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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

  • #64,541
  • Edited May 22, 2010 12:28am May 21, 2010 11:44pm | Edited May 22, 2010 12:28am
Jarroo

Here is the NZD/USD chart.

For some reason this seemed really hard in the sense that I instinctively wanted to add more and more lines and , had to battle with myself to stop drawing them. I must have drawn the pzz 30 times then trashed the chart.

Funnily enough, I feel there are way too many lines yet at the same time, I still think I need another couple. Weird.


EDIT: Here is GBP/USD again, it will probably now not look the same as the last chart.
This I shall investigate.


PS: Could not upload GU H4 as the file limit is hit.
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  • #64,542
  • May 22, 2010 12:06am May 22, 2010 12:06am
Quoting jeurre
okey, jon, maybe I asked the qestions too straight let me put them on chart and see if I could address them clearly, coz I see the flip of price by the line of .87 and .85, just curious any reason for you didn't select them. you are always helpful, jon
ahha...my apologies

those lines u have drawn are ligit for me but remember this is an area we are talking about not a single price. On a weekly chart 100 pip areas are common.i have mine drawn in from bout 8570 to 8630 as that was the most recent area that supported price,and has since broke
i also took mine from the line chart (thanx Bundy for drumming that in me ) if you look at a line chart you can see the 85 RN seems to hang in space (stopping the spikes ) but price didnt close below the 86 on either drop. This is a show of strength. when it did break that level it always hesitated then broke with momentum showing the order stacks around that level. you can see this on the daily TF also.
like i said i would take a good bar also at 85 if thats what happens but i see the 86 zone the real or a stronger PPZ which would bring more people into play and make the trade that much easier.
line charts a great for this, i use them like a filter on the longer TF charts

i hope i got it right this time!?!?
jon
PATIENCE... DISCIPLINE
  • #64,543
  • May 22, 2010 12:23am May 22, 2010 12:23am
don't mention it, jon, my problem that I didn't bring the question in a clear manner. your analysis is very insightful . initially I view 0.85 as weak, but, didn't know the obvious reason why it's weak, reading your analysis gave me much more clarity. thanks, it is very good analysis, jon

Quoting g_j_hook@yah
ahha...my apologies

those lines u have drawn are ligit for me but remember this is an area we are talking about not a single price. On a weekly chart 100 pip areas are common.i have mine drawn in from bout 8570 to 8630 as that was the most recent area that supported price,and has since broke
i also took mine from the line chart (thanx Bundy for drumming that in me ) if you look at a line chart you can see the 85 RN seems to hang in space (stopping the spikes ) but price didnt close below the 86 on either drop. This is a show of strength. when...
  • #64,544
  • Edited 12:57am May 22, 2010 12:46am | Edited 12:57am
Jarroo


I saw USDMXN and it looked extremely hard, so I did this one also.
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  • #64,545
  • May 22, 2010 1:28am May 22, 2010 1:28am
Quoting bundyraider
Does that answer your question?
Very much so. Thank you, sir!

Quoting Pinbar
The tail of the PB on the left and the 23.6 would probably have kept me out of this one.
You're right, Pinbar. I did not even notice that.

Quoting jarroo
Freaking awsome Hans!! Great post!

1st post material for sure.

How the heck do you do that flashing chart thing? Cool as hell.



Cool.
Hey jarroo, first of all thanks for your great explanation of a strong move.

With that flashing and animation: You just need a free GIF animation program (e.g. Microsoft GIF Animator, Beneton Movie GIF or something like that), two screenshots and you are ready to go.
Thanks J16, Sam Seiden, Udine and Jacko
  • #64,546
  • May 22, 2010 1:36am May 22, 2010 1:36am
Quoting Pinbar
Jarroo

Here is the NZD/USD chart.

For some reason this seemed really hard in the sense that I instinctively wanted to add more and more lines and , had to battle with myself to stop drawing them. I must have drawn the pzz 30 times then trashed the chart.

Funnily enough, I feel there are way too many lines yet at the same time, I still think I need another couple. Weird.


EDIT: Here is GBP/USD again, it will probably now not look the same as the last chart.
This I shall investigate.


PS: Could not upload GU H4 as the file limit is hit.
Hi PB, I hope you don't mind me joining in.
Attached Image (click to enlarge)
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Thanks J16, Sam Seiden, Udine and Jacko
  • #64,547
  • May 22, 2010 1:53am May 22, 2010 1:53am
Quoting HanSolo
Hi PB, I hope you don't mind me joining in.
No, not at all...!

Makes me feel not quite as bad. LoL



Are you generally placing your PPZ only on the weekly chart as I am?
  • #64,548
  • May 22, 2010 3:20am May 22, 2010 3:20am
Quoting Pinbar
Are you generally placing your PPZ only on the weekly chart as I am?
Well, I'm still experimenting. But it's easier for me to just spot the most important ones on the monthly and then move down to the weekly and daily. This way I don't have to worry too much about missing some minor PPZ. If they are of greater significance I will spot them on the next lower TF anyway.

It helps me to think about the psychological side of it and narrow it down:

When drawing PPZs on the monthly chart imagine that there's only one other trader in the world. One who bases his trading decisions solely on the monthly chart. He has a huge amount of money and a great impact on the market. Let's furthermore assume that he sees a history of 300 bars on his chart (that makes it easier for us since we have to start and end our analysis somewhere). This monthly trader will only use the most significant PPZs on the monthly chart for his trading. He does not really bother with the weekly or even daily chart (like you may not even bother with 1h or 15min charts but for fine-tuning your entries). He may not even take minor PPZ on the monthly chart into account. So to really understand the thought process he bases his trading decisions on, you would only have to mark the most significant PPZ on the monthly chart. The ones that really jump out at you and the monthly trader.

When moving down to the weekly just add another similar trader to your thought process. One that is solely trading from a weekly 300 bars chart. He has not as a big impact on the market as the monthly trader but he still has an accout worth a gazillion dollars. Now only spot the PPZ that might be of interest to this weekly trader. Those will probably be the ones the monthly trader uses (adds up to the impact) plus some PPZ that only seem significant on the weekly chart. After that move down to the daily chart and repeat the process.

I know this lacks some logic as there have to be more traders in the market, some standing on the other buy/sell side. But this psychological trick helps me to break down the overwhelming visual data and see the market as moved by just a few big groups of people with similar thoughts and trading decisions.

I cleaned up my weekly chart and just drew the most significant PPZs as I see them. It helped me to zoom out a bit so the chart looks more like a line chart.

It's great to learn from and with you, PB. Have a nice weekend!
Hans
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Thanks J16, Sam Seiden, Udine and Jacko
  • #64,549
  • May 22, 2010 3:22am May 22, 2010 3:22am
Quoting jarroo
Very nice Jon and welcome.

No one will very mind you joining the discussion.

Classic J16 setup, with a nice amount of supporting confluences.

Its these types of setups that work out as expected yet some will take a loss on it and wonder why. The setup hit its target, the previous bar low. Will it continue lower? Who knows. But we did know where it was likely to go, once it broke. Looks like its testing the 1.2600.

I'll take these all day long.


Jim
Thanks for the welcome Jim,

Yeah I took a BE on this one, as I almost always move my stop to BE once the FTA is reached,
Like you say we can take these all day long as we know the runners will come occasionally

Have a great weekend guys
  • #64,550
  • May 22, 2010 3:55am May 22, 2010 3:55am
Quoting HanSolo
....
With that flashing and animation: You just need...
wow, Hans!
let's see if u will start a 'trend' here with those animated, flashy posts.
looks cool.
  • #64,551
  • May 22, 2010 4:21am May 22, 2010 4:21am
That is a great psychological help in doing what you are doing there.

Nicely drawn, and it shows us the big picture quite clearly.


Good Job H You will make it, for sure.
  • #64,552
  • May 22, 2010 4:28am May 22, 2010 4:28am
Quoting supremeChaos
wow, Hans!
let's see if u will start a 'trend' here with those animated, flashy posts.
looks cool.
A nice side-effect: By preparing those animated GIFs I get aware of my own thought process and internalize it a bit more. It's like writing a trading diary. I highly recommend it.

Quoting Pinbar
That is a great psychological help in doing what you are doing there.

Nicely drawn, and it shows us the big picture quite clearly.


Good Job H You will make it, for sure.
Thanks, PB. It's great to hear that it helped you!
Thanks J16, Sam Seiden, Udine and Jacko
  • #64,553
  • May 22, 2010 4:37am May 22, 2010 4:37am
Hans,
i think u are correct.
by animating the lines, circles, u are putting a little more extra time in preparing your charts/posts, so yes, it helps the brain assimilate better.

i just hope Sir jarroo does not request animated charts (similar to yours) from me from now on.
  • #64,554
  • May 22, 2010 6:19am May 22, 2010 6:19am
Will eurusd start to glimb if it brokes weekly pivot and PPZ???
Attached Image
  • #64,555
  • May 22, 2010 6:24am May 22, 2010 6:24am
And how about eurgbp. does it come back to earlier level???
Attached Image
  • #64,556
  • May 22, 2010 7:30am May 22, 2010 7:30am
Who knows? But recent slide in both EUR & GBP seem to be correlated given contagion from the Greece debacle & concern over European state of public finances.

As for EURUSD, has there been a material change in overall fundamentals that points to trend reversal?

Quoting Samb0o
And how about eurgbp. does it come back to earlier level???
  • #64,557
  • May 22, 2010 10:46am May 22, 2010 10:46am
Quoting six gun
Just joined the private James16 website.

Oh man!

Speechless.

The best.
Period, paragraph.
Just a little more info there than on this side of the street. wouldn't you say.

Hopefully you get your voice back. We will be expecting questions.

BMc
  • #64,558
  • May 22, 2010 11:33am May 22, 2010 11:33am
Hello Mike
Yesterday I went short on the EURUSD breaking pinbar 1.2533 after the rebound from 1.2600.
half position +50 pips.
the other half: BE, although I expected a return to 1.2200
I was lucky or I had to put a tp smaller?
Thanks in advance.
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  • #64,559
  • May 22, 2010 12:08pm May 22, 2010 12:08pm
Quoting extraneo
Hello Mike
Yesterday I went short on the EURUSD breaking pinbar 1.2533 after the rebound from 1.2600.
half position +50 pips.
the other half: BE, although I expected a return to 1.2200
I was lucky or I had to put a tp smaller?
Thanks in advance.
Hey E

This is one for sure you need to manage tightly. You are trading right back into 1.2500 area and this late in the day on the friday can be very up and down. A quick t/p and move to b/e is exactly what you should do. Again many bars like this area going to go to their first areas, it is when we don't protect ourselves on the less then stellar trades that will get most people into trouble.

Well done
Mike
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  • #64,560
  • May 22, 2010 12:22pm May 22, 2010 12:22pm
Quoting mbqb11
Hey E

This is one for sure you need to manage tightly. You are trading right back into 1.2500 area and this late in the day on the friday can be very up and down. A quick t/p and move to b/e is exactly what you should do. Again many bars like this area going to go to their first areas, it is when we don't protect ourselves on the less then stellar trades that will get most people into trouble.

Well done
Mike
Thanks Mike, you are kind as always
I decided to take that trade even for rsi divergence
what do you think of this?
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