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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

  • #75,981
  • Sep 29, 2010 3:34pm Sep 29, 2010 3:34pm
Quoting tehuringa
Hey Ghous & Mikey!

The wine is always good brother

i hope you are both well and in fine form!

Cheers

Dave

Yo Dave
Indicators show the past. Price Action "Indicates" the future.
  • #75,982
  • Sep 29, 2010 3:35pm Sep 29, 2010 3:35pm
Quoting jarroo
Yo Dave
Hey Jim....good to see you man
  • #75,983
  • Sep 29, 2010 3:42pm Sep 29, 2010 3:42pm
Quoting tehuringa
Hey Jim....good to see you man
How's the land down under treating you, mate?
Indicators show the past. Price Action "Indicates" the future.
  • #75,984
  • Edited Sep 30, 2010 12:50am Sep 29, 2010 4:16pm | Edited Sep 30, 2010 12:50am
Quoting anderou
My eyes might start to bleed from watching the aud/usd pa. This is unchartered territory for me. I trade off 1 and 4 hour charts. And I do this well. So why mess with trading style? The au PA I am watching now is off the weekly.

The question is, do I keep to what I know and do best, or do I watch this weekly pa and trade it as if it was a 1 hour chart, small position, 1% risk, and set tp and sl according to the pa (that is if I see any convincing pa in the coming weeks/days).

I think I will only watch this one, I have no reason to start...
Watch the Weekly PA and trade it as if it was a 1 hour chart.
Indicators show the past. Price Action "Indicates" the future.
  • #75,985
  • Sep 29, 2010 4:51pm Sep 29, 2010 4:51pm
Quoting Fxknkw987
EU BUOB on the daily.
BRN at the 1.35
Swing High
50% fib confluence matching around the 1.3500 zone - the current daily (with 12 am NY close) bar fib.

Placed a buy limit order at the 50% fib.

I am trying to apply the same thinking as James previous EUR/CHF BUOB trade that was missed by 13 pips or am I off and are these two situations not similar?

Thank you,
KK

NVM, I read Jaroos post on waiting PA confirmation before entering. I am assuming PA on the daily or less as the retrace occurs. However, I guess since I can't watch the trade,...

Quoting jarroo
Here's similar situation on the Eur/Jpy, BUOB on the Daily.

We can see on the Weekly that the area in green is one big PPZ level. All those Highs and Lows at different levels meeting to form this wide PPZ level. Not very clear, but when in doubt, go for the BRN . .the 115.00.

On the Daily we have a BUOB at a swing High, we like these at a swing Low but as a continuation setup they are tradable.

Price retraces down to the previous Resistance level , 113.50. We now look for some bullish PA at this retracement level to confirm new Support for...
Here's a followup Fxknkw987 on the Eur/Jpy Daily BOUB.

As I said, the previous Resistance level of the PPZ at the 113.50 and 114.00 are not that clear or well defiined, (in green) so it could be a bumpy ride. All more to cover our risk with a small or tight stop loss.

Price retraces to the the 113.50 near the previous bars highs of the Daily BUOB. We could take a touch trade or see if there is any PA on the lower time frame to confirm this retracement level.

The 4 hour time frame didn't show any thing that stood out on this feed (FxPro) but the Hourly showed a pinish looking BUOB. We can look at this as retracement level confirmation and take the break of it or wait for further PA confirmation.
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Indicators show the past. Price Action "Indicates" the future.
  • #75,986
  • Sep 29, 2010 5:05pm Sep 29, 2010 5:05pm
Quoting fxprocessor
Hi Graham,

I use FXPro too. I will also pay attention to any decent looking bar regardless of the closing time if the price action looks good.

cheers

fxp
Thanks FXP, do you also check your charts at about 10pm every trading day for set ups ? would it be too much trouble if I asked you to clarify what you mean by paying attention to any decent bar regardless of closing time, do we not need the close to determine the bar ?
And lastly (bet you wished you hadn't replied to my post now) is it the close of day that is most important or close of market ie: London NY Asia etc
Thanks very much in advance
Grahame
  • #75,987
  • Sep 29, 2010 5:18pm Sep 29, 2010 5:18pm
Quoting grahamec
Thanks FXP, do you also check your charts at about 10pm every trading day for set ups ? would it be too much trouble if I asked you to clarify what you mean by paying attention to any decent bar regardless of closing time, do we not need the close to determine the bar ?
And lastly (bet you wished you hadn't replied to my post now) is it the close of day that is most important or close of market ie: London NY Asia etc
Thanks very much in advance
Grahame
Hi buddy,
If I may,

A bar is not a bar until it is completely formed. Thus, close of a bar is important, not the close of particular market.

- Lord
  • #75,988
  • Edited 6:21pm Sep 29, 2010 5:40pm | Edited 6:21pm
EUR/JPY


Confluence:
Bounce pin of the WEEKLY SUPPORT 112.87 on september 28 series of pins bouncing of the 8 day moving average
I took the following bar off the PIN bounce of the DAILY pivot zone Pin 113.54 HIGH pin price action


Looking back, I shouldnt waited for the move above the high pin bar of the PIVOT LINE JULY 28 PIN 114.71 price action BAR for better entry though demo
http://img8.uploadhouse.com/fileuplo...0b2eb21d03.gif
  • #75,989
  • Edited 7:37pm Sep 29, 2010 7:23pm | Edited 7:37pm
Hi, Folks.

Phew, have I been busy with one thing and another.

Anyway, I have just realized that I have been drawing my PPZ incorrectly, not completely incorrectly but a bit off. I mean, I think I have in many instances been using individual bars rather and stand alone resistance or support, than price flips.

So, I am working on PPZ only as, I figure correct ppz is at least 80% of the battle.

As I was practicing this, I saw this EUR/CAD H4 setup.

Let's see what the market wants to do.

EDIT: Changed charts from black to white.
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  • #75,990
  • Sep 29, 2010 7:37pm Sep 29, 2010 7:37pm
Quoting antgal23
Hi folks

Got my SL up to 1.3560 (just above it there were lots of bar lows on the one hour), i banked 45 pips

price retraced to 1.3580 now at 1.3590

As I am a beginner I am trying to see how I can manage trades, especially identifying S and R, the importance of new highs / lows and moving the SL

Also, did anybody take this Triple Bar High? I had seen it but wasnt around to take it

Cheers

Anthony
I jumped at that trade. I like to think of them as girl scout selling cookies. If they keep coming around enough times, you'll eventually let open your door and buy a few boxes.
  • #75,991
  • Sep 29, 2010 7:41pm Sep 29, 2010 7:41pm
Quoting mbqb11
Hey Bill

It was I believe 6 pips below and price went I think 2 pips.

Funny enough I just answered an email with your second question so here is what I said. THis is a rough guide

As for "buffers"

here is a general guide for me of how many pips above/below I use

1hr - 5-10 pips
4hr - 10-15 pips
daily 12- 18 pips
weekly 15-30 pips

Now I always take note of things like near bar highs/lows round numbers etc that is why there is a range. Also certain pairs that are bigger movers get bigger buffers.


Best
Mike
does that include the spread?
  • #75,992
  • Sep 29, 2010 7:47pm Sep 29, 2010 7:47pm
Quoting spookie94
does that include the spread?
got my answer on a later post
  • #75,993
  • Sep 29, 2010 8:32pm Sep 29, 2010 8:32pm
CADCHF looks to be in a good spot to watch for bullish pa. Daily divergence, a BRN that has given big reactions previously.
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  • #75,994
  • Sep 29, 2010 9:18pm Sep 29, 2010 9:18pm
Quoting Donkey
CADCHF looks to be in a good spot to watch for bullish pa. Daily divergence, a BRN that has given big reactions previously.
it should close above 0.95 to consider long. but the down trend is too strong
  • #75,995
  • Sep 29, 2010 9:22pm Sep 29, 2010 9:22pm
Quoting Pinbar
Hi, Folks.

Phew, have I been busy with one thing and another.

Anyway, I have just realized that I have been drawing my PPZ incorrectly, not completely incorrectly but a bit off. I mean, I think I have in many instances been using individual bars rather and stand alone resistance or support, than price flips.

So, I am working on PPZ only as, I figure correct ppz is at least 80% of the battle.

As I was practicing this, I saw this EUR/CAD H4 setup.

Let's see what the market wants to do.

EDIT: Changed charts from black to white.

I think you're saying the same thing Pb. PPZ levels are where Support and Resistance levels meet. Or better said, where Support levels turn into a Resistance level and vice versa.

Let's take a closer look at the yellow area at the 1.4100, back eariler this year.

Price finds Support at the 1.4100 . .Price breaks through the 1.4100 . ..then turns into Resistance.


Your 4 Hour chart is show the same thing . .Resistance turning into Support at the 1.4000, potentially.
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Indicators show the past. Price Action "Indicates" the future.
  • #75,996
  • Sep 29, 2010 9:55pm Sep 29, 2010 9:55pm
Quoting Donkey
CADCHF looks to be in a good spot to watch for bullish pa. Daily divergence, a BRN that has given big reactions previously.
The .9500-9450 has acted as strong Support in the past and recently.
Nice confluence with the 61.8 Fib, which I view as added strength.

Bullish PA closing above the .9500, as roundrock has said, would definitely be well supported. But a strong Price breakthrough at this level, I can easily see it acting as strong Resistance. Which the .9500 level may already be; (strong Resistance).
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Indicators show the past. Price Action "Indicates" the future.
  • #75,997
  • Sep 29, 2010 10:04pm Sep 29, 2010 10:04pm
chart
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  • #75,998
  • Sep 29, 2010 10:10pm Sep 29, 2010 10:10pm
Quoting james16
chart
Nice chart there Big Guy . ..
Indicators show the past. Price Action "Indicates" the future.
  • #75,999
  • Sep 29, 2010 10:17pm Sep 29, 2010 10:17pm
Quoting jarroo
I think you're saying the same thing Pb. PPZ levels are where Support and Resistance levels meet. Or better said, where Support levels turn into a Resistance level and vice versa.

Let's take a closer look at the yellow area at the 1.4100, back eariler this year.

Price finds Support at the 1.4100 . .Price breaks through the 1.4100 . ..then turns into Resistance.


Your 4 Hour chart is show the same thing . .Resistance turning into Support at the 1.4000, potentially.

Hi, Jarroo

Yes, I understand what you are saying, but previously, I think when setting up my own charts, I would end up with a birdcage.

I am just watching this video of James showing some person who also seemed to have trouble drawing PPZ, to do them on the weekly main flip areas then move down to the H4 tf and only draw in the main flips.

He also mentions that it is good to learn to eyeball these minor areas and not put them all on the chart, I suppose it may cause us to freeze up.
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  • #76,000
  • Sep 29, 2010 10:31pm Sep 29, 2010 10:31pm
Quoting Pinbar
Hi, Jarroo

Yes, I understand what you are saying, but previously, I think when setting up my own charts, I would end up with a birdcage.

I am just watching this video of James showing some person who also seemed to have trouble drawing PPZ, to do them on the weekly main flip areas then move down to the H4 tf and only draw in the main flips.

He also mentions that it is good to learn to eyeball these minor areas and not put them all on the chart, I suppose it may cause us to freeze up.

PA off the Daily and Weekly PPZ levels will usualy cut through those minor areas.

Remember our Usd/Mxn Weekly chart? (Pb and I drew PPZ levels on this pair back in May, indicated by the yellow box). If you look at the minor levels, say on the 4 hour or even the Daily, you'll see Price will usually hit its target despite them.
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Indicators show the past. Price Action "Indicates" the future.
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