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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

  • #78,141
  • Oct 22, 2010 4:30am Oct 22, 2010 4:30am
Quoting emmy01
@Pinbar
Hi how are u doing? please how do you have those RN line on your chart

Thanks
Much love

It is an indicator I modified to do this.

You can find it by clicking on my signature at the bottom of this message.

Just download the zip file and put the indicators in the indicators directory and the template in the template directory. Load the J16 template black or white and, you are in business. Or you can just install the indicator. Make sure you alter the SHIFT LINES till you get it to display how you want it.

I knew this signature would come in handy. LoL
  • #78,142
  • Oct 22, 2010 4:31am Oct 22, 2010 4:31am
Can any one take a look at at these

1. thes BEOB and BUOB, must they be in particular size ?
2. The price action formed not in neither swing low nor swing high , what can we do with them.

Bless ya
Thanks

Much Love
If you don't control your emotion it will control you.
  • #78,143
  • Oct 22, 2010 4:33am Oct 22, 2010 4:33am
Quoting Pinbar
It is an indicator I modified to do this.

You can find it by clicking on my signature at the bottom of this message.

Just download the zip file and put the indicators in the indicators directory and the template in the template directory. Load the J16 template black or white and, you are in business. Or you can just install the indicator. Make sure you alter the SHIFT LINES till you get it to display how you want it.

I knew this signature would come in handy. LoL
Thanks

much love
If you don't control your emotion it will control you.
  • #78,144
  • Oct 22, 2010 5:10am Oct 22, 2010 5:10am
Quoting emmy01
Can any one take a look at at these

1. thes BEOB and BUOB, must they be in particular size ?
2. The price action formed not in neither swing low nor swing high , what can we do with them.

Bless ya
Thanks

Much Love

Well, that is pretty impossible without you posting a chart, or even mentioning the pair, now isn't it?
  • #78,145
  • Oct 22, 2010 5:20am Oct 22, 2010 5:20am
Quoting emmy01
Can any one take a look at at these

1. thes BEOB and BUOB, must they be in particular size ?
2. The price action formed not in neither swing low nor swing high , what can we do with them.

Bless ya
Thanks

Much Love
Hi Emmy, It's difficult to quantify since it depends on the pair, current market conditions, and the trading style (some traders are more conservative than others)
My suggestion would be to review past posts in this thread to get a feel for what various members deem acceptable according to their trading style, and then switch to your own charts and scan for price action and develop your own style that you feel comfortable with.

Your second question really needs an example chart so we can understand exactly what you mean. But my initial reaction is that PA bars not at swing-highs/lows, should be avoided until you have a strong grasp of classic setups, since they are a bit trickier to deal with.

Jonny
  • #78,146
  • Oct 22, 2010 5:43am Oct 22, 2010 5:43am
@Jonny
Thanks very much...... for your replied

@pinbar
Thanks once again, I post chart very soon.

Much love
If you don't control your emotion it will control you.
  • #78,147
  • Oct 22, 2010 6:13am Oct 22, 2010 6:13am
Quoting supermatt
here here. i barely even visit this thread anymore due to how off track its got.
Use the PDF (shown at bottom of page) for revision. Additionally, regular reading back and forth plus demo practice should improve your skills.
IMHO this thread is still "on track" but if one is uncertain of something the regulars here will soon refer you to an appropriate answer or ref. source. But practice is key. Reading alone is not sufficient unless backed up with practice and informed debate. You, the eader, can bring something back "on track" by showing your set ups and asking questions and joining in debate.
every Saint has a past. Every Sinner has a Future
  • #78,148
  • Oct 22, 2010 6:28am Oct 22, 2010 6:28am
Hi Pinbar
Your PPZ charts are damn good, thanks for sharing them.
Best
D
  • #78,149
  • Oct 22, 2010 6:43am Oct 22, 2010 6:43am
Quoting damien100
Hi Pinbar
Your PPZ charts are damn good, thanks for sharing them.
Best
D


I am glad you like them, although they are not that good I feel.

PPZ is probably the hardest part of price action but indeed the most important.

I have practiced PPZ for the last 5 months changing 30 charts often 5 times a day, I am still practicing them. At last I am starting to see where the monthly and weekly are just from looking at the daily charts.

I really recommend this to new people, if you can Really see these on the daily, then you don't need to draw them.
  • #78,150
  • Oct 22, 2010 6:58am Oct 22, 2010 6:58am
Hi Jarroo
Just read your comments to MG, thats dead right ,and I didn't see PA on H4
but for some daft reason decided that the H1 almost PB was good enough to take short , against that trend which was up
Thanks
D
  • #78,151
  • Oct 22, 2010 7:36am Oct 22, 2010 7:36am
Quoting Be Cool
......
Hello Be Cool,
chill... dont worry.
at first all seems difficult.
i think u just need to do PPZ plotting exercises.
review james16, mbqb11, jarroo charts, the free videos. also, this recent post by Pinbar.

start with Monthly chart, down to weekly, daily. Monthly PPZs are the most important, then weekly PPZs, then daily.
u can plot minor PPZs on H4 & below, but u can do that at a later stage.

if your current PPZs are 'close to each other', to me it means
-you plotted redundant lines (your PPZs are very near each other, pip-wise)
-u have too many lines

u have to refine your PPZ plotting skill so your chart wont look too cluttered.
S/R or PPZ plotting is mandatory, IMHO, for trading success... so a trader should acquire that skill as quickly as possible.
Hope this helps
  • #78,152
  • Oct 22, 2010 7:40am Oct 22, 2010 7:40am
Quoting Adilius07
..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....
based on that chart, it looks like fractals can help.
  • #78,153
  • Oct 22, 2010 8:04am Oct 22, 2010 8:04am
Quoting Be Cool
Hi Mike ...
What may be confusing in the beginning is the fact that PPZ are more like ranges not like exact lines. That's why I favor drawing them with the rectangle tool.

Maybe it helps you to break it down to the basics: Open a fresh chart without any lines and indicators. Switch to the monthly and mark only the most significant PPZ, the ones that stand out and jump into your eye (e.g. at obvious highs/lows). Then switch to the weekly, daily... and add some more significant PPZ. Recognize how not only extreme highs and lows are supported/resist the PPZ you marked but also other bars in between. Even breakthrough bars often open/close on the very PPZ spot. You can train your eyes to recognize these.

Another good practice is to do this in the MT strategy tester and see the price unfolding around the areas you just marked. Over time you will know where price is likely to react.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,154
  • Oct 22, 2010 8:09am Oct 22, 2010 8:09am
Quoting jarroo
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...
G'day Jarroo,
Would you consider the posted setup I saw today a valid one ? The 4H-PPZ in the 1H-TF didn't match the point of confluence that nicely, they were about 10 pips off. On the lower TF though price gave a nice PB @ the point of confluence and closed below the 4H-PPZ.

May the force be with you.
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Pipcrawler
  • #78,155
  • Edited 8:36am Oct 22, 2010 8:18am | Edited 8:36am
Quoting Be Cool
Hi Mike ...
I think you can see PPZs as ranges of probability where price is likely to show a reaction. The clearer the PPZ stands out, the more people will recognize it, the higher the probability that we see good and reliable PA. As long as you can't see the minor PPZ I wouldn't be too concerned about it. Just work (paper trade) with the ones that jump out to you and practice spotting them.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,156
  • Oct 22, 2010 8:58am Oct 22, 2010 8:58am
Quoting forex0908
I know what is BEOB. But may I know what do you mean by continuation BEOB?
Quoting Pinbar
Probably means that it is signaling a continuation of the current trend.
Thanks Pinbar, that's what I meant.

The outside bars at swing highs or lows are better for newbies. Continuation bars can be played, but they require tighter management in my opinion (I don't play them personally).

-- Danny
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  • #78,157
  • Oct 22, 2010 9:25am Oct 22, 2010 9:25am
Quoting Be Cool
Hi Mike ...
Hey Be Cool

I personally only draw the very major ones on the same timeframe I am looking. So If I am on the daily, I will draw the major ones only as I don't bother looking for many trades outside of those(part of being picky). Once I am in an actual trade then I will begin to draw more minor zones and areas that may give trouble with for managing trades. Don't over due it keep it to the ones that jump out at you for looking for trades it will clear a lot up. I see people who draw PPZ from the montly down to 4hr then all of a sudden their chart has a line everywhere and they go into paralysis mode. It isn't that their lines are wrong it is just not in relation to anything. We have to always remember that their are degrees of everything. Major to very minor PPZs. I use the major ones for identifying trades and minors for mgmt.

As for risk:reward, I would read this too b/c you can't always believe the things you first hear
http://www.forexfactory.com/showpost...ostcount=70154

Hope this helps
Mike
  • #78,158
  • Oct 22, 2010 9:27am Oct 22, 2010 9:27am
Quoting Pinbar
I am glad you like them, although they are not that good I feel.

PPZ is probably the hardest part of price action but indeed the most important.

I have practiced PPZ for the last 5 months changing 30 charts often 5 times a day, I am still practicing them. At last I am starting to see where the monthly and weekly are just from looking at the daily charts.

I really recommend this to new people, if you can Really see these on the daily, then you don't need to draw them.
What an excellent post ! I continue to read this thread every day and I am very grateful for posts that really raise the standard.

Pinbar I would like to thank you especially for your templates, they are ideal for my swing trading needs.

For all new readers : during the first 100 posts you find excellent charts by " seekinglight " on PPZ and how he draws them,starting from monthly, weekly and daily....and differentiating between major PPZ and minor ones.

And ( my favourite ) going through all of jarroos`charts one by one teaches a wealth of knowledge about bar formations.

Have a nice weekend, to all of you.

_____________
michael
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Be like water.
  • #78,159
  • Oct 22, 2010 10:21am Oct 22, 2010 10:21am
Hi Jonnyislost

just looking at W1 TF could close poss. as weekly Proxy bull PB. that will put back on line for the break upwards maybe.

Looking at price on weekly though ,it is kind of sat/sandwiched right in the middle at 80.BRN between .88 and .73.

That H4 bear PB looks healthy but not good location with no room to move ,green line and it's Friday and I've been taught it's sell your grandmothers favourite candlesticks time of day
have a good one
D
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  • #78,160
  • Oct 22, 2010 11:01am Oct 22, 2010 11:01am
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?
Let me make it simple for all of you.

1-Dont take a touch trade until u have at least 3 confluence factors.

2-Dont take a touch trade without a clear daily (or above) PPZ.

I took this Echf setup and got stopped out. There was this TL, PPZ,Double top in 1h, and Divg. But could have passed it easily cause that was really a poor PPZ.

This one is a classic rac setup, See clear PPZ, 50 Fib and TL.

P.S: I was just reading Rac's posts i think it's the 6th or 7th time i am doing this. It really clears my mind looking at his clean charts and PPZ's.
.
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