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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

  • #84,301
  • Jan 2, 2011 11:04am Jan 2, 2011 11:04am
Quoting fxgroup
Hey decentchap!Here is my personally interpretation of ppz.As I see the market as a battle between buyers and sellers,I see ppz more as pressure price zone,where buyers/sellers are trying to put pressure in order to win/defend...
I agree with very much of this fxgroup. PPZ becomes levels of supply/demand, equilibrium in price, I like to look at them as battles too. They come in all varying degrees from minor PPZ to very major zones all having an effect both short term to very long term on prices. Our job is to decipher the times we can spot opportunities to exploit these zones in combination with other tools at our disposal. PPZ are the basis of what most of us do. Most come to this thread and think that it is the bar at the basis of what we do(say the pinbar). Once one discovers and practices and learns S/R and the different forms of it(there are many) it is never the same.

Good stuff
Mike
  • #84,302
  • Jan 2, 2011 11:05am Jan 2, 2011 11:05am
Quoting fxtsun
Oh yea.

I think Mike got sick from that
Those are some crazy SOBs LOL
  • #84,303
  • Jan 2, 2011 11:26am Jan 2, 2011 11:26am
Quoting mbqb11
I agree with very much of this fxgroup....

That very much makes me think I am on the right path. When you say many forms of s/r. Is that trendlines. Fib rets, consolidation zones, price action patterns like wedge triangles etc.?
Trading is a test match not a Twenty20.
  • #84,304
  • Jan 2, 2011 11:27am Jan 2, 2011 11:27am
Quoting decentchap
That very much makes me think I am right path. When you say many forms of s/r. Is that trendlines. Fib rets, consolidation zones, price action patterns like wedge triangles etc.?
Yes for the most part. I wouldn't include fibs in there, that to me is an additional tool. I would include price patterns, trendlines, historic high lows, swing points, round numbers, and there are more such as option barriers/zones but you are correct. Approach your chart from that mentality and you will see things easier

Best
Mike
  • #84,305
  • Jan 2, 2011 11:36am Jan 2, 2011 11:36am
Quoting decentchap
thanks mate for your response. that does make sense. Here is my view based on some reading here and there..
I guess there are lot of BIG orders around these psychological levels. If there are enough buy orders the price will break the res and shoot off.
The reason why we see a retest is because the big orders don't get filled in at one time so traders have to feed in their orders which may result in break of resistance -retest - and off we go!
The reverse would happen if there were lot of sell orders.
And if there are aren't enough orders than the...
The reason of retest the ppz after the price brokes is a mix of 2 factors:let's imagine a R level what it has to be broke.Above the R are waiting a lot of buy orders.Once the R is broke by buyers,all these orders are filled,the price take momentum and is push up very fast,but...the short term traders and those more emotional involved close their positions and take the profit very quick,this turns the price down to R level.The bigs and long term traders ,once the R level is broke and the price is push up fast(meanwhile a lot of traders are buying seeing that the price goes up and the R is broke) turns the price down to R to take all the small buyers's SL in order to get a discount(buy cheap&sell expensive-market's rule)or to jump in those who didn't catch the move.This kind of market behaviour makes double bottom and vice-versa for double top.
Nothing personal,just business
  • #84,306
  • Jan 2, 2011 11:50am Jan 2, 2011 11:50am
Quoting mbqb11
Yes for the most part. I wouldn't include fibs in there, that to me is an additional tool. I would include price patterns, trendlines, historic high lows, swing points, round numbers, and there are more such as option barriers/zones but you are correct. Approach your chart from that mentality and you will see things easier

Best
Mike
Thanks Mike, that makes sense.
Trading is a test match not a Twenty20.
  • #84,307
  • Jan 2, 2011 11:55am Jan 2, 2011 11:55am
Quoting fxgroup
The reason of retest the ppz after the price brokes is a mix of 2 factors:let's imagine a R level what it has to be broke.Above the R are waiting a lot of buy orders.Once the R is broke by buyers,all these orders are filled,the price take momentum and is push up very fast,but...the short term traders and those more emotional involved close their positions and take the profit very quick,this turns the price down to R level.The bigs and long term traders ,once the R level is broke and the price is push up fast(meanwhile a lot of traders are buying...
Thanks.now the war analogy makes more sense. Amatures get slaughtered and pros slowly walk on them while thanking them for their custom.
Trading is a test match not a Twenty20.
  • #84,308
  • Jan 2, 2011 12:09pm Jan 2, 2011 12:09pm
Quoting jarroo
Yes , its a good approach. Let's take the Gbp/Cad from your post here:



The 1.5500 is a BRN and a good PPZ level. One thing good about BRNs is that they are on all time frames . .a little joke there . .

Here is what I have on the Daily. (chart). The 1.5500 looks to be turning back into Support.
After looking at your chart....I noticed on my 3 different feeds price closed at .5493 FXpro .5512 FXCM .5576 MBT

Another reason to wait for more PA
  • #84,309
  • Jan 2, 2011 12:41pm Jan 2, 2011 12:41pm
Quoting mbqb11
Hey Chris

Welcome I see people are jumping in to help

I love PonPrice patterns. But one thing you will notice as you work your way through this thread how different James techniques are from Mr. Prings. For example the pinbar as taught by Pring is almost unrecognizable in the way and manner in which James has transformed it. Great book though I agree, one of the only i recommend .

Best of luck in 2011
Mike
Thanks Mike,

I agree popp is kinda like a broad theory, I dont think you could read that book then start trading. From what I have read You guys have shown how to turn that into a method and that is a major achievment, not to mention helping new traders refraining from busting all thier accounts.
I hope everyone has a great year and reach their goals.

Chris
Kind Regards Chris
  • #84,310
  • Jan 2, 2011 12:51pm Jan 2, 2011 12:51pm
Just a scenario I thought I'd share. Last week at this time I thought 1.30 was just a wink away. However I feel pretty strongly (weekly bar)that we will see at least 1.3497 (then higher) before we flirt again with 1.30. Any more upside is a gift for euro bears like myself.

K.I.S.S.
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  • #84,311
  • Jan 2, 2011 12:57pm Jan 2, 2011 12:57pm
Quoting KissFan
Just a scenario I thought I'd share. Last week at this time I thought 1.30 was just a wink away. However I feel pretty strongly (weekly bar)that we will see at least 1.3497 (then higher) before we flirt again with 1.30. Any more upside is a gift for euro bears like myself.

K.I.S.S.
Hey KissFan,

I see the channel. But why Price should break down in the end, not up?
I would prefer up
  • #84,312
  • Jan 2, 2011 2:03pm Jan 2, 2011 2:03pm
It is the nature of price. Price makes a move, consolidates and then makes another move. More times than not, price moves in the same direction it was moving prior to consolidation.

See how price moved down with ease and is now consolidating?

Scott

Quoting Adilius07
Hey KissFan,

I see the channel. But why Price should break down in the end, not up?
I would prefer up
  • #84,313
  • Jan 2, 2011 2:05pm Jan 2, 2011 2:05pm
Ok guys tell me what's wrong with these.

First is the GBPCAD weekly. Looks to have confluence at the 1.55 BRN, PPZ and the 618 fib. Decent PB size with some room. My only concern is the weak close. What say you?

Second is the AUDNZD daily. This is with the trend, 50 fib, 1.31 BRN and ppz. Good candle size with room.

Looking to enter on the break of each PB going long.

Am I on the right track here? What else should I be looking for.
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  • #84,314
  • Jan 2, 2011 2:12pm Jan 2, 2011 2:12pm
Quoting snooptym
Ok guys tell me what's wrong with these.

First is the GBPCAD weekly. Looks to have confluence at the 1.55 BRN, PPZ and the 618 fib. Decent PB size with some room. My only concern is the weak close. What say you?

Second is the AUDNZD daily. This is with the trend, 50 fib, 1.31 BRN and ppz. Good candle size with room.

Looking to enter on the break of each PB going long.

Am I on the right track here? What else should I be looking for.
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Hey Snooptym

Yes you are close. The closes are extremely important to me. The very weak close over 1.55 to me does not show strength to the upside. At least not very strong. Now like always one way or the other it could do either but we want to think long term what a setup like this is likely to do. A Very strong downtrend were in makes me not see strength or want to buy off such a weak close. My interest remains at the bottom at 1.5 when we get there again.

My aud/nzd isn't even close to that I think but again I would be thinking strong bearish bars and weak close(1.32 being right above) would keep my cautious and out of this market A close above 1.32 changes the entire look of a situation like that for me.

B/c friday was the last trading day of year, I would be more cautious and looking to see what the new year brings when money starts coming back in

Best
Mike
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  • #84,315
  • Jan 2, 2011 2:21pm Jan 2, 2011 2:21pm
home sweet home
  • #84,316
  • Jan 2, 2011 2:22pm Jan 2, 2011 2:22pm
Thanks a lot for the help here. I feel I'm close just need to continue to tweek some things. Looking forward to the new year.
  • #84,317
  • Jan 2, 2011 2:23pm Jan 2, 2011 2:23pm
I agree with Mike. I do not see a solid PPZ on GBP/CAD weekly at 1.55. I have one marked at 1.5850. I am sure 1.55 is a strong PPZ on lower timeframes but not the weekly.

Neither one has anything strong in their favor S/R wise.

Scott

Quoting snooptym
Ok guys tell me what's wrong with these.

First is the GBPCAD weekly. Looks to have confluence at the 1.55 BRN, PPZ and the 618 fib. Decent PB size with some room. My only concern is the weak close. What say you?

Second is the AUDNZD daily. This is with the trend, 50 fib, 1.31 BRN and ppz. Good candle size with room.

Looking to enter on the break of each PB going long.

Am I on the right track here? What else should I be looking for.
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  • #84,318
  • Jan 2, 2011 2:44pm Jan 2, 2011 2:44pm
Quoting james16
tonight on the news was a woman that was hit on purpose by some thugs and she stopped. they kidnapped her and they have footage of her taking cash out of an atm with them in her car.

the look on her poor face made me sick.

they still havnt found her.

if caught tonight and they killed or raped her in my perfect world they get until tomorrow morning before the noose is put around there neck.

they drop them slow so they strangle for a few minutes.

i could actually think of a few other ways to get rid of them but im trying to be nice.
Does anyone know what happened to this woman - it would be nice to know that she turned up safe and well.
  • #84,319
  • Jan 2, 2011 2:53pm Jan 2, 2011 2:53pm
Quoting stewrigh
Does anyone know what happened to this woman - it would be nice to know that she turned up safe and well.
a search on news.google.com for "woman kidnapped atm", returned many, many results.

must have happened 30 times recently, not sure which is the one
  • #84,320
  • Jan 2, 2011 2:54pm Jan 2, 2011 2:54pm
here is one..


Police: woman kidnapped, forced to shop
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