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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

  • #86,461
  • Jan 20, 2011 8:56am Jan 20, 2011 8:56am
Quoting ertorque
Hey guys,

Would anyone like to comment on this setup?
A nice looking PB (assuming it is one in 10hrs time when the day finally closes) off 82 but my concern is that it is going into the RN of 81.
Would anyone pass on this?
Thanks.
CY
Hey Ertorque,

I personally would pass.

That 83 as you pointed out would be a big deterring factor.

Plus the pin bar isn't really located at a real swing low. It sort of looks to be somewhat 'hanging' in mid-air. A BUOB with a strong close above 83 would have been so much more appealing.

MHO.

g.
I believe . . .
  • #86,462
  • Jan 20, 2011 9:00am Jan 20, 2011 9:00am
Quoting mbqb11
You and me both brotha Like you never "left"

I have it as a breakout and pullback


Hope all is well with you and yours bud

Mike
let's see what kind of wings this one has
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  • #86,463
  • Jan 20, 2011 9:02am Jan 20, 2011 9:02am
Quoting aserbfx
small pin on uj.
con: doesn't protrude a lot (under 82.00).
pro: but closing above the rn 82.00 and the 61.8% fib. cluster to the left.
fta is quite near at 82.35.
comments appreciated.
Hey Aserfbx,
Did you trade that small PB on UJ ? Looks like it was a PB on steriods
Pipcrawler
  • #86,464
  • Jan 20, 2011 9:09am Jan 20, 2011 9:09am
Quoting mbqb11
let's see what kind of wings this one has
Mike,

I was stalking this too, but had my entry nearer $1360 the bar lows. I assume you played yesterdays inverted pin?
$1340-35 looks possible but Gold is a law unto itself!!
  • #86,465
  • Jan 20, 2011 9:11am Jan 20, 2011 9:11am
Quoting Chelski
Mike,

I was stalking this too, but had my entry nearer $1360 the bar lows. I assume you played yesterdays inverted pin?
$1340-35 looks possible but Gold is a law unto itself!!
Hey Chelski

I took this is a breakout and pullback trade on the daily beob to the former support trendline turned resistance

http://www.forexfactory.com/showthre...76#post4313176

See what happens

Funny enough 3 of my 4 trades this month have all been breakout trades. You just never know what the market wants to give you
  • #86,466
  • Jan 20, 2011 9:14am Jan 20, 2011 9:14am
Quoting mbqb11
let's see what kind of wings this one has
very nice Mike, i was stopped out on my last trade from the daily.(only just) i have reentered on the break of the weekly BEOB and the IB. hope its got the legs of a centipede!! lol

can i ask when did you move your stop??
cheers

lol
PATIENCE... DISCIPLINE
  • #86,467
  • Jan 20, 2011 9:15am Jan 20, 2011 9:15am
My cable trade is working out beautifully, PB on the daily, looking for a pullback entry as usual, keylevel would be of course the BRN @ 16000, price gave me my sell trigger via a 1H-BEOB. Notice the strong close of that BEOB in relation to all those previous bar lows. Refining my entry further on the 15m-TF via a nice 15m-PB right off these bar lows.
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Pipcrawler
  • #86,468
  • Jan 20, 2011 9:17am Jan 20, 2011 9:17am
Hey guys. I'm really trying to identify PPZ'S better. Can someone please review my chart and critique the areas I've identified as PPZ's.

I need to get better at finding the best locations for trades before I can ever turn a corner in my trading. Thanks in advance to any help you kind members can give.

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  • #86,469
  • Jan 20, 2011 9:23am Jan 20, 2011 9:23am
Quoting g_j_hook@yah
very nice Mike, i was stopped out on my last trade from the daily.(only just) i have reentered on the break of the weekly BEOB and the IB. hope its got the legs of a centipede!! lol

can i ask when did you move your stop??
cheers

lol
Hey Jon

I moved it yesterday slightly, then again when we broke down to the previous lows this morning

we'll have to see how it reacts now, it certainly has done quite a bit
  • #86,470
  • Jan 20, 2011 9:23am Jan 20, 2011 9:23am
Hi all

I'm on a trade at the moment. I know it's against a daily PB and weekly trend, but I was hoping the h4 BUEOB (sorry I left the U out of BUEOB on chart) was heading for a proper touch of 1.300. Also the h4 closed over my PPZ and used it as support

I'm so glad to be on a free trade at the moment with partial profits banked- I've been petrified lately about entering a trade, even on demo!
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  • #86,471
  • Jan 20, 2011 9:26am Jan 20, 2011 9:26am
Quoting snooptym
Hey guys. I'm really trying to identify PPZ'S better. Can someone please review my chart and critique the areas I've identified as PPZ's.

I need to get better at finding the best locations for trades before I can ever turn a corner in my trading. Thanks in advance to any help you kind members can give.

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Hey Snoop

Looks good, just don't forget that these are zones as well we have very minor to major PPZs. So for example the top two lines(and even a bit above) could be considered a larger zone, and then some of your lower lines are some more minor - more major flips. These major zones can also be minor zones in the short term(that we can be more concise and smaller lines).

Looks good, just always remember that they are zones, as well as minor and major and it doesn't feel so overwhelming (at least to me)

Mike
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  • #86,472
  • Jan 20, 2011 9:30am Jan 20, 2011 9:30am
Quoting mbqb11
Hey Jon

I moved it yesterday slightly, then again when we broke down to the previous lows this morning

we'll have to see how it reacts now, it certainly has done quite a bit
thanx. i keep watchin n learnin.

jon
PATIENCE... DISCIPLINE
  • #86,473
  • Jan 20, 2011 9:34am Jan 20, 2011 9:34am
Thanks Mike

I completely understand that they are zones. I guess my problem is identifying how large the zone can be.

It's hard for me to quite put my finger on my issue. Seems I am using the concepts in the correct manner just that my evaluation is a little off. I'm sure everyone has had these issues in their trading life. How do you get past this? How do you get to better decision making?

Sorry for my rant here I'm just a little frustrated. I did really well from March through September of last year and then I hit a wall and have seemed to have regressed. I can't figure it out. All I can think of is I'm not identifying PPZ's right and that I was just lucky before. Ah get me out of the dark side and bring me into the light!
  • #86,474
  • Jan 20, 2011 9:39am Jan 20, 2011 9:39am
Quoting mbqb11
Hey Chelski

I took this is a breakout and pullback trade on the daily beob to the former support trendline turned resistance

http://www.forexfactory.com/showthre...76#post4313176

See what happens

Funny enough 3 of my 4 trades this month have all been breakout trades. You just never know what the market wants to give you
I had the same trend line but I prefer buying gold on dips! The weekly chart has nice engulfing bar 2 weeks ago (BEOB)
  • #86,475
  • Jan 20, 2011 9:40am Jan 20, 2011 9:40am
Quoting snooptym
Thanks Mike

I completely understand that they are zones. I guess my problem is identifying how large the zone can be.

It's hard for me to quite put my finger on my issue. Seems I am using the concepts in the correct manner just that my evaluation is a little off. I'm sure everyone has had these issues in their trading life. How do you get past this? How do you get to better decision making?

Sorry for my rant here I'm just a little frustrated. I did really well from March through September of last year and then I hit a wall and have seemed to...

Frustration is good my friend. Helps you challenge yourself to thinking past those hurdles. You just do is the simple answer. You either find ways to make something work or you don't. What I find doing is stripping the idea at hand. PPZ is a simple concept but it has a lot of little things. Start with what you have found works. That might be very clear major PPZs. Then using minor zones to help you manage a trade(this is still what I do to this day). Work on a little at a time. If it's just marking charts and watching them for now then do that. Even if you do that for 6 months. You will be way ahead with such a simple and effective and KEY tool.

It's ok to be frustrated though, no one just cruises through learning anything(not that I know)

Mike
  • #86,476
  • Jan 20, 2011 9:44am Jan 20, 2011 9:44am
Quoting Chelski
I had the same trend line but I prefer buying gold on dips! The weekly chart has nice engulfing bar 2 weeks ago (BEOB)
yes for sure.

Gold just got VERY VERY heavy the way it turned over and as you said multiple beobs all over.

I will not try to be too much of a hero just hope to ride a bit of the pullback we can get

Take care
Mike
  • #86,477
  • Jan 20, 2011 9:46am Jan 20, 2011 9:46am
Thanks of the good advice. Sometimes it's hard to go backwards but in doing so is the only way you can move forward to new heights.

For now I'm going to take your advice. Draw ppz's each day and look for price action to react to those area's. Simplify and refine. Such a simple concept that I seem to screw up after a little success. For now. One thing at a time.
  • #86,478
  • Jan 20, 2011 9:46am Jan 20, 2011 9:46am
This is mine on gbpusd.Let's see how it closes.
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Nothing personal,just business
  • #86,479
  • Jan 20, 2011 9:49am Jan 20, 2011 9:49am
Quoting snooptym
Thanks of the good advice. Sometimes it's hard to go backwards but in doing so is the only way you can move forward to new heights.

For now I'm going to take your advice. Draw ppz's each day and look for price action to react to those area's. Simplify and refine. Such a simple concept that I seem to screw up after a little success. For now. One thing at a time.
Hi Snoopty,

I am a newbie, and find that drawing ppz during the weekend for the week-ahead helps. I think Weekly ppzs should be given most importance if you are looking at dailys.. you can than use Daily ppz to manage the trade e.g mark FTA, set profit targets, stop losses etc..
Trading is a test match not a Twenty20.
  • #86,480
  • Jan 20, 2011 10:02am Jan 20, 2011 10:02am
Quoting fxgroup
This is mine on gbpusd.Let's see how it closes.
Hi fxgroup,

the cable chart as I see it. I think price has rejected 1.6 ppz so it may continue downward..
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Trading is a test match not a Twenty20.
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