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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

  • #102,201
  • Sep 25, 2011 1:17pm Sep 25, 2011 1:17pm
Hi Mike/jim,

I have drawn the PPZ lines on EURUSD. Starting from Monthly to Weekly to Daily

Monthly : Dark Green color
Weekly : Gold color
Daily: Black color

Method used: Zoom out on monthly and put the chart in line graph mode. Draw lines where the price has both acted as support and resistance. then going to Weekly and then to daily.

Now I need to wait for price to come to these levels, look at the PA, wait for ret at fib level and then fire the trade.

Its been only a week but I have stopped staring at the terminal and watch price like stupid...I spend most of the time reading this thread which makes me occupied and not look at the charts.

I have opened a demo account and will only take trades if prices comes to me (SR level with PA) . no more 5mins chart nor 4hr charts for me...Ok enough talking

Please let me know your feedback.

Thanks,
Amar
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  • #102,202
  • Sep 25, 2011 1:32pm Sep 25, 2011 1:32pm
Hey Amar

This is exactlyt he mentality to have, so stick with that and be patient

As for PPZ, your chart is fine, but I think it will be easier for you to do one of the following

Draw just the major PPZ for now the areas you are most interested in. The way I do this is too watch the PPZ on the timeframe I am watching. So instead of plotting daily/weekly/monthly and having lines everywhere, I keep my chart cleaner and keep only the major PPZs for the timeframe I am watching(while I don't really keep the lines on my chart this is still my approach in my head). This may make it easier to decipher things.

Then when you enter a trade you can continue to mark up more zones for trade mgmt.

Keep at it
Mike

Quoting TheFutureAce
Hi Mike/jim,

I have drawn the PPZ lines on EURUSD. Starting from Monthly to Weekly to Daily

Monthly : Dark Green color
Weekly : Gold color
Daily: Black color

Method used: Zoom out on monthly and put the chart in line graph mode. Draw lines where the price has both acted as support and resistance. then going to Weekly and then to daily.

Now I need to wait for price to come to these levels, look at the PA, wait for ret at fib level and then fire the trade.

Its been only a week but I have stopped staring at the terminal and watch price like stupid...I...
  • #102,203
  • Sep 25, 2011 1:33pm Sep 25, 2011 1:33pm
Anyone any thoughts on the PB on 4H Gold chart. Please see attachment.

Fib confluence @ 61.8
BRN @ 1650
Price broke through then retraced and closed above pivot zone @ 1650
Swing Low
Space

Entry 10 pips above PB @ 1658.65
FTA @ bar low around 1680
S/L initially 10 pips below PB @ 1628.27

Any thoughts?

Regards
Bud_Fox
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  • #102,204
  • Sep 25, 2011 1:41pm Sep 25, 2011 1:41pm
Quoting bud_fox
Anyone any thoughts on the PB on 4H Gold chart. Please see attachment.

Fib confluence @ 61.8
BRN @ 1650
Price broke through then retraced and closed above pivot zone @ 1650
Swing Low
Space

Entry 10 pips above PB @ 1658.65
FTA @ bar low around 1680
S/L initially 10 pips below PB @ 1628.27

Any thoughts?

Regards
Bud_Fox
Hey Conrad

I would be VERY careful trying to buy these bars. This is coming off a HUGE down move with a very very small bar to reverse it. This is too much trying to pick a bottom for me and it can get a trader into a lot of trouble. A good trick is to zoom your chart out a bit more to get perspective of the size of the bar

Hope that helps
MIke
  • #102,205
  • Sep 25, 2011 1:51pm Sep 25, 2011 1:51pm
Hey Mike,

Understood. In comparison to the latest move down it is a relatively small bar. I'll keep an eye on the Daily chart for better PA.

Conrad
Quoting mbqb11
Hey Conrad

I would be VERY careful trying to buy these bars. This is coming off a HUGE down move with a very very small bar to reverse it. This is too much trying to pick a bottom for me and it can get a trader into a lot of trouble. A good trick is to zoom your chart out a bit more to get perspective of the size of the bar

Hope that helps
MIke
  • #102,206
  • Sep 25, 2011 3:48pm Sep 25, 2011 3:48pm
Actually,I don't understand one thing.How various price action setups can work if there are so many brokers in different parts of the world which start work in different time.So it means that people see different bars and for instance if someone see a pin bar,another one see an inside bar...So where is LOGIC?
  • #102,207
  • Sep 25, 2011 4:45pm Sep 25, 2011 4:45pm
Quoting SarasR
Actually,I don't understand one thing.How various price action setups can work if there are so many brokers in different parts of the world which start work in different time.So it means that people see different bars and for instance if someone see a pin bar,another one see an inside bar...So where is LOGIC?
Hey SarasR

The logic is that you are using the past historical flow to make speculative decisions about the future movement of price. It's basically reading the orderflow, the supply and demand/market sentiment/flow/psych and trying to go with that "flow". Past price is helpful in prediction of future price movements. Patterns occur in the market place on many levels. This is why S/R works , price action works etc enough to give us an edge

So at the end of the day we are using the aggregation of that in bars to see what we see. Many timeframes will be universal(ie 5min , 15, 30, 1hr weekly(pretty close) etc)) but some of the others will usually be close-ish like the daily. At the end of the day the easiest is to play what you see, when you formulate stories and add in all the different components that is what brings the success.
Hope that helps
Mike
  • #102,208
  • Sep 25, 2011 5:49pm Sep 25, 2011 5:49pm
Quoting ghous
certainly does.

Notice the other bits of confluence in addition to the 50 RN PPZ.

3rd touch of the mighty trend line.

the 61.8 FIB



g.
I set my alarm for 2 am (market open) and couldn't make it, looks like I am late to the party.

A quick close on the gap and off we go. 5.800 RN is the first target. Good luck to those who caught this.

g.
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I believe . . .
  • #102,209
  • Sep 25, 2011 7:47pm Sep 25, 2011 7:47pm
Just trying to get my mind around the channel mentioned.
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  • #102,210
  • Edited 9:47pm Sep 25, 2011 8:38pm | Edited 9:47pm
Quoting SarasR
Actually,I don't understand one thing.How various price action setups can work if there are so many brokers in different parts of the world which start work in different time.So it means that people see different bars and for instance if someone see a pin bar,another one see an inside bar...So where is LOGIC?
I think you are looking at things backwards. Weather forecasts don't make it rain tomorrow. But they do tell you whether you should consider taking an umbrella.



I am zen as hell today

Now, please give me the breakout/retrace/breakout that I want.
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When you have to shoot, shoot. Dont talk.
  • #102,211
  • Sep 25, 2011 9:22pm Sep 25, 2011 9:22pm
Quoting mbqb11
watching
can i know what does your blue horizontal bar signifies?
  • #102,212
  • Sep 25, 2011 9:27pm Sep 25, 2011 9:27pm
Quoting ventin75
can i know what does your blue horizontal bar signifies?
Hey V

That is a PPZ (price pivot zone), so that is former resistance that is likely to turn into support or a potential area. This is also the BRN of 1550 it is lining up with

Here is some more info on PPZs
http://www.forexfactory.com/showthre...16#post2252116

Best
Mike
  • #102,213
  • Sep 25, 2011 10:02pm Sep 25, 2011 10:02pm
Quoting picon1
Attachment
Quoting Edonya
Hi James16Thread seniors,
Quoting TheFutureAce
I have drawn the PPZ lines on EURUSD. Starting from Monthly to Weekly to Daily

Guys, you have way too many lines on your charts. You are just setting yourselves up for false positives.


Quoting sakrani
I believe the storyline is the same and the pair again is GBPUSD.
I like your style


Quoting Selecta3000
Don't trade at anything smaller than D1, and spread is not so important then. Just my $0.02..
It depends on the volatility of the pair. Paying 10 pips to get on a (potential) 30 pip move is pretty dicey over the long term.

Spread:ATR
When you have to shoot, shoot. Dont talk.
  • #102,214
  • Sep 25, 2011 10:15pm Sep 25, 2011 10:15pm
Quoting mbqb11
Hey Amar

This is exactlyt he mentality to have, so stick with that and be patient

As for PPZ, your chart is fine, but I think it will be easier for you to do one of the following

Draw just the major PPZ for now the areas you are most interested in. The way I do this is too watch the PPZ on the timeframe I am watching. So instead of plotting daily/weekly/monthly and having lines everywhere, I keep my chart cleaner and keep only the major PPZs for the timeframe I am watching(while I don't really keep the lines on my chart this is still my approach...
Thanks Mike. You are correct, after looking at the chart while posting I felt the same thing. It looked as if i just drew a line every 200 pips.

I will go look at it again and work on it....

Joelcf...I will work on it and post my chart again

Thanks for your honest feedback guys...Cheers!!!
Amar
  • #102,215
  • Edited Sep 26, 2011 2:27am Sep 25, 2011 10:31pm | Edited Sep 26, 2011 2:27am
0.87500 just broke hard.
0.86500 Should be an interesting area to keep an eye on.

I am thinking "Blender Aside" is referring to the chop?
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  • #102,216
  • Sep 26, 2011 1:22am Sep 26, 2011 1:22am
Quoting geniusztc
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
this pair failed .but not lost pips .

now ,keep an eye on silver .need pull back ,
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A chart helps those who can read it.
  • #102,217
  • Sep 26, 2011 2:28am Sep 26, 2011 2:28am
Quoting Pinbar
0.87500 just broke hard.
0.86500 Should be an interesting area to keep an eye on.

I am thinking "Blender Aside" is referring to the chop?


The H1 PB at the area I marked off earlier has just hit its FTA & STA.

Let's see if it can get back to the major flip area 4.

I seriously doubt it will, given the size of the large bearish bar.
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  • #102,218
  • Sep 26, 2011 2:36am Sep 26, 2011 2:36am
I konw it's a short timeframe, but when these type of things happen at an area of interest for me i.e off the days high or low, then there's usually a few pips up for grabs.

This pin bar developed right on the low of the day. Entry at 06. First target area is the low of Fridays PA at around 17 with 50% taken off. Stops to entry, and the next area to look at is the high of the overnight pull back.

These setups are always good for a good 10-15 pips. Just don't get too greedy on these time frames.

Attached Image
  • #102,219
  • Edited 3:04am Sep 26, 2011 2:49am | Edited 3:04am
Pretty much did what I expected. A quick 10 pips from entry to 1st target. Push up to with in 2 pip of the pull back high, and now price falling back to Friday's low.

Had to be quick on this one.

Attached Image


There was also a pretty much identical setup on EJ this morning as well, but the the targets weren't as clearly defined. The only one that jumped off the chart at me would have been last weeks open, which would have been good for around 30 pips. But I didn't take this trade on.
  • #102,220
  • Sep 26, 2011 2:54am Sep 26, 2011 2:54am
Quoting mbqb11
Hey V

That is a PPZ (price pivot zone), so that is former resistance that is likely to turn into support or a potential area. This is also the BRN of 1550 it is lining up with

Here is some more info on PPZs
http://www.forexfactory.com/showthre...16#post2252116

Best
Mike
thanks Mike, maybe i entered my BUY abit late after reading your post (prices are moving very fast) ... now that prices have rebounded from this support level. Where is a good place to take profit from here? Any guidelines?
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