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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

  • #78,121
  • Oct 21, 2010 9:39pm Oct 21, 2010 9:39pm
Still learning the trick and trades of Touch Trading.
Dunno if I understand the method correctly but would the intersection of 1.36 and TL result in a possible Kaboom?
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  • #78,122
  • Oct 21, 2010 9:46pm Oct 21, 2010 9:46pm
Quoting aserbfx
price close at least 0.5% above the resistance.
never heard this before??? Is that .5% of the bar thats breaking out?
  • #78,123
  • Oct 21, 2010 10:25pm Oct 21, 2010 10:25pm
Quoting Mist Gun
I see. If a clear story for long is a big bullish PA at support, then for short, it would be a big bearish PA at resistance. Does all this happened at 0.7500? Or would another level be watched for short, e.g. 0.7550?

Also, assuming the short set up prevailed, does a short set up means that this would be a change in the daily trend to be down trend? Is it save to assume that?

Sorry for asking too many questions.

Sorry I missed your post MG.

That's a good point MG . .we are reaching new Highs on the Nzd/Usd and we can see the .7640-50ish is a past PPZ level on the Weekly acting now as Resistance. Strong bearish PA at this level would look good.

The Daily is making lower Highs and some lower Lows so a down trend could be forming. More likely a consolidation area forming around the .7500. A lot of market flow happening at this .7500 level, if you have been reading up on mqbq11's (Mike) posts on BRNs.

So if more signs of a downward trend continue I would view the .7500 more as Restistance and if the uptrend continues I would the .7500 as Support. . .with of course PA showing us the way.

Don't know if I answered any of your questions.


Jim

(The previous bar High of that BUOB (blue) sure is an interesting level . .)
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Indicators show the past. Price Action "Indicates" the future.
  • #78,124
  • Oct 21, 2010 10:33pm Oct 21, 2010 10:33pm
Quoting bluetrader
Hey fascist,

My concern with your reasoning is that you should consider also taking a "big picture" view of what is going on with gold. It's a continuation BEOB against a strong trend. You'll noticed price reacted to a nearby ppz prior to bar close. I'd prefer a long entry around this area.

I attached another chart showing GOLD over the past 2 years. Do you want to trade against this? Is this the bar that you would consider A+ against this trend?

Hope this helps,

-- Danny
Hi Danny,

I know what is BEOB. But may I know what do you mean by continuation BEOB?
  • #78,125
  • Oct 21, 2010 11:01pm Oct 21, 2010 11:01pm
Quoting jeffokes
Sure it does help a great deal!!! Thank you!!!

Here's a good example on the Nzd/Usd 4 Hour time frame around the .7500 BRN. Price is turning from Support to Resistance and back again all over the place at this level.

So Price presents a 4 Hour PB at the .7500 which also has some confluences; 50% Ret and off the 61.8 Fib. Not bad . .but the traffic could be clearer and the swing low could be deeper or lower.

We still have to consider our PA targets, previous bar High/Lows. We know, as James16 teaches, that Price will react to these targets and part of our trade management tells us that we must be prepared to act once these targets are hit or even before their hit . .(well at least they do for me).

The PB breaks and hits its targets and falls back. . .no surprise here. The PB is considered a success in my book. You just have to decide if the area to the target is worth it or the setup as a whole is just not worth it, meaning its not that big, too much traffic, not a swing low, etc . .pass on this one.

Just some thoughts.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #78,126
  • Oct 21, 2010 11:37pm Oct 21, 2010 11:37pm
Quoting ertorque
Still learning the trick and trades of Touch Trading.
Dunno if I understand the method correctly but would the intersection of 1.36 and TL result in a possible Kaboom?

Studying Raczekfx's charts can give you a better understanding on his famous KaBoom! setups.

But what I've learned from his charts is that they have a PPZ level in them either acting as a Support level or a Resistance level with muliple confluences lining up with that level . . I like to call them a strong level of Locational Confluence.

Here's an example On the Eur/Jpy 4 hour chart.

We have Lower Highs confirming a possible downtrend. Next, a PPZ level at the 114.00ish turning from Support to Resistance that lines up with a trendline and 61.8 Fib . .KaBoom! .. .well . . almost . .Price didn't quite get there. Rac may have other confluences that he factors in.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #78,127
  • Oct 21, 2010 11:45pm Oct 21, 2010 11:45pm
Quoting spookie94
never heard this before??? Is that .5% of the bar thats breaking out?
the close should be around 0.5% of the stock price above the resistance.
90 eur -> 0.45 eur above.
it's my personal rule.
i think that mike posted similar in pips for forex.
meine augen sind die sterne
  • #78,128
  • Oct 21, 2010 11:47pm Oct 21, 2010 11:47pm
Quoting forex0908
Hi Danny,

I know what is BEOB. But may I know what do you mean by continuation BEOB?
Probably means that it is signaling a continuation of the current trend.
  • #78,129
  • Oct 21, 2010 11:59pm Oct 21, 2010 11:59pm
Jarroo

What do you think of this.

I would have liked to see this PB close below the 113 instead of the 1130.54 it closed at. I am wondering as it is Friday, if we are going to get a run up to the 50 fibo and linger there a while till London opens for the Kaboom?
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  • #78,130
  • Edited 3:10am Oct 22, 2010 12:25am | Edited 3:10am
Quoting jarroo
Great charts Hans . . everyone should do this exercise . .as Mike would say . . until their eyes bleed . .lol

Just a side note: I believe you meant to say . . 2 Hour PB on your Hourly chart , , and 8 Hour PB on your 4 Hour chart . . instead of 2 Day PB.
Thanks for pointing that out. You know what? I didn't even recognize it was a 1hr chart. Because it's my default screen setup I thought I was operating on a daily chart. All the better, it gives me even more confidence!
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,131
  • Oct 22, 2010 12:27am Oct 22, 2010 12:27am
pinbar on daily.
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meine augen sind die sterne
  • #78,132
  • Oct 22, 2010 12:30am Oct 22, 2010 12:30am
Quoting pay tribute
This thread is gold, Jerry, gold!

http://www.siyumhaseinfeld.com/images/chars/bania.jpg
hahahaha that made me laugh so hard man. James will get such a kick out of this you have no idea
  • #78,133
  • Oct 22, 2010 12:32am Oct 22, 2010 12:32am
ahh u got my soft spot

Inserted Video
  • #78,134
  • Oct 22, 2010 12:45am Oct 22, 2010 12:45am
Quoting jarroo
Any one remember this chart on the Daily Eur/Gbp? Yeah I see that its at the .8900 RN and RNs on this pair are usually very strong . .just an observation.
it was the 3rd touch of a weekly down-TL too.

i believe it's just an excuse to make a pause.
i wont be surprised to see 0.90 - 0.95 by year-end/new year.
Let's see

Quoting dk2007
Does anyone know why this 2 day PB failed? It was on 50% ret and trendline.
...
Hello Danny,
u did not specify if u are talking about a bullish or bearish 2-day PB.
either way, they are heading into traffic & have not been triggered yet.

imho, it has a slightly bullish bias, but there are much more better setups out there.
  • #78,135
  • Oct 22, 2010 2:07am Oct 22, 2010 2:07am
I want to show you another trade i placed some few hours ago on retracement. And i will manage it accordingly. Entered at 1.3954 and i will move to BE when price gets to 1.3900.
The price on daily was rejected by a resistant as i have drawn it on the chart.
Pin bar on the making on 4 hrs.
PA rocks men.
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  • #78,136
  • Oct 22, 2010 2:15am Oct 22, 2010 2:15am
Hi Mike
I seem to have a problem identifying PPZ. First I start with the daily, can see the flips and
draw lines. Then i start to have some doubt about some areas so i went down to 4hour chart. Things look clearer and i can see some more flips so i draw them.
But by the time i got PA setup on the daily, i do not know where to set my first target because
the PPZ lines look so close to each other. If i think in terms of risk reward, often times i can not justify my trade.
This even happens with the chart examples on the forum/videos. I would see flips that you do not have on your chart for some reason that i can not understand.
So can you please tell me what are the guidelines for drawing PPZ? Do you just look at whatever TF you are trading and draw whatever flips you see? Or do you go to lower TF and draw smaller flip lines? How to determine which flips are more important?
Please advise.
Thank you
  • #78,137
  • Oct 22, 2010 2:36am Oct 22, 2010 2:36am
Quoting Edonya
I want to show you another trade i placed some few hours ago on retracement. And i will manage it accordingly. Entered at 1.3954 and i will move to BE when price gets to 1.3900.
...
Interesting trade.
touch trade?
do u regard the PPZ around 1.3900 RN as minor/insignificant, that's why u are only going to BE instead of taking at least partial profit there?
Thanks!
  • #78,138
  • Oct 22, 2010 3:35am Oct 22, 2010 3:35am
Quoting jarroo
Sorry I missed your post MG.

That's a good point MG . .we are reaching new Highs on the Nzd/Usd and we can see the .7640-50ish is a past PPZ level on the Weekly acting now as Resistance....
Thanks for your reply, Jim.
Yes it answered my questions.

From reading earlier posts, I learned that PA set ups on a good location is the one we are advised to take.

However, I am a bit confused about swing highs. For example, on the chart, could the pin bar inside the box be said to have formed at a swing high?

MG
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o que será, será
  • #78,139
  • Oct 22, 2010 4:13am Oct 22, 2010 4:13am
Quoting Be Cool
Hi Mike ...
Hey I'm not Mike and I'm not the one to answer. But I had the same problem. Really frustrating. So I decided to pay most attention to those PPZ where I have my fractals too... so I would skip a lot of "in the middle PPZ".. Fractals show the swing reversal, and when it aligns with PPZ it is a significant level..

I'm not saying that it may fit you, but for me I think this has erased a lot of confusions for me...

http://cdn.forexfactory.com/attachme...1&d=1286714621

The idicator was kindly adjusted to look this nice way - thanks to Supreme Chaos, you can pick it up here http://www.forexfactory.com/showpost...ostcount=77059
  • #78,140
  • Oct 22, 2010 4:23am Oct 22, 2010 4:23am
@Pinbar
Hi how are u doing? please how do you have those RN line on your chart

Thanks
Much love
If you don't control your emotion it will control you.
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