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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

  • #78,421
  • Oct 25, 2010 6:31pm Oct 25, 2010 6:31pm
Quoting kwikwis
Anyone likes this PB on daily - bouncing of down trend line?
Everybody's comments appreciated!
Thanks in Advance!
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  • #78,422
  • Oct 25, 2010 6:57pm Oct 25, 2010 6:57pm
Quoting Atc
What is your preference for entry?
I usually enter on the break.
Order set to sell at .8855
Anything can happen - You never know
  • #78,423
  • Oct 25, 2010 7:25pm Oct 25, 2010 7:25pm
Quoting xmzhang
To Pinbar: Tanjobi omedeto gozaimasu (well or something like that)

May the force be with you.

Thanks X and indeed John and anyone I missed.

Yeah, the Japanese is correct. Cool
  • #78,424
  • Oct 25, 2010 7:27pm Oct 25, 2010 7:27pm
Quoting mbqb11
Happy bday Pin, a very happy and healthy year

Thanks Mike....A little fuzzy this morning after all the wine.
  • #78,425
  • Oct 25, 2010 7:30pm Oct 25, 2010 7:30pm
HAPPY BIRTHDAY, PINBAR
May you be blessed with happier, healthier and wealthier years ahead

BTW, i have a question that maybe you can shed some light on:
I know 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 when 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 http://cdn.forexfactory.com/images/s...im/winking.gif http://cdn.forexfactory.com/images/misc/progress.gif http://cdn.forexfactory.com/images/buttons/edit.gif
  • #78,426
  • Oct 25, 2010 7:31pm Oct 25, 2010 7:31pm
Quoting damien100
Hi Pinbar just read your PPZ lesson , Really enjoyed it Thanks, I would like to put my PPZ rendering forward for fun too.
Best
D

Hi, it wasn't a lesson just self help with others joining in.

Remember I am a newbie here.
  • #78,427
  • Edited 8:47pm Oct 25, 2010 7:48pm | Edited 8:47pm
Quoting kwikwis
Anyone likes this PB on daily - bouncing of down trend line?
Everybody's comments appreciated!
Thanks in Advance!
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Looks a bit dodgy to me.

I mean, the TL is good but the uptrend is strong and this is above the Monthly PPZ with the 38.2 fibo as confluence and that box just below the purple monthly PPZ concerns me.

I'd like to hear what the seniors think of this bar.

Come one Joel, give us a hint, Please.
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  • #78,428
  • Edited 9:21pm Oct 25, 2010 8:25pm | Edited 9:21pm
In the meantime, here is the story I am trying to decipher from the EG price action.

Maybe, I am just convincing myself of this, lets see how the market feels about it.
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  • #78,429
  • Edited 9:15pm Oct 25, 2010 8:30pm | Edited 9:15pm
Quoting Be Cool
HAPPY BIRTHDAY, PINBAR
May you be blessed with happier, healthier and wealthier years ahead

BTW, i have a question that maybe you can shed...
Thanks for the birthday wishes.

Well, location I feel is the most important factor, which also means PPZ and price, consolidation areas, areas of former support which may now act as resistance or visa vi. Of course bar size is also a major factor.

I would personally place less importance on a Tl than an area of consolidation and location. As indeed the chart above describing my thoughts on EG, right now.

Of course please remember, this is only my newbie impression, I am still learning this as you are.
  • #78,430
  • Oct 25, 2010 11:57pm Oct 25, 2010 11:57pm
I was wondering what was wrong with this thread when I got up this morning, nothing seemed the same as it was yesterday.

It seems a lot of people's posts have been moved to the trash without even a mention of it.

http://www.forexfactory.com/showthre...00#post4120200
  • #78,431
  • Oct 26, 2010 1:05am Oct 26, 2010 1:05am
Quoting xmzhang
Hans, applying divergence you'll need valid swing highs or lows of both price and the indicator you're using (RSI, Stochastics or MACD). These swingpoints are merely LOCAL maximum or minimum values. In the attachement I've marked off some swing lows of the U-J and the corresponding value of MACD. As you see only at two swing lows of U-J MACD also made a swing low (local minimum), even at the mentioned PB MACD didn't make a valid swing low, so strictly speaking applying divergence wouldn't be correct. I've posted a correct example of using divergence,...
Thanks for your answer, xmzhang. If I got you right on this post, in your opinion it would not make sense to look at divergence as long as the PB isn't a valid low as confirmed by the next bar closing higher. But it wouldn't make sense to me to look at divergence then, because the PB would already have worked or been taken out. So you would take divergence only into account after PA and high probability trades had already taken place. I'm confused.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,432
  • Oct 26, 2010 1:19am Oct 26, 2010 1:19am
Quoting Pinbar
In the meantime, here is the story I am trying to decipher from the EG price action.

Maybe, I am just convincing myself of this, lets see how the market feels about it.
Yes, I've got that PPZ on my chart, too. Furthermore price hasn't reached the BRN yet (0.9000) which often acts like a magnet. Another thing on my radar is the fact that price trades right into my triangle support line. Not sure how much of a sign that is, but I'd rather stay out.

BTW, I like the way you analyze your charts and made it an exercise for me:
1. Take a random chart and put only BRNs and PPZs on it.
2. Then add numbers where you see something relevant.
3. Describe/write down exactly what it is you see at each number (e.g. S/R behavior, price pressure, PA indication, what does the mass of traders probably think and do at certain points, etc.)

It's a good practice to strengthen your attention for details.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,433
  • Oct 26, 2010 1:25am Oct 26, 2010 1:25am
Quoting HanSolo
Yes, I've got that PPZ on my chart, too. Furthermore price hasn't reached the BRN yet (0.9000) which often acts like a magnet. Another on my radar is the fact that price trades into the triangle support line. Not sure how much of a sign that is, but I'd rather stay out of this.

BTW, I like the way you analyze your charts and made it an exercise for me:
1. Take a random chart and only put BRNs and PPZs on it.
2. Then add numbers on it where you see something relevant.
3. Describe/write down exactly what it is you see.

It's a good practice to...


I tried using the rectangle to draw ppz.
It drove me mad, I would prefer to use the rectangle but,to take it back 20 years on some pairs is a real pain and then you don't see the area of price on it.

That DIV thing, I really don't pay any attention to div unless I see a good setup and it has it. That is why I use the macd div indicator, it alerts me if there is any div.


Also, EG can do whatever it likes, it will anyway.

All we need to do is, make possible judgments as to which way it may go, but if it goes the other way, I will take it if it shows PA.

This stops us from getting married to it, then just watching as it goes the other way.

As long as it goes, we don't really care which way.


Yeah, I think we should think about the story as we see possible pa setting up.
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  • #78,434
  • Edited 2:11am Oct 26, 2010 1:33am | Edited 2:11am
Quoting nasir.khan
Ok somebody PM me this question regarding Touch trades.

I was looking at your USDCAD trade , that touch trade. I understand that touch trade is based on confluence of many factors (eg: ppz, tl, fib).

But when you are first looking for touch trade, what is the first thing that will draw your attention that saying that "Ok, this thing has pontential for touch trade"?

Like when you are looking at the UC chart? What is the first thing that made you analyze the chart for touch trade?

I've been looking at your chart......

Quoting nasir.khan
2- High TF - PPZ's placed on your charts
Quoting nasir.khan

Ok the most important thing regarding PPZ's and Confluence zones is that when you place them and when you look at them later when waiting for price to hit them. DONT TREAT THEM LIKE BUY/SELL SIGNALS. Place them and observe how and what price does around them Yeah i know what are you thinking now but it requires observing charts for hours, practice and experience. (what does't require these to be successful???) But i will post some charts to give you a guideline or example.

Here are some charts...
Quoting nasir.khan
3- Know what market are you trading in
Quoting nasir.khan

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...
[b]
Quoting nasir.khan
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...

Great posts nasir. I appreciate your time it took for you to put this together. . . .I know it was alot.

Very good information here.

Thanks again . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #78,435
  • Oct 26, 2010 1:36am Oct 26, 2010 1:36am
For me the story, tells us if the ppz are correct, and indeed at this stage seems to show us where it really wants to go.

When you think about it, it seems that price has a nervous character, it often has to go back and test the support to make sure before it can go higher.
Or test the resistance above it before it can go lower.

Then again, it sometimes ignores even the strongest PPZ, it is as if it has had enough of testing and says, screw it and jumps off the cliff.
  • #78,436
  • Oct 26, 2010 1:37am Oct 26, 2010 1:37am
Quoting Pinbar
I tried using the rectangle to draw ppz.
It drove me mad, I would prefer to use the rectangle but,to take it back 20 years on some pairs is a real pain and then you don't see the area of price on it.
You're right. After our little exercise session on sunday I've been also thinking about using lines. They have to be more well-considered. On the other hand with the lines I often miss some outstanding tops and bottoms. I will test both.

Quoting Pinbar
That DIV thing, I really don't pay any attention to div unless I see a good setup and it has it. That is why I use the macd div indicator, it alerts me if there is any div.
Same for me. But that's exactly why I am confused.
Thanks J16, Sam Seiden, Udine and Jacko
  • #78,437
  • Oct 26, 2010 1:39am Oct 26, 2010 1:39am
Quoting HanSolo
You're right. After our little exercise session on sunday I've been also thinking about using lines. They have to be more well-considered. On the other hand with the lines I often miss some outstanding tops and bottoms. I will test both.



Same for me. But that's exactly why I am confused.
As Jim says, "Divergence will kill you in a trending market".
  • #78,438
  • Oct 26, 2010 1:44am Oct 26, 2010 1:44am
Quoting HanSolo
Thank you, sir. It's an honor to hear that from you.
Quoting HanSolo
I'm pretty sure most if not all of the advanced traders here do diffentiate reversal and retrace situations. But there's more to it. After reading here for a while I think it mostly breaks down to FTA (first trouble areas) and individual style, situations and estimation: some taking partial or full profit or moving SL or stacking up at FTA... That's why it's hard to give a clear answer, I guess.

FTAs are always important (I highly recommend you to have look into the J16 guest material)....

Its a very good post Hans . . . I like this part and use it as well . .

"a clear, well respected FTA (PPZ) can turn into support/resistance and keep price from falling/rising back again and stop you out. So if you think you're on a big trending move depending on your personal style it may be a good option to put your SL under/above the FTA and/or take partial profit and so on. "


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #78,439
  • Edited 2:10am Oct 26, 2010 1:49am | Edited 2:10am
Quoting jarroo
Its very good post Hans . . . I like this part and use it as well . .

"a clear, well respected FTA (PPZ) can turn into support/resistance and keep price from falling/rising back again and stop you out. So if you think you're on a big trending move depending on your personal style it may be a good option to put your SL under/above the FTA and/or take partial profit and so on. "


Jim


Yeah,,,,,Looks like the break did you a great deal of good HS.



Please don't forget me when you are a pro and I am still struggling with PPZ and I shout, HELLLLLLLLLLLLLLLLLLLLLLP.

EDIT: Here's the test.
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  • #78,440
  • Oct 26, 2010 2:08am Oct 26, 2010 2:08am
Quoting john225
Hi
I found this site on the web http://www.earnforex.com/position-size-calculator anyone knows if this calculator is good?
I use this one and find it pretty handy: http://www.mataf.net/en/tools/04-01-position-size

Quoting jarroo
Its a very good post Hans . . . I like this part and use it as well . .

"a clear, well respected FTA (PPZ) can turn into support/resistance and keep price from falling/rising back again and stop you out. So if you think you're on a big trending move depending on your personal style it may be a good option to put your SL under/above the FTA and/or take partial profit and so on. "

Jim
Thank you, Jarroo!

Quoting Pinbar
Yeah,,,,,Looks like the break did you a great deal of good HS.http://cdn.forexfactory.com/images/s...m/thumbsup.gif

Please don't forget me when you are a pro and I am still struggling with PPZ and I shout, HELLLLLLLLLLLLLLLLLLLLLLP.
Actually with your willingness to learn and your dedication you're a role model and motivation for me and for many other traders here too, I guess. It is great to hear from you guys that I can give something back and contribute to the quality of the J16 thread.
Thanks J16, Sam Seiden, Udine and Jacko
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