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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

  • #68,841
  • Jul 16, 2010 12:45am Jul 16, 2010 12:45am
Quoting Pinbar
Yes, Jarroo, I am keeping my eye on this one.

That a strong PPZ level for sure.
Indicators show the past. Price Action "Indicates" the future.
  • #68,842
  • Jul 16, 2010 12:47am Jul 16, 2010 12:47am
Quoting supremeChaos
slade1986,
nice IPB trade, Sir.
taking note of that via this post.

I missed that beauty. I have it noted as well.
Indicators show the past. Price Action "Indicates" the future.
  • #68,843
  • Jul 16, 2010 12:54am Jul 16, 2010 12:54am
Quoting Rosentrade
Heh! too true... that's when I give myself a big pat on the back while I'm writing it in. Hard to remember that while you're kicking yourself though sometimes.

I do tend to move just below BE just to allow for a retest. . . you may here traders move to "BE +1" . . I like moving to "BE -7 or -10"
Indicators show the past. Price Action "Indicates" the future.
  • #68,844
  • Edited 1:00am Jul 16, 2010 12:59am | Edited 1:00am
Quoting jarroo
I do tend to move just below BE just to allow for a retest. . . you may here traders move to "BE +1" . . I like moving to "BE -7 or -10"
You know that totally makes sense. I usually have BE at a pivotal point so allowing it to bounce back and retest is natural now that I think about it. That extra buffer will really help out those times it just barely hits the BE and then bounces off to continue the expected run, and a minor negative like you're talking about will help me out in those cases (Edit: and won't make much of a difference when it doesn't bounce). Thanks Jaroo - that's a gem I hadn't seen for all the sloshy mud.
  • #68,845
  • Jul 16, 2010 1:01am Jul 16, 2010 1:01am
Quoting djmartymac
Just wondering what brokers feeds you need to get a 4 hour candle change every hour?...
Quoting djmartymac
PS ibfx is the same as mb trading
Hello djmartymac,
try these 2 links.
  • #68,846
  • Jul 16, 2010 1:10am Jul 16, 2010 1:10am
Quoting jarroo
I do tend to move just below BE just to allow for a retest. . . . . I like moving to "BE -7 or -10"
i see... so that's how u do it.
i do BE + X, where X is any positive number, usually 5 to 10+.
(capital growth mode: taking more off the table as much as possible)
  • #68,847
  • Jul 16, 2010 1:12am Jul 16, 2010 1:12am
Quoting supremeChaos
i see... so that's how u do it.
i do BE + X, where X is any positive number, usually 5 to 10+.
(capital growth mode: taking more off the table as much as possible)

Call it a mini verison of the free trade once I take 1/2 at the FTA. . .again depending on the setup.
Indicators show the past. Price Action "Indicates" the future.
  • #68,848
  • Jul 16, 2010 1:15am Jul 16, 2010 1:15am
"mini version"
nice term, hahah.
i'll take note of that.
  • #68,849
  • Jul 16, 2010 1:22am Jul 16, 2010 1:22am
Quoting fx_heaven
Just took a EUR/CHF trade on a PB Fakey OR BUOB - confluence with RN, FIB 50%, TL S, TL R=>S from consolidation area.
What are you basing the red trendline on?
  • #68,850
  • Jul 16, 2010 1:42am Jul 16, 2010 1:42am
I really like this one.

Don't mean to clog up the thread w non-chart stuff, but thought that the psych behind this is soooo important.

--
http://pragcap.com/what-the-japanese...bout-investing

I am a baseball aficionado. Not just a casual observer. Baseball has always fascinated me for reasons that bore the casual observer. I love the 7th inning hold, the stealing of signs, the sac bunt, etc. Those things get me excited when I watch baseball. See, baseball is a game of little things that all come together to form one larger result. Big plays rarely win baseball games.

No one in the game of baseball does the little things better than Ichiro Suzuki. I could watch Ichiro play baseball forever. To the casual observer Ichiro is not particularly exciting. He is no Vlad Guerrero – who swings the bat like he is chopping a tree down with one swing. He is no Albert Pujols – who has the purest swing in the game. But an at-bat with Ichiro is like a delicate ballet combined with the methodology of a chess match. Just watch this video of Ichiro batting against American power pitcher Curt Schilling:

http://img.youtube.com/vi/2yg8-XIpBtU/default.jpg
click here to watch the video Close
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The casual observer might only notice that Ichiro gets out. But this is the brilliance of Ichiro. This sacrifice fly is a typical Ichiro at-bat. The game is tied 0-0. With the bases loaded and no outs Ichiro isn’t trying to hit a home run. He isn’t even trying necessarily to get a hit. Ichiro gets himself in a 1-2 hole and plays into the weakness of a big strong American power pitcher. Schilling is thinking high heat. Ichiro eats it up and sends the ball into deep left field. The at-bat results in an out, but more importantly, it results in a run scored. 1-0 Japanese All-Stars over Americans.

Investing is no different. It is a game of repetition where hundreds of small actions result in one larger result. But most importantly, it is a game of risk management. It is not the home run hitter who wins in the long-run. Rather, it is that strategist who devises the best long-term plan who ultimately wins. While hitting home runs is sexy it is rarely a recipe for success in the investment world. Aim high, but play small. Over time, good risk management and patience wins. Power is no substitute for precision and patience. The same is true in the world of investing.
One Mind, Any Market
  • #68,851
  • Jul 16, 2010 1:44am Jul 16, 2010 1:44am
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas on what went wrong, or should I have never taken it in the first place?

I went short on the break of the pinbar which happened 5 bars back. It was off PPZ, 50% ret and 1.47 BRN and my target was 1.4455(the top of the narrow range below)

EDIT: this is a 4H chart of EUR/AUD

Thanks.
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  • #68,852
  • Jul 16, 2010 2:02am Jul 16, 2010 2:02am
Quoting Rustam
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas on what went wrong, or should I have never taken it in the first place?

I went short on the break of the pinbar which happened 5 bars back. It was off PPZ, 50% ret and 1.47 BRN and my target was 1.4455(the top of the narrow range below)

EDIT: this is a 4H chart of EUR/AUD

Thanks.

Not a bad setup at all. The thing is to be aware of the higher time frame PPZ levels because that's what it hit. 1.4580 level on the Daily. Not a bad one to take.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,853
  • Jul 16, 2010 2:04am Jul 16, 2010 2:04am
Quoting TheMaxx
What are you basing the red trendline on?
it looks like it's plotted from the May21 high
  • #68,854
  • Jul 16, 2010 2:09am Jul 16, 2010 2:09am
Quoting Rustam
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas on what went wrong, or should I have never taken it in the first place?

I went short on the break of the pinbar which happened 5 bars back. It was off PPZ, 50% ret and 1.47 BRN and my target was 1.4455(the top of the narrow range below)

EDIT: this is a 4H chart of EUR/AUD

Thanks.
I am also new and working on PPZ.

Seems to be a PPZ around 1.4570

Hope this helps


EDIT" Oh, Jarroo already replied.

Hope this is inline with that reply.

Good trading to you.
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  • #68,855
  • Jul 16, 2010 2:09am Jul 16, 2010 2:09am
Quoting Cyrus
I really like this one.
....
I am a baseball aficionado..
....
Investing is no different. It is a game of repetition where hundreds of small actions result in one larger result...
lots of nice posts lately
  • #68,856
  • Jul 16, 2010 2:10am Jul 16, 2010 2:10am
Quoting Pinbar
I am also new and working on PPZ.

Seems to be a PPZ around 1.4570

Hope this helps
Nice one Pb.
Indicators show the past. Price Action "Indicates" the future.
  • #68,857
  • Jul 16, 2010 2:16am Jul 16, 2010 2:16am
Quoting TheMaxx
What are you basing the red trendline on?
TheMaxx, Do you mean the resistance TL ?

If so have a look at the Daily chart attached.

The trade was just a bit too early, few levels in the way but did eventually make some small profit and quickly dumped it to manage my other trades as it was a little choppy in there.
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In retrospect we learn. In perspective we earn.
  • #68,858
  • Jul 16, 2010 2:20am Jul 16, 2010 2:20am
Quoting jarroo
Nice one Pb.

Thanks Jarroo

Just trying to get keep my mind on the PPZ.
With the LO I wondered if anyone was going to answer this person.

Maybe it is starting to sink in a bit. Only a bit though, that is why I want to fix it in my mind ASAP.


Looking at the USD CAD I took on demo, the H1 looks like it is going to test the upper range on H1.

Let's see if this upper ranging area holds & if the 365 acts as support.

Has the look of that N like shape we often see as compression before a breakout. Famous last words? LoL
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  • #68,859
  • Jul 16, 2010 2:23am Jul 16, 2010 2:23am
Quoting Rustam
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas on what went wrong, or should I have never taken it in the first place?

I went short on the break of the pinbar which happened 5 bars back. It was off PPZ, 50% ret and 1.47 BRN and my target was 1.4455(the top of the narrow range below)

EDIT: this is a 4H chart of EUR/AUD

Thanks.
Rustam

That PB is preceeded by some very strong bowling price action (shaped like bottom of bowl) which is a pretty strong reversal signal so the PB would have been against the trend of that move and likely to find contention.
In retrospect we learn. In perspective we earn.
  • #68,860
  • Jul 16, 2010 2:26am Jul 16, 2010 2:26am
Quoting Rustam
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas....
to me, it seems, the tables have turned. eur strength is greater than aud's.

see that rounding bottom around July8 - 13?
it turns out it is accumulation (buying spree) before the run up (current uptrend).
if u are aware of this, then u know u were trading against the current trend.
that pin broke down, but quickly got stopped right at that 38.2 Fib, which looks like 1.4600 (seems to be a PPZ & a round number).
that quick rejection off of 1.4600 tells u the trend is pretty strong. u can also cross check the validity of the trend strength by looking at audusd chart & eurusd's. check slade1986's recent trade & related posts about a audusd Daily IPB (which took price downward). audusd went down while eurusd went up (& still moving up)

Hope that helps
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