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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

  • #99,461
  • Jul 28, 2011 5:41pm Jul 28, 2011 5:41pm
Quoting Mrgreener
Thank you for the warm welcome and fantastic analysis, your in great shape guys.

Easy for someone new to understand and learn from. Will keep me eyes open for more potential trades and post more charts.

Good trading
Steve
Everyone here remebers what it is like to start and are more than willing to help. Welcome to the clan and get excited about the journey. It is one hell of a trip to take and enjoy. The biggest piece of advice that I can give is there is no question not worth asking and just start from page one and read through. It isn't magic, but is never ceases to amaze me how well it works when we fine tune our minds to see it.

Ryan
  • #99,462
  • Jul 28, 2011 6:25pm Jul 28, 2011 6:25pm
Quoting gungriffin
We trade charted PA. There is nothing on this chart to even begin to speculate about a top with. Honestly I don't even care about tops and bottoms any more. They just cloud my decision making ability by requiring me to carry a personal bias. That is not what J16 is about as I see it. I ignore MY bias because it is MINE, NOT the markets. I try to keep my head clear and reading the charts in a very objective way. Once there is one hell of a PA signal I might begin to think about where price is going. Until then I will sit and wait.

Ryan
I agree and I'm watching if the BEIB is the start of PA reversal signals. It's great not having a BIAS but i do keep my eye out for tops, bottoms and swing points. I think some consolidation at the current level could add to the story. we'll see....
  • #99,463
  • Jul 28, 2011 6:29pm Jul 28, 2011 6:29pm
Quoting gungriffin
Roll with it friend. Put my thoughts on the chart that you posted. Let me know if anything I said is unclear.

Ryan

Attachment
yo but recheck your ascending trendline....doesnt look pretty accurate = leads to fails in placing trades
Hero calls followed by margin calls...
  • #99,464
  • Jul 28, 2011 7:22pm Jul 28, 2011 7:22pm
it's a 50 degree trendline... during a 500 pips move on H4. Way, way to steep; it's a miracle it lasted so long...

the reaction was on 1.101, the previous high imho. A line happened to pass over there...

and the nose was never broken, but that's another matter
  • #99,465
  • Jul 28, 2011 7:35pm Jul 28, 2011 7:35pm
Quoting PhAnTi'
yo but recheck your ascending trendline....doesnt look pretty accurate = leads to fails in placing trades
Was just borrowing the chart that tas0s had posted. I am not in love with the TL, but I was really looking to highlight the PA that he posted. I am no expert when it comes to finding and placing TL's so I would definitely trust what you have to say in regards to the TL. Hell, I am still a J16 amateur...

Quoting snowly
it's a 50 degree trendline... during a 500 pips move on H4. Way, way to steep; it's a miracle it lasted so long...
Like I said I am not so amazing with TL's. This would definitely be something good to consider none the less.

Ryan
  • #99,466
  • Jul 28, 2011 7:42pm Jul 28, 2011 7:42pm
Quoting 5.25
Lesson of the day for any beginners "Must not ignore Big Round Numbers" (See chart)

My trade for the day: Daily bias on the eurusd, (BEOB), 1h PB for PA entry, off 1.4400BRN.

Note to self: Trying to build a 'winning' psychology. As it's friday tomorrow, if there is no strong setup, I'm happy to stay on the sidelines. Start monday on a positive note coming off of a positive week.
It is already Friday, today, here. It is all relative. LOL
  • #99,467
  • Jul 28, 2011 8:29pm Jul 28, 2011 8:29pm
Hello,

I just finished watching one of James' free videos and I have a question I hope someone can answer. In the screenshot I would have taken a short on the bar with the yellow arrow I added.

I would have gone short because of the previous double bar high with lower close. But that would have been a bad trade.

Is there a way I could have known not to take that? How would I have known?

Attached Image (click to enlarge)
Click to Enlarge Name: ss.png Size: 180 KB


Thanks!!
  • #99,468
  • Jul 28, 2011 8:33pm Jul 28, 2011 8:33pm
Quoting vbmark
Hello,

I just finished watching one of James' free videos and I have a question I hope someone can answer. In the screenshot I would have taken a short on the bar with the yellow arrow I added.

I would have gone short because of the previous double bar high with lower close. But that would have been a bad trade.

Is there a way I could have known not to take that? How would I have known?

Attachment

Thanks!!
Yeah I would say that brown line is a PPZ area. Since the outside bearish bar did not close below that level, I would have been cautious shorting right there. That being said not all PA setups are going to work.
  • #99,469
  • Jul 28, 2011 8:57pm Jul 28, 2011 8:57pm
Quoting vbmark
Hello,

I just finished watching one of James' free videos and I have a question I hope someone can answer. In the screenshot I would have taken a short on the bar with the yellow arrow I added.

I would have gone short because of the previous double bar high with lower close. But that would have been a bad trade.

Is there a way I could have known not to take that? How would I have known?

Attachment

Thanks!!
This is a perfect example of probably one of the most important J16 posts out there (at least to me). There was a ppz right beyond the PA bar, so I think the DBHLC did exactly what we thought it would do - went to the First Trouble Area...which was strong and obviously rejected quickly. That isn't a PA bar that I would play, but a great example of an important concept.

http://www.forexfactory.com/showthre...al#post2365944
  • #99,470
  • Jul 28, 2011 9:28pm Jul 28, 2011 9:28pm
Quoting Donkey
...which was strong and obviously rejected quickly.
Maybe I don't understand but the bar I am pointing to broke through the resistance which I though meant you were good to go.
  • #99,471
  • Jul 28, 2011 10:04pm Jul 28, 2011 10:04pm
Quoting vbmark
Maybe I don't understand but the bar I am pointing to broke through the resistance which I though meant you were good to go.
The bar that you are pointing to is not the bar that you would have based your trade decision on. You would have made your trade decision based on the previous bar. That bar did not close below that PPZ area. If it did I would have shorted the break of that bar. Since it did not, no trade.
  • #99,472
  • Edited 10:29pm Jul 28, 2011 10:14pm | Edited 10:29pm
Quoting vbmark
Maybe I don't understand but the bar I am pointing to broke through the resistance which I though meant you were good to go.

Hey vbmark . . This setup hit its target nicely, that High (in green) that you are calling Resistance . .but what was below or beyond that High? . more levels of previous Resistance or other Highs . .many more of them (in blue).

Also, we understand that when Price breaks through and closes above a strong level of Resistance it will most likely turn into a Support Level. . . and this is what happen . .Strong Resistance turning into strong Support. .to say the least . .that was some bounce . . lol


Jim
Attached Image (click to enlarge)
Click to Enlarge Name: cad2007.jpg Size: 90 KB
Indicators show the past. Price Action "Indicates" the future.
  • #99,473
  • Jul 28, 2011 10:19pm Jul 28, 2011 10:19pm
Quoting vbmark
Maybe I don't understand but the bar I am pointing to broke through the resistance which I though meant you were good to go.
a newbie opinion my friend, if i'm going to trade that setup I want the bar to have a strong close and retest the ppz and wait for short pa bar.
  • #99,474
  • Jul 28, 2011 10:36pm Jul 28, 2011 10:36pm
Quoting jarroo
Hey vbmark . . This setup hit its target nicely, that High (in green) that you are calling Resistance . .but what was below or beyond that High? . more levels of previous Resistance or other Highs . .many more of them (in blue).

Also, we understand that when Price breaks through and closes above a strong level of Resistance it will most likely turn into a Support Level. . . and this is what happen . .Strong Resistance turning into strong Support. .to say the least . .that was some bounce . . lol


Jim
Or maybe you were looking at my magenta line as a PPZ level . .where Highs and Lows meet . . and you saw Price breaking through and closing below this PPZ level, Yes?

PPZ levels are just that, Zones . .so yes, Price broke the PPZ level's High and Low but reached the outer Resistance level of that Zone . .and reacted.
Attached Image (click to enlarge)
Click to Enlarge Name: cad2007a.jpg Size: 94 KB
Indicators show the past. Price Action "Indicates" the future.
  • #99,475
  • Jul 28, 2011 10:40pm Jul 28, 2011 10:40pm
Quoting jarroo
Hey vbmark . . This setup hit its target nicely . . that High (in green) that you are calling Resistance . .but what was below or beyond that High? . more levels of previous Resistance or other Highs . .many more of them.

Also, we understand that when Price breaks through and closes above a strong level of Resistance it will most likely turn into a Support Level. . . and this is what happen . .Strong Resistance turning into strong Support. .to say the least . .that was some bounce . . lol


Jim
Exactly.

Quoting vbmark
Hello,

I just finished watching one of James' free videos and I have a question I hope someone can answer. In the screenshot I would have taken a short on the bar with the yellow arrow I added.

I would have gone short because of the previous double bar high with lower close. But that would have been a bad trade.

Is there a way I could have known not to take that? How would I have known?

Attached Image


Thanks!!
Strong areas of generalized S/R are also refered to as a Price Pivot Zone (PPZ). It is more a general area of S/R than a specific number. I would say that the area in the graph above looks more like a PPZ than just S/R.
  • #99,476
  • Jul 28, 2011 10:44pm Jul 28, 2011 10:44pm
Quoting vbmark
Hello,


Is there a way I could have known not to take that? How would I have known?


Thanks!!
vb...I had that same thought not so long ago...how do you know? What really helped me was finding a way to demo that J16 teaches....where is price going (wipg). I think a lot of folks have used it. You basically pick a PA bar and predict where price goes if it will break....identifying the first place it will have trouble. I did it for several months and it builds tremendous confidence. I would pick a first area and a second area and kept stats on how I did. I picked PA bars of all sorts in good locations, bad locations, stuff I wouldn't trade and stuff I would.

Here's an example of a PA bar I WIPG'd last year. Note this is not a bar I would play...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: wipg20b.gif Size: 23 KB
  • #99,477
  • Edited 11:19pm Jul 28, 2011 10:55pm | Edited 11:19pm
Quoting gungriffin
Exactly.

Strong areas of generalized S/R are also refered to as a Price Pivot Zone (PPZ). It is more a general area of S/R than a specific number. I would say that the area in the graph above looks more like a PPZ than just S/R.
This is true gungriffin . . .But at any given time a PPZ level is either acting as Support or Resistance, not both at the same time.

That's why I like to break down the PPZ level to what it is currently acting as . .either Support or Resistance.

Prior to PBT&CA, this PPZ level was acting as Resistance. . .I also define my Resistance level (and Support levels) not only by their Highs but also their Highest Close of that Resistance level. (or Lowest Close of Support level)

We can see that once PBT&CA the Resistance level, the transition to Support was not only see by the previous Highs but also the Close. .
Attached Image (click to enlarge)
Click to Enlarge Name: cad2007ab.jpg Size: 93 KB
Indicators show the past. Price Action "Indicates" the future.
  • #99,478
  • Jul 28, 2011 11:09pm Jul 28, 2011 11:09pm
Quoting jarroo
This is true gungriffin . . .But at any given time a PPZ level is either acting as Support or Resistance, not both at the same time.

That's why I like to break down the PPZ level to what it is currently acting as . .either Support or Resistance.

Prior to PBT&CA, this PPZ level was acting as Resistance. . .I also define my Resistance level (and Support levels) not only by their Highs but also their Highest Close of that Resistance level. (or Lowest Close of Support level)

We can see that once PBT&CA the Resistance level the transition to Support...
Excellent description. Ha ha I hope to one day be as good at putting my thoughts into words as you are. That is a much better description than I could give. Thank you for clarifying my former post (even to me a bit ) Also I did not see your post number 99496 when I posted my first comment. That was also a better explaination of PPZ...
  • #99,479
  • Jul 28, 2011 11:16pm Jul 28, 2011 11:16pm
Quoting Donkey
vb...I had that same thought not so long ago...how do you know? What really helped me was finding a way to demo that J16 teaches....where is price going (wipg). I think a lot of folks have used it. You basically pick a PA bar and predict where price goes if it will break....identifying the first place it will have trouble. I did it for several months and it builds tremendous confidence. I would pick a first area and a second area and kept stats on how I did. I picked PA bars of all sorts in good locations, bad locations, stuff I wouldn't trade and...
An excellenct exercise and a must to do . .very nice D ..
Indicators show the past. Price Action "Indicates" the future.
  • #99,480
  • Jul 28, 2011 11:17pm Jul 28, 2011 11:17pm
Quoting gungriffin
Excellent description. Ha ha I hope to one day be as good at putting my thoughts into words as you are. That is a much better description than I could give. Thank you for clarifying my former post (even to me a bit ) Also I did not see your post number 99496 when I posted my first comment. That was also a better explaination of PPZ...
Sure thing gun . .help about here as much as you can . .and you'll get better at it . .and with your trading ..
Indicators show the past. Price Action "Indicates" the future.
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