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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

  • #84,101
  • Dec 30, 2010 6:39am Dec 30, 2010 6:39am
Quoting decentchap
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.

Being December 30th doesn't help it either.
Tokyo closed for business today and I think that is it now till the middle of next month.

Have a great New Year DC.
  • #84,102
  • Dec 30, 2010 6:49am Dec 30, 2010 6:49am
Quoting Pinbar
Being December 30th doesn't help it either.
Tokyo closed for business today and I think that is it now till the middle of next month.

Have a great New Year DC.
you too sir, Sayonara!
Trading is a test match not a Twenty20.
  • #84,103
  • Dec 30, 2010 7:08am Dec 30, 2010 7:08am
Quoting Adilius07
Well, we can argue a lot about this. I just don't want to start it
But can you please explain why do you think tradable setup is the same as the one that makes you money? And what is doubtful setup?...
Hi Adi,
My apologies if I have offended you in any manner as that was not my intent. I agree with you to close this matter here.
Happy trading in 2011.
Cheers
Novice198
  • #84,104
  • Dec 30, 2010 7:21am Dec 30, 2010 7:21am
The PA in EUR/USD is so confusing. Weekly pin bar, daily pin bar and BEOB and yet the price continues to go up. 4H has too much traffic. I am looking for a short entry but cant seem to get a strong downside signal. EUR/USD should be going down but not sure why PA is not reflecting what I see in weekly.
  • #84,105
  • Dec 30, 2010 7:43am Dec 30, 2010 7:43am
Quoting novice198
Hi Adi,
My apologies if I have offended you in any manner as that was not my intent. I agree with you to close this matter here.
Happy trading in 2011.
Cheers
Novice198
Hey Novice, no why? I have not found anything offending, didn't even think something you said was offending in any way.
Sorry if I said something that made you feel so.
Good trading!
  • #84,106
  • Edited 8:01am Dec 30, 2010 7:47am | Edited 8:01am
Quoting torontobboy2
The PA in EUR/USD is so confusing. Weekly pin bar, daily pin bar and BEOB and yet the price continues to go up. 4H has too much traffic. I am looking for a short entry but cant seem to get a strong downside signal. EUR/USD should be going down but not sure why PA is not reflecting what I see in weekly.
there is a pin bar forming on 1 hr atm. also, 4 hr seem to be forming pin too. to me it seems a rejection of 3275 ppz. so i will go short on close of the 1 hr pin.

also 3235 appears to be fta

no pin formed - price going higher. bulls are in command
Trading is a test match not a Twenty20.
  • #84,107
  • Dec 30, 2010 8:41am Dec 30, 2010 8:41am
Quoting decentchap
there is a pin bar forming on 1 hr atm. also, 4 hr seem to be forming pin too. to me it seems a rejection of 3275 ppz. so i will go short on close of the 1 hr pin.

also 3235 appears to be fta

no pin formed - price going higher. bulls are in command

Check this wedge Mike posted few hours ago.. http://www.forexfactory.com/showpost...ostcount=84106

My 4hr Fxpro candle opened outside the wedge but we´ve got 1.33 strong ppz above.

The time it is.. the week.. imo not worth risking any money unless you see something that screams "Tradee meeeeee"

Chart attached.

Os.
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Trade Smart
  • #84,108
  • Dec 30, 2010 8:56am Dec 30, 2010 8:56am
Some nice trades today, which I didn't take BTW except for the Ozzie, have a nice weekend you guys and galls ...........
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Pipcrawler
  • #84,109
  • Dec 30, 2010 9:16am Dec 30, 2010 9:16am
Quoting JoshDance
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...
The chart was to illustrate how you can predict the behavior of PPZ levels as acting as Support (Price closing above) or Resistance (Price closing below).

What "good looking setups" didn't pan out? on the Daily?


Did you see this post below and the posts that accompanied it? How much real time and before the fact do you want.

Quoting jarroo
Update: Gbp/Usd

Keeping things simple is what I'm tying to explain. Can you tell me what parts you don't understand?


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #84,110
  • Dec 30, 2010 9:56am Dec 30, 2010 9:56am
If it makes sense to seniors, please enlighten me with advice.
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  • #84,111
  • Dec 30, 2010 10:00am Dec 30, 2010 10:00am
Closed GBP/USD... no more trades till the 4th of January.

Os.

Quoting Osman
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.
Trade Smart
  • #84,112
  • Dec 30, 2010 10:12am Dec 30, 2010 10:12am
Quoting Dan Gilbert
I have been monitoring my charts, and the eurcad didn't even get a second look... I'm not understanding the setup thought process on it... the high of that bearish bar wasn't coming off anything significat at all in my opinion.

GBPUSD BEOB would have been nice if the CLOSE was lower than the bar lows directly to the left of it - didn't happen.

EURGBP bearish pin would have been nice if it wasn't aiming right at the 0.8500 VBRN... price got almost exactly that far.


lol do I sound like mike yet? I hope so.
  • #84,113
  • Dec 30, 2010 10:15am Dec 30, 2010 10:15am
Quoting markmm
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
One of the only technical books worth reading out there in my eyes

Have a great trip Mark
  • #84,114
  • Dec 30, 2010 10:17am Dec 30, 2010 10:17am
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....

Hi Jaroo,

please could you explain what exactly is a touchtrade?
Iread it very often in the thread, but cannot figure out what it is.

Thanks

Chris
  • #84,115
  • Dec 30, 2010 10:21am Dec 30, 2010 10:21am
Quoting torontobboy2
If it makes sense to seniors, please enlighten me with advice.
Hey Toronto

The only bars I personally would consider there is # 1(since it is trading away from your hypothetical PPZ)

#3 since the bar closed ABOVE your hypothetical area.

Bar 2 could possibly be depending on the look size, bars it engulfs a tradeable CONTINUATION pattern(which I suggest to stay away from for now). But it could also be a IPB(ghous type bar) which would be a pibnar looking bar at a swing high not where we want it and that could actually indicated a reversal(see comment at the end ).

Bar 4 - closed under your area, that is a no no in my book. But some look for a solid break of the bar and use that area to act as support if it doesn't break hard then they cut out. James does this quite often and it is more then reasonable.

Bar 5 -Basically same as bar 2 but with closing under it so I would use bar 4 comments




I caution that don't take this as the be all end all. Each situation should be evaluated individually


Best
Mike
  • #84,116
  • Dec 30, 2010 10:22am Dec 30, 2010 10:22am
Quoting cyborg
Hi Jaroo,

please could you explain what exactly is a touchtrade?
Iread it very often in the thread, but cannot figure out what it is.

Thanks

Chris
Hey Chris

A touch trade is simply playing a buy or sell off an area without waiting for PA.

So you might be watching a heavily confluenced level looking for a buy and you just stick a buy limit at some level. Or you might be playing a retrace of a bar say on a BEOB and you would put your sell limit at some point which would be considered a touch trade as well

Take care
Mike
  • #84,117
  • Edited 11:30am Dec 30, 2010 11:04am | Edited 11:30am
Hi guys,

Newbie here,if this turned into a beob would the seniors take it.Thanks

Aware of the BRN but still pips to be made?
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  • #84,118
  • Dec 30, 2010 11:30am Dec 30, 2010 11:30am
no additional confluence on this pinbar. although the size looks good
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meine augen sind die sterne
  • #84,119
  • Dec 30, 2010 11:51am Dec 30, 2010 11:51am
I do not realy like the close of the pin but the size is good and it's of the 1.33 RN. Brake of the 150 ema is maybe a good point to take a small position?
  • #84,120
  • Dec 30, 2010 12:26pm Dec 30, 2010 12:26pm
Quoting mbqb11
One of the only technical books worth reading out there in my eyes

Have a great trip Mark

surprisingly, i'm reading this book too
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