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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

  • #62,701
  • May 5, 2010 2:12am May 5, 2010 2:12am
Price heading down to the 1.5000 (and then present some nice bullish PA, of course) would setup a nice 1-2-3 reversal.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,702
  • May 5, 2010 2:15am May 5, 2010 2:15am
Quoting jarroo
Hey PB. ( gotta like that user name)


Start on the Weekly and Daily charts to locate your PPZ levels. These levels are much stronger then the lower time frame PPZ level, like the 4 Hour. If you have a setup on the 4 hour time frame, then Yes, you shoudld be aware of these levels.

We can go over some PPZ level placements if you want.

Greatly appreciated Jaroo?

Yes, I placed the RED PPZ on the Weekly as in pic 1.
Then I moved down to the daily as in pic 2 but, the weekly PPZ seemed to be just right for the daily and it appeared it did not warrant any extra.

Then, I moved down to H4 and placed the brown lines where I thought resistance had acted as proven support or visa vi.

I must have done something wrong, down the line?

I really want to get this down properley because, if I cannot believe in my own PPZ, it may cause me to have doubts when making an entry or hesitate and get me me in too late so that, it will be hard to go to BE at the next possible area where we may have a good PPZ to tuck our SL behind.

Greatly appreciate the dialog.
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  • #62,703
  • May 5, 2010 2:30am May 5, 2010 2:30am
Quoting Pinbar
Greatly appreciated Jaroo?

Yes, I placed the RED PPZ on the Weekly as in pic 1.
Then I moved down to the daily as in pic 2 but, the weekly PPZ seemed to be just right for the daily and it appeared it did not warrant any extra.

Then, I moved down to H4 and placed the brown lines where I thought resistance had acted as proven support or visa vi.

I must have done something wrong, down the line?

I really want to get this down properley because, if I cannot believe in my own PPZ, it may cause me to have doubts when making an entry or hesitate and...
You're drawing waaay too many lines.

Check this post out, by Dan Gilbert (http://www.forexfactory.com/showpost...ostcount=61058). Though you should be able to draw and see PPZs (important, major ones) easily, you get tangled into minor ones.
  • #62,704
  • May 5, 2010 2:33am May 5, 2010 2:33am
Quoting neutro
You're drawing waaay too many lines.

Check this post out, by Dan Gilbert (http://www.forexfactory.com/showpost...ostcount=61058). Though you should be able to draw and see PPZs (important, major ones) easily, you get tangled into minor ones.

Yes, I thought that was the problem.

Maybe if Jarro or anyone stipulates a specific pair and say 1000 pips above and below price, I will draw the PPZ and post each TF as it is completed with reasons as to why I choose those areas. The we can work from there.

This way, I do most of the work, as it should be.

Got to get a hair cut, be back in an hour or so.

Many thanks for the comments, people.

Phew, maybe PB was not a good name to choose, now I have to live up to it. LoL
  • #62,705
  • May 5, 2010 2:41am May 5, 2010 2:41am
Quoting Pinbar
Yes, I thought that was the problem.

Maybe if Jarro or anyone stipulates a specific pair and say 1000 pips above and below price, I will draw the PPZ and post each TF as it is completed with reasons as to why I choose those areas. The we can work from there.

This way, I do most of the work, as it should be.

Got to get a hair cut, be back in an hour or so.

Many thanks for the comments, people.

Phew, maybe PB was not a good name to choose, now I have to live up to it. LoL
I'd say go with GBPJPY. It's a somewhat ranging pair and it's easy to draw PPZs. Draw them from 118 to 163. And don't forget to draw BRN (500p increments, eg 130, 135 etc.). Start with monthly, then go down. You can go down to weekly and daily.
  • #62,706
  • May 5, 2010 2:44am May 5, 2010 2:44am
Quoting Pinbar
Greatly appreciated Jaroo?

Yes, I placed the RED PPZ on the Weekly as in pic 1.
Then I moved down to the daily as in pic 2 but, the weekly PPZ seemed to be just right for the daily and it appeared it did not warrant any extra.

Then, I moved down to H4 and placed the brown lines where I thought resistance had acted as proven support or visa vi.

I must have done something wrong, down the line?

I really want to get this down properley because, if I cannot believe in my own PPZ, it may cause me to have doubts when making an entry or hesitate...

Yeah you don't want to have too many lines. just the lines that hit the High and Lows on the weekly. Also you want to put the BRN like the 1.5000 and 1.5500.

You will notice that these weekly levels standout on the Daily. I like to fine tune them to RNs or RN+ 50 with the understanding that these levels are zone or areas.

You'll notice other levels that stand out on the daily, just note these levels with a line. I will get rid of the lines that are not relative to where the current price is located, just to keep it clean.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,707
  • May 5, 2010 2:46am May 5, 2010 2:46am
Quoting neutro
You're drawing waaay too many lines.

Check this post out, by Dan Gilbert (http://www.forexfactory.com/showpost...ostcount=61058). Though you should be able to draw and see PPZs (important, major ones) easily, you get tangled into minor ones.
That's a good approach as well.
Indicators show the past. Price Action "Indicates" the future.
  • #62,708
  • May 5, 2010 2:56am May 5, 2010 2:56am
Quoting Pinbar
Yes, I thought that was the problem.

Maybe if Jarro or anyone stipulates a specific pair and say 1000 pips above and below price, I will draw the PPZ and post each TF as it is completed with reasons as to why I choose those areas. The we can work from there.

This way, I do most of the work, as it should be.

Got to get a hair cut, be back in an hour or so.

Many thanks for the comments, people.

Phew, maybe PB was not a good name to choose, now I have to live up to it. LoL
Quoting neutro
I'd say go with GBPJPY. It's a somewhat ranging pair and it's easy to draw PPZs. Draw them from 118 to 163. And don't forget to draw BRN (500p increments, eg 130, 135 etc.). Start with monthly, then go down. You can go down to weekly and daily.
I like it.

A good exercise that would benefit many.
Indicators show the past. Price Action "Indicates" the future.
  • #62,709
  • May 5, 2010 2:59am May 5, 2010 2:59am
Quoting ezz
will be watching this cr0ss tomorrow isa



i entered on retrace b4 the bar breaks i guess the reason i didnt w8 for the break is that it was a big size bar (not that big bars always play out as expected ^_-)


ayways my entry was around the blue line @ the chart and i BEed when we reached 68.00

later
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  • #62,710
  • Edited 3:30am May 5, 2010 3:10am | Edited 3:30am
Quoting ezz
i entered on retrace b4 the bar breaks i guess the reason i didnt w8 for the break is that it was a big size bar (not that big bars always play out as expected ^_-)


ayways my entry was around the blue line @ the chart and i BEed when we reached 68.00

later
Nice one ezz.

Don't forget those previous Highs (in blue), they are playing a role in your trade. I say this because you didn't mention them.

A retrace to those previous highs or the 68.50 wouldn't have been a bad entry either if you think that BEOB is strong enough.

Smart plan ezz.
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Indicators show the past. Price Action "Indicates" the future.
  • #62,711
  • May 5, 2010 3:22am May 5, 2010 3:22am
Quoting jarroo
I like it.

A good exercise that would benefit many.
If people would take the time to carefully read this thread from the beginning, pen and paper and all, business-mind approach, things would be a lot different. This is not to upset newcomers, but they do have to keep in mind that the first thing to do is simple... read the thread as many times (not necessarily all of it, the summaries of seniors is enough to get the trading blood pumping) as it takes.

I admire you Jaroo. And Mike too, and many others, for taking the time to go through all these posts after all this time, answering the same questions over and over and over and over... and over again. I would go mad, but still I know that I must (should, want to) give back what I have taken and then some.

I'm not a man of many words so I guess that's it for now. You guys are doing an A+++ job and without you I wouldn't be where I am today (I guess it's the n-th time you've heard this, but I also guess this is what makes you accomplished)
  • #62,712
  • May 5, 2010 3:28am May 5, 2010 3:28am
Quoting neutro
If people would take the time to carefully read this thread from the beginning, pen and paper and all, business-mind approach, things would be a lot different. This is not to upset newcomers, but they do have to keep in mind that the first thing to do is simple... read the thread as many times (not necessarily all of it, the summaries of seniors is enough to get the trading blood pumping) as it takes.

I admire you Jaroo. And Mike too, and many others, for taking the time to go through all these posts after all this time, answering the same...
Thanks neutro.

Yes, much of what is discussed here (many times) within this big thread. Good advise to read the entire thread with pen and paper in hand. I'm glad to help whenever I can.
Indicators show the past. Price Action "Indicates" the future.
  • #62,713
  • Edited 3:55am May 5, 2010 3:44am | Edited 3:55am
After watching Mike's fabulous video seminars in the J16 guest section I tried to find some of those breakout trades he shows. Yesterday there was one on EURGBP when price broke the downside of a nice symmetrical triangle (maybe you want to comment on my analysis, Mike?). Though I did not trade it.

Price showed some weakness/indecision at that lower triangle line in the past view days. On the 1h chart you can see a retrace to the triangle line after the breakout (DBHLC on 4h) and a nice PB signal (long protruding nose). That said there were some recent lows and the next RN 68.00 in the way. Furthermore a major PPZ. So I guess it would be better to pass or babysit such a trade.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #62,714
  • May 5, 2010 3:47am May 5, 2010 3:47am
Quoting neutro
You guys are doing an A+++ job and without you I wouldn't be where I am today (I guess it's the n-th time you've heard this, but I also guess this is what makes you accomplished)
+1. And thank you all for making those great video seminars available!
Thanks J16, Sam Seiden, Udine and Jacko
  • #62,715
  • May 5, 2010 4:05am May 5, 2010 4:05am
G'day all....haven't dropped by for a while but nice to see plenty of new faces in this thread....and of course nice to see all those crusty old faces that I've grown to love too
  • #62,716
  • Edited 5:22am May 5, 2010 4:37am | Edited 5:22am
GBP/JPY Monthly

I noticed in the description of drawing PPZ in the link, that this person is only drawing them on the Daily. I was under the impression we needed to draw them over several TF.


I will wait till someone comments before I move down to the weekly.


EDIT: I decided that it may be more important to see the actual bars than the line chart as that way, I can see if there are any large PBs which the tail or head is acting as S&R. I also decided it is probably better to round these off to the nearest round number.
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  • #62,717
  • May 5, 2010 4:57am May 5, 2010 4:57am
A possible h&s here on euraud 4h as well, if i'm correct.

P
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  • #62,718
  • May 5, 2010 4:59am May 5, 2010 4:59am
Quoting Pinbar
GBP/JPY Monthly

I noticed in the description of drawing PPZ in the link, that this person is only drawing them on the Daily. I was under the impression we needed to draw them over several TF.


I will wait till someone comments before I move down to the weekly.
For now, get rid of the dotted lines.

The zigzag indicator is ok, but you should 'see' other levels where price obviously reacted. See the attached chart.

Now drop down to weekly and show us another chart.

Edit: You have to keep in mind that it's more of an art than exact science. Prices rarely react to the exact same pip so PPZs are more like areas than exact lines.
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  • #62,719
  • May 5, 2010 5:27am May 5, 2010 5:27am
Quoting neutro
For now, get rid of the dotted lines.

The zigzag indicator is ok, but you should 'see' other levels where price obviously reacted. See the attached chart.

Now drop down to weekly and show us another chart.

Edit: You have to keep in mind that it's more of an art than exact science. Prices rarely react to the exact same pip so PPZs are more like areas than exact lines.


I think you were right Neutro, I am drawing too many.

I just dropped down to the weekly and it looks pretty much full!

Should I skip the weekly and go directly to the Daily?
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  • #62,720
  • May 5, 2010 5:36am May 5, 2010 5:36am
Quoting Pinbar
I think you were right Neutro, I am drawing too many.

I just dropped down to the weekly and it looks pretty much full!

Should I skip the weekly and go directly to the Daily?
I don't see so many obvious weekly PPZs.

You shouldn't skip the task because it's a hard one. Always have a go at it. So stick with weekly until you have it solved. Keep in mind that montly ppzs are stronger then weekly which in turn are stronger than daily. So don't skip weekly
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