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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

  • #86,981
  • Jan 25, 2011 4:27pm Jan 25, 2011 4:27pm
Quoting Crane80
Hi Ifmyante,

I hear you, and agree with you mate.'' This is critical'' was the reason of my second TP being at 0,9510.

But I am trying to find a middle ground around trailing and profit taking for optimisation. But I think that is also discretional like many of the other key points.

Thanks
C80
I'm not recommending anything here, but some people head to the lower tf's, say m15, and draw fibs from last high to last low on a short, exiting on a breach of the 61.8 level. Vice versa for long

This gets you out as soon as price starts ranging or reversing, but is no guarantee of letting winners run.

It's an easy one to backtest anyway.

It's such a personal thing, but I'm sure you'll find what works for you with a search of the site and some testing.
  • #86,982
  • Jan 25, 2011 4:37pm Jan 25, 2011 4:37pm
Quoting Ifmyante
Thanks Jim. You've made my day, even more than my short on GBP/CHF

Looks like you caught the right side of the News there Michael nothing wrong with that . .the only strong signal I saw on the Gbp/Chf was 2 Day IPB that wasn't the best . . .but that's for another discussion.

Give me a few and I'll go over your other post . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,983
  • Jan 25, 2011 4:40pm Jan 25, 2011 4:40pm
Quoting Crane80
Hi everyone,

I have been following the thread whenever I can spare some time from my demanding day job. I thank everyone for contributing to this wonderful thread that helped me alot.
Just a quick q now to jarroo if i may. Yesterday you mentioned the first retracement to a BRN being playable . Did you mean the very first 15-30 (green circle) min chart retracements or the retarecement on 4H (pink circle) that will take around 24 hours

Hey Crane.

I realized that I totally missed your questions with my posts that followed this one. . .sorry about that.

I want to go over your post here again . .give me a few ..


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #86,984
  • Jan 25, 2011 5:12pm Jan 25, 2011 5:12pm
Quoting jarroo
Looks like you caught the right side of the News there Michael nothing wrong with that . .the only strong signal I saw on the Gbp/Chf was 2 Day IPB that wasn't the best . . .but that's for another discussion.

Give me a few and I'll go over your other post . .
Thanks Jim, you're a star!
  • #86,985
  • Jan 25, 2011 5:13pm Jan 25, 2011 5:13pm
Quoting Ifmyante
So,
1. Nice easyish call
Beeob after last pin couldn't break S/R
Entry at close, TPP at last low, move stop to BE, leave rest on 'til PA says exit.
That IPB at the bottom wasn't good enough to go long, but good enough to exit short at close.

2. Wouldn't have taken
BUEOB from 3 bar lows, nice
But closed at FTA. Big stoploss, no space to move- PASS

3. Very nice PB after 3 slow down bars
Once price reaches the 3 highs just to the left of arrow 2, move stop to BE, as it's a nice PB. Let's see if it can get legs.
TP at 1.05. What more could you...

First off, Michael . . I appreciate the time and effort you put into this post. I know it took some time to do.

If I can ask you a question from your chart . .

Why did you like the 108.30 as S/R? The #1 trade BEOB?
Indicators show the past. Price Action "Indicates" the future.
  • #86,986
  • Edited 5:38pm Jan 25, 2011 5:16pm | Edited 5:38pm
Quoting Ifmyante
Thanks Jim, you're a star!

I'm not a star here . .I've just being doing this stuff a little longer then most . . not that much longer . .lol
Indicators show the past. Price Action "Indicates" the future.
  • #86,987
  • Jan 25, 2011 5:23pm Jan 25, 2011 5:23pm
Quoting Pinbar
Those 10,000 posts are indeed all gems.
No they're not . .lol . . I like the last few thousand or so . .but definitely not all 10,000 . .
Indicators show the past. Price Action "Indicates" the future.
  • #86,988
  • Jan 25, 2011 5:52pm Jan 25, 2011 5:52pm
Quoting decentchap
hi guys,

i see this pin bar structure on GBP.CAD

Its got divergence
fib - ppz confluence
also its off 150 ema

plus its with the long term downtrend - anything wrong with it apart from may be looks-wise?
this worked out ok
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Trading is a test match not a Twenty20.
  • #86,989
  • Jan 25, 2011 5:54pm Jan 25, 2011 5:54pm
Quoting jarroo
First off, Michael . . I appreciate the time and effort you put into this post. I know it took some time to do.

If I can ask you a question from your chart . .

Why did you like the 108.30 as S/R? The #1 trade BEOB?
I'm so glad I took the time. It's great confirmation of the power of the PPZ.
And I'm touched that you're taking an interest.

Now, to answer your question:

I cleverly took that level by trusting your judgement implicitly- Originally.
Your question is excellent. It got me to look further left to a time I've never seen.

Our area in question is off screen to the right, but our PPZs are front and centre!

Bloody hell but they're powerful points. No 'Best Before' date on a PPZ
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  • #86,990
  • Jan 25, 2011 5:57pm Jan 25, 2011 5:57pm
Quoting decentchap
this worked out ok
Nice trade chap

where's your SL now?

Michael
  • #86,991
  • Jan 25, 2011 6:04pm Jan 25, 2011 6:04pm
Quoting Ifmyante
Nice trade chap

where's your SL now?

Michael
actually i forgot about the trade after putting it in lol

just moved it to 1.5810
Trading is a test match not a Twenty20.
  • #86,992
  • Jan 25, 2011 6:06pm Jan 25, 2011 6:06pm
Quoting Ifmyante
I'm so glad I took the time. It's great confirmation of the power of the PPZ.
And I'm touched that you're taking an interest.

Now, to answer your question:

I cleverly took that level by trusting your judgement implicitly- Originally.
Your question is excellent. It got me to look further left to a time I've never seen.

Our area in question is off screen to the right, but our PPZs are front and centre!

Bloody hell but they're powerful points. No 'Best Before' date on a PPZ
Sure thing Micheal . . .I believe a lot of people will benefit from our discussion.

As James16 teaches, we look to the left of current Price to seek out our PPZ levels. And your right . .we can go way back in time to see these PPZ levels react to Price . days, months, years in the past.

But at the time of your #1 BEOB you would have had to look way back in time to see the 108.30, which was really not that significant or standing out . .there were other levels back then that stood out more . .

would you agree?
Indicators show the past. Price Action "Indicates" the future.
  • #86,993
  • Jan 25, 2011 6:18pm Jan 25, 2011 6:18pm
Quoting jarroo
Sure thing Micheal . . .I believe a lot of people will benefit from our discussion.

As James16 teaches, we look to the left of current Price to seek out our PPZ levels. And your right . .we can go way back in time to see these PPZ levels react to Price . days, months, years in the past.

But at the time of your #1 BEOB you would have had to look way back in time to see the 108.30, which was really not that significant or standing out . .there were other levels back then that stood out more . .

would you agree?
You're right, it's an excellent lesson for me, so it should be good for all.

To answer your question

Yes, there were other levels that turned price harder than that level, but they didn't seem as relevant at the time, as I 'd rather only focus on the strongest (lots of touches) PPZ's around the area of current price. For example, my excellently placed black line at 107.18, and you got lucky with your 105.5 too
  • #86,994
  • Edited 8:11pm Jan 25, 2011 6:30pm | Edited 8:11pm
Quoting Ifmyante
You're right, it's an excellent lesson for me, so it should be good for all.

To answer your question

Yes, there were other levels that turned price harder than that level, but they didn't seem as relevant at the time, as I 'd rather only focus on the strongest PPZ's around the area of current price. For example, my excellently placed black line at 107.18, and you got lucky with your 105.5 too
Let me just go through the "Blue Area" just so you can see how these levels were defined by my approach.

You'll notice that the 105.5 is not on my chart. That level was not defined at the time of your #1 BEOB. Also the 108.30 became more significant as time progressed.

Remember my initial chart started on the Weekly. I like starting on the Weekly because I view the levels as stronger because they have more time and data in them.

I chose the 108.30 because the few weeks prior, Price could not close below this level. I could have fine tuned to the lowest close . .which I believe was 108.38 on this feed . .but I chose the 108.3.

Do you see this too?
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Indicators show the past. Price Action "Indicates" the future.
  • #86,995
  • Jan 25, 2011 6:44pm Jan 25, 2011 6:44pm
Quoting jarroo
Let me just go through the "Blue Area" just so you can see how these levels were defined by my approach.

You'll notice that the 105.5 is not on my chart. That level was not defined at the time of your #1 BEOB. Also the 108.30 became more significant as time progressed.

Remember my initial chart started on the Weekly. I like starting on the Weekly because I view the levels as stronger because they have more time and data in them.

I choose the 108.30 because the few weeks prior, Price could not close below this level. I could have fine...
so levels which prices find hard to close below or above and once it does - it usually shoots down/up..
Trading is a test match not a Twenty20.
  • #86,996
  • Jan 25, 2011 6:47pm Jan 25, 2011 6:47pm
Quoting decentchap
so levels which prices find hard to close below or above and once it does - it usually shoots down/up..
Somtimes it does and somtimes it doesn't but more importantly the level will usually "Flip" or turn from Support to Resistance (or vice versa).
Indicators show the past. Price Action "Indicates" the future.
  • #86,997
  • Jan 25, 2011 6:59pm Jan 25, 2011 6:59pm
And later on price spent 8 weeks trying to close over 105.5

So
The PPZs have been proven in the past
perhaps and probably, because of this the PPZ's have recently been proven again, but Price Breaks Through & Closes Above/Below, and strong support becomes strong resistance and vice versa.

Now that is really, really simple

I think that every trader who has never typed the words Price Breaks Through & Closes Above/Below should probably do so as soon as possible. You can read it all the time and sort of know it, but write it once and you'll sort of feel it!
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  • #86,998
  • Jan 25, 2011 7:20pm Jan 25, 2011 7:20pm
Quoting Crane80
Hi mate,

I took that trade but mine was a different and as a matter of fact I would really like a senior's opinion about it. Especially the profit taking part.

I entered on the break of the 4h BEOB on Alpari feed. ( I watch 4 different mt4 in different time zones. Thank you Mike )

The trend was down. DAily broke 0,9660 and close below it. The price retraced back to the PPZ and gave a nice BEOB at the close of the 08:00 bar (My favourite hour for outside bars.)

Took the first half at 0,9565 ( My first FTA)and the other half at 0,9510 ( 0,9500)....
Hey C80

The better you get at building your story with the bars and tools the easier the mgmt gets cause you understand what you are looking for and what to do.

For example this one you could use the projection of the H&S pattern + the BRN as a pretty solid target area to trail down too. Makes it easier to believe in a setup when you know WHY it should work(doesn't mean its a guarantee but were just looking for an edge in the long run)

Best
Mike
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  • #86,999
  • Jan 25, 2011 7:36pm Jan 25, 2011 7:36pm
Quoting jarroo
I'm not a star here . .I've just being doing this stuff a little longer then most . . not that much longer . .lol
Don't let him kid you guys, he's a star
  • #87,000
  • Edited 8:22pm Jan 25, 2011 7:47pm | Edited 8:22pm
Quoting mbqb11
Don't let him kid you guys, he's a star
lol

I had I guy ask me if you were working on a book . I told them I didn't know.

But if I had a 1000 or so pre-orders for a 100 bucks . .I'm sure he would consider it . .
Indicators show the past. Price Action "Indicates" the future.
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