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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

  • #110,961
  • Apr 29, 2012 5:17pm Apr 29, 2012 5:17pm
forextrini1,

I can definitely understand that! I will definitely be trading demo for the recommended time and following each step. Hope I can master this eventually!
  • #110,962
  • Apr 29, 2012 5:20pm Apr 29, 2012 5:20pm
Quoting Quezoy
Sorry for the oftopic question, but since we trade in similar way I would like to hear your opinion about that...

Im looking for a broker, but the people in the discussion forum only talk about spread, requotes, execution speed... which is not something that has much importance when trading of daily charts, I asume.
So what to look for in a broker?

Im using Pepeprstone at the moment, but they have only 20+ pairs and I would like to have more.
I see many of you are using FxPro, but they are not suitable for me, as the dont offer micro lots.
I use Oanda because they suite me. I'm starting small and they have no minimum lot size which is perfect for a micro trader. I can even test with tiny 10 or 100 unit lots with no big losses to worry about. My first broker forex.com had micro lots fixed at 10,000 units, an easy way to loose all your money in a micro account, that I learned by experience but i was totally new to forex.
Try various demo accounts first then make your decision. Another important thing for me was how does the broker fund the account and how you make withdrawals and their fees and annual statements...people hardly talk about that. For me credit card funding is not an option. Oanda offered funding by checks or money orders which is good enough for me, Besides I did not want some broker having access to my creditcard. A lot of people also say they want someone with high leverages, well high leverage may increase gains, but also means higher potential losses. Oanda is highest leverage is 50:1 the lowest is 10:1. again that suits my needs as a beginner. Some go for brokers with 100:1 and higher leverage then cry when the brokers take all their money with margin calls. Anyways thats my take.
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #110,963
  • Apr 29, 2012 7:17pm Apr 29, 2012 7:17pm
I liked a suggestion by Wizard to have the Fibo and horizontal lines for PPZ already drawn on the charts in advance, so when the price nears a significant line we cant fudge about it. I spent a couple of hours, going thru the charts in my MT4 from IBFX and drawing the PPZ lines and fibos on about 15 charts. ................ I was very disappointed to find that after I closed each chart the lines and fibos did not remain where I drew them when I reopened those charts again --

IBFX says you can save maybe 5 as "templates"-- then your platform will start slowing down...

Anyone know how to save 15 individual charts with their fibos and PPZ drawn on them --so they can be opened and closed---from one day to the next---and not lose the position of the fibo and PPZ lines drawn on them???

anyone? ........anyone???....... Buehler? (j/k)

thank you in advance... terrific site! terrific support in here too!!!
  • #110,964
  • Apr 29, 2012 9:17pm Apr 29, 2012 9:17pm
Quoting mbarker22
mbqb11,

Thanks so much for the reply. Can you also tell me, does ppz mean pivot point zone? If so, would I plot this on a chart using daily pivot points?
Hey Mb

Yep PPZ stands for price pivot zone. These are not calculated like pivot points are. PPZ is the flip from support to resistance and resistance to support

Here is a good starting point

http://www.forexfactory.com/showthre...16#post2252116
best
Mike
  • #110,965
  • Apr 29, 2012 9:58pm Apr 29, 2012 9:58pm
Thank you Mike. I really appreciate the help.

MB

Quoting mbqb11
Hey Mb

Yep PPZ stands for price pivot zone. These are not calculated like pivot points are. PPZ is the flip from support to resistance and resistance to support

Here is a good starting point

http://www.forexfactory.com/showthre...16#post2252116
best
Mike
  • #110,966
  • Apr 29, 2012 11:44pm Apr 29, 2012 11:44pm
When drawing the ppz lines, am I correct to assume that you would draw different lines for different timeframes? If trading off a daily chart, ppz lines would be drawn from there, but if trading from, say, a 1 hour chart, your ppz lines would be drawn specifically from that chart?
  • #110,967
  • Edited 1:27am Apr 30, 2012 12:50am | Edited 1:27am
Quoting meshka
well... You're right personally I am very glad falling from chair periodically and laughing, then getting up and rereading it seriously... he is phenomena. I am reading his posts few nights in row... this thread is full of gems Best regards and nice to meet You Joel
Joel is a great read . .absolutely. His last reply was classic Joel . .liquidity-based crash . .dropping an entire tray of drinks.

If he ever wrote a book . .forget about it. .it would fly off the shelves and into trader's hands . . We are lucky to have him here . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #110,968
  • Apr 30, 2012 1:02am Apr 30, 2012 1:02am
Quoting fxprocessor
Hi guys - Nice PPZ on GBPJPY around the 130.00 level with a 38.2 Fibonacci retrace closely aligned. The daily candle from Friday is quite bearish so a blind entry may be risky. PA at 130.00 could be of interest though.
Hey fxp!! . .good to see you . . . .I'll keep an eye that 130.

Here's a post I did on the GbpJpy . .

Quoting jarroo
Hey 4tiger,

From the Support and Resistance levels that I see on the GbpJpy Daily chart, Price was a bit indifferent on its Close on Friday. Although the BEOB and trendline may be telling that more downward movement is in play here. A stronger Close below this Support may flip it to Resistance. . Chart 1.


Chart 2 shows the same ocurrence (in blue). A weak or no Close below a Support level. Once Price closes below this Support level, the transition to Resistance took place.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #110,969
  • Apr 30, 2012 1:02am Apr 30, 2012 1:02am
a nice BEOB at the EMA

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  • #110,970
  • Apr 30, 2012 1:08am Apr 30, 2012 1:08am
Quoting fascist
a nice BEOB at the EMA

Attachment
I'm sure Mike maybe looking at this wedge formation and that BEOB could be the trigger of its breakout. The 150 ema as a confluence sure helps the cause . .
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Indicators show the past. Price Action "Indicates" the future.
  • #110,971
  • Apr 30, 2012 1:15am Apr 30, 2012 1:15am
Quoting mbarker22
When drawing the ppz lines, am I correct to assume that you would draw different lines for different timeframes? If trading off a daily chart, ppz lines would be drawn from there, but if trading from, say, a 1 hour chart, your ppz lines would be drawn specifically from that chart?
Since we are trading Daily and Weekly Price Action setups . .I would stick to the Daily and Weekly PPZ levels.

If you were to trade on the 4 Hour or Hourly . .which I don't recommend in the beginning (i.e. post 1). I would use those Daily and Weekly PPZ level on the 4 Hour and Hourly.

Daily and Weekly PPZ levels with Daily & Weekly PA is where you want to be, mbarker . . . .and welcome to the Thread . .


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #110,972
  • Apr 30, 2012 1:35am Apr 30, 2012 1:35am
Aussie . .Aussie . . Aussie . . .Oi . . Oi. . .Oi

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Indicators show the past. Price Action "Indicates" the future.
  • #110,973
  • Apr 30, 2012 2:32am Apr 30, 2012 2:32am
Quoting jarroo
Aussie . .Aussie . . Aussie . . .Oi . . Oi. . .Oi

I'm in Jim since this nice PB @ EMA 365 & PPZ go go go
  • #110,974
  • Apr 30, 2012 2:36am Apr 30, 2012 2:36am
Quoting mbarker22
When drawing the ppz lines, am I correct to assume that you would draw different lines for different timeframes? If trading off a daily chart, ppz lines would be drawn from there, but if trading from, say, a 1 hour chart, your ppz lines would be drawn specifically from that chart?
I draw HCR/LCS lines on the weekly and use them on daily.
Thoughts are things
  • #110,975
  • Apr 30, 2012 2:44am Apr 30, 2012 2:44am
Quoting trc
I'm in Jim since this nice PB @ EMA 365 & PPZ go go go
That PB closed above a great level . . . .it would have been nice if it was at a deeper swing Low at the LCS levels. .(like what I have drawn on the chart). but a PB at a strong HCR works for me . .
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Indicators show the past. Price Action "Indicates" the future.
  • #110,976
  • Apr 30, 2012 2:45am Apr 30, 2012 2:45am
Quoting Quezoy
I draw HCR/LCS lines on the weekly and use them on daily.

Nice . .
Indicators show the past. Price Action "Indicates" the future.
  • #110,977
  • Apr 30, 2012 4:02am Apr 30, 2012 4:02am
jarroo, would you say those level are picked and drawn correctly?

With AUD/JPY I'm quite unsure how to pick them.
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Thoughts are things
  • #110,978
  • Apr 30, 2012 6:31am Apr 30, 2012 6:31am
Quoting jarroo
Aussie . .Aussie . . Aussie . . .Oi . . Oi. . .Oi

AU work great, sir... It's touched the Target Level and come back down under the HCR.

But I have cut my entry for a small loss when the first time H1 close below the HCR 1.0439. Maybe next time will work without closing below in lower TF...
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  • #110,979
  • Apr 30, 2012 6:53am Apr 30, 2012 6:53am
I took this NZD CHF H4 massive confluence Pinbar last night at the opening of the week .

1 ) Its a PINBAR , not the best looking one , but still .

2 ) Retest of the broken Daily ( Or H4 ) trend line .

3 ) Massive PPZ

4 ) Both Ema's 150 and 365 together . ( First time back )

5 ) 38.2 Fib .

Cannot get any better then this can it >???? Lets see where it takes me !
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Human
  • #110,980
  • Apr 30, 2012 7:02am Apr 30, 2012 7:02am
Quoting zamfir
Did anyone take this trade?

Pinbar @ PPZ 1.4600
Anyone take this...moved to BE..
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