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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

  • #75,761
  • Sep 28, 2010 2:28am Sep 28, 2010 2:28am
Quoting jarroo
Check out this chart from a recent post from James16 on the Daily Eur/Chf :



This is a similar situation as the 1.3300 on the Eur/Usd.

The 1.3100 and 1.3150ish are PPZ levels and Price has broken through these levels pretty hard indicated by a good size BUOB.

As you can see, Price has acted as previous Resistance at these levels. Also previous Support. Guess where Price may find Support after it has broken through these level? Let's watch and find out . .shall we.

Did this bounce provide enough movement to cover your risk and see if she runs? Only you know the answer.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurochf28.jpg Size: 91 KB
Click to Enlarge Name: eurochf28a.jpg Size: 93 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,762
  • Sep 28, 2010 2:48am Sep 28, 2010 2:48am
Hey jarroo,

Thanks very much for the informative replies. Apologies if these questions sound repetitive but I am keen to understand the real mechanics behind the trades.

Quoting jarroo
As James stated this was a pivot or touch type trade at the 1.3300. No bar or PA setup was involved.
As I understand it, this was not necessarily an A+ setup. It is simply a trade playing off historical and reliable horizontal support and resistance lines?

Quoting jarroo
The stop loss was tight at this level . .probably 25-30 pips.
You say "probably".

What is the preferred stop loss rules (ie how do we determine the exact figure of pips)? I would of thought a stop loss slightly under the new or earlier line of support would make practical sense (like you have described). So X pips under 1.3300 then 1.3400 as the price moved up?

When are you moving your stop loss to break even? On the same day (ie same daily candle)? Or waiting until following candle?

Quoting jarroo
Adding to this position or adding to any position after your in the money, . .I personally would need a quality type setup just like the one that I got into in the firat place. . . meaning my rules for an entry do not change.
So if adding to a position, we are essentially taking a brand new trade? We look for the same rules/criteria? The same stop loss rules apply?
  • #75,763
  • Sep 28, 2010 2:49am Sep 28, 2010 2:49am
Interesting where Price found Support on this Daily BUOB on the Gbp/Chf.
Previous bar High . . the 1.5500 BRN. or maybe its not that interesting any more . . just predictable.

Still alot of traffic in front of this BUOB.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf28.jpg Size: 90 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,764
  • Sep 28, 2010 3:04am Sep 28, 2010 3:04am
Quoting jarroo
I'm not sure what Plat you're using but your chart doesn't show Price reaching the 86.50 level. I believe that feed is bad.
J,

Thanks ur right.

If I drop down to 2hrs it shows 86.50.

The feed is from Saxobank and I'm on the phone to them now.

Think I might need a new platform.
  • #75,765
  • Sep 28, 2010 3:06am Sep 28, 2010 3:06am
Quoting jarroo


Targeting the Daily bar lows in the white box 0.8450ish (if the order triggers within a reasonable time of course)
I was hoping for Hard Break/momentum follow through on this but we pulled back to the wedge already



I'm in Arizona now so my daytrading has become "night-trading"
Attached Image (click to enlarge)
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  • #75,766
  • Sep 28, 2010 3:09am Sep 28, 2010 3:09am
Quoting dmuk
Hey jarroo,

Thanks very much for the informative replies. Apologies if these questions sound repetitive but I am keen to understand the real mechanics behind the trades.



As I understand it, this was not necessarily an A+ setup. It is simply a trade playing off historical and reliable horizontal support and resistance lines?



You say "probably".

What is the preferred stop loss rules (ie how do we determine the exact figure of pips)? I would of thought a stop loss slightly under the new or earlier line of support would make practical...
No apologies necessary dmuk . . that's why this thread is so great. We are all here to help one another.

Yes, it was a simple trade playing off historical and reliable horizontal support and resistance lines. The clearer they are the better. A+ setups will have a well defined PA confirmation with obvious supported confluences.


Preferred stop loss rules is something you must decide and test. Typically the you want a stop loss on this type of entry to be pretty tight . . for me its 25-30 pips depending on the pair. It will either work out or it won't.


Moving to break even quickly means just that . .after Price moves 10 pips, 20 pips, 30 pip in your favor you move to break even. It could be within 30 seconds or a few mintues. If you feel that your stop loss is well protected you could hold on much longer until your FTA or target is hit.

Adding to a position is usually under the guides of the same rules and criteria. just like a brand new trade.
Indicators show the past. Price Action "Indicates" the future.
  • #75,767
  • Sep 28, 2010 3:16am Sep 28, 2010 3:16am
Quoting Jonnyislost


Targeting the Daily bar lows in the white box 0.8450ish (if the order triggers within a reasonable time of course)
I was hoping for Hard Break/momentum follow through on this but we pulled back to the wedge already



I'm in Arizona now so my daytrading has become "night-trading"

Yes that blue line of past bars lows will be in play. Its the immediate Daily bar Lows that's hold things up now.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #75,768
  • Sep 28, 2010 3:19am Sep 28, 2010 3:19am
Hi everyone,

On with the positive today..

I redraw all my ppz levels every sunday, beginning on the daily time frame moving down to 4hour.. I trade the 1hour but rarely use the 1hour time frame to draw ppz..

I haven't been trading gbp/jpy recently because of lacking ppz confirmation in the current trading range. This chart I attached is how I currently see things.. Any opinions regarding my ppz's are very welcome.

the ppz's I highlighted are from daily, the normal red lines are 4hour ppz's.

I guess what I am trying to show here (and all of you may not agree) is that when you aren't very confident about a pair avoid it untill you are..
Attached Image (click to enlarge)
Click to Enlarge Name: gbpypj ppzs.gif Size: 33 KB
Thank you j16!
  • #75,769
  • Sep 28, 2010 3:21am Sep 28, 2010 3:21am
Quoting stewrigh
J,

Thanks ur right.

If I drop down to 2hrs it shows 86.50.

The feed is from Saxobank and I'm on the phone to them now.

Think I might need a new platform.

Is that a demo feed or a live feed? I ask because demo feeds can be a little shaky at times.
Indicators show the past. Price Action "Indicates" the future.
  • #75,770
  • Sep 28, 2010 3:22am Sep 28, 2010 3:22am
Quoting stewrigh
J,

Thanks ur right.

If I drop down to 2hrs it shows 86.50.

The feed is from Saxobank and I'm on the phone to them now.

Think I might need a new platform.
Hi stewrigh, hope they fix it for you soon.

also, thanks Jarroo.

BT
  • #75,771
  • Sep 28, 2010 3:32am Sep 28, 2010 3:32am
Quoting dmuk
Hey jarroo,


So if adding to a position, we are essentially taking a brand new trade? We look for the same rules/criteria? The same stop loss rules apply?
Here's an example of a setup where you may add to a position. Although this may not be the best example due to the traffic of this BUOB.

An entry at the previous High of the Daily Gbp/Chf BUOB that I showed earlier, at the 1.5500 BRN.

An added position would be applied at the break of the BUOB. But due to the BUOB has a lot of traffic and being in consolidation, a second entry would not apply or make sense. Unless a hard break and tight stop loss is applied.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf28aaaa.jpg Size: 88 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,772
  • Sep 28, 2010 3:35am Sep 28, 2010 3:35am
VBRN combined with PPZ and inside bar cluster on EURGBP. I am short from the break.
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp short inside bar.gif Size: 20 KB
  • #75,773
  • Sep 28, 2010 3:38am Sep 28, 2010 3:38am
Taking my previous post into account, this is more what I would see as confidence boosting chart.. Clear levels etc.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusdppzs.gif Size: 36 KB
Thank you j16!
  • #75,774
  • Sep 28, 2010 3:50am Sep 28, 2010 3:50am
Quoting jarroo
Is that a demo feed or a live feed? I ask because demo feeds can be a little shaky at times.
Nope its live and I been trading off it for 2+ years.

This the first time I've noticed anything like this tho.

Saxo have got their IT guys looking at it.
  • #75,775
  • Sep 28, 2010 3:51am Sep 28, 2010 3:51am
Quoting anderou
Hi everyone,

On with the positive today..

I redraw all my ppz levels every sunday, beginning on the daily time frame moving down to 4hour.. I trade the 1hour but rarely use the 1hour time frame to draw ppz..

I haven't been trading gbp/jpy recently because of lacking ppz confirmation in the current trading range. This chart I attached is how I currently see things.. Any opinions regarding my ppz's are very welcome.

the ppz's I highlighted are from daily, the normal red lines are 4hour ppz's.

I guess what I am trying to show here (and all...

Very good point anderou. If a pair is being choppy or has been in consolidation for a while, like the Gbp/Jpy has been as of late . .then move on to more clearer pairs.

I would also look to the Monthly and Weekly for PPZ levels as well, anderou. Nothing looks better than a big Hourly PB off a Monthly PPZ level.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gj28.jpg Size: 88 KB
Click to Enlarge Name: gj28monthly.jpg Size: 80 KB
Indicators show the past. Price Action "Indicates" the future.
  • #75,776
  • Sep 28, 2010 3:53am Sep 28, 2010 3:53am
Quoting stewrigh
Nope its live and I been trading off it for 2+ years.

This the first time I've noticed anything like this tho.

Saxo have got their IT guys looking at it.

Cool . .looks like its time for a serious refresh on their part.
Indicators show the past. Price Action "Indicates" the future.
  • #75,777
  • Sep 28, 2010 3:57am Sep 28, 2010 3:57am
Quoting fxprocessor
VBRN combined with PPZ and inside bar cluster on EURGBP. I am short from the break.

Its a good confirmation when fxp is in the same trade . .
Indicators show the past. Price Action "Indicates" the future.
  • #75,778
  • Sep 28, 2010 3:58am Sep 28, 2010 3:58am
Quoting jarroo
Nothing looks better than a big Hourly PB off a Monthly PPZ level.
there is one thing better than this and that is being one of the traders that created the pin in the first place by entering at the top/bottom of the bar at the monthly ppz. Thats the guy I want to be. I then hand my position over to you having already taken my profit with low risk and no drawdown. What do you think?
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  • #75,779
  • Sep 28, 2010 4:08am Sep 28, 2010 4:08am
Quoting M.A.C.Doug
there is one thing better than this and that is being one of the traders that created the pin in the first place by entering at the top/bottom of the bar at the monthly ppz. Thats the guy I want to be. I then hand my position over to you having already taken my profit with low risk and no drawdown. What do you think?
Touche M.A.C.
Indicators show the past. Price Action "Indicates" the future.
  • #75,780
  • Sep 28, 2010 4:08am Sep 28, 2010 4:08am
Quoting jarroo
Very good point anderou. If a pair is being choppy or has been in consolidation for a while, like the Gbp/Jpy has been as of late . .then move on to more clearer pairs.

I would also look to the Monthly and Weekly for PPZ levels as well, anderou. Nothing looks better than a big Hourly PB off a Monthly PPZ level.
Yip I should start looking at weekly and monthly.. yip nothing like confluence from LARGE time frames.
Thank you j16!
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