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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

  • #80,461
  • Nov 19, 2010 11:41pm Nov 19, 2010 11:41pm
Quoting Pinbar
Becool.

I just looked at it with Jarroo's PPZ zones.
Hi PinBar -I actually had 1.776 as my FTA. I expected trouble around those level. I know it was close, but i thought if it was a good setup i could expect it to reach FTA. Apparently i did not.
In your opinion, was 1.75 not strong enough a PPZ level? Do you trade setups only around important PPZ like the weekly or monthly? (As part of being picky )

Sorry for the late reply - been away for a while - wife's giving birth.
But thanks for your input. Really appreciate it -always eager to help novice traders like me
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  • #80,462
  • Edited Nov 20, 2010 1:47am Nov 19, 2010 11:48pm | Edited Nov 20, 2010 1:47am
Got a few mins to kill so, I thought I would work on the story.

It is always the same, ceilings and floors.
Like being in a house, going upstairs standing on the floor and stomping up and down. The person downstairs looks up to the same floor you are standing on but, to them it is the ceiling.



Anyone like to take over from this area and tell the story back up to the top?


It will serve you very well to just eyeball this pair and work on the story.

The thing is with wrapping price up in these areas, it tells us where price is likely to go if we get PA off the ceiling or the floor, and that is what we want folks.
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  • #80,463
  • Edited 12:36am Nov 20, 2010 12:00am | Edited 12:36am
Quoting Be Cool
Hi PinBar -I actually had 1.776 as my FTA. I expected trouble around those level. I know it was close, but i thought if it was a good setup i could expect it to reach FTA. Apparently i did not.
In your opinion, was 1.75 not strong enough a PPZ level? Do you trade setups only around important PPZ like the weekly or monthly? (As part of being picky )

Sorry for the late reply - been away for a while - wife's giving birth.
But thanks for your input. Really appreciate it -always eager to help novice traders like me

Hey Becool.

I am just a newbie like you, we are both learning.


IMHO, I think we are better off taking PA trades that the candles are moving away from these areas of strong S&R. That area was both S&R and it really stood out to me as a strong PPZ Zone, like a sore thumb, meaning it is quite a wide zone.

I think, the higher TF PPZ are the BOSS here, I never thought I would hear myself ever say that when I was trading M15. LOL


I am trying to learn to work on the big picture right now.
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  • #80,464
  • Nov 20, 2010 12:16am Nov 20, 2010 12:16am
Becool

Hey, CONGRATULATIONS on the new baby, born yet?


I think the 175 was a strong area but, I did not like the open and close of these daily candles all being roughly in the same area. That is why I mentioned it a few days ago.
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  • #80,465
  • Nov 20, 2010 12:45am Nov 20, 2010 12:45am
astrazeneca on weekly

23,6 fib + support + brn

wait for a setup on the daily timeframe. (eg buob breaking the brn and closing well above)
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meine augen sind die sterne
  • #80,466
  • Nov 20, 2010 1:30am Nov 20, 2010 1:30am
Quoting Donkey
another daily chart - where is price going?

I will have a crack at it.

Nice big bar, but we won't let that fool us, with all those boxes on top of each other and the third touch of that Brazier type TL. LoL
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  • #80,467
  • Nov 20, 2010 2:16am Nov 20, 2010 2:16am
I agree with PB: Price will in get in trouble at the boxes, the TL and the EMAs. But I think it's going down. Maybe we see a retrace to the 2.7 area before.
My arguments for this are the high momentum this bar may produce and the fact that it took out the recent high (a pinbar). It may have collected sell orders and lead to profit taking from above.

@PB: Very nice story telling chart. I love it. No single exercise has served my chart reading better.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,468
  • Nov 20, 2010 2:17am Nov 20, 2010 2:17am
Hello friends! Anyone trades CFD's? Kind of tired with calculating my options... so I was thinking maybe I can simplify and move to CFD's... What about those in Fxpro platform, especially index CFD's do you know where can I find some good and readable info about tick value, size, commisions, all that info how to trade them, what is so diffeferent etc... I know nothing about this instrument, thanks for any help
  • #80,469
  • Nov 20, 2010 2:42am Nov 20, 2010 2:42am
Quoting Pinbar
I have a question about PPZ.


As, we know, new PPZ are always being formed on one time frame or another by consolidation areas and we know past PPZ are still active today, right?

Ultimately, where will this lead?

I mean, theoretically, if past PPZ are still valid today, with new PPZ also forming at certain price areas. Will there not come a time in the future where price has absolutely nowhere to go and just moves sideways all day. LoL
But seriously, yes, that is what I was thinking about. It is like if you look left objectively and honestly you MUST NOT take a trade, any trade. Period!
So many times when one still take a trade he actually does not see 1 or 10 PPZ's right before him... and says something like "oh this one is not that much important".

So I think there must be an objective way to make some old PPZ's absolete.
This is of course only my personal opinion, but I think for me this works, because removes a lot of doubt and guess work.

Of course a trade may still stop and reverse at some old PPZ but how will one know for sure was it that old PPZ that holded or was it just because it reveresed for some other reason...

My point is too many PPZ will not make a better trader but instead will bring too much confusion, I think the less is better....
  • #80,470
  • Nov 20, 2010 2:47am Nov 20, 2010 2:47am
Quoting Adilius07
Hello friends! Anyone trades CFD's? Kind of tired with calculating my options... so I was thinking maybe I can simplify and move to CFD's... What about those in Fxpro platform, especially index CFD's do you know where can I find some good and readable info about tick value, size, commisions, all that info how to trade them, what is so diffeferent etc... I know nothing about this instrument, thanks for any help
If you are looking to use FXPRO, you can have a look at this link for futures and this for shares. There are hyperlinks on the right hand column of each instrument which take you to more detailed descriptions.

Hope that helps?

Regards
  • #80,471
  • Nov 20, 2010 2:50am Nov 20, 2010 2:50am
Quoting One day!
If you are looking to use FXPRO, you can have a look at this link for futures and this for shares. There are hyperlinks on the right hand column of each instrument which take you to more detailed descriptions.

Hope that helps?

Regards
Thanks One day, I saw that page. Don't know I can't understand what is what they tell me there lol, and why they call those futures, when they are not futures but cfd's on future contracts I think. I lack the basic knowledge on CFD's and here they give specifications and detaled info I don't understand.... ok I think I need to start from the investopedia explanation maybe, them with yahoo... I don't undestand the idea of cfd's, how they regulated, by who, how..etc....
  • #80,472
  • Nov 20, 2010 3:03am Nov 20, 2010 3:03am
Quoting Donkey
another daily chart - where is price going?
This one will have more trouble, I think. Strong upmove, a PB with its low @ previous bar's high, closed right on the EMA.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #80,473
  • Nov 20, 2010 3:06am Nov 20, 2010 3:06am
Quoting Adilius07
Thanks One day, I saw that page. Don't know I can't understand what is what they tell me there lol, and why they call those futures, when they are not futures but cfd's on future contracts I think. I lack the basic knowledge on CFD's and here they give specifications and detaled info I don't understand.... ok I think I need to start from the investopedia explanation maybe, them with yahoo... I don't undestand the idea of cfd's, how they regulated, by who, how..etc....
I found this site which has a fairly comprehensive explanation of CFD'S.

As for the reference to futures - it is because the Contract For Difference follows the movements of the futures contract. The main difference being that you don't have to buy the asset as you would if you took a position on a futures contract - it is just you and your opposite speculating on which way price will go.

Regards
  • #80,474
  • Nov 20, 2010 3:07am Nov 20, 2010 3:07am
Quoting Pinbar
I have a question about PPZ.
As, we know, new PPZ are always being formed on one time frame or another by consolidation areas and we know past PPZ are still active today, right?
... if past PPZ are still valid today, with new PPZ also forming at certain price areas. Will there not come a time in the future where price has absolutely nowhere to go and just moves sideways all day..
price will always have a place to go & will always move... unless trading gets banned
but yes, price moves sideways, that happens often, as u already know/have observed.

the main issue is the timeframe in question: is it ranging on H1 or Daily or Monthly?
consolidation in H1 or lower TF takes much less time to form than compared to, say, a weekly consolidation.
depending on PA, market sentiment, momentum, etc... some 'old' PPZs will not be revisited (at all or for some time), while new PPZs/ranges form.

i think there's nothing to worry about..
hope i made sense & my post was relevant
  • #80,475
  • Nov 20, 2010 3:16am Nov 20, 2010 3:16am
Quoting One day!
I found this site which has a fairly comprehensive explanation of CFD'S.

As for the reference to futures - it is because the Contract For Difference follows the movements of the futures contract. The main difference being that you don't have to buy the asset as you would if you took a position on a futures contract - it is just you and your opposite speculating on which way price will go.

Regards
Wow this looks exactly what I needed!!! Thanks a lot!!! will study through the site this weekend! Thanks!
  • #80,476
  • Nov 20, 2010 3:22am Nov 20, 2010 3:22am
Quoting Adilius07
But seriously, yes, that is what I was thinking about. It is like if you look left objectively and honestly you MUST NOT take a trade, any trade. Period!
So many times when one still take a trade he actually does not see 1 or 10 PPZ's right before him... and says something like "oh this one is not that much important".

So I think there must be an objective way to make some old PPZ's absolete.
This is of course only my personal opinion, but I think for me this works, because removes a lot of doubt and guess work.

Of course a trade may still...
Ok, I don't know if someone would find this useful. But that's how I treat my PPZ's. So far this works fine. The reversal here is the Fractal reversal - which confirms the swinh hi/lo is in place.... Maybe this would help those struggling with too many PPZ's on their charts... any questions are welcome
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  • #80,477
  • Edited 4:25am Nov 20, 2010 3:35am | Edited 4:25am
Quoting Pinbar
I have a question about PPZ.


As, we know, new PPZ are always being formed on one time frame or another by consolidation areas and we know past PPZ are still active today, right?

Ultimately, where will this lead?

I mean, theoretically, if past PPZ are still valid today, with new PPZ also forming at certain price areas. Will there not come a time in the future where price has absolutely nowhere to go and just moves sideways all day. LoL
A very good question. I thought about this, too.

The higher TFs like the monthly will always be the one with the fewest TLs and PPZ. Less traders here, moving more money and making longer term decisions. But as you step through the lower TFs more and more relevant points add up since more traders with more different perspectives come into the game. And yet they are dependent on what's happening on higher TFs. The smaller TF reactions are often in conjunction with fibs, TLs etc. on higher TF. And all of them play the (V)BRN game. So imagine the five biggest market movers drawing TLs, PPZ and stuff. Their trading decisions and their way to deal with the charts will affect everyone else and their decisions in the hierarchical order (i.e. less money, lower time frames). So in my opinion most of what we see on a daily or 4h chart happens due to the hierarchic interaction initiated by relatively few market movers.

PPZs are horizontal TL. I think their "behavior" is quite the same: TLs are often respected even though they have been broken long before. But over time their relevance diminishes as more and more traders lose sight of them and the more they are broken or displaced - especially on higher TFs which hand their characteristics down to the lower TFs. Even the big guys have two eyes, one brain and a certain memory capacity to watch and deal with these charts. So things won't just add up. More like sand dunes wandering over your screen those important areas move, appear/disapper, be more pronounced or diminish.

...I forgot what my point was but as I wrote this it sounded pretty logical to me.
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,478
  • Nov 20, 2010 3:38am Nov 20, 2010 3:38am
staples on daily.
nice breakout. i would wait for a pullback to the blue box and enter there.
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meine augen sind die sterne
  • #80,479
  • Nov 20, 2010 4:08am Nov 20, 2010 4:08am
Quoting supremeChaos
price will always have a place to go & will always move... unless trading gets banned
but yes, price moves sideways, that happens often, as u already know/have observed.

the main issue is the timeframe in question: is it ranging on H1 or Daily or Monthly?
consolidation in H1 or lower TF takes much less time to form than compared to, say, a weekly consolidation.
depending on PA, market sentiment, momentum, etc... some 'old' PPZs will not be revisited (at all or for some time), while new PPZs/ranges form.

i think there's nothing to worry...

Sure, you made sense SC. You always make sense.

Yeah, it was just a thought and I was thinking about what Adi said, is there any way to know which old PPZ is not going to have any influence.

I suppose, old PPZ will get knocked off the chart eventually, and we won't see them at all. Wow, that is even scarier.
  • #80,480
  • Nov 20, 2010 4:56am Nov 20, 2010 4:56am
Here's my idea for the next week. Weekly IB off BRN-PPZ.

http://cdn.forexfactory.com/attachme...1&d=1290250482
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