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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

  • #122,721
  • Jan 22, 2013 4:31pm Jan 22, 2013 4:31pm
Quoting Armagedoom
I know we dont discuss news in this strategy but currently Japan is massively generating currency to lower the JPY value so they increase their exports, as the recently named president promised he would do, he was just elected (srry 4 my english btw). Just my two cents.
Hey by the way do you have around or could you please tell me the round number indicator you have on that chart? Thank you!
Ok mate, thanks for your opinion. Attached is the round number indicator.
Attached File(s)
File Type: mq4 Grid_v1_0.mq4   6 KB | 433 downloads
  • #122,722
  • Jan 22, 2013 4:35pm Jan 22, 2013 4:35pm
round number inidi ...
Attached File(s)
File Type: mq4 SweetSpotsGold.mq4   4 KB | 373 downloads
  • #122,723
  • Jan 22, 2013 11:48pm Jan 22, 2013 11:48pm
Quoting FxPrelude
Hi Sloker
I think that there is no need to treat PPZ levels as you would treat math ... because its not that precise science . ( Dont get me wrong S/R and PPZ can be wery acurate all the way to 1 pip but not every single time ) .
The main thing is that you know how to identify PPZ and use it in your fawor with combination of other things like Fibo. levels , EMAs , candle paterns .....
Looking only if price closed below or above PPZ without other confirmation can get you in to trouble .
Just find " gold center " and you should be fine .......
Hey FxPrelude!

Ok, I see your point of view, so it depends on experince.

Can you look at my screen, is it right in your opinion? You may correct if it isn't

My english is not so good as well, and sometimes i spend much time to find some word, i remember english just after school =)

Thanks
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  • #122,724
  • Jan 23, 2013 12:14am Jan 23, 2013 12:14am
Quoting sloker
Hey everyone!

I still can't understand PPZ, or rather I know how to draw them. But I'm worried if this level is good enough. I always doubt that.

There's reason for that. I see many people posted their PPZs, but they have different location. Sometimes it's a small difference. But maybe one see breaking this level, but another see just bounding.

I see some draw PPZ just allocating a large area, some use just one line, some draw it using highs and lows, others use close of candles

I viewed all posts here with ppz i could find. Everyone...
hi sloker,
as Mr Prelude said, no need to worry. PPZ are quite subjective area, yet very powerful.
I would go back to the basics and have a look at James and Mike posts about the question.
the way I draw them is by identifying clear cut zones where support turns into resistance , on weekly and monthly charts, AND that line up with a round number.
then I add some rectangle if needed, to widen the area...

another way could be to draw support lines, and resistance lines, and see how price reacts to them, both in the past and in the future.

this is a very important concept in J16 method, do not hesitate to ask further questions...

take care,
Slow & steady
  • #122,725
  • Jan 23, 2013 12:26am Jan 23, 2013 12:26am
USDSEK
Nice place for PA: RN 6.5000, PPZ, TL downwards and rising TL.
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Sorry for my bad English
  • #122,726
  • Edited 2:50am Jan 23, 2013 1:35am | Edited 2:50am
Hey thanks for the round prices indicator (and Thx Micro for the pdf), I know I wasnt specific about this but I was searching for one which will automatically pick the separation depending on the pair value, and I found this edited one that works great here in ff:
http://www.forexfactory.com/showthre...24#post2137924

See attached, I didnt edit anything, it automatically picked those lines, EURUSD;GOLD

http://i.imgur.com/pBGzI07.png
http://i.imgur.com/bEQbGo0.png
  • #122,727
  • Jan 23, 2013 2:39am Jan 23, 2013 2:39am
Quoting Microtrader_
Just try this one. It should be OK (for me this link works) I have also downloaded it from this forum some thousand pages earlier
got that one micro thanks
Learning for Earning and Trading for Freedom
  • #122,728
  • Jan 23, 2013 5:18am Jan 23, 2013 5:18am
Quoting hally0301
got that one micro thanks
Your welcome

This is one more:

USDZAR

Strong Support/resistance level, nice trendline, clear break through. Nice pinbar formation.

SL is now in Break even.

The remaining task is to get as big profit from the trade as possible.
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  • #122,729
  • Jan 23, 2013 5:47am Jan 23, 2013 5:47am
Quoting Microtrader_
Your welcome

This is one more:

USDZAR

Strong Support/resistance level, nice trendline, clear break through. Nice pinbar formation.

SL is now in Break even.

The remaining task is to get as big profit from the trade as possible.

Dont forget to take some profit at current level
all is eternal - this is good news for people who loves bad news
  • #122,730
  • Jan 23, 2013 5:57am Jan 23, 2013 5:57am
Quoting meshka
Dont forget to take some profit at current level

I learnt to manage this type of trades from PDF written by Chanya who didn't use partial closing (and TP1, TP2, TP3 etc) and any TP at all he just followed the trend with moving the SL above/under the appearing new swings, broken HCR/LCR-s, broken ppz-s etc.

So do you disagree with this?

(I am always opened for more profitable solutions )
  • #122,731
  • Jan 23, 2013 6:47am Jan 23, 2013 6:47am
Quoting Microtrader_
I learnt to manage this type of trades from PDF written by Chanya who didn't use partial closing (and TP1, TP2, TP3 etc) and any TP at all he just followed the trend with moving the SL above/under the appearing new swings, broken HCR/LCR-s, broken ppz-s etc.

So do you disagree with this?

(I am always opened for more profitable solutions )
Great strategy if you catch the trend ... if not you are on BE and it will be 95% of all trades with this solution. are you comfortable with this ?
  • #122,732
  • Jan 23, 2013 7:02am Jan 23, 2013 7:02am
Quoting Microtrader_
I learnt to manage this type of trades from PDF written by Chanya who didn't use partial closing (and TP1, TP2, TP3 etc) and any TP at all he just followed the trend with moving the SL above/under the appearing new swings, broken HCR/LCR-s, broken ppz-s etc.

So do you disagree with this?

(I am always opened for more profitable solutions )
no its just different style... You adopt what You feel comfortable.
I play level to level with major trend. Dont know if it more profitable but it better to my health lol... I like to control things
and if You play smartly You can extract 200 pips from 100 pips move which looks better for me then simply trailing.
below is simplified presentation of my trading way. just illustrated it
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all is eternal - this is good news for people who loves bad news
  • #122,733
  • Jan 23, 2013 8:34am Jan 23, 2013 8:34am
Quoting meshka
no its just different style... You adopt what You feel comfortable.
I play level to level with major trend. Dont know if it more profitable but it better to my health lol... I like to control things
and if You play smartly You can extract 200 pips from 100 pips move which looks better for me then simply trailing.
below is simplified presentation of my trading way. just illustrated it

Of course there are BE trades, but can I ask you to explain why do you think the ratio can be around 95%?
IMO this is far too much.
  • #122,734
  • Jan 23, 2013 8:52am Jan 23, 2013 8:52am
Quoting meshka
no its just different style... You adopt what You feel comfortable.
I play level to level with major trend. Dont know if it more profitable but it better to my health lol... I like to control things
and if You play smartly You can extract 200 pips from 100 pips move which looks better for me then simply trailing.
below is simplified presentation of my trading way. just illustrated it
Thanks for the picture Meshka.
When I learnded the basic rules of this method from this and other PA forums I met with your trade managing style, but there were some points which I could not exactly understand.

For example:

If you place a Buy limit into a trend and you have 2 or 3 potencial PPZ-s (or HCR-r, trendlines etc) in front of the price that can be potencial TP-s also which one would you choose and why?

Moreover sometimes the price will rise and fall extremely quickly and intradaily (during the 8 hour of mainly the London session this is not rare) and if someone doesn't have time to watch the chart intradaily he doesn't have time to put the next buy limit into the trend and to follow it either.

I am quite sure you style for trend following is a higher level than Chanya's putting SL after the trend mechanically. But so far I have not been able to apply it correctly.
But sooner or later with working and learning and without any stopping and looking back I hope I will know how to use it exactly, just like other parts of trading which are presently not understandable for me.
  • #122,735
  • Jan 23, 2013 8:52am Jan 23, 2013 8:52am
Quoting meshka
Dont forget to take some profit at current level
very interesting chart. Boxing perfectly. Will it break above the BRN and hold or fall back into the box
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  • #122,736
  • Jan 23, 2013 9:18am Jan 23, 2013 9:18am
So far this is a good week

AudCad, the same story.
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  • #122,737
  • Jan 23, 2013 9:21am Jan 23, 2013 9:21am
Quoting Microtrader_
Thanks for the picture Meshka.
When I learnded the basic rules of this method from this and other PA forums I met with your trade managing style, but there were some points which I could not exactly understand.

For example:

If you place a Buy limit into a trend and you have 2 or 3 potencial PPZ-s (or HCR-r, trendlines etc) in front of the price that can be potencial TP-s also which one would you choose and why?

Moreover sometimes the price will rise and fall extremely quickly and intradaily (during the 8 hour of mainly the London session this...
My picture is purely hypothetical ... taken from ideal world. i draw it for presenting idea more clearly. in real world things are much more complicated unluckily
I am in the learning process too.... i fear this learning curve never ends lol. For me the most actual levels are when Daily and Weekly extremes meets together... aligns with each other. they are strongest ones and goes for my targets or entries. all other I use for trailing my stops/re-entering move between my targets mostly.
all is eternal - this is good news for people who loves bad news
  • #122,738
  • Jan 23, 2013 11:26am Jan 23, 2013 11:26am
What do you guys think? Many times tested ppz + round number + triangle (waiting for breaking out)...
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  • #122,739
  • Jan 23, 2013 11:49am Jan 23, 2013 11:49am
Anybody caught USDCAD?

I was waiting... but missed it..
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  • #122,740
  • Edited 1:58pm Jan 23, 2013 12:06pm | Edited 1:58pm
What do you think about Chf/Jpy. Possible reversal maybe happenning. A good Bearish PA below a TL and 95.00 would be nice, isnt it?
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If not up, then down, otherwise sideways :-)
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