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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

  • #71,001
  • Aug 9, 2010 2:49pm Aug 9, 2010 2:49pm
Quoting Geofract
No problem Mike & ts63. Chart patterns I know well, the rest of this trading larks a mystery

Is the IPB of the 5th Aug on NZD/USD creating a valid DBHLC formation do you think?

Thanks, Ollie
could you post a chart, I am not seeing anything like that

Thanks
Mike
  • #71,002
  • Aug 9, 2010 2:54pm Aug 9, 2010 2:54pm
Maybe this IPB
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  • #71,003
  • Aug 9, 2010 2:57pm Aug 9, 2010 2:57pm
Quoting mbqb11
could you post a chart, I am not seeing anything like that

Thanks
Mike
Certainly Mike - it's the same as before...

I figured if I sold the break below that bar on the 5th it equates to the same as a DBHLC setup, although on the day the bar wasn't massively bearish.

Actually there are 3 bar highs in a row, not sure that alters it any.

Hope I make some sense.

edit: thanks ts63, you beat me to it!

Thanks
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  • #71,004
  • Aug 9, 2010 2:57pm Aug 9, 2010 2:57pm
Quoting Location
For me, yes and no.

Zoopy, thanks for pointing out Jarroo's post. I thought I was getting it until Jarroo said that the 108.39-109.09 range is too large.

I originally thought that 108.39 was a PPZ. Should PA start in the 108.30-108.50 range? Or should it just end in that range? Or should it extend throughout that range?

Here's an example of a PB at a PPZ level on the GU. Notice that the PB is at and through the PPZ level, the 1.6700ish. Also notice that PB closed below this level.

Do you see another example on this chart?
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Indicators show the past. Price Action "Indicates" the future.
  • #71,005
  • Aug 9, 2010 3:01pm Aug 9, 2010 3:01pm
Quoting Geofract
Certainly Mike - it's the same as before...

I figured if I sold the break below that bar on the 5th it equates to the same as a DBHLC setup, although on the day the bar wasn't massively bearish.

Actually there are 3 bar highs in a row, not sure that alters it any.

Hope I make some sense.

edit: thanks ts63, you beat me to it!

Thanks
ah ok well I don't think this one will close as a LC(remb the DBHLC must have a closer lower then the previous bars low. If the overall pattern did it would be more interesting closing outside of your wedge shape. It may end up that pinbar from a week back carries us lower. I would have liked to see an overall bigger bar setup even if it did close lower then the previous bar low(to really show strength and a break "out" of the formation

Best
Mike
  • #71,006
  • Aug 9, 2010 3:10pm Aug 9, 2010 3:10pm
Quoting mbqb11
...I would have liked to see an overall bigger bar setup even if it did close lower then the previous bar low(to really show strength and a break "out" of the formation

Best
Mike
Ah yes, I missed the fact it hadn't quite closed below the previous bar - a crucial detail though!

Agreed on the big bar setup Mike, that would be great to see.

Thanks
  • #71,007
  • Aug 9, 2010 3:12pm Aug 9, 2010 3:12pm
Quoting jarroo
Here's an example of a PB at a PPZ level on the GU. Notice that the PB is at and through the PPZ level, the 1.6700ish. Also notice that PB closed below this level.

Do you see another example on this chart?
and here an exemple with a pinbar which closed above a ppz (52usd)...
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meine augen sind die sterne
  • #71,008
  • Aug 9, 2010 3:18pm Aug 9, 2010 3:18pm
Quoting ts63
Thank you very much Geofract
Those rising wedges don't always workout, but hopefully this one on the Dow will.

Nice BUOB on the 20th July too.
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  • #71,009
  • Aug 9, 2010 3:36pm Aug 9, 2010 3:36pm
Quoting jarroo
Think of a PPZ level as a "live electrical wire" and Price as a "squirrel". When Price (the squirrel) hits the PPZ level (the live electrical wire) that Price is going to jump one way or the other.
From now on, every time I draw out my PPZs, I'm going to be seeing images of BBQ'd squirrels.
  • #71,010
  • Aug 9, 2010 4:10pm Aug 9, 2010 4:10pm
long at high : tp1: 6350 tp2: 6400?
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  • #71,011
  • Aug 9, 2010 5:20pm Aug 9, 2010 5:20pm
Quoting Pinbar
Hey Novak

Welcome to the thread.

I am sure you are as I am, extremely glad you found it.

You seem to be a quick learner, good for you.
Thanks Pinbar! And yeah, I'm glad I found this thread
Keep it simple stupid
  • #71,012
  • Aug 9, 2010 5:34pm Aug 9, 2010 5:34pm
Here's an updated chart of my trade. I'm going short and it's a 4 hour view. Let me know what you guys think. Did I do good, would you guys do the trade on this type of setup, or based off of what my chart shows? Thanks.

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Keep it simple stupid
  • #71,013
  • Aug 9, 2010 5:59pm Aug 9, 2010 5:59pm
Quoting mbqb11
ah ok well I don't think this one will close as a LC(remb the DBHLC must have a closer lower then the previous bars low. If the overall pattern did it would be more interesting closing outside of your wedge shape. It may end up that pinbar from a week back carries us lower. I would have liked to see an overall bigger bar setup even if it did close lower then the previous bar low(to really show strength and a break "out" of the formation

Best
Mike
Hey Mike,
I've a remark on the kiwi. According to me this pair is consolidating at the moment on the daily between two BRN, range-support at about 7200 and range-resistance at about 7400. After its movement upwards the pair isn't making any new highs. As this pair is ranging it is better not to trade this pair, at least on the daily TF, one could of course trade the range on the lower TF. If price breaks the 7200, the trend will reverse and price could drop to the 6800 area where a weekly PPZ is situated. If price breaks the 7400 and subsequently the 7440 (weekly PPZ) then price will continue its previous uptrend. So we must wait for this consolidation to break. This concludes my analysis on the kiwi, please give me your expert opinion on this one.http://cdn.forexfactory.com/images/icons/icon10.gif

May the force be with you,
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Pipcrawler
  • #71,014
  • Aug 9, 2010 6:03pm Aug 9, 2010 6:03pm
Quoting xmzhang
Hey Mike,
I've a remark on the kiwi. According to me this pair is consolidating at the moment on the daily between two BRN, range-support at about 7200 and range-resistance at about 7400. After its movement upwards the pair isn't making any new highs. As this pair is ranging it is better not to trade this pair, at least on the daily TF, one could of course trade the range on the lower TF. If price breaks the 7200, the trend will reverse and price could drop to the 6800 area where a weekly PPZ is situated. If price breaks the 7400 and subsequently...
Hey zhang

thanks for sharing your analysis seems all logical to me.

I think if this bullish flag is valid we can expect a move in the long term to retest the high of the flag pattern just above the BRN above 7500. There was a pinbar off this pattern, but the pattern was sort of shifty over the last few weeks so I didn't pull the trigger on it

we shall see!
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  • #71,015
  • Edited 7:22pm Aug 9, 2010 6:55pm | Edited 7:22pm
Quoting zoopy
Ok... I think I'm even more confused now haha

On your chart you have two levels marked off. Are you saying they are two separate zones? I'm asking because in your link you said "The area between the Sup and Res levels is the PPZ". I thought that means the area between 109.09 and 108.39 is the area where I would look for PA? That make sense? Something tells me I still have it wrong lol...


Zoopy.

Many thanks for bringing this up and pointing us to that chart of Jarroo's.

Many times I have found myself drawing PPZ but, when I go back and look at the chart, I realize that often I have really only being drawing either the support or the resistance. Then thinking about this, sometimes I could not see the difference between S&R & PPZ. This post you made with Jarroo explaining it, greatly clears things up.

Now, I can look at the chart sort of like this and not get so confused.

EDIT: This concept really helps me look at PPZ as areas or ZONES rather than Lines as I was formerly perceiving them.

Great stuff, and it shows how when someone asks a question and we get an answer, it helps so many of us who had not yet formulated the question.


Many thanks.
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  • #71,016
  • Aug 9, 2010 7:23pm Aug 9, 2010 7:23pm
i have the same problem to draw the PPZ ，i study the thread for a long time ，i have patient to read the whole pages because i am a newbie to this theard 5 months ago ，now i finish 1570 page，because i want to be a winner...
  • #71,017
  • Aug 9, 2010 8:21pm Aug 9, 2010 8:21pm
Quoting Novak
Here's an updated chart of my trade. I'm going short and it's a 4 hour view. Let me know what you guys think. Did I do good, would you guys do the trade on this type of setup, or based off of what my chart shows? Thanks.

Attachment
You win. Good one. I was also looking at the same setup. But later decided not to take the trade because I thought the trendline was broken already and it will continue to go up. Drawing trendlines differ from people to people, so I think they are less powerful than S/R which are easier to draw.
  • #71,018
  • Aug 9, 2010 8:32pm Aug 9, 2010 8:32pm
Quoting Pinbar
Zoopy.

Many thanks for bringing this up and pointing us to that chart of Jarroo's.

Many times I have found myself drawing PPZ but, when I go back and look at the chart, I realize that often I have really only being drawing either the support or the resistance. Then thinking about this, sometimes I could not see the difference between S&R & PPZ. This post you made with Jarroo explaining it, greatly clears things up.

Now, I can look at the chart sort of like this and not get so confused.

EDIT: This concept really helps me look at PPZ as areas...
Hi Pinbar

I was doing exactly what you were doing. I was using just lines but then I saw that post because I was trying to find more information on PPZs. It would be very helpful I think if that post was mentioned in post #1
  • #71,019
  • Aug 9, 2010 8:50pm Aug 9, 2010 8:50pm
Quoting zoopy
Hi Pinbar

I was doing exactly what you were doing. I was using just lines but then I saw that post because I was trying to find more information on PPZs. It would be very helpful I think if that post was mentioned in post #1

Indeed, it is a cracker of a post.

Makes things click in my head. Lol
  • #71,020
  • Aug 9, 2010 9:24pm Aug 9, 2010 9:24pm
Seems to approaching a strong weekly ppz at 1.6500 with some fib confluence. Also divergence on daily. What would really be nice to see would be a climb to 1.7500, which looks to be an even stronger ppz.
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