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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

  • #76,561
  • Oct 5, 2010 11:56pm Oct 5, 2010 11:56pm
Quoting supremeChaos
what
...

(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.)
i made a slight modification on that indicator:
the lines created by the indicator will stay on the chart even after u deleted the indicator.

sharing it here, just in case..
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File Type: mq4 Levels_1.mq4   6 KB | 1,004 downloads


Quoting Pinbar
Yes, SC...
i see, thanks.
i think i've seen that indicator on the MQL4 forum before.
  • #76,562
  • Oct 5, 2010 11:58pm Oct 5, 2010 11:58pm
Quoting phpscott
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
Hey Scott, how many pips below 1.33 would you consider as a solid close?
  • #76,563
  • Oct 6, 2010 12:13am Oct 6, 2010 12:13am
Quoting supremeChaos
i made a slight modification on that indicator:
the lines created by the indicator will stay on the chart even after u deleted the indicator.

sharing it here, just in case..
Attachment


i see, thanks.
i think i've seen that indicator on the MQL4 forum before.


The point of my question was, what do you guys think of the levels it creates, not really its value.

Any opinions SC?

I was thinking its value may be on a chart where we have an extreme price level where it is hard to find PPZ, such as this USD/CHF.
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  • #76,564
  • Oct 6, 2010 12:21am Oct 6, 2010 12:21am
Quoting cprao
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 in play since the high is not taken out.
Oh, I see cprao . .the Eur/Chf is more of a retrace, with the trend-continuation setup . . where the Eur/Gbp is more of a countertrend trade.

Yes, they are still in play since they have not been invalidated. They both have strengths and weaknesses . .definitely ones to follow and see how they turn out.
Indicators show the past. Price Action "Indicates" the future.
  • #76,565
  • Oct 6, 2010 12:32am Oct 6, 2010 12:32am
Quoting jarroo
Oh, I see cprao . .the Eur/Chf is more of a retrace, with the trend-continuation setup . . where the Eur/Gbp is more of a countertrend trade.

Yes, they are still in play since they have not been invalidated. They both have strengths and weaknesses . .definitely ones to follow and see how they turn out.

Indeed, I would like to see this daily candle form a BEOB Jaroo special off the TL and close below the 50 fibo.
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  • #76,566
  • Oct 6, 2010 12:35am Oct 6, 2010 12:35am
Quoting jarroo
From my point of view . if you can understand this chart below . . where Support turns into Resistance once Price breaks through it (and vice versa) and using PA . .either bullish (at Support) or bearish (at Resistance) . . you're ahead of the game. It's a good starting point . .imo
Jarroo,

Thanks for the chart:
http://www.forexfactory.com/showpost...ostcount=76471

I do understand it because there are simply two lines plotted on the chart. However my confusion is lying in the fact that the analysis being performed here seems to involve multiple lines of support and resistance and every BRN.

Also, what about price actions and potential trades outside of this "zone"?

Am I best going back to basics and simply plotting support and resistance and watching for price action at these points?
  • #76,567
  • Oct 6, 2010 12:37am Oct 6, 2010 12:37am
Quoting Pinbar
Indeed, I would like to see this daily candle form a BEOB Jaroo special off the TL and close below the 50 fibo.

I would like to see it up by the 1.3500 BRN . .nice locational confluence up there with the fib levels and trendline.
Indicators show the past. Price Action "Indicates" the future.
  • #76,568
  • Oct 6, 2010 12:38am Oct 6, 2010 12:38am
Quoting Pinbar
Indeed, I would like to see this daily candle form a BEOB Jaroo special off the TL and close below the 50 fibo.
Hey PB,

Could be a good setup, but watch out for the lower TL. You'd be better off going short on a break and retest than going short right on the line.

Cheers
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Cap
  • #76,569
  • Oct 6, 2010 12:43am Oct 6, 2010 12:43am
Quoting The Captain
Hey PB,

Could be a good setup, but watch out for the lower TL. You'd be better off going short on a break and retest than going short right on the line.

Cheers

Yes, thanks for the advice Captain.
Before I saw this post I updated with an H4 chart and lower TL, I was thinking the very same thing.
  • #76,570
  • Oct 6, 2010 12:46am Oct 6, 2010 12:46am
Quoting jarroo
I would like to see it up by the 1.3500 BRN . .nice locational confluence up there with the fib levels and trendline.

Like this?
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  • #76,571
  • Oct 6, 2010 12:49am Oct 6, 2010 12:49am
ok good.

the hardest part of this is between your ears and losing at your stage is not a bad thing.

i will tell you why.

the only people that ever make it in this business are almost always those that had the following happen to them.

1. they find a solid method. you have. be very very thankful for that. most search years and never do.

2. they lose early on which causes them to refine, simplify and focus on the best possible set ups they can find. most give up because they lose faith in the method. you have 5 years of proof that the last thing you should do is lose faith in the method your learning.

3. they finally figure out at 2 or 3 great trades a month can easily produce 10 percent or better. the vast majority never get to this point.

4. they dedicate themselves to practice practice and more practice.

it all comes together when there account size is large enough that number 3 is ok with them.

its what happened to me many years ago and its what ive taught and watched happen to countless others.

ive also watched countless others fail.

it took me 8 years before i had a positive year but i had virtually nothing to help me.

i made my own charts in the early 1980's with a newspaper, graph paper,a pencil and a ruler.

seriously.





Quoting geomink
Yes I am, Jim

After three months profitable in a row, in september and october I'm dropping just in confusion

So much information to learn, in addition; so I'm feeling just in confusion

Loosing "k.i.s.s." and "Less is more"........

Many thanks for all
  • #76,572
  • Oct 6, 2010 12:56am Oct 6, 2010 12:56am
Quoting dmuk
Jarroo,

Thanks for the chart:
http://www.forexfactory.com/showpost...ostcount=76471

I do understand it because there are simply two lines plotted on the chart. However my confusion is lying in the fact that the analysis being performed here seems to involve multiple lines of support and resistance and every BRN.

Also, what about price actions and potential trades outside of this "zone"?

Am I best going back to basics and simply plotting support and resistance and watching for price action at these points?
The heart of this method is at the PPZone. It's where a PA formation is best supported. Sure, there are setups at extreme swing High or Low points that have no BRNs or PPZ levels to support them. They work on sheer size, space and structure. Like the Nov. 07 PB. And they work very well.


My trading is pretty basic . . PPZ levels . .where Support and Resistance meet.

Yes, I would go back to basics of Support and Restance but watch how once a strong level of Support is broke it turns into Resistance (and vice versa) . . . much like that chart.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,573
  • Oct 6, 2010 12:57am Oct 6, 2010 12:57am
Quoting Pinbar
Like this?
Yes . . .lol . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,574
  • Oct 6, 2010 12:58am Oct 6, 2010 12:58am
Quoting The Captain
Hey PB,

Could be a good setup, but watch out for the lower TL. You'd be better off going short on a break and retest than going short right on the line.

Cheers

Support turning into Resistance . .
Indicators show the past. Price Action "Indicates" the future.
  • #76,575
  • Oct 6, 2010 1:02am Oct 6, 2010 1:02am
Jarro, you just inspired me to look at only one PPZ, the weekly.

Does this not mean that if price reaches the 1.3500 BRN we then have a problem of it breaking the weekly PPZ.

Unless of course it closes below it.


EDIT: OK, I see it now, there are actually 2 weekly PPZ close together and the space between them is actually the PPZ.

Now, this rings a Jaroo Bell.

"We like to see PPZ close together"!

Sometimes I fail to see the space between the PPZ and sort of look at hem as individual lines.

I need my eyes to bleed some more, obviously.
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  • #76,576
  • Oct 6, 2010 1:08am Oct 6, 2010 1:08am
Quoting jarroo
Support turning into Resistance . .
Cap
  • #76,577
  • Oct 6, 2010 1:12am Oct 6, 2010 1:12am
Quoting Pinbar
Jarro, you just inspired me to look at only one PPZ, the weekly.

Does this not mean that if price reaches the 1.3500 BRN we then have a problem of it breaking the weekly PPZ.

Unless of course it closes below it.
It is a proven PPZ level at a strong BRN, 1.3500. I can see it acting as strong Resistance . .the chart is what I would like to see . .


But if Price pushes through the 1.3500 I can easily see it acting as strong Support.
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Indicators show the past. Price Action "Indicates" the future.
  • #76,578
  • Edited 1:28am Oct 6, 2010 1:17am | Edited 1:28am
Quoting Pinbar
Jarro, you just inspired me to look at only one PPZ, the weekly.

Does this not mean that if price reaches the 1.3500 BRN we then have a problem of it breaking the weekly PPZ.

Unless of course it closes below it.


EDIT: OK, I see it now, there are actually 2 weekly PPZ close together and the space between them is actually the PPZ.

Now, this rings a Jaroo Bell.

"We like to see PPZ close together"!

Sometimes I fail to see the space between the PPZ and sort of look at hem as individual lines.

I need my eyes to bleed some more, obviously....
That looks good , Pb . .


BTW . .have you seen the Usd/Cad this week? . . .nice analysis you had on that last week, Pb . . .

Quoting Pinbar
Hi, Maarc and welcome to this Great thread.


Yes, you are wrong in as much as PINBAR is not a senior, just an earnest newbie.


I think this area is problematic, in as much as, a weekly bearish PB type bar just closed. It is not a valid bearish PB PA bar but it is a bearish bar by nature of the close. The close is sitting right on the RN. I think the area we are at on the daily with all those lows lining up is a possible flip area in the making. We want to see any bullish PA close above that area on the daily and any bearish PA come off it....
Indicators show the past. Price Action "Indicates" the future.
  • #76,579
  • Oct 6, 2010 1:20am Oct 6, 2010 1:20am
Quoting james16
ok good.

the hardest part of this is between your ears and losing at your stage is not a bad thing.

i will tell you why.

the only people that ever make it in this business are almost always those that had the following happen to them.

1. they find a solid method. you have. be very very thankful for that. most search years and never do.

2. [b]they lose early on which causes them to refine, simplify and focus on the best possible set ups they can find. most give up because they lose faith in the method. you have 5 years of proof that the...

I don't know how you did it. . .graph paper, etc . .lol . .wow

You must have some drive in you, my friend.
Indicators show the past. Price Action "Indicates" the future.
  • #76,580
  • Oct 6, 2010 1:27am Oct 6, 2010 1:27am
Quoting jarroo
That looks good , Pb . .


BTW . .have you seen the Usd/Cad this week? . . .nice analysis you had on that last week, Pb . . .
Yeah, I saw the small PB then the Jarroo special BEOB PB.

They sure do work well.

Just shows that size is a major factor in PA.
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