G.
I believe . . .
  • #40,405
  • Aug 8, 2009 12:27am Aug 8, 2009 12:27am
Quoting Rocket!
Hi there. Time for another one of those awkward first posts.

Firstly, I just want to say hello to everyone and thank you all for contributing to one of the most interesting threads I've ever seen. I get the feeling that stumbling across this thread could be the catalyst to a series of life changing events for me. I really feel there is that much potential in the methods that you all preach here.

My plan of action is going to take time but I believe the wait will be worth the rewards. At the present time, Im studying for an exam at the end of...
warm welcome to the thread..Rockets.
  • #40,406
  • Aug 8, 2009 12:39am Aug 8, 2009 12:39am
Quoting jarroo
Hey guys I respect your pickiness. But I put this one in the "A" catagory.

Nice work on showing the Pros:

Strong Monthly PPZ level; 1.7000.
Fib 61.8% confluence.
50% retracement confluence.
Off recent Highs.
Sure the size could be bigger but its closely equal to or greater then the size of recent bars in the last few weeks.
Top of consolidation of the recent weeks.

This last one is where it gets a little tricky. The traffic in the consolidation. How strong the break is (momentum) and how Price behaves at these levels in blue (zoomed...
This seems a problem to me,

It hasn't really formed off the highs but rather it's over and above the highs,

But given it's off 1.7 it might still be very much playable...

just suggesting that one of the pros might in reality be a hidden con...

G.
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  • #40,407
  • Aug 8, 2009 1:25am Aug 8, 2009 1:25am
Ghous,
Great job! Just to clarify that I would jump on a weak PB in the same location if it was the first time testing the zone on the way up, however, price already tested it and retreated at least once.

Scott

Quoting ghous
This seems a problem to me,

It hasn't really formed off the highs but rather it's over and above the highs,

But given it's off 1.7 it might still be very much playable...

just suggesting that one of the pros might in reality be a hidden con...

G.
  • #40,408
  • Aug 8, 2009 1:52am Aug 8, 2009 1:52am
Hey Ghous and others,
Just curious, am i right if i said it is a PB?
Is it tradeable?
Thanks..my third post?..
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  • #40,409
  • Aug 8, 2009 2:31am Aug 8, 2009 2:31am
Quoting Jigsaw


Lol I was wondering when you were going to post SP, I was just thinking to myself after it happened "I just hope SP's stop has some leeway" hehe.
Yes - just enough. I have a weird way of moving stops when the time is ripe for price to move - mainly, I wait for it to go before I adjust a SL. This adds risk, but on days like today, it pays off huge. Last July's EU drop was another place I did this.

Did you all see the other moves? Great day.

Confession time - I was not able to watch things today. I left home at 6:30 am and got home around 7PM.

Damn cat woke me up a few mins ago. It is 3:30AM around here - nighty night!
I'm pretty much done with all this ...
  • #40,410
  • Aug 8, 2009 3:15am Aug 8, 2009 3:15am
Quoting berisinc
Hey Ghous and others,
Just curious, am i right if i said it is a PB?
Is it tradeable?
Thanks..my third post?..

hey berisinc I was looking at this pair recently with interes to play it

but I have some issue understanding something that I'm looking in this days

I'll put in a new post my thoughts hoping that we will have some insight from the big guys

PS. if it's tradeabIe?yes I think it is,but you must be concern about thouse trouble area,and managing tight.
  • #40,411
  • Aug 8, 2009 3:22am Aug 8, 2009 3:22am
Quoting berisinc
Hey Ghous and others,
Just curious, am i right if i said it is a PB?
Is it tradeable?
Thanks..my third post?..
Hi Berisinc,

Technically a Pb? YES

Tradable? Probably No.

For the first few months you're at it you must make a conscious effort to go for the very best of setups.

The idea for newbies at least is to be super conservative, stay on the higher TFs, go for the few A+ trades and maintain the win rate at 90% or better...

The energy that this generates can be enough to power you for the rest of your trading career...

Newbies often fail to realize this dead simple formula

According to this concept you did the right thing by looking at the weekly chart for setups but even "stopping" at a pin bar like this can have detrimental effects on your long term success...

Pick the obvious ones at great locations and leave the advanced "less than A+" stuff for the right time.

All the best

G.
I believe . . .
  • #40,412
  • Aug 8, 2009 3:29am Aug 8, 2009 3:29am
hello guys

I see a plenty of opportunities for the next week, if you have a look
over your weekley charts you will be shock how many PB are there.
do I'll play them all,can I aford to paly them all,for sure NO, but I can
select thouse of high probabillity of succesed

I want to bring in discussion the aussie

We are all know that more important are the stronger location(PPZ) rather
than PA itself withaout any supporting of confluence.

We are having developing a bearish PB over the weekly chart
this PB is small in comparation with preceding bullish bars and I know
about managing tigth like jaroo said: "Smallish bar = Tigther Trade mgmt"

but not the location is that are giving our PA strainght, thouse PZZ are
all full by many stop orders that are filled up and making the PA to work

and I know about the ideal situation would be what Mike,Bundy,jaroo,james
have said, great location with a nice Big Pitbull Pin Bar.

I was thinking if we are in front of such powerfull PZZ, to trade this
like thouse A+++ setup ignoring that the shape of the PB is not so great

what do you big guys think
I need some insight words from you guys!!!
thanks!

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  • #40,413
  • Aug 8, 2009 5:13am Aug 8, 2009 5:13am
Quoting ghous
Hi Berisinc,

Technically a Pb? YES

Tradable? Probably No.

For the first few months you're at it you must make a conscious effort to go for the very best of setups.

The idea for newbies at least is to be super conservative, stay on the higher TFs, go for the few A+ trades and maintain the win rate at 90% or better...

The energy that this generates can be enough to power you for the rest of your trading career...

Newbies often fail to realize this dead simple formula

According to this concept you did the right thing by looking...
Thanks Ghous for the reply. It was so inspirational. It is giving me the energy to post more charts to speed up in my learning journey..It will be more charts in future for you and big guys to comment.

Regards.

berisinc..
  • #40,414
  • Aug 8, 2009 5:16am Aug 8, 2009 5:16am
the most attractive opportunity IMO, with every key moment, confluence of ppz and round number, divergence, deep retracement (50-61%), and enough space for management.

the only negative moment i can see is that its counter trend

lets see how it plays

EDIT: NZD/USD error in headline
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  • #40,415
  • Aug 8, 2009 6:27am Aug 8, 2009 6:27am
Thanks for the warm welcome guys. Much appreciated.

Heres that weekly pin on CAD-CHF from last week. I had my sell order in on the break of support at .9845. It broke this with good momentum on friday morning after testing the .9855 level on a few previous occasions during the week.

BUT...being a NFP Friday and all, anything can happen and this sucker went straight back up like a raging bull to end the week hovering at the psychological resistance point of 1.0000.

I realise I could have had .9800 marked as my first target zone(which I probably should have!) as there has been previous PA in this area with resistance looking to become support at present. My first TP however was (and still is) the .9650 area. Stop is at the previous swing high at 1.01.

One of the first things I see at fault with my chart is that there is almost definitely too many lines fluttering about. I'm not too confident in my drawing of major PPZ zones yet, and would appreciate any advice people have to offer in ensuring that I only take heed of lines that WILL lead to A grade setups.

What I had been previously doing was looking at the weekly and monthly charts and plotting visible areas of support and resistance often where price consolidated for a while then with SBR or RBS.

One last thing to note is that the current weekly bar is tough to read. It could be a bullish hammer pattern and sign of the continuation of the current bull trend. Or it could be interpreted as the bearish hanging man pattern. Both patterns arnt the most reliable but noteworthy all the same.

Heres the chart. Pardon the messiness.

Cheers.
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  • #40,416
  • Aug 8, 2009 8:35am Aug 8, 2009 8:35am
  •  2mas
  • | Joined Apr 2007 | Status: Thanks to James 16 family | 89 Posts
[quote=jarroo;2940284]Hey guys I respect your pickiness. But I put this one in the "A" catagory.

I agree with you Jim, it's a good A setup, with one more advantage that gets me interested.....the reliability of the TF. Look at benji's weekly charts, every time the price got to the 1.7, there is that spike followed by at least a moderate move away from it.
However in those non A+ setups I tend to wait for a discounted entry price using the tools and ideas of "the man with the crystal ball" (AKA Raczekfx), FXV and other great seniors.
Anyway, it's going to be one of those tight stop trades, and then we'll see what happens when/if reach 1.6550/70 & 1.6350/80.

Great work benji
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  • #40,417
  • Aug 8, 2009 9:00am Aug 8, 2009 9:00am
Quoting StoragePro
A note on MACD divergence - when price goes flat, MACD has to diverge because the MA's are moving closer together. Price has been flatter than Kansas lately. MACD diverged... In my view this is not a confluence factor in this particular case. Price has to move.
...
Reminder to newbies using divergence as a major factor of confluence...Haven't looked at the charts this weekend yet, so can't comment on what I like/dislike...

Tough to beat G/U location, but don't like the idea that it could be a breakout higher and picking up the granny...

Josh
  • #40,418
  • Aug 8, 2009 9:23am Aug 8, 2009 9:23am
hey guys,
anyone got an indicator that calculates the difference between the high & low of the current bar on any timeframe.....
very basic indicator, i need it for my money management....
thnx guys
Simplicity is the key to success
  • #40,419
  • Aug 8, 2009 10:08am Aug 8, 2009 10:08am
The Kiwi, daily charts, two different views.
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  • #40,420
  • Aug 8, 2009 10:33am Aug 8, 2009 10:33am
Quoting Jazflyer
For those who shorted the D1 PB and closed out at BE, myself included, the now forming H4 bar may end up to be a decent DBLHC bouncing at the 50 fib ret level of the previous up-move.

Guess that brings up another ?. While the high of daily PB has yet to be violated, indicating the end of it's validity, when would you consider taking a long position, such as the DBLHC forming now on H4? (Assuming it stays as one upon it's close of course)

I ask b/c I feel like I'm trying to make something happen albeit with supporting reasons.
Long is out of the question for me Jazz,

Unless I can see some some real real good PA at the 4h perhaps (the DBLHC is far from being one) which can off set the gigantic negative factor of going against a down trend which only just seems to have resumed

Remember that at the end of the day, it's all abt going with the "overall momentum" unless you're a scalping geek.

All the best,

Ghous.
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