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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

  • #84,081
  • Edited 9:59pm Dec 29, 2010 9:56pm | Edited 9:59pm
Quoting jarroo
What do you got Pb?
Here it is.
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  • #84,082
  • Dec 29, 2010 10:00pm Dec 29, 2010 10:00pm
Quoting Pinbar
Here it is.

Daily PPZ levels look good . . .


So what do you think of dchap's 4 hour PB?



gotta go

later
Indicators show the past. Price Action "Indicates" the future.
  • #84,083
  • Dec 29, 2010 10:13pm Dec 29, 2010 10:13pm
Quoting jarroo
Daily PPZ levels look good . . .


So what do you think of dchap's 4 hour PB?



gotta go

later

Well, it has a monthly BEOB and a weekly Bearish PB in its favor, which I perhaps overlooked looking only at the daily and the H4 tf.

I think the area has a lot of traffic on H4.
EDIT: If it was off the upper PPZ and a much larger bar with a bearish close, it may be worth taking, but for now, I think some more retesting of that area could be on the cards.
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  • #84,084
  • Dec 29, 2010 10:18pm Dec 29, 2010 10:18pm
Quoting Pinbar
Well, it has a monthly BEOB and a weekly Bearish PB in its favor, which I perhaps overlooked looking only at the daily and the H4 tf.

I think the area has a lot of traffic on H4.
Nice Pin

Keeping it simple will tear any other crazy method out there to pieces that tries to over think a situation. You are vastly improving

Notice the wedge we are in, this also indicates a trafficky environment. Which is then confirmed by the area you marked. Notice the size of how small this is. A "bounce" off a previous area. Notice I marked 3 other bearish bars(I know diff feed I am not on my regular trading station). These bars just jump out by themselves alone. The small pin says, hey I bounced, not hey I really want to go short here(irregardless of what it does).

Just my views to add to the great charts here
Mike
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  • #84,085
  • Edited 11:01pm Dec 29, 2010 10:36pm | Edited 11:01pm
Quoting mbqb11
Nice Pin

Keeping it simple will tear any other crazy method out there to pieces that tries to over think a situation....

Thanks Mike...Keeping it simple is the hardest thing to do, I am finding out.

That said the PF really helped me find out the direction I needed to go in, and how to go about it.
Still only at the start line but, now I at least know the direction to shuffle in.


I also think DecentChap did great in finding that and probably thought it was a good PB because of the area. Nice to see people doing so well.

What did you get for your birthday then Mike. Lots of dates, no doubt, you handsome chap.


EDIT: That simple triangle....Missed that.
  • #84,086
  • Dec 29, 2010 11:22pm Dec 29, 2010 11:22pm
Quoting jarroo
Yes, you are right.

Look what happened next, Price broke through and closed above this Resistance . .this was an indication that Price failed to hold as Resistance at this level. But notice what happened next . . Price began to hold as Support.

This transition or transformation of Support turning into Resistance (and vice versa) once Price breaks through and closes above or below is key to undestanding PPZ level behavior (to me). Its where a touch trade can be placed or . .more importantly . . where we want to see quality PA setups to form....
Thanks Jaroo. I find it quite easy to identify PPZ most of the time--the hard thing for me is reading how price behaves around them. Because truly, in the chart you posted there were several good looking setups that didn't pan out. Sure, in retrospect it's easy for anyone to explain why things happened--but the hard part is of course doing this in real time. The important thing I think for me is to keep it simple and not worry about when trades don't work--just try to look for good setups and then let the chips fall where they may, because I can't control it! Sound reasonable to you? Thoughts?
  • #84,087
  • Dec 30, 2010 1:53am Dec 30, 2010 1:53am
Quoting Pinbar
I think so? Just testing this video and actually made a video response on the GBP/NSD...
http://www.youtube.com/watch?v=rNrMb0q4AHc

Maybe this will show where I am going Wrong more easily.
Great video, PB. It clearly shows the thinking process behind your charts. Looking forward to more of it.
Thanks J16, Sam Seiden, Udine and Jacko
  • #84,088
  • Dec 30, 2010 1:53am Dec 30, 2010 1:53am
Quoting jarroo
The BUOB would be enough because of its story.

This one is right up Mike's alley. I'll have to read forward to see if he talked about it.

A lot of story going on . . on this one.

Pretty clear wedge formation off the BRN .8500. The BUOB is right where we want it to be in this type of break out. Clearly showing the bulls won this battle at this BRN.

It is true that this BUOB is not at a swing Low, where we would want them to be. . .but the story looks very good behind this BUOB. A simple entry at the break of the BUOB would be...
Nice jarroo !! I love your style of trading.
  • #84,089
  • Dec 30, 2010 2:32am Dec 30, 2010 2:32am
Quoting HanSolo
Great video, PB. It clearly shows the thinking process behind your charts. Looking forward to more of it.

Not so sure about that....LoL

I was just testing this software and thought, if I show Jarroo what I am thinking as I look at the chart, it may help him detect any faults.

We don't want any of them now, do we.

Hey, HS, you can make one...Go for it man...I love to see how people think differently about charts.
  • #84,090
  • Dec 30, 2010 3:07am Dec 30, 2010 3:07am
Quoting Pinbar
Hey, HS, you can make one...
About my recent confusion and trading paralysis? LOL.
Seriously, I like the idea. As soon as I got some time I will get into it.
Thanks J16, Sam Seiden, Udine and Jacko
  • #84,091
  • Dec 30, 2010 3:18am Dec 30, 2010 3:18am
Quoting HanSolo
About my recent confusion and trading paralysis? LOL.
Seriously, I like the idea. As soon as I got some time I will get into it.

We all experience it, I think HS. You will get there man, just don't forget to help me get there also after you do.
  • #84,092
  • Dec 30, 2010 3:45am Dec 30, 2010 3:45am
Quoting Pinbar
We all experience it, I think HS. You will get there man, just don't forget to help me get there also after you do.
I discussed this issue with Mike at the PF. He said something that really hit me like a ton of bricks (in a good sense). Hope it's ok that I post it here, Mike:

"Eventually most things you will see and go, NAH...and a few hmmm, and then some OH YEAH. The oh yeahs are always the best and the hmms can get us traders into a bit of trouble but we can't always talk ourselves out. "

A few hours later I read this in an article:

"Highly uncertain times should be left aside for those that are not. Taking action during these times is by all definition the “stupid” in our slogan 'Take the easy ones, and don’t do anything stupid in the meantime'.
...Moments of clarity are sometimes dropped into our lap like a nicely wrapped birthday present we weren’t expecting. We can see it and understand it all, and action is taken. We have a successful trade, yet all we might be doing is making up for all or a portion of previous losses. Now imagine having nothing but successful trades, or a string of these birthday presents plopped onto your lap on a regular basis. You are simply removing the ugly patch from your routine. You are opting certainty over uncertainty."

Or as Jim has put it a few weeks ago:

"Years ago I decided I wasn't going to take any trade that was less than almost a sure thing. Sometimes that meant 2 or 3 trades a month or less. But at least I was not losing and I was building confidence."

And to add my own Zen-like conclusion to it:

We are already profitable. We just have to awaken to it. LOL.

Thanks J16, Sam Seiden, Udine and Jacko
  • #84,093
  • Dec 30, 2010 3:53am Dec 30, 2010 3:53am
Quoting HanSolo
I discussed this issue with Mike at the PF. He said something that really hit me like a ton of bricks (in a good sense). Hope it's ok that I post it here, Mike:[indent][b]"Eventually most things you will see and go, NAH...and a few hmmm, and...

Fantastic post thanks! Printed it out.
Me having SEVEN losses in a row likes it
  • #84,094
  • Dec 30, 2010 3:58am Dec 30, 2010 3:58am
Quoting HanSolo
I discussed this issue with Mike at the PF. He said something that really hit me like a ton of bricks (in a good sense). ....
i think the most important factor is to see trading as a business. and not as a game or something else.
so we have to plan our success...
meine augen sind die sterne
  • #84,095
  • Dec 30, 2010 3:59am Dec 30, 2010 3:59am
Quoting HanSolo
I discussed this issue with Mike at the PF. He said something that really hit me like a ton of bricks (in a good sense). Hope it's ok that I post it here, Mike:[indent][b]"Eventually most things you will see and go, NAH...and a few hmmm, and...

Yeah, I think that sums it all up, in a nutshell.

Great post, that will probably help a lot of people.
  • #84,096
  • Dec 30, 2010 4:08am Dec 30, 2010 4:08am
Quoting novice198
Hi G,
How can I vote if I don't have a facebook account. Informatively, I don't intend to have facebook account.
BTW someone pointed my to this Sufi song.
http://www.youtube.com/watch?v=gjaH2iuoYWE

Arif Lohar and Meesha combination is JUST AWESOME. A must watch for Music lovers.

Season's Greetings with a happy, healthy and a prosperous 2011 to all members here.
Cheers
Novice
Yep a really nice one.
.
  • #84,097
  • Dec 30, 2010 5:08am Dec 30, 2010 5:08am
These two guys are awesome.

Always had a great liking for Indian and Persian music.
Inserted Video
  • #84,098
  • Dec 30, 2010 5:25am Dec 30, 2010 5:25am
Just got Pring on Price Patterns for my kindle, as I am off to Greece for 10 days with no (cheap) internet access. Never actually read it but it looks like a great foundation.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #84,099
  • Dec 30, 2010 6:15am Dec 30, 2010 6:15am
Quoting Pinbar
Well, it has a monthly BEOB and a weekly Bearish PB in its favor, which I perhaps overlooked looking only at the daily and the H4 tf.

I think the area has a lot of traffic on H4.
EDIT: If it was off the upper PPZ and a much larger bar with a bearish close, it may be worth taking, but for now, I think some more retesting of that area could be on the cards.
Thank you for your kind replies Steve and Jim,
In the end, the pin never got triggered as the traffic below acted as strong support. I seem to cant let go of my shotgun and sometimes succumb to momentum so i need to work on that.
I will make sure to include charts from to TF from now on when discussing any potential set up.
Trading is a test match not a Twenty20.
  • #84,100
  • Dec 30, 2010 6:39am Dec 30, 2010 6:39am
Hi guys,

We had a 4hr BEOB on GU alpari feed... it came of a nice PPZ zone.

We have:

PPZ
BRN
BEOB PA (Big bar engulfing 3 previous bars)

Price went to the first FTA but due to the size of the bar... location I think it has more potential.

What do you think ?

Thx
Os.
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