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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

  • #64,481
  • May 21, 2010 4:27am May 21, 2010 4:27am
Quoting bundyraider
LOL ..."To find success ...first you must find yourself."
You forgot to start that with "Grass hopper"...... :nerd:
  • #64,482
  • May 21, 2010 4:29am May 21, 2010 4:29am
Quoting bundyraider
LOL ..."To find success ...first you must find yourself."

It's perfectly true....

Actually, this frustration is good, I can turn it into a driving kind of energy and use it to persevere.

The goal is well worth attaining, the path is long and hard no doubt but a journey of 10, 000 miles starts with a single step.


Hop, Hop HoooooooooP.


EDIT: Sorry Jarroo No NZD/JPY on FXDD it seems.
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  • #64,483
  • May 21, 2010 4:39am May 21, 2010 4:39am
Quoting jarroo
Cheer up buddy. They may not of worked out pip-wise but they did work out on the experience you gained from them. Which I can tell you is worth 10,000 pips!

So the next time you see a strong move over a course of a few days and a relative small size PB is presented, you'll know what to do. Pass. . . its that simple. Even if it works out and goes to the moon.

But it you do decide to trade it, you'll know that weight of the move is going against you. That a tight and/or small stop loss, a move to break even quickly or quick target then I'm...
Hello jarroo, this is one of my blind spots yet. I surely can tell a very strong from a very weak move. But identifying the ones in between is a real problem for me. The downmove preceding the 1st PB on your GBPJPY daily chart for example: It does not look so strong to me. At least compared to the one before with the big bearish bar (or do you count that in?). So just by its look it would have been a B or an A trade for me.

Could you help me with that? What makes a move a strong or a weak move?

Thank you!
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #64,484
  • May 21, 2010 4:40am May 21, 2010 4:40am
Quoting Pinbar
It's perfectly true....

Actually, this frustration is good, I can turn it into a driving kind of energy and use it to persevere.

The goal is well worth attaining, the path is long and hard no doubt but a journey of 10, 000 miles starts with a single step.


Hop, Hop HoooooooooP.


EDIT: Sorry Jarroo No NZD/JPY on FXDD it seems.
You should be demoing on FXPRO or similar. A lot more variety to choose from.

You live on FXDD? How small of a position size do FXDD let you go? It'll make it harder if there isn't enough granularity.
Bundy's status today: "Waiting..."
  • #64,485
  • May 21, 2010 5:10am May 21, 2010 5:10am
Quoting bundyraider
You should be demoing on FXPRO or similar. A lot more variety to choose from.

You live on FXDD? How small of a position size do FXDD let you go? It'll make it harder if there isn't enough granularity.
I would like to find a broker like FXPRO with more markets...but they don't accept US citizens.

Does anyone know of any brokers that are similar to FXPRO ?
  • #64,486
  • May 21, 2010 5:14am May 21, 2010 5:14am
Quoting Pinbar
Yeah, I posted about that EU R H&S yesterday but Nooone seemed interested in it. I was thinking maybe H&S are a kind of Taboo in this thread or something.
I am in and out of this thread during the day (US-ET time zone) due to my job.

Sorry I missed your post. Also, not as experienced as others to help or else I would.
  • #64,487
  • May 21, 2010 6:01am May 21, 2010 6:01am
Quoting Atc
I would like to find a broker like FXPRO with more markets...but they don't accept US citizens.

Does anyone know of any brokers that are similar to FXPRO ?
Your a bit screwed in the USA unless you go real futures contracts and shares ....as far as I understand.
FXPro and similar brokers provide CFD trading. With CFDs being illegal in the USA it's not an option for you.

You should though be able to find a broker that offers many more currency pairs. It's all you need to get going with.
Bundy's status today: "Waiting..."
  • #64,488
  • May 21, 2010 6:06am May 21, 2010 6:06am
Quoting HanSolo
Hello jarroo, this is one of my blind spots yet. I surely can tell a very strong from a very weak move. But identifying the ones in between is a real problem for me. The downmove preceding the 1st PB on your GBPJPY daily chart for example: It does not look so strong to me. At least compared to the one before with the big bearish bar (or do you count that in?). So just by its look it would have been a B or an A trade for me.

Could you help me with that? What makes a move a strong or a weak move?

Thank you!
Hans
The bar will be bigger than most of the others preceding it. An even stronger sign is if a bar blasts through levels that 'should' have held better. Like a major PPZ. A great signal is when a bar breaks the immediate trend line of the trend preceding it easily.

...or a strong retracement within the bar after an exhaustion move. Sush as a great pinbar that is larger than the bars preceding it. ...and closes back close to it's opening. It went a long way...But iut returned all that distance too.
Bundy's status today: "Waiting..."
  • #64,489
  • May 21, 2010 6:12am May 21, 2010 6:12am
Quoting bundyraider
You should be demoing on FXPRO or similar. A lot more variety to choose from.

You live on FXDD? How small of a position size do FXDD let you go? It'll make it harder if there isn't enough granularity.

They allow 0.01 size trade lots.


Here you go Jarro

I can not say, I am that happy with it though, seems to be missing something. Confidence?
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  • #64,490
  • Edited 6:39am May 21, 2010 6:20am | Edited 6:39am
Quoting Pinbar
Phew......Got my head back on in a semi straight direction after Once Again, Chasing the illusive PPZ indicator.

I don't know what is going on, maybe lack of confidence in my PPZ even though Jarroo and others have been incredibly supportive and encouraging.

More than likely, it is a lack of confidence in myself which I could possibly be making a subconscious excuse that the problem is my PPZ, then I run off all over the web looking for the holy grail indicator, even though I know full well, PPZ can not be drawn effectively by an indicator because...
Hi pinbar,

I'm learning and struggling with PPZ myself. On some messy charts lines make it nearly impossible for me to spot those price flips. So I turned to drawing boxes/zones instead. Maybe this could help you too. I depict my approach in the attached animated charts. I deliberately chose a pair I had a hard time dealing with and that has not such a clear trend.

Some of the lines I drew may be redundant since they are located near BRN.

Another important thing I think is what Mike recently told us about space and traffic. If I combine my not so perfect PPZs with that knowledge I am far better off.

Hang in there, you are doing great!
Hans(olo)
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Thanks J16, Sam Seiden, Udine and Jacko
  • #64,491
  • May 21, 2010 6:26am May 21, 2010 6:26am
Quoting Pinbar
They allow 0.01 size trade lots.
Here's an example I was looking for in real time. (there ARE better ones... Just wanted to get one down for you)

Ok it's 1 hour... (oops 15 min. hahaha) But I could wait for weeks for the perfect example on the daily where I'd actually remember to tell you.

If there was a good signal off of this area right now... (That ALSO gave good space to work with) ...then you'd do alright over your 'X' amount of trades.

61.8% via fib study of last range move drawn FIRST.
...Then look for a PPZ for confluence that shows good respect.

...Doing it this way for starters at least you aren't taking the first fake outs at the 23.6% AND 38.2% ETC.

50% with great PPZ confluence is awesome too once you recognise good valid bars to signal off of.


I'm short from the 1 hour pinbar trading a range, and when it hit this point I just set my stop to Break even and now I'm watching. My intent is to take profit at the bottom of the range though. I'll see.

(Edit: should have used more striking colours on the fib study sorry...lol. Open the full chart to see it. )
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Bundy's status today: "Waiting..."
  • #64,492
  • May 21, 2010 6:35am May 21, 2010 6:35am
Quoting bundyraider
The bar will be bigger than most of the others preceding it. An even stronger sign is if a bar blasts through levels that 'should' have held better. Like a major PPZ. A great signal is when a bar breaks the immediate trend line of the trend preceding it easily.

...or a strong retracement within the bar after an exhaustion move. Sush as a great pinbar that is larger than the bars preceding it. ...and closes back close to it's opening. It went a long way...But iut returned all that distance too.
That clears it up a lot. Now I understand why the first PB was an easy pass. But what about the second? Is it the way how it behaved on smaller TF?
Thanks J16, Sam Seiden, Udine and Jacko
  • #64,493
  • May 21, 2010 6:38am May 21, 2010 6:38am
Bearish PB on daily
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Bullish DBLHC on weekly
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Both seems to be heading to a traffic zone of its own. Not entering, just looking.
  • #64,494
  • May 21, 2010 6:40am May 21, 2010 6:40am
Quoting HanSolo
That clears it up a lot. Now I understand why the first PB was an easy pass. But what about the second? Is it the way how it behaved on smaller TF?
Which pin bars are you referring to? Can you mark them out for me?

Sorry about the chart clarity , people...

It's really annoying how the tight asses at FF won't buy decent storage space to hold uncompressed images.
Bundy's status today: "Waiting..."
  • #64,495
  • May 21, 2010 6:41am May 21, 2010 6:41am
Quoting HanSolo
Hi pinbar,

I'm learning and struggling with PPZ myself. ...
great graphical explanation, what i notice that when you go to the smaller timezones appears to be less presition with the zones, it is easier to spot, sometimes happens to me that i plot them, then i go back to smaller tfs and start doubting the strength of the zone. This explanation clearly tells me to start trusting the higher tfs ppz. Great Hans
  • #64,496
  • May 21, 2010 6:48am May 21, 2010 6:48am
Quoting bundyraider
Here's an example I was looking for in real time. (there ARE better ones... Just wanted to get one down for you)
.
.
I'm short from the 1 hour pinbar trading a range, and when it hit this point I just set my stop to Break even and now I'm watching. My intent is to take profit at the bottom of the range though. I'll see.
Now looking at this. (see new chart snapshot) Using similar approach.

Fib is backwards due to using the previous one quickly.

Sorry I have to post this and trade at the same time so a bit rushed. NOT EASY posting and 15 min chart trading at same time.

But Once we hit the pink trend line I don't necessarily need a perfect bounce , as I am happy to see it break through temporarily to the 50 or 61.8% zones that line up with other minor PPZs as well.

The same thing happens on the daily ans so on. Except you have time to think about it and you have time to size your trade properly etc.

(Edit: Stop not at BE. Mistake by not conentrating... somewhere about half way from original. Had to edit it. )
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Bundy's status today: "Waiting..."
  • #64,497
  • May 21, 2010 6:49am May 21, 2010 6:49am
Quoting HanSolo
Hi pinbar,

I'm learning and struggling with PPZ myself. On some messy charts lines make it nearly impossible for me to spot those price flips. So I...



Wow,, It is good to know, I am not he only one who ever had problems with PPZ.

Yes, I think possibly I will also star to use rectangle tool to sort of just highlight the area, keep it loose sort of, unlike a thin straight line.

Great explanation, and great charts. How do you do that flashing and changing thing??????


I saw a video of Jim and how he sort of just adjusts the PPZ a little on a lower TF. Maybe he is more sort of fine tuning them.
  • #64,498
  • May 21, 2010 6:50am May 21, 2010 6:50am
Quoting bundyraider
Which pin bars are you referring to? Can you mark them out for me?

Sorry about the chart clarity , people...

It's really annoying how the tight asses at FF won't buy decent storage space to hold uncompressed images.
Sorry, I forgot to attach the chart. Here it is.

Quoting emiliolopez
great graphical explanation, what i notice that when you go to the smaller timezones appears to be less presition with the zones, it is easier to spot, sometimes happens to me that i plot them, then i go back to smaller tfs and start doubting the strength of the zone. This explanation clearly tells me to start trusting the higher tfs ppz. Great Hans
Thanks emiliolopez. You are right some of the PPZs don't fit so well. It' good to swith timeframes and do some adjustments.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #64,499
  • May 21, 2010 6:54am May 21, 2010 6:54am
Quoting Pinbar
Great explanation, and great charts. How do you do that flashing and changing thing??????
I did it with ImageReady. But I guess there are good free GIF animation tools out there.

Quoting Pinbar
I saw a video of Jim and how he sort of just adjusts the PPZ a little on a lower TF. Maybe he is more sort of fine tuning them.
Yes, adjustment on lower TF helps a lot.
Thanks J16, Sam Seiden, Udine and Jacko
  • #64,500
  • May 21, 2010 6:57am May 21, 2010 6:57am
Quoting bundyraider
Here's an example I was looking for in real time. (there ARE better ones... Just wanted to get one down for you)

Ok it's 1 hour... (oops 15 min. hahaha) But I could wait for weeks for the perfect example on the daily where I'd actually remember to tell you.

If there was a good signal off of this area right now......


Thanks Bundy


Yes, last night I woke up at 3 am and started messing around with drawing a fibo on the the weekly main moves and then sort of fitting my PPZ in around them.

I think this is about the same. Can't see those fibos though.

Many thanks...Just about to read the last post you made.
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