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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

  • #76,541
  • Oct 5, 2010 7:30pm Oct 5, 2010 7:30pm
Quoting xmzhang
Hey Mike, any thoughts about Loonie, we might see a BEOB break out of a consolidation. I would then like to see a pullback to range support/daily PPZ/RNB @ 10200 to hold as resistance.
Hey Zhang

IMO the pullback(the good one) occurred today on the 1hr I missed. I wouldn't want to get too involved now based off daily and missing that it is pretty choppy. Seekinglight put this one up and I didn't even see it
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  • #76,542
  • Oct 5, 2010 9:06pm Oct 5, 2010 9:06pm
Quoting ghous
Hey there and welcome aboard,

Here you go, this chart should do it.

let us know if you have more questions.

g.

Thanks g.

BTW what does BRN stand for. Also, is there a post or thread that will tell me what all the acronyms are?

Again thanks.
  • #76,543
  • Oct 5, 2010 10:02pm Oct 5, 2010 10:02pm
Quoting jarroo
Not sure why the EURGBP is a factor on the EURCHF.
The reason I was relating EURGBP with EURCHF is becuase - EURGBP has a strong uptrend.. so the BEOB may not have the strength to undo that strong uptrend.

Where as in the case of EURCHF, it is not the case.. the uptrend is not strong..

Both the pairs seem to have good BEOB/DBHLC'S.

As you said, the PA is still on play since the high is not taken out.
  • #76,544
  • Oct 5, 2010 10:07pm Oct 5, 2010 10:07pm
Quoting james16
CHARTS
trying to figure out what you saw to place the buy? Was there PA or did you go off where S/R, trendline and MA meet?
  • #76,545
  • Oct 5, 2010 10:13pm Oct 5, 2010 10:13pm
Quoting spookie94
trying to figure out what you saw to place the buy? Was there PA or did you go off where S/R, trendline and MA meet?
Those are touch trades Spookie, Search Jim's recent attachments for more info on those plays

Best
Mike
  • #76,546
  • Oct 5, 2010 10:22pm Oct 5, 2010 10:22pm
Quoting mbqb11
Those are touch trades Spookie, Search Jim's recent attachments for more info on those plays

Best
Mike
thats what I thought, just wanted some confirmation. While your here, what your take on this one?
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  • #76,547
  • Oct 5, 2010 10:27pm Oct 5, 2010 10:27pm
Quoting spookie94
thats what I thought, just wanted some confirmation. While your here, what your take on this one?
Hey Spookie

A very very trafficky pinbar

Wouldn't be surprised to see it just fall on down, but it's in a winding up sideways market so easy pass for me personally

Mike
  • #76,548
  • Oct 5, 2010 10:32pm Oct 5, 2010 10:32pm
Quoting mbqb11
Hey Spookie

A very very trafficky pinbar

Wouldn't be surprised to see it just fall on down, but it's in a winding up sideways market so easy pass for me personally

Mike
Thanks for the feed back. When I looked at it I felt there was something ify going on, just couldn't put my finger on it.
  • #76,549
  • Oct 5, 2010 10:42pm Oct 5, 2010 10:42pm
just thought Id throw another one out there to get some feed back.
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  • #76,550
  • Oct 5, 2010 10:43pm Oct 5, 2010 10:43pm
Hi, not sure if this was discussed. DBHLC away from PPZ 1.35.

1) At Fib retracement 61.8
2) On a downtrend
3) Bar close below 1.33 ppz.


FTA @ 1.32.
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  • #76,551
  • Oct 5, 2010 10:52pm Oct 5, 2010 10:52pm
Quoting spookie94
just thought Id throw another one out there to get some feed back.
Just a newbie view, I like this one though countertrend. Bar bounced off 1.31 PPZ, good long BEOB. Bar closed below 1.3 BRN, @ 23.6 fib retracement. On my demo acc, I will enter trade at break of bar. FTA in this case will be 1.28.

My 5 cents worth.
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  • #76,552
  • Oct 5, 2010 11:01pm Oct 5, 2010 11:01pm
Quoting mbqb11
Hey Geo

We want more then just the bar to trade. We want to figure out the story behind these bars, it makes it much easier from my viewpoint

Here was a post and chart I made yesterday

______________________________________
Hey Salva

I agree not a whole bunch to go off. There is a logical FTA though(especially if price can close under 1.33). I wouldn't trade it as I would have wanted a touch of the BRN 1.35 personally.
Hi Mike,

Just to clarify. For the EUR/CHF BEOB, seeing that it closed below the 1.33, is the 1.33 where we would look for confluence? Or is it the top of the BEOB?
  • #76,553
  • Oct 5, 2010 11:05pm Oct 5, 2010 11:05pm
Quoting melvin87
Hi Mike,

Just to clarify. For the EUR/CHF BEOB, seeing that it closed below the 1.33, is the 1.33 where we would look for confluence? Or is it the top of the BEOB?
Hey Melvin

When I made this post it was prior to the day closing and a few people were asking my opinion on it. I said if it can close under the 1.33 then the first trouble area is very likely since then price doesn't have to fight through that 1.33. I am always looking for price bars to close above/below near by round numbers. Again this eur/chf trade IMO had very little going for it, but we can still gauge very high probability First trouble areas.

Best
Mike
  • #76,554
  • Edited 11:26pm Oct 5, 2010 11:09pm | Edited 11:26pm
I am still curios about this levels indicator and can not make up my mind about it. I don't intend to use it as, I think training the eye to see these areas is the best plan.

Anyway, if one of the seniors would kindly do me a favor and load this template and indicator and just compare it to a chart they have already drawn the PPZ on, I would appreciate it. Just a quick comparison would be great.

I just need to lay this beast to rest, one way or the other.

My own opinion is, that it is close to what we are doing, it does not get all the PPZ but I think it gets the major ones.

I have two instances of this indicator on the chart, the solid lines are the Monthly levels and the broken lines the weekly.

EDIT: Changed the chart to the EUR/GBP setup from yesterday, probably more people have that chart already setup.

If we put another one on the Daily or 4 hour, it is just too much.
Thanks in advance
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File Type: mq4 Levels.mq4   5 KB | 469 downloads
File Type: tpl levels.tpl   5 KB | 465 downloads
  • #76,555
  • Oct 5, 2010 11:19pm Oct 5, 2010 11:19pm
Quoting LiuLangZe
Just a newbie view, I like this one though countertrend. Bar bounced off 1.31 PPZ, good long BEOB. Bar closed below 1.3 BRN, @ 23.6 fib retracement. On my demo acc, I will enter trade at break of bar. FTA in this case will be 1.28.

My 5 cents worth.
I like it too. I think I'll try to enter this one just below this bar's low and move my SL from 1.3015 to BE at 1.2900
  • #76,556
  • Oct 5, 2010 11:23pm Oct 5, 2010 11:23pm
Quoting mbqb11
Hey Melvin

When I made this post it was prior to the day closing and a few people were asking my opinion on it. I said if it can close under the 1.33 then the first trouble area is very likely since then price doesn't have to fight through that 1.33. I am always looking for price bars to close above/below near by round numbers. Again this eur/chf trade IMO had very little going for it, but we can still gauge very high probability First trouble areas.

Best
Mike
Okok thanks for clarifying!
  • #76,557
  • Oct 5, 2010 11:36pm Oct 5, 2010 11:36pm
Quoting Pinbar
I am still curious about this levels indicator and can not make up my mind about it....
what does that indicator do? attempt to put in S/R lines or PPZs?

i believe many will agree that plotting PPZs, S/Rs is highly discretionary.
in that case, IMHO, an indicator like this would not be beneficial.... as it will only clutter the charts with many (unnecessary) lines.


for newer traders, i think this will help (like training wheels in a kid's bike). but as experience grows, training wheels are removed.

(an alternative: use this indicator to plot lines, then just discard the other lines which u think are unnecessary. adjust the other lines, if u deem necessary. this way, u plot your PPZs, S/Rs much faster, time-wise.)
  • #76,558
  • Oct 5, 2010 11:36pm Oct 5, 2010 11:36pm
There would have been a solid close under 1.33 for me to take it. For example, 1.3296 would not cut it.

This is a little more advanced, but if I did place a trade, I would have waited for a decent retracement of of the BEOB before placing my sell stop order at the break of the BEOB. With all those bar highs, a good retracement was almost guaranteed to happen. I do not think I ever missed a trade doing that in this type of situation... YET.

Scott

Quoting mbqb11
Hey Melvin

When I made this post it was prior to the day closing and a few people were asking my opinion on it. I said if it can close under the 1.33 then the first trouble area is very likely since then price doesn't have to fight through that 1.33. I am always looking for price bars to close above/below near by round numbers. Again this eur/chf trade IMO had very little going for it, but we can still gauge very high probability First trouble areas.

Best
Mike
  • #76,559
  • Oct 5, 2010 11:39pm Oct 5, 2010 11:39pm
Do we have a Mike style breakout and retest forming on NZD/USD?
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  • #76,560
  • Oct 5, 2010 11:47pm Oct 5, 2010 11:47pm
Quoting supremeChaos
what does that indicator do? attempt to put in S/R lines or PPZs?

i believe many will agree that plotting PPZs, S/Rs is highly discretionary.
in that case, IMHO, an indicator like this would not be beneficial.... as it will only clutter the charts with many (unnecessary) lines.


for newer traders, i think this will help (like training wheels in a kid's bike). but as experience grows, training wheels are removed.

(an alternative: use this indicator to plot lines, then just discard the other lines which u think are unnecessary. adjust the other...

Yes, SC, I also think it may help newer people plot PPZ to start with, as you so eloquently describe it like stabilizers on a bicycle, until they can balance themselves and then discard it.

It is a Russian indicator. Here is the description.

I modified the original indicator with the help of someone to allow multiple instances on the same chart.


Description:


The indicator uses the construction method described by Vladislav Antonov (you can see his session reviews at Viak or Alpari). I failed to find such an indicator in the internet, so I decided to create it by myself. Below is a short extract from his description:
I shouldn't explain you what support and resistance are. There are many methods to detect price levels. However, I apply my own calculations. The dynamic support/resistance lines are determined by MA lines, whereas the static ones are calculated on the basis of a larger timeframe.

1. To calculate intraday levels for one hour, you should take High, Low and Close values from the preceding one-hour candlestick.
2. To calculate intraday levels for one day, you should take High, Low and Close values from the preceding one-day candlestick.
3. To calculate intraday levels for one week, you should take High, Low and Close values from the preceding one-week candlestick.
In my review, I calculate the price levels of support/resistance on the basis of the one-day candlestick of the preceding day. Thus, the price levels will be valid all day long, but we should recalculate them the next day. For example, if we take a one-day candlestick 02.11.06: High = 1.2786 Low = 1.2736 Close = 1.2780 and obtain the levels for the current day and use them on all charts for the timeframes smaller than one-day timeframe. On the next day, we will have to calculate the new levels.
There are 3 calculation methods according to the size of the preceding candlestick:

Reduced – support/resistance levels for a weak market. If the market was closed with a large candlestick of more than 200 points, it is better to use this method, since a correction is expected, so the market will be flat.
Normal – support/resistance levels for a market with average volatility. Daily candlesticks range from 100 to 200 points. Normal method is good in use when a stable growth or sinking is being observed, candlesticks being approximately of the same size.
Extended (Расширенный) – support/resistance levels for a volatile market. Црут the market shrinks into a triangle and becomes flat, we expect a strong movement to start soon and use the levels with an expanded price range. What method should be applied here, this depends on your own research and level statistics collected. As to me, I don't keep up with the items described above (this is averagely for the pound). So far, I choose methods guided by my intuition and by the expected price pattern.
For those who want to read about this in more details, see: http://www.viac.ru/ds/21950
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