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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

  • #82,041
  • Dec 9, 2010 11:12am Dec 9, 2010 11:12am
Quoting supremeChaos
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
Hey SC

Sorry for the mistake! Third time lucky Will call you right from now on!!
Thanks again for your wise post on PPZ - points noted!

Kal
  • #82,042
  • Dec 9, 2010 11:25am Dec 9, 2010 11:25am
Quoting Osman
Hi Aser,

What broker offers you stocks on MT4 ?

Excellent trade btw...

Thx.
gci. only for charting.
i trade them directly via interactive brokers.
meine augen sind die sterne
  • #82,043
  • Dec 9, 2010 11:28am Dec 9, 2010 11:28am
Quoting Osman
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.

Took it also.

The difference is that I still have full position with stop adjusted to 111.25 (initial SL above BEOB).

See if it reaches 110.00

Nos
  • #82,044
  • Dec 9, 2010 11:42am Dec 9, 2010 11:42am
Hi Nosferatuman,

I moved to BE cause I see the 110.50 area with a lot of traffic and it reached 1st FTA, bank some profits and now protect my capital.

Hope we can get another down move breaking the 110.50 area

Tc.

Quoting NosferatuMan
Took it also.

The difference is that I still have full position with stop adjusted to 111.25 (initial SL above BEOB).

See if it reaches 110.00

Nos
Trade Smart
  • #82,045
  • Dec 9, 2010 11:55am Dec 9, 2010 11:55am
Quoting Osman
Hi Nosferatuman,

I moved to BE cause I see the 110.50 area with a lot of traffic and it reached 1st FTA, bank some profits and now protect my capital.

Hope we can get another down move breaking the 110.50 area

Tc.
You are definitely safer than I am.

I'm playing it this way only because it was a BEOB off a strong PPZ.

Nos
  • #82,046
  • Dec 9, 2010 12:12pm Dec 9, 2010 12:12pm
Yeah Nos, Ive given money back many times to the markets, learned the lesson...

Tc.

Quoting NosferatuMan
You are definitely safer than I am.

I'm playing it this way only because it was a BEOB off a strong PPZ.

Nos
Trade Smart
  • #82,047
  • Dec 9, 2010 12:14pm Dec 9, 2010 12:14pm
Thx aserb

Quoting aserbfx
gci. only for charting.
i trade them directly via interactive brokers.
Trade Smart
  • #82,048
  • Dec 9, 2010 1:54pm Dec 9, 2010 1:54pm
Hi
Would someone kindly answer me a question if you can.
When the range of a pair is talked about does it mean the total from high to low range of the bar or does it mean from the open to the close ?
Cheers
Grahame
  • #82,049
  • Dec 9, 2010 2:06pm Dec 9, 2010 2:06pm
Quoting mbqb11
and
Thanks mike now it makes sense for me ;-)

Quoting jarroo
Great webinar last night, Mike .. . .
Is it possible that i can join the next webinar too or is it on the james16group?
  • #82,050
  • Dec 9, 2010 2:11pm Dec 9, 2010 2:11pm
Quoting grahamec
Hi
Would someone kindly answer me a question if you can.
When the range of a pair is talked about does it mean the total from high to low range of the bar or does it mean from the open to the close ?
Cheers
Grahame

Hey Grahame

The range is normally thought of as the Average over a period of time. A lot of traders use the ADR (av daily range) when planning their trades so that they can see how much 'room' there is to trade, eg if pair has ADR of 100pips and has already moved 80pips then some traders will avoid the pair.

You can plot this on most chart packages but like most things in trading its not perfect and ADRs can change over time.

best

Kal
  • #82,051
  • Dec 9, 2010 2:36pm Dec 9, 2010 2:36pm
Quoting Kalbar
Hey Grahame

The range is normally thought of as the Average over a period of time. A lot of traders use the ADR (av daily range) when planning their trades so that they can see how much 'room' there is to trade, eg if pair has ADR of 100pips and has already moved 80pips then some traders will avoid the pair.

You can plot this on most chart packages but like most things in trading its not perfect and ADRs can change over time.

best

Kal
Thanks Kal , so on a daily bar is the range calculated from the highest to the lowest point ?
  • #82,052
  • Dec 9, 2010 2:40pm Dec 9, 2010 2:40pm
Quoting grahamec
Hi
Would someone kindly answer me a question if you can.
When the range of a pair is talked about does it mean the total from high to low range of the bar or does it mean from the open to the close ?
Cheers
Grahame
hi Graham, yes the range is from the high to the low of the bar/session. As Kalbar points out a lot of people use the ADR which is the average range taken over so many periods but simply speaking it is the "range" between the high and the low.
jon
PATIENCE... DISCIPLINE
  • #82,053
  • Dec 9, 2010 2:43pm Dec 9, 2010 2:43pm
Quoting g_j_hook@yah
hi Graham, yes the range is from the high to the low of the bar/session. As Kalbar points out a lot of people use the ADR which is the average range taken over so many periods but simply speaking it is the "range" between the high and the low.
jon
Thanks Jon and Kal
I thought it might be another kind of point to tick of a list of points to consider.
Cheers
Grahame
  • #82,054
  • Dec 9, 2010 2:52pm Dec 9, 2010 2:52pm
Quoting bluetrader
Hey Spook,

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

-- Danny
thanks, I was looking for PA for your entry and didn't see any. Now it makes sense.
  • #82,055
  • Dec 9, 2010 2:55pm Dec 9, 2010 2:55pm
Quoting mbqb11
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
So you do the opposite of what most others would do. I guess thats why you are in the small percentage of the successful traders
  • #82,056
  • Dec 9, 2010 2:57pm Dec 9, 2010 2:57pm
Quoting mbqb11
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
Thanks a lot, Mike!
Thanks J16, Sam Seiden, Udine and Jacko
  • #82,057
  • Dec 9, 2010 3:04pm Dec 9, 2010 3:04pm
I missed this by 3 pips, makes me quite sick Would have been an important 2%+ for the month.

Have a great weekend and christmas!
Nuc
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  • #82,058
  • Dec 9, 2010 3:24pm Dec 9, 2010 3:24pm
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 BC,
Sorry man for late reply.
Let me tell you,i used the clear PPZ plotting technique to visualize a zone right there.
So when price moved for say 0.8300 -0.8340 that does not mean that price broke that zone, so it means still it will be effected by it.
So in this case i see a pin bar and this time i just pull up my chart and feel bad about it as i see many high/lows and two swing points just above that area.
Then why should i put more weight to one high so i see a whole zone around that area causing trouble.
Which means at first point even if i know exact line or not i know one thing for sure that trade is bumping into one big trouble area.

Well for finding whether look for bearish or bullish PA was just the only thing remaining,that would have been validated by the fact if close below that area was significant or not.

Market is not perfect,neither it will be,you may see exact pip lines,but most time they will not exist.
Your responsibility is to find a good area and place a proper stop loss then leave things for market,why i say this is because even touch trades don't mean exact line trades they also have tolerance,so if the best exact S/R trades are not exact to the pip,then how can PA trades b exact to the pip.

Then the only thing you have to watch out for is a great zone and great PA around that area and proper stop loss.
And know what is happening there.


Example of building a story around area if you could read.
Say you were watching a pin bar,but just watching a bar but what i was watching is as follows.
I see price just came from the top sneaked into a great zone filled with lots of scattered buy orders then when it enters that fall just turns into a long wick because of big trouble occurring in that area.
Two observations:
1. Price was falling but stopped falling.
Meaning previous mentality was bearish,but now what,is it still bearish or not.
2. Where is price standing now,in between a major area,or above it with big cushion.

Just try to tweak your mind with things like what price did around that area,
What is its construction story.
Here construction story was,price just sneaked below /into a great area then got hit with buy orders forming a pinnish bar nstead of a bear bar.
Now it may mean we are buying but could it be proved unless buyers show strength and push it out side that big zone ,hell no, they must show me what they want.
Hope this helps
Taz
  • #82,059
  • Dec 9, 2010 3:40pm Dec 9, 2010 3:40pm
Quoting 666Doom
Hey BC,
Sorry man for late reply.
Let me tell you,i used the clear PPZ plotting technique to visualize a zone right there.
So when price moved for say 0.8300 -0.8340 that does not mean that price broke that zone, so it means still it will be effected by it.
So in this case i see a pin bar and this time i just pull up my chart and feel bad about it as i see many high/lows and two swing points just above that area.
Then why should i put more weight to one high so i see a whole zone around that area causing trouble.
Which means at first point even...
Taz

For a newcomer to this thread I find your post very insightful. As you say it is all about piecing together a story and reading the market action. Its tempting to just look for pinbars etc but that is just one part of the puzzle. Keep up the good posts,

Kal
  • #82,060
  • Edited 6:25pm Dec 9, 2010 5:47pm | Edited 6:25pm
Quoting teemo
Pinbar, Can I ask your comment on something....the weekly pin drew my attention as well. But the monthly bar is leaving me a little lost for direction in these TF's? Does this challenge the weekly perspective?
IMHO this is a little confusing also, and as Ghous pointed out, it is the month of December with a lot of public holidays approaching.

We have a Monthly BEOB, A weekly BEOB and a Weekly Bullish PB.

As we know, a BEOB will often retrace to the low of the previous bar, the weekly BEOB is just above the tip of the PB. The Monthly BEOB Previous bar low is right at the 50 fibo.

I am giving more weight to the bearish side right now, that said, if that PB high breaks, it could well make it up to the monthly BEOB Previous bar low and the 50 fibo. This multi TF PA can be confusing but, as Mike and Jarro of said, trade the PA on the TF you see it on. Let's see which breaks first.

EDIT: The weekly BEOB has probably already hit its FTA.
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