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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

  • #82,021
  • Dec 9, 2010 8:43am Dec 9, 2010 8:43am
Quoting Adilius07
Looks like it could be a good long play to me...
be careful . you can see, on the other hand ,there is a down trend line in my chart , a triangle zone.
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A chart helps those who can read it.
  • #82,022
  • Dec 9, 2010 8:44am Dec 9, 2010 8:44am
Quoting Be Cool
Hi Jim, Everytime i look at your charts, supp turn res, res turn supp -you sure make it clear as day. However, when i try to draw PPZ, i always have a hard time determining the exact level like you do. So it is hard for me to see if price bar really has closed above res / below support since often times my PPZ is at different level than yours or other seniors. Do you mind sharing how you could pinpoint those PPZ levels very accurately? Thank you
Hi cool

I am in the same boat as yourself rying to get a handle on PPZs. The best way to approach it in my opinion is to plot the most obvious ones first. Problem I am having is my ppz 'zones' especially on the weekly are very wide, eg over 100pts. Trying to narrow them down a bit. Study Sir Jarroo's charts as much as you can as he is the master at PPZ 9and many other things!). Look at this chart on the daily - ppz is 60 pips wide but would like a narrower band here.
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  • #82,023
  • Dec 9, 2010 8:47am Dec 9, 2010 8:47am
Quoting xmzhang
Yes, I tried to enter for a possible break of a weekly PB at a discount price, 1H-TF gave me my buytrigger via a nice 1H-PB @ 13200 which is also the lefteye of that weekly PB.

When you drop down to a lower TF do you have strict guide lines you follwo with yuor method. Example: weekly to 1hr only, Daily to 1hr only, 4hr to 15min only? Or do you look at any lower TF that may give you an entry? Example: Start on weekly, see a nice PB. Move down to daily for entry, nothing there. Move down to 4hr, nothing there. Move down to 1hr see potential setup off BEOB. Trade off 1hr.
  • #82,024
  • Dec 9, 2010 8:51am Dec 9, 2010 8:51am
Quoting bluetrader
Thanks J, I've tightened my stop, we'll see if the 89.65 flip holds.

-- Danny
Hey Danny was this a touch trade? Did you get an entry off a lower TF?
  • #82,025
  • Dec 9, 2010 8:57am Dec 9, 2010 8:57am
Quoting Kalbar
Hi cool

I am in the same boat as yourself rying to get a handle on PPZs. The best way to approach it in my opinion is to plot the most obvious ones first. Problem I am having is my ppz 'zones' especially on the weekly are very wide, eg over 100pts. Trying to narrow them down a bit. Study Sir Jarroo's charts as much as you can as he is the master at PPZ 9and many other things!). Look at this chart on the daily - ppz is 60 pips wide but would like a narrower band here.

Read an early post from Jarroo that said he likes to start marking his PPZs off the weekly TF. And Mike mentioned to narrow it down look for a nearby RN, 1.100, 1.200, even 1.250, 1.350. I noticed quite often the weekly PPZs are right off these BRNs and RNs.
  • #82,026
  • Dec 9, 2010 8:58am Dec 9, 2010 8:58am
Quoting Be Cool
Thanks SC, you're most kind

Well, the other day i was talking to Taz and PB about some PPZ that we drew slightly differently on weekly EURGBP. I had mine at 0.8460, PB had his at 0.85, and Taz had his at 0.8550

Do you mind explaining your thought process in determining the exact PPZ level? I am really stuck
Hey cool,

Dont worry too much. As SC(a wise counsel) says it takes time and experience and taking the right advice from the seniors here like Jim, Jaroo, Mike, Seeking etc. I am finding it challenging too but if you work at it you will get there. Another point to remember is that PPZ is subjective to the trader - 5 different traders might give five different levels on the same chart although they will probably be near each other. Just my opinion.

KAl
  • #82,027
  • Dec 9, 2010 9:42am Dec 9, 2010 9:42am
HAPPY BIRTHDAY, MIKE

Never stop being that great helpful guy
Have a happier, more profitable year ahead
GOD bless YOU
  • #82,028
  • Dec 9, 2010 9:49am Dec 9, 2010 9:49am
Quoting ppfx
entry missed by 5 pips....

Attachment
I re-entered the trade cause i saw that there is a good possibility that the previous 'support' (was a resistance in majority) has turned into resistance. Seems like i was right. I closed part of the trade and put stops to BE. Now lets see if we can get to 110

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  • #82,029
  • Dec 9, 2010 9:50am Dec 9, 2010 9:50am
Quoting spookie94
Hey Danny was this a touch trade? Did you get an entry off a lower TF?
Hey Spook,

It's a touch trade off daily charts. I don't use lower time frames.

-- Danny
  • #82,030
  • Dec 9, 2010 9:52am Dec 9, 2010 9:52am
Quoting HanSolo
Hello Mike, thanks for the great explanation. I've got a question: Was your SL under the BRN right away or did you wait until the first bar of your trade closed?

I know that those RN act as reliable S/R but I'm still not sure where to place my SL behind them. That's because sometimes price spikes through a fair amount of pips before closing back above/below them.
Hey Han

I used the BRN to move my stop up after price moved away. But initially started under the low of the bar. I use that extra room as my way to reduce risk(that's why I don't just start with it higher to increase my position size)

Best
Mike
  • #82,031
  • Dec 9, 2010 9:53am Dec 9, 2010 9:53am
Quoting Be Cool
HAPPY BIRTHDAY, MIKE

Never stop being that great helpful guy
Have a happier, more profitable year ahead
GOD bless YOU
thanks man! You guys are the best
  • #82,032
  • Dec 9, 2010 9:55am Dec 9, 2010 9:55am
Quoting Kalbar
Hi cool

I am in the same boat as yourself rying to get a handle on PPZs. The best way to approach it in my opinion is to plot the most obvious ones first. Problem I am having is my ppz 'zones' especially on the weekly are very wide, eg over 100pts. Trying to narrow them down a bit. Study Sir Jarroo's charts as much as you can as he is the master at PPZ 9and many other things!). Look at this chart on the daily - ppz is 60 pips wide but would like a narrower band here.
Thanks Kal
I started off with drawing zones instead of lines like you did, but problem arises when i need to determine whether the PA bar close above res/ below supp -as Jaroo often talks about. I also draw them from the monthly down to weekly then daily chart -but refining them to lines is where i have problem
  • #82,033
  • Dec 9, 2010 10:08am Dec 9, 2010 10:08am
Quoting Be Cool
...
Well, the other day i was talking to Taz and PB about some PPZ that we drew slightly differently on weekly EURGBP. I had mine at 0.8460, PB had his at 0.85, and Taz had his at 0.8550
Do you mind explaining your thought process in determining the exact PPZ level? I am really stuck
First, a PPZ is not exact. it is an area, a zone, so it consists of a number of pips. this is a very important point.
so you three having different PPZs is no surprise. we all see & look at things differently. (talking about perspective & seeing/looking, check out the 'Selective attention test' video )


luckily, i have IBFX too. here are some charts. im really a bad teaching/conveying thoughts, so hope the charts help.
look for areas with a lot of price flips (support turns resistance turns resistance etc..). often/sometimes they coincide with a RN/BRN/VBRN
First chart is an old chart ('old' meaning PPZs are a few weeks old); the rest are new wherein the PPZs are plotted just for this post

what u'll notice is my lines are not thick. through time, i have refined my lines, mainly to reduce clutter. the lines are thin BUT im aware that each line is a zone consisting of a number of pips above & below it where price can stop at/bounce off. i plot mini PPZs on H4 & below --- these show up as much shorter horizontal lines (shorter lines relative to Daily & up PPZs; in general, the longer & the thicker the lines [in my charts] = more important)

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------
EDIT
Hey fellow Asian,
my IBFX has been crashing for some reason... i have to quickly redo my charts (first chart is the 'old' weekly chart; 2nd & 3rd charts were done just now; turquoise horizontal line is H4 PPZ; thick dark red lines are Monthly PPZs (meaning plotted from the monthly chart which is not shown here), thin dark red lines are daily PPZs. the monthly PPZs were ok enough that i did not need to plot weekly PPZs)
  • #82,034
  • Dec 9, 2010 10:30am Dec 9, 2010 10:30am
Quoting aserbfx
infineon on daily.
resistance-area on the weekly from 2007/2008.
it has been a devastating day for infineon.
the stock is currently floating at 6.95 euro with a loss of about 5% today.
turning this trade into a big runner!!!
meine augen sind die sterne
  • #82,035
  • Dec 9, 2010 10:40am Dec 9, 2010 10:40am
Hi Aser,

What broker offers you stocks on MT4 ?

Excellent trade btw...

Thx.

Quoting aserbfx
it has been a devastating day for infineon.
the stock is currently floating at 6.95 euro with a loss of about 5% today.
turning this trade into a big runner!!!
Trade Smart
  • #82,036
  • Edited 11:02am Dec 9, 2010 10:44am | Edited 11:02am
Hi guys,

Took this EJ 4hr BEOB on Fxpro feed,

Big BEOB which engulfed 4 bars,
Above we´ve got 50fib + 150 ema ( i dont trust them very much but... if its there 1 more confluence )
Closed below the 111 level, strong ppz as we´ve seen this week.

Took half at 110.60 and rest at BE

Chart attached.

Comments are welcomed.

EDIT: 2nd FTA will be 110.30... what do you think ?
EDIT2: Added Alpari chart, see difference between the ema, thats why i dont trust them.

Tc.
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Trade Smart
  • #82,037
  • Dec 9, 2010 10:48am Dec 9, 2010 10:48am
Quoting supremeChaos
First, a PPZ is not exact. it is an area, a zone, so it consists of a number of pips. this is a very important point.
so you three having different PPZs is no surprise. we all see & look at things differently. (talking about perspective & seeing/looking, check out the 'Selective attention test' video )


luckily, i have IBFX too. here are some charts. im really a bad teaching/conveying thoughts, so hope the charts help.
look for areas with a lot of price flips (support turns resistance...
Hey Seeking

Thanks for the great post on the PPZs - much appreciated. I have just checked my chart for the same pair and my PPZ are very similar to yours so this has given me some encouragement!! Only question I have is can you have too many PPZs which gets in the way of your trading?

Kal
  • #82,038
  • Dec 9, 2010 10:58am Dec 9, 2010 10:58am
Quoting Kalbar
Hey Seeking
... Only question I have is can you have too many PPZs which gets in the way of your trading?
...
Hey Kal,
u mistake me for Seekinglight for the second time
he makes much much longer posts than me, that's for sure

to answer your Question: it's possible.
depends on how you see/look at charts.
some only need &/or can tolerate Zero to a few lines/PPZs.
some can tolerate a lot of lines & indicators on their charts & still trade well
  • #82,039
  • Dec 9, 2010 11:05am Dec 9, 2010 11:05am
Quoting Osman
Hi Aser,
What broker offers you stocks on MT4 ?
....
i have these MT4 brokers on my other PC, so im not very sure right now... check this out
Alpari's (?)
FXPro
Windsor (?)
Broco
ForexUA/Forex Ltd
LiteForex
GCI
& many more
  • #82,040
  • Dec 9, 2010 11:10am Dec 9, 2010 11:10am
Thanks SC, alpari has them but with little history, impossible to know important s/r except RN.

Ill check the other ones.

Quoting supremeChaos
i have these MT4 brokers on my other PC, so im not very sure right now... check this out
Alpari's (?)
FXPro
Windsor (?)
Broco
ForexUA/Forex Ltd
LiteForex
GCI
& many more
Trade Smart
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