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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

  • #82,321
  • Dec 13, 2010 2:28am Dec 13, 2010 2:28am
Quoting supremeChaos
hey AlanB,
dont waste your time looking for/regretting the thing/trades u missed... it is simply unhealthy for your trading (& pyschology in general). we will miss A LOT of trades along the way ---- we wont get them all.
focus on what YOU see, what YOU trade, & how well YOU did/how well YOU approached the trades YOU took.
the charts/posts/trades shared by others here are collectively a BONUS, since u can learn from them, in one way or another.



btw... hey Pinbar, A+++++ avatar
Hi Supremo

Another great post which gets us newer traders thinking about what we are doing. I really enjoy reading your posts because they always hit the spot - I am trying to incorporate some of your wisdom into my head!!

As for the markets I dont see much setting up at the moment as there is a lot of ranging going on. Waiting to see some PA approaching my PPz's/areas of interest.

Keep the wisdom coming supremo!
  • #82,322
  • Dec 13, 2010 2:38am Dec 13, 2010 2:38am
Quoting aserbfx
sure...

Thanks aserb.

Looks like that PB hit its target . .no surprise there.

I still would have liked the head of that PB more at the Support level off the BRN, 700.

It still may happen . .
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Indicators show the past. Price Action "Indicates" the future.
  • #82,323
  • Dec 13, 2010 2:54am Dec 13, 2010 2:54am
Hi Jarroo

Like the visual look of your charts so just wanted to ask what chart package/broker you use?

thanks

kal
  • #82,324
  • Dec 13, 2010 3:02am Dec 13, 2010 3:02am
Quoting HanSolo
I'm not familiar with his trading yet. But I will surely have a look at it. Thanks for the hint, Jarroo.

Quoting ppfx
IBs are his specialty. In case you're interested to know more, here is one of his post out of many:link and here is jarroo's thread related to IBs: link

Sorry about that Hans and thanks ppfx for the info.


Dan Gilbert (username) and others have noticed this interesting setup where an I4B or I4+B (more than 4 bars) occurring at BRNs can provide a robust move.

It combines the I4B, that James16 talks about, and the importance of the BRNs that Mike has show throughout this thread.

They don't occurr often but when they do, its something to keep an eye on . .
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Indicators show the past. Price Action "Indicates" the future.
  • #82,325
  • Dec 13, 2010 3:32am Dec 13, 2010 3:32am
Quoting pn1
Hey Mike Thanks to you for your reply. But this reply has put some doubts in my mind. Would you consider the levels in my chart as whipsaws or just part of boxes. Mike, Jaroo, Ghous, SC and all seniors please tell me how you view these levels.

I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.

Its a good example of how the Weekly time frame can be a good starting point to start a story.

On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.

Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.

Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades, if the story or multiple confluences support it or looking for quality bearish PA to confirm Resistance.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,326
  • Dec 13, 2010 3:35am Dec 13, 2010 3:35am
Quoting jarroo
I don't consider this a whipsaw move . .its simply Price turning from Support to Resistance.

Its a good example of how the Weekly time frame can be a good starting point to start a story.

On the Weekly, over many weeks, we have Price unable to close below the 1.6000 BRN. Price has broken through the 1.6000 on the Weekly but failed to close below.

Price then closes below on the Weekly and we look for the 1.6000 to act as Resistance.

Lower time frame opportunites are there once we confirm the close below on the weekly . . like touch trades,...

We can talk about the situation in blue, where Price closed below the 1.6000 on the Weekly. . .Or simply apply the above outline.
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Indicators show the past. Price Action "Indicates" the future.
  • #82,327
  • Dec 13, 2010 3:40am Dec 13, 2010 3:40am
Quoting ppfx
IBs are his specialty. In case you're interested to know more, here is one of his post out of many:link and here is jarroo's thread related to IBs: link
Thanks ppfx, I'm still not confident enough to trade IBs. They look very reliable on Jim's chart but I found many of them not working out while backtesting (i.e. false breakouts). Still have to figure out what makes them a gold mine.

The one on weekly EURCHF looks pretty good to me. Maybe 4h will give us a hint today...
Thanks J16, Sam Seiden, Udine and Jacko
  • #82,328
  • Dec 13, 2010 3:49am Dec 13, 2010 3:49am
Quoting Kalbar
Hi Jarroo

Like the visual look of your charts so just wanted to ask what chart package/broker you use?

thanks

kal

I use 4 to 5 meta trader demos for charting . .Fxpro, IBFX, Alpari, FXCM, Broco, etc.

I use a few brokers . .Fx Solutions, MB trading, Oanda.
Indicators show the past. Price Action "Indicates" the future.
  • #82,329
  • Dec 13, 2010 4:03am Dec 13, 2010 4:03am
Quoting Kalbar
Jarroo

Thanks for your post on Friday rearding the plotting of PPZ - an area I need to work on. Will be concentrating on that this week and thanks for your advice, much appreciated although I suspect there will be more questions for you soon!!

Sure thing Kalbar . . .
Indicators show the past. Price Action "Indicates" the future.
  • #82,330
  • Dec 13, 2010 4:08am Dec 13, 2010 4:08am
That EUR/GBP weekly, suspect PB that Ghous didn't like, is looking interesting.

The back of it almost broke on the weekly and the daily looks like we have an interesting confluence area around the 85.
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  • #82,331
  • Dec 13, 2010 4:10am Dec 13, 2010 4:10am
FTA reached on this one. Next target is to watch it bounce off 1.58 level

Didnt pull the trigger on this one
Guess i gotta have more confidence in taking trades.
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  • #82,332
  • Dec 13, 2010 4:12am Dec 13, 2010 4:12am
Quoting Autumm
FTA reached on this one. Next target is to watch it bounce off 1.58 level

Didnt pull the trigger on this one
Guess i gotta have more confidence in taking trades.

Looks like you found a good one.

If the tail had been a little longer, I would have been in.

EDIT: I mean the bullish bars a much larger than the PB itself.

And the RH&S we can see tells us there is something going the other way on a higher TF.


Good for you
  • #82,333
  • Dec 13, 2010 4:30am Dec 13, 2010 4:30am
Quoting Pinbar
Looks like you found a good one.

If the tail had been a little longer, I would have been in.

EDIT: I mean the bullish bars a much larger than the PB itself.

And the RH&S we can see tells us there is something going the other way on a higher TF.


Good for you
Agree with Pinbar, it's a good habbit (imho) to skip setups like this at least in the beginning. Tail don't stick out - pass.
  • #82,334
  • Dec 13, 2010 5:55am Dec 13, 2010 5:55am
Quoting supremeChaos
hey AlanB,
dont waste your time looking for/regretting the thing/trades u missed... it is simply unhealthy for your trading (& pyschology in general). we will miss A LOT of trades along the way ---- we wont get them all.
focus on what YOU see, what YOU trade, & how well YOU did/how well YOU approached the trades YOU took.
the charts/posts/trades shared by others here are collectively a BONUS, since u can learn from them, in one way or another.



btw... hey Pinbar, A+++++ avatar
Ah that's very true, I wont forget this advice anytime soon. When learning I guess it's natural to make sure we're on the "right path" but well, maybe our paths are slightly different to each other huh?

Anyway, sure am glad I didn't trade what I thought I saw because it turned out to be quite a bit wrong so far! Stay fussy, only take the great trades, makes so much sense doesn't it, sure am glad I found this forum over the countless other ones that seem to be barely a step away from blatant gambling.
  • #82,335
  • Edited 7:29am Dec 13, 2010 6:26am | Edited 7:29am
Hey gang,

Just thought I'd post a chart. I know several have been looking at EU; my analysis gives a bearish bias as well. I wanted to share my "story" on this one, and ask a question for the seniors about psychology.

Monthly: a series of Lower Highs and Lower Lows since the high of May '08. Price is currently pretty much in the middle of this pattern; neither near a LH or a LL, but coming off a recent LH, so this gives a slightly bearish bias. If it follows the pattern, next LL would be around 1.18 or so (but I'm not holding my breath for that!).

Relevant PPZs around 1.37, 1.34, 1.30 and 1.25. Current price is around 1.32, so there's some room to move before it hits a major PPZ.

The only worry here is that the 100 EMA (I usually look at 100, 150 and 365) is approaching the 1.30 from below; that could add some confluence to slow things down.

Weekly: Current trend is down, coming off the PB of late Oct. Nothing much else catches my eye on this chart.

Daily: Minor PPZs at roughly 1.333, 1.325, 1.316 and 1.306. Price is below the EMAs, and there are two bearish IBs in the last week. I don't see any FIBS in the way, either; we're below a 38/50 confluence around 1.348. My entry would be below Friday's IB and below the 1.316 minor PPZ.

As I write this, price is moving strongly upward; it's broken the top of the entry IB. So first question: does this invalidate this entire analysis? My inclination is to say that it does not, especially as we've still got many hours left in this trading day.

Second question: When I started looking at this pair this morning, I saw the downward trend, and saw the 12/7 bearish IB. Price at that moment was hovering right around the bottom of that IB. I thought, "Oh good, I haven't missed this opportunity, I can still jump in short at about the same price I would have gotten if I'd sold on 12/8!" I didn't do it, mainly because I've been reading this thread but this is a basic mistake I made many times in the past. So my question is, do you seniors EVER do this - take a trade a few days later if price has taken several days to trigger your entry?

Thanks, and enjoy your Mondays!

--Dave

Edit: Given PB's comments below, I'm downgrading this setup to "don't take". Reason: the IB is off of a trend line, but nothing else. It's in between two major PPZs,, and the close is just barely "bearish" - truly tells a tale of market indecision, not of bias in one direction or the other. I'll wait for better bearish PA before taking a trade.
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  • #82,336
  • Dec 13, 2010 6:33am Dec 13, 2010 6:33am
If the daily bar closes like now,I would like to see something like that.
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Nothing personal,just business
  • #82,337
  • Dec 13, 2010 6:38am Dec 13, 2010 6:38am
1.34 FTA=fibb+ppz+TL+RN
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Nothing personal,just business
  • #82,338
  • Dec 13, 2010 6:41am Dec 13, 2010 6:41am
GM guys,

Anybody took this ? I personally missed it

Very nice 4hr setup on G/CHF
Big strong BEOB engulfing 10 bars, close below 1.55
365 ema above.
50% of previous down move

Os.
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Trade Smart
  • #82,339
  • Dec 13, 2010 6:43am Dec 13, 2010 6:43am
Quoting Oldice
Hey gang,

Just thought I'd post a chart....


IBs are neither bearish nor bullish, it is which way they break that determines the direction of the trade.

I also feel, IBs are better traded when their backs are to the wall, like a BRN, strong PPZ above or below them etc.
  • #82,340
  • Dec 13, 2010 6:49am Dec 13, 2010 6:49am
Just sold the Guppy, entry off the 5m-TF via a PB @ previous 4H-bar low ....... Also looking to sell the U-J, still waiting for some bearish PA on the lower TF .......
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