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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

  • #77,081
  • Oct 10, 2010 5:55pm Oct 10, 2010 5:55pm
Quoting Adilius07
Can you imagine my shock after 15 days away... this thread already went over 5000 pages when I came back...
WB Adilius.
So you should red some great posts.
A little beginner trader since 2006
  • #77,082
  • Oct 10, 2010 6:02pm Oct 10, 2010 6:02pm
EUR/CHF

38.2% of the previous swing
61.8% of last down wave,
Above we´ve got 1.35 BRN
Divergence

Comments are welcomed.

Thx
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Trade Smart
  • #77,083
  • Oct 10, 2010 7:09pm Oct 10, 2010 7:09pm
Quoting Osman
EUR/CHF

38.2% of the previous swing
61.8% of last down wave,
Above we´ve got 1.35 BRN
Divergence

Comments are welcomed.
You have so many lines drawn on your chart, it would almost be confluence if price wasnt hitting any of them!

No PA, the divergence is wishful thinking at best, fibs arent as important as people like to think (they would never be my primary reason for a trade), there is a pretty clear trading range there over the last couple of bars.

Is it a good area? Sure - price has flipped on it a few times, which makes it a nice place to watch for some PA. But at the moment, I dont see a trade here. I'd want more than 'round number kinda nearby and some arbitary fib lines'... and I use pretty much any excuse to get short eurchf.

(also, you may as well lose that volume indicator)
When you have to shoot, shoot. Dont talk.
  • #77,084
  • Oct 10, 2010 7:31pm Oct 10, 2010 7:31pm
Quoting ppfx
did you teach your dog to spot pinbars? does he barks when he sees one?
im sorry i couldnt resist.

lol . . .yeah, you can see he starts flexing and getting pumped when he sees another one . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #77,085
  • Oct 10, 2010 7:35pm Oct 10, 2010 7:35pm
Quoting ghous
I'd second that.

He runs an amazingly simple system based on 2 widely used sources of confluence (PPZs and trend lines).

I was looking at this the other day, and it reminded me of Ace's charts. I hope he'll drop by soon.

g.

That's a beauty g . . . throw in a 50% retace to add more confluence to that area of interest. A Rac-man classic . . Kaboom . .
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Indicators show the past. Price Action "Indicates" the future.
  • #77,086
  • Oct 10, 2010 7:48pm Oct 10, 2010 7:48pm
Quoting supremeChaos
it's not a default MT4 indicator, that's for sure.

i made a very minor modification on the code. (changed the arrows [#217 & #218 below] into circles [#158 as seen below] ; i named it Fractal c --- 'c' for (small) circles)
http://i43.photobucket.com/albums/e3.../Wingdings.png
it plots small circles just like u requested.
what i noticed is the circles are plotted very near/beside the tip of the candles, but it doesnt create a 'candle visibility' problem. (placing the circles away from the candle will need a...


Sweet spots Gold does not plot pivot points, it plots RNs only.

This is the same indicator only modified to shorten the lines.
  • #77,087
  • Edited 8:07pm Oct 10, 2010 7:54pm | Edited 8:07pm
Quoting cprao
Jarroo, Thank you very much for sharing your thoughts. When you say "previous bar High/Low", you would be referring to the immediate previous bar high/low's , right ?

Yes, the immediate previous bar High (BUOB), previous bar Low (BEOB) . .generally.

It comes from the simple premise that once Price breaks through a given Resistance level it will then act as Support . (and vice versa)

. .be it a mutli bar pattern like a Outside Bar (ex . Aud/Usd Daily BUOB, July 2010)

or a series of bars like a PPZ level like the current Nzd/Jpy on the weekly.

Interesting PB on the Daily Nzd/Jpy and where it currently retraced to . . don't you think??
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Indicators show the past. Price Action "Indicates" the future.
  • #77,088
  • Oct 10, 2010 8:03pm Oct 10, 2010 8:03pm
Quoting jarroo
Followup on this post on the Eur/Chf. Looking for the 1.3400 to act as strong Support to the 1.3500. It has a bit of minor traffic to contend with.

Looks better on the 8 Hour chart (PB).
Why can't I on trade on the weekends . . . . .lol
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Indicators show the past. Price Action "Indicates" the future.
  • #77,089
  • Oct 10, 2010 8:20pm Oct 10, 2010 8:20pm
Quoting Osman
EUR/CHF

38.2% of the previous swing
61.8% of last down wave,
Above we´ve got 1.35 BRN
Divergence

Comments are welcomed.

Thx

Quoting jarroo
I do tend to ramble on ppfx .. lol

Price has definetly been entering into some confluenced levels on the Eur/Chf. .PPZ, 1.3500 BRN, 61.8 fib.

Although these levels do not appear to have any affect on the current uptrend, . .Higher highs . .Higher Lows . . will shall see.

I agree, the 1.3500 is a strong level by the confluences you gave, Osman.
Strong bearish PA at this level would be well support.


I agree with joel on the volume indicator. . I'd get rid of it.


Good afternoon . . . BTW . . Joel . .
Indicators show the past. Price Action "Indicates" the future.
  • #77,090
  • Oct 10, 2010 8:23pm Oct 10, 2010 8:23pm
nice location and nice shape, close above RN 82. FTA at 82.57

any comments ?
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  • #77,091
  • Oct 10, 2010 8:24pm Oct 10, 2010 8:24pm
Yeah . .I see it too ghous.
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Indicators show the past. Price Action "Indicates" the future.
  • #77,092
  • Oct 10, 2010 8:25pm Oct 10, 2010 8:25pm
Quoting jarroo
Yes, the immediate previous bar High (BUOB), previous bar Low (BEOB) . .generally.

It comes from the simple premise that once Price breaks through a given Resistance level it will then act as Support . (and vice versa)

. .be it a mutli bar pattern like a Outside Bar (ex . Aud/Usd Daily BUOB, July 2010)

or a series of bars like a PPZ level like the current Nzd/Jpy on the weekly.

Interesting PB on the Daily Nzd/Jpy and where it currently retraced to . . don't you think??

Makes lot of sense .. like every bar acts as simple resistance and support..
as there more bars meet at one place.. more resistance & support. and then PPZ and round numbers to reverse the direction of the trade..

GBPJPY- formed another PB at 130.00.. Moved all the below 130 and closed almost close to 131.00, indicating the strength of 130.00 and previous gaint bullish bar.

Does it makes sense to go long at 131 and SL as 130.00 ? FTA's are not clear as I see a bar at every 15 pips.


NZDJPY- I see PB on IBFX.. I expect that to retrace back to 61.50.. which was acting as a support and reistance..
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  • #77,093
  • Oct 10, 2010 8:38pm Oct 10, 2010 8:38pm
cprao, do you enter on retracement after the signal bar was broken or even without a break ? as per prev posts in this thread, its not a valid trade if the pin / BUOB high is not broken. ideal scenario would be to wait for a breakout and then retrace to prev bar low ?
  • #77,094
  • Oct 10, 2010 8:38pm Oct 10, 2010 8:38pm
Quoting cprao
Makes lot of sense .. like every bar acts as simple resistance and support..
as there more bars meet at one place.. more resistance & support. and then PPZ and round numbers to reverse the direction of the trade..

GBPJPY- formed another PB at 130.00.. Moved all the below 130 and closed almost close to 131.00, indicating the strength of 130.00 and previous gaint bullish bar.

Does it makes sense to go long at 131 and SL as 130.00 ? FTA's are not clear as I see a bar at every 15 pips.


NZDJPY- I see PB on IBFX.. I expect that to retrace back...

It my be true that every bar acts to Support and Resistance on some level. . but we like the very clear, obvious, crisp, confluenced levels to base this simple premise on.

A long above the 131.00 would make sense and the s/l below the 130.00 would be well protected, meaning price would have to break through again the 131 and 130 Support levels.

But you have to give wieght to the size of that PB . .is pretty small so you have to take everything into consideration.
Indicators show the past. Price Action "Indicates" the future.
  • #77,095
  • Oct 10, 2010 8:41pm Oct 10, 2010 8:41pm
Quoting roundrock
nice location and nice shape, close above RN 82. FTA at 82.57

any comments ?

The PB is pretty small to counter that big move down. I would wait for bigger Bullish PA to go long on the JPY.
Indicators show the past. Price Action "Indicates" the future.
  • #77,096
  • Oct 10, 2010 9:07pm Oct 10, 2010 9:07pm
Quoting roundrock
cprao, do you enter on retracement after the signal bar was broken or even without a break ? as per prev posts in this thread, its not a valid trade if the pin / BUOB high is not broken. ideal scenario would be to wait for a breakout and then retrace to prev bar low ?
If you are talking about NZDJPY, no, I didn't enter any trade on this pair. In fact, I have no intention to enter the trade until the pair crosses beyond 62.

However, I did put my order on GJ - which is yet to be triggered.
  • #77,097
  • Oct 10, 2010 9:08pm Oct 10, 2010 9:08pm
Quoting jarroo
It my be true that every bar acts to Support and Resistance on some level. . but we like the very clear, obvious, crisp, confluenced levels to base this simple premise on.

A long above the 131.00 would make sense and the s/l below the 130.00 would be well protected, meaning price would have to break through again the 131 and 130 Support levels.

But you have to give wieght to the size of that PB . .is pretty small so you have to take everything into consideration.
Thank you Jarroo. In fact, today's 4 hour PB looks really strong in relative to Friday's daily PB.

Thank you for all the education..
  • #77,098
  • Oct 10, 2010 9:19pm Oct 10, 2010 9:19pm
Quoting jarroo
Good afternoon . . . BTW . . Joel . .
Hey buddy, hows things?

You know you have a procrastination problem when you decide to mark up 200 stock charts instead of doing your work. Stupid Mondays.

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When you have to shoot, shoot. Dont talk.
  • #77,099
  • Oct 10, 2010 9:21pm Oct 10, 2010 9:21pm
Quoting joelcf
Hey buddy, hows things?

You know you have a procrastination problem when you decide to mark up 200 stock charts instead of doing your work. Stupid Mondays.

Attachment

lol . .. nice . .
Indicators show the past. Price Action "Indicates" the future.
  • #77,100
  • Oct 10, 2010 9:34pm Oct 10, 2010 9:34pm
Quoting cprao
Thank you Jarroo. In fact, today's 4 hour PB looks really strong in relative to Friday's daily PB.

Thank you for all the education..

It could happen . . . the premise is set up again. . .
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Indicators show the past. Price Action "Indicates" the future.
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