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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

  • #78,721
  • Oct 28, 2010 10:48am Oct 28, 2010 10:48am
Quoting supremeChaos
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.
saved it too
thinking of using it as my desktop background (hope u dnt mind Danny) seriously
did u notice the BRN ...... hw faint the BRN lines r, not to have too many lines on the chart, he must be an ARTIST or something
Simplicity is the key to success
  • #78,722
  • Oct 28, 2010 10:52am Oct 28, 2010 10:52am
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,
Hi Be Cool, that looks good to me.

As for your first PPZ under mine: I would draw it a few pips below (orange one on my chart). I like them to touch as many highs/lows as possible. But I guess that's where discretion comes in. For me personally it's easier to focus only on the most important one. So maybe I would even let some out on my chart.
Don't forget I'm relatively new to this thing, too. Maybe some of the more advanced traders can chime in and have a look at it (EDIT: I saw some already have).

As for your PA:
* Your 2nd BUOB is a 2day BUOB, right?
* Your 1st DBLHC: Can you mark that for me?
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Thanks J16, Sam Seiden, Udine and Jacko
  • #78,723
  • Oct 28, 2010 10:56am Oct 28, 2010 10:56am
Quoting mbqb11
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...
First sentence was written down.. I think you have coded a little message here for me to NOT forget about the trend before the PA..

I look at my charts and noticed that many times when the market moves down, consolidates and moves down. It consolidates at an almost horizontal area, and then it breaks down. This is on the 1HR chart, so maybe if we went up to 4HR or DAILY it would be a couple of candles with the same low that broke.. Do you see what I mean? Apologise for the bad english.

Just one more question.
THEORETICALLY, if the market makes two consecutive lows just to the PIP. Wouldn't that (once again, theoretically) mean that this area is well protected? I mean if it comes to the same area TWICE and gets rejected. So how come orderflow accumulates to BREAK this area instead of respect it and say 'hey, this area is rejected, let's move up instead'..
Trying analogy here, I'm not the best in writing as you surely have noticed.

Thank you, Mike
  • #78,724
  • Oct 28, 2010 11:03am Oct 28, 2010 11:03am
Quoting Carnegie
First sentence was written down.. I think you have coded a little message here for me to NOT forget about the trend before the PA..

I look at my charts and noticed that many times when the market moves down, consolidates and moves down. It consolidates at an almost horizontal area, and then it breaks down. This is on the 1HR chart, so maybe if we went up to 4HR or DAILY it would be a couple of candles with the same low that broke.. Do you see what I mean? Apologise for the bad english.

Just one more question.
THEORETICALLY, if the market makes...
Hey C

This all makes sense yes and your English is fantastic. And in theory it may be well protected BUT if then price is able to get beyond the protected area it could show the real strength is the other way. Again in context to what is going on always though. Same goes for all price bars/setups

Best
Mike
  • #78,725
  • Oct 28, 2010 11:03am Oct 28, 2010 11:03am
Quoting squeezy
saved it too
thinking of using it as my desktop background (hope u dnt mind Danny) seriously
did u notice the BRN ...... hw faint the BRN lines r, not to have too many lines on the chart, he must be an ARTIST or something
LOL... you guys are too funny. I learned 'simple' from most of you guys, so it's nothing new on this forum.

Quoting Be Cool
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
Hey BC,

I think it takes time to see swing highs and lows but they are at the core of PA trading (imo). Where a bar is in relation to a swing high or low is crucial because it lets us know whether a setup has legs, so to speak.

I attached a chart to, hopefully, highlight locations where setups would be ideal. What you want to avoid, especially in the beginning, is taking setups in between these 2 zones. I would definitely avoid minor swing highs or lows in this zone unless you are prepared to tightly manage the trade.

It's not magic... this stuff is simple. Please let me know if I wasn't clear. I'm learning like everyone here, these are just my views.

-- Danny
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  • #78,726
  • Oct 28, 2010 11:03am Oct 28, 2010 11:03am
When i was reading Wizards thread in trade2win(He is Trader_Dante), making money trading, he said that most of the time when a PB has been broken the price comes back to test the break out before continuing with that trend(in this case downtrend) i will be looking at this price has it has touched the breakout of that PB. I wont trade it unless i see price action in 4 hrs or Daily.
Any comment is appreciated.
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  • #78,727
  • Oct 28, 2010 11:05am Oct 28, 2010 11:05am
Anyone out there taking a shot at this one?

AUD/CAD, nice engulfung BEOB at Parity with a good close.
I was it would close below that recent consolidation... but..... no
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  • #78,728
  • Oct 28, 2010 11:15am Oct 28, 2010 11:15am
Quoting mbqb11
Hey C

This all makes sense yes and your English is fantastic. And in theory it may be well protected BUT if then price is able to get beyond the protected area it could show the real strength is the other way. Again in context to what is going on always though. Same goes for all price bars/setups

Best
Mike
Thanks, you're the man Mike. Awesome responds. What I discovered was in consolidating markets, the double lows were often faked out, a pinbar was created and a move up. In trending market it was broken to the 'trend'. Or should I say in the direction of the trend.

Also, take a look at this GBPUSD chart I'm looking at right now. My flag worked perfectly there (from yesterday) and now I'm looking for the price to plunge to my blue thick line.
Just looking for a place to enter short. Hopefully I will learn something here by this chart, maybe you can show me, after the move has been; where you would have entered etc..
Thank you guys.
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  • #78,729
  • Oct 28, 2010 11:17am Oct 28, 2010 11:17am
Price has touched the break out point of the PB. Will look at it and see what happens. 4 hr is forming a PB on FXPRO but wait for it to close
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  • #78,730
  • Oct 28, 2010 11:18am Oct 28, 2010 11:18am
Quoting Jonnyislost
Anyone out there taking a shot at this one?

AUD/CAD, nice engulfung BEOB at Parity with a good close.
I was it would close below that recent consolidation... but..... no
dang, had my sell limit a bit higher on this bad boy , same thing happened yday, missed my uchf short by 1 pip .....
but i did catch this
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Simplicity is the key to success
  • #78,731
  • Oct 28, 2010 11:19am Oct 28, 2010 11:19am
Quoting HanSolo
for your first PPZ under mine: I would draw it a few pips below (orange one on my chart). I like them to touch as many highs/lows as possible.
As for your PA:
* Your 2nd BUOB is a 2day BUOB, right?
* Your 1st DBLHC: Can you mark that for me?
Yes I see what you mean. I agree. I'll stick to the most obvious ones once i get the hang of it.

As for the BUOB, that was my mistake - i meant BEOB. Sorry.
Thanks for your help Hans. really appreciate it
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  • #78,732
  • Oct 28, 2010 11:42am Oct 28, 2010 11:42am
Stopped out on Eu IPB.

(Stop was just above 1.39 and got hit)

g.
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I believe . . .
  • #78,733
  • Oct 28, 2010 11:42am Oct 28, 2010 11:42am
Quoting bluetrader
Where a bar is in relation to a swing high or low is crucial because it lets us know whether a setup has legs, so to speak.

What you want to avoid, especially in the beginning, is taking setups in between these 2 zones. I would definitely avoid minor swing highs or lows in this zone unless you are prepared to tightly manage the trade.
Hi Danny. Thanks for your advise. When you say to take setups only at major swing highs or lows - does it apply to sideways market? Because your chart appears to be so. What about trending market? You do take setups on pullbacks in an uptrend, don't you? The way i understand pullbacks are not at swing high. And to trade pullbacks mean trading into the last swing high.

Btw, i noticed that sideways market has stronger PPZ and often times the PPZ are between swing highs/lows. Are you suggesting that i should avoid SW market until i can trade PA in trending market?

Thank you. Your input is invaluable
  • #78,734
  • Oct 28, 2010 11:56am Oct 28, 2010 11:56am
Quoting mbqb11
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).
Hi Mike.
I'd like to think that way too. When i get confluence (fibs, PPZ, BRN) on my chart, most of the time they are not on top of each other anyway. But the other day PinBar and Jaroo was discussing something about a break above/below certain PPZ that got me confused. If PPZ are zones, how can you tell that it has been broken? I figured you know since you trade breakouts.

Uh, btw, since they are zones, how many pips difference between fibs, PPZ or BRN would you still consider has confluence?

Thanks for your enlightment
  • #78,735
  • Oct 28, 2010 11:57am Oct 28, 2010 11:57am
Quoting Jonnyislost
Anyone out there taking a shot at this one?

AUD/CAD, nice engulfung BEOB at Parity with a good close.
I was it would close below that recent consolidation... but..... no
Looks like it will close quite nicely on the 5 Hour chart, for those that are comfortable with manufacturing timeframes.
Also the pair kind of has a 'rolling over' look to it, with some divergence towards the end of the up-move

(PS would also be a type of breakout/ pullback play)

Jonny
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  • #78,736
  • Oct 28, 2010 11:58am Oct 28, 2010 11:58am
Hey Johnny,

I skipped on this one for that very reason. If it shoots down, I am fine with it. Great BRN at parity. Just wasnt on the fence so I stayed out.

Another reason I skipped is : Look at that TREND!

Quoting Jonnyislost
Anyone out there taking a shot at this one?

AUD/CAD, nice engulfung BEOB at Parity with a good close.
I was it would close below that recent consolidation... but..... no
  • #78,737
  • Oct 28, 2010 11:58am Oct 28, 2010 11:58am
5 hour does look nicer!

Quoting Jonnyislost
Looks like it will close quite nicely on the 5 Hour chart, for those that are comfortable with manufacturing timeframes.
Also the pair kind of has a 'rolling over' look to it, with some divergence towards the end of the up-move

Jonny
  • #78,738
  • Oct 28, 2010 12:01pm Oct 28, 2010 12:01pm
Quoting Be Cool
Hi Mike.
I'd like to think that way too. When i get confluence (fibs, PPZ, BRN) on my chart, most of the time they are not on top of each other anyway. But the other day PinBar and Jaroo was discussing something about a break above/below certain PPZ that got me confused. If PPZ are zones, how can you tell that it has been broken? I figured you know since you trade breakouts.

Uh, btw, since they are zones, how many pips difference between fibs, PPZ or BRN would you still consider has confluence?

Thanks for your enlightment
Hey BC

It really depends. Generally speaking your confluence is going to line up decently close. But this is sort of what I was going at before that everything isn't going to be perfection. It's about getting a strong area and you will be able to see it when it jumps out at you
  • #78,739
  • Oct 28, 2010 12:03pm Oct 28, 2010 12:03pm
Quoting dmc
Hey Johnny,

I skipped on this one for that very reason. If it shoots down, I am fine with it. Great BRN at parity. Just wasnt on the fence so I stayed out.

Another reason I skipped is : Look at that TREND!
I agree sir To me the trend looks like it's run out of steam, but It wouldn't be the first time i've been wrong about that
  • #78,740
  • Oct 28, 2010 12:05pm Oct 28, 2010 12:05pm
Quoting Jonnyislost
Anyone out there taking a shot at this one?

AUD/CAD, nice engulfung BEOB at Parity with a good close.
I was it would close below that recent consolidation... but..... no
Can't post charts from this cpu, but I've been watching the 1.000 area for a few days now. I like the current lookk of the weekly candle. If we get a good strong close on the daily BUB forming, I will likely enter on the break. Yesterday's bar closed below parity, with a nice retest today so I think some momentum is there - assuming strong close.
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