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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

  • #70,901
  • Aug 8, 2010 9:58pm Aug 8, 2010 9:58pm
Quoting ddinnov
Any opinions on this weekly IBP? In a bit of traffic I know otherwise I quite like the size and going back a few years the PPZs look quite defined:
Careful mate.

We want IPBs at true swing highs and lows and very deep into pull backs to major trends. This looks more like a trend continuation pin bar than anything else.

g.
I believe . . .
  • #70,902
  • Aug 8, 2010 9:59pm Aug 8, 2010 9:59pm
Quoting Petar_Serbia
Still didnt learn point...FOR ME IS TOTALY WRONG !!!

YOu can draw fibs from every point on chart that can be ok for you but not for others,i said on my post my thought...END
I was hoping against hope you would apologize to Pin bar and carry on, but then again as Jarroo said a "Bob" was due...
I believe . . .
  • #70,903
  • Aug 8, 2010 10:01pm Aug 8, 2010 10:01pm
Quoting jarroo
Welcome tjc.

Your fibs look good the way you drew them, tj. But we have to remember why we have fib retracements. It come from that old saying (which is a good saying, mind you)...
Hey Jarro is it ok to drawn fibs from a down trend and fibs from an up trend on the same chart and use any overlapping fib levels as confluence?
I believe . . .
  • #70,904
  • Aug 8, 2010 10:04pm Aug 8, 2010 10:04pm
Quoting mbqb11
yes Pin

very nice level to watch here at 1.6...one of my focuses for the upcoming week
Mike,
Can I try to guess how you might approach this? For a long you might wait for a retrace back to 1.6 with some PA. A short might be a break (or false break) in the shape of a PB. Just trying to get use to thinking ahead on these.
I'd draw it on a chart but I haven't got a clue how you draw those zig zag lines.

Thanks
  • #70,905
  • Aug 8, 2010 10:05pm Aug 8, 2010 10:05pm
just a simple post on the subject

Let's always remember what a fib is. Nothing more then a tool. All it tells us is a percentage price has retraced on a previous move that WE the trader designate. Nothing more nothing less. They are not magic, just another tool in the toolbox

So remember when you are picking your swing points, how that all ties in. B/c you are only getting that price is retracing a % of the swing points you choose, and ask yourself why that would be important, no matter what points you choose.

Mike
  • #70,906
  • Aug 8, 2010 10:06pm Aug 8, 2010 10:06pm
Quoting spookie94
Mike,
Can I try to guess how you might approach this? For a long you might wait for a retrace back to 1.6 with some PA. A short might be a break (or false break) in the shape of a PB. Just trying to get use to thinking ahead on these.
I'd draw it on a chart but I haven't got a clue how you draw those zig zag lines.

Thanks
'Yep Exactly spookie, it is a waiting game. And it could also give us all of the above triggers. We may get a possible short on the 1hr/4hr, then price retraces and the uptrend kicks back in and the price breaks through the 1.6 and pulls back and that area turns back into support. I keep my bias pretty wide open in this scenario
  • #70,907
  • Aug 8, 2010 10:08pm Aug 8, 2010 10:08pm
Quoting spookie94
Mike,
Can I try to guess how you might approach this? For a long you might wait for a retrace back to 1.6 with some PA. A short might be a break (or false break) in the shape of a PB. Just trying to get use to thinking ahead on these.
I'd draw it on a chart but I haven't got a clue how you draw those zig zag lines.

Thanks

Thanks for asking that question Spookie, I was just about to.


Oh, Mike already replied.


Mike....I suppose this means that you don't have a TF in mind and will leave this loose while monitoring it on Daily and h4?
  • #70,908
  • Aug 8, 2010 10:13pm Aug 8, 2010 10:13pm
Quoting Pinbar
Yeah, I also was watching that PB but I decided that there are more cons than pros on this one.

Pros:

nice support area & shape


Cons:

Overall small bar

In strong downtrend

Price was rejected by the 1.0300

Below monthly PPZ


Feel free to post any things I missed or got wrong.



Just trying to practice my analysis
Is it small? Not huge but about the same size as previous 4 weeks.

Agree with your analysis. Wasn't looking for a runner, I think it will go up 80 pips to the FTA. Not an A+ setup, in some traffic. But is this one of those examples James says we should learn to play to become a good trader?
  • #70,909
  • Aug 8, 2010 10:16pm Aug 8, 2010 10:16pm
Quoting spookie94
Looks like some tension this week....

How about these guys?
Hey Spookie,

On the AUDJPY, my daily PPZ would be somewhere 79.4ish and I could also draw a wedge formation there. Will be watching if there is first a breakout of the wedge pattern (blue lines). A breakout/pull back price movement off the wedges is not impossible I think.


On the USDCAD, in addition to Pinbar's comments a few posts prior to this, ghous made his comments here http://www.forexfactory.com/showthre...15#post3930215 . Yes, I think it's heading into a consolidation box even if price does break the 1.03. So will pass on this myself.

CY
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  • #70,910
  • Aug 8, 2010 10:21pm Aug 8, 2010 10:21pm
Quoting Pinbar
Thanks for asking that question Spookie, I was just about to.


Oh, Mike already replied.


Mike....I suppose this means that you don't have a TF in mind and will leave this loose while monitoring it on Daily and h4?
yep I will watch hour/4hr/daily/weekly whatever it takes
  • #70,911
  • Aug 8, 2010 10:21pm Aug 8, 2010 10:21pm
Quoting jarroo
Now with your other fib draw . .
Hope you don't mind the long post tj . . lol

The other Fib ret you drew tj, would mean that if the Euro started to head down we would look for fib levels to catch a swing low in the recent uptrend. But when we use fib levels as a confluencing tool, we know that the PPZ levels, BRNs, Sup levels and Res Levels are our main focus. So when fib level lines up with our main focus we would make note of it.

So if a Big BEOB is presented at our current Price level, these fib levels confluencing with our PPZs, BRNs, etc. would be good targets to look at.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,912
  • Aug 8, 2010 10:36pm Aug 8, 2010 10:36pm
Quoting tjc1020
This is my first chart posting. I would like to know if I have drawn the Fib lines properly and does the confluence of the .50 and .38 at this point have any significance, or not until a retrace occured to this point and there was some other PA?

Quoting ghous
Hey Jarro is it ok to drawn fibs from a down trend and fibs from an up trend on the same chart and use any overlapping fib levels as confluence?
To me, they have no significance. The only significance they would have, is again, if they are lining up with a PPZ level, BRNs, etc.


Once Price passes through and/or closes above a fib level, that fib level is now null and void . .no longer vaild . . to me.

Chart 2 . Price passes through the 38.2 (red "X") null and void . . .Price passes through the 50% retracement level (blue "X") null and void ( 50% ret is not a fib level) . . Price pass through the 61.8 Fib ( green "X") null and void...
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Indicators show the past. Price Action "Indicates" the future.
  • #70,913
  • Aug 8, 2010 10:45pm Aug 8, 2010 10:45pm
Quoting ghous
Careful mate.

We want IPBs at true swing highs and lows and very deep into pull backs to major trends. This looks more like a trend continuation pin bar than anything else.

g.

I agree ghous. Look out 1.0000.

This IPB would look better.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,914
  • Aug 8, 2010 10:46pm Aug 8, 2010 10:46pm
Quoting spookie94
Is it small? Not huge but about the same size as previous 4 weeks.

Agree with your analysis. Wasn't looking for a runner, I think it will go up 80 pips to the FTA. Not an A+ setup, in some traffic. But is this one of those examples James says we should learn to play to become a good trader?

Yeah, I am also working on trading a sideways market but first I want to get my head together with good PA, Location, PPZ and traffic.

Maybe, I am looking for too many runners, right now.

Then again, I suppose there is something to be said in looking for them.

Thanks for your input.
  • #70,915
  • Aug 8, 2010 10:49pm Aug 8, 2010 10:49pm
Quoting jarroo
To me, they have no significance. The only significance they would have, is again, if they are lining up with a PPZ level, BRNs, etc.


Once Price passes through and/or closes above a fib level, that fib level is now null and void . .no longer vaild . . to me.

Chart 2 . Price passes through the 38.2 (red "X") null and void . . .Price passes through the 50% retracement level (blue "X") null and void ( 50% ret is not a fib level) . . Price pass through the 61.8 Fib ( green "X") null and void...

Great description Jarroo.

That is exactly why I had to use the second swing low on that EU chart.
Still looking for short confluence.
  • #70,916
  • Edited Aug 9, 2010 12:45pm Aug 8, 2010 10:57pm | Edited Aug 9, 2010 12:45pm
Quoting Pinbar
Great description Jarroo.

That is exactly why I had to use the second swing low on that EU chart.
Still looking for short confluence.
Excellent Pb . . .. . That is correct.


We would move our Fibs Retracement levels to the next Swing High.

Chart: Gray fib levels are no longer valid. Current valid Fib levels are in blue.

Nice work PB. You gotta like that 1.3500 confluence . . you didn't have to tell that to Mike about the 1.3500 . . lol.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,917
  • Aug 8, 2010 10:59pm Aug 8, 2010 10:59pm
Quoting ertorque
Hey Spookie,

On the AUDJPY, my daily PPZ would be somewhere 79.4ish and I could also draw a wedge formation there. Will be watching if there is first a breakout of the wedge pattern (blue lines). A breakout/pull back price movement off the wedges is not impossible I think.


On the USDCAD, in addition to Pinbar's comments a few posts prior to this, ghous made his comments here http://www.forexfactory.com/showthre...15#post3930215 . Yes, I think it's heading into a consolidation box even if price does break the 1.03. So...
We have to be careful of the 80.0 on Aud/Jpy as well.

Just noticed this on the 4hr USD/CAD. I resistance now support? Again, not looking at a runner on this one.
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  • #70,918
  • Aug 8, 2010 11:08pm Aug 8, 2010 11:08pm
Quoting jarroo
Excellent Pb . . .. . That is correct.


We would move our Fibs Retracement levels to the next Swing High.

Chart: Gray fib levels are no longer valid. Current valid Fib levels are in blue.

Nice work PB. You gotta like that 1.3500 confluence . . you didn't have to that to Mike about the 1.3500 . . lol.

Yes, I was thinking PA around the 1.3300 area would be good but I was not getting married to it. And the 1.3500 area looks like the next possible area to lay in wait.
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  • #70,919
  • Aug 8, 2010 11:12pm Aug 8, 2010 11:12pm
Quoting Pinbar
....
This Peter character , has not even apologized, That speaks louder than words about this person.
I am personally REALLY pissed off about this.......
i understand u were pissed, Pinbar.
i think it must be the weekend. blame the weekend

but try to look at the brighter side...

imho, there was mainly a miscommunication. English is not Petar's main language (as is evident in his posts; kindly read below).
also, u have to understand that charts get 'recycled & reused' & posted in several other threads. i see that happen quite often -- with/without mention of/permission from the chart owner &/or the original post.

Quoting Petar_Serbia
....
also i didnt say the name of person.I posted for educate reasons.i didint offensive or something like that lol ...I didnt tell his chart is wrong (for me is wrong)....

*****trying to change the subject....
Sir joel, where's breakout girl?
Sir mike, how's the wedding?
ooops, it's already Monday....
back to trading
  • #70,920
  • Aug 8, 2010 11:19pm Aug 8, 2010 11:19pm
Quoting supremeChaos
i understand u were pissed, Pinbar.
i think it must be the weekend. blame the weekend

but try to look at the brighter side...

imho, there was mainly a miscommunication. English is not Petar's main language (as is evident in his posts; kindly read below).
also, u have to understand that charts get 'recycled & reused' & posted in several other threads. i see that happen quite often -- with/without mention of/permission from the chart owner &/or the original post.




*****trying to change the subject....
Sir joel, where's breakout girl?
Sir...


We don't need this rehashing SC.
I had forgotten about till you brought it up again. LoL
The weekend has nothing to do with it.

This guy was not only taking pot shots at me but this thread.

The point is this TROLL was polishing his ego instead of polishing his trading skills.

Anyway, I am sure he won't be coming back to this thread again and peace will prevail in the valley.
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