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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

  • #73,101
  • Aug 28, 2010 11:14am Aug 28, 2010 11:14am
Quoting ppfx
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
Markets do like that 50% retracement (50% ret is not a fib). Add additional confluences and look out.

I do like the Weekly PB, it has good support location-wise, Spce and Size is a main concern.


That 1.25 sure looks juicy, multiple confluences at that level. Like to see Price get there. . .I sure Mike is watching this one.


Edit: I see Mike is . .
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Indicators show the past. Price Action "Indicates" the future.
  • #73,102
  • Aug 28, 2010 11:15am Aug 28, 2010 11:15am
Last week, I saw two possible pin bars. One GBPCHF and 2nd is AUDCHF.

I choose to go with AUDCHF instead of GBPCHF.

2nd bar hit FTA on GBPCHF but in case of AUDCHF, it struggled. Finally broke Friday (may be due to FED chairman's speech).

The reason I did not choose GBPCHF is:
1. The PB is very small.
2. There are quite a few big bearish bars.. pumping the price down
3. I thought this small PB is NOT good enough to push the price high

The reason I did choose AUDCHF is:
1. The PB size is good, may not be great
2. There are bearish bars on this pair also, but not as hard as GBPCHF

3. The part I don't like in this PB is the CLOSE. The close of the PB is not at the end of the bar. It left a wic at the top.

Is point 3 is the main reason for thir pair not to bounce high in comparison to GBPCHF ?

Any thoughts, please ?
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  • #73,103
  • Aug 28, 2010 11:29am Aug 28, 2010 11:29am
Quoting jarroo
I don't know how they do it without charts. lol

I guess they are just looking a big over flow, trying to find out what the big dogs are doing, then jump on their orders or ahead of their orders.

If they didn't have charting service, I would have a couple of guys plotting the OHLC on graph paper in the back room to see if a Big Daily PB just broke.


In Part c, at around the 4:50 time mark . .they talk about pushing Price up so they can sell it hard . . .isn't that a PB? . .lol
hahaha I just watched the second part and I love the scene hes coming from his house in the country and he is staying connected to the markets in his car


hahah my how times have changed, that was such a great laugh
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  • #73,104
  • Aug 28, 2010 11:31am Aug 28, 2010 11:31am
Quoting xmzhang
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...
Sorry about that xmz, I thought the BEOB was on the 4 hour. My eyes have been going bad ever since I was on the wrong side of 40.

I thought the question was concerning managing a Daily setup on a lower time. My point was that if you do, it can be very misleading.

Meaning, trading a Bullish PB on the Daily then seeing a BEOB on the Hourly does not necessarily mean that the Daily bullish PB's move is now over. It just means that the Hourly BEOB may be short lived. . . meaning that it still could work out by hitting its FTA or traffic levels and then continue on in the direction of the Daily bullish PB.

Now if you took the Hourly BEOB as a totally independent setup on its own, that's great . . as long as it meets the strict criteria of a quailty setup. That's why is good to see what's going on . . on the higher time frames when trading on the lower time frames.
Indicators show the past. Price Action "Indicates" the future.
  • #73,105
  • Aug 28, 2010 11:34am Aug 28, 2010 11:34am
Quoting mbqb11
hahaha I just watched the second part and I love the scene hes coming from his house in the country and he is staying connected to the markets in his car


hahah my how times have changed, that was such a great laugh

hahaha that's freaking hilarious . . . I like the BMW castte player . .they highlight it as if its really hot to have. .. lol
Indicators show the past. Price Action "Indicates" the future.
  • #73,106
  • Aug 28, 2010 11:43am Aug 28, 2010 11:43am
Quoting jarroo
hahaha that's freaking hilarious . . . I like the BMW castte player . .they highlight it as if its really hot to have. .. lol
oh man he pops in that tape, and lights up...man the 80s freaking rocked
  • #73,107
  • Aug 28, 2010 12:04pm Aug 28, 2010 12:04pm
Hi Jim ...hope you don't mind me useing your chart...just having fun with paint program...seeing if this old fart can still learn how to use a computer program...never mind trade...I think they mentioned in the billion dollar movie that we would be done by age 40....in that case I should be taking my afternoon nap right now ...

I wanted to post this chart for a few reasons...I think we were showing last week how the beob and how a nice entry can be taken on a retrace and i can't remember if we discussed this pair(I am not as young as most here).

Next, I am concerned on the size of the PB in relation of the PB and wanted to ask you or to clarify for others if I am correct that you would wait for confirmation on a lower TF to see if this wkly PB is in play before trading it straight up on the wkly.

Is this correct?

Bill
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  • #73,108
  • Aug 28, 2010 12:08pm Aug 28, 2010 12:08pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting cprao
Last week, I saw two possible pin bars. One GBPCHF and 2nd is AUDCHF.

I choose to go with AUDCHF instead of GBPCHF....

Is point 3 is the main reason for thir pair not to bounce high in comparison to GBPCHF ?
cprao, I saw both of these last week and I chose the gbpchf. The reason I liked it more is there was more room between the break of the PB and the lows of the 5 previous bars. (The area between the blue lines in screenshots below.) It seems like those recent bars often act as minor PPZs or roadblocks on a move back up.

For the gbpchf, the lowest low was that bearish bar three days prior. It seemed to have an easy ride to get to there, at which point you could move your SL to BE and then decide on your next move. And it did get that far, then stalled at the lows of prior bar 2 and prior bar 4.

If you look at audchf, the green bar four days prior and the red bar five days prior are VERY close to the break of the pin bar. And that same level is also a PPZ area from some bar lows a few weeks back. So I thought that audchf would have trouble right from the start.

Just my newbie opinion!
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  • #73,109
  • Aug 28, 2010 12:18pm Aug 28, 2010 12:18pm
Quoting jarroo
In Part c, at around the 4:50 time mark . .they talk about pushing Price up so they can sell it hard . . .isn't that a PB? . .lol
I was trying to fix my Ipad today. And found only 2 decent apps: CNBC, Bloomberg. Oh ok I thought, those two are most popular anyway, too bad they have only Line and area charts.... and it dawned on me!!! The Perfect shaped BEARISH PB at the swing high WILL look (on the Line chart) as a Small dip in the bull run - perfect time to buy!!! WOW! Those investors using the "best" sources like CNBC, Bloomberg are looking to buy based on the fundamentals and that dip on the line chart??? and I'm gonna short it...

wow... or is it just me?
  • #73,110
  • Aug 28, 2010 12:22pm Aug 28, 2010 12:22pm
Quoting Atc
Hi Jim ...hope you don't mind me useing your chart...just having fun with paint program...seeing if this old fart can still learn how to use a computer program...never mind trade...I think they mentioned in the billion dollar movie that we would be done by age 40....in that case I should be taking my afternoon nap right now ...

I wanted to post this chart for a few reasons...I think we were showing last week how the beob and how a nice entry can be taken on a retrace and i can't remember if we discussed this pair(I am not as young...
Hey Bill

Yeah I was looking for the retrace of the Weekly BEOB to the previous bar Low at around the 1.3000 BRN, but it never got there. It did show a build up of Resistance at the 1.2900, which was a good place to look for bearish PA on the lower time frame.


Yes, the Weekly PB is pretty and small lacks much needed space, which could mean just a pause in its downward move from the Weekly BEOB.

A retrace to the left eye or off the 1.2730 PPZ level will tell me if this small PB has a chance to the FTA or at least a move to cover my risk. But for many . . . its an easy pass .
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Indicators show the past. Price Action "Indicates" the future.
  • #73,111
  • Aug 28, 2010 12:31pm Aug 28, 2010 12:31pm
Quoting Adilius07
I was trying to fix my Ipad today. And found only 2 decent apps: CNBC, Bloomberg. Oh ok I thought, those two are most popular anyway, too bad they have only Line and area charts.... and it dawned on me!!! The Perfect shaped BEARISH PB at the swing high WILL look (on the Line chart) as a Small dip in the bull run - perfect time to buy!!! WOW! Those investors using the "best" sources like CNBC, Bloomberg are looking to buy based on the fundamentals and that dip on the line chart??? and I'm gonna short it...

wow... or is it just me? ...

That maybe so on a Line chart, Adilius. But we like to see more of the story of that PB at a swing high. . .does it have any confluences that support it? is it at a BRN?, Where are the PPZ levels?, what does the higher time frames look like . .any PA up there that agrees with or conflicts with that PB? etc.

stuff like that . .
Indicators show the past. Price Action "Indicates" the future.
  • #73,112
  • Aug 28, 2010 12:37pm Aug 28, 2010 12:37pm
Quoting jarroo
That maybe so on a Line chart, Adilius. But we like to see more of the story of that PB at a swing high. . .does it have any confluences that support it? is it at a BRN?, Where are the PPZ levels?, what does the higher time frames look like . .any PA up there that agrees with or conflicts with that PB? etc.

stuff like that . .
Yes, of course I understand bar structure is just a part of a story. But my point was that those using these popular sources are almost immediately in the worst condition than me. Yes their analysis might work in long run etc. But just in that particular moment I have much more advantage over the mass... I am with the order flow... well sounds very nice to me this way, lol. and I think it is so too?
  • #73,113
  • Aug 28, 2010 12:40pm Aug 28, 2010 12:40pm
Quoting Adilius07
Yes, of course I understand bar structure is just a part of a story. But my point was that those using these popular sources are almost immediately in the worst condition than me. Yes their analysis might work in long run etc. But just in that particular moment I have much more advantage over the mass... I am with the order flow... well sounds very nice to me this way, lol. and I think it is so too?
Yes you do Adilius . . more then you know . . .
Indicators show the past. Price Action "Indicates" the future.
  • #73,114
  • Aug 28, 2010 12:48pm Aug 28, 2010 12:48pm
Quoting jarroo
Yes you do Adilius . . more then you know . . .
It is almost as I was angled for a compliment, lol. I think it looked important to me because, for example, where I live we do have a stock market. But everyone watch ONLY Line chart. That is due to liquidity, when some stock had only 7 deals in a whole month the candlestick chart would show only 7 candles for that month, lol, which is really meaningless but line chart would show a story like trend is moving up or down...

So maybe that is why I almost jumped in my chair when I understood this little fact. Entry bias would look very very different on those two charts.
  • #73,115
  • Aug 28, 2010 12:50pm Aug 28, 2010 12:50pm
Quoting jdl
cprao, I saw both of these last week and I chose the gbpchf. The reason I liked it more is there was more room between the break of the PB and the lows of the 5 previous bars. (The area between the blue lines in screenshots below.) It seems like those recent bars often act as minor PPZs or roadblocks on a move back up.

For the gbpchf, the lowest low was that bearish bar three days prior. It seemed to have an easy ride to get to there, at which point you could move your SL to BE and then decide on your next move. And it did get that far, then stalled...
Hi Jdl, Thank you for your response.
1) I got your point of space in GBPCHF. That's where my problem starts - when I need to determine previous bar lows, (FTA), I am not sure should I be concerned with only the immediate previous bars or any bar(s) in the chart ?

Look at the bar pointed with red arrow-- which also bothers me as a potential FTA.
2) On AUDCHF, I saw the previous bar which is very close to pin.. that is the reason I went for 10 pip buffer to cross that bar low. However, that did not work out because of the spread (did not consider 5 pips). Had I chosen 15 pips buffer, my trade would never have triggerred on Thursday.
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  • #73,116
  • Aug 28, 2010 12:54pm Aug 28, 2010 12:54pm
Quoting raczekfx
Jim, my friend.
Is this lousy eur/chf tipping you off on g/chf....or ...
I wrote in details about it 12hrs ago...

Love it when plans work out...

TC
r
You were writing for the SNB ?? . .. .(just kidding . .lol)


No, I didn't look to the Eur/Chf, nor to the Usd/Chf . . . just looking for an area of layered confluence . . I wonder where . . or should I say who . . I learned that from . . . thanks Rac.

Could be heading down at the current levels but it Price pushes upward the current levels could provide a decent level to build support for a long .

. .wouldn't you say Rac?

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #73,117
  • Aug 28, 2010 1:01pm Aug 28, 2010 1:01pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting cprao
Hi Jdl, Thank you for your response.
1) I got your point of space in GBPCHF. That's where my problem starts - when I need to determine previous bar lows, (FTA), I am not sure should I be concerned with only the immediate previous bars or any bar(s) in the chart ?

Look at the bar pointed with red arrow-- which also bothers me as a potential FTA.
Yea, I know what you mean.

In my mind, areas that are flips of support and resistance many times are FTAs even if those occurred a long time ago. And very recent bar high/lows seem to be minor FTAs regardless.

That red line did hit a pin bar low and a high of another bar, but it didn't really meet my rule of thumb above. That is, it wasn't a major flip area and it wasn't super recent. Of course, maybe I'm just rationalizing my trade after the fact.
  • #73,118
  • Aug 28, 2010 1:32pm Aug 28, 2010 1:32pm
Quoting Ace284
I made a video as I traded this setup live. Just posted it. Appreciate it if you guys check it out! Its a step by step live trade example. It's a mix of PA trading and confluence.

Quoting ghous
I like the way you use your TLs and J16 ppzs to arrive at the "area of interest" nice concept, and a nicer video. Thnx a lot bud for sharing

g.

Wow . . great video Ace . .this guy knows his stuff.

I like that if Price didn't reach HIS level or area, he didn't take the trade. . . . let Price come to you. Also, how you based the management of the trade on the charts nothing else . .like outside influences as you mentioned. Nice . .

Just to throw some other confluences at you Ace . . . .


The 1.4350 level is a strong PPZ level as you can see on the Weekly and Daily. Notice that this Weekly Bar (red arrow) broke previous Support . .it closed with its Close below the 1.4350 (say that three times fast) . . this is a good indication that the 1.4350 level will now act as Resistance (thank you, James16).

The 4 hour showed other confluences with the 61.8 Fib and 365 ema, just wanted to note tha.t Ace.

Notice where Price finally took its dive . .1.4350 . . Higher time frame PPZ level.

Nice work Ace.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #73,119
  • Aug 28, 2010 1:35pm Aug 28, 2010 1:35pm
Quoting jdl
Yea, I know what you mean.

In my mind, areas that are flips of support and resistance many times are FTAs even if those occurred a long time ago. And very recent bar high/lows seem to be minor FTAs regardless.

That red line did hit a pin bar low and a high of another bar, but it didn't really meet my rule of thumb above. That is, it wasn't a major flip area and it wasn't super recent. Of course, maybe I'm just rationalizing my trade after the fact.
Thank you Jdl.. Have a good weekend.
  • #73,120
  • Aug 28, 2010 1:37pm Aug 28, 2010 1:37pm
Quoting jarroo
Wow . . great video Ace . .this guy knows his stuff.

I like that if Price didn't reach HIS level or area, he didn't take the trade. . . . let Price come to you. Also, how you based the management of the trade on the charts nothing else . .like outside influences as you mentioned. Nice . .

Just to throw some other confluences at you Ace . . . .


The 1.4350 level is a strong PPZ level as you can see on the Weekly and Daily. Notice that this Weekly Bar (red arrow) broke previous Support . .it closed with its Close...

Also . .notice where Price retraced to on the Hourly BEOB . .the previous bar High . . then the previous bar low, which was a retest of the break . .
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Indicators show the past. Price Action "Indicates" the future.
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