james16 Chart Thread | Page 4448 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #88,941
  • Feb 14, 2011 2:45am Feb 14, 2011 2:45am
hi SupremeChaos,

thanks a lot for ur reply. Ya what i meant was, its not possible to know exact SR level...if we knew it wud be easy to trade and all people will be sucessfull...i typed exact opposite....i was just asking how u guys determine potential SR & PPZ and set ur entry or exit points. For eg. please see the attached chart. this is the current eurjpy 4hr chart and the price is coming down and yellow lines are my SR line that I have marked and i have circled some wicks I think is relevant. I am not at all sure if this is the correct way to draw them. So i was asking anyone to show me how they consider an area as relevant in my previous post. Please see the chart and advise if this is the right way to determine a PPZ or is there anything extra that we should consider. When i look in to this chart I see too many lines and too many circles to consider and I do not have the knowledge to determine which one has higher probability... thanks a lot for ur help.
Quoting supremeChaos
Hello gladiator123,
in trading, & life in general, we cannot talk of certainties, only probabilities.
we cannot be certain that a particular S/R or PPZ will work or not. sometimes that particular S/R will work, sometimes it wont(price will either blow past it easily or price will chop around it).
what we can do is be alert, prepare ourselves by determining potential S/R's & PPZs, so whatever happens, we will know how to act/react & not be surprised.
of course, thru experience, studying & constant practice helps us determine which S/Rs will...
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 90 KB
  • #88,942
  • Feb 14, 2011 2:59am Feb 14, 2011 2:59am
Quoting gladiator123
hi SupremeChaos,

thanks a lot for ur reply. Ya what i meant was, its not possible to know exact SR level...if we knew it wud be easy to trade and all people will be sucessfull...i typed exact opposite....i was just asking how u guys determine potential SR & PPZ and set ur entry or exit points. For eg. please see the attached chart. this is the current eurjpy 4hr chart and the price is coming down and yellow lines are my SR line that I have marked and i have circled some wicks I think is relevant. I am not at all sure if this is the correct way...

Hi gladiator . .start on the Weekly Eur/Jpy and mark your PPZ levels there. .use 3 maybe 4 lines so they better be really good ones . meaning multiple Highs and Lows coming together . .let's start there.
Indicators show the past. Price Action "Indicates" the future.
  • #88,943
  • Feb 14, 2011 3:03am Feb 14, 2011 3:03am
jaroo,

thanks for ur chart and explanation. it really helps. Please dont mind me asking another question. I have added 4 more lines to the chart that you have attached. lets assume that GU broke the support and came down. Will u consider the lines that I have added as relevant SR levels or am I wrong? Lets say u got a nice PA and entered a trade from the current price to downside where will u be looking as a relevant target to take profit or is it completely based on the type of candle u get as trade progress? please guide me if the lines that I have drawn is correct or am I still far from right. thanks a lot for ur time and advice.


Quoting jarroo
I agree with sChoas. .we can only have high probability level. . . and I define that the best ones are the ones that show multiple Highs, Lows (PPZ levels) and even Closes lining up that are clear, tight, obvious, standing out, (I'm trying to think of other adjectives).

I do favor the most recent of this level building as oppose to the ones that are far out in history . .meaning way far out . . like years ago.

We can find these level at the tops and bottoms of consolidation areas and of course, BRNs and RNs.

Take the GU at the 1.5350 level....
Attached Image (click to enlarge)
Click to Enlarge Name: gu135350.jpg Size: 131 KB
  • #88,944
  • Feb 14, 2011 3:10am Feb 14, 2011 3:10am
Quoting gladiator123
jaroo,

thanks for ur chart and explanation. it really helps. Please dont mind me asking another question. I have added 4 more lines to the chart that you have attached. lets assume that GU broke the support and came down. Will u consider the lines that I have added as relevant SR levels or am I wrong? Lets say u got a nice PA and entered a trade from the current price to downside where will u be looking as a relevant target to take profit or is it completely based on the type of candle u get as trade progress? please guide me if the lines that...
Many of my lines on the Daily time frame are based on the Weekly PPZ levels.

Could you show me a Weekly GU chart with Weekly PPZ levels?
Indicators show the past. Price Action "Indicates" the future.
  • #88,945
  • Feb 14, 2011 3:13am Feb 14, 2011 3:13am
Quoting jarroo
Here's a better area on the Weekly Eur/Chf, Pb.
Hey Pb are you watching the Eur/Chf?
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf14.jpg Size: 89 KB
Indicators show the past. Price Action "Indicates" the future.
  • #88,946
  • Feb 14, 2011 3:15am Feb 14, 2011 3:15am
Hi Jim,

Very glad to see all your new posts. Thanks.

On EURAUD, on your charts, do you have 1.3410 as an important level?
It has a few flips, and it has confluence of pivot on last up move and support of down move from 16/5/10.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 126 KB
  • #88,947
  • Feb 14, 2011 3:26am Feb 14, 2011 3:26am
Quoting Ifmyante
Hi Jim,

Very glad to see all your new posts. Thanks.

On EURAUD, on your charts, do you have 1.3410 as an important level?
It has a few flips, and it has confluence of pivot on last up move and support of down move from 16/5/10.
hey Ifmy.

I have the 1.3375-1.3350 as Support on my chart. . .based on a Weekly PPZ level(1.3350) and that Price could not close below the 1.3375
Attached Image (click to enlarge)
Click to Enlarge Name: euraud14.jpg Size: 99 KB
Indicators show the past. Price Action "Indicates" the future.
  • #88,948
  • Feb 14, 2011 3:29am Feb 14, 2011 3:29am
Quoting jarroo
hey Ifmy.

I have the 1.3375-1.3350 as Support on my chart. . .based on a Weekly PPZ level(1.3350) and that Price could not close below the 1.3375

Forgot to show what it looks like on the Daily.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud14dd.jpg Size: 105 KB
Indicators show the past. Price Action "Indicates" the future.
  • #88,949
  • Feb 14, 2011 3:30am Feb 14, 2011 3:30am
hi jaroo,

sorry.. i didnt see this post earlier... okie i have attached the weekly chart for GU. please see the attachment and check if I have done it right. I am not sure if we have to draw SR lines in areas where I have circled in blue?

thanks and regards

Quoting jarroo
Hi gladiator . .start on the Weekly Eur/Jpy and mark your PPZ levels there. .use 3 maybe 4 lines so they better be really good ones . meaning multiple Highs and Lows coming together . .let's start there.
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 98 KB
  • #88,950
  • Feb 14, 2011 3:32am Feb 14, 2011 3:32am
Quoting gladiator123
hi jaroo,

sorry.. i didnt see this post earlier... okie i have attached the weekly chart for GU. please see the attachment and check if I have done it right. I am not sure if we have to draw SR lines in areas where I have circled in blue?

thanks and regards

You got six lines on there . . .use only three
Indicators show the past. Price Action "Indicates" the future.
  • #88,951
  • Feb 14, 2011 3:42am Feb 14, 2011 3:42am
Quoting jarroo
Forgot to show what it looks like on the Daily.
M15
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 106 KB
  • #88,952
  • Feb 14, 2011 3:47am Feb 14, 2011 3:47am
Quoting Ifmyante
M15

Looks like this Price Flip is holding. .at the 1.3428ish.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud14ddaa.jpg Size: 106 KB
Indicators show the past. Price Action "Indicates" the future.
  • #88,953
  • Feb 14, 2011 3:52am Feb 14, 2011 3:52am
Hi jaroo,

am I right this time? the 1st line on the two highs. the 2nd one on the recent high..and the 3rd one on recent lows... I am doubtful on the second one if I should draw it a bit lower.... as in 1.6017 area.... thanks for ur help
Quoting jarroo
You got six lines on there . . .use only three
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.JPG Size: 93 KB
  • #88,954
  • Feb 14, 2011 3:59am Feb 14, 2011 3:59am
Quoting gladiator123
Hi jaroo,

am I right this time? the 1st line on the two highs. the 2nd one on the recent high..and the 3rd one on recent lows... I am doubtful on the second one if I should draw it a bit lower.... as in 1.6017 area.... thanks for ur help

Looks good glad123.

I should have defined the area better like this area in yellow.

Its a tough area to find really good ones . .none really standout . . here are mine.

I added another one at 1.5835
Attached Image (click to enlarge)
Click to Enlarge Name: gu14.jpg Size: 107 KB
Indicators show the past. Price Action "Indicates" the future.
  • #88,955
  • Feb 14, 2011 4:16am Feb 14, 2011 4:16am
jaroo,

that chart really helps. May be i should start learning SR area in the first place. I have one more question. sorry for tht...In daily chart there are a lot of wicks in between the lines that you have drawn. will u take any one of those wicks in to consideration or just trade these lines that u have drawn. by taking in to consideration I mean will u set the target or entry based on those wicks or PA around it or u will consider the PA around these lines only. please ignore my ignorance.....thanks for ur advise

Quoting jarroo
Looks good glad123.

I should have defined the area better like this area in yellow.

Its a tough area to find really good ones . .none really standout . . here are mine.

I added another one at 1.5835
  • #88,956
  • Feb 14, 2011 4:19am Feb 14, 2011 4:19am
Quoting jarroo
Looks like this Price Flip is holding. .at the 1.3428ish.
So,
Since we only really need a few trades per month, we will only trade good strong PA bars.

Here's a checklist for keeping out of the stressful trades.
I'd be grateful if you could correct me or re-order, or expand:

See a good PA Bar
Swing high or low?
Which PPZ does it respect? Is there a stronger one nearby?
What confluence exists? (fib, ema, BRN, RN)
What's the momentum of the preceding bars?
What are the higher TFs telling us?
What kind of space is there to move?
What obstacles does a move face in its own TF? (bar lows, PPZs, BRNs, RNs if they have been respected before, ema's, fibs)

Thanks in advance

Michael
  • #88,957
  • Feb 14, 2011 4:23am Feb 14, 2011 4:23am
Quoting gladiator123
jaroo,

that chart really helps. May be i should start learning SR area in the first place. I have one more question. sorry for tht...In daily chart there are a lot of wicks in between the lines that you have drawn. will u take any one of those wicks in to consideration or just trade these lines that u have drawn. by taking in to consideration I mean will u set the target or entry based on those wicks or PA around it or u will consider the PA around these lines only. please ignore my ignorance.....thanks for ur advise
Yes, I will take the wicks into consideration as targets and part of the PPZ levels and also how Price closes at and around these PPZ levels to determine if the PPZ level is acting as Support or Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #88,958
  • Feb 14, 2011 4:26am Feb 14, 2011 4:26am
Quoting Ifmyante
So,
Since we only really need a few trades per month, we will only trade good strong PA bars.

Here's a checklist for keeping out of the stressful trades.
I'd be grateful if you could correct me or re-order, or expand:

See a good PA Bar
Swing high or low?
Which PPZ does it respect? Is there a stronger one nearby?
What confluence exists? (fib, ema, BRN, RN)
What's the momentum of the preceding bars?
What are the higher TFs telling us?
What kind of space is there to move?
What obstacles does a move face in its own TF? (bar lows, PPZs, BRNs, RNs...
I would put the location at the Top of the list. Is it at Strong PPZ level? BRN? What is the PPZ level currently acting as Support or Resistance.
Indicators show the past. Price Action "Indicates" the future.
  • #88,959
  • Feb 14, 2011 4:30am Feb 14, 2011 4:30am
Quoting jarroo
Hey Pb are you watching the Eur/Chf?
Just got back from the vets.


Yes, I am watching it on the monthly chart as well as the weekly.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: m.gif Size: 266 KB
Click to Enlarge Name: w.gif Size: 271 KB
Click to Enlarge Name: d.gif Size: 35 KB
  • #88,960
  • Feb 14, 2011 4:33am Feb 14, 2011 4:33am
Quoting Pinbar
Just got back from the vets.


Yes, I am watching it on the monthly chart as well as the weekly.

That area looks good based on the Weekly and Daily.
Indicators show the past. Price Action "Indicates" the future.
358 traders viewing now