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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

  • #76,121
  • Oct 1, 2010 12:32am Oct 1, 2010 12:32am
Quoting Pinbar
Maybe this is good for new people who like me were or are struggling with PPZ a little.

Oh My......I was just using a naked chart to practice finding PPZ.
I found one, and put a 365 EMA on it.

Look what this single PPZ line shows us across all these time frames.

Keep at them there PPZ folks.

Quoting Pinbar
Continued from above post.

Strong PPZ levels are thy place to look for strong PA . .it just makes sense.

But I think your charts illustrate the one main thing (well, one of the main things) that Mike talks about alot . . Big Bars . . . and that sucker was big on the 4 hour time frame, and the time frames below it.

Don't get me wrong Pb . .the fact that it developed at a strong PPZ level made the story much more compelling.
Indicators show the past. Price Action "Indicates" the future.
  • #76,122
  • Oct 1, 2010 12:33am Oct 1, 2010 12:33am
Quoting cprao
Thank you Mike for a quick response. But in the above 2nd and 3rd scenarios,
how do you differrentiate between price stalling vs Boxing/consolidation ?

Is price stalling not equal to price consolidation ?
It may well just come up and tap 1.6 and form a weak pin/beob not real true selling, move down slightly before busting through. That is more what I meant by a stall. But any/all of the above scenarios are possible, and my job is to find one that has a very obvious entry otherwise just watch it pass by

Mike
  • #76,123
  • Oct 1, 2010 12:41am Oct 1, 2010 12:41am
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.

Hey Pb .. have you checked your Eur/Cad 4 hour chart?

Nice call buddy.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,124
  • Oct 1, 2010 12:46am Oct 1, 2010 12:46am
Any thoughts on EURAUD Montly pinbar ( though time to go to close the bar)
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  • #76,125
  • Oct 1, 2010 12:53am Oct 1, 2010 12:53am
Quoting joelcf
You have no idea....
wow, this post was lengthier than i expected.
(the small fonts right at the last part did its job)

Many thanks.

now, going back to read, re-read it:nerd:
  • #76,126
  • Oct 1, 2010 12:59am Oct 1, 2010 12:59am
Quoting Imphilomath
Any thoughts on EURAUD Montly pinbar ( though time to go to close the bar)
check out the last 10- 20 bars.
in the context of the strong downtrend, this small PB is unappealing. plus its close is right at/ below the prior bar's low.

having said that..
if 1.40 - 1.41 holds, i see potential for (what currently looks like a limited) upside towards 1.42 - 1.4350 (check Daily &weekly charts)

clearly, there are much better setups out there...
just have to find what suits u
  • #76,127
  • Oct 1, 2010 1:01am Oct 1, 2010 1:01am
Quoting supremeChaos
wow, this post was lengthier than i expected.
That makes two of us

These hands have a mind of their own sometimes (or at least, that's what I claim when a girl tries to slap me)
When you have to shoot, shoot. Dont talk.
  • #76,128
  • Oct 1, 2010 1:01am Oct 1, 2010 1:01am
Thanks Mike for clearing the last doubt but now another one has come to my mind.
Its regarding the Breakout trades. When you take a breakout trade for example we are in a rectangular trading range and we get a false breakout which takes the shape of a pinbar. Because of this false breakout i get stopped out. So how do we know when to enter a this trade so that i don't get stopped out.
Regards
Maarc
  • #76,129
  • Oct 1, 2010 1:06am Oct 1, 2010 1:06am
Quoting maarc
Thanks Mike for clearing the last doubt but now another one has come to my mind.
Its regarding the Breakout trades. When you take a breakout trade for example we are in a rectangular trading range and we get a false breakout which takes the shape of a pinbar. Because of this false breakout i get stopped out. So how do we know when to enter a breakout trade.
Regards
Maarc
for breakouts, I mostly play pullbacks to the former breakout area. So say you are looking at a box of consolidation, you wait for price to breakout of the box(say you are going long), then retest that box, and I look for price action at the top of the box(or pattern) to indicate it is holding.

here was a post explaining the basics a few back
http://www.forexfactory.com/showthre...12#post4051912


Another way is with priceaction prior to the breakout such as

http://www.forexfactory.com/showthre...34#post3949134

The other kind of breakouts I play as pure breakouts are of multiple highs, or lows

http://www.forexfactory.com/showthre...06#post3836606
http://www.forexfactory.com/showthre...02#post3838802

Best
Mike
  • #76,130
  • Oct 1, 2010 1:08am Oct 1, 2010 1:08am
Quoting joelcf
...
These hands have a mind of their own sometimes (or at least, that's what I claim when a girl tries to slap me)

u slap a girl back? or u catch her hand in mid-air?

i wonder why girls never slap me... they always me

(your hands are smarter than your brains.. that sounds dangerous)




********
it's Friday, & October the first, happy weekend all
  • #76,131
  • Oct 1, 2010 1:19am Oct 1, 2010 1:19am
I know when I post this, it (Eur/Gbp) will probably start heading back down .. lol

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Indicators show the past. Price Action "Indicates" the future.
  • #76,132
  • Oct 1, 2010 1:20am Oct 1, 2010 1:20am
Quoting jarroo
I know when I post this it (Eur/Gbp) will probably start heading back down .. lol

http://www.youtube.com/watch?v=j9h0MNMfKuQ
don't jinx me too dude LOL

ps love sinatra
  • #76,133
  • Oct 1, 2010 1:22am Oct 1, 2010 1:22am
Quoting mbqb11
don't jinx me too dude LOL

ps love sinatra

lol
Indicators show the past. Price Action "Indicates" the future.
  • #76,134
  • Oct 1, 2010 1:28am Oct 1, 2010 1:28am
Quoting supremeChaos


(your hands are smarter than your brains.. that sounds dangerous)

********
it's Friday, & October the first, happy weekend all
to quote one of my very good mates, "I've got intelligent balls"
One Mind, Any Market
  • #76,135
  • Oct 1, 2010 1:31am Oct 1, 2010 1:31am
Quoting supremeChaos
u slap a girl back? or u catch her hand in mid-air?
lol. I meant they get me in trouble in the first place

Quoting supremeChaos
(your hands are smarter than your brains.. that sounds dangerous)
heh. that's no big achievement

All that stuff is pretty easy, once you get past the basic concepts.

It's just a matter of distilling things down the their essence - sort out which parts are accelerator/gearbox/brakes (and therefore important), and which ones are foglights, radio and aircon (that you can ignore). After that, its just a bunch of nested 'what if' scenarios.

And its all geared towards one thing - trying to determine the drivers behind particular currencies and how they affect the value, then determining what moves the drivers so you can have your positions in place before the market reacts to new information. On a long timeframe, your edge is going to largely come from picking the most probable direction, rather than trying to call specific levels and whatever.

As timeframes shorten and the signal:noise drops, so its about reading the market, since any fundamental movements are going to be shrouded in a bunch of crap.

That's the way I see it, anyways. Everyone has a different approach, and most of them work... as long as they have an approach and use it


Quoting jarroo
I know when I post this, it (Eur/Gbp) will probably start heading back down .. lol
e/g is a tricky one at the moment, those long tails can sting you...

Inserted Video
When you have to shoot, shoot. Dont talk.
  • #76,136
  • Oct 1, 2010 1:40am Oct 1, 2010 1:40am
Quoting joelcf
You have no idea how many people actually think like that here. Well, you probably do... and that's the scary part. Every day, there is another news article about how 'housing is different', 'Australia is different', 'China xyz', etc.

Hence: Friday's massively offtopic essay on The Trainwreck that is Australia.

Residential housing here is a HUGE issue politically, even moreso than in the US or UK.

The demographics of Australia come strongly into play. 49% of the population is over 40, and 25% is retired or about to (>55)....
Great post Joel. Leverage is always a problem and there can't be busts without some form of leverage... all the way from the South Sea bubble to Dot.com.. it's a common trait. People forget fast (just look @ the Euro debt crisis...) too... hence history repeats...

(you might like this book if you like fin history like I do btw,
A Short History of Financial Euphoria, John Kenneth Galbraith)

When it (Aus housing) begins to hit the headlines, THEN I think we'll begin to see AUD begin to weaken. In the mean time though, the prevailing sentiment seems to be AUD's ties to the Chinese economy.

I have to say, that from my (rather cursory) reading, that AUD's economy seems very very very much slanted towards it's mining (IE: west aussie) and it's mainly that portion that is benefiting from the whole "tied to China" thingo...

BUT, unless the Aussie's housing thingo implodes with a bubble like magnitude, we probably will see AUD head higher during this business cycle... which from economic data, looks like it's actually improving... and the c/banks - minus aussie and asia... the main beneficiaries from this run - have not even begun to hike rates yet.

This is an emerging market-asia run, of which Aussie's managed to hitch a ride from China to tag along (despite being majority racist rednecks? lol).

That's just my perception from where I'm standing. I must say though. you probably might have one of those "shit's gonna happen, but the market has not seen it yet" wrt this situation.

Open to more views as always
One Mind, Any Market
  • #76,137
  • Oct 1, 2010 1:41am Oct 1, 2010 1:41am
Quoting joelcf
lol. I meant they get me in trouble in the first place



heh. that's no big achievement

All that stuff is pretty easy, once you get past the basic concepts.

It's just a matter of distilling things down the their essence - sort out which parts are accelerator/gearbox/brakes (and therefore important), and which ones are foglights, radio and aircon (that you can ignore). After that, its just a bunch of nested 'what if' scenarios.

And its all geared towards one thing - trying to determine the drivers behind particular currencies and...
Touché Joel .. lol
Indicators show the past. Price Action "Indicates" the future.
  • #76,138
  • Oct 1, 2010 1:46am Oct 1, 2010 1:46am
Quoting jarroo
Hey Pb .. have you checked your Eur/Cad 4 hour chart?

Nice call buddy.

No, been busy bleeding my eyes.

Maybe, I should take them out and dust them off a bit. LoL

Hmmm, that BEOB would have scared the pants off of me though, with the high just below the 1.4100 and the close below the 1.4000.

RSI is currently making a lower low and price a higher high.


Jarrroo, can we consider this EUR/AUD a PB by proxy?
I realize the close is not very good.
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  • #76,139
  • Oct 1, 2010 2:03am Oct 1, 2010 2:03am
Quoting Pinbar
No, been busy bleeding my eyes.

Maybe, I should take them out and dust them off a bit. LoL

Hmmm, that BEOB would have scared the pants off of me though, with the high just below the 1.4100 and the close below the 1.4000.

RSI is currently making a lower low and price a higher high.


Jarrroo, can we consider this EUR/AUD a PB by proxy?
I realize the close is not very good.
Pb, you said on your chart "maybe a nice retest and some PA" at the 1.4000 PPZ . We have a bullish PB at the new Support once Price broke Resistance (PPZ level).

Now its not the best PB placement, better at a swing low with additional confluence and so on. But its one the core principles of the James16 method in a nutshell.

Does this make sense? . . maybe not the best example . .
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Indicators show the past. Price Action "Indicates" the future.
  • #76,140
  • Oct 1, 2010 2:11am Oct 1, 2010 2:11am
Quoting jarroo
Pb, you said on your chart "maybe a nice retest and some PA" at the 1.4000 PPZ . We have a bullish PB at the new Support once Price broke Resistance (PPZ level).

Now its not the best PB placement, better at a swing low with additional confluence and so on. But its one the core principles of the James16 method in a nutshell.

Does this make sense? . . maybe not the best example . .

Just like this chart.
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Indicators show the past. Price Action "Indicates" the future.
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