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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

  • #80,061
  • Nov 14, 2010 11:22pm Nov 14, 2010 11:22pm
I would like to see this most recent Monthly BUOB on the Eur/Cad behave like the ones in the past.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,062
  • Nov 15, 2010 12:14am Nov 15, 2010 12:14am
Quoting jarroo
I would like to see this most recent Monthly BUOB on the Eur/Cad behave like the ones in the past.

Jarroo, I setup eur/cad this morning and am comparing this chart to yours.

The solid lines are the monthly flips and the broken lines the weekly.

Not too similar, do you have any advice about this chart?

Thanks in advance


edit:Just put the weekly up and explained my logic
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  • #80,063
  • Nov 15, 2010 12:16am Nov 15, 2010 12:16am
Quoting ddinnov
Anyone looking at GBP/AUD? It seems to have found strong support at 1.6000

On the weekly there's a BUOB that's closed above the 1.6300 PPZ. It's in a bit of traffic and 2 weeks before there's another BUOB that didn't break - don't know if the first BUOB should bee seen as a confluence for this one or a negative in that it didn't break upwards.. There's divergence and as far as I can see the PPZ goes up to ~1.6750 wich I've circled to the left.

The daily shows a reverse H&S that has broken the neckline - I make FTA at around 1.6424 and STA (second...
I looks like Price found Support at the 1.5900 and Resistance at 1.6350ish level, mainly due to the past consolidation you indicated.

If Price get above the 1.6350ish level and have a stronger higher close . . say on the Daily . . it could act as strong Support again. If not, we could just head back down to the 1.6000-1.5900.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,064
  • Nov 15, 2010 12:24am Nov 15, 2010 12:24am
Hi,
A BEOB is shaped on Nov. 9th, but price didn't break the low until 12th.
Should we still consider it a valid signal even if our sell-stop triggered after 3 days?
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  • #80,065
  • Nov 15, 2010 12:24am Nov 15, 2010 12:24am
Quoting ddinnov
This is a close up of GBP/AUD my feed isn't showing Friday's bar so I've drawn it in

I've put arrows at the trouble areas as well. *EDIT* - I redrew the neckline/trendline and it's in confluence with the 1.6300 BRN/PPZ. Price closed on friday at 1.6360 so watch for a retest of 1.6300 for confirmation that it's now acting as support?
That trendline can aid in the upper consolidation to act as Support, but a higher TF close above the 1.6350 would give me a better indication for it to turn into Support. . .but no doubt, the trendline would help in its story.

Just some thoughts.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #80,066
  • Nov 15, 2010 12:41am Nov 15, 2010 12:41am
Quoting joelcf
Why you still suck at trading.

1. Your money management blows

You wont admit to it, but you stake way too much of your account on each trade. Whether its 100%, 50%, 25%, 10% or 5%, you know you do it. You might claim to only trade 2% in the thread, but when it comes down to it, you throw the rulebook out the window.
I laughed, I was entertained and even a bit ashamed. Thanks for this informative post, joelcf.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,067
  • Edited 12:54am Nov 15, 2010 12:44am | Edited 12:54am
Quoting joelcf
I had dinner with a friend on Friday who works as a dealer for a CFD house. So, in between copious amounts of sake and shochu, we got to talking about trading, and the stupid things we have seen people do. On the way home (edit: the next day. late, late the next day), thanks to weather delays, I had plenty of time to think about things and got to typing.

This year has easily been my most profitable ever. The part I devote to straight PA trades has had a total return of 112% over the past 12 months. My entries and exits...
Awesome post mate. I had 1 thought recently.

There is 1 dish that's necessary for success. It's best served cold, initially tastes totally disgusting, but once one acquires a taste for it, it (slowly but steadily) builds and compounds success into a person. It's called...

HUMBLE PIE

----

I've decided to compile the posts earlier, so that when the big RN on the page gets hit, I can chug out the post summaries for everyone.

Someone kindly PM me when we've hit 5500 pse. Thank you. Arigato. Merci.

----

PS: something MAJOR just went CLICK in my head over the past few days. Been working this material for a gd 1yr++ and it's sinking into my bones. Thanks again to James & Mike, Jarroo, Rac and other other senior folks who work so diligently to keep this thread going.

And yeah Joel, I hear you totally. Forest-trees-forest-trees; humility, patience, self-control.
One Mind, Any Market
  • #80,068
  • Nov 15, 2010 12:50am Nov 15, 2010 12:50am
Quoting Pinbar
Jarroo, I setup eur/cad this morning and am comparing this chart to yours.

The solid lines are the monthly flips and the broken lines the weekly.

Not too similar, do you have any advice about this chart?

Thanks in advance


edit:Just put the weekly up and explained my logic

Look good Pb.

I like to call your "retests" as either Support or Resistance, because that's where we want to see our PA . . . Support: Bullish PA and Resistance: Bearish PA.
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Indicators show the past. Price Action "Indicates" the future.
  • #80,069
  • Nov 15, 2010 1:04am Nov 15, 2010 1:04am
Quoting joelcf
I had dinner with a friend on Friday who works as a dealer for a CFD house. So, in between copious amounts of sake and shochu, we got to talking about trading, and the stupid things we have seen people do. On the way home (edit: the next day. late, late the next day), thanks to weather delays, I had plenty of time to think about things and got to typing.

This year has easily been my most profitable ever. The part I devote to straight PA trades has had a total return of 112% over the past 12 months. My entries and exits...
I had to catch up quick to to see what all the talk was about . . .I wasn't disappointed.

Great stuff Joel . . . . . maybe I'll just copy all your stuff and write my own book . .I'll send you a check . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #80,070
  • Nov 15, 2010 1:11am Nov 15, 2010 1:11am
Quoting jarroo
Look good Pb.

I like to call your "retests" as either Support or Resistance, because that's where we want to see our PA . . . Support: Bullish PA and Resistance: Bearish PA.


Yes, perhaps that is a better way to look at them as they are constantly polarizing from one pole to the other.


I can not thank you enough for teaching me this in a manner that I could understand, Jarroo.

I did this for 12 hours on both Saturday & Sunday, just drawing PPZ on 25 charts. Today, I notice how the ppz are not only easier to see but the PA and confluence at these areas. Much more hard work is necessary but, I feel my eyes are starting to open a bit more and take in more.


Like these bars that are abundant at these areas.
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  • #80,071
  • Nov 15, 2010 1:18am Nov 15, 2010 1:18am
Quoting Cyrus
Awesome post mate. I had 1 thought recently.

There is 1 dish that's necessary for success. It's best served cold, initially tastes totally disgusting, but once one acquires a taste for it, it (slowly but steadily) builds and compounds success into a person. It's called...

HUMBLE PIE

----

I've decided to compile the posts earlier, so that when the big RN on the page gets hit, I can chug out the post summaries for everyone.

[size=2]Someone kindly PM me when we've hit 5500 pse. Thank you. Arigato....
Thank you Cyrus . .you're a big part of that list too. . .

This deserves a repost . . . man, . . I still love that line and repeat it to myself often . . "learn as much as you can, then simplify as much as you can."

Quoting Cyrus
Post summaries by the seniors. If there's anyone you think should be in that I missed out, let me know please. I don't track this great thread page by page anymore so I'm abit dated in who else posts good stuff.

If I may give my 2cents (I'm gonna give it anyway. LOL), for the newer folk, learn as much as you can, then simplify as much as you can. Then, ensure that you are trading your OWN style/expression of what James/Mike/Jarroo/Kiss etc are showing you. Stay within this material until you "get it" before venturing too far out lest...
Indicators show the past. Price Action "Indicates" the future.
  • #80,072
  • Nov 15, 2010 1:25am Nov 15, 2010 1:25am
Quoting Pinbar
Yes, perhaps that is a better way to look at them as they are constantly polarizing from one pole to the other.


I can not thank you enough for teaching me this in a manner that I could understand, Jarroo.

I did this for 12 hours on both Saturday & Sunday, just drawing PPZ on 25 charts. Today, I notice how the ppz are not only easier to see but the PA and confluence at these areas. Much more hard work is necessary but, I feel my eyes are starting to open a bit more and take in more.


Like these bars that are abundant at these areas.
I know the feeling Pb . .lol

You've come along way since May . .
Indicators show the past. Price Action "Indicates" the future.
  • #80,073
  • Nov 15, 2010 2:12am Nov 15, 2010 2:12am
Quoting mbqb11
Thanks Plund! I will have to get this loaded up
Hi Mike!

Seems like the brokers 4 hour close has changed. Have to find a new one. Please let me know if you find one.

/plund
  • #80,074
  • Nov 15, 2010 2:32am Nov 15, 2010 2:32am
GBP/NZD is looking interesting, let's see how this bar closes.

2.1000 BRN, 50 fibo and PPZ confluence.
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  • #80,075
  • Nov 15, 2010 2:42am Nov 15, 2010 2:42am
Quoting DaveI
Hi,
A BEOB is shaped on Nov. 9th, but price didn't break the low until 12th.
Should we still consider it a valid signal even if our sell-stop triggered after 3 days?
Hey Dave.

Yes, its still a valid signal since the high of the BEOB was not taken out. You can see what was holding it up . . the previous bar Highs.

The BEOB had a weak close, meaning that the close of the BEOB was not below the entire previous bar (candle), we like see this with our Outside bars to show strength. And if it closed below the previous par Highs (in green) it would have been even stronger.

Since the BEOB did not break on the next bar it shows that it had little or no momentum, probably due to its weak close. So you would cancell any thoughts about trading this one.

Another view is that since the BEOB was still valid because it didn't break its High or Low, there was momentum building during this time and a trade could be placed . .preferrably a good distance below the BEOB or the green line which is now a PPZ level.


Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #80,076
  • Nov 15, 2010 2:56am Nov 15, 2010 2:56am
I have got my eye on this one for later.

 

  1. With the trend
  2. Nice space
  3. Hopefully, a good pinbar
  4. Fibo 23.6 and monthly S2 pivot
  5. Target 1.7500 RN

Any thoughts?

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"Fail to prepare, prepare to fail."
  • #80,077
  • Nov 15, 2010 3:05am Nov 15, 2010 3:05am
Quoting packhorse
I have got my eye on this one for later.

 

  1. With the trend
  2. Nice space
  3. Hopefully, a good pinbar
  4. Fibo 23.6 and monthly S2 pivot
  5. Target 1.7500 RN

Any thoughts?


If it does close for the day "as is", a bearish PB, its not at a swing high . . .we don't like those.

As a continuation play it has potential, I would look for that hard break with a tight stop loss.
Indicators show the past. Price Action "Indicates" the future.
  • #80,078
  • Nov 15, 2010 3:21am Nov 15, 2010 3:21am
Thanks Jarroo.

By the way, is there ever a time when you class these as a "mini" swing high i.e. the last two bars, or do we always want to look for more bars (if so, about how many?), before we can regard it as a swing high?

Thanks for your input,

G
"Fail to prepare, prepare to fail."
  • #80,079
  • Nov 15, 2010 3:25am Nov 15, 2010 3:25am
Quoting packhorse
Thanks Jarroo.

By the way, is there ever a time when you class these as a "mini" swing high i.e. the last two bars, or do we always want to look for more bars (if so, about how many?), before we can regard it as a swing high?

Thanks for your input,

G
Its not so much the amount of bars but the amount of Space that a good swing point provides. . .not much space on that potential Daily PB.
Indicators show the past. Price Action "Indicates" the future.
  • #80,080
  • Nov 15, 2010 4:29am Nov 15, 2010 4:29am
(First paragraph is long and just about me, feel free to skip it)

Hey everyone, I've been studying this thread (mostly the main posts that were linked to from the first post) and the videos in the guest section since Friday and was hoping you could give me some feedback on my chart observations. I've been studying forex mostly from this forum and a few books on and off for about a year now (Still haven't live traded and I'm not planning to for at least 6 more months). I'm just getting out of the stage where I was looking for my own super secret short time frame strategies and wasting my time programming EAs (The last one I made got me excited because it had 1000% return in about 3 months in the strategy tester, but then I noticed it only worked during those months and lost on every other month ). Anyway I feel like I'm finally getting to the point where I can get realistic with my trading thanks to james16 and everyone else in this thread. I remember reading the pinbar pdf long long ago when I first started and found it somewhere on this site and I thought I knew what I was doing, but then as I read it a second time this weekend while learning all of this it made so much more sense and it was like I had learned a new language which finally allowed me to read it and understand what a pin really was and I realized that the first time I read it I had no idea what I was doing. I've been getting that feeling a lot lately as I study all of this, hopefully you guys have some idea of what I'm rambling about .

These are just some observations I made today while looking back on the EURUSD daily chart. I know they probably aren't A+ setups, but I'm just trying to see if I'm getting the basic concepts down and to get some feedback.

I didn't show the fib levels because they got in the way, but the only confluence I saw was at the lower dotted line which was close to the 50 level.

The first pic is zoomed out to show some PPZ areas (ignore the number labels) and the 2nd one is a closer one so you can actually see what I'm talking about

I saw a pinbar (labeled "1") bouncing off of support. It looks like a sideways market so I wouldn't have taken it, but if I did then I would enter if it broke the dotted PPZ since it's right next to it. Then the first level I would be watching for is the 1.4 BRN. It never even broke the pinbar high so it was invalid anyway.

Then there was a DBHLC with that same failed pinbar and the next bar which closed below the 1.37 support level. I would see that as a breakout, but now I'm starting to see a PPZ right under it that also hits the highs labeled "2", which is around the 1.36 RN. However, I feel like I'm just making that level up since the price line is close to it right now. Anyway, If I took that trade and ignored the "maybe PPZ", then I would be looking at the lower dotted line as the first level.

As I pretend that I'm in that DBHLC trade I keep looking for PPZ I might have missed and I start to see a few possible ones, but if I marked them all then there would be way too many and I think I'm just trying too hard to find them. I'm hoping someone can tell me which levels they think are right so I can learn to spot them better. The solid lines are the ones I spotted easily and then the dotted lines are the levels that took me awhile to notice.

It's almost 6:30 am now so I need to get to bed... it's so easy to accidentally stay up all night studying all of this . If I made some stupid mistake on this then hopefully I can say it's because I'm really tired .

Thanks in advance!
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