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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

  • #62,661
  • May 4, 2010 11:05am May 4, 2010 11:05am
Quoting Pinbar

EDIT: Is there no known, reasonably reliable mechanical method of drawing PPZ to keep it objective?
Hey Pin

I often see this question and I think it is a slippery slope. Part of training your eye to see these areas is going to serve you far greater into the future with understanding and getting that feel for price. As they are so crucial to the foundation of PA trading I would just keep practicing and getting good at spotting the major and minor ones and let it take its course. I cringe when I see those S/R indicators(no offense to anyone who uses em!)

Of course just my opinion

Mike
  • #62,662
  • May 4, 2010 11:06am May 4, 2010 11:06am
Quoting Dan Gilbert
lol!

I think I'm 1 for 5 on accurately knowing in which direction these i4b's are going to break...
Yeah, but does it matter? It works both ways.. Anyway, thanks for pointing it out when you did. I wouldn't have spotted it in all that mess. I took it long with a long term target of 1.7 if we break 1.6650ish hard and fast. Else, we may get a pullback to 1.65.
  • #62,663
  • May 4, 2010 11:10am May 4, 2010 11:10am
Quoting neutro
Yeah, but does it matter? It works both ways.. Anyway, thanks for pointing it out when you did. I wouldn't have spotted it in all that mess. I took it long with a long term target of 1.7 if we break 1.6650ish hard and fast. Else, we may get a pullback to 1.65.
That's ok though, because you should be at B/E by now anyway. Nice trade.
Many choose unhappiness over uncertainty.
  • #62,664
  • May 4, 2010 11:14am May 4, 2010 11:14am
Quoting mbqb11
Hey Pin

I often see this question and I think it is a slippery slope. Part of training your eye to see these areas is going to serve you far greater into the future with understanding and getting that feel for price. As they are so crucial to the foundation of PA trading I would just keep practicing and getting good at spotting the major and minor ones and let it take its course. I cringe when I see those S/R indicators(no offense to anyone who uses em!)

Of course just my opinion

Mike

Thanks Mike, I thought someone would say exactly that.

I was asking not out of laziness to draw them but as to prevent the curve fitting syndrome.

As you say, I imagine that even if something reasonable exists, it is no substitute for the impartial eye and objective mind.

It would probably be like asking Picasso to paint by numbers. LoL
  • #62,665
  • May 4, 2010 11:17am May 4, 2010 11:17am
Quoting Dan Gilbert
That's ok though, because you should be at B/E by now anyway. Nice trade.
(It's on demo, it wasn't live account worthy imo). I'm not at BE because I'm letting it breathe with all this volatility. If I were at BE when I was supposed to, I would be out by now (too many verbs in this sentence).
  • #62,666
  • May 4, 2010 12:31pm May 4, 2010 12:31pm
Quoting neutro
I took it long with a long term target of 1.7.
well.... another i4b straddling a VBRN for the history books.
Many choose unhappiness over uncertainty.
  • #62,667
  • May 4, 2010 12:52pm May 4, 2010 12:52pm
hey i use a point and figure chart with actual ATR fro box size .. that gives me the Major PPZs .. and for the minor ones .. heck i use the charts adn like mqb sez .. trained eyes


Quoting mbqb11
Hey Pin

I often see this question and I think it is a slippery slope. Part of training your eye to see these areas is going to serve you far greater into the future with understanding and getting that feel for price. As they are so crucial to the foundation of PA trading I would just keep practicing and getting good at spotting the major and minor ones and let it take its course. I cringe when I see those S/R indicators(no offense to anyone who uses em!)

Of course just my opinion

Mike
  • #62,668
  • May 4, 2010 2:22pm May 4, 2010 2:22pm
Just see this 4Hr pin bar for G/U. Is it good enough to take?
What do you think?

Thanks

Jason
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  • #62,669
  • May 4, 2010 2:35pm May 4, 2010 2:35pm
Quoting 2010
Just see this 4Hr pin bar for G/U. Is it good enough to take?
What do you think?
the more important question is what do YOU think?

And why?
When you have to shoot, shoot. Dont talk.
  • #62,670
  • May 4, 2010 2:52pm May 4, 2010 2:52pm
Quoting joelcf
the more important question is what do YOU think?

And why?
Hello, joelcf,
From the feed of FXPro, the pin opened and closed within the left eye, it's at the swing low, the nose is long enough as a pb, it's formed at important support level of 1.51400.
I am waiting for the retracement to see the holding of the support 1.5140 and to go long.

Hope to get your comments.

Thanks

Jason
  • #62,671
  • May 4, 2010 3:08pm May 4, 2010 3:08pm
Quoting 2010
From the feed of FXPro, the pin opened and closed within the left eye, it's at the swing low, the nose is long enough as a pb, it's formed at important support level of 1.51400.
I am waiting for the retracement to see the holding of the support 1.5140 and to go long.

Hope to get your comments.
The only concerns I have is that it is a strong move down, but the size of the pin balances with that pretty well. You are trading into a round number and a fair amount of traffic too, but you seem to have the potential trouble areas mapped out already.

nicely done
When you have to shoot, shoot. Dont talk.
  • #62,672
  • May 4, 2010 3:22pm May 4, 2010 3:22pm
Quoting joelcf
The only concerns I have is that it is a strong move down, but the size of the pin balances with that pretty well. You are trading into a round number and a fair amount of traffic too, but you seem to have the potential trouble areas mapped out already.

nicely done
The NY market and the right eye of the PB will close in 40mins. Since a strong move down today, I will see the PA to decide if the PB still valid to take in Asian session.

Thanks joelcf

Jason
  • #62,673
  • May 4, 2010 3:53pm May 4, 2010 3:53pm
will be watching this cr0ss tomorrow isa
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  • #62,674
  • May 4, 2010 4:11pm May 4, 2010 4:11pm
Quoting the_wizard
I'm looking for $84.75 for 1/2 and $84.15 for remainder on this trade.
Quoting the_wizard
Just a quick follow up on my post last night and this morning.

1/2 closed for 106 ticks profit.

Stop on remaining 1/2 now set to $85.65 (+16 ticks if hit).

-Tom
Nice trade there wizard (Tom).

I'm not sure if the tick chart you use is reflective of the FxPro chart (I'll assume it is), I can see your reason behind your trade. The 84.00 looked good (84.15 just to make sure).

Just one question. Did the 85.00 level give you any pause or not? That would have been my 1st target in a big way.

Thanks,

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #62,675
  • May 4, 2010 4:30pm May 4, 2010 4:30pm
Quoting ezz
will be watching this cr0ss tomorrow isa
looks real solid.
Many choose unhappiness over uncertainty.
  • #62,676
  • May 4, 2010 4:40pm May 4, 2010 4:40pm
Quoting jarroo
Nice trade there wizard (Tom).

I'm not sure if the tick chart you use is reflective of the FxPro chart (I'll assume it is), I can see your reason behind your trade. The 84.00 looked good (84.15 just to make sure).

Just one question. Did the 85.00 level give you any pause or not? That would have been my 1st target in a big way.

Thanks,

Jim
Hey Jim,

I don't have a level at $85 and I ignore round numbers unless they coincide with a level so, no, I didn't consider it.

-Tom
  • #62,677
  • May 4, 2010 4:43pm May 4, 2010 4:43pm
Quoting Nustra
Jaroo,
based on your comment above, is it that this PA's are invalid if not occuring at a PPZ? i mean, will u take one that is not at those levels or have a fib or div. in aggreeance?

at my trading stage now, i kind of look for these setups and i just take most of them. my account is a testament to how unsmart that might be, but if i have to get a PPZ or confluence agreement, i found myself curve fitting; trying different oscillators to get a div. or saying..."well, it was almost at this level, though it didn't touch it to the pip, it was pretty...
Then stop curve fitting Nustra , . . . lol just kidding.

We all have done our fair shair of curve fitting when a good looking PA formation is presented. I know I have.

Fxeturn's chart: http://www.forexfactory.com/showpost...ostcount=62605 shows good examples of PA formations but my eye when right to the PPZs levels. Once the PPZ levels were placed, the PA that they were next to or sitting on top of them or running into them made sense.

PA in and of itself are not invalid if they are not supported by a PPZ level, but the decision to take the trade may be invalid. Meaning if your bearish PA is telling you to short, but its right into a BRN PPZ level then your decision to take the trade may be a risky one.

PA is PA. Its only confirmation at a location is when you decide to take the trade.

Weekly and Daily PPZ levels is at the core of a great PA setup. imo

If you view James16 guests videos, you can see its the main focus in his trading.

http://www.james16group.us/Guests/guestmaterial.html


Did I make any sense?
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Indicators show the past. Price Action "Indicates" the future.
  • #62,678
  • May 4, 2010 4:44pm May 4, 2010 4:44pm
Quoting the_wizard
Hey Jim,

I don't have a level at $85 and I ignore round numbers unless they coincide with a level so, no, I didn't consider it.

-Tom
Interesting. Thanks Tom
Indicators show the past. Price Action "Indicates" the future.
  • #62,679
  • May 4, 2010 4:44pm May 4, 2010 4:44pm
Anyone else in this 4 hour GBP/USD? I took this one on the break, it almost made it to the FTA but it didn't. Turned around and retraced hard into the pin and its down around 50-60 pips. If I were a touch trader the spot it's at now looks like a good spot for a long (61.8% of the pin + ppz).

Missed the FTA by about 10-12 pips and it seems like its on the way to break the low of the pin. I can't really see anything wrong here..any comments would be helpful.

Scott
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  • #62,680
  • May 4, 2010 4:52pm May 4, 2010 4:52pm
Quoting nasir.khan
Well every thing including Fib's, TL's, Round Numbers and even PPZ's (the most powaful thing on the chart) could fail time to time.

But when you wait for them to come together in a single zone (confluence) they do hold more then 70%-80% and if you wait for PA at them your chances get to 90%-95%.

Well you can trade PA without PPZ's to, but then you should be looking for something like GOLD weekly PB at end of November-09.

Coming to Curve fitting, Well if you are kind of person who want's to trade the setup no matter what then you will always...

Great post nasir.
Indicators show the past. Price Action "Indicates" the future.
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