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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

  • #84,861
  • Jan 7, 2011 6:47am Jan 7, 2011 6:47am
Quoting ppfx

PS: I see that youre approaching the 10,000 posts
And might I add most informative/educational/enlightening/dedicated/clear/direct/patient/thorough...my hat goes off to you Jim
Thanks for being here!
  • #84,862
  • Jan 7, 2011 7:59am Jan 7, 2011 7:59am
This one is good I think.
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  • #84,863
  • Jan 7, 2011 8:01am Jan 7, 2011 8:01am
Looks like Mike's trade worked out. Great stuff Mike.

Now, I see the value of waiting for the pullback.
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  • #84,864
  • Jan 7, 2011 8:07am Jan 7, 2011 8:07am
Quoting Adilius07
This one is good I think.
Might be an idea to watch out for the 50 fibo.
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  • #84,865
  • Jan 7, 2011 8:17am Jan 7, 2011 8:17am
How much significance does it add to a PPZ level if it is at a big round number? Well, from following the thread I don't mean to ask a stupid question. But I see quite a few good S/R flip areas which are half way or so and wanted to know if you guys generally pass on those or still consider them.

Also, once price reaches a PPZ level, how do you decide if you should take a trade or wait for a breach & re-test to take the trade? The main factor I learnt here is to take the trade if there is a PB at the PPZ?

Thanks,
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #84,866
  • Jan 7, 2011 8:19am Jan 7, 2011 8:19am
Quoting jarroo
Ok may be a little excited . .lol
a break and follow through is key on something like that. Most will sell once they see the beob here or a few pips break and it crushes them. I look for that bar to say the next bar or 2 WILL be the breakout(when you are near the bottom of the pattern(flag in this case). Clearly that didn't happen so then I was no longer excited and pulled my order

  • #84,867
  • Jan 7, 2011 8:21am Jan 7, 2011 8:21am
Quoting Pinbar
Might be an idea to watch out for the 50 fibo.
Yes, will just watch it not trade. Need a little break
  • #84,868
  • Jan 7, 2011 8:24am Jan 7, 2011 8:24am
Quoting jarroo
I like the confluences that you have that support the setup.

Also the PPZ level at the 86.00-85.75 is acting as good Support. . .nice transformation on the Weekly.

Price likes to consolidate . .good chance that Price can reach the top.

The PB could have had a longer nose but the story looks good.

You look to be on the right path T.
so would your FTA on a box like this be near the top?
  • #84,869
  • Jan 7, 2011 8:25am Jan 7, 2011 8:25am
Quoting teemo
How much significance does it add to a PPZ level if it is at a big round number? Well, from following the thread I don't mean to ask a stupid question. But I see quite a few good S/R flip areas which are half way or so and wanted to know if you guys generally pass on those or still consider them.

Also, once price reaches a PPZ level, how do you decide if you should take a trade or wait for a breach & re-test to take the trade? The main factor I learnt here is to take the trade if there is a PB at the PPZ?

Thanks,

I always want to see PA moving away from a PPZ in the other direction.

If a PPZ has a BRN or even a RN at it, that is extra confluence and makes it even stronger.

Hope this helps.
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  • #84,870
  • Jan 7, 2011 8:26am Jan 7, 2011 8:26am
Quoting Pinbar
Looks like Mike's trade worked out. Great stuff Mike.

Now, I see the value of waiting for the pullback.
I checked Mike's attachements I don't see it. Was it posted on PF?
  • #84,871
  • Jan 7, 2011 8:30am Jan 7, 2011 8:30am
Quoting Adilius07
I checked Mike's attachements I don't see it. Was it posted on PF?

There was no chart in the post.

http://www.forexfactory.com/showpost...ostcount=84645
  • #84,872
  • Jan 7, 2011 8:31am Jan 7, 2011 8:31am
Quoting Adilius07
Hello Chris,

Yes of course I am trying to do this with as much discipline as I possible can. I have a trading plan of course, then I have a Flash Cards that lay in front of my eyes all the time (where I have some most important rules to follow in short, this is like my cheat sheet.)

I also have a trading journal (in my signature) where I record everytrade I make. I also have excel file that second every trade from that journal - that is where I keep my thoughts for each trade.

I don't have overtrading or MM problems. The only problem I have...
You need to stop the streak sooner. If you have 3 losses in a row stop trading for a week, walk away. This will help eliminate some of those bad traits you might have unnoticably picked up. Better yet demo till you get a few winners under your belt again.
  • #84,873
  • Jan 7, 2011 8:33am Jan 7, 2011 8:33am
Quoting spookie94
You need to stop the streak sooner. If you have 3 losses in a row stop trading for a week, walk away. This will help eliminate some of those bad traits you might have unnoticably picked up. Better yet demo till you get a few winners under your belt again.
Good advice Spookie if one is struggling.

I think someone who is having trouble should focus on learning to just make money. Even if this means taking ONE trade a month ONLY.

We all try to do so much as aspiring traders, but IMO and I can see it now its about laying a strong foundation. Most of us try to start with the house already in place.

It's certainly a process over time that gets easier

Mike
  • #84,874
  • Jan 7, 2011 8:34am Jan 7, 2011 8:34am
Quoting Pinbar
There was no chart in the post.

http://www.forexfactory.com/showpost...ostcount=84645
Got it! Thank you!
  • #84,875
  • Jan 7, 2011 8:34am Jan 7, 2011 8:34am
PB, That's a great demonstration and real simple. So PA (Candle formations,..) help you decide at PPZ's. On your chart, there was a Pin to the far left which gave significance to this level. But at the second re-visit (right after Sept 8th), it would have been a no-go because of HH's and candle PA - right?
What about the big round numbers PB? You wouldn't disqualify a level just because it is in the middle somewhere - would you?
Thanks a Million!


Quoting Pinbar
I always want to see PA moving away from a PPZ in the other direction.

If a PPZ has a BRN or even a RN at it, that is extra confluence and makes it even stronger.

Hope this helps.
"As Kids we believe Anything is Possible; the Trick is to never forget it!"
  • #84,876
  • Jan 7, 2011 8:36am Jan 7, 2011 8:36am
Quoting spookie94
You need to stop the streak sooner. If you have 3 losses in a row stop trading for a week, walk away. This will help eliminate some of those bad traits you might have unnoticably picked up. Better yet demo till you get a few winners under your belt again.
Thanks Spookie. Yes this is demo of course. I made 11 trades in total since August 2010. So is not overtrading or something, sometimes I wait for weeks... I just pick the wrong ones. I'm working on my plan right now
  • #84,877
  • Jan 7, 2011 8:41am Jan 7, 2011 8:41am
Quoting xmzhang
My other trade is working out quite nicely, last night I faded that daily BUOB via a 30m-PB, I was anticipating support @ previous daily bar highs but I didn't perceive any clear buy PA, so my fade_trade is still open on my remaining position........
I've closed 2/3 of my position on my A-N trade. When I faded that daily BUOB on wednesday my intention was to scalp some pips off the pullback towards one of the previous daily bar highs of that daily BUOB, as it turned out price wasn't planning to find support at all @ these previous daily bar highs. As Jarroo pointed out it wasn't that surprising because that daily BUOB was trading right back into weekly resistance @ 13200-ish which I had overseen. Another lesson learned: always take a look @ the weekly first at the begining of a trading week, higher TF's rules !
Pipcrawler
  • #84,878
  • Jan 7, 2011 8:42am Jan 7, 2011 8:42am
Quoting teemo
PB, That's a great demonstration and real simple. So PA (Candle formations,..) help you decide at PPZ's. On your chart, there was a Pin to the far left which gave significance to this level. But at the second re-visit (right after Sept 8th), it would have been a no-go because of HH's and candle PA - right?
What about the big round numbers PB? You wouldn't disqualify a level just because it is in the middle somewhere - would you?
Thanks a Million!

Not sure which bar you mean.

I don't see anything like a real PB in this blue box.

A is not a PB and B is not at a SH.
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  • #84,879
  • Jan 7, 2011 8:45am Jan 7, 2011 8:45am
Quoting Adilius07
Thanks Spookie. Yes this is demo of course. I made 11 trades in total since August 2010. So is not overtrading or something, sometimes I wait for weeks... I just pick the wrong ones. I'm working on my plan right now

The last two days, I have had no time to even look at the charts.
this is the first break from my 10+ hours per day schedule.

Funny, things look much clearer on the charts now I have had a break.
  • #84,880
  • Jan 7, 2011 8:57am Jan 7, 2011 8:57am
Ok Jarroo, lets see if I learned anything from our posts last night.

Using PBs and Aids example, look at the weekly to see if there is a PPZ. There is one around the .7600 level. As long as this daily closes as a BUOB, the close on the weekly stays above the PPZ, and the Daily closes above the previous bar high there could be a good long play on a retrace back to the .7600.
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