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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

  • #86,761
  • Jan 23, 2011 2:02pm Jan 23, 2011 2:02pm
Quoting jarroo
Are you ready for some Football!!!

Later
i am the biggest steelers fan on earth today
  • #86,762
  • Jan 23, 2011 2:14pm Jan 23, 2011 2:14pm
Quoting jarroo
Yeah that Daily IB was the only PA formation that was part of the bigger story. I would have liked that IB to be a lot small . .meaning I like IBs to be more of a compression signal . .tigher compression the bigger the boom . .so to speak . .lol

Even better would have been Burllish PA to fit the bigger story of Resistance turning into Support.
very good points Jarroo, i should bare this in mind much more than i do.
I like the dbl IBs for the same reason.
The additional confluence for me personally was the PA on lower TFs, i had a nice little breakout and retest set up on the 1 hour and the breakout coin-sided with the break of the daily IB. for me a trade i would take every day

thanx

jon
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PATIENCE... DISCIPLINE
  • #86,763
  • Jan 23, 2011 3:18pm Jan 23, 2011 3:18pm
Quoting jarroo
That's cool . .I thought you were talking about the GMMAs, Guppy trading.

The BRNs and PPZs can only help this type of trading.
I really wouldn't know how to trade Guppy style. I just can't see it being a faster indication of direction than PA. But I'll learn all I can about it before I decide whether to dismiss it or use it

Thanks for taking an interest

Michael
  • #86,764
  • Jan 23, 2011 3:33pm Jan 23, 2011 3:33pm
Quoting Adilius07
This is interesting. Just found this "technical strategy" by UBS Investments Bank. For USD/CHF. I just don't agree with it.
Do they really trade like that or is it just some BS, just to say something?
No, its just 'strategy' advice for their clients. All IBs/instos push out economic/trading/portfolio advice, usually daily, ostensibly as a service... however, those with a suspicious nature might also claim they do it to create some turnover (or churnover).

Quoting Ifmyante
I really wouldn't know how to trade Guppy style.
Close your eyes, draw a bunch of lines all over your chart and then hope one of them works. His (terribad imo) books got reasonably popular during the tech boom, but so did throwing darts at the screen, MA cross systems and segways. It was a bad time for all.

Also, growing a 19th century bushranger moustache helps.
When you have to shoot, shoot. Dont talk.
  • #86,765
  • Jan 23, 2011 3:52pm Jan 23, 2011 3:52pm
Quoting jarroo
Oh I see . .Yes . for a first time back. .. I would like to see Price touch or piercing the 1.3. and at least a couple other supporting confluences at the 1.3 . . be they on the lowertime frames or not.
So Just to clear it. You like to see a close on the daily, right?

Thanks.
  • #86,766
  • Jan 23, 2011 4:29pm Jan 23, 2011 4:29pm
Quoting joelcf



Close your eyes, draw a bunch of lines all over your chart and then hope one of them works.
I'm not qualified to diss the mma's, but I have found that a pair of eyes and a trend line or two can follow price as well as they do. I thought maybe I was missing something the mmas were telling me. I just don't know yet.
  • #86,767
  • Jan 23, 2011 5:10pm Jan 23, 2011 5:10pm
Quoting joelcf

Also, growing a 19th century bushranger moustache helps.
If he lives in Iowa, the 'tache might be a way to get him out of public displays of affection. Apparently there's an old law there that a man with a moustache may not kiss a woman in public.
  • #86,768
  • Edited 5:48pm Jan 23, 2011 5:27pm | Edited 5:48pm
Quoting Adilius07
One strong bar..
You are right,but imho at that level could be some problemes.I like it too how the friday and weekly candles closed,with almost no taking profit...but the price reached to an important ppz.Another thing ,it would be that on monthly chart we have LLs+LHs, but the most important,that the last 2 months move is just a BEOB's retreacement till the previous bar(+50% beob).If we will see some bearish move as a beob pressure,it will be no surprise.We'll see.
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Nothing personal,just business
  • #86,769
  • Jan 23, 2011 6:50pm Jan 23, 2011 6:50pm
Quoting 5.25
Great track PB,

It's not of my generation but great nevertheless

I generally like most things progressive outside of the mainstream envelope, with narrative, regardless of era. Jose Gonzalez being a good example.

Maybe this track has some relevance? (No cliam to fame, but I did go to archtiecure school, as did Roger Waters and Nick Mason.)

http://video.google.com/videoplay?do...02812097730336

Yeah, PF I could always take them or leave them, preferred Gilmore over Waters.
  • #86,770
  • Edited 8:05pm Jan 23, 2011 7:48pm | Edited 8:05pm
Quoting jarroo
I believe that nwo-trader was referring to your post about the width of PPZ levels using a James16 chart as an example. I too had a post about the same pair and level concerning the width of PPZ levels.

Here:


Looking back on it now, I see that I have grown in my outlook on how I qualify this S/R levels. (Charts)

I like the Daily too Pb, I just like the Weekly levels as seen on the Daily
Morning Jarroo

Ok, let me use your USD example with the 108.39 & 109.09 as the ppz.

Maybe this is something I still get a little confused with, when I see two lines on the chart like this, I never quite know when to look at these as two ppz or a wider band. Hope this helps you understand how I seem to perceive these. I do clearly see, that we are looking for Bullish PA off the top one and Bearish PA off the bottom one.

I mean, is there a certain width of PPZ and a point where, they become separate entities, two PPZ and not one or a narrow area where two PPZ cease to be two PPZ and are actually a single PPZ? LoL

Like a loaf of bread, we can slice and it is still bread but not a loaf. We could cut it horizontally and it would not be a loaf but two slices, the sandwich made from it might choke us trying to eat it, though.

I think I have just confused everyone on the board, including myself, with this.

To clarify this, I am basically asking, at what point does a wide PPZ actually become two PPZ and not a single PPZ.
I think I need a glass of wine, trouble is, it is only 11 am here.
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  • #86,771
  • Jan 23, 2011 8:12pm Jan 23, 2011 8:12pm
Morning all

I'm riding off a subtle pin bar on the AUD/NZD daily. It's a micro trade so complaints if it fails. I say 'subtle' given the size of the previous bullish bars previous to this setup.

1.300 is proving to show quite a bit of resistance...

Looking back on the chart that I am about to post, maybe I should have moved my resistance level from 1.3050 to a big round number such as 1.300!???

I'm 18 pips in front at the moment.

First trouble area expected at 1.2950

Critiques welcome on my chart analysis
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  • #86,772
  • Jan 23, 2011 8:31pm Jan 23, 2011 8:31pm
Quoting Pinbar
Morning Jarroo

Ok, let me use your USD example with the 108.39 & 109.09 as the ppz.

Maybe this is something I still get a little confused with, when I see two lines on the chart like this, I never quite know when to look at these as two ppz or a wider band. Hope this helps you understand how I seem to perceive these. I do clearly see, that we are looking for Bullish PA off the top one and Bearish PA off the bottom one.

I mean, is there a certain width of PPZ and a point where, they become separate entities, two PPZ and not one or a narrow area...
It is still a band PB,

PPZs are mostly bands...or rather zones...hence the name Price Pivot Zone.

The markets we operate in are not perfect, they have inefficiencies and the probability of price to touch and bounce of even the very big round numbers each time is nil.

This is exactly why profit taking and stop loss placement is always a few pips above or below an important level rather than right on top of it. Including the cost of spread price may not hit a TP and bounce say 4 - 6 pips before hitting a round number resistance.

PPZs generally will always be zones except in the case of brick walls where you do actually see price bouncing off to the pip each time (but they are rare)

For simplicity purposes we don't like to draw those rectangles on our chart and we rather prefer to round up our PPZs to the nearest round number or to the single most relevant horizontal line and then we obviously make sure that we are aware that price may find supp and res a few pips before or after our 'line' so we are in effect trading the PPZ zone denoted by a line.

Hence another way to represent the same zone would be to draw say the 108.5 which does include 'most' of the bounces and then (in my mind) treat it like a zone (which would still fulfill the same purpose.

Just trying to say that the idea of the zone is basically what a PPZ always displays, and there is really nothing to be confused about.

Jarroo'll be upon this too I am sure.

g.
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I believe . . .
  • #86,773
  • Jan 23, 2011 8:35pm Jan 23, 2011 8:35pm
Quoting 5.25
Morning all

I'm riding off a subtle pin bar on the AUD/NZD daily. It's a micro trade so complaints if it fails. I say 'subtle' given the size of the previous bullish bars previous to this setup.

1.300 is proving to show quite a bit of resistance...

Looking back on the chart that I am about to post, maybe I should have moved my resistance level from 1.3050 to a big round number such as 1.300!???

I'm 18 pips in front at the moment.

First trouble area expected at 1.2950

Critiques welcome on my chart analysis
A poodle pin bar.

But poodles can be nice and cuddly so not exactly discouraging you but you need to know what you are up against.



g.
I believe . . .
  • #86,774
  • Jan 23, 2011 8:56pm Jan 23, 2011 8:56pm
Quoting ghous
A poodle pin bar.

But poodles can be nice and cuddly so not exactly discouraging you but you need to know what you are up against.



g.
Poodle indeed. We shall see...
  • #86,775
  • Edited 9:13pm Jan 23, 2011 8:57pm | Edited 9:13pm
Quoting ghous
It is still a band PB,

PPZs are mostly bands...or rather zones...hence the name Price Pivot Zone.

The markets we operate in are not perfect, they have inefficiencies and the probability of price to touch and bounce of even the very big round numbers each time is nil.

This is exactly why profit taking and stop loss placement is always a few pips above or below an important level rather than right on top of it. Including the cost of spread price may not hit a TP and bounce say 4 - 6 pips before hitting a round number resistance....
I hear you Ghous.

And especially as we are looking for PA with closes above or below these areas, it make sense as shows how we should think of them as zones and not a thin line.

Thanks G.
  • #86,776
  • Jan 23, 2011 9:01pm Jan 23, 2011 9:01pm
Quoting mbqb11

. . . it is a very interesting (and crucial if you ask me) dynamic to watch at all important areas(not just BRNs).

Again welcome hope you will post more
Mike

Thus . .the name of the book . .

Quoting jarroo
Mike's stuff is better.

Here's a book I would like to read . .

The Story of Price : Market Dynamics and Structural Guide to Profitable Trading . . . by Mike (mbqb11)

I would read it even though I know the ending . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,777
  • Jan 23, 2011 9:06pm Jan 23, 2011 9:06pm
This one's for Dan.

I would love to see this break south as I got in at the 8hr pin which is a free trade now. However there are some previous high's/low's at this level.
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  • #86,778
  • Jan 23, 2011 9:11pm Jan 23, 2011 9:11pm
Quoting joelcf

Close your eyes, draw a bunch of lines all over your chart and then hope one of them works. His (terribad imo) books got reasonably popular during the tech boom, but so did throwing darts at the screen, MA cross systems and segways. It was a bad time for all.

Also, growing a 19th century bushranger moustache helps.
Although artistically, GMMAs can light up a denist office waiting room wall with the right size, frame and color combination. . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,779
  • Jan 23, 2011 9:44pm Jan 23, 2011 9:44pm
Quoting jarroo
Thus . .the name of the book . .
  • #86,780
  • Jan 23, 2011 9:45pm Jan 23, 2011 9:45pm
Quoting Crane80
So Just to clear it. You like to see a close on the daily, right?

Thanks.
Well no . . not on the first time back because the daily would not have closed yet . We're basing this 1.3 level to act as Resistance because Price broke through and closed below the 1.3 the last time it was at this level. The yellow area and the close of the day is unknown at this time.

Once we know that the close of the day is below the 1.3, we look for it to act as Resistance.

Looking at the Daily chart after the fact, it looks like the 1.3 did not act as Resistance because Price broke through and closed above the 1.3 at the end of that day. But if we look at the Hourly before the days's end, we see that there was a bit of a bounce at the 1.3 (in white).

You have to determine if you took a TT at the 1.3 that you could cover your risk or would it be better if stronger Bearish PA was presented.
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Indicators show the past. Price Action "Indicates" the future.
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