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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

  • #78,961
  • Oct 31, 2010 8:25pm Oct 31, 2010 8:25pm
Quoting Be Cool
Hi PinBar -sounds like you had a good time on the weekend
What does Habeeb Indie do? I thought you said to stay away from pivot points?
Thanks

It plots, the monthly and weekly pivots, very well.


Yes, I did say that, IMHO I think it is better to learn to see the PPZ with your own eyes. That is why I do not use a pivot indicator. The pivots are not exactly PPZ but many of them are close in Habeeb's indicator.

I was suggesting that if someone was absolutely unable to find PPZ, then it may be a good thing to use to initially spot the major ones until they can find them for themselves.
  • #78,962
  • Oct 31, 2010 8:40pm Oct 31, 2010 8:40pm
Quoting Pinbar
It plots, the monthly and weekly pivots, very well.
I was suggesting that if someone was absolutely unable to find PPZ, then it may be a good thing to use to initially spot the major ones until they can find them for themselves.
Sounds like me. Ok i'll give it a try. Thanks
  • #78,963
  • Oct 31, 2010 8:55pm Oct 31, 2010 8:55pm
Quoting Be Cool
Sounds like me. Ok i'll give it a try. Thanks

I see, you are having trouble with PPZ are you?

I had a terrible time drawing them initially, my charts were like a birdcage with nowhere left to trade.

Hey, you could always ask the fellow mentioned in your signature for PPZ advice. LOL
  • #78,964
  • Oct 31, 2010 8:56pm Oct 31, 2010 8:56pm
Daily PB on CADCHF doesn't seem to be working. although on daily looks like it's heading into strong resistance. PPZ around 0.9650, BRN 0.9700, 50% ret
Hey PinBar, what do you think?

PS:BTW, with the 150&365 emas -are they to be used on daily TF?
Thanks
  • #78,965
  • Oct 31, 2010 9:15pm Oct 31, 2010 9:15pm
Quoting Pinbar
Hey, you could always ask the fellow mentioned in your signature for PPZ advice. LOL
I actually do every single day

I have been demo trading for 3 years, read around 30+ books, failing over and over again. I guess i am one of those guys to whom trading doesn't come naturally. But over the years i learned that it doesn't matter what or how you start with, but it is how you end it that really matters.

Good traders like James, Fiji, Mike, Habeeb, Raczekfx, YOU, SC, Han Solo, Bluetrader, and many others in this thread are actually the reason i haven't given up on trading.

You guys have been the source of inspiration for many traders like me without you being aware of it. Please keep doing what you are doing, being good at what you do. You have no idea how it means to guys like me -knowing that you have made it, gives hope to the rest of us.I and many others are forever grateful.

THANK YOU
  • #78,966
  • Oct 31, 2010 9:16pm Oct 31, 2010 9:16pm
Quoting Be Cool
Daily PB on CADCHF doesn't seem to be working. although on daily looks like it's heading into strong resistance. PPZ around 0.9650, BRN 0.9700, 50% ret
Hey PinBar, what do you think?

PS:BTW, with the 150&365 emas -are they to be used on daily TF?
Thanks


Sure, the 150 & 365 are great on the Daily charts.

Sorry, IBFX does not have the CAD/CHF pair.
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  • #78,967
  • Oct 31, 2010 9:27pm Oct 31, 2010 9:27pm
Quoting Pinbar
Sure, the 150 & 365 are great on the Daily charts
If they are to be used on other TF, should the periods be converted? Lets say for 4 Hour chart - since 1 daily bar = 6 4H bars then :
150ema would be 150*6= 900 ema
365ema would be 365*6=2190ema
  • #78,968
  • Oct 31, 2010 9:29pm Oct 31, 2010 9:29pm
Quoting Be Cool
If they are to be used on other TF, should the periods be converted? Lets say for 4 Hour chart - since 1 daily bar = 6 4H bars then :
150ema would be 150*6= 900 ema
365ema would be 365*6=2190ema
They are used independently on each timeframe as their own EMAs(for those that choose to use them). Just a matter of having a longer term, medium, and some have the shorter term EMAs

Best
Mike
  • #78,969
  • Oct 31, 2010 9:36pm Oct 31, 2010 9:36pm
Often times i found the emas are acting as resistance on higher TF, but on lower TF they are under the current price. In this case, should we pay attention at all to the lower TF Emas? Considering that in lower TF the emas could be acting as support?
Please advise. Thank you
  • #78,970
  • Oct 31, 2010 9:38pm Oct 31, 2010 9:38pm
Quoting Be Cool
Often times i found the emas are acting as resistance on higher TF, but on lower TF they are under the current price. In this case, should we pay attention at all to the lower TF Emas? Considering that in lower TF the emas could be acting as support?
Please advise. Thank you
Hey BeC

Don't over-think things. KISS. Do your analysis on one timeframe, look for the great locations, and great bars. Simple is better trust me
  • #78,971
  • Oct 31, 2010 9:44pm Oct 31, 2010 9:44pm
Sorry guys, forgot to post charts

Does this Daily Pin Bar looks like it's failing? If so why?
Anyone care to explain?
Thanks
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  • #78,972
  • Oct 31, 2010 9:47pm Oct 31, 2010 9:47pm
Quoting Be Cool
I actually do every single day

I have been demo trading for 3 years, read around 30+ books, failing over and over again. I guess i am one of those guys to whom trading doesn't come naturally. But over the years i learned that it doesn't matter what or how you start with, but it is how you end it that really matters.

Good traders like James, Fiji, Mike, Habeeb, Raczekfx, YOU, SC, Han Solo, Bluetrader, and many others in this thread are actually the reason i haven't given up on trading.

You guys have been the source of inspiration for many...


First of all, I am not a good trader. I am a newbie just like yourself.

What timeframes have you been trading for those 3 years?

If you were like me, M15 which at this stage in our development IMHO will do more damage to both our accounts and our manner of trading, than good.

I keep talking recently about what Jarroo has so kindly taught us, finding a good balance point in the market where price may take off, and using the resistance flipping to support area with PA to get into a trade.

These flips in support and resistance are what everything is about, and this has recently hit me like a rock, even though I had heard it, time and time again over the past 5 months and in fact probably the past 2 years.

That is why, I think using a pivot indicator is not a good thing unless, you are absolutely stuck. I was and I used them, they just made me even less likely to come to the conclusion above.

Hope this helps.
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  • #78,973
  • Oct 31, 2010 9:51pm Oct 31, 2010 9:51pm
Quoting Be Cool
Sorry guys, forgot to post charts

Does this Daily Pin Bar looks like it's failing? If so why?
Anyone care to explain?
Thanks
Hey BC

A pinbar is not confirmed valid until the low breaks. So right now it is an unconfirmed potential pinbar. Simply put this is a very small bar. If it does break the low it should make it to the previous bars low being the first trouble area. But overall ask yourself why should we take a small pinbar. What is the confluence. It's all about confluence and things will fall into place

Best
Mike
  • #78,974
  • Oct 31, 2010 9:56pm Oct 31, 2010 9:56pm
Quoting mbqb11
Hey BC

A pinbar is not confirmed valid until the low breaks. So right now it is an unconfirmed potential pinbar. Simply put this is a very small bar. If it does break the low it should make it to the previous bars low being the first trouble area. But overall ask yourself why should we take a small pinbar. What is the confluence. It's all about confluence and things will fall into place

Best
Mike

How many millions of times have you told me that Mike.

Funny how things, suddenly click when we at long last understand just one thing about PPZ.

EDTI: Here is the fibo on that H4 chart I mentioned, see how it is confluence with the BRN as Mike just mentioned.

This is great because, it makes me think about what I should also be doing, so by trying to help others we are also helping ourselves, sound like a double win to me.
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  • #78,975
  • Oct 31, 2010 10:02pm Oct 31, 2010 10:02pm
Quoting mbqb11
Hey BC

A pinbar is not confirmed valid until the low breaks. So right now it is an unconfirmed potential pinbar. Simply put this is a very small bar. If it does break the low it should make it to the previous bars low being the first trouble area. But overall ask yourself why should we take a small pinbar. What is the confluence. It's all about confluence and things will fall into place
Hi Mike
I haven't taken the trade yet since the PB Low hasn't broken. The way i see it PB is on monthly PPZ around 0.9650 (red line), has BRN 0.9700 above it and 50% ret. All could be acting as resistance.
With regards to PB size - it is rather small.
Are you suggesting that these are not enough confluence factors to make this setup (if you would call it a setup at all) work?
Thanks
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  • #78,976
  • Oct 31, 2010 10:09pm Oct 31, 2010 10:09pm
Quoting Be Cool
Hi Mike
I haven't taken the trade yet since the PB Low hasn't broken. The way i see it PB is on monthly PPZ around 0.9650 (red line), has BRN 0.9700 above it and 50% ret. All could be acting as resistance.
With regards to PB size - it is rather small.
Are you suggesting that these are not enough confluence factors to make this setup (if you would call it a setup at all) work?
Thanks


Maybe, it will be a good idea to hit Ctrl & Y on the keyboard and get those vertical lines off the chart, to make it easier to see the PA.
  • #78,977
  • Oct 31, 2010 10:11pm Oct 31, 2010 10:11pm
Quoting Be Cool
Hi Mike
I haven't taken the trade yet since the PB Low hasn't broken. The way i see it PB is on monthly PPZ around 0.9650 (red line), has BRN 0.9700 above it and 50% ret. All could be acting as resistance.
With regards to PB size - it is rather small.
Are you suggesting that these are not enough confluence factors to make this setup (if you would call it a setup at all) work?
Thanks
Hey BC

No one can tell you if there is or isn't. WOuld I ever take a bar like this? Never. But again most consider me more picky then most. I see price recently getting above a large box of consolidation. Forming a very very small pinbar. Other then that I see no confluence and add to that the small bar size it makes me weary to want to get involved. Now someone who is very conservative and tight with trade mgmt, might say. Well I don't care i'll just move my stops to b/e very quick. Neither is necessarily wrong /right

It all will come down to what works for you. The thing to identify is what isn't working for you.

Most can be chalked up to .

-Over trading (so be more picky)
-Hoping your trades go forever (so be more stingy on mgmt)


Hope that helps
Mike
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  • #78,978
  • Oct 31, 2010 10:13pm Oct 31, 2010 10:13pm
Quoting Pinbar
What timeframes have you been trading for those 3 years?
I trade the 1 Hour to 5 Min in the first year. Moved up to 4Hour in the second year and has recently traded the daily. Trade trendline bounce with fib and candlestick. Always got whipsawed when trend was changing.

I may need some time to digest this info, until the little lightbulb in my head lights up.
Thanks for you kind advise
  • #78,979
  • Oct 31, 2010 10:29pm Oct 31, 2010 10:29pm
Mike, still on the Gap video but, I noticed there is a small gap on EG H4.

I am showing the small tf chart only to exaggerate the gap.

As gaps go, would you consider this already filled at the circle?
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  • #78,980
  • Oct 31, 2010 10:31pm Oct 31, 2010 10:31pm
Quoting Pinbar
Mike, still on the Gap video but, I noticed there is a small gap on EG H4.

I am showing the small tf chart only to exaggerate the gap.

As gaps go, would you consider this already filled at the circle?
If i can't see the gap clearly on the 4hr I don't touch it with a ten foot pole. Again I go to the extreme with all the methods it is my zone. I know some who play 20 pip gaps and all kinds of ways too

Best
Mike
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