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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

  • #66,341
  • Jun 15, 2010 2:25am Jun 15, 2010 2:25am
Quoting Jlr
Thanks J. What target would you have looked for on A/J had you played the break of 78? I felt like n/j had a further out FTA, but I thought a/j had more space beyond the FTA. I thought the a/j's FTA was in fact the 78 level, and didn't consider playing a break beyond there. Phew, confusing, sorry
Quoting Jlr
Beyond 78, 77 I suppose? I think I am missing some traffic in here:
That's the thing . .your not missing any traffic you're hitting it all. lol
Once Price broke, any previous High or Low or middle is in play here, in that consolidation area. The setup is with the trend and is carring some good momentum. You just protect yourself and/or take some off the table and let it ride.
Indicators show the past. Price Action "Indicates" the future.
  • #66,342
  • Jun 15, 2010 2:30am Jun 15, 2010 2:30am
Quoting jarroo
That's the thing . .your not missing any traffic you're hiting it all. lol
Once Price broke, any previous High or Low or middle is in play here, in that consolidation area. The setup is with the trend and is carring some good momentum. You just protect yourself and/or take some off the table and let it ride.
Great, thanks J.
(I'm always protecting, maybe too much)
  • #66,343
  • Jun 15, 2010 2:37am Jun 15, 2010 2:37am
Quoting Jlr
Great, thanks J.
(I'm always protecting, maybe too much)
There's no such thing of overprotecting yourself especially in the beginning of trading (imo). Once you start gaining experience and practise you'll start seeing setups ( like the A+ ones ) can be given more leeway.
Indicators show the past. Price Action "Indicates" the future.
  • #66,344
  • Jun 15, 2010 2:39am Jun 15, 2010 2:39am
Watching this closely today,

NZD/USD Period converted to a 33 hour chart

+ Nice pin, off the 7000 BRN
Cons;
- Doesn't penetrate very far into 7000
- Shorting Into a lot of traffic, and potential trouble areas

Sorry my chart is a mess..
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  • #66,345
  • Jun 15, 2010 2:41am Jun 15, 2010 2:41am
Quoting jarroo
There's no such thing of overprotecting yourself especially in the beginning of trading (imo). Once you start gaining experience and practise you'll start seeing setups ( like the A+ ones ) can be given more leeway.
I hope so... its really my biggest struggle so far. Even when I am pretty confident of where price is going, always find some bar lows or highs to psych myself out. 1 step at a time I guess, thanks again.
  • #66,346
  • Jun 15, 2010 2:45am Jun 15, 2010 2:45am
Quoting Revstar
Evening everyone,
Short at resistance with ppz + MA + PA (smaller TF, beovb 4h) I was trying to stack as many things for this as possible for this until I could not think of reasons why not to take it.. maybe good opening in Asia or DJ bounce in the morning….
Thanks Danny & Mbqb11, I concur with your analysis, to be honest after a bit of time away from the screen I thought hang on, this does not have far to go really...although managed a few points. I think its currently resting to on top of the box... long maybe …. I will wait for PA to show the way..
kind regards
revstar
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  • #66,347
  • Jun 15, 2010 3:08am Jun 15, 2010 3:08am
I just took a look at the Daily CAD/JPY pin bar.
If you look at the performance of the bar on 13th May, it would be great to pick up such a runner.

It looks like the current pb is running into trouble.
I went down to the 1H chart to see where this was coming from a little more clearly.
Price hit the bar highs at the 88 level and now is moving north.

I guess you wait and watch to see how it behaves.
  • #66,348
  • Jun 15, 2010 3:14am Jun 15, 2010 3:14am
Quoting six gun
I just took a look at the Daily CAD/JPY pin bar.
If you look at the performance of the bar on 13th May, it would be great to pick up such a runner.

It looks like the current pb is running into trouble.
I went down to the 1H chart to see where this was coming from a little more clearly.
Price hit the bar highs at the 88 level and now is moving north.

I guess you wait and watch to see how it behaves.

You got a chart six gun? Many feeds show that Price hit its 1st target, previous bar low at the 88.00. Price is currently testing the break.
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Indicators show the past. Price Action "Indicates" the future.
  • #66,349
  • Jun 15, 2010 3:20am Jun 15, 2010 3:20am
This is the 1H chart.

The first target would be 88.0 or maybe even 88.75 if you were cautious.
So really it isn't doing anything that isn't anticipated.
I just looked a nice pb and then there's then there the matter of traffic.
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  • #66,350
  • Jun 15, 2010 3:21am Jun 15, 2010 3:21am
Quoting six gun
This is the 1H chart.

The first target would be 88.0 or maybe even 88.75 if you were cautious.
So really it isn't doing anything that isn't anticipated.
I just looked a nice pb and then there's then there the matter of traffic.
Can you show your Daily chart? The time frame that the setup was given?
Indicators show the past. Price Action "Indicates" the future.
  • #66,351
  • Jun 15, 2010 3:23am Jun 15, 2010 3:23am
Quoting jarroo
You got a chart six gun? Many feeds show that Price hit its 1st target, previous bar low at the 88.00. Price is currently testing the break.
Here is the daily for CAD/JPY
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  • #66,352
  • Jun 15, 2010 3:27am Jun 15, 2010 3:27am
Quoting six gun
Here is the daily for CAD/JPY

I just thought maybe your feed showed something different, it doesn't. Price hit your 1st target as well . . . the previous bar low.

Its better to stay on the same time frame that the setup was presented for S/L, targets, PPZ levels, etc. Moving down to lower time frames only makes it confusing.
Indicators show the past. Price Action "Indicates" the future.
  • #66,353
  • Jun 15, 2010 3:39am Jun 15, 2010 3:39am
Quoting jarroo
I just thought maybe your feed showed something different, it doesn't. Price hit your 1st target as well . . . the previous bar low.

Its better to stay on the same time frame that the setup was presented for S/L, targets, PPZ levels, etc. Moving down to lower time frame only makes it confusing.
The reason I went down to the lower time frame was to see in more detail where the obstacles to price were. This was an analysis after the fact, I did not take this pb.
If I spot a potential difficulty on a chart I find it useful to switch between time frames to take different views of the subject.
PPZ's on a daily will be lost on an hourly chart but for me if I want a closer look or fine tune an entry, something I have already identified, I find it helps to zoom in.
  • #66,354
  • Jun 15, 2010 3:43am Jun 15, 2010 3:43am
Quoting six gun
The reason I went down to the lower time frame was to see in more detail where the obstacles to price were. This was an analysis after the fact, I did not take this pb.
If I spot a potential difficulty on a chart I find it useful to switch between time frames to take different views of the subject.
PPZ's on a daily will be lost on an hourly chart but for me if I want a closer look or fine tune an entry, something I have already identified, I find it helps to zoom in.

I do the same to see how Price is behaving around targeted levels. I must have misunderstood your post, sorry.
Indicators show the past. Price Action "Indicates" the future.
  • #66,355
  • Jun 15, 2010 3:55am Jun 15, 2010 3:55am
Quoting jarroo
Looks like we're both right nasir. . . . well at least so far we are.

Nice work brother.
Yes sir,

i was sticking to 10,500 all day but flipped at the last moment. lol

Quoting nasir.khan
10,300 breached and there is some Divg (which i was anticipating).

So a full reversal or a small retrace??

lets see.
.
Small Retrace i think.
.
  • #66,356
  • Jun 15, 2010 3:58am Jun 15, 2010 3:58am
Quoting nasir.khan
Yes sir,

i was sticking to 10,500 all day but flipped at the last moment. lol


.

I knew you weren't going to ignore that level my friend. Your cyrstal ball is working fine.
Indicators show the past. Price Action "Indicates" the future.
  • #66,357
  • Edited 5:08am Jun 15, 2010 4:06am | Edited 5:08am
Hello, after some weeks of much work and only a few minutes a day to look out for trading opportunities (and follow this thread) I finally took a trade this morning:

EURJPY
Daily Pinbar :: Entry below PB @111.56
Pro: significant monthly/weekly PPZ, some minor fib confluence, strong downtrend,
Contra: small nose, had not reached the preceding highs yet, daily divergence... Maybe not an A trade, but I was pretty sure that it was good for some pips. What do you think?

Since I could not babysit it and am still somewhat anxious to take profit beyond a round number, I closed @ 111.02. That's +58 pips (with spread).

Boy, my last trade must have been a month ago. I think I may have arrived in the land of patience. But for me this definitely involves the danger of getting to anxious.

BTW: Pinbar, your charts inspired me to clean up mine and change the colors. It makes trading so much easier. Thanks for that!
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Thanks J16, Sam Seiden, Udine and Jacko
  • #66,358
  • Jun 15, 2010 4:46am Jun 15, 2010 4:46am
Quoting jarroo
I do the same to see how Price is behaving around targeted levels. I must have misunderstood your post, sorry.
No my mistake!

Last night I was in a discussion about gold.
My buddy showed a 15M chart - I know the gold chart.
I was lost. He had drawn lines and was talking about a bullish triangle.
The chart might as well have been the price of bananas.
I was confused.
I later realised it was a 15M - I had only talked about the daily chart.

I should have labelled the chart properly.
There are so many pairs so when an odd time frame gets thrown in, it is confusing.
  • #66,359
  • Jun 15, 2010 5:02am Jun 15, 2010 5:02am
Quoting HanSolo
Hello, after some weeks of much work and only a few minutes a day to look out for trading opportunities (and following this thread) I finally took a trade this morning
...
my last trade must have been a month ago. I think I may have arrived in the land of patience...!
awesome trade, awesome patience
  • #66,360
  • Jun 15, 2010 5:03am Jun 15, 2010 5:03am
Quoting spookie94
Perfer to just show a chart but this is the best I could come up with on XP with GFT.
<Alt>+<Print Screen> buttons pressed together copy your current applications window to the clipboard.

...Then just 'paste' it into "Paint" (under Programs-->Accessories)

Then you can crop it or erase your sensitive details with the eraser or whatever before saving.
Bundy's status today: "Waiting..."
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Hamadamin