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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

  • #84,241
  • Jan 1, 2011 9:01am Jan 1, 2011 9:01am
Quoting Dan Gilbert
.....
You silly guy you Nice buddy

happy new year
Mike
  • #84,242
  • Jan 1, 2011 9:11am Jan 1, 2011 9:11am
Quoting JoshDance
Thank you for the analysis jarroo--I appreciate the advice here more than you know.

Thanks Josh . .I'm glad I could help.


I would like to take another look at this chart . .in the yellow area in particular, on 12.13.10, at the red arrow. . ..

We had Price break through and close below turning the .8450 from Support to Resistance. Price makes its way back up to the .8450 on 12.13, it should act as Resistance.

By all appearances on the Daily, Price looks to have ignored this Resistance and Price broke upward and turned back to Support the preceeding days.

On a closer look on the 4 Hour and Hourly, Price did have a reaction to the .8450 as Resistance. No clear Bearish PA on these TFs.

A touch or "blind" trade at the .8450 would have offered some 20-25 pips with a small amount of risk. Tight trade managemnt is a must.

I am not advocating touch trading here. Quality PA is always an important confirmation at these levels. I'm just pointing out how these levels form and that the Daily TF can be deceptive.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,243
  • Jan 1, 2011 9:15am Jan 1, 2011 9:15am
Quoting Dan Gilbert

I thought that was what you were showing on your chart, in the circles.

You didn't make any comments on your post.
Indicators show the past. Price Action "Indicates" the future.
  • #84,244
  • Jan 1, 2011 9:29am Jan 1, 2011 9:29am
Quoting mbqb11
You silly guy you Nice buddy

happy new year
Mike
thanks man.

have the best 2011 of all time.
Many choose unhappiness over uncertainty.
  • #84,245
  • Jan 1, 2011 9:30am Jan 1, 2011 9:30am
Quoting jarroo
I thought that was what you were showing on your chart, in the circles.

You didn't make any comments on your post.
nah I was just highlighting the I4Bs on 1.0000 USDCAD. both added to my account. (yes I opted to trade between xmas and new years , 0.5% initial risk)
Many choose unhappiness over uncertainty.
  • #84,246
  • Jan 1, 2011 9:36am Jan 1, 2011 9:36am
Quoting Dan Gilbert
nah I was just highlighting the I4Bs on 1.0000 USDCAD. both added to my account. (yes I opted to trade between xmas and new years , 0.5% initial risk)

Of course. . . . .what was I thinking .. .
Indicators show the past. Price Action "Indicates" the future.
  • #84,247
  • Jan 1, 2011 9:37am Jan 1, 2011 9:37am
Quoting jarroo
The power of the close . ..
What an awesome post by Dan and observation w.r.t close of the Inside Bars...

Thanks for posting such charts.

0908
  • #84,248
  • Jan 1, 2011 9:49am Jan 1, 2011 9:49am
Quoting forex0908
and observation w.r.t close of the Inside Bars...

uhhhh lol I'm lost. Not the first time tho
Many choose unhappiness over uncertainty.
  • #84,249
  • Jan 1, 2011 9:58am Jan 1, 2011 9:58am
Quoting jarroo
Thanks Josh . .I'm glad I could help.


I would like to take another look at this chart . .in the yellow area in particular, on 12.13.10, at the red arrow. . ..

We had Price break through and close below turning the .8450 from Support to Resistance. Price makes its way back up to the .8450 on 12.13, it should act as Resistance.

By all appearances on the Daily, Price looks to have ignored this Resistance and Price broke upward and turned back to Support the preceeding days.

On a closer look on the 4 Hour and Hourly, Price did have...
Jarroo but there is a BEOB sitting right on the PPZ and EMA.
Why is this not a PA to go short?
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  • #84,250
  • Jan 1, 2011 10:06am Jan 1, 2011 10:06am
Quoting john225
Jarroo but there is a BEOB sitting right on the PPZ and EMA.
Why is this not a bearish PA?
Not the strongest looking BEOB, wouldn't you say? . . very weak close of the BEOB.

You could take it, with the stop loss above the BEOB (.8450) and just take that loss (about -30 pips) . .in the long run I believe you will be way ahead of the game.
Indicators show the past. Price Action "Indicates" the future.
  • #84,251
  • Jan 1, 2011 10:10am Jan 1, 2011 10:10am
Quoting jarroo
Not the strongest looking BEOB, wouldn't you say? . . very weak close of the BEOB.

You could take it, with the stop loss above the BEOB (.8450) and just take that loss (about -30 pips) . .in the long run I believe you will be way ahead of the game.
Yeah I would be hesitant to even call that a BEOB with such a high close.

Closes are very important all, listen to J

Mike
  • #84,252
  • Jan 1, 2011 10:18am Jan 1, 2011 10:18am
Quoting mbqb11
Yeah I would be hesitant to even call that a BEOB with such a high close.

Closes are very important all, listen to J

Mike

The BUOB that followed looked a ton better ..Bigger in size and stronger close. Pinnish looking as well . . you gotta like those. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #84,253
  • Jan 1, 2011 10:20am Jan 1, 2011 10:20am
Are you ready for some FoooottttBbaaallll!!!


later guys . .
Indicators show the past. Price Action "Indicates" the future.
  • #84,254
  • Jan 1, 2011 10:34am Jan 1, 2011 10:34am
/[quote=Pinbar;4278834]
Quoting decentchap


Some people recommend rounding them up to the nearest RN.

I tend to leave them as they are as I use the RN indicator for quick visual reference.

Not sure what you mean, by is it the main part of the story.

Do you mean are PPZ the main part of the story?

Hmm, I would think ppz price flips are a major part of the story, that is what causes PA to occur.
Traffic is also very important as this shows us the FTA. Let's see what more experienced people like Ghous have to say.

Hope this helps DC, you are doing...
Thanks for your encouraging words mate.
All the members talk about the story behind moves which I understand to be mix of factors/confluences leading to price moves. I am trying to figure out different factors that make up the story and the weight given to them to make a trading plan.

I appreciate all the traders see things differently; hence have different weighing factors, so there may not be a precise right answer here.

So far from my understanding while deciding on the setup – the questions and their order of importance should be:

Is price on swing high/low e.g space on left? – like looking at left mirror before turning..
If yes, is PPZ acting as support or res? – To define this I would use Jarroo’s methodology e.g multiple closing price below –above etc.. Drawing ppz is something that requires practice and experience.
FTA proximity? FTA is nearby ppz level or previous bar low/high... – This is to determine if it’s worth the risk to take the trade?
PA bar(Pin, BEOB, BUOB etc..) and its size e.g strong previous trend requires strong reversal bar. e.g doesn’t stand in front of a bullet train and expect it to stop…….
Trading is a test match not a Twenty20.
  • #84,255
  • Jan 1, 2011 2:05pm Jan 1, 2011 2:05pm
Hi and happy new year,

I would like to start by thanking James and others for providing what I see as amazing information and guidance. After reading around 70 pages I plan to use Jims model to learn to trade using PA with confluence. I will demo on weejly and daily TF until I am ready to start on half my account as per James business plan. I will focus on pin bars then intruduce other setups once I feel my confidence rising.

I see that its advised to try and trade many markets to allow more setups on daily etc. I use MT at the moment but it has only got fx, is there a better broker or charting software to use to access more than fx?

One other question is how many pages should I read from the beginning, managed 70 odd so far?

Thanks for any replies
Kind Regards Chris
  • #84,256
  • Jan 1, 2011 2:30pm Jan 1, 2011 2:30pm
Depends on your trading style. Space / traffic means very little to me... lack of space only means my SL will be moved to break-even quickly. I have accepted 50 pip trades off of daily charts many times. If one likes to trade bigger moves, space / traffic is important.

Scott

Quoting decentchap
So far from my understanding while deciding on the setup – the questions and their order of importance should be:

Is price on swing high/low e.g space on left? – like looking at left mirror before turning..
If yes, is PPZ acting as support or res? – To define this I would use Jarroo’s methodology e.g multiple closing price below –above etc.. Drawing ppz is something that requires practice and experience.
FTA proximity? FTA is nearby ppz level or previous bar low/high... – This is to determine if it’s worth the...
  • #84,257
  • Jan 1, 2011 4:23pm Jan 1, 2011 4:23pm
Quoting phpscott
Depends on your trading style. Space / traffic means very little to me... lack of space only means my SL will be moved to break-even quickly. I have accepted 50 pip trades off of daily charts many times. If one likes to trade bigger moves, space / traffic is important.

Scott
Thanks for your comment Scott.
Its definitely one of things i need to determine for my plan. That is, do I want to catch runners or try to keep strict management and look for (relatively) smaller gains on a regular basis(to do both would be nice :d but i guess that will come with experience)
Since I am in full time employment and fx being so volatile I am more leaning towards the second option.
I am following A elder's book and have created a trading diary in xls. Currently trying to write down a plan and follow it once completed. all of course easier said than done!
Trading is a test match not a Twenty20.
  • #84,258
  • Jan 1, 2011 5:06pm Jan 1, 2011 5:06pm
Finding what works for YOU is the hardest part of becoming successful in my opinion. I have a day job as well, so I had to develop an EA to manage my trades. My brain is not wired to aim for larger gains. I do catch one once in a while though.

Scott

Quoting decentchap
Thanks for your comment Scott.
Its definitely one of things i need to determine for my plan. That is,...
  • #84,259
  • Jan 1, 2011 5:17pm Jan 1, 2011 5:17pm
Quoting jarroo
Pb . .that is fanastic !! . .It really is. Your Weekly chart is . ..what can I say . . perfect. I'm looking at how you labeled the PBT&CB, etc., in the past and its dead on. Can I print your Weekly chart out and put on my wall for reference?


Now remember, this was started from your post of the EU below . .mainly your 4 hour chart.




Go apply these levels (1.3434, 1.3390) to that 4 hour chart (with your fibs) and the Daily as well. Also use the 1.3400 and 1.3440-1.3450, just to round up a bit.

Great job Steve . .
Thanks Jarooo.

Sure Jarroo, you can do whatever you like with it.
It would be an honor to have one of my charts on Jaroo's wall, I can't think of a greater honor.
I am trying to work out why you like it so much....I imagine it is the tight PPZ like the pencil and lead we talked about a long time ago.



Just put the charts together and it looks like this area is some kind of hidden mine field. Historically, we can see a similar reaction in 1992 and 1995.

I guess Market memory, is rules.
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  • #84,260
  • Edited 6:33pm Jan 1, 2011 5:49pm | Edited 6:33pm
Quoting john225
Jarroo but there is a BEOB sitting right on the PPZ and EMA.
Why is this not a PA to go short?

When in doubt, Zooooooooooom Ouuuuuuuut.
It is always a good idea......

You sound like me when I started learning this thread.

You actually nailed it with that sentence John, "There is a BEOB sitting right on the PPZ"!! Good job John.

It would have been better if it closed below the PPZ, don't you think?


EDIT: A Look at the monthly and weekly may be interesting.
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