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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

  • #64,621
  • May 24, 2010 1:51am May 24, 2010 1:51am
I understand that these round number areas example 0.8, 0.85, 0.9 works many times in support and resistance levels, but how should i deal areas like 0.86, 0.87, etc.???
  • #64,622
  • May 24, 2010 2:36am May 24, 2010 2:36am
Quoting Pinbar
Many thanks Jarroo.

Yes, I am trying to reduce the lines or rather limit them to good target areas.

I feel the pastel colors help as they distract the eye less but stand out well enough to be PPZ.

I have just gone back over the NZD/USD chart and taken my time without looking at your chart, and low and behold slowly I am starting to see the price flips or at least where both S&R have come into play.

Interestingly enough, I seemed to find an extra PPZ (in blue) and would like to ask your thoughts on this one, as you seemed to ignore it.

Thanks...
Excellent Pb. I like the .7350 a lot more then the .7300 by what you have shown in your chart. Heavy Support turning into heavy Resistance. That level really stands out.

See . . .your getting it pal.

Check out the Euro Monthly, we at a strong level at the 1.2500
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Indicators show the past. Price Action "Indicates" the future.
  • #64,623
  • May 24, 2010 2:43am May 24, 2010 2:43am
Quoting jeurre
jarroo, is this your favorite pin? I am waiting for scale in by break of H4 beob if it be closed as it is.
Mike would probably like that one too. Strong rejection up and then down through the strong 1.45 PPZ level. Hitting good Hourly and 4 hour targets (previous Lows). 4 hour is showing some consolidating of Price, protect yourself wisely.

Nice job.
Indicators show the past. Price Action "Indicates" the future.
  • #64,624
  • May 24, 2010 2:45am May 24, 2010 2:45am
thanks, jarroo

Quoting jarroo
Mike would probably like that one too. Strong rejection up and then down through the strong 1.45 PPZ level. Hitting good Hourly and 4 hour targets (previous Lows). Daily is showing some consolidating of Price, protect yourself wisely.

Nice job.
  • #64,625
  • May 24, 2010 2:46am May 24, 2010 2:46am
Quoting Jonnyislost
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

I like your stlye. The runners will come. . . they always do.

Nice work . . . Jonnyisfound.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #64,626
  • May 24, 2010 2:49am May 24, 2010 2:49am
Quoting jeurre
thanks, jarroo

I meant to say that 4 hour is consolidating. If the Daily is consolidating it could go to the bottom of its consolidation.
Indicators show the past. Price Action "Indicates" the future.
  • #64,627
  • May 24, 2010 2:54am May 24, 2010 2:54am
look at that setup is forming on GBP USD 4h
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  • #64,628
  • May 24, 2010 3:06am May 24, 2010 3:06am
Quoting extraneo
look at that setup is forming on GBP USD 4h

It's really what we look for in a setup extraneo. PA off of (and away from) a strong PPZ level which is a BRN, 1.4500. The main concern is that its in a consolidation area, which means its in a lot of traffic. Very tradable but smart trade management required. If this was at swing high at the same location it would allow more room to run.
Indicators show the past. Price Action "Indicates" the future.
  • #64,629
  • May 24, 2010 3:13am May 24, 2010 3:13am
Hi All,

I have a question, when we trade in 4 hour chart, do we still draw the PPZ using the 4 hr chart itself or we will just use the weekly and daily PPZ area?
  • #64,630
  • May 24, 2010 3:13am May 24, 2010 3:13am
Quoting jarroo
It's really what we look for in a setup extraneo. PA off of (and away from) a strong PPZ level which is a BRN, 1.4500. The main concern is that its in a consolidation area, which means its in a lot of traffic. Very tradable but smart trade management required. If this was at swing high at the same location it would allow more room to run.
thanks for your kindness, jarroo
  • #64,631
  • May 24, 2010 3:14am May 24, 2010 3:14am
Quoting Samb0o
I understand that these round number areas example 0.8, 0.85, 0.9 works many times in support and resistance levels, but how should i deal areas like 0.86, 0.87, etc.???
The regular round numbers I do take note of where they are especailly once a setup is triggered, (trade management).

But if they are confluencing with a strong PPZ level, I look at them as if they were a BRN confluencing with a strong PPZ level. If that makes sense.
Indicators show the past. Price Action "Indicates" the future.
  • #64,632
  • May 24, 2010 3:20am May 24, 2010 3:20am
Quoting Samb0o
I understand that these round number areas example 0.8, 0.85, 0.9 works many times in support and resistance levels, but how should i deal areas like 0.86, 0.87, etc.???
Which is a stronger level, the .9000 or the .8850? In my book they are of equal strength, which is strong. PPZ levels are the key.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,633
  • May 24, 2010 3:26am May 24, 2010 3:26am
Quoting skinfx
Hi All,

I have a question, when we trade in 4 hour chart, do we still draw the PPZ using the 4 hr chart itself or we will just use the weekly and daily PPZ area?

For me . . if I trade on the 4 hour chart . . . the 4 hour PA will be off the Daily Weekly PPZ levels. And my trade managaement wiil be guided off the 4 hour PPZ levels, for S/L, targets, etc. Make sense?
Indicators show the past. Price Action "Indicates" the future.
  • #64,634
  • May 24, 2010 3:27am May 24, 2010 3:27am
Hi,
I have been reading the thread for about 10 days. While I intend to read the full thread from beginning, I realized that new pages are being added very quickly on daily basis and as such I read about 40 pages including the latest entries, which I feel will keep me abreast of the latest while catching up the past.
I have been trading demo for six months and live for about 4 months primarily on Intraday basis. Used various methods / systems and still to find one that suits me / my personality. Suffered some serious failures last month which have shaken my confidence and led me to this thread. Though I am still 5% above my BE level, I have decided to stop trading live and heed to the advice given by James about finding a system that suits me and demoing same to build my confidence. The Intraday trading was giving me a lot of stress and affecting my personal life and work life, and not to mention the mood swings associated with winning and losing.
Now after reading part of the thread and having watched all the videos in the J16 guest area I scanned for the possible setups on the daily charts and entered a trade on Eur / Gbp today morning. For the first time I felt I knew what the price is going to do and why it is doing what it is doing (this may still be premature for me to state this). Though we have no control over PA, but the knowledge of what’s happening with PA gives a tremendous boost to the confidence and some kind of feeling that we are in control of the Trade.
Would like comments from the experts on my trade which is posted below. Also pls cnfm that the MA’s are 150, 200 and 365 EMA on the close.
I look forward to joining the J16 group from 1st June (as this will give me some more time to catch up on the thread) and hope that this will be THE SYSTEM that suits my personality.

Cheers
Novice198

PS the PB was also at swing high IMHO
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  • #64,635
  • May 24, 2010 3:27am May 24, 2010 3:27am
Quoting jarroo
It's really what we look for in a setup extraneo. PA off of (and away from) a strong PPZ level which is a BRN, 1.4500. The main concern is that its in a consolidation area, which means its in a lot of traffic. Very tradable but smart trade management required. If this was at swing high at the same location it would allow more room to run.
ok jaroo liquidated half position +30
now BE
  • #64,636
  • May 24, 2010 3:31am May 24, 2010 3:31am
oh well, jarroo, assuming a failed pin, that would be many pips......

Quoting jarroo
I meant to say that 4 hour is consolidating. If the Daily is consolidating it could go to the bottom of its consolidation.
  • #64,637
  • May 24, 2010 3:37am May 24, 2010 3:37am
Quoting jarroo
For me . . if I trade on the 4 hour chart . . . the 4 hour PA will be off the Daily Weekly PPZ levels. And my trade managaement wiil be guided off the 4 hour PPZ levels, for S/L, targets, etc. Make sense?

yes.... cos all the while i am trading using daily chart, so when i look at 4 hr chart, it was like so much PPZ. So this question pop out of me.... lol... thanks..
  • #64,638
  • May 24, 2010 3:37am May 24, 2010 3:37am
Great start to the week. Took the 1 hr GBPUSD pin at top of range / daily PPZ / round number 1.45. Have exited at 50 fib ret of last move.
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  • #64,639
  • May 24, 2010 3:39am May 24, 2010 3:39am
Quoting extraneo
ok jaroo liquidated half position +30
now BE
Quoting jeurre
oh well, jarroo, assuming a failed pin, that would be many pips......
Its always nice when they break hard too.
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Indicators show the past. Price Action "Indicates" the future.
  • #64,640
  • May 24, 2010 3:41am May 24, 2010 3:41am
Quoting novice198
Hi,
I have been reading the thread for about 10 days. While I intend to read the full thread from beginning, I realized that new pages are being added very quickly on daily basis and as such I read about 40 pages including the latest entries, which I feel will keep me abreast of the latest while catching up the past.
I have been trading demo for six months and live for about 4 months primarily on Intraday basis. Used various methods / systems and still to find one that suits me / my personality. Suffered some serious failures last month which have...

Nice one novice. Maybe you can show the ones that didn't work out so well.
Indicators show the past. Price Action "Indicates" the future.
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