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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

  • #53,121
  • Edited 1:39am Jan 28, 2010 1:23am | Edited 1:39am
A have a question if someone could help.

I've been shorting EU based on the Blue horizontal lines. Taking a short at the break of the B-line and then again on the retrace. But i get confused about the quick retracements that occur after price breaks the support and makes a new low.

When price retraces back to resistance ( old support) many times it forms a PIN BAR and this is when i screw up thinking "should i take a short and go with the trend or take this PIN".

It's not a very big issue but i would like to have some helpful views about it.

Thanks.

EDIT: SEE THE PIN FORMING ON DAILY
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  • #53,122
  • Jan 28, 2010 1:33am Jan 28, 2010 1:33am
Quoting jarroo
Also sitting on that big RN 1.4000. so yeah the confluences and location look good. But the size is what it is lacking. Few of thoses this morning.
A hard break would make the difference in my book. (if it breaks)
cheers jarroo .. just my thoughts
  • #53,123
  • Edited 1:52am Jan 28, 2010 1:38am | Edited 1:52am
Quoting nasir.khan
A have a question if someone could help.

I've been shorting EU based on the Blue horizontal lines. Taking a short at the break of the B-line and then again on the retrace. But i get confused about the quick retracements that occur after price breaks the support and makes a new low.

When price retraces back to resistance ( old support) many times it forms a PIN BAR and this is when i screw up thinking "should i take a short and go with the trend or take this PIN".

It's not a very big issue but i would like to have some helpful views...
I think this is where the higher time frame PPZ levels and their confluences play an important role when trading on lower time frames.

Your blue lines and how you play them is very good, especially in a trending market. But we have to be aware . . . as Rac would say . . .where the walls are that would reverse or consolidate Price.

Leave your blue lines where they are and go to the Daily/Weekly and mark your PPZ levels and see what you see.

The 1.4000 may be that wall and the PB may be its trigger to reverse Price.

just some thoughts nasir.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #53,124
  • Jan 28, 2010 1:50am Jan 28, 2010 1:50am
Quoting Cbh123
This is what I'm watching for dailies today DJmanu. I'm not sure if I'll take it yet, but here are the positives I see:

1. Bounce of TL
2. PPZ/Round number at 143.50
3. 61.8 fib (Rac's favorite! )
4. Minor RSI divergence (not on chart)

Negatives:
1. Trading into PPZ at 146.5/147.00, would definitely move to B/E and take some off here if not earlier.
2. Quite a bit of traffic
3. Bar doesn't stick out much from previous bar
4. the PB isn't too big

If I'm missing anything anyone, please comment! I'm here to learn.

[size=1]NOTE: THIS...
Hi Cory,
I am afraid I could not give any comments yet as I am still a newbie with PA. Before reading your post, I had on my chart the same Fib lines as yours (showing the almost-pin bar touching the 61.8). So, this I agree is a positive. However, I do not understand what PPZ is and how it should be used like you mentioned in the positives and negatives of your setup. Would appreciate it if you could elaborate?
Thanks.

CY
  • #53,125
  • Jan 28, 2010 1:57am Jan 28, 2010 1:57am
Quoting benji533
Indeed.
(1)This area is marked on my charts for a few weeks already, waiting patiently.
I would have an (2)eye on the DOW. Also, (3)no PA = No trade.

Ben
Easy as that.
Just have a plan, and be patient.

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  • #53,126
  • Jan 28, 2010 1:59am Jan 28, 2010 1:59am
Quoting jarroo
I think this is where the higher time frame PPZ levels and their confluences play an important role when trading on lower time frames.

Your blue lines and how you play is very good, especially in a trending market. But we have to be aware . . . as Rac would say . . .where the walls are that would reverse or consolidate Price.

Leave your blue lines where they are and go to the Daily/Weekly and mark your PPZ levels and see what you see.

The 1.4000 may be that wall and the PB may be its trigger to reverse Price.

just some thoughts...
I actually cleaned up my chart to illustrate better the issue. IF you look at the chart i posted yesterday . Long term FIB, PPZ and RN is still there.

So i should not pay attention to PA and continue with the trend until the wall of confluence arrives.

.
  • #53,127
  • Jan 28, 2010 2:02am Jan 28, 2010 2:02am
Quoting nasir.khan
I actually cleaned up my chart to illustrate better the issue. IF you look at the chart i posted yesterday . Long term FIB, PPZ and RN is still there.

So i should not pay attention to PA and continue with the trend until the wall of confluences arrives.

.
Trading poetry my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #53,128
  • Jan 28, 2010 2:04am Jan 28, 2010 2:04am
Quoting benji533
Easy as that.
Just have a plan, and be patient.

You never cease to amaze me young grasshopper . . . I mean . . . . Ben.
Indicators show the past. Price Action "Indicates" the future.
  • #53,129
  • Jan 28, 2010 2:24am Jan 28, 2010 2:24am
Quoting jarroo
You never cease to amaze me young grasshopper . . . I mean . . . . Ben.
lol...thanks master..it's your stuff guys.

Quoting jarroo
Also sitting on that big RN 1.4000. so yeah the confluences and location look good. But the size is what it is lacking. Few of thoses this morning.
A hard break would make the difference in my book. (if it breaks)
Well, on the feed below the size is good. But I would like it much much more at a bottom of a ranging market, instead of facing this huge trend down. There is a big difference.
Personal choice...and tight management - You are good at this J.

Ben
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  • #53,130
  • Jan 28, 2010 2:29am Jan 28, 2010 2:29am
Quoting benji533
lol...thanks master..it's your stuff guys.



Well, on the feed below the size is good. But I would like it much much more at a bottom of a ranging market, instead of facing this huge trend down. There is a big difference.
Personal choice...and tight management - You are good at this J.

Ben

The added support of a ranging market, yes I understand.

When I think of a good size bar I think much bigger . . . . like Mike size bigger. lol
Indicators show the past. Price Action "Indicates" the future.
  • #53,131
  • Jan 28, 2010 2:33am Jan 28, 2010 2:33am
Quoting jarroo
The added support of a ranging market, yes I understand.

When I think of a good size bar I think much bigger . . . . like Mike size bigger. lol
THis one is close. Everything is looking topish or bottomish so it could very well turn temporarily
  • #53,132
  • Jan 28, 2010 2:35am Jan 28, 2010 2:35am
Quoting mbqb11
THis one is close. Everything is looking topish or bottomish so it could very well turn temporarily
Where as a Mike size BIG bar would leave no doubt.
Indicators show the past. Price Action "Indicates" the future.
  • #53,133
  • Jan 28, 2010 2:43am Jan 28, 2010 2:43am
Quoting FXMaecenas
Hi guys,


My question is: IS there any mistake in taking this trade, 10 pips below the last bar for a quick partial profit at the bottom at the long bullish bar from 26th January and maybe riding it on a bearish trend?

Thanks a lot.
Quoting jarroo
No mistake. This is a valid, confluenced PA setup.

Inside Bar at a PPZ level (1.0650) at a swing High with trendine line confluence. A break below the 1.0600 would be my play.
FXMaecenas just wondering if you took this one. Good example of what we do here. (or at least try to do here. lol)
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Indicators show the past. Price Action "Indicates" the future.
  • #53,134
  • Jan 28, 2010 3:21am Jan 28, 2010 3:21am
Gotta go gang.

Great session this morning. Very nice.

Locked and loaded.

later,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #53,135
  • Jan 28, 2010 3:31am Jan 28, 2010 3:31am
anyone see the gbp/chf. 50% retracement off the daily. 7100. and 7100 has been tested multiple times. Just waiting for a pin
  • #53,136
  • Jan 28, 2010 4:38am Jan 28, 2010 4:38am
JPY pairs all hit 4h / 1H resistance and starting to reverse. In the meantime I took a EUR / USD short.

Trend is down, 4H retrace to TL and previous PPZ more importantly. Zooking into 1HR and spotted an IB and shorted from there. First target round number where I'll move stop to BE.
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  • #53,137
  • Jan 28, 2010 4:47am Jan 28, 2010 4:47am
Beautifull 4h PinBar on a nice PPZ around 147.0 in the trend for GBP/JPY.
What do you think about it ?
  • #53,138
  • Jan 28, 2010 4:48am Jan 28, 2010 4:48am
The 4hr pinbar off the daily PPZ on the EUR/JPY is getting my attention.

Possible trend continuation. On the other side we have not seen a significant trend reversal in a while. Would love to hear opinions on it.
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  • #53,139
  • Jan 28, 2010 4:54am Jan 28, 2010 4:54am
Quoting artov
The 4hr pinbar off the daily PPZ on the EUR/JPY is getting my attention.

Possible trend continuation. On the other side we have not seen a significant trend reversal in a while. Would love to hear opinions on it.
Still over an hour to go on my feed, but looking good at the moment as a trend continuation...pin is at PPZ and TL plus there is RSI hidden divergence too.

I'd be moving to break even if it hit the recent lows, if it breaks those then there is some nace space for it too run.
  • #53,140
  • Jan 28, 2010 4:58am Jan 28, 2010 4:58am
Hey artov, you stole my charts

Here is another possible pin, not the best close on this one, but lots of confluence.

P
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