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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

  • #102,141
  • Sep 23, 2011 5:51am Sep 23, 2011 5:51am
Quoting mbqb11
Hey VB

I put some comments on a chart for you

Best
Mike
Wow! You just gave me a great educational boost there. So much info in just that one chart. I've bookmarked it for a reference. I got stopped out but I don't care because I learned so much from posting it.

Somehow I missed the concept of a minor swing high but it makes sense.

I'm in the H1 time frame just to speed up my education. I start my evaluation on the weekly, then go to daily. If I still don't see anything I go to hourly just so I can practice looking for the pinbars and get all the mistakes and bad trades out of my system (like above).

Thank you for taking the time to reply!
  • #102,142
  • Sep 23, 2011 8:45am Sep 23, 2011 8:45am
I posted an image on Sunday night of an observation on a short trade on Euro based off a BEIB and a fib confluance. With harry hindsight it was a great trade, however I wouldn't have got filled on the entry as price gapped well below on Sunday open. I would have had to wait till Wednesday for the gap fill and the entry. But as I'm just exercising my powers of observation and practice, I didn't take action.

Looking at things a fresh today on Euro, here is what I see developing.

Attached Image (click to enlarge)
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1) Still in a strong down trend. Looking only for short options

2) Fibs taken from the previous 3 swing highs to current lower low.

3) Marked off my own PPZ levels from the charts.

4) Area in the blue rectangle represents the closest area of confluence. Two fib zones and my PPZ with in 25 pips of each other, 3725-50

5) Looking for some sort of corrective bounce next week to this area. Then start looking for short setups. As I firmly believe the overall mood of this pair is still down.

6) IF price goes through this level, there are some more PA confluence zones, but once 3900 is in sight, I feel the short direction for the time being may not be as strong.

So, with that said, next weeks trading plan on Euro for me is this.

Direction: Short
Action: Wait for corrections up to my identified PA zone. Then look for new short entries using pin bar, DHLC, BEIB setups as these are what I'm learning.
Warnings: Not to discount the possibility of new short setups without reaching correction zone. These will be B or A- setups at best for short term pips.

Hope this makes sense.
  • #102,143
  • Sep 23, 2011 9:34am Sep 23, 2011 9:34am
Quoting stochman
Brent and WTI are my two favourite instruments, I've been trading those two since I started trading nine months ago. I had been watching both closely yesterday as they appeared very bearish, I decided on a short into Brent after price broke through 108.50 and then found resistance at the same point, I managed to take 158 pips out of it however I do admit to zooming in to M5 for my entry and exit points, old habits die hard, I promise to try harder, apologies

The fantastic thing, for me anyway, was that, based on what I've learned on...
Cool stoch

Just keep on at it demoing and practicing

Best
Mike
  • #102,144
  • Sep 23, 2011 9:35am Sep 23, 2011 9:35am
Quoting vbmark
Wow! You just gave me a great educational boost there. So much info in just that one chart. I've bookmarked it for a reference. I got stopped out but I don't care because I learned so much from posting it.

Somehow I missed the concept of a minor swing high but it makes sense.

I'm in the H1 time frame just to speed up my education. I start my evaluation on the weekly, then go to daily. If I still don't see anything I go to hourly just so I can practice looking for the pinbars and get all the mistakes and bad trades out of my system (like above).

Thank...
Hey VB

Glad it helped

One thing is trading on a lower timeframe will not necessarily speed up your education but it could hinder it. It's not like most things where the more we do the better we get. In trading most of the time it's the less we do. So we learn to sit on our hands and be picky and patient(which is tougher to do the lower the timeframe you go).

Enjoy the weekend bud
Mike
  • #102,145
  • Sep 23, 2011 11:16am Sep 23, 2011 11:16am
Hi, guys anyone watching Gold and would you consider shorting if it closes on a DBHLC on the monthly time frame.

Thanks
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  • #102,146
  • Sep 23, 2011 11:17am Sep 23, 2011 11:17am
YES!!!!!!

Quoting ghous
umm...you mean...err...ahem...something like this?


()

150 + 50 fib + 1.75 + PPZ.

g.
  • #102,147
  • Sep 23, 2011 11:38am Sep 23, 2011 11:38am
Quoting james16
chart
Hi,

I don't know why it's not obvious for me, because when I watch your chart I see :

1- a nice but a bit small pinbar
2- a range just before forming a not clear trafic area with no space = Close FTA
3- The bar just before the pinbar shows us a strong uptrend power

but maybe these signs of weakness are not important compared to the confluences you mentionned ? I'm lost, I really don't know how much importance I've to give to each signs.

I need to understand the way you read your chart. thank you very much for all your advices.
Have a good weekend.
  • #102,148
  • Sep 23, 2011 11:58am Sep 23, 2011 11:58am
Quoting Walcott
Hi,

I don't know why it's not obvious for me, because when I watch your chart I see :

1- a nice but a bit small pinbar
2- a range just before forming a not clear trafic area with no space = Close FTA
3- The bar just before the pinbar shows us a strong uptrend power

but maybe these signs of weakness are not important compared to the confluences you mentionned ? I'm lost, I really don't know how much importance I've to give to each signs.

I need to understand the way you read your chart. thank you very much for all your advices.
Have a good weekend....
Hey Walcott

confluence and location trump ALL

The idea is to combine everything into a high probability situation. Then determine the best course of action to managing that situation.

If you are new and struggling the above trade will be harder to manage and identify then a nice clean big bar. BUT as you grow as a technical trader you will most likely incorporate other situations and scenarios from the traditional basics off the SAME concepts.

This thread definitely has a focus on the basics(things like big bars, space, etc) but we definitely show other ways to apply the concepts too. The above I would put into that category. James area and location is confluence heavy(look how how well price is flipping around the 6450/6500 BRN area,), the pinbar is simply the tip off point or just some more information. That's all we are looking for is information as traders. Then how we can or can not use that information. When the information comes to a point that we can understand, we trade. I think the mistake comes from people forgetting there is not one place to play a bar. The bar is a small part of everything. For example I just posted a eur/jpy 4hr beob at a DEEP swing low. Not the traditional spot, and I always say the same thing with those too. Which is, In my opinion until you can do the easier (ones that jump off and smack you in the face) the more "complicated" situations will just make a new traders head spin.

Remember each situation is its OWN situation with its own factors to consider. There is no checklist(for me at least) that if ABC is there then I can expect XYZ. It's about reading each situation on its own. This "uncertainty" is what trips most people up and why there is a long learning curve for most.

So I always say start with the basics and build the foundation properly. If you have trouble learning how to trade in these types of areas, simply mark your chart off for high confluenced areas and just watch price.

Enjoy the weekend
Mike
  • #102,149
  • Sep 23, 2011 12:22pm Sep 23, 2011 12:22pm
Quoting aserbfx
rather exotic pair aud/sgd coming into a major ppz with fib, s/r, brn and ema.
unfortunately i didn't take it.
trigger would have been the close of the bar below the ppz.
worked, yes.
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meine augen sind die sterne
  • #102,150
  • Sep 23, 2011 12:46pm Sep 23, 2011 12:46pm
BUOB sitting on nice area of confluences?
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  • #102,151
  • Sep 23, 2011 12:52pm Sep 23, 2011 12:52pm
gbp/usd

how nice would it be if it closes as an IB at this level to bring us back up to 1.565!
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  • #102,152
  • Sep 23, 2011 12:54pm Sep 23, 2011 12:54pm
oh and a bigger picture of current PPZ
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  • #102,153
  • Sep 23, 2011 1:34pm Sep 23, 2011 1:34pm
Hi James16Thread seniors,
I start with thanking you for the great education in this thread
I have read most of the material in the forum and i am still practicing on how to trade PA setups off the PPZ. As of now i am at BE.

But i have one problem which i need your assistance. I am not very sure whether i am drawing my PPZ correctly, i know they are zones although i use lines.

I have attached two charts to look at them and advice me accordingly whether i have drawn them correctly or not.
Regards
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  • #102,154
  • Sep 23, 2011 3:08pm Sep 23, 2011 3:08pm
gbp/nzd...pretty nice bar and close ya?
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  • #102,155
  • Sep 23, 2011 6:25pm Sep 23, 2011 6:25pm
Quoting mbqb11

This "uncertainty" is what trips most people up and why there is a long learning curve for most.


Mike

You can say that again.

By

Tripped up in China. LOL
  • #102,156
  • Sep 23, 2011 8:28pm Sep 23, 2011 8:28pm
Hi Guys,

I am always a lurker and been away for a while. Tons of pages have been added therefore while going through the last few pages came across a chart posted by James on GBPUSD on a setup developed in May. No wonder why chart time is so stressed to identify the repeated patterns in this market.

I believe the storyline is the same and the pair again is GBPUSD.

Good weeked to you all.
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  • #102,157
  • Sep 23, 2011 8:35pm Sep 23, 2011 8:35pm
Interesting... two consecutive pinbars on the daily + inside bar..
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  • #102,158
  • Sep 23, 2011 11:04pm Sep 23, 2011 11:04pm
my next fish..
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  • #102,159
  • Sep 23, 2011 11:05pm Sep 23, 2011 11:05pm
Quoting ghous
umm...you mean...err...ahem...something like this?


()

150 + 50 fib + 1.75 + PPZ.

g.
hey G,this looks good man.
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  • #102,160
  • Edited 1:14am Sep 24, 2011 1:07am | Edited 1:14am
I love this pair very much .on weekly chart ,we have in the zone more than one year .on daily chart ,the PPZ is great !!!and there is no fake of PPZ in the box .

now price is in the ppz again , there is also the 365ema above .and almost a pin bar ? in my eyes ,it is chance .

enjoy the weekend .

be careful of the support level @ 1.3688
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A chart helps those who can read it.
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