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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

  • #81,921
  • Dec 8, 2010 3:39pm Dec 8, 2010 3:39pm
Quoting bluetrader
Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.

Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.

Happy B-day Mike. Are you 30 yet? We need some company.

-- Danny
How's that trade working for you Danny? . .man . .that was sweet.
Indicators show the past. Price Action "Indicates" the future.
  • #81,922
  • Dec 8, 2010 3:54pm Dec 8, 2010 3:54pm
Quoting Imphilomath
Hi gurus,
How could I have talked myself out of taking this trade?

Strong points were
- Weekly timeframe ( higher the better)
- Bearish outside bar
- with the weekly trend
- Next weekly bar broke out ( some momentum)

what are those weak points those I missed.
In case you took the trade anyway, how would you have managed it to minimize loss ( not full weekly bar loss).

Appreciate if you can share your thoughts.

Hey Imphil . . .no gurus here . . .just some folks that has been doing this for a bit longer.

Its not too bad . . the swing High could have been higher .. ideally up by the 88.00. But you were trading right into a Weekly PPZ level. . .around the 82.35, the 1st target got hit.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,923
  • Dec 8, 2010 4:01pm Dec 8, 2010 4:01pm
Quoting Imphilomath
Hi gurus,
How could I have talked myself out of taking this trade?

Strong points were
- Weekly timeframe ( higher the better)
- Bearish outside bar
- with the weekly trend
- Next weekly bar broke out ( some momentum)

what are those weak points those I missed.
In case you took the trade anyway, how would you have managed it to minimize loss ( not full weekly bar loss).

Appreciate if you can share your thoughts.

I'm newbie. But I think this level was too dangerous to fade as there could be too many bottom fishers there. If you zoom out to monthly you could see. Monthly BUOB (even though it was not triggered yet) proved to you that there are in fact some buyers hiding... just my 2 cents
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  • #81,924
  • Dec 8, 2010 4:08pm Dec 8, 2010 4:08pm
Quoting bluetrader
Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.

Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.

Happy B-day Mike. Are you 30 yet? We need some company.

-- Danny

Hey that was your entry (or just about), Danny . . .double sweet . .
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Indicators show the past. Price Action "Indicates" the future.
  • #81,925
  • Dec 8, 2010 4:08pm Dec 8, 2010 4:08pm
Quoting jarroo
Hey Imphil . . .no gurus here . . .just some folks that has been doing this for a bit longer.

Its not too bad . . the swing High could have been higher .. ideally up by the 88.00. But you were trading right into a Weekly PPZ level. . .around the 82.35, the 1st target got hit.
Thanks Jaroo !! I think I am still not that good with ppz. I can see them in hindsight but can not find them otherwise. I really need to learn this well. After 1 year of paper trade, feels like still back to basic.


cheers
  • #81,926
  • Dec 8, 2010 4:09pm Dec 8, 2010 4:09pm
Quoting Kalbar
Mike

This newbie is ready to gobble up your chart - your analysis is always so good to listen to!! Look forward to it.

kal
chart
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  • #81,927
  • Dec 8, 2010 4:11pm Dec 8, 2010 4:11pm
Quoting mbqb11
chart
and
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  • #81,928
  • Dec 8, 2010 4:13pm Dec 8, 2010 4:13pm
Quoting mbqb11
and

Great webinar last night, Mike .. . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,929
  • Dec 8, 2010 4:13pm Dec 8, 2010 4:13pm
Quoting Adilius07
I'm newbie. But I think this level was too dangerous to fade as there could be too many bottom fishers there. If you zoom out to monthly you could see. Monthly BUOB (even though it was not triggered yet) proved to you that there are in fact some buyers hiding... just my 2 cents
wow !!! didn't see that. That is a great point Adi. I should have checked higher timeframe to see if there is any conflicting PA.

Thank you very much. It was not part of my 'things to do' checklist for higher timeframes :-) I felt higher timeframes are more forgiving. I think I should definitely add that as it is quite possible that though I am with weekly trend, I could be close to monthly S+R and trend exhaustion

cheers
  • #81,930
  • Dec 8, 2010 4:21pm Dec 8, 2010 4:21pm
Quoting mbqb11
and
Mike

Thanks for the excellent chart - you make it look easy, but I know that it's not (for me anyway!). Just one question - would you consider the bars to the left to be 'traffic'? I am trying to learn the principles of space and traffic.

Thanks,

Kal
  • #81,931
  • Dec 8, 2010 4:26pm Dec 8, 2010 4:26pm
Quoting mbqb11
chart
Hello Mike, this was a great trade. Strong bounce of the lower boundary!

Just one thing I would like to bring and ask you for advice, if possible.
I know it may sound stupid, but I think the standard MACD is NOT WORKING.

Well, I consider MACD important as we look for divergence as one of our confluences. So it must be sharp. But look what I see again and again.

These are: Standard MACD MT4, Mt4 MACD Imported, TOS, NetDania.
Only Standard macd show div, when others do not. And those others are pretty much the same. How could that be? All parameters are of course the same.


I really hate seeing same discrepancies other and other again. I even think to delete this tool... really confusing sometimes..
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  • #81,932
  • Dec 8, 2010 4:34pm Dec 8, 2010 4:34pm
Quoting Imphilomath
wow !!! didn't see that. That is a great point Adi. I should have checked higher timeframe to see if there is any conflicting PA.

Thank you very much. It was not part of my 'things to do' checklist for higher timeframes :-) I felt higher timeframes are more forgiving. I think I should definitely add that as it is quite possible that though I am with weekly trend, I could be close to monthly S+R and trend exhaustion

cheers
I only check for opposing PA setup (PB, BUOB), some traders here make much more detailed analysis on higher TF including PPZ etc.. I want to stick to one TF as much as possible but quick check I think really helps
  • #81,933
  • Dec 8, 2010 4:37pm Dec 8, 2010 4:37pm
Quoting Imphilomath
Thanks Jaroo !! I think I am still not that good with ppz. I can see them in hindsight but can not find them otherwise. I really need to learn this well. After 1 year of paper trade, feels like still back to basic.


cheers

If you look at bluetrader's post (Danny) I believe he looked at this PPZ level (82.35) on the Daily Time frame, but it was there too on the Weekly.

Quoting bluetrader
Really starting to enjoy trading higher time frames. Haven't looked at intraday charts in over a month.

Here is my take on USD/JPY. We have a 2 month pin bar that just closed. I took a retrace to a well defined PPZ. Hopefully it will close as a BUOB.
Where is it going? I don't know, but my stop is at BE. My eye is on the 87.00 - 88.00 zone.

-- Danny
His was more of a touch trade, I believe. . .seeing that the 82.35 was going to act as Support since Price broke through and closed above the previous Resistance level.

Have you seen any of my post on PPZ levels? Where Price turns from Support to Resistance once Price breaks through and closes above or below (and vice versa)?

Your chart looks good on how you drew PPZ levels . .
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Indicators show the past. Price Action "Indicates" the future.
  • #81,934
  • Dec 8, 2010 4:40pm Dec 8, 2010 4:40pm
Would u guys say this two day pin finally broke hard? little woried about resistance Im facing now
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  • #81,935
  • Dec 8, 2010 4:45pm Dec 8, 2010 4:45pm
Quoting jarroo
If you look at bluetrader's post (Danny) I believe he looked at this PPZ level (82.35) on the Daily Time frame, but it was there too on the Weekly.



His was more of a touch trade, I believe. . .seeing that the 82.35 was going to act as Support since Price broke through and closed above the previous Rsistance level.

Have you seen any of my post on PPZ levels? Where Price turns from Support to Resistance once Price breaks through and closes above or below (and vice versa)?

Your chart looks good on how you drew PPZ levels . ....
Thanks Jaroo :-). Yep I have gone thru most of the posts about PPZs. You, Pinbar, Mike and trying to apply those. It has been very valuable and I have gottern better. I can draw big ppz mostly fine but these intermediate trouble areas/PPZs are tough ones for me.

When relaxed, I end up missing those FTAs ( liked I missed in my example trade). When anxious, I end up considering every small FTA and never get into the trade thinking there is not enough room to run. Going to be bit challenging :-). I need to really learn to identify those levels naturally. I guess only experience can teach that.

I appreciate your comments, helps a lot.
cheers
  • #81,936
  • Dec 8, 2010 4:57pm Dec 8, 2010 4:57pm
Quoting Pinbar
GBP/NZD has got my attention.
I was watching this one too PB. Looks like price plowed through the BRN today. Now we can wait for previous resistance to become support.
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  • #81,937
  • Dec 8, 2010 4:58pm Dec 8, 2010 4:58pm
Quoting gasgas
Would u guys say this two day pin finally broke hard? little woried about resistance Im facing now

I like that it broke and closed above the 111.00. . .good chance it will act as Support. Those previous bar Highs (blue) look good for your target.
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Indicators show the past. Price Action "Indicates" the future.
  • #81,938
  • Dec 8, 2010 4:59pm Dec 8, 2010 4:59pm
Quoting Donkey
I was watching this one too PB. Looks like price plowed through the BRN today. Now we can wait for previous resistance to become support.

Fly me to the moon .. . . . .
Indicators show the past. Price Action "Indicates" the future.
  • #81,939
  • Dec 8, 2010 5:11pm Dec 8, 2010 5:11pm
Quoting gasgas
Would u guys say this two day pin finally broke hard? little woried about resistance Im facing now
i dont know what to say, your'e approaching a solid s/r area...

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EDIT: just saw that jarroo already answered it
  • #81,940
  • Dec 8, 2010 5:15pm Dec 8, 2010 5:15pm
GBP/NZD Monthly PB.

Took one third off at 150 pips +spread.

Looks like this one may be a runner.

Just moved the SL above the 2,09000 and below the weekly pivot and 365 EMA on H4.
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