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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

  • #76,321
  • Oct 4, 2010 3:01am Oct 4, 2010 3:01am
Hi

My position size calculator says 0.100.

But my volume in MT4 says

0.01 / 0.02 / 0.03 / 0.04 / 0.05 /

then

1.00.

How do equate 0.100 with my volume?
  • #76,322
  • Oct 4, 2010 3:03am Oct 4, 2010 3:03am
Quoting jarroo

The one thing I like about these levels is that they are strong on either side of the equation, meaning if Price breaks through and finds Support (in this case) . . .much like this Aud/Cad chart.

Have you found this also to be true, Captain?

The Eur/Gbp weekly is another example.


Quoting Pinbar
A quick look at the weekly, supports SC's theory.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,323
  • Oct 4, 2010 3:06am Oct 4, 2010 3:06am
Quoting The Captain
Thanks Jarroo! Working out well. Thats the beauty of these. Tight stops on the other side of the line allow a large % trade. Normally 6-8% in my case but I am crazy.

Already up 50 pips before PA traders even notice it. Beautiful. Hope some people here got in.
I got in short at 1.3440....targeting 1.3300 at least ,,,,trying to learn proper trailing...
Anything can happen - You never know
  • #76,324
  • Oct 4, 2010 3:08am Oct 4, 2010 3:08am
Quoting fxamerica
I have been here a few times but first time posting. I am looking to learn and contribute

Welcome fxamerica.
Indicators show the past. Price Action "Indicates" the future.
  • #76,325
  • Oct 4, 2010 3:10am Oct 4, 2010 3:10am
See this 1h pinbar. What do you think?
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  • #76,326
  • Edited 3:28am Oct 4, 2010 3:17am | Edited 3:28am
Quoting danielga
pinbar , if the candle close this way , what will be ur target?
the PPZ or TL?

There won't be a target anymore, I don't like this bar.
I know it is off a great level but, it moved too far too fast.

If it closes below 1.3350 there is hardly any space to the FTA for an entry.

I was thinking it may give us a nice bearish PA bar but, it is close to having hit the FTA already. Also, the 365 is lurking around the PPZ.

Looks like it was a touch trade or nothing. We don't want to chase a bar like this IMHO.
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  • #76,327
  • Oct 4, 2010 3:19am Oct 4, 2010 3:19am
Quoting salvador1gr
See this 1h pinbar. What do you think?
Attachment
Looks interesting salvador . . can you show me where the Daily PPZ levels are located inrelation to that pinbar?
Indicators show the past. Price Action "Indicates" the future.
  • #76,328
  • Oct 4, 2010 3:27am Oct 4, 2010 3:27am
Quoting jarroo

This one may bring out the Rac-man . . KaBoom . .lol I'm sure he's looking at this one very closely.

KaBooom . . .sorry I couldn't resist. lol
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Indicators show the past. Price Action "Indicates" the future.
  • #76,329
  • Edited 3:42am Oct 4, 2010 3:29am | Edited 3:42am
Jaroo, what do you think about this bar as a PA setup?

Looks way too tight to me on H4.
  • #76,330
  • Oct 4, 2010 3:30am Oct 4, 2010 3:30am
Quoting jarroo
I sure many have . . . . .but due to the nature of this thread, waiting for solid PA for confirmation is a more solid approach . . I'm sure you understand.

The one thing I like about these levels is that they are strong on either side of the equation, meaning if Price breaks through and finds Support (in this case) . . .much like this Aud/Cad chart.

Have you found this also to be true, Captain?
You are correct, PA is always the safe bet, but location is far more important and it's nice to see this often stressed in this thread. The trendlines you have drawn there aren't normally the ones id touch on. I like to play the third clear hit on a line which has big swings off of it like the EUR/CHF posted before. Normally 4 hour or daily time frame. I've attached the CHF/JPY touch trade I played today as well as an example.

But as for your point about the breakout and support, this is very true. I will often play the re-test on a break out.. Especially if it is with the trend. These are a bit harder as it is difficult to know when the "official breakout" has occurred as sometimes price will often creep back above or below a trendline on the smaller time frames. AUD/JPY is a great example right now as it has just broken out of a major TL, although it is against the trend. Bottom line is that when a major break out occurs, and price retests the trend line, there is very strong chance that it holds as support or resistance. You can see this all the time on nice big multi week trendlines. Just make sure to always draw them using highs and lows.

Didn't mean to sway people away from the standard James16, but I don't see a lot of trendline S&R posted, and in my opinion it is far stronger than horizontal S&R. Even though EUR/CHF didn't make a clear touch, I was building a position early as it was basically a guaranteed trade. She has now given up over 100 in less than an hour and you could have played it with a 20 pip SL.

I apologize for the lengthiness of this post, but it's bed time and I have no time to shorten it! Cheers!
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Cap
  • #76,331
  • Oct 4, 2010 3:32am Oct 4, 2010 3:32am
Quoting kwikwis
I got in short at 1.3440....targeting 1.3300 at least ,,,,trying to learn proper trailing...
Great trade! Now draw some lower trendlines on the 4 hour watch for support. She has already found a little support at the first one. These would be good TP positions.
Cap
  • #76,332
  • Oct 4, 2010 3:34am Oct 4, 2010 3:34am
Quoting Pinbar
Jaroo, what do you think about this bar as a PA setup?

Looks way to tight to me on H4.

Looks big and strong to me, Pb . . let's see how she closes, first.
Indicators show the past. Price Action "Indicates" the future.
  • #76,333
  • Oct 4, 2010 3:38am Oct 4, 2010 3:38am
Hi jarroo,

I use an indicator called PivotDWM. I think you are talking about this (sorry, I'm not sure yet).

Have retraced to the 50% of PB.
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  • #76,334
  • Oct 4, 2010 3:47am Oct 4, 2010 3:47am
Quoting The Captain
Great trade! Now draw some lower trendlines on the 4 hour watch for support. She has already found a little support at the first one. These would be good TP positions.
Just did as u said on 4h, out 1/2 position at 1.3360....
Thank you ....I like this technique for targets ,,, i usually use FTA for first take profit
Anything can happen - You never know
  • #76,335
  • Oct 4, 2010 3:50am Oct 4, 2010 3:50am
Quoting The Captain
You are correct, PA is always the safe bet, but location is far more important and it's nice to see this often stressed in this thread. The trendlines you have drawn there aren't normally the ones id touch on. I like to play the third clear hit on a line which has big swings off of it like the EUR/CHF posted before. Normally 4 hour or daily time frame. I've attached the CHF/JPY touch trade I played today as well as an example.

But as for your point about the breakout and support, this is very true. I will often play the re-test on a break out.....

Thanks for sharing that Captain, good info.

I use trendlines more as a confluencing tool with PPZ level and BRNs. I found they add strength to these level then just by themselves.

The Aud/Jpy may be a good example of the Aud/Cad chart I posted. Again clear signs of Support (like bullish PA) would be the key. . as well as bearish PA for a short.


No apologies necessary, friend. Do post more . . strong locations are what we look for.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,336
  • Oct 4, 2010 3:50am Oct 4, 2010 3:50am
Quoting jarroo
Looks big and strong to me, Pb . . let's see how she closes, first.

Would these bar highs not be a tough area to break through?
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  • #76,337
  • Oct 4, 2010 3:57am Oct 4, 2010 3:57am
Quoting Pinbar
Would these bar highs not be a tough area to break through?

Yes, that traffic will be a problem, which could mean we pass on it.
Indicators show the past. Price Action "Indicates" the future.
  • #76,338
  • Oct 4, 2010 4:02am Oct 4, 2010 4:02am
Quoting jarroo
Yes, that traffic will be a problem, which could mean we pass on it.

I was really waiting patiently for a nice PA bar closing below the TL.

Too bad it just took off like that and left us in the middle of no mans' land.

There will be other trades.

EDIT: So, in a situation like this, do we know look at this from a daily perspective.
I mean, we see if it ends up as daily bearish PA with a close below the traffic?
  • #76,339
  • Oct 4, 2010 4:12am Oct 4, 2010 4:12am
Quoting Pinbar
I was really waiting patiently for a nice PA bar closing below the TL.

Too bad it just took off like that and left us in the middle of no mans' land.

There will be other trades.
We could be heading back to the 133.00, Daily/ Weekly PPZ, indicated be the 4 hour BEOB (FxPro). There is some taffic but maybe the momentum of this PA can take us there . .we shall see.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,340
  • Oct 4, 2010 4:15am Oct 4, 2010 4:15am
My opinion (for what it's worth) on the current EUR/CHF 4Hour opportunity, is that there's too much support in the near term (in the form of horizontal levels and rising trendlines) for me to consider going short
Also I don't really like the shape of the BEOB. If it had a spike higher through 1.35 then I would definitely be interested

Sorry about the messy chart
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