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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

  • #78,301
  • Oct 24, 2010 1:12pm Oct 24, 2010 1:12pm
Found James 16 thread part two. Its answering most of these questions except for exits. Great stuff.
  • #78,302
  • Oct 24, 2010 1:19pm Oct 24, 2010 1:19pm
Hey guys,

Was backtesting and saw a pin on the NZDJPY. Swing low, rejected off RN 59 and 60 + ppz. Trading into the 61 as the FTA followed by the blue box.
It doesn't seem worth it if I were to be conservative and risk a full bar stop loss for such an FTA.

Would you guys have considered this trade?
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  • #78,303
  • Edited 1:50pm Oct 24, 2010 1:33pm | Edited 1:50pm
3- Know what market are you trading in

So when i am analyzing these areas i also look out for the market condition i am trading in.Like is it ranging hard, trending hard or a little consolidation in between a trend etc.

GBP/USD: Now i can see that price was in a trend and now its in a rang and could break to either side. You can see a lot of blue rects and some horizontal S/R. Now Blue area's are PPZ's but i am not sure if would be able to place touch trades on them straight away but it depends if i get some confluence in 1h - 4h when market opens but again have to be careful with them being inside consolidation. on the other hand there is 1.6100 zone where i could place a short entry or wait for break and retrace to continue with the trend, there is 1.5500 where i can place a long order cause it is damn nice PPZ see how it flips the price and also a BRN, there is 1.5300 where i can also put a long order or wait for a break and retrace cause if price breaks it the trend is over IMO.

USD/CHF: Clearly price is was in a downtrend broke the Longterm trendline and now may come back for a retest.Now this is where i am sure what i am gonna do (see chart) but again price may never come back when market opens or anything could happen. Now i was not drawing any TL's when i was dressing my charts but this one was so much damn obvious that i had to put it there than automatically i see the break and than i found the PPZ around area where i can wait for a retrace went down to 4h and draw that FIB and TL and now every thing is just in place all i need to do is wait.

BUT AGAIN THIS IS NOT A TRADING RECOMMENDATION THIS JUST WHAT I SEE AND WILL OBSERVE PRICE ACTION AROUND WHEN MARKET OPENS AND MAY CHANG MY VIEWS.
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  • #78,304
  • Oct 24, 2010 1:59pm Oct 24, 2010 1:59pm
4- Know what kind of trade you are just gonna take to assign a management plane to it

When you are just about to place a trade you need to recognize what kind of trade you are taking. If you are taking a CT u need to be careful and picky and need to do some thing on FTA to protect yourself may it be closing full postion, taking half out and rest to BE, Moving stop to BE or etc but make sure with CT's that you eliminate risk every time on an FTA.

Than if you are taking a trade with the trend you need to act again on FTA but this time make sure this trade or a portion of this trade to remain there to reap the trend so it could pay for many looser if it runs.

Than there are trades you take in Ranges, make sure you are trading on the edges of the range and there is some nice room to the other edge and also to ur FTA.

Or some times there are trades right inside those ranges but never touch them without confluence and make sure they are very clear flip zones like one in GU @ 1.5500.

5- Most importantly u need to get your MM and FTA's in the place

Yep when you are doing touch trades make sure you got excel sheet in place to calculate different risk scenarios etc. I mean the best touch trades are ones who take ur order and never come back so u need to be ready for them i.e dont miss them while calculating ur lotsize or take wrong positions sizes in the thrill or even take the trades first than calculate what you did.

Remember no matter how many conflunces u had or how much damn good was that PPZ no trades is worth more than it's FTA. So make sure u always have ur FTA's in place before u put on the trades and ACT ON THEM.

Ok this is it. I hope i did not confused any body or btw u can always skip my posts i am an idiot with an internet connection.

Also if you are NEW to this stuff dont try this LIVE and dont try this on Lower TF's you'll gonna burn,... believe me.
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  • #78,305
  • Oct 24, 2010 2:30pm Oct 24, 2010 2:30pm
Her is one i missed.

Opened the daily, Saw a trend straight away, consolidation and break out, placed my PPZ than looked further above and below and added some more. went down to 4h and got this small TL and off course there is a FIB too but we not know if we could just place it now cause price can further move up before retracing if it does.

EDIT: Went back to daily again after posting this and found this TL (actually the same but diff TF's). So see it all happened in some 5-10 minutes.
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  • #78,306
  • Oct 24, 2010 2:33pm Oct 24, 2010 2:33pm
Quoting nasir.khan
Her is one i missed.

Opened the daily, Saw a trend straight away, consolidation and break out, placed my PPZ than looked further above and below and added some more. went down to 4h and got this small TL and off course there is a FIB too but we not know if we could just place it now cause price can further move up before retracing if it does.
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You mean you missed 4H PB? that one look as being at swing high instead of low... could have fallen down - that way would have been a successful IPB...
  • #78,307
  • Oct 24, 2010 2:37pm Oct 24, 2010 2:37pm
Quoting melvin87
Would you guys have considered this trade?
Hey Melvin, you made some great observations assessing market conditions. We can only take trades based on information to the left of that pin bar. I agree with your assessment and would have also passed on this setup.

Below are some of my thoughts to support your views...

Hope this helps.

-- Danny
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  • #78,308
  • Oct 24, 2010 2:41pm Oct 24, 2010 2:41pm
Quoting Adilius07
You mean you missed 4H PB? that one look as being at swing high instead of low... could have fallen down - that way would have been a successful IPB...
I meant the chart i missed to post,.... not any setup that i missed. lol

P.S: It's 12.40AM here. lol
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  • #78,309
  • Oct 24, 2010 2:43pm Oct 24, 2010 2:43pm
Quoting nasir.khan
I meant the chart i missed to post,.... not any setup that i missed. lol

P.S: It's 12.40AM here. lol
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Ahh understood lol I was breaking my head to find a setup there
  • #78,310
  • Oct 24, 2010 4:47pm Oct 24, 2010 4:47pm
Watching for some bullish PA to go long.
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Pipcrawler
  • #78,311
  • Oct 24, 2010 4:49pm Oct 24, 2010 4:49pm
Triggered short @ BRN 7500 for a rangeplay on the kiwi.
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Pipcrawler
  • #78,312
  • Oct 24, 2010 5:09pm Oct 24, 2010 5:09pm
Took also a shot at E-J
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Pipcrawler
  • #78,313
  • Oct 24, 2010 5:58pm Oct 24, 2010 5:58pm
Quoting ghous
PPZs are spot on as usual,

and you know the bias is to the downside for me due to that weekly IPB Not that I haven't been proven wrong before though

g.


Thanks Ghous, it is an interesting exercise.

Let's see how it works out.
  • #78,314
  • Oct 24, 2010 6:02pm Oct 24, 2010 6:02pm
Quoting supremeChaos
uh oh, im not a good judge, i think.
i have trouble conveying my exact thoughts into words.
btw, we are 'playing' right? i'll reserve my judgement til next week/next month, so i'll let PA unfold unto your plotted PPZ lines.
this is my 'way' of helping, regardless if u realize it or not.


btw, personally, i try to use as little color on my chart as possible. i do this so the bars will stand out as opposed to getting drowned/obscured by the lines/indicators.
for PPZs i use different line styles &/or hues (example, black/gray/dim...


Good idea SC, PA is the only real judge to vindicate PPZ.

Yes, I also tried that with a single color line and will probably go back to it again. I used the colors to make it clearer to any new people, how PPZ break and then price moves to retest and or move on to the next level.

Thanks SC, your input is always appreciated.
  • #78,315
  • Edited 6:32pm Oct 24, 2010 6:18pm | Edited 6:32pm
Quoting geniusztc
great!!!

hello,P

how do you draw the lines @ x.y000..in the right of your chart. i ever drawed them one by one ,. is there any indicator ??? thank you

Please, read the signature at the bottom of any of my posts.

You can find everything there.
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  • #78,316
  • Oct 24, 2010 6:45pm Oct 24, 2010 6:45pm
Pinbar, have you or do you us any type of PA indicator for instance the ones that mark certain PA.

I am currently trying the PinI4Bbar AHA and for some reason can not get it to work on the EUR/USD daily chart. Seems to work on other charts.

Any advice?

Thank you,
KK
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  • #78,317
  • Oct 24, 2010 7:12pm Oct 24, 2010 7:12pm
Quoting Fxknkw987
Pinbar, have you or do you us any type of PA indicator for instance the ones that mark certain PA.

I am currently trying the PinI4Bbar AHA and for some reason can not get it to work on the EUR/USD daily chart. Seems to work on other charts.

Any advice?

Thank you,
KK


I have a good one, but I do not use it.


EDIT...I took a look at the indicator you posted, I think the one I posted is better, but the one you posted works if you go into the edit function and set it up to display arrows on the chart.


Give it a try. You can set the one up I posted to turn off certain bar setups.
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  • #78,318
  • Oct 24, 2010 7:29pm Oct 24, 2010 7:29pm
Hi Mike, PinBar, Adi, SC, Nazir
Thanks for your reply. Great explanation. Makes a lot of sense.
This is by far the best thread and the nicest group of traders i ever come across. Keep it up

PS: sorry i have been away on the weekend. Look forward to catch up on your posts. They're the best !

God Bless,
  • #78,319
  • Oct 24, 2010 7:44pm Oct 24, 2010 7:44pm
Thanks Pinbar.

The one I posted, I could get it to work, just not on the EUR/USD Daily TF.

Odd.
  • #78,320
  • Oct 24, 2010 7:50pm Oct 24, 2010 7:50pm
Phew
Read the first 100 pages - great examples !
Now i understand the importance of confluence area. Fibs, PPZ, Trendlines, Pivots, BRN.
However, i have a question that maybe the more experienced guys can shed some light on: We can have different combinations of confluence, but how would you rank them in order of importance? Is PPZ more importance than others? Let's say you have confluence of fibs& trendlines but no clear PPZ in the vicinity, would you take the trade?

Also, often times when price retrace to the longer term trendline and there was PPZ, which one would you place more importance on? Sometimes i see that there is no PA off the PPZ but price broke the trendline and retest and there was PA. From what i understand trendline also serve as support and resistance - so would it not also be valid as interest area to look for PA?

Thanks
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