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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

  • #79,401
  • Nov 6, 2010 12:00pm Nov 6, 2010 12:00pm
I am going to have to manage this AUD NZD weekly BEOB soon.

Looks quite tricky considering all the consolidation areas around where we currently are. Perhaps, if price gives me a chance, I can use these areas to manage it well. Let's see how Monday opens.
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  • #79,402
  • Nov 6, 2010 12:23pm Nov 6, 2010 12:23pm
How much Res and Sup points needs a line to call it PPZ? Is 1 Res and 1 Sup point enough?

;-)
  • #79,403
  • Nov 6, 2010 12:50pm Nov 6, 2010 12:50pm
Quoting john225
How much Res and Sup points needs a line to call it PPZ? Is 1 Res and 1 Sup point enough?

;-)

Sometimes these areas can be a single bar above and below a level.
However, the more times a PPZ has acted as both S&R, the more sound it will be.
  • #79,404
  • Nov 6, 2010 1:00pm Nov 6, 2010 1:00pm
Quoting Bryan
Doesn't the EURCHF weekly beob suggest passing back through?
It certainly does indicate that it could be passing back through. But the candle just barely closed below the 1.3500 BRN and really right in the middle of the current ppz. in my opinion this one could go either way next week, or conslidate right around the current area. I'll need a little more info next week before trading this one.

I've been studying these outside bars quite a bit since reading jarroo's lessons on how they retrace quite often. You can see some slight retrace on a much more convincing BEOB back in August. If this bar looked more like that one and closed below 1.3400, I would probably consider trading it.

I know the chart is zoomed in, but I wanted to really show the ppz at the BRN.
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  • #79,405
  • Nov 6, 2010 4:23pm Nov 6, 2010 4:23pm
Quoting Donkey
It certainly does indicate that it could be passing back through....
I think it is a beautiful setup with Div. and is going to be my trade for the next week

http://cdn.forexfactory.com/attachme...1&d=1289061572
  • #79,406
  • Nov 6, 2010 6:49pm Nov 6, 2010 6:49pm
Quoting spookie94
I don't think you'll find any takers here. I'm sure you can find a service like that anywhere on the web, but here they'll teach you to fish and its up to you how well you eat. Wouldn't want it any other way.
Really? That surprises me. I appreciate the DIYer mentality, but I thought some people would jump at the opportunity to manage other people's money for a cut of the action. What's the point of knowing how to fish if you can't replicate that ability, grab more fish and trade them for, oh I don't know, a Bentley?
  • #79,407
  • Nov 6, 2010 7:33pm Nov 6, 2010 7:33pm
Man, trying to read from the start of the thread and then keeping up with the more recent post to learn as things are progressing is dang hard to cover with a full time job. My social life is non-existent except seeing my girlfriend and making sure she understands my continual hermit lifestyle. However, I tell myself it will be worth it in the end.

All this to ask, Mike on the NZD/USD trade, do you leave positions on over the weekend or are you planning to place the orders to continue on with the trade on Sunday?
  • #79,408
  • Edited 11:50pm Nov 6, 2010 11:36pm | Edited 11:50pm
How can we trust them, I mean they are just lines right?

Nope that are not just lines. they are Boxes, boxes and more boxes.


Got over my cold and am at it again. Muhhhaaa Haaaaaa

EDIT: Just talking to myself here.

If we can learn to read the story to ourselves as we make trading decisions based on price action and the story, we can all be traders someday, with enough hard work and patience.
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  • #79,409
  • Nov 6, 2010 11:52pm Nov 6, 2010 11:52pm
Quoting Pinbar
Hope this helps at least one person.
That would be me, Sir.
Thanks for going through great detail explaining PPZ.

I can see the flip on the weekly NZDCHF -but i drew the line at 0.7650 whereas the more experienced guys drew it at 0.7600
After reading your explanation, would i be right to assume that you always round the PPZ level to the nearest BRN-in this case 0.7600? Cos sometimes it's hard to determine the exact level of PPZ. Doesn't the term Zone implies that it may not be exact level of S/R?
Sometimes i'm confused when you and jaroo are talking about break above /below PPZ unless you can determine the exact level of PPZ.

Thank you
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  • #79,410
  • Nov 7, 2010 12:00am Nov 7, 2010 12:00am
Quoting Be Cool
That would be me, Sir.
Thanks for going through great detail explaining PPZ.

I can see the flip on the weekly NZDCHF -but i drew the line at 0.7650 whereas the more experienced guys drew it at 0.7600
After reading your explanation, would i be right to assume that you always round the PPZ level to the nearest BRN-in this case 0.7600? Cos sometimes it's hard to determine the exact level of PPZ. Doesn't the term Zone implies that it may not be exact level of S/R?
Sometimes i'm confused when you and jaroo are talking about break above /below PPZ...

Well, in that example, I drew them at the nearest RN simply because new people are better to be aware of RN and what can happen there. For example a PB that stops dead on a BRN or RN can often turn into one of Ghous'es IPB that go off in the other direction than a normal PB.



No, the PPZ are not always at a RN, frequently they are because buyers and sellers are placing orders around them but, they don't place them exactly on the RN, to be safe, they place them either above or below.

This could possibly explain why PPZ are not always at RN. You can often see them numbers that end in 50, 80 etc.



Glad you are getting into it BC. Being aware of PPZ is a much better deal than asking that guy in your signature to make price stop at your SL. LoL

Keep up the good work BC.

EDIT: PPZ are more like a zone...Hang on I will post a chart.
  • #79,411
  • Nov 7, 2010 12:10am Nov 7, 2010 12:10am
Quoting Pinbar
Well, in that example, I drew them at the nearest RN simply because new people are better to be aware of RN and what can happen there. For example a PB that stops dead on a BRN or RN can often turn into one of Ghous'es IPB that go off in the other direction than a normal PB
My PB in the NZDCHF case closed on 0.7600 - so you're saying that should have been played as IPB instead of a regular PB?


Also, I notice that 0.7600 has more contact points than 0.7650 Is that why you chose to place it there?
  • #79,412
  • Nov 7, 2010 12:12am Nov 7, 2010 12:12am
Here you go.


Note how all those candles can not close above the PPZ then look at the one that closed above it.
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  • #79,413
  • Nov 7, 2010 12:18am Nov 7, 2010 12:18am
Now we can see how it flipped from resistance to support.

You won't always find PA at these areas but if you do, it will be a good pa setup.
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  • #79,414
  • Nov 7, 2010 12:20am Nov 7, 2010 12:20am
Quoting Be Cool
My PB in the NZDCHF case closed on 0.7600 - so you're saying that should have been played as IPB instead of a regular PB?


Also, I notice that 0.7600 has more contact points than 0.7650 Is that why you chose to place it there?

To be honest with you, I did not even look at the price that I drew the PPZ at, the candles are more important, then we can round the number off to the nearest rn.
  • #79,415
  • Nov 7, 2010 12:26am Nov 7, 2010 12:26am
Thank for the explanation. i'll study them -right now i have to go.
catcha later
  • #79,416
  • Nov 7, 2010 1:11am Nov 7, 2010 1:11am
hey, just a couple of questions for you guys

1 - When setting up a break entry, what do you do if the low or high is being broken a lot before the bar closes?

Do you set your order on the current low and enter even if it breaks before it closes?
Do you only setup orders after the bar has closed?
Does it depend on how much of the bar is left, say 30m on a 4hour still has to much time left but on a daily that would be fine?

Just wondering as when looking at setups i have found many break before the close and make the trade less appealing or even reach the FTA, and im wondering what i can do in these situations

2 - People who use retrace entries, where you do usually place your entry?, does it vary for different types of PA? and do you have any specific rules that wouldnt normally be included in break entries?

Thanks
  • #79,417
  • Nov 7, 2010 1:32am Nov 7, 2010 1:32am
Quoting Pinbar
How can we trust them, I mean they are just lines right?

Nope that are not just lines. they are Boxes, boxes and more boxes.


Got over my cold and am at it again. Muhhhaaa Haaaaaa

EDIT: Just talking to myself here.

If we can learn to read the story to ourselves as we make trading decisions based on price action and the story, we can all be traders someday, with enough hard work and patience.
Hello Pinbar, I saw these boxes posted a several times. I don't understand what is their significance? We take the break out of the box, that's all?
  • #79,418
  • Nov 7, 2010 1:40am Nov 7, 2010 1:40am
Where is this going folks?

(daily chart)
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I believe . . .
  • #79,419
  • Nov 7, 2010 1:44am Nov 7, 2010 1:44am
Quoting Adilius07
Hello Pinbar, I saw these boxes posted a several times. I don't understand what is their significance? We take the break out of the box, that's all?

Hi, Adi

Well, these boxes are what make up the higher tf PPZ, it is the mechanics of it.

IMHO, the boxes of consolidation show us many important things, they show us where support and resistance is, they show us profit targets, they show us where to protect our SL..! It is everything we need in a box with wrapping paper! LoL
  • #79,420
  • Nov 7, 2010 1:50am Nov 7, 2010 1:50am
Quoting ghous
Where is this going folks?

(daily chart)


That is a hard one Ghous, so I am not holding my breathe on this one.


Here you go.
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