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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

  • #44,341
  • Sep 22, 2009 9:35am Sep 22, 2009 9:35am
Quoting g_j_hook@yah
for what its worth, i personally dont discard the set up solely because it didnt break on the next bar,for me the setup can be valid for a few bars after depending on the situation. Aftewr all a good location wid pa and confluence is... a good location wid pa and confluence! and i like to give it a bar or two to see how it developes. sometimes momentum also takes a little while to build and get eveyone on board??
What i dont like to see though is the following bar to close high/low into the trigger bar, this to me is a sign of the level weakening?...

Well said g_j_. I agree totally.
Indicators show the past. Price Action "Indicates" the future.
  • #44,342
  • Sep 22, 2009 9:36am Sep 22, 2009 9:36am
Quoting jarroo
Gotta love the hard break g_j_.

Why? Because it acts as a confirmation that the setup is correct, for me.
And then if it retrace or retest the break and continues onward, it is another confirmation. (Shown on the 4 Hour and more clearly on the Hourly chart)
yep, that is something very valuable i learned from you (and everyone else)on this thread. for me the retest is the best confirmation there is, it always gives me confidence in the trade and makes more relaxed.Also if price starts to waver around the break point after the retrace and fails to continue higher/lower it can give you a good place to get out without taking a full bar loss.
jon
PATIENCE... DISCIPLINE
  • #44,343
  • Sep 22, 2009 9:40am Sep 22, 2009 9:40am
Quoting jarroo
Well said g_j_. I agree totally.
i had/have good teachers
jon

EDIT: MVP = Most Valuable Player.
cheers jaroo i havnt seen that one before.?
PATIENCE... DISCIPLINE
  • #44,344
  • Sep 22, 2009 9:40am Sep 22, 2009 9:40am
Quoting g_j_hook@yah
yep, that is something very valuable i learned from you (and everyone else)on this thread. for me the retest is the best confirmation there is, it always gives me confidence in the trade and makes more relaxed.Also if price starts to waver around the break point after the retrace and fails to continue higher/lower it can give you a good place to get out without taking a full bar loss.
jon

Absolutely.

They are great for placements for tight stop losses. I have taken many PA Retests with a 10-15 pip stop loss that have gone to the moon.
Indicators show the past. Price Action "Indicates" the future.
  • #44,345
  • Sep 22, 2009 9:43am Sep 22, 2009 9:43am
Quoting g_j_hook@yah
i had/have good teachers
jon

Your becoming a good teacher yourself, Jon.
Indicators show the past. Price Action "Indicates" the future.
  • #44,346
  • Sep 22, 2009 9:55am Sep 22, 2009 9:55am
Quoting jarroo
Your becoming a good teacher yourself, Jon.
hey man, coming from you Jarroo ill take that as a v. nice compliment!! thanx.
im just glad to put a little back into the thread that gives me so much!!
cheers
jon
PATIENCE... DISCIPLINE
  • #44,347
  • Sep 22, 2009 10:05am Sep 22, 2009 10:05am
Quoting jarroo
This Daily GU baby PB is not the best size, obviously. But the swing Low at the 1.6200 PPZ level sure is a good location.

Should be fun to watch . . . . or trade very tightly.

Inserted Video
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Indicators show the past. Price Action "Indicates" the future.
  • #44,348
  • Sep 22, 2009 10:22am Sep 22, 2009 10:22am
Quoting jarroo
http://www.youtube.com/watch?v=znjEV...layer_embedded

its just missing that big rocket again!!!..lol
PATIENCE... DISCIPLINE
  • #44,349
  • Sep 22, 2009 10:39am Sep 22, 2009 10:39am
Quoting FunkyJee
Hi guys !

Very nice thread, I'm learning a lot. Im actually reading it while trying to follow the latest posts and i got a question :

When you say for example +6R for a trade, is it the same thing that the Risk:Reward ratio ?
for this example, 6R = 1:6 R:R ? meaning that you won 6 times your risk ?

thanks
Hey guys i got another question, im trying to practice me drawing PPZ areas. I put some charts below can you tell if im on the good way ?

Any valuable comments welcome
Regards
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  • #44,350
  • Sep 22, 2009 10:40am Sep 22, 2009 10:40am
Quoting jarroo
This Daily GU baby PB is not the best size, obviously. But the swing Low at the 1.6200 PPZ level sure is a good location.

Should be fun to watch . . . . or trade very tightly.
Hey bro. I saw this as well, but the pin was too small for me. Do you look for lower TFs in cases when the location is good, but no great PA?

I took it on a lower TF by a different style (Ryan). Are you still in it? I think will reserve on the 1/64 which is an heavy resistance area on daily. We shall see

I took two winners and two losers today...but my winners cached a nice R:R so I'm happy.
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  • #44,351
  • Sep 22, 2009 10:52am Sep 22, 2009 10:52am
Quoting benji533
Hey bro. I saw this as well, but the pin was too small for me. Do you look for lower TFs in cases when the location is good, but no great PA?

I took it on a lower TF by a different style (Ryan). Are you still in it? I think will reserve on the 1/64 which is an heavy resistance area on daily. We shall see

I took two winners and two losers today...but my winners cached a nice R:R so I'm happy.
Here is the daily chart.
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  • #44,352
  • Sep 22, 2009 11:02am Sep 22, 2009 11:02am
Quoting joelcf
Dear pinbars,

You are awesome.

Love,
Joel.

Attachment

Attachment
Cool trade mate
  • #44,353
  • Sep 22, 2009 11:21am Sep 22, 2009 11:21am
Quoting FunkyJee
Hey guys i got another question, im trying to practice me drawing PPZ areas. I put some charts below can you tell if im on the good way ?

Any valuable comments welcome
Regards
hi FunkyJee,..lol..cool name!
regarding the r:r question,(if you havnt had an answer yet?) yes you got it right. return compared to risk.
But as for your charts, im sorry but i can hardly see anything on them.they are a bit dark for my dodgy eyes!!lol.
jon.
PATIENCE... DISCIPLINE
  • #44,354
  • Sep 22, 2009 11:27am Sep 22, 2009 11:27am
Quoting benji533
Hey bro. I saw this as well, but the pin was too small for me. Do you look for lower TFs in cases when the location is good, but no great PA?

I took it on a lower TF by a different style (Ryan). Are you still in it? I think will reserve on the 1/64 which is an heavy resistance area on daily. We shall see

I took two winners and two losers today...but my winners cached a nice R:R so I'm happy.

I will look to the 4 hour and sometimes the Hourly at a good location with no solid PA on the Daily, as with the GU. Although the size was too small it still was a PB at a good location.

Just remember that the higher the time frame the stronger the setup. Lower time frames need more confluences and bigger bars. But all in all, its the location and supporting confluences that rule the roost.

Take the Gbp/Cad, the 4 hour BUOB at a good location, the 1.7400 PPZ level, but it didn't have any other confluences that I could see. So a tight stop and looking for a hard break would be the approach.
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Indicators show the past. Price Action "Indicates" the future.
  • #44,355
  • Sep 22, 2009 11:29am Sep 22, 2009 11:29am
Quoting FunkyJee
Hey guys i got another question, im trying to practice me drawing PPZ areas. I put some charts below can you tell if im on the good way ?

Any valuable comments welcome
Regards

Sorry I can't see your charts very well.
Indicators show the past. Price Action "Indicates" the future.
  • #44,356
  • Sep 22, 2009 11:29am Sep 22, 2009 11:29am
Very true. However this is my weekly and I see a massive PPZ (Easier to see on weekly, however strength of it is shown on daily). My decision was based on my thought that we are coming back down. The H4 just gave me an entry point with the pretty pin.

Was this a great trade? Probably not. It may have been an emotional trade based on the fact my last EU trade ended up BE and I still feel as if it is coming south.

Que

Also watch the GU H4, I believe we will see a 2 bar pin for continuation of southbound trend.


Quoting joelcf
Its a pretty looking pin, nice shape and extrusion at a swing high, and a deviant side to her... but she's damaged goods IMO. Size is way too small compared to the big bullish bar and the trend behind it, and running into big resistance at every step.

Not sayin it wont work out for ya, but too much drama for my tastes.

Attachment
Attached Image (click to enlarge)
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Que
  • #44,357
  • Sep 22, 2009 11:29am Sep 22, 2009 11:29am
Quoting FunkyJee
Hey guys i got another question, im trying to practice me drawing PPZ areas. I put some charts below can you tell if im on the good way ?

Any valuable comments welcome
Regards
Hey FunkyJee

Yes these are done well, just remember one thing. These are zones, not lines. So if you took each of those lines on your chart, and used the rectangle tool in mt4 to enlarge them, you will now be able to see how these are "areas/zones" we must look out for rather then a single line. We also will have more minor PPZs within these larger zones, that can then become our focus once we are in a trade for mgmt.

Let me know if that makes sense

Mike
  • #44,358
  • Sep 22, 2009 11:34am Sep 22, 2009 11:34am
Daily past resistance.

Que
Attached Image (click to enlarge)
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Que
  • #44,359
  • Sep 22, 2009 11:34am Sep 22, 2009 11:34am
Quoting benji533
I took it on a lower TF by a different style (Ryan). Are you still in it? I think will reserve on the 1/64 which is an heavy resistance area on daily. We shall see

I'm still in it. I've taken 67 pips off the 1st half and the 2nd half is at break even. I would like to see the daily close above the 1.6300 and then shoot for the 1.64 and 1.6500 and then look for a shorting possibility.
Indicators show the past. Price Action "Indicates" the future.
  • #44,360
  • Sep 22, 2009 11:54am Sep 22, 2009 11:54am
Quoting jarroo
I will look to the 4 hour and sometimes the Hourly at a good location with no solid PA on the Daily, as with the GU. Although the size was too small it still was a PB at a good location.

Just remember that the higher the time frame the stronger the setup. Lower time frames need more confluences and bigger bars. But all in all, its the location and supporting confluences that rule the roost.
Yea I know lower TF are much less reliable. I'm just practicing a new method.
Thanks for the other answer
Quote
Take the Gbp/Cad, the 4 hour BUOB at a good location, the 1.7400 PPZ level, but it didn't have any other confluences that I could see. So a tight stop and looking for a hard break would be the approach.

If I see the correct 4H bar, it broke and went exactly where it should

Ben
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