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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

  • #81,801
  • Dec 7, 2010 11:05am Dec 7, 2010 11:05am
What do you guys think of this trade:

Identifying FTAs is still kind of confusing to me although it sounds kind of obvious .

When we look for the FTA zone (assuming we are long), should we identify where price had difficulty breaking by looking at previous bar highs and vice versa when we are going short?

I hope I didn't confuse anyone with my question.

http://i.imgur.com/ysv3V.jpg

Thank you,

Edit: Is my divergence correctly done?
  • #81,802
  • Dec 7, 2010 11:13am Dec 7, 2010 11:13am
First of all, mike congrats!!

Just trade this beob at 1415 and take profit 1410 (FTA).
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  • #81,803
  • Dec 7, 2010 11:39am Dec 7, 2010 11:39am
something else in my scopes...
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PATIENCE... DISCIPLINE
  • #81,804
  • Dec 7, 2010 11:41am Dec 7, 2010 11:41am
Happy B day Mike!!
( thats b-day not d-day eh!? take it easy this weekend!

and a big thanxs for everything

jon
PATIENCE... DISCIPLINE
  • #81,805
  • Dec 7, 2010 12:05pm Dec 7, 2010 12:05pm
Quoting bud_fox
Mike,

Please see attached EURCAD chart. I have highlighted what looks to me as the main PPZ's although I realise and see that there are many small price flips in between the lines that I have inserted.

Arguably you could insert a line at every NR & BRN and you will see a price flip.

Any advice that you can offer is much appreciate and apologises if the quality of the picture is not good.

I look forward to your comments.

Conrad
Hi Mike,

Sorry, I posted the a chart on page 5441 of the thread but not sure if you have seen it. I know the quality isn't great but was hoping for some help with the PPZ's as discussed previously.

I notice that its your birthday. Hope you have a great one!

Regards
Conrad
  • #81,806
  • Dec 7, 2010 12:08pm Dec 7, 2010 12:08pm
Happy Birthday Mike

My best wishes for you ;-)

Thanks for your great help investing your free time to help us
  • #81,807
  • Dec 7, 2010 12:14pm Dec 7, 2010 12:14pm
Quoting ppfx
there was a nice opportunity on the AUDUSD too

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A full bar loss on the weekly BEOB for me :-(

This was a continually BEOB so this wasn´t a good idea to take it ;-)
  • #81,808
  • Dec 7, 2010 12:20pm Dec 7, 2010 12:20pm
Quoting bud_fox
Mike,

Please see attached EURCAD chart. I have highlighted what looks to me as the main PPZ's although I realise and see that there are many small price flips in between the lines that I have inserted.

Arguably you could insert a line at every NR & BRN and you will see a price flip.

Any advice that you can offer is much appreciate and apologises if the quality of the picture is not good.

I look forward to your comments.

Conrad
Hey Conrad

What you are showing are all trouble areas and potential flips but we want to keep our "scope" of the market with what we are looking for.

PPZ have everything from minor PPZs to major. So many of the lines you show could be included into one major PPZ. Those additional lines could be minor PPZs that become more useful for trade mgmt and undertanding where price is likely to go and what to look for.

So for example below I attached a chart with two very clear MAJOR ppzs. We can see the clear flipping of price around these "areas". Notice the area isn't a finite line and I used the round numbers to help see a bit clearer where price wise it is getting respected.

There are also more zones then this and some are choppier. The idea is to identify these areas, add in confluence, and then distinguish what makes a good trade. Then we can begin to hone in our entries and trade mgmt with the other areas.

Now can you trade off minor PPZs, yes. We just again have to realize what type of market environment we are in. So remember this is just one piece. Then you will also notice things like how price boxes around these zones. And use that "box" of information. And the list goes on.

I try to create the story using each of these pieces for my trading. Soemtimes one piece is more prominent and I am open to each new situation. So evaluating the eur/cad I would say my area of interests are going to be 1.37 and 1.3. If we stay in the new "box around 1.37 then I then become aware of that when I want to manage my trade etc

I know this seems pretty confusing but in time you start to see how the pieces best fit together for you depending on each situation

Thanks for the nice wishes again everyone I greatly appreciate it
Mike
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  • #81,809
  • Dec 7, 2010 12:32pm Dec 7, 2010 12:32pm
Quoting Thierry
First of all, mike congrats!!

Just trade this beob at 1415 and take profit 1410 (FTA).
Great trade, I wish I was a bit more aggressive on that one. Failing momentum to the topside. I have this one on tonight's watch list. 1400 specifically
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  • #81,810
  • Dec 7, 2010 12:33pm Dec 7, 2010 12:33pm
Quoting john225
A full bar loss on the weekly BEOB for me :-(

This was a continually BEOB so this wasn´t a good idea to take it ;-)
I see what you mean. It went close to .95 and then up again... But what i meant in the post is to touch trade from the consolidation box to where i marked it.
  • #81,811
  • Dec 7, 2010 1:04pm Dec 7, 2010 1:04pm
Trying out the support turning into resistance touch trade. Let's see how it turns out. I'm doing this to show how hard it is to pull the trigger when you see such a nice big bulish bar.

http://img600.imageshack.us/img600/4493/usdjpn.gif
  • #81,812
  • Dec 7, 2010 1:14pm Dec 7, 2010 1:14pm
Quoting mbqb11
Great trade, I wish I was a bit more aggressive on that one. Failing momentum to the topside. I have this one on tonight's watch list. 1400 specifically
Hi Mike,

I was looking at that trade, but the previous higher highs (blue boxes) plus not very strong close made me pass on that one..


Maybe im too picky ..
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Trade Smart
  • #81,813
  • Dec 7, 2010 1:55pm Dec 7, 2010 1:55pm
Quoting lallous
What do you guys think of this trade:
Hey lallous, it's hard to see from your chart what bar you took. It seems like the only valid setup is a BUOB that closed below 130.00. Although this one made pips, I wouldn't have entered where you did because the move may have been exhausted by then. On 4 hour chart, a 10-15 pip buffer above the bar high seems reasonable to me.

Quote
Identifying FTAs is still kind of confusing to me although it sounds kind of obvious .
It can be very confusing, don't worry. It takes time to distinguish important areas. I'm no expert myself, but it has gotten easier with time. Just be patient, we are all here to learn.

Quote
When we look for the FTA zone (assuming we are long), should we identify where price had difficulty breaking by looking at previous bar highs and vice versa when we are going short?
You should consider highs and lows to find price pivot zones on your chart. See the attached chart? Notice how price got rejected from the area I called "price flip". This area is an obvious point of interest. They will pop out at you with time. There is no hard set rules to finding them, just takes screen time.

Quote
Is my divergence correctly done?
Divergence is when price makes higher highs and the momentum oscillator makes lower highs. Or vice versa -- price makes lower lows and the momentum oscillator makes higher lows (see attached chart). Notice how the yellow lines on the chart diverge.

Hope this helps lallous.

-- Danny
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  • #81,814
  • Dec 7, 2010 1:56pm Dec 7, 2010 1:56pm
Quoting Osman
Hi Mike,

I was looking at that trade, but the previous higher highs (blue boxes) plus not very strong close made me pass on that one..


Maybe im too picky ..
Hey Perico

I was looking for this one too for a stronger close. Picky is all relative to the trader. I just like the look of making a play at this last high. With all the fading momentum. I am watching 1400 personally now

Best
Mike
  • #81,815
  • Dec 7, 2010 1:59pm Dec 7, 2010 1:59pm
Quoting Osman
..
I was looking at that trade, but the previous higher highs (blue boxes) plus not very strong close made me pass on that one..
Maybe im too picky ..
are u talking about the BEOB Thierry traded?

that BEOB was indeed headed into/right at an immediate potential trouble area (your blue box) but as u can see price broke down with zero to minimal drawdown.... it had a nice bearish momentum which stopped (so far) right above 1400.

having said that, being 'too picky' is OK as long as that's your trading personality/what u are comfortable with. nothing to be concerned of
  • #81,816
  • Dec 7, 2010 2:13pm Dec 7, 2010 2:13pm
Quoting mbqb11
Hey Conrad

What you are showing are all trouble areas and potential flips but we want to keep our "scope" of the market with what we are looking for.

PPZ have everything from minor PPZs to major....
What does minor and mayor mean?
  • #81,817
  • Dec 7, 2010 2:13pm Dec 7, 2010 2:13pm
Could it be that the month December is difficult to trade ?
  • #81,818
  • Dec 7, 2010 2:15pm Dec 7, 2010 2:15pm
Quoting john225
What does minor and mayor mean?
mayor is a political office

Minor = less important

Major = more important


Importance again in the scope of what we are looking at. The bigger more standout a PPZ the more likely for a reaction = major

Minor = the less tested an area is showing it to be a flip, the less important or minor

Best
Mike
  • #81,819
  • Dec 7, 2010 2:18pm Dec 7, 2010 2:18pm
Quoting mbqb11
Hey Perico

I was looking for this one too for a stronger close. Picky is all relative to the trader. I just like the look of making a play at this last high. With all the fading momentum. I am watching 1400 personally now

Best
Mike
A close below 1400, better below the 1396 would make this BEOB look great with a 1st FTA @ 1382
Trade Smart
  • #81,820
  • Dec 7, 2010 2:18pm Dec 7, 2010 2:18pm
Exploring Oanda, that doesn't even look like EUR/USD in my other MT4 platforms, I thought we had double inside bars on daily.... still ok this?
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