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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

  • #81,641
  • Dec 5, 2010 2:14pm Dec 5, 2010 2:14pm
Quoting ddinnov
In an effort to keep it simple I'm struggling to find much wrong with EURSD on the weekly.

it's off the 365, 2 fibs (one of them a 50%) and the VBRN 1.3, has a strong close above the 61.8% and 1.3400 RN

My only issue is where to enter and where to put a stop that's doable with a $1120 micro account and 2% risk..

I think the EUR fundamentals and the fact that it's December don't help
Hi ddinnov,

IMHO, I think the FTA is very close, so i believe it may require close monitoring. I have highlighted the FTA as per my opinion in blue shade.
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Trading is a test match not a Twenty20.
  • #81,642
  • Dec 5, 2010 2:50pm Dec 5, 2010 2:50pm
Quoting decentchap
Hi ddinnov,

IMHO, I think the FTA is very close, so i believe it may require close monitoring. I have highlighted the FTA as per my opinion in blue shade.
You're right - and that 50% is in line with 1.3500 as well..

I'm going to try and only take 3 trades this month - so this is a pass
Anything can happen.
  • #81,643
  • Dec 5, 2010 4:03pm Dec 5, 2010 4:03pm
Quoting plund
Hi Oldice,

Scrolling through last few days posts here. Just wanted to let you know that (if you did not already know it) that it might be useful when deciding to trade the danish krone to know that it is pegged to the euro and is allowed to move in a fairly narrow predefined range against the euro.

/pat
I did not know! Thank you, Pat. I've been pretty much a purely technical trader to date, and have not paid much attention to such "fundamental" issues - but obviously if it can only move in a predefined range this is going to affect its technical movement, yes? I'll try to find out more about this; thanks for the tip.

--Dave
  • #81,644
  • Dec 5, 2010 5:43pm Dec 5, 2010 5:43pm
For me is a pass also... dont like the massive bar before the PB

Quoting ddinnov
You're right - and that 50% is in line with 1.3500 as well..

I'm going to try and only take 3 trades this month - so this is a pass
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Trade Smart
  • #81,645
  • Dec 5, 2010 5:50pm Dec 5, 2010 5:50pm
Quoting Oldice
This one is for Jarroo (although all thoughts are of course welcome):

Jarroo, I notice that when you draw PPZ lines you tend to do so based on the open/close of candles, as opposed to the high/low of bars. Do I have that right? If so, can you say a bit more about the importance of the open/close in determining PPZ location, and why you prefer that to the bar extremes?

Thanks, and if I've misunderstood your style, please do correct me!

--Dave

Hey Oldice.

I initially look for PPZ levels on the Higher TFs at these extreme of Highs and Lows and will then catagorize the Level as either Support or Resistance by how Price Closes.

For example on the Nzd/Jpy Weekly, notice the candle I've marked in yellow. Even though it was a very bearish candle with a long wick, it still closed above the 65.00 BRN PPZ level.

You can see the 65.00 PPZ still offered Support with bullish movement by the next candle in blue, albeit short lived.


On the Daily Nzd/Jpy, the 63.00ish PPZ level is still offering Support by how the candles close.

So I do still look at High/Low extremes for PPZ level, but how Price closes once it interacts with these levels helps determine if the PPZ level is acting as Support or Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,646
  • Dec 5, 2010 6:06pm Dec 5, 2010 6:06pm
Quoting 666Doom
My sound was Like Boom.
Guess i'm new that is why less sound.


Nice one Jarroo.
Regards
Taz


That was coined by Raczekfx . .

Notice in the post below that it was off a Daily PPZ level.


Quoting raczekfx
NJ - daily pin,
...retrace, price pivot, 50fib ret, pin on 1hr off of Daily ppz....Kaboom ... up?
.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,647
  • Dec 5, 2010 6:07pm Dec 5, 2010 6:07pm
Quoting jarroo
Hey Oldice.

I initially look for PPZ levels on the Higher TFs at these extreme of Highs and Lows and will then catagorize the Level as either Support or Resistance by how Price Closes.

...
Thanks very much, Jarroo; I'll study this. I think I get it... but not sure. If I were to try drawing a "Jarroo chart" or two would you mind telling me if I'm understanding?

--Dave
  • #81,648
  • Dec 5, 2010 6:10pm Dec 5, 2010 6:10pm
Quoting Oldice
Thanks very much, Jarroo; I'll study this. I think I get it... but not sure. If I were to try drawing a "Jarroo chart" or two would you mind telling me if I'm understanding?

--Dave

Sure thing, Dave . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,649
  • Dec 5, 2010 6:14pm Dec 5, 2010 6:14pm
Here's a question for xmzhang:

I read your explanation of how you look for confirming price action on a lower TF before entering a trade, and I get how this helps you to limit risk with tighter stops. I'm still not quite clear on one aspect of your style, however: Do you enter on the first retracement of the higher TF bar (assuming you have PA on the lower TF, of course), or do you wait for price on the lower TF to test and then retest the level you're looking to enter from?

And a related question: do you have a PPZ within the higher PA bar in mind as your lower time frame entry level, or do you simply look to see where price gives a PA signal within that higher PA bar?

I hope my questions are clear; in case it's not, here's a hastily scribbled drawing that I hope illustrates my confusion. Thanks very much for your help!

--Dave
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  • #81,650
  • Dec 5, 2010 6:15pm Dec 5, 2010 6:15pm
Quoting jarroo
Sure thing, Dave . .
Thanks again. I'm heading out for the evening, but I'll try to post something tomorrow.

Where else but J16 can you get this kind of expert help at this price???

--Dave
  • #81,651
  • Dec 5, 2010 6:30pm Dec 5, 2010 6:30pm
Quoting decentchap
Hi Jaroo,

Thanks for your insightful comments.

Unfortunately for me, I entered at the break of that pin and took a full bar loss when that big red bar occurred the daily.

I am very new to the trading but i don't personally think demo account will work for me. So at the moment I am using a very little amount with a live account, as it gives me exposure to the emotional side of the trading.
I have done quite a bit of reading on the pinbar, so trying to lookout for them and play them if appropriate.
Hey decentchap.

It is best to look for these Bullish PBs at swing lows (and Bearish PB at swing highs), especailly in the beginning of learning this material . .and trust me . .even after you've learned the material for some time.

Looking for them is a good practise; . . are they big in size, are they structured correctly, etc. But more importantly is their location of where they're formed; . .swinging down to PPZ levels, BRN or both . .bullish PB. Swinging up to a PPZ level, BRN or both . . bearish PB. . . .etc.


Keep practising on Demo . .you'll get use to it.
Indicators show the past. Price Action "Indicates" the future.
  • #81,652
  • Dec 5, 2010 6:36pm Dec 5, 2010 6:36pm
Quoting fxprocessor
Hi Mike, James, Jaroo and all just thought I'd pop in and say hi. Hope all are doing well

All is well, fxp . . .good to see you.
Indicators show the past. Price Action "Indicates" the future.
  • #81,653
  • Dec 5, 2010 7:15pm Dec 5, 2010 7:15pm
Just giving you guys a heads up to look for p.a. at the 3300 level (providing it retraces to that level in next day or so )on e/u to go long....actually 3289 is a good spot to try touch trade if your so inclined...check it out.
  • #81,654
  • Dec 5, 2010 7:21pm Dec 5, 2010 7:21pm
Quoting cprao
I am also looking at this PB but the Monthly BEOB is not really good sign here.

It is not triggerred yet.. but it is still valid since the high is not broken yet.

As Jarroo points , Most of the time, BUOB/BEOB retraces (either before break or after break) to the previous high/low or obvious PPZ before going in the direction of BEOB/BUOB.

So I am not sure, how this PB has to be treated.

May be, trade this only weekly time frame ( if PB is "A" setup) without considering monthly BEOB.. I guess this is what Mike generaly does.. he...

Hey cprao. I've read Mike's comments as well.

PA setups are best played on the time frame they are presented on. The Weekly PB and the Monthly BEOB are definitely in play here and should be traded separately.

The Weekly PB looks real good . .its what we look for in my book . . .

If Price can break through Weekly PB and find Support at its break we'll be looking good. I still see Price retracing a bit more into the PB before it breaks . say at the 1.3300.

On the Monthly BEOB, a retrace to the previous bar Low , as you said, would not surprise me.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,655
  • Dec 5, 2010 7:30pm Dec 5, 2010 7:30pm
Got my eye on NZD/USD.

Monthly bearish PB, weekly BEOB, TL, fibo and PPZ confluence on H4.
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  • #81,656
  • Dec 5, 2010 7:36pm Dec 5, 2010 7:36pm
Quoting jarroo
Hey cprao. I've read Mike's comments as well.

PA setups are best played on the time frame they are presented on. The Weekly PB and the Monthly BEOB are definitely in play here and should be traded separately.

The Weekly PB looks real good . .its what we look for in my book . . .

If Price can break through Weekly PB and find Support at its break we'll be looking good. I still see Price retracing a bit more into the PB before it breaks . say at the 1.3300.

On the Monthly BEOB, a retrace to the previous bar Low , as you said, would not...
Thank you Mike and Jarroo for your comments on EURUSD Weekly PB.


Jarroo, I guess the confusion orginated from my pre-determined bias.

When monthly BEOB was formed, I was expecting a retracement upto 1.33 and bearish PA in the direction of monthly BEOB, which did not happen. Instead a bullish weekly PB (good PA)has formed..

Since the monthly BEOB is still valid, now I am thinking that 1.37 might act as retracement point for monthly BEOB.

This is what now I think,

1) If price breaks weekly PB and get over 1.35, the next obvious target is 1.37
2) A bearish PB 1.37 to suuport monthly BEOB to drive the price back to 1.3 and beyond
3) Retrace to 1.3 before breaking weekly PB and then to 1.37

Lets see how this works..

However, to make the trade simple, I opened a buy order for weekly PB in traditional method..

Entry - few pips above the PB while considering 11/14 weekly low
SL - Otherside of the PB
FTA - 1.36 and Target - 1.37 (But will closely monitor how it fights against 1.35)
  • #81,657
  • Dec 5, 2010 7:59pm Dec 5, 2010 7:59pm
AUD/CAD

I would like to see a pullback to parity, the TL with a nice large bearish PA bar.
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  • #81,658
  • Dec 5, 2010 9:42pm Dec 5, 2010 9:42pm
Quoting Pinbar
AUD/CAD

I would like to see a pullback to parity, the TL with a nice large bearish PA bar.
nice clean chart with great confluence well done Pin

Mike
  • #81,659
  • Edited 10:33pm Dec 5, 2010 10:13pm | Edited 10:33pm
Quoting mbqb11
nice clean chart with great confluence well done Pin

Mike

Thanks Mike.

It amazing what being on the verge of going mad, can lead us to.

I actually, drew those PPZ on the H4 chart then moved to the weekly to check the S&R. Previously, I was doing it the other way around.

May take off without me, but if it pulls back to that area, I am waiting.
That tiny PB was not big enough nor high enough to get me in.


EDIT: Mike, I know I have asked this a long time ago, and I think at that time, I was not ready for the answer.
But, as you know, recently I have spent 2 months from morning to night watching all the videos that exist on the PF, it really has been stuck in my head the way the Big Guy is doing most of everything on a daily chart alone. We hardly ever see Jim going to the weekly unless he is showing setups on the weekly chart.
Obviously, you know Jim on a personal level, does he really make most of his trading decisions like that?
Anyway, I am thinking that drawing PPZ on the daily chart, for a daily setup, then checking and fine tuning these 2 or 3 PPZ on the weekly, is the way to go.
I mean, previously, mainly I was drawing PPZ on the weekly then when I move down a TF, it was rather hard to find any PA around these areas because they were perhaps, too far away or just not in tune with the lower TF chart I was watching.
Doing it the other way around seems to fit more inline with that is going on, on the TF I am looking at.



Any thoughts or suggestions appreciated.
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  • #81,660
  • Dec 5, 2010 11:13pm Dec 5, 2010 11:13pm
Quoting Pinbar
Thanks Mike.

It amazing what being on the verge of going mad, can lead us to.

I actually, drew those PPZ on the H4 chart then moved to the weekly to check the S&R. Previously, I was doing it the other way around.

May take off without me, but if it pulls back to that area, I am waiting.
That tiny PB was not big enough nor high enough to get me in.


EDIT: Mike, I know I have asked this a long time ago, and I think at that time, I was not ready for the answer.
But, as you know, recently I have spent 2 months from morning to night watching all the...
Hey Pin

There really is no one right or wrong answer. Many PPZs that are obvious are going to overlap timeframes. Remember price we see on a chart is only an aggregation into these different ways. Price is price. But the need to use multiple timeframes to accomplish a few simple goals just begins to confuse most people. Sticking to one timeframe and just keeping things simple is where most people find the most success or building blocks. Again drawing a PPZ on the weekly then daily and seeing when they overlap or refining is fine if you keep things simple. It's all about confluence and clear clean areas and price bars. The rest will fall into place with time and practice. But has anyone ever seen James post a chart with some crazy explanation using 4 timeframes, multiple weird indicators and other stuff. I haven't, and I know I never will. It's all about simplicity. Simplicity comes in many packages.

Summary? Keep it simple.

Best
Mike
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