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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

  • #75,121
  • Sep 19, 2010 9:41am Sep 19, 2010 9:41am
Quoting Edd Ganuelas
-----

Can you direct me from previous post how to determine Pivot Price zone (PPZ)? It looks to me somewhere on the median between support and resistance where the current price action is. Sorry but I am new on this tread.

Thanks,
Hey Edd

Here is a good starting point on PPZs(price pivot zones)

http://www.forexfactory.com/showpost...ostcount=14084


Best
Mike
  • #75,122
  • Sep 19, 2010 10:02am Sep 19, 2010 10:02am
Hey Mike I have a question. Im currently in a situation where im long on GBPUSD and will also be long on USDJPY if that weekly barhigh break. This means im buying both against and with the $ but in different pairs. Is this something you consider when you trade multiple pairs? Those two pairs are not heavily correlated but still, kinda feels wrong to do that.
  • #75,123
  • Sep 19, 2010 10:09am Sep 19, 2010 10:09am
Quoting ekling
Hey Mike I have a question. Im currently in a situation where im long on GBPUSD and will also be long on USDJPY if that weekly barhigh break. This means im buying both against and with the $ but in different pairs. Is this something you consider when you trade multiple pairs? Those two pairs are not heavily correlated but still, kinda feels wrong to do that.

Hey E

I stick to the chart for the most part. That is a case that would not worry me as these pairs are not correlated much at all. Where I get cautious are heavily correlated pairs like eur/jpy gbp/jpy , or if your buying usd/chf and buying euro together since they are so strongly inversely correlated.

Mike
  • #75,124
  • Sep 19, 2010 10:13am Sep 19, 2010 10:13am
With strongly correlated pairs I would never trade both of them. If both show PA, pick the best setup to trade.

Quoting ekling
Hey Mike I have a question. Im currently in a situation where im long on GBPUSD and will also be long on USDJPY if that weekly barhigh break. This means im buying both against and with the $ but in different pairs. Is this something you consider when you trade multiple pairs? Those two pairs are not heavily correlated but still, kinda feels wrong to do that.
  • #75,125
  • Edited 10:45am Sep 19, 2010 10:26am | Edited 10:45am
Jarroo, I am up late drinking beer and watching SL's videos and reading his journal. Must have put in 15 hours solid today. It is interesting and confirms that we must swim with the big fish on large TF and seek confirmation and entries on lower TF.

It is really great how SL shows the big picture about PA rather than just a big bar at a swing high...Very interesting.

Absolutely Brilliant stuff.

Those poor souls that are throwing mud, know not what they do and that is just perfect self inflicted Karma.
  • #75,126
  • Sep 19, 2010 11:18am Sep 19, 2010 11:18am
Quoting raczekfx
It always has been...

It pays to be early on the trade.
0.9442 was ideal entry (based on smaller TF), I wish I was awake..

Below is one of my friend's early entry on usd/chf from a couple of days ago. It takes a bit of 'preparation' to know when and how to get in, but once you're in, you are not only listening to the music.... but also playing it..
Some might see a falling knife and run, other simply catch the knife and throw it back...
.
Hi Rac
Was the reason for you to enter in that trade the support area at the all time low on this pair? You waited to see how the price would react on a lower time frame and because it didnt cut through, you then entered in the trade. Or did you just enter cause you knew it would go back up for at least a few dozen pips?
Sorry for the questions, im just trying to learn. Seeing someone touch trading is so exciting for me.

Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF 19_9_10 monthly.png Size: 38 KB
  • #75,127
  • Sep 19, 2010 12:04pm Sep 19, 2010 12:04pm
Quoting xmzhang
Just great to hear this from a guru like you, .....
lol.. I'm not a guru.. I simply found something that works well (for me that is) and that's it.
I still believe one should start with higher TFs and work the way down as he/she gets better and better. The only exception to this, should be when you have someone watching over your shoulder and can show you obstacles where you are likely to get 'killed' on those smaller TFs.

cheers,
r

Quoting ppfx
Hi Rac http://cdn.forexfactory.com/images/s.../yim/happy.gif
..the reason for you to enter in that trade ..
It was my friend's trade, I posted...

I'm working on something bigger and more rewarding right now. Something that should go at least 500pips in the next two weeks... will update if I it works out and I don't forget..

back to C
  • #75,128
  • Sep 19, 2010 12:55pm Sep 19, 2010 12:55pm
Quoting Jonnyislost
No problem
I scan for "hammers and inverted hammers", as the definition of a hammer requires a very strong close (I like these bars the most)

And I scan once a day before the market opens (the US market opens at 2.30pm here in the UK, so I have plenty of time)
- - - - - -

Are you using something like an Indicator to scan the market? Would you mind sharing w/ us ur system?
  • #75,129
  • Sep 19, 2010 1:18pm Sep 19, 2010 1:18pm
Hi folks

Do you enter this PA set up on the break ?
  • #75,130
  • Sep 19, 2010 3:00pm Sep 19, 2010 3:00pm
Quoting antgal23
Hi folks

Do you enter this PA set up on the break ?
Yes sir, enter on break.
  • #75,131
  • Sep 19, 2010 3:13pm Sep 19, 2010 3:13pm
Quoting mbqb11
Very nice E, I am still long from the daily BUOB which basically is at my entry price so gonna see if this weekly BUOB pushes us up now

Mike
Hey Mike,
Question about your daily BUOB U-J trade. The engulfing bar closed just below the RNB @ 8600, why didn't you wait for a close above 8600 before entering ?
Pipcrawler
  • #75,132
  • Sep 19, 2010 3:19pm Sep 19, 2010 3:19pm
Quoting xmzhang
Hey Mike,
Question about your daily BUOB U-J trade. The engulfing bar closed just below the RNB @ 8600, why didn't you wait for a close above 8600 before entering ?
Hey Zhang

It was close but on this one the previous daily close was just to low to put my buy stop that far above the high to 86. I was comfortable enough with the setup to buy into 86

Mike
  • #75,133
  • Sep 19, 2010 3:44pm Sep 19, 2010 3:44pm
Quoting mbqb11
Hey Zhang

It was close but on this one the previous daily close was just to low to put my buy stop that far above the high to 86. I was comfortable enough with the setup to buy into 86

Mike
Because of the big size, ie. high momentum bar, of the engulfing bar I quess ?
Pipcrawler
  • #75,134
  • Sep 19, 2010 4:01pm Sep 19, 2010 4:01pm
Quoting xmzhang
Because of the big size, ie. high momentum bar, of the engulfing bar I quess ?
yeah exactly, it was not worth trying to stretch my entry out that much further and losing that for just the 86 there

Mike
  • #75,135
  • Sep 19, 2010 5:00pm Sep 19, 2010 5:00pm
The USD/JPY does look good and will probably jump on board myself. I will be passing on the GBP/USD PB. To me everything screams LONG to me except for the PB. Whenever I have a bias, I seldom trade against it. I do miss nice moves at times but my bias has kept me out of trouble more times than I can count.

Scott

Quoting Greenhaze
Charts look very good for USD and with BOJ selling yen the weekly BUOB on u/j looks even more promising. 86 is the key.
  • #75,136
  • Sep 19, 2010 5:19pm Sep 19, 2010 5:19pm
Quoting raczekfx
It always has been...

It pays to be early on the trade.
0.9442 was ideal entry (based on smaller TF), I wish I was awake..

Below is one of my friend's early entry on usd/chf from a couple of days ago. It takes a bit of 'preparation' to know when and how to get in, but once you're in, you are not only listening to the music.... but also playing it..
Some might see a falling knife and run, other simply catch the knife and throw it back...
.
hey Racman,
interesting entry u got there .......
Attached Image (click to enlarge)
Click to Enlarge Name: 497.gif Size: 20 KB
Simplicity is the key to success
  • #75,137
  • Sep 19, 2010 5:25pm Sep 19, 2010 5:25pm
Quoting raczekfx
lol.. I'm not a guru.. I simply found something that works well (for me that is) and that's it.
I still believe one should start with higher TFs and work the way down as he/she gets better and better. The only exception to this, should be when you have someone watching over your shoulder and can show you obstacles where you are likely to get 'killed' on those smaller TFs.

cheers,
r



It was my friend's trade, I posted...

I'm working on something bigger and more rewarding right now. Something that should go at least 500pips in the next two...
sorry my bad will be looking for your trade ... always nice to see you posting your amazing trades
  • #75,138
  • Sep 19, 2010 5:33pm Sep 19, 2010 5:33pm
hey Mike,
handle with care ...... 1.35 around the corner
cld be good for 500 +
Attached Image (click to enlarge)
Click to Enlarge Name: 499.gif Size: 17 KB
Simplicity is the key to success
  • #75,139
  • Sep 19, 2010 6:01pm Sep 19, 2010 6:01pm
Both the USDCAD BUOB off dbl bottom/last years low price and the GBPCHF bearish pin off the 1.6 look fantastic to me.
Many choose unhappiness over uncertainty.
  • #75,140
  • Sep 19, 2010 6:19pm Sep 19, 2010 6:19pm
Quoting aserbfx
this didn't close inside the range of the previous bar, but i like the location. broke through the 100 gbp, came back and closed below 100 gbp with a nearly pb. see the area to the far left at 100 gbp.
Aser,

Can I ask how you find these - I've started looking at stocks when forex is quiet but there are so many I end up going back to forex in frustration.
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