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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

  • #106,761
  • Edited 12:24am Feb 3, 2012 12:10am | Edited 12:24am
Quoting Variance
Hi Jim,

As you think back to many of the superior trades that you've taken in the past, now what specific factors and/or scenario types where you can safely ignore a PPZ?

Can you think of any specific ones or a confluence of factors that can outweigh the PPZ? For instance, perhaps we can safely ignore minor PPZ's if we get a MACDH positive divergence from a symmetrical, well-formed V-formation that is occuring at a 62.8% retrace of big move, with a measured move target from what looks like a big picture flag, confirmed by a big Buob right off...
As you think back to many of the superior trades that you've taken in the past, now what specific factors and/or scenario types where you can safely ignore a PPZ? Can you think of any specific ones or a confluence of factors that can outweigh the PPZ?



Again you're answering the question within the question . A strong PA setup (Big in size) that is heavily confluenced will have the momentum to smash through a strong PPZ level . .turning a Support level into a Resistance level or vice versa.

Higher TFs Rule . . .They have more time and data in them. So a relatively small Weekly PA seup tends to over run a big 4 Hour PA setup . .etc. . . the same with a Weekly PPZ level compared to a 4 Hour PPZ level.


I hope I came near to answering your questions, Var.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #106,762
  • Feb 3, 2012 12:44am Feb 3, 2012 12:44am
Quoting jarroo
Higher TFs Rule . . .They have more time and data in them. So a relatively small Weekly PA seup tends to over run a big 4 Hour PA setup . .etc. . . the same with a Weekly PPZ level compared to a 4 Hour PPZ level.


I hope I came near to answering your questions, Var.

Jim
Exceedingly and abundantly Jim,

I just need to sleep on it for a while and allow my unconscious and dreams to work out a tangible way to integrate the concept into my trading.

Thanks heaps!

V
  • #106,763
  • Feb 3, 2012 12:52am Feb 3, 2012 12:52am
Quoting Variance
Exceedingly and abundantly Jim,

I just need to sleep on it for a while and allow my unconscious and dreams to work out a tangible way to integrate the concept into my trading.

Thanks heaps!

V
Sure thing V . .

What caused this bounce (in blue) . .looking at that Daily, it doesn't look very clear. .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,764
  • Feb 3, 2012 1:06am Feb 3, 2012 1:06am
Jim,

That's exactly where I had my FTA as well - from the immediate chart above.

My initial looks at the weekly and monthly (first 2 attached) gave me an extremely bearish view.

I threw a few lines on the weekly just now and it looks dramatically different to me....

If it wasn't for parity, I could almost ignore the "minor PPZ" but now that I see the correlations all the way back....

LOL, this is interesting....


Edit* Charts re-attached
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Click to Enlarge Name: USDCAD Weekly2.jpg Size: 82 KB
  • #106,765
  • Edited 1:19am Feb 3, 2012 1:08am | Edited 1:19am
Edit* Charts re-attached to the previous post
  • #106,766
  • Feb 3, 2012 1:15am Feb 3, 2012 1:15am
Quoting Variance
Jim,

That's exactly where I had my FTA as well - from the immediate chart above.

My initial looks at the weekly and monthly (first 2 attached) gave me an extremely bearish view.

I threw a few lines on the weekly just now and it looks dramatically different to me....

If it wasn't for parity, I could almost ignore the "minor PPZ" but now that I see the correlations all the way back....

LOL, this is interesting....

Yes that's correct . .when we look at the Higher TFs, we can get a better understanding of what the bigger picture looks like.


Here is what I believe caused that bounce at the .9900 level . .chart to follow . .
Indicators show the past. Price Action "Indicates" the future.
  • #106,767
  • Feb 3, 2012 1:25am Feb 3, 2012 1:25am
Quoting jarroo
Yes that's correct . .when we look at the Higher TFs, we can get a better understanding of what the bigger picture looks like.


Here is what I believe caused that bounce at the .9900 level . .chart to follow . .
chart . .now what caused the "Price to chop up the level here"? . . chart to follow . .
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Indicators show the past. Price Action "Indicates" the future.
  • #106,768
  • Feb 3, 2012 1:37am Feb 3, 2012 1:37am
Quoting jarroo
chart . .now what caused the "Price to chop up the level here"? . . chart to follow . .

probably a better example than the last chart . .showing the relevance to strong levels and Space . .
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #106,769
  • Feb 3, 2012 1:44am Feb 3, 2012 1:44am
Thanks Jim,

I've re-focused the PPZ to the more immediate flipping point and now it looks like it definitely looks more bearish. I reckon the problem with this pair is it has way too much noise and non-directional movement... I wouldn't be surprised if even top pros can get caught when trying to trade stuff in the middle....
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  • #106,770
  • Feb 3, 2012 1:56am Feb 3, 2012 1:56am
Quoting Variance
Thanks Jim,

I've re-focused the PPZ to the more immediate flipping point and now it looks like it definitely looks more bearish. I reckon the problem with this pair is it has way too much noise and non-directional movement... I wouldn't be surprised if even top pros can get caught when trying to trade stuff in the middle....
Yeah, the middle stuff is complex. .but very tradable; targets are quickier, drawdowns are more apparent before the target, etc.

Just give me clear, easy to see levels at Consolidation areas and Swing Points . . and I'll be happy . .
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: cad02aabbccddpb.jpg Size: 105 KB
Indicators show the past. Price Action "Indicates" the future.
  • #106,771
  • Feb 3, 2012 2:05am Feb 3, 2012 2:05am
Quoting jarroo
Yeah, the middle stuff is complex. .but very tradable; targets are quickier, drawdowns are more apparent before the target, etc.

Just give me clear, easy to see levels at Consolidation areas and Swing Points . . and I'll be happy . .
Yummy.... (where's the salivation icon??)
  • #106,772
  • Feb 3, 2012 2:20am Feb 3, 2012 2:20am
Here's something i'm looking at.... and wondering whether i should be....

The general area is a swing low, almost lowest ever but there's a few hundred pips to the bottom (not shown in charts but in aug 2011), therefore not many high TF levels to look back on historically which is why i want to learn this areas behaviour.

Should i just avoid areas like this?

Should i be waiting only for long opportunities, even on lower TF?

Personally i'd prefer longs here but i see price heading down and touching another level which if broken has a lot of space to the levels of the all time lows....

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  • #106,773
  • Feb 3, 2012 5:04am Feb 3, 2012 5:04am
Just a reminder today is NFP . Expect big volatility
  • #106,774
  • Feb 3, 2012 5:23am Feb 3, 2012 5:23am
Quoting Rust
Just a reminder today is NFP . Expect big volatility


thanks - i'd forgotten.... noob mistake. Need an alert or an indi for that!!!
  • #106,775
  • Feb 3, 2012 5:32am Feb 3, 2012 5:32am
Quoting jarroo
Yeah, the middle stuff is complex. .but very tradable; targets are quickier, drawdowns are more apparent before the target, etc.

Just give me clear, easy to see levels at Consolidation areas and Swing Points . . and I'll be happy . .
Jim,

You didn't show why it did not keep on going lower....
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  • #106,776
  • Feb 3, 2012 5:38am Feb 3, 2012 5:38am
Quoting Pinbar
What is it you got Poke?

I am thinking about it also, I always think about the things these guys ask us, even if half the time, I fail to grasp what it is Bemac is asking. LOL


Could it be this?
I guess he want me to focus on current market conditions and don't think about variants so much.
Thanks for your pics, i also noticed this line at H4, and placed my sellstop under it.
  • #106,777
  • Feb 3, 2012 5:40am Feb 3, 2012 5:40am
Quoting beebolbod


thanks - i'd forgotten.... noob mistake. Need an alert or an indi for that!!!

At your service

I set it up to only show on an M5 chart and check it before I decide to make a trade. Don't let it display on all time frames as it slows down the chart.
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Attached File(s)
File Type: mq4 FFCal.mq4   49 KB | 376 downloads
  • #106,778
  • Feb 3, 2012 5:55am Feb 3, 2012 5:55am
Quoting Pinbar
At your service

I set it up to only show on an M5 chart and check it before I decide to make a trade. Don't let it display on all time frames as it slows down the chart.
hehehe... and so it continues

ta v much
  • #106,779
  • Feb 3, 2012 6:03am Feb 3, 2012 6:03am
Anyone know of an indicator that puts a two lines on the chart with an alert when touched by price? One that you can just drag the lines rather than having to input price in it.

By alert, I mean a popup alert, which informs us of which pair it is on. Not just a wav alert

This will help prevent me missing many setups.
  • #106,780
  • Feb 3, 2012 6:21am Feb 3, 2012 6:21am
Quoting Pinbar
Anyone know of an indicator that puts a two lines on the chart with an alert when touched by price? One that you can just drag the lines rather than having to input price in it.

By alert, I mean a popup alert, which informs us of which pair it is on. Not just a wav alert

This will help prevent me missing many setups.
I found one which i got excited about which does almost all of that.... drag the line get the alert.... doesn't say which pair initiated it though.... deleted it.

I know nothing of coding except to modify my indi's a little but it cant be that hard to do this and it'd be very handy.
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