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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

  • #70,501
  • Aug 3, 2010 7:14pm Aug 3, 2010 7:14pm
Quoting slade1986
Took this trade this am. Tightened the stop up a little after the break. FTA around 42 pips away.

Comments..
Locate your Daily and Weekly PPZ levels and ask how they relate to your setup. Swing High? Swing Low? In the Middle?
Indicators show the past. Price Action "Indicates" the future.
  • #70,502
  • Aug 3, 2010 7:34pm Aug 3, 2010 7:34pm
got stopped on this short of eur/usd on the 4hr timeframe. thought a pb followed by an ipb at swing high would be indication of reversal? any feedback would be appreciated.
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  • #70,503
  • Edited 8:22pm Aug 3, 2010 7:59pm | Edited 8:22pm
Quoting Atc
On a BEOB....most often I wait for the retrace and enter at a prior bars low in a traffic area and try to combine it with other confluences like a BRN like this137.0 PPZ....I didn't take this one ....but this is one of my rules on BEOB/BUOB...ie I wait for the retrace to a location that tests a ppz or brn or some location that it wants to test...that way also i have a smaller stop loss.....this is what has worked FOR ME...hope this helps...still I'm no pro like the senior boyzzzzzzz here

I like it Atc . . Classic Support turning into Resistance . .that's just the way I see BUOB/BEOB. Retracement entries can be awesome . . .they do take some practise and a little PA confirmation doesn't hurt.


See my next post.
Indicators show the past. Price Action "Indicates" the future.
  • #70,504
  • Edited 11:04pm Aug 3, 2010 7:59pm | Edited 11:04pm
Quoting aserbfx
eur/cad on h4. buob with trendline touch.
I wanted to comment on this one earlier aserb.

You have a BUOB at a not-so-great trendline on the 4 hour time frame.

Yet where is the PPZ levels? Is there other PA on the higher time frames that may agree or conflict with your 4 hour setup.

We see on the Weekly time frame a Big BUOB right through a Weekly PPZ level, 1.3350. It sure would have been great if that baby was at a swing low. But it still has good potential. Classic Resistance turning into Support.

What would give a good conformation that Price is now respecting that newly formed Support level that was previous Resistance . .some bullish PA at that level, 1.3350. This is where your BUOB on the 4 hour comes in.

I just wanted to give you a bit more of the bigger story than just a BUOB at a trendline.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,505
  • Aug 3, 2010 8:01pm Aug 3, 2010 8:01pm
Quoting Adilius07
Well maybe this one is going to be my first short stock trade (demo of course)
-IPB
-BRN
-2Top
-Some room to FTA
That sure looks nice Ad,

Keep us posted.
I believe . . .
  • #70,506
  • Aug 3, 2010 8:12pm Aug 3, 2010 8:12pm
Quoting eswap0
My today's choose for IPB...
Hey Eswap,

I would be just a little cautious here. In terms of what we look for in the shape department the IPB is pretty ok, the tail extends down to the previous bar low and the close is bearish. What worries me though is the fact that it is off nothing major. I see no BRN no obvious trend line and no fibs either. So it all just turns out to be a trade going totally against a hugely dominant up trend with only a 35 pip stop. See the catch here on IPBs? They carry good R:R, 1:2 is almost always certain precisely because of a tight stop - which also means location and other factors need to be perfectly lined up.

Here's a view of the weekly, clearly we have the bulls steaming in and looks like the stage is set for 9300 to be hit. (just my opinion and how I am looking at things on the pair atm)

g.
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I believe . . .
  • #70,507
  • Aug 3, 2010 8:13pm Aug 3, 2010 8:13pm
Quoting eswap0
My today's choose for IPB...
Edit: and to add to what Ghous said . .


A bit too small to counter that uptrend. Let me put it this way . . if that was a PB, that size, would you take it? But I do like the small loss that the IPB provides than a regular PB's, that's for sure.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,508
  • Aug 3, 2010 8:19pm Aug 3, 2010 8:19pm
Quoting mattymo
got stopped on this short of eur/usd on the 4hr timeframe. thought a pb followed by an ipb at swing high would be indication of reversal? any feedback would be appreciated.
Hey Matty,

The pin bar was very small versus the huge up trend (as Mike puts it), a long nose would have certainly helped.

As for the IPB, it never was at a true swing high because the high of the pin bar is well higher than the high of the IPB which immediately sets it up at "just below" the potential swing high not at it.
I believe . . .
  • #70,509
  • Aug 3, 2010 8:20pm Aug 3, 2010 8:20pm
Quoting ghous
That sure looks nice Ad,

Keep us posted.

Looks like the Daily gap had to be filled first . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #70,510
  • Aug 3, 2010 8:45pm Aug 3, 2010 8:45pm
Quoting jarroo
Looks like the Daily gap had to be filled first . . .
I see the IPB low isn't the first target...

g.
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I believe . . .
  • #70,511
  • Edited 9:40pm Aug 3, 2010 9:04pm | Edited 9:40pm
Quoting mattymo
got stopped on this short of eur/usd on the 4hr timeframe. thought a pb followed by an ipb at swing high would be indication of reversal?....
hello mattymo,
that is not guaranteed. (in general, there are no certainties in trading, only probabilities.)
there are several factors to be considered. (like those mentioned by ghous: trend, location, etc)

btw, those are simply two PBs pointing in the opposite direction.

Keep posting!
  • #70,512
  • Aug 3, 2010 9:42pm Aug 3, 2010 9:42pm
Quoting mattymo
got stopped on this short of eur/usd on the 4hr timeframe. thought a pb followed by an ipb at swing high would be indication of reversal? any feedback would be appreciated.
Like G said very small pB on this one. Also, if you would have looked at the daily would have saw a strong up trend. On the other had, if played differently could have worked out good. Since the PB was small placing the SL above the high would have made sense. FTA would have been at about 1.3185, not the low of the previous bar. Thanks for the post. Made me think how I would have handled it.
  • #70,513
  • Aug 3, 2010 9:43pm Aug 3, 2010 9:43pm
Quoting supremeChaos
hello mattymo,
that is not guaranteed. (in general, there are no certainties in trading, only probabilities.)
there are several factors to be considered. (like those mentioned by ghous: trend, location, etc)

[btw, those are simply two PBs pointing in the opposite direction.

Keep posting!
thats a great point. haha thanks for the info ghous and sc, appreciate it.
  • #70,514
  • Aug 3, 2010 10:34pm Aug 3, 2010 10:34pm
Quoting ghous
I see the IPB low isn't the first target...

g.
Yes sir . .
Indicators show the past. Price Action "Indicates" the future.
  • #70,515
  • Aug 3, 2010 10:46pm Aug 3, 2010 10:46pm
Quoting jarroo
Let's watch this one or demo it. Bullish PB on the Daily Eur/Aud.

Not the biggest nor at a swing low. It has a PPZ level supporting it, 1.4350ish. Its head is at a PPZ level, 1.4450 and running into the 1.4500 BRN. Not the best setup . . an easy pass for the smart, picky trader. But let's see where it goes. A free trade to the 1.4500 would be my play but let's just watch it for now.


I'll be back later.

So a free trade target on the Eur/Aud Daily small PB would be taken at the FTA, 1.4500. Depending on your buffer and spread . .between 40-50 pips or as high as 70+pips, target beyond the 1.4500.

Trades like these are fun to watch when you have nothing to lose and everything to gain . . especially if they start to run. But be prepared for more net zero trades than runners. Again, depending on your profit taking targets.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,516
  • Aug 3, 2010 11:03pm Aug 3, 2010 11:03pm
Quoting jarroo
So a free trade target on the Eur/Aud Daily small PB would be taken at the FTA, 1.4500. Depending on your buffer and spread . .between 40-50 pips or as high as 70+pips, target beyond the 1.4500.

Trades like these are fun to watch when you have nothing to lose and everything to gain . . especially if they start to run. But be prepared for more net zero trades than runners. Again, depending on your profit taking targets.

hey J,
this one was much attractive off the 8hr tf, imo it had a couple of things that made me pull the trigger.
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Simplicity is the key to success
  • #70,517
  • Aug 3, 2010 11:11pm Aug 3, 2010 11:11pm
Quoting squeezy
hey J,
this one was much attractive off the 8hr tf, imo it had a couple of things that made me pull the trigger.
Nice one squeezy.

The more things the better.

I think James16 is on to something with these PPZ levels. lol

The 1.4350 PPZ is a strong one and the 1.4450 PPZ is showing its strength as well.
Indicators show the past. Price Action "Indicates" the future.
  • #70,518
  • Aug 3, 2010 11:31pm Aug 3, 2010 11:31pm
Quoting Adilius07
Thanks! Yes I am looking if I can find some free stock scanner for SP500, DJIA and then will open some free portfolio tracker (like bloomberg) I will demo try it on Weekly time frame.
The only free stock scanner I've been able to find is Patternz:
http://thepatternsite.com/patternz.html

Website looks rubbish and the software is a little old but it's brilliant. The author has written a great book on chart patterns and has done a lot of historical testing on the probability of patterns continuing or failing. If you find any other scanners let me know.
  • #70,519
  • Aug 3, 2010 11:55pm Aug 3, 2010 11:55pm
Quoting jarroo
Nice one squeezy.

The more things the better.

I think James16 is on to something with these PPZ levels. lol

The 1.4350 PPZ is a strong one and the 1.4450 PPZ is showing its strength as well.
you think, well i believe i know....lol
seen ppz in action, resistance turn to support and vice versa...easy money when it happens

euro is in a good area for a short, also watching chfjpy triangle, cldnt wait for Mike's bop .... pretty late for me (now waiting for a pullback if that happens and when it happens)
anyways
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Simplicity is the key to success
  • #70,520
  • Aug 4, 2010 12:08am Aug 4, 2010 12:08am
Quoting squeezy
you think, well i believe i know....lol
seen ppz in action, resistance turn to support and vice versa...easy money when it happens

euro is in a good area for a short, also watching chfjpy triangle, cldnt wait for Mike's bop .... pretty late for me (now waiting for a pullback if that happens and when it happens)
anyways

I actually caught that BUOB retrace for a long for 32 pips but that dog couldn't hunt. I should have known why . .it was going the other way . .lol
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Indicators show the past. Price Action "Indicates" the future.
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