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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

  • #68,681
  • Jul 14, 2010 8:43pm Jul 14, 2010 8:43pm
Also jarroo, what would you say the difference is between a bar that is at the top of a consolidation area and a bar that is at a swing high/low? The way I see it is that the bar at a swing high/low has a lot more space (and the rest of the benefits that go with having space) Is a bar at the top of a consolidation area better for a breakout type trade?
  • #68,682
  • Jul 14, 2010 8:45pm Jul 14, 2010 8:45pm
Quoting spookie94
Here's an analogy that might help: Think of the PPZ as a wall and price as a ball bouncing off that wall. Now the time between when the ball hits the wall represents the speed at which the ball travels (long period of time = slower speed). In Mike's examples, not only will the ball break through the wall, but when it does break there is a good chance it will keep flying a ways. So, look for breakout opportunies. If its been some time since the ball hit the wall look for a decent bounce back.
Thank you Spookie.. getting it.. developing a picture in the mind with the ball and wall.. -- vs candle bar hitting PPZ..
  • #68,683
  • Jul 14, 2010 8:46pm Jul 14, 2010 8:46pm
Quoting jarroo
No, not at all, the cons are strong enough to give it an easy pass.

The target would be the previous bar lows or the bottom of the consolidation. I would like to see the 1.3400 hold as Resistance and have my stop loss just above the previous bar high which is the left eye.
In regards to your stop loss, are you placing it just above the previous bar high because you want to minimise risk here, since the PB is a long way off being A+?
  • #68,684
  • Jul 14, 2010 8:50pm Jul 14, 2010 8:50pm
Quoting forexben
In regards to your stop loss, are you placing it just above the previous bar high because you want to minimise risk here, since the PB is a long way off being A+?
Yes, if the 1.3400/1.3405 does not hold all bets are off.
Indicators show the past. Price Action "Indicates" the future.
  • #68,685
  • Jul 14, 2010 8:55pm Jul 14, 2010 8:55pm
Quoting forexben
Also jarroo, what would you say the difference is between a bar that is at the top of a consolidation area and a bar that is at a swing high/low? The way I see it is that the bar at a swing high/low has a lot more space (and the rest of the benefits that go with having space) Is a bar at the top of a consolidation area better for a breakout type trade?
PA at a swing High/Low is much better because it provide the space that gives it more room to run.

Did this consolidation already breakout and retesting now or is it a false breakout?

Looking at the Weekly I4+B, one could say that its a false breakout or it already hit its target giving more weight that more downside is possible. .
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Indicators show the past. Price Action "Indicates" the future.
  • #68,686
  • Jul 14, 2010 8:57pm Jul 14, 2010 8:57pm
Quoting jarroo
No, not at all, the cons are strong enough to give it an easy pass.

The target would be the previous bar lows or the bottom of the consolidation. I would like to see the 1.3400 hold as Resistance and have my stop loss just above the previous bar high which is the left eye.
Jarroo, I took this trade couple of minutes back.. then was looking here for any comments.. saw this one. I went for normal conventional method of
SL at the high of pin bar.

With little knowledge,
Cons: not at absolute swing high
trading into sideways zone
not a spectacular bar
Pros:
with the trend
bar is ok in relation to other bars ..
broke daily ppz 1.3430
at 38.2% retracement

Would have been great, if it had formed at 1.36 (close to 50% retracement)

Edit: Chart added
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  • #68,687
  • Jul 14, 2010 9:02pm Jul 14, 2010 9:02pm
Quoting forexben
In regards to your stop loss, are you placing it just above the previous bar high because you want to minimise risk here, since the PB is a long way off being A+?
On my feed it shows that the close of the PB is lower than the highs of the other bars to the left. Could indicate a false breakout of that zone? Going to demo this one for practice.

I read(in another forum) that you should give more wait to the body of the candle over the wicks when looking at higher timeframes. Any thoughts?
  • #68,688
  • Jul 14, 2010 9:03pm Jul 14, 2010 9:03pm
Quoting jarroo
PA at a swing High/Low is much better because it provide the space that gives it more room to run.

Did this consolidation already breakout and retesting now or is it a false breakout?

Looking at the Weekly I4+B, one could say that its a false breakout or it already hit its target giving more weight that more downside is possible. .
Are you talking about the consolidation area between 1.4300 and 1.4000?
  • #68,689
  • Jul 14, 2010 9:06pm Jul 14, 2010 9:06pm
Quoting forexben
Are you talking about the consolidation area between 1.4300 and 1.4000?
This area of Daily consolidation.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,690
  • Jul 14, 2010 9:09pm Jul 14, 2010 9:09pm
Quoting jarroo
Hey Pb, what do you think of this PB on the Daily Eur/Chf?

Jarroo, being almost at rock bottom this is a hard one as, we have very few PPZ to rely on.


Here goes though.

Personally, I do not like the bar as it appears rather small and it stopped dead at 1.3405 instead of piercing the 1.3400. The trendline is not yet broken.
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  • #68,691
  • Jul 14, 2010 9:12pm Jul 14, 2010 9:12pm
Quoting spookie94
....
I read(in another forum) that you should give more wait to the body of the candle over the wicks when looking at higher timeframes. Any thoughts?
the wicks carry with it vital info too, imho.
take the case of a pinbar with a long nose (wick)... it shows supply/demand pressure/imbalance & hence possible directional bias.
  • #68,692
  • Jul 14, 2010 9:13pm Jul 14, 2010 9:13pm
Quoting Pinbar
Jarroo, being almost at rock bottom this is a hard one as, we have very few PPZ to rely on.


Here goes though.

Personally, I do not like the bar as it appears rather small and it stopped dead at 1.3405 instead of piercing the 1.3400. The trendline is not yet broken.

Excellent Pb.

The Cons surely outweight the Pros. Shoud be fun to watch.
Indicators show the past. Price Action "Indicates" the future.
  • #68,693
  • Jul 14, 2010 9:16pm Jul 14, 2010 9:16pm
Quoting jarroo
Excellent Pb.

The Cons surely outweight the Pros. Shoud be fun to watch.


What!

I was in the same ball park, maybe in the car park?

I thought I was totally going to screw up with this analysis and Jarroo was going to tell me it was a GREAT setup and he had just opened 5 lots short on it.

Thanks Jarroo, I really appreciate your gently prodding.

So, you think it is a G bar?
  • #68,694
  • Jul 14, 2010 9:22pm Jul 14, 2010 9:22pm
Quoting supremeChaos
the wicks carry with it vital info too, imho.
take the case of a pinbar with a long nose (wick)... it shows supply/demand pressure/imbalance & hence possible directional bias.
I think they may have ment to use the bodies to narrow the PPZ???
  • #68,695
  • Edited 9:40pm Jul 14, 2010 9:26pm | Edited 9:40pm
Quoting Pinbar
What!

I was in the same ball park, maybe in the car park?

I thought I was totally going to screw up with this analysis and Jarroo was going to tell me it was a GREAT setup and he had just opened 5 lots short on it.

Thanks Jarroo, I really appreciate your gently prodding.

I'm sure you saw in one of James16's videos (since you are viewing them daily) about trading in sideways markets. This would be an example of one. But other factors need to come into play, like the ones you mentioned . . Size, PPZ levels, the consolidation a bit more spread out, off of BRNs, etc.


Its 8 lots not 5 . . . .jk
Indicators show the past. Price Action "Indicates" the future.
  • #68,696
  • Jul 14, 2010 9:26pm Jul 14, 2010 9:26pm
GBP/USD seems to be at an interesting area.

Maybe we will see some PA soon.
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  • #68,697
  • Jul 14, 2010 9:27pm Jul 14, 2010 9:27pm
[quote=spookie94;3874297]On my feed it shows that the close of the PB is lower than the highs of the other bars to the left. Could indicate a false breakout of that zone? Going to demo this one for practice.

Going to bed with a smile on my face http://cdn.forexfactory.com/images/icons/icon10.gif. I noticed Jarroo had mentioned the same thing ( He obiviously uses more fingers to type LOL).
  • #68,698
  • Jul 14, 2010 9:29pm Jul 14, 2010 9:29pm
[quote=spookie94;3874340]
Quoting spookie94
On my feed it shows that the close of the PB is lower than the highs of the other bars to the left. Could indicate a false breakout of that zone? Going to demo this one for practice.

Going to bed with a smile on my face http://cdn.forexfactory.com/images/icons/icon10.gif. I noticed Jarroo had mentioned the same thing ( He obiviously uses more fingers to type LOL).

Good eye spookie.
Indicators show the past. Price Action "Indicates" the future.
  • #68,699
  • Jul 14, 2010 9:41pm Jul 14, 2010 9:41pm
Quoting jarroo
I'm sure you saw in one of James16's video (since you are viewing them daily) about trading in sideways markets. This would be an example of one. But other factors need to come into play, like the ones you mentioned . . Size, PPZ levels, the consolidation a bit more spread out, off of BRNs, etc.


Its 8 lots not 5 . . . .jk

8 lots....I can imagine it, 5 pips and you are done for the week. LoL

Yes, I have been watching the ranging videos, and if you can't trade this you can't trade at all. LoL

However, I am trying to not concern myself with this right now, I think my priority should be on PA at this moment in time.

Yes, I can see that it may be dropping back in the range on H4.
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  • #68,700
  • Jul 14, 2010 9:44pm Jul 14, 2010 9:44pm
Quote
I think they may have meant to use the bodies to narrow the PPZ???
spookie94,
i see..
like most things, i believe it's trader-dependent.
using the body (including the close) &/or the wicks in plotting PPZs.
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