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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

  • #78,701
  • Edited 8:34am Oct 28, 2010 8:16am | Edited 8:34am
Quoting Be Cool
I noticed in the PPZ plotting exercise...
Hey Be Cool, I'm not so experienced but like PB already said: most people struggle with plotting PPZ in the beginning. Try to spot the ones that really stick out (highs and lows). Start at the most prominent high/low and extent the line from left to right. Now look where price reacts with this line. It's not only that obvious highs and lows touch it, PPZs also act as price flipping zones: Price first lingers on one side using the PPZ as resistance for example, then it breaks through and uses it as a support line. I've attached a chart to show you what I mean. Let me know if this makes sense.

If you want you can post some charts with your PPZ. So we can discuss them and help you with this task.

Hans

EDIT: Also have a look at my chart and try to spot PA (incl. 2day PA)
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,702
  • Oct 28, 2010 8:34am Oct 28, 2010 8:34am
hiya, this was from my fxPro feed.. interestingly the same chart looks very different on my Alpari feed

anyway, previous long gold closed out + this is the third small pin B on 4 hour but nothing to write home about.. I'm not sure it will make a big move..

Quoting geomink
which gmt is it?
I don't have it
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  • #78,703
  • Oct 28, 2010 8:45am Oct 28, 2010 8:45am
Took this trade on GBPJPY. I know it's counter trend, but there is bullish PB on PPZ, Fib confluence 50% & 76.4% and MACD div. Looking at daily it seems we might get a PB tomorrow.

Entered on the break of PB set my FTA on first flip below 150 ema. The next candle high missed my FTA by a few pips and dropping. Haven't managed to move my stop to BE and now the 4H candle looks like it might form a PB in other direction. When i dropped down to hourly, i noticed 365 ema was acting as resistance. But there was also a DBLHC.

Is this trade still going to work out? Since i took this PA on 4h, should i be looking at 4h chart only for trade management? With 150 and 365 emas, are they valid on all TF?
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  • #78,704
  • Oct 28, 2010 9:07am Oct 28, 2010 9:07am
Took this H4 trend continuation trade/triangle break long
Previous pattern was a DBLHC ,close below .75 BRN.

The DBH closed above the .75BRN ,PPZ, at 61.8% Fib and the Triangle.
Major Trend Is upwards
.7515 Entry
.7475 SL
.7539 TP

Any Critic appreciated
Cheers
D
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  • #78,705
  • Oct 28, 2010 9:24am Oct 28, 2010 9:24am
Quoting relyt
Should I just let it ride overnight and hope that it hasn't hit my FTA and then gone back into drawdown by the time I wake up? Should I set my take-profit for the FTA, and then remove the take-profit and manage as usual if it hasn't been hit by the time I wake up? Does it depend from trade to trade on the strength of the signal?
Hi relyt,

If you prefer, there are EA's out there that can manage your position while you are asleep. You can define when to move your stop to BE or a predefined price. I would keep it as simple as possible, but a "move to BE" EA sure does help me sleep better at night.

Most of the time, my trades do better when I'm asleep because I don't micro-manage every move.

Hope this helps.

-- Danny
  • #78,706
  • Oct 28, 2010 9:34am Oct 28, 2010 9:34am
Quoting Be Cool
Is this trade still going to work out? Since i took this PA on 4h, should i be looking at 4h chart only for trade management? With 150 and 365 emas, are they valid on all TF?
I don't know if this trade will work out, but the odds of it failing are higher because you took a long at a swing high. Why is this important? Because your FTA was close... and price is likely to get rejected at or near this area.

I would definitely stick to the timeframe you took the trade in. Going to lower timeframes only confuses things.

I don't use EMA's, so can't comment on that.

Hope this helps,

-- Danny
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  • #78,707
  • Oct 28, 2010 9:36am Oct 28, 2010 9:36am
Quoting damien100
Took this H4 trend continuation trade/triangle break long
Previous pattern was a DBLHC ,close below .75 BRN.

The DBH closed above the .75BRN ,PPZ, at 61.8% Fib and the Triangle.
Major Trend Is upwards
.7515 Entry
.7475 SL
.7539 TP

Any Critic appreciated
Cheers
D
What you expertly did in that trade was identify the trouble area very well, and didn't get carried away in trying to ride a "momentum breakout" given that we're trading in a sideways market.

An entry I would never take (not my style) so can't comment on that but a true master stroke in taking a careful note of the TP.



g.
Attached Image
I believe . . .
  • #78,708
  • Oct 28, 2010 9:38am Oct 28, 2010 9:38am
Quoting bluetrader
Hi relyt,

If you prefer, there are EA's out there that can manage your position while you are asleep. You can define when to move your stop to BE or a predefined price. I would keep it as simple as possible, but a "move to BE" EA sure does help me sleep better at night.

Most of the time, my trades do better when I'm asleep because I don't micro-manage every move.

Hope this helps.

-- Danny

Thanks, Danny.

My broker is Oanda. Do you know if I can use EAs with them? Every EA I've ever seen has been for MetaTrader, but I'm a newb, so I honestly have no clue what I'm talking about with respect to EAs.
  • #78,709
  • Oct 28, 2010 9:42am Oct 28, 2010 9:42am
Quoting relyt
Thanks, Danny.

My broker is Oanda. Do you know if I can use EAs with them? Every EA I've ever seen has been for MetaTrader, but I'm a newb, so I honestly have no clue what I'm talking about with respect to EAs.
I don't believe you can use an EA with Oanda... EA's are specific to the Metatrader platform.


-- Danny
  • #78,710
  • Oct 28, 2010 9:46am Oct 28, 2010 9:46am
Quoting bluetrader
I don't know if this trade will work out, but the odds of it failing are higher because you took a long at a swing high. Why is this important? Because your FTA was close... and price is likely to get rejected at or near this area.

I would definitely stick to the timeframe you took the trade in. Going to lower timeframes only confuses things.

I don't use EMA's, so can't comment on that.

Hope this helps,

-- Danny
Love the way your charts portray the art Danny.

Nice work.

g.
I believe . . .
  • #78,711
  • Oct 28, 2010 9:54am Oct 28, 2010 9:54am
Quoting ghous
Love the way your charts portray the art Danny.

Nice work.

g.
was just about to say that Ghous
really like ur charts Danny, the simplicity of how u portray it is very easy on the eyes
kudos
Simplicity is the key to success
  • #78,712
  • Oct 28, 2010 10:00am Oct 28, 2010 10:00am
Quoting Carnegie
Allright well thanks for that! I'll take a look at more of these and will read the entire tread.. So see you guys in this end of the thread in a couple of years, unless I have a question or two



Yes I thought it was a tweezers. But if it isn't very frequent then I'll not put very much time in it.. Does this thread cover allot about trading price action with pullbacks/retracements before entering the tread? Because I think I need to start focusing on that part, I get faked out like 90% on all of my trades.
Hey Carnegie

Welcome to the thread

They signify a temporary support/resistance(lows/highs). But can then be played as a continuation when that support/resistance fails. I like when you have multiple bar highs/lows

http://www.forexfactory.com/showthre...06#post3836606
http://www.forexfactory.com/showthre...02#post3838802

I like to take things to the extreme with a lot of things

Mike
  • #78,713
  • Oct 28, 2010 10:04am Oct 28, 2010 10:04am
Quoting HanSolo
Also have a look at my chart and try to spot PA (incl. 2day PA)
Hi Hans,
Thanks for your reply
I tried to plot some more PPZ on your chart. Please correct me if i am wrong.
If you don't mind, next time when you post chart - i might jump in and ask a question or two regarding your PPZ or setup. That would help me immensely as i will be able to learn to follow your thought process

God Bless,
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  • #78,714
  • Oct 28, 2010 10:17am Oct 28, 2010 10:17am
Quoting bluetrader
I don't believe you can use an EA with Oanda... EA's are specific to the Metatrader platform.


-- Danny
You can write APIs for them. 600 a month -50$ for every 1mil monthly volume
  • #78,715
  • Oct 28, 2010 10:20am Oct 28, 2010 10:20am
PA + s/r
its all repitition ......
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Simplicity is the key to success
  • #78,716
  • Oct 28, 2010 10:20am Oct 28, 2010 10:20am
Quoting Be Cool
Hi Hans,
Thanks for your reply
I tried to plot some more PPZ on your chart. Please correct me if i am wrong.
If you don't mind, next time when you post chart - i might jump in and ask a question or two regarding your PPZ or setup. That would help me immensely as i will be able to learn to follow your thought process

God Bless,
Keys to remember and why neither is wrong here

PPZ are ZONES (so you can combine both "areas" on some points you both marked to create that "zone").

PPZs have both minor and major ZONES. Sometimes a PPZ can be a single line and those tend to be the minor zones(although not always).

Our urges to make things perfect can throw us off with PPZ and much of trading.

Best
Mike
  • #78,717
  • Oct 28, 2010 10:34am Oct 28, 2010 10:34am
Quoting mbqb11
Hey Carnegie

Welcome to the thread

They signify a temporary support/resistance(lows/highs). But can then be played as a continuation when that support/resistance fails. I like when you have multiple bar highs/lows

http://www.forexfactory.com/showthre...06#post3836606
http://www.forexfactory.com/showthre...02#post3838802

I like to take things to the extreme with a lot of things

Mike
Thanks for the welcoming, Mike!

When these two kinds of support/resistance bar happen, they scare me.
Let me tell you why.. It's because of many times they have had two consecutive lows after eachother, so I thought I'd put a sell order UNDER the two lows. So if it breaks, it will go far down correct?

What the market does instead is break the low, make me a profit of 5-10 pips and then reverse up again and make a PINBAR! Do you see what I mean? I think it's called stophunting.
It has happened to me sooo many times now that I don't dare to put my sell order (or buy) below I just watch it move down.

And the links were nice by the way.. Thanks!


Quoting xmzhang
Usually I look for a pullback entry to some keylevel after the PA pattern closes to get a more optimal entry, in the Ozzie trade though the PB closed only 10 pips above the RNB @ 9700 (which would be my keylevel to watch for) so there isn't much to gain here, in that case entry on the break of the PB. The mentioned tripple bar is also a DBLHC, this adds somewhat more strenght to its bullishness. I didn't quite understand your remark about this tripple bar, could you rephrase that.
Ok I see thats a note for myself.. Waiting for pullbacks, but how would you defined 'key level'? Would that maybe be a fib ret. or maybe a move down then back into the body of the first candle?
The break of the pinbar.. Hmm, that's another smart idea, but isn't that rather aggressive aswell?

Sorry for the question you didn't understand.. It was poorly asked and this last sentence you wrote clarified it all

thanks guys, apologise for asking so much questions but I really want to learn
  • #78,718
  • Oct 28, 2010 10:37am Oct 28, 2010 10:37am
Quoting Carnegie
Thanks for the welcoming, Mike!

When these two kinds of support/resistance bar happen, they scare me.
Let me tell you why.. It's because of many times they have had two consecutive lows after eachother, so I thought I'd put a sell order UNDER the two lows. So if it breaks, it will go far down correct?

What the market does instead is break the low, make me a profit of 5-10 pips and then reverse up again and make a PINBAR! Do you see what I mean? I think it's called stophunting.
It has happened to me sooo many times now that I don't dare to put...
Yes you are correct, but you have to take it past just 2 bar lows. In a strong trending say up market, matching highs/multiple highs often will work out well. In a strong trending down market, match highs that break often will get slaughtered. In a strong ranging market matching highs that break will also get killed.

Now go to your charts and look for times you have 4-5 matching highs/lows(and I mean to the pip). Now instead of getting a stop hunt, so much orderflow accumulates that you almost have to get a burst more times then not(again nothing is close to perfect in the markets)

Hope that helps
Mike
  • #78,719
  • Oct 28, 2010 10:42am Oct 28, 2010 10:42am
Quoting bluetrader
I don't know...
Quoting ghous
Love the way your charts portray the art Danny.
..
Quoting squeezy
was just about to say that Ghous
really like ur charts Danny, the simplicity of how u portray it is very easy on the eyes...
my eyes love dark background charts too.

like the way that dark rectangle highlights those dark slate gray horizontal lines. (i often use that color myself)
yup, im saving this one.
  • #78,720
  • Oct 28, 2010 10:45am Oct 28, 2010 10:45am
Quoting bluetrader
I don't know if this trade will work out, but the odds of it failing are higher because you took a long at a swing high. Why is this important? Because your FTA was close...
Hi Danny
I am not sure i understand. I thought that PB was on swing low. The way i see it price was making up move then retrace and form bullish PB before (possibly) moving higher to test 150 ema. Or are you referring to the swing high the day before being close to my entry?
Thanks for your comments
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