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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

  • #72,461
  • Aug 22, 2010 6:30am Aug 22, 2010 6:30am
Quoting Adilius07
I see 3 possible daily pins. AUDUSD, NZDUSD, NZDJPY.
I've chosen NZDJPY.

Can you go over the reasons why the NZDJPY instead of the AUDUSD and NZDUSD?
Indicators show the past. Price Action "Indicates" the future.
  • #72,462
  • Aug 22, 2010 6:34am Aug 22, 2010 6:34am
Quoting jarroo
Can you go over the reasons why the NZDJPY instead of the AUDUSD and NZDUSD?
Yes, let me prepare my charts, just a minute please
  • #72,463
  • Aug 22, 2010 6:52am Aug 22, 2010 6:52am
Quoting Adilius07
Jarroo thank you for your analysis!! I din't even look at monthly. Wow I should learn to do that. I am worried about this consolidation area which you marked on WEEKLY chart, yes it is closed below the highs of it but still kinda in the middle of it. But I hope that is "not recent" consolidation, so maybe price would have less trouble with it.

My main "view" was that this year is just one big range and we are now at the top of this range.

The most amazing thing is that I can now see that this method DOES WORK with stocks!!! Amazing!!!...
When I see a setup on a given time frame I'll always go up time frames to see whats going on up there. The higher time frames provide stronger levels (PPZs, Sup, Res, etc.), other PA formations that may agree or conflict, etc. I'll go down to lower time frames to see how Price is reacting to the levels from the higher time frame setup. ( I probably shouldn't even do that . . .lol)

Just takes some time and study Adiliuos . . . .you'll get there.


Meta trader 5 . . .I like it . . just one of many that I look at.
Indicators show the past. Price Action "Indicates" the future.
  • #72,464
  • Aug 22, 2010 7:08am Aug 22, 2010 7:08am
Good afternoon Jarroo,
I was curious, are you trading for a living or is it just a hobby for you ?
Pipcrawler
  • #72,465
  • Aug 22, 2010 7:16am Aug 22, 2010 7:16am
Quoting xmzhang
Good afternoon Jarroo,
I was curious, are you trading for a living or is it just a hobby for you ?
Not trading for living just yet but plan to.

Believe it or not . . .trading , reading charts, analyzing charts, etc . .actually relaxes me. Plus its a whole lot of fun. . . that wasn't always the case . . lol
Indicators show the past. Price Action "Indicates" the future.
  • #72,466
  • Aug 22, 2010 7:19am Aug 22, 2010 7:19am
Quoting jarroo
Can you go over the reasons why the NZDJPY instead of the AUDUSD and NZDUSD?
Ok, I tried to express my thoughts on these charts. Honestly I liked them all at first But I need to choose just one, so I went with NZDJPY. Mostly because it is LESS SCARY for some reason which I try to explain on the charts:
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: nzdjpy_aug22.gif Size: 30 KB
Attached Image
  • #72,467
  • Aug 22, 2010 7:22am Aug 22, 2010 7:22am
Quoting novice198
Hi Ghous,
I am confused now when you say that this was A+ setup. The PB low was 82.65 and if we keep a 5 pip buffer the entry would be 82.60 and FTA at 82.46. That is 14 pips profit including the spread for a risk of about 45 pips (SL @ 83.05).
Am I missing something here

Cheers
Novice 198
hey N,

It got the A+ badge from me because of it's size, the fact that the nose was protruding away from the vicinity of price action, the fact that it was with the down trend, the fact that it was off the 61.8 fib of the (until then) recent swing, the fact that it broke very hard, the fact that it blew through your 82.46 like butter and because of the fact that it went on to hit the area one should have expected it to make it to.

oooh and did i mention the 83 BRN?

g.
Attached Image (click to enlarge)
Click to Enlarge Name: cadyen.gif Size: 32 KB
I believe . . .
  • #72,468
  • Aug 22, 2010 7:23am Aug 22, 2010 7:23am
Quoting jarroo
Not trading for living just yet but plan to.

Believe it or not . . .trading , reading charts, analyzing charts, etc . .actually relaxes me. Plus its a whole lot of fun. . . that wasn't always the case . . lol
I don't understand, someone like you with such a understanding, you could easilly earn a very very descent living out of just trading. http://cdn.forexfactory.com/images/icons/euro.gifhttp://cdn.forexfactory.com/images/icons/dollar.gifhttp://cdn.forexfactory.com/images/icons/pound.gifhttp://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #72,469
  • Aug 22, 2010 7:25am Aug 22, 2010 7:25am
Quoting jarroo
Not trading for living just yet but plan to.

Believe it or not . . .trading , reading charts, analyzing charts, etc . .actually relaxes me. Plus its a whole lot of fun. . . that wasn't always the case . . lol
oh man, this is a real shocker for me! You don't do this full time?! Don't get me wrong the shocking I guess comes from the fact that despite the day job you squeeze out so much of your time to push through your price less lessons???

Something is really weird about the guys here at this thread...something really weird in the good sense of the word.

g.
I believe . . .
  • #72,470
  • Aug 22, 2010 7:33am Aug 22, 2010 7:33am
Quoting ghous
hey N,

It got the A+ badge from me because of it's size, the fact that the nose was protruding away from the vicinity of price action, the fact that it was with the down trend, the fact that it was off the 61.8 fib of the (until then) recent swing, the fact that it broke very hard, the fact that it blew through your 82.46 like butter and because of the fact that it went on to hit the area one should have expected it to make it to.

oooh and did i mention the 83 BRN?

g.
Good afternoon Ghous,
I've drawn another PPZ in your chart which was closer to your entry point, why didn't you take this one into consideration ?http://cdn.forexfactory.com/images/icons/icon5.gif
Attached Image (click to enlarge)
Click to Enlarge Name: FF.jpg Size: 172 KB
Pipcrawler
  • #72,471
  • Aug 22, 2010 7:40am Aug 22, 2010 7:40am
Quoting Adilius07
Ok, I tried to express my thoughts on these charts. Honestly I liked them all at first But I need to choose just one, so I went with NZDJPY. Mostly because it is LESS SCARY for some reason which I try to explain on the charts:
All the PBs are a bit too small in size which is scary and they all are running into traffic. The traffic wouldn't concern me if their size was bigger . . .its all about Space (and location of course) as Mike would say.

If I had to choose one it would be the Aud/Usd PB, it has good supportive levels the .8850 and .8900 with a clear target, .9000.
Indicators show the past. Price Action "Indicates" the future.
  • #72,472
  • Aug 22, 2010 7:43am Aug 22, 2010 7:43am
Quoting xmzhang
I don't understand, someone like you with such a understanding, you could easilly earn a very very descent living out of just trading. http://cdn.forexfactory.com/images/icons/euro.gifhttp://cdn.forexfactory.com/images/icons/dollar.gifhttp://cdn.forexfactory.com/images/icons/pound.gifhttp://cdn.forexfactory.com/images/icons/icon10.gif

Quoting ghous
oh man, this is a real shocker for me! You don't do this full time?! Don't get me wrong the shocking I guess comes from the fact that despite the day job you squeeze out so much of your time to push through your price less lessons???

Something is really weird about the guys here at this thread...something really weird in the good sense of the word.

g.

lol Its probably true . .I could take it to the next level . . . its just that my account size is not where I want it to be to do it right. Plus Life always gets in the way here and there. I'm in no hurry.
Indicators show the past. Price Action "Indicates" the future.
  • #72,473
  • Aug 22, 2010 7:49am Aug 22, 2010 7:49am
Quoting jarroo
lol Its probably true . .I could take it to the next level . . . its just that my account size is not where I want it to be to do it right. Plus Life always gets in the way here and there. I'm in no hurry.
I'm in a hurry now . .gotta go guys


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #72,474
  • Aug 22, 2010 7:54am Aug 22, 2010 7:54am
Quoting xmzhang
Good afternoon Ghous,
I've drawn another PPZ in your chart which was closer to your entry point, why didn't you take this one into consideration ?http://cdn.forexfactory.com/images/icons/icon5.gif
That's the 42.6 FTA novice was talking about, it was the FTA true and it was on my mind for sure, but then like I mentioned in the previous post price did break through the FTA like butter.

Let's take a closer look at the "broke through like butter phenomena":

Below is a chart that shows the action on the 5 minute. The first red line is the entry point, the other lower one is the 42.6 area that you guys are talking about.

A very obvious characteristic of an A+ setup is that it normally get's backed up by decent order flow - i.e it breaks hard the jarroo way!

There were a good 15 pips to the FTA and even a stop to BE at FTA would still have escorted your trade to the next trouble area which price bounced off and which was also the major trouble area.



g.
Attached Image (click to enlarge)
Click to Enlarge Name: cadyen 5min.png Size: 40 KB
I believe . . .
  • #72,475
  • Aug 22, 2010 8:04am Aug 22, 2010 8:04am
Quoting ghous
That's the 42.6 FTA novice was talking about, it was the FTA true and it was on my mind for sure, but then like I mentioned in the previous post price did break through the FTA like butter.

Let's take a closer look at the "broke through like butter phenomena":

Below is a chart that shows the action on the 5 minute. The first red line is the entry point, the other lower one is the 42.6 area that you guys are talking about.

A very obvious characteristic of an A+ setup is that it normally get's backed up by decent order flow - i.e it breaks hard...
Great explanationhttp://cdn.forexfactory.com/images/icons/icon14.gif. So you didn't move your stop to BE when price reached the 4260 PPZ ?
Pipcrawler
  • #72,476
  • Aug 22, 2010 8:06am Aug 22, 2010 8:06am
Quoting xmzhang
Great explanationhttp://cdn.forexfactory.com/images/icons/icon14.gif. So you didn't move your stop to BE when price reached the 4260 PPZ ?
If you go back and check i actually was a touch late on the trade, by the time I got to see the pin bar it had already broken and was whistling away to the FTA...I could only watch this beauty unfold from the side lines.

but like I suggested it was one of those sweet cherries that had something on offer for both the conservative as well as the slightly aggressive traders.

g.
I believe . . .
  • #72,477
  • Aug 22, 2010 8:30am Aug 22, 2010 8:30am
Another question about this "hard break" of an FTA. So this means a high momentum bar (large green/red bar) cutting through the FTA "like butter" perceived on a much lower TF (ie. the 15m, 5m or even the 1m TF) ? What I understand until now is that a hard break of the FTA contributes to high probability that the trade on the higher TF will eventually succeed or at least to BE.

May the force be with you,
Pipcrawler
  • #72,478
  • Aug 22, 2010 8:50am Aug 22, 2010 8:50am
Quoting jarroo
Not trading for living just yet but plan to.

Believe it or not . . .trading , reading charts, analyzing charts, etc . .actually relaxes me. Plus its a whole lot of fun. . . that wasn't always the case . . lol
Let this addiction happen to me soon. Oh god, please!
  • #72,479
  • Aug 22, 2010 8:55am Aug 22, 2010 8:55am
Quoting ghous
If you go back and check i actually was a touch late on the trade, by the time I got to see the pin bar it had already broken and was whistling away to the FTA...I could only watch this beauty unfold from the side lines.
Ya, its really hard to keep track of so many pairs all the time. Hope someone comes up with 'automatic chart scanning' SOON.
  • #72,480
  • Aug 22, 2010 9:29am Aug 22, 2010 9:29am
Quoting xmzhang
Another question about this "hard break" of an FTA. So this means a high momentum bar (large green/red bar) cutting through the FTA "like butter" perceived on a much lower TF (ie. the 15m, 5m or even the 1m TF) ? What I understand until now is that a hard break of the FTA contributes to high probability that the trade on the higher TF will eventually succeed or at least to BE.

May the force be with you,
Yes exactly! When price cuts through PPzs easily it's always a strong indication of the how great the PA setup is.

g.
I believe . . .
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