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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

  • #88,561
  • Feb 9, 2011 8:34pm Feb 9, 2011 8:34pm
Quoting Kalbar
Hey jarroo

Nice explanation on the SR phenmomenon again! I feel I am starting to learn it as I checked my GAUD chart and found that my PPZ was just about the same level as yours give or take a few pips.

This has given my learning a boost as PPZ is core to this whole method.

Kal

That's great kal.

Just to continue with the GAUD . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #88,562
  • Feb 9, 2011 8:38pm Feb 9, 2011 8:38pm
Quoting poncho1
Thanks for pointing out the 4hr breakdown Jarro. I think this points out why it can be helpful for traders(especially less experienced ones) to focus on fewer pairs. A person can have the proper PPZ drawn but still can miss opportunities(cant see the forest for the trees). Now if I can practice what I preach....

Poncho
Also staying on the higher TFs is also a good way to go. . .meaning looking for PPZ levels on the Weekly & Monthly and then looking at the Daily once Price breaks through and closes below or above.


Later gotta go


jim
Indicators show the past. Price Action "Indicates" the future.
  • #88,563
  • Feb 9, 2011 8:44pm Feb 9, 2011 8:44pm
Quoting jarroo
Also staying on the higher TFs is also a good way to go. . .meaning looking for PPZ levels on the Weekly & Monthly and then looking at the Daily once Price breaks through and closes below or above.


Later gotta go


jim
I always stay on the higher TFs, but a lot of times I don't see a candle to my liking. I think thats the proper way to use the lower TFs, to fine tune entries, ALA XMZ.... IMHO.

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #88,564
  • Feb 9, 2011 8:46pm Feb 9, 2011 8:46pm
Quoting jarroo
Hey Bill . .you can see that the 1.5375 acted as Support. I have found that these confluenced area can work in reverse . .meaning this confluenced area of Resistance we would be looking for bearish PA but without that crucial Close below the 1.5375 (previous Resistance) ..this confluenced area will act a strong Support.

I hope that makes sense .

Jim
Yes it does Jim .....been interesting to watch...we had the pin but the close was apparently above the consolidation area and further on my feed above the 61.8 fib retrace...we then got a buob which in my view showed that the R turned to support or confirmed support and then today confirming it with a bar that touched the 1.53832 area.
Further, we have a bearish trendline and a 150 ema(on my feed) with bearish divergence.

As was discussed earlier....trying to keep it simple without overanalyzing can be difficult a times.....when it is not plain to see ....stay out ......drink more beer!

But, in all seriousness, we see support and resistance at work. The passing of the baton. Wouldn't you say?

Regards,

Bill

Chart to follow
  • #88,565
  • Feb 9, 2011 8:49pm Feb 9, 2011 8:49pm
chart
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  • #88,566
  • Feb 9, 2011 8:55pm Feb 9, 2011 8:55pm
Thanks guys for posting some graphical charts on PPZ, always good to see visuals when learning
DM if you have any questions
  • #88,567
  • Feb 9, 2011 9:38pm Feb 9, 2011 9:38pm
wait is Jarroo = James16?
  • #88,568
  • Feb 9, 2011 9:43pm Feb 9, 2011 9:43pm
Quoting DBallerz
wait is Jarroo = James16?


I think so, sometimes. LoL
  • #88,569
  • Feb 9, 2011 10:21pm Feb 9, 2011 10:21pm
I was marking some PPZs on this weekly chart and felt compelled to ask this question. Is it best to mark the PPZs at the high/low or the close/open?
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  • #88,570
  • Feb 9, 2011 10:46pm Feb 9, 2011 10:46pm
Quoting spookie94
I was marking some PPZs on this weekly chart and felt compelled to ask this question. Is it best to mark the PPZs at the high/low or the close/open?
hey Spookie

Many times these will overlap. It's not just highs or not just lows. Sometimes it is too, of course. It's more about finding where that "zone" is as a whole

Some zones will be more exact, others not. There is a wide range of all things when we are talking about a concept

Best
Mike
  • #88,571
  • Feb 9, 2011 10:54pm Feb 9, 2011 10:54pm
Quoting mbqb11
hey Spookie

Many times these will overlap. It's not just highs or not just lows. Sometimes it is too, of course. It's more about finding where that "zone" is as a whole

Some zones will be more exact, others not. There is a wide range of all things when we are talking about a concept

Best
Mike
Makes it difficult when both the opens/closes and high/lows both line up.
  • #88,572
  • Feb 9, 2011 11:19pm Feb 9, 2011 11:19pm
Quoting spookie94
Makes it difficult when both the opens/closes and high/lows both line up.
What do you mean spookie? Remember what these areas represent. An agreement in historical price, supply/demand pockets . Knowing where these are and what they look like are just another piece to the puzzle and finding an area of interest

Best
Mike
  • #88,573
  • Feb 9, 2011 11:34pm Feb 9, 2011 11:34pm
Quoting spookie94
I was marking some PPZs on this weekly chart and felt compelled to ask this question. Is it best to mark the PPZs at the high/low or the close/open?

Yes Spookie, the USD/CAD is a hard one, I have been struggling with it all week to define the areas on the weekly. Hopefully, Jarroo will post about this USD/CAD when he gets time.

Got to go out and buy a new mouse. Will post my rough idea on it when I get back. You found a good one to test us there Spookie.
  • #88,574
  • Feb 10, 2011 12:16am Feb 10, 2011 12:16am
verizon with a two day buob. strong close and above the resistance.
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meine augen sind die sterne
  • #88,575
  • Feb 10, 2011 1:49am Feb 10, 2011 1:49am
Quoting joelcf
(0.7)(1R) - (0.3)(2R) = 0.1R
(0.7)(1R) - (0.3)(3R) = -0.2R

If your 'win' rate is actually 70%, and your SL is really 3R, then you shouldnt be trading those setups. There are three things you can change here:

a) take only trades with a higher win rate - in this case, over 75% (as 0.75R - (0.3)(3R) = 0) .
b) To find trades with a smaller stop in relation to your target. This might mean passing on some trades, but that's fine.
c) to modify your stop system so that you do not take full profit at the FTA. The...
Thank you very much Joel, very strong post and very strong points! I am thinking about what you've said, and it all makes perfect sense...and I need to do much more work actually to improve my trade management skills so to at least to have some hope to become consistent in this business.

Exiting full position at nearest FTA seems so cool at first (like sniper thing) and looks good when posted on forum... but I feel and reading you I am more and more inclined to say that it may be not the way for me to do it...

Thank you very much for your post!
  • #88,576
  • Feb 10, 2011 1:55am Feb 10, 2011 1:55am
Lets see....

1. Strong Support ....Check!
2. VBRN ....Check!
3. FIB 50% ....Check!
4. Trendline confluence ....Check!
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  • #88,577
  • Feb 10, 2011 1:56am Feb 10, 2011 1:56am
Quoting spookie94
Makes it difficult when both the opens/closes and high/lows both line up.
Quoting Pinbar
Yes Spookie, the USD/CAD is a hard one....
here's a very quick, rough one i plotted for u.

if it gets difficult to plot PPZs, S/R's, starting with a line chart (focusing on Closing Prices) might help.
afterwhich, u can switch between line chart, candle chart, bar chart (in any order u prefer) to refine the lines &/or to add a few more lines u might have missed along the plotting process.

1st chart: usdcad weekly, line chart
2nd chart: usdcad weekly, candle chart
3rd chart: usdcad weekly, candle chart, zoomed in

take note that all the lines were made off of the line chart (1st chart).
only for simplicity/clarity, i adjusted the lines ( by about 5 - 10pips) so they sit at the nearest tens/00's (as seen on the 3rd chart: 1.0660, 1.0500, 1.0360, 1.0250, 1.0050) or fives (1.0165)
without any significant adjustment, u can see that the lines are relatively good enough PPZs on the candle charts (2nd & 3rd chart). [of course, u can refine the lines more so they 'sync' with your candle/bar chart]

observe the price touches on the line chart & candle chart (in my eyes, each PPZ line on the 1st chart gets a price 'touch' not less than 5 times). just remember that these lines are zones, so price wont always touch to the pip & price maybe 1-50pips (or more) away from a certain line.
if u go down to H4 &/or daily, u can plot more specific lines, since the weekly is very choppy.

this was done very quickly so i hope this helps u & others
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  • #88,578
  • Feb 10, 2011 2:02am Feb 10, 2011 2:02am
Quoting Adilius07
Thank you very much Joel...
Exiting full position at nearest FTA seems so cool at first (like sniper thing) and looks good when posted on forum... but I feel and reading you I am more and more inclined to say that it may be not the way for me to do it...
....!
yes, the key is u have to find your own way.
  • #88,579
  • Feb 10, 2011 2:07am Feb 10, 2011 2:07am
Hey guys and gals.
I found this thread within the last couple days. And after reading around I'm sold .

I'm one of those guys that has been fiddling around in FX for 9 months now. I've had the same demo account that whole time. And even though it was funded for 50k I traded pocket change. lol. So I'm pretty good about being a miser even on demo .

Anyways, I've tried all sorts of things including auto trading (Forex Strategy Builder). My first education was going through the Babypips.com school. It's a good intro. Then I read in order: Market Wizards, Currency Trading for Dummies, Technical Analysis for the Financial Markets (Murphy), and Come Into My Trading Room. Anyways, I've felt pretty lost trying to teach my self how to be a successful trader. Trying to filter out the bs and know what to trust.

Now I've stumpled upon this thread. I hope it works out. I've been reading through all the posts linked to at the beginning. Seems like pretty good stuff.


Anyways, what brings me to post at this moment is that I came accross this quote:
Quote
this [EURCHF] is a good pair to practice PA.
So I'm like, hm okay, I'll load up that chart (I had only the majors open). And there was indeed action. So I did some analysis and I'm wondering what your guys thoughts are on what I've done.

Cheers,
Zachariah.
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  • #88,580
  • Feb 10, 2011 2:07am Feb 10, 2011 2:07am
Quoting supremeChaos
yes, the key is u have to find your own way.
Hi SC, I know.... I'm looking......
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