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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

  • #84,521
  • Jan 4, 2011 10:26pm Jan 4, 2011 10:26pm
Quoting jarroo
Watching to see if Price can hold as Resistance on the Usd/Cad. It may just pop up and hold as Support again. . .this would be confirmed by a Daily close above the 1.0000.
Hi Jarroo,

I followed you closely lately, from IB thread and here. Your chart is confirmation for me.
Thanks for posting.

This pair is on my watch list, i am waiting patiently.

Question, why didn't you take the PB, it didn't show strong enough for me on my feed. And I didn't like it being too close to 1.000, no room for me to take any action. Am I correct? But your chart looks like a nice PB. I was watching it since Sun.

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  • #84,522
  • Jan 4, 2011 10:31pm Jan 4, 2011 10:31pm
Quoting jarroo
Ditto with the Usd/Chf.
I am happy that my S/R is close to yours, to be honest. I was watching this pair as well, it was just no PA for me to take anything.


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  • #84,523
  • Jan 4, 2011 10:41pm Jan 4, 2011 10:41pm
Quoting jarroo
A good rest indeed, Pb.

The key to finding them in real time is finding the location first and waiting for Price to get there.

Take one of Mike's approaches . . Big Round Numbers. Wait for Price to get to a BRN and see what develops. Everything in between is just wait time. We know that 9.5 times out of 10 that the BRN will be PPZ level and a strong one.

Its an approach that is maybe overlooked on this thread . .its very powerful in its simplicity.

Thanks Jim....

Just wondering why you don't seem to use the RN indicator as Mike does?

Like to keep busy I suppose?
  • #84,524
  • Jan 4, 2011 10:49pm Jan 4, 2011 10:49pm
Quoting ghous
Since we've recently had some videos posted, here's something for the newbies in the triumph of the New Year spirit

(pardon the quality, putting it up on youtube erodes the quality quite a bit)

http://www.youtube.com/watch?v=mNjVZoTeYhk

g.
ghous, that is amazing video, especially for new comer like myself. I am watching about 10 pairs, but missed this one. What I am happy about it is it gives hugh confidence to me because it is the similar thought process I am having lately learning from this thread.

next time, can you cover the SL and R/R a bit?

At this point of my learning process, I struggle to see SL and R/R goes opposite direction. take your video as example, the SL I would put is far larger than the target of the low of the box that you described. It violates the R/R ratio. If I shrink the SL, then I feel like it is not right since the trade probably doesn't have enough room to breath.

Am I making sense? I will stop here.

Great video, keep it up!!!

Leelar
  • #84,525
  • Jan 4, 2011 10:50pm Jan 4, 2011 10:50pm
Hey Mike,

Please take a look at the GBP-CAD chart. I'm just trying to go through history bar by bar drawing ppz and looking for patterns.

Scenerio:
1. a pin bar is form - perhaps not an a+
2. then a bearish outside bar that closes below BRN

how come the next candle just shot upward? The only thing I can think of is that the first picture contains just a flat line where price flipped, but the second picture adds a 125 pip zone where price could have flipped. But again, thats a huge zone.

should this trade not have gone downward based just on PA?

Thanks in advance.
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  • #84,526
  • Jan 4, 2011 10:58pm Jan 4, 2011 10:58pm
Quoting mookie9920
I'm a big fan of numbers as support,... Does anyone know of an indicator like that for tradestation?
Hello mookie9920,
i believe tradestation indicators are based on Easy Language. while MT4 indicators are MQL-based.

look for a programmer versed in EL to convert the Round number MT4 indicator (SweetSpots Gold RN) here into .eld (Easy Language-based Tradestation indicator).
try checking out the TradeStation Support/support Forum.
  • #84,527
  • Jan 4, 2011 11:02pm Jan 4, 2011 11:02pm
Quoting torontobboy2
Hey Mike,

Please take a look at the GBP-CAD chart. I'm just trying to go through history bar by bar drawing ppz and looking for patterns.

Scenerio:
1. a pin bar is form - perhaps not an a+
2. then a bearish outside bar that closes below BRN

how come the next candle just shot upward? The only thing I can think of is that the first picture contains just a flat line where price flipped, but the second picture adds a 125 pip zone where price could have flipped. But again, thats a huge zone.

should this trade not have gone downward based just...
Hey Toronto

Remember we want BEOBs at swing highs. This is a deep swing low and playing them as continuations is much more difficult to grasp in my opinion. This is really nothing more then a BEOB at a swing low. Notice it barely broke(not enough to trigger a trade for me as is). You are very correct about why it bounced. Notice that swing high point that your green line runs over and that flip area. Now notice we got a BUOB in the proper place, a swing low. Be sure to stick to the basics James teaches about where we want to see these bars. It will help greatly in laying a proper foundation for a new PA trader.

Hope that helps
Mike
  • #84,528
  • Jan 4, 2011 11:07pm Jan 4, 2011 11:07pm
Quoting jarroo
Ditto with the Usd/Chf.
I have a question Sir,

Would you take short here or in other words.. is it a short setup?
Thanks in advance.
  • #84,529
  • Jan 4, 2011 11:16pm Jan 4, 2011 11:16pm
Quoting 786 trading
..
Would you take short here or in other words.. is it a short setup?
..
Hello 786 trading,
not necessarily Sir.
ultimately, it depends on how YOU trade. we will all be different.

3 possible trade scenarios:
1. if u are bearish, touch trade at that red line, if u expect it to act as resistance.
2. if u are bearish, look for a PA setup on a lower timeframe.
3. watch that 0.9500 red line. if it breaks & price closes above it, u can watch PA & wait for a bullish PA setup form off of 0.9500 (red line now acting as support -- resistance turned into support).
  • #84,530
  • Jan 4, 2011 11:22pm Jan 4, 2011 11:22pm
Thanks for your explanation. I understand now.

Quoting supremeChaos
Hello 786 trading,
not necessarily Sir.
ultimately, it depends on how YOU trade. we will all be different.

3 possible trade scenarios:
1. if u are bearish, touch trade at that red line, if u expect it to act as resistance.
2. if u are bearish, look for a PA setup on a lower timeframe.
3. watch that 0.9500 red line. if it breaks & price closes above it, u can watch PA & wait for a bullish PA setup form off of 0.9500 (red line now acting as support -- resistance turned into support).
  • #84,531
  • Jan 4, 2011 11:57pm Jan 4, 2011 11:57pm
Quoting mbqb11
Hey Toronto

Remember we want BEOBs at swing highs. This is a deep swing low and playing them as continuations is much more difficult to grasp in my opinion. This is really nothing more then a BEOB at a swing low. Notice it barely broke(not enough to trigger a trade for me as is). You are very correct about why it bounced. Notice that swing high point that your green line runs over and that flip area. Now notice we got a BUOB in the proper place, a swing low. Be sure to stick to the basics James teaches about where we want to see these bars. It...

Thank you sir. That was a quick reply.
  • #84,532
  • Jan 5, 2011 12:07am Jan 5, 2011 12:07am
Quoting supremeChaos
Hello 786 trading,
not necessarily Sir.
ultimately, it depends on how YOU trade. we will all be different.

3 possible trade scenarios:
1. if u are bearish, touch trade at that red line, if u expect it to act as resistance.
2. if u are bearish, look for a PA setup on a lower timeframe.
3. watch that 0.9500 red line. if it breaks & price closes above it, u can watch PA & wait for a bullish PA setup form off of 0.9500 (red line now acting as support -- resistance turned into support).
It is very likely to see some bearish PA around 0.9570-0.9580.
Nothing personal,just business
  • #84,533
  • Jan 5, 2011 12:27am Jan 5, 2011 12:27am
wait for some bearish price action at the 50% fib retracement.
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meine augen sind die sterne
  • #84,534
  • Jan 5, 2011 1:02am Jan 5, 2011 1:02am
Quoting leelar
Hi Jarroo,

I followed you closely lately, from IB thread and here. Your chart is confirmation for me.
Thanks for posting.

This pair is on my watch list, i am waiting patiently.

Question, why didn't you take the PB, it didn't show strong enough for me on my feed. And I didn't like it being too close to 1.000, no room for me to take any action. Am I correct? But your chart looks like a nice PB. I was watching it since Sun.
Hey lee,

What makes you think that I didn't take it?

No, I missed that one. It did close above the Low of last year which I view as a good Support Level. A bit small but had potential.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,535
  • Jan 5, 2011 1:12am Jan 5, 2011 1:12am
Quoting jarroo
Hey lee,

What makes you think that I didn't take it?

No, I missed that one. It did close above the Low of last year which I view as a good Support Level. A bit small but had potential.
i shorted this @ 0.9990 few days ago after it broke and retest the 1.0000 level
  • #84,536
  • Jan 5, 2011 1:19am Jan 5, 2011 1:19am
Quoting leelar
I am happy that my S/R is close to yours, to be honest. I was watching this pair as well, it was just no PA for me to take anything.

PA is a great confirmation at these areas where Price flips. They not only give you an assurance that the level is correct . .meaning Support has turned into Resistance (and vice versa), but they give a damn good chance that the setup will work as oppose to just a touch trade.

Take the Price flip at the .9725 . . nice strong close below Support and a big BEOB on the 4 hour.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,537
  • Jan 5, 2011 1:21am Jan 5, 2011 1:21am
Quoting kayhan7070
i shorted this @ 0.9990 few days ago after it broke and retest the 1.0000 level

Was it that beauty I4+B at a BRN?
Indicators show the past. Price Action "Indicates" the future.
  • #84,538
  • Jan 5, 2011 1:25am Jan 5, 2011 1:25am
Quoting Pinbar
Thanks Jim....

Just wondering why you don't seem to use the RN indicator as Mike does?

Like to keep busy I suppose?

Hmmm . .I don't know. I'll put them in manually from time to time . . maybe just to limit the number of lines on my chart as they relate to current Price.
Indicators show the past. Price Action "Indicates" the future.
  • #84,539
  • Jan 5, 2011 1:31am Jan 5, 2011 1:31am
Quoting jarroo
Hmmm . .I don't know. I'll put them in manually from time to time . . maybe just to limit the number of lines on my chart as they relate to current Price.

Yes, I know what you mean, it kind of blinds me from PA and yet sometimes they are almost like having PPZ on the charts.

Yeah, I think it is an version to lines.
  • #84,540
  • Jan 5, 2011 1:32am Jan 5, 2011 1:32am
Quoting Pinbar
Yes, I know what you mean, it kind of blinds me from PA and yet sometimes they are almost like having PPZ on the charts.

Yeah, I think it is an version to lines.

I had birdcages too, Steve . . .
Indicators show the past. Price Action "Indicates" the future.
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