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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

  • #43,441
  • Sep 10, 2009 9:11am Sep 10, 2009 9:11am
Anybody watching this pair? Should it close below the 1.57, would it be considered good pinbar?
The price went up to strong PPZ 1.5850 than got rejected hard, below the fib 50 level, the nose quite long. But if it breaks, there are strong PPZ area waiting around 1.5680
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  • #43,442
  • Sep 10, 2009 9:18am Sep 10, 2009 9:18am
Nice pinbar on Natural Gas
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  • #43,443
  • Sep 10, 2009 9:20am Sep 10, 2009 9:20am
Anyone watching the audnzd today? The daily's showing confluence with 365 ma, 23.6 fib, and round number at 1.23000. Potential bounce play or wait to see if it can fall through it and continue down with the trend?
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  • #43,444
  • Sep 10, 2009 10:43am Sep 10, 2009 10:43am
Quoting esbatu
Anybody watching this pair? Should it close below the 1.57, would it be considered good pinbar?
The price went up to strong PPZ 1.5850 than got rejected hard, below the fib 50 level, the nose quite long. But if it breaks, there are strong PPZ area waiting around 1.5680
It would be nice pin bar if price closes below 1.57, but there is so much traffic waiting. Zoom out daily and look at the 1.5650 level.
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  • #43,445
  • Sep 10, 2009 10:57am Sep 10, 2009 10:57am
Price is on a daily/Weekly PPZ and a 4hr PB is shaping up. With Divergence.

Here is what my chart looks like - first trouble area is in gray. There is also a little sideways action too. Be wary.

..
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I'm pretty much done with all this ...
  • #43,446
  • Edited 11:45am Sep 10, 2009 11:14am | Edited 11:45am
Quoting StoragePro
Lately, the dailies and weeklies have been slow, and not many setups have been there. Winning traders thrive in this kind of market because they can sit on the sideline and wait for a quality setup - and hence preserve their capital. (Shoot, even the 4hr charts have been a drag lately!)
Hey SP! Thank you a LOT for this comment! I have recently started to learn from you guys and I am in my first month of demo trading and I must say I found it rather hard to spot good setups lately on the daily charts.

The first one I spotted in the weekly USDJPY chart played out extremly nice down to 92 just as you guys predicted. However I trailed kinda tight and got stopped out with a small profit... There was small pin bar on the daily chart when it retraced and bounced off 95 on august 23rd. Unfortunately, I didn't watch the charts those days so I didn't reenter.

The one trade I am really satisfied with was shorting USDCAD from the 2d Pin around august 16th, where the stop was so small that I could open 2 minilots, take profit on one and trail the second for more profit. This one was the trade of the month for me in this first month

Unfortuntely, after that I had 2 trades where I took full bar losses, so I am basically at break even now. But more important than that is that I think I do start to get the feeling of the way you guys are trading. I still have lots of material to go through and I'll probably join the PF after I find the time to check out the guest material.

I got a question about PPZ lines though. I am still not really confident where to draw them. Is it right that you use both bars extremes as closing prices to draw them? How far back do you look in the chart? On my screen the daily chart reaches until mid october 2008. Based on this I see a strong PPZ on USDCHF at 1.1800 for example. Would this still be valid if the prices goes back there in a few months?

Or another example: If you see a few bars bouncing of a level one month ago, but the price passed through this level many times after that without reacting to it, do you still consider it?
  • #43,447
  • Sep 10, 2009 11:37am Sep 10, 2009 11:37am
question for James/Mike/SP/Jaroo/RaczekFX/other experienced traders

do you guys keep a journal of completed trades? do you find it helpful or unnecessary? I try to always take a screenshot and mark my entry/exit points, although I'm not sure how useful this will be in the future
  • #43,448
  • Edited 12:04pm Sep 10, 2009 11:43am | Edited 12:04pm
Just FYI.... are most of u aware of this??

i dug up in my subscribed thread's...
Tesla's trendline alerter indicator.
it's in post#1 of his thread (check it out).

variations on post #49 (charlies' alerter indicator version for rectangles, fib retracements & fib expansions as well as trendlines). Bollinger band version here, Andrew's Pitchfork 'version' here.

Hope this helps us. Thanks Tesla

btw, Sir mbqb11, any feedback on this (do u still have the EA version)? anyone else? Thanks!
  • #43,449
  • Sep 10, 2009 11:44am Sep 10, 2009 11:44am
Quoting faces
Hey SP! Thank you a LOT for this comment! I have recently started to learn from you guys and I am in my first month of demo trading and I must say I found it rather hard to spot good setups lately on the daily charts.
That is the way it goes - HOWEVER - let me say this, good setups are EASY to spot, the trouble you are having is that they are not there - be patient and think long term. What you are experiencing is wanting to trade (aka 'make money').

Quote
The first one I spotted in the weekly USDJPY chart played out extremly nice down to 92 just as you guys predicted. However I trailed kinda tight and got stopped out with a small profit... There was small pin bar on the daily chart when it retraced and bounced off 95 on august 23rd. Unfortunately, I didn't watch the charts those days so I didn't reenter.

Beware of small Pins. Small bars can indicate a lack of momentum and committment on the part of the large players.

Quote
The one trade I am really satisfied with was shorting USDCAD from the 2d Pin around august 16th, where the stop was so small that I could open 2 minilots, take profit on one and trail the second for more profit. This one was the trade of the month for me in this first month

Cool.

Quote
Unfortuntely, after that I had 2 trades where I took full bar losses, so I am basically at break even now. But more important than that is that I think I do start to get the feeling of the way you guys are trading. I still have lots of material to go through and I'll probably join the PF after I find the time to check out the guest material.

Did the bars suck? Bad location? Poor form? No Confluence? If so, learn from that and think of the advantages of having skipped them.

Quote
I got a question about PPZ lines though. I am still not really confident where to draw them. Is it right that you use both bars extremes as closing prices to draw them? How far back do you look in the chart? On my screen the daily chart fits until mod october 2008. Based on this I see a strong PPZ on USDCHF at 1.1800 for example. Would this still be valid if the prices goes back there in a few months?

Practice. There are major PPZ's that are strong, long term and well defined. Some are shorter term - weeks or months. There are minor intra day PPZ too. Look for the PPZ's on the time frame you trade on.

Look at the USDJPY chart. The PPZ we are on right now shows up on the daily and weekly very well.

Some pairs display the PPZ very cleanly, some are sloppy. Very rarely are the PPZ's sharply defined lines - they are zones, and the zones can be fairly wide at times.

Post a chart or two with marked major PPZ's - we will help you out all you need.

Cheers!
I'm pretty much done with all this ...
  • #43,450
  • Sep 10, 2009 11:48am Sep 10, 2009 11:48am
Quoting tlindle
question for James/Mike/SP/Jaroo/RaczekFX/other experienced traders

do you guys keep a journal of completed trades? do you find it helpful or unnecessary? I try to always take a screenshot and mark my entry/exit points, although I'm not sure how useful this will be in the future
YES! I do all of that. I do this so I can watch myself closely as I evolve, and it helps me to see good and bad trends in what I do.

I can see myself doing less of this in the future because I would not consider myself a man of deep trading experience. That takes many years. I learn and relearn something every single day.

I was looking back a few years recently and it made me queasy ...
I'm pretty much done with all this ...
  • #43,451
  • Sep 10, 2009 11:53am Sep 10, 2009 11:53am
Quoting StoragePro
EURUSD....

Bust out with strong PA (an OB would be COOL) or Gimme Bearish PA... The only trade worthwhile on this pair in recent weeks came Friday. while I was jetting across the continent munching on crappy peanuts.

No more chop chop please...

Baby needs a new TV....
tick tick tick tick
  • #43,452
  • Sep 10, 2009 12:39pm Sep 10, 2009 12:39pm
Quoting Icehocey77
tick tick tick tick
sigh. Broke out, but not with PA I could work with.

A Pox on EURUSD!
I'm pretty much done with all this ...
  • #43,453
  • Sep 10, 2009 12:42pm Sep 10, 2009 12:42pm
Looks like she's fallen through on the daily. Did anyone get in on this?
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  • #43,454
  • Sep 10, 2009 1:10pm Sep 10, 2009 1:10pm
Quoting faces

Or another example: If you see a few bars bouncing of a level one month ago, but the price passed through this level many times after that without reacting to it, do you still consider it?
Hey Faces

The general answer would be yes we still do. Because that could be a bunch of lows that when price now comes back to that area next time will act as resistance. Price has a good memory on these charts. Of course this would be a general answer, each situation has to be evaluated independently.

Take care
mIke
  • #43,455
  • Sep 10, 2009 1:11pm Sep 10, 2009 1:11pm
Quoting tlindle
question for James/Mike/SP/Jaroo/RaczekFX/other experienced traders

do you guys keep a journal of completed trades? do you find it helpful or unnecessary? I try to always take a screenshot and mark my entry/exit points, although I'm not sure how useful this will be in the future
Hey Tlindle

I keep a very basic spreadsheet. Stop size/ take profit/ pair / date/ bar trigger. I used to keep a very detailed one and it helped me get to where I am now. It kept me accountable and helped when I wanted to go back on trades. I am afraid as my trading got better I reverted to my lazy self as I was in school

So I highly recommend it. If anything the tediousness of it will make you want to be more picky so you don't have to do the paperwork

Mike
  • #43,456
  • Sep 10, 2009 1:13pm Sep 10, 2009 1:13pm
Quoting supremeChaos
Just FYI.... are most of u aware of this??

i dug up in my subscribed thread's...
Tesla's trendline alerter indicator.
it's in post#1 of his thread (check it out).

variations on post #49 (charlies' alerter indicator version for rectangles, fib retracements & fib expansions as well as trendlines). Bollinger band version here,...
Yah cool little thing he made there. I only use horizontal alerts now. All those will get the job done as well

Best
Mike
  • #43,457
  • Sep 10, 2009 1:19pm Sep 10, 2009 1:19pm
Quoting jarroo
Nice one Ben.

Are you keeping your stops at break even? How are you managing this trade? Just curious. Looks like it could go to the moon.

Jim
Hey bro,

Well, Here are the charts
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  • #43,458
  • Sep 10, 2009 1:30pm Sep 10, 2009 1:30pm
Quoting StoragePro
sigh. Broke out, but not with PA I could work with.

A Pox on EURUSD!
Yep, it was making a run towards being a BUOB in the last 10 minutes, pretty weak momentum. Let's see if we can a another test towards 1.45, bearish divergence is setting up.
  • #43,459
  • Sep 10, 2009 1:33pm Sep 10, 2009 1:33pm
Why these daily setups keep forming and not letting me go asleep.
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  • #43,460
  • Sep 10, 2009 1:42pm Sep 10, 2009 1:42pm
Quoting jarroo
I can't see my regular charts right now , but it's in the "A" catagory in my book.
LOL

"A" category?

You are brave..

I don't even consider this one...this traffic is too much alone. But you are probably making your money out of it..like you know to do

Did you eventually enter it? If yes, I guess you took full profit at my first line, right?

Ben
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