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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

  • #73,021
  • Edited 3:58am Aug 27, 2010 3:42am | Edited 3:58am
Quoting joelcf
Thanks to you, I got basically no work done this week

. . its addictive isn't it.


Hey joel . . have you ever seen this "documentary" called . the Billion Dollar Day.

The technology for what they do is hilarious compared to today but millions of dollars for penny moves . .wow.

Inserted Video


don't know if the video is working . .just google the Billion Dollar Day or just click vidoeo posted . .its in five, 6 minute parts.
Indicators show the past. Price Action "Indicates" the future.
  • #73,022
  • Aug 27, 2010 4:33am Aug 27, 2010 4:33am
jaroo so how do they trade without charts?
  • #73,023
  • Aug 27, 2010 4:45am Aug 27, 2010 4:45am
Quoting jarroo
Stay coool Pb . . .is summer almost over . .over there?


I guess it is almost over.. http://gojapan.about.com/cs/weather/...ateinjapan.htm

Got it! Din't expect to have to look that far back for a resistance level. Thanks pb and jarroo!
  • #73,024
  • Aug 27, 2010 5:26am Aug 27, 2010 5:26am
Quoting mistersimple
jaroo so how do they trade without charts?
they dont need charts, their trading is very different to ours based on order flows on the exchange floors and on dealing floors based on commission.
  • #73,025
  • Aug 27, 2010 7:44am Aug 27, 2010 7:44am
Quoting jarroo
Like to see the PB forming on the Weekly to close above the 1.2730ish PPZ level. . .this may be a hint to where its going . But we know what weak or small PBs will do.
In the begining of this week i was looking for the price to go to 1.25 (link) which seemed a good PPZ area, but i somehow intentionally overlooked the 1.2605-1.2610 area which i now found out its also a 50% fib retracement. It seems that the price is now stuck between the 1.2730 and 1.2610

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  • #73,026
  • Aug 27, 2010 7:54am Aug 27, 2010 7:54am
Quoting melvin87
Got it! Din't expect to have to look that far back for a resistance level. Thanks pb and jarroo!


Yeah, I thought the same thing a couple of years ago.
These PPZ are like market memory, that stays valid even today.
That is why we use the monthly & weekly time frames to mark these levels.
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  • #73,027
  • Aug 27, 2010 8:10am Aug 27, 2010 8:10am
Quoting jarroo
Looking at the 4 hour we have a PB (BEOB on your feed), not too bad . .nice size, off a BRN 1.6000, a bit of space and with the trend. Target . . previous bar high in green and/or the top of our Daily PB.

We know what a setup will do when it hits our FTA, it usually reacts. This 4 hour PB could have easily reacted as I have drawn (magenta line) but it didn't. A free trade could have given it more room with less risk but that too would have closed out with a net zero loss. So now we wait for a better setup to present itself.

Managing a setup...
Hey Jarroo,
Thanx for taking the trouble for answering my question. Maybe you misread my message, I explained that I wanted to manage this trade on the 1H-TF and not on the 4H-TF, because by the time a PA on the 4H-TF has finished ones SL would have probably already been hit before that. The BEOB was generated on the 1H-TF right at the bar low (16054) of 23 august, not on the 4H-TF. The purpose was to daytrade a countertrend pullback at a swinglow of a strong downtrend on the daily TF. My intention was not to play the big range on the weekly just a quick countertrend trade at a swinglow on the daily TF. I had no illusions that this small PB could reverse such a strong downtrend towards the top of the weekly range. When price hit its third obstacle and PA generated a BEOB, this was for me a trigger to close this quick countertrend trade. What I'am trying to say is that how to manage a trade depends on ones objectives. If my objective was to play the weekly range then it wouldn't be very smart to manage this trade on the 1H-TF, because as you told, price doesn't travel according a straight line towards its target. But if my objective was just to trade a quick countertrend pullback into a strong downtrend then I would say that managing (babysit) this trade on the 1H-TF is the only way to manage this trade profitable.

May the force be with you.
Pipcrawler
  • #73,028
  • Aug 27, 2010 8:14am Aug 27, 2010 8:14am
1H pin off a BRN (1.55)
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  • #73,029
  • Aug 27, 2010 8:15am Aug 27, 2010 8:15am
Quoting ts63
1H pin off a BRN (1.55)
I would be cautious with ones like this that could not close above the BRN. Friday may get you to creep up but the close tells me a lot till it can close above that BRN

Best
Mike
  • #73,030
  • Aug 27, 2010 8:37am Aug 27, 2010 8:37am
1H-BUOB on the Ozzie, closed above PPZ/RNB 8900, hope that 8900 now will act as support. Maybe the FTA at the 8920-ish is to close to entry point ?
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Pipcrawler
  • #73,031
  • Aug 27, 2010 8:47am Aug 27, 2010 8:47am
Just entered long on a livetrade of the Ozzie on the 15m-TF. Although the 1H-BEOB has not been breached, I quess the 8900 will hold as support and I try to pre-empt the break.
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Pipcrawler
  • #73,032
  • Aug 27, 2010 8:52am Aug 27, 2010 8:52am
Hey Mike,

Are you looking at the USD/CHF 1.0220 level, at least 4 bars (1H) have been rejected from that level, a bunch of stops just below that level and perhaps 1.0200 too, what are your thoughts about it ?
  • #73,033
  • Aug 27, 2010 8:54am Aug 27, 2010 8:54am
Quoting Lasker
Hey Mike,

Are you looking at the USD/CHF 1.0220 level, at least 4 bars (1H) have been rejected from that level, a bunch of stops just below that level and perhaps 1.0200 too, what are your thoughts about it ?
Hey Lasker

No I am not personally but that makes sense. You can see heavy divergence on the one hr, markets may want to clear out what is under there before moving higher. But trend is strong down so be sure you get some good PA to step in front of it

Best
Mike
  • #73,034
  • Aug 27, 2010 9:02am Aug 27, 2010 9:02am
Stopped out on the Ozzie for -4.5 euro, so it would have been better to wait for price to breach the BEOB.http://cdn.forexfactory.com/images/icons/icon8.gif
Pipcrawler
  • #73,035
  • Aug 27, 2010 9:11am Aug 27, 2010 9:11am
Quoting xmzhang
Stopped out on the Ozzie for -4.5 euro, so it would have been better to wait for price to breach the BEOB.http://cdn.forexfactory.com/images/icons/icon8.gif
You also entered just before news, You can chart all you want but a news candle will change the landscape.
  • #73,036
  • Aug 27, 2010 9:23am Aug 27, 2010 9:23am
Quoting Chelski
You also entered just before news, You can chart all you want but a news candle will change the landscape.
Yes I know, was to busy observing the chart that I forgot all about the fact that Bernanke was helding a speech at 14:00 GMT (I entered at 14:12 GMT) which apparently was good news for the greenback. The funny thing is I always take a look at the real-time economic calender before I start looking at my charts. It all comes down to disipline and experience I quess.http://cdn.forexfactory.com/images/icons/icon9.gif

May the force be with you.
Pipcrawler
  • #73,037
  • Aug 27, 2010 9:33am Aug 27, 2010 9:33am
Quoting xmzhang
Yes I know, was to busy observing the chart that I forgot all about the fact that Bernanke was helding a speech at 14:00 GMT (I entered at 14:12 GMT) which apparently was good news for the greenback. The funny thing is I always take a look at the real-time economic calender before I start looking at my charts. It all comes down to disipline and experience I quess.http://cdn.forexfactory.com/images/icons/icon9.gif

May the force be with you.
Sadly the trade is now moving the way you called it http://cdn.forexfactory.com/images/icons/icon8.gif
  • #73,038
  • Aug 27, 2010 9:33am Aug 27, 2010 9:33am
Quoting Chelski
You also entered just before news, You can chart all you want but a news candle will change the landscape.
Thats why Jim teaches that newbies should stick to higher timeframes (daily, weekly) before they learn! Because on the higher timeframes the news dont have such an impact than on the hourly.
  • #73,039
  • Aug 27, 2010 9:38am Aug 27, 2010 9:38am
Quoting Chelski
Sadly the trade is now moving the way you called it http://cdn.forexfactory.com/images/icons/icon8.gif
welcome to the amazing world of forex...
just kidding ...
meine augen sind die sterne
  • #73,040
  • Aug 27, 2010 9:40am Aug 27, 2010 9:40am
Quoting aserbfx
welcome to the amazing world of forex...
just kidding ...

Quite, always remember, "the market can be wrong longer than you can be solvent"
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