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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

  • #123,681
  • Mar 11, 2013 11:50pm Mar 11, 2013 11:50pm
Quoting inditrader
50% off the table for +80 pips. Stop for the rest is trailed above breakeven.

In between yesterday was a green inside day.

Attachment
Nice one inditrader . .
Indicators show the past. Price Action "Indicates" the future.
  • #123,682
  • Mar 12, 2013 12:10am Mar 12, 2013 12:10am
Quoting inditrader
50% off the table for +80 pips. Stop for the rest is trailed above breakeven.

In between yesterday was a green inside day.

Attachment


I had the same levels but got them from the Weekly . .142.88-142.75 ..

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,683
  • Mar 12, 2013 12:20am Mar 12, 2013 12:20am
I had put the weekly levels (red-lines) but on daily they look too much conjusted and confusing.
Are they ok? or should I delete some of them or most of them?
Question is if which one I should delete them?

And if I keep all, how to play them?

Thanks in advance for comments and guidance.
The chart is EUR/USD daily and levels are from weekly chart (red lines)
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  • #123,684
  • Mar 12, 2013 12:33am Mar 12, 2013 12:33am
Quoting fxkaka
I had put the weekly levels (red-lines) but on daily they look too much conjusted and confusing.
Are they ok? or should I delete some of them or most of them?
Question is if which one I should delete them?

And if I keep all, how to play them?

Thanks in advance for comments and guidance.
The chart is EUR/USD daily and levels are from weekly chart (red lines)
I would keep it simple Kay Kay ..just these two maybe three levels on the Daily . .

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #123,685
  • Mar 12, 2013 1:15am Mar 12, 2013 1:15am
Quoting jarroo
I had the same levels but got them from the Weekly . .142.88-142.75 ..

Jim

Hey Jarroo . I never new that you are also Jim. I suppose all Jim's have an acquired or inborn talent in trading!. More than that an acute intention of helping others. God bless all of you.

Coming back to GJ, I remember somewhere hearing " a trend is like a Tsunami, It does not care anything on its way , it just keeps on destroying anything and everything on its way".
When a furious trend is in place, resistance hardly matters...surprise to see that even after that long leg of upmove with hardly any retracement,people just keep buying without minding that it is bit on the expensive side!

Really crazy!
Regards Inditrader
  • #123,686
  • Mar 12, 2013 1:20am Mar 12, 2013 1:20am
Quoting mbqb11
some quiet markets but watching a Lot of USD pairs showing signs of exhaustion. I'll be waiting to see if that continues and we can move through some important areas looking for PA

gotta wait for that good PA to tip its hand

Hi Mike, I am no way a person with an ability or eligibility to comment on your analysis.

Don't you think the divergence on the 4 hour TF is fighting against a huge daily downtrend?

Love to hear form you.
Regards Inditrader
  • #123,687
  • Edited 1:56am Mar 12, 2013 1:34am | Edited 1:56am
Here is EUR/USD daily.


Bar 1 is Green outside bar engulfing so many previous bars.

Bar 2 is red outside bar.

Bar 3 is again a red outside bar.

Now the bottom of bar 1 is broken and it is flip in support turning in to resistance.

At the same time the low of bar 2 is a huge resistance.

Bar 3 is a sign of continuation.

Hence point A and B together represent a huge resistance area.

Incidentally the close of yesterday also represents the same area.

A,B and C together form an incredible resistance area.

Unless some one with big pocket thinks otherwise, it should continue with its curret trend.

Hope I make some sense.


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Regards Inditrader
  • #123,688
  • Mar 12, 2013 1:49am Mar 12, 2013 1:49am
EUR/JPY Daily

Buyers are again back in the drivers seat.


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Regards Inditrader
  • #123,689
  • Mar 12, 2013 2:24am Mar 12, 2013 2:24am
Quoting jarroo
Yes it sure can react the same way, Resistance (bearish). . . . but if it doesn't and Closes Above we could be going the other way .

Yeah, that is the tricky part, in not creating a cast iron opinion as to, which way it will go but, watch it and let it tell us.

Interesting area on GBP/JPY, Small Monthly BEOB, weekly close below. All we need now is some decent PA here.
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  • #123,690
  • Mar 12, 2013 6:00am Mar 12, 2013 6:00am
Hello
first, I want to apologize for my terrible English (and thanks to Google translator
As my nickname suggests, I am a beginner in forex trading.
A few days ago I came across this topic and I began to understand how things are (slowly).
Previously, I've tried almost all systems of Trading Systems and was lucky not to be able to blow my account but surely realized that it was not that way.
I have many questions, but I do not want to ask before I read everything here because there may be responses to such questions before (probably several times)
The main points (perhaps) I think I found them - price patterns, support and resistance, places where you can enter and so on.
But I notice some of the published charts areas where they were painted blue (purple) squares.

http://www.forexfactory.com/attachme...mentid=1148945

What exactly is the rule and how these squares are drawn, probably it comes to support and resistance but ...?

Thanks in advance and I apologize again for probably ridiculous question (I'm still at the beginning of the topic)
Your best teacher is your last mistake ...
  • #123,691
  • Mar 12, 2013 6:26am Mar 12, 2013 6:26am
Quoting inditrader
Here is EUR/USD daily.


Bar 1 is Green outside bar engulfing so many previous bars.

Bar 2 is red outside bar.

Bar 3 is again a red outside bar.

Now the bottom of bar 1 is broken and it is flip in support turning in to resistance.

At the same time the low of bar 2 is a huge resistance.

Bar 3 is a sign of continuation.

Hence point A and B together represent a huge resistance area.

Incidentally the close of yesterday also represents the same area.

A,B and C together form an incredible resistance area.

Unless some one with big pocket thinks...
Hey there,

While these areas mostly work as zones, it makes sense to fine tune them as much as possible specially when to looking to trade off them. The business point on this zone here for me would be the 1.3. It goes without saying that round numbers are absolutely critical specially the big 000 ones. The way I have it on my chart, even your bar "3" didn't quite close below 1.3000 which is clearly indicative of the strength of 1.3

In my honest opinion a short would make most sense once we actually push through 1.3 and then pull back to it to produce a textbook break out - pull back trade.
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I believe . . .
  • #123,692
  • Mar 12, 2013 6:36am Mar 12, 2013 6:36am
Quoting b3g1nn3er
Hello
first, I want to apologize for my terrible English (and thanks to Google translator
As my nickname suggests, I am a beginner in forex trading.
A few days ago I came across this topic and I began to understand how things are (slowly).
Previously, I've tried almost all systems of Trading Systems and was lucky not to be able to blow my account but surely realized that it was not that way.
I have many questions, but I do not want to ask before I read everything here because there may be responses to such questions before (probably several times)
The...
Hey there,

We can understand you fine.

You identified the purple box correctly as a support and resistance zone. At the James16 group we refer to these as Prize Pivot Zones or PPZs for short. They represent price finding support or resistance at a narrow horizontal zone exactly like you see on the chart.

Since price has shown interest in bouncing off the area what we are looking for is price to get to these areas, (particularly when they line up with other factors like Fib levels, round numbers, moving averages etc.) in the anticipation that if we get a bullish or a bearish price action bar setup coming off the PPZ, then it is going to be valid.

As you continue to read through the thread you'll see tonnes of examples of price action setups being executed off good PPZs.

Good luck and please don't hesitate to ask more questions if you have any.

g.
I believe . . .
  • #123,693
  • Mar 12, 2013 7:05am Mar 12, 2013 7:05am
Quoting inditrader
Here is EUR/USD daily.


Bar 1 is Green outside bar engulfing so many previous bars.

Bar 2 is red outside bar.

Bar 3 is again a red outside bar.

Now the bottom of bar 1 is broken and it is flip in support turning in to resistance.

At the same time the low of bar 2 is a huge resistance.

Bar 3 is a sign of continuation.

Hence point A and B together represent a huge resistance area.

Incidentally the close of yesterday also represents the same area.

A,B and C together form an incredible resistance area.

Unless some one...
I would be very careful to take shorts right now on this one, until as Ghous says we see some considerable hint on trend continuation. I dont say we see long opportunities here, I only say, that what I see on chart can be quite the other story. Be aware of it.
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If not up, then down, otherwise sideways :-)
  • #123,694
  • Mar 12, 2013 7:17am Mar 12, 2013 7:17am
Quoting ghous
Hey there,

We can understand you fine.

You identified the purple box correctly as a support and resistance zone. At the James16 group we refer to these as Prize Pivot Zones or PPZs for short. They represent price finding support or resistance at a narrow horizontal zone exactly like you see on the chart.

Since price has shown interest in bouncing off the area what we are looking for is price to get to these areas, (particularly when they line up with other factors like Fib levels, round numbers, moving averages etc.) in the anticipation that...
Thank you very much Mr.Ghous
If I understand correctly, these areas are as simple support and resistance lines, but only strong momentum bars can break them and inside them are only wicks of candles?
Can you tell me if I'm correctly drew my first PPZ squares?
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Your best teacher is your last mistake ...
  • #123,695
  • Mar 12, 2013 7:57am Mar 12, 2013 7:57am
so.....Is anyone looking into the PB forming on GBPUSD?
http://charts.mql5.com/1/138/gbpusd-...ancial-ltd.png

Or would this qualify as too weak as it is against the trend and too small?
I think a PB in the opposite direction would be better. Don't like to pick tops n bottom.
  • #123,696
  • Edited 8:26am Mar 12, 2013 8:04am | Edited 8:26am
Question for the experienced traders on the forum: on the usd/cad 4H chart it would look like there is a dhlc candle stick formation (if the present candle closes lower than the previous) would this be a text book dhlc or are the highs to far apart?
  • #123,697
  • Mar 12, 2013 8:36am Mar 12, 2013 8:36am
Quoting inditrader
Hi Mike, I am no way a person with an ability or eligibility to comment on your analysis.

Don't you think the divergence on the 4 hour TF is fighting against a huge daily downtrend?

Love to hear form you.
Hey Indi

Y es we are fighting a downtrend, but that isn't that important to me. Trends still retrace and things move up and down. Each timeframe also carries it's own weight and does it's own thing. What is important is to use the divergence as a heads up. If you simply buy/sell cause of divergence you'll get run over in a trend. What I do is game plan how that divergence can become confluence. So if you see my picture I wouldn't do anything till seeing price move back to the BRN and gather more confluence. Until then it's a chart on my watch list. Also many other USD pairs are showing similar signs so if things turn a bit more i'd say a retrace could be put in. Key is to wait. What happens is a lot of people just blindly buy with divergence. That's a recipe for disaster

Hope that helps
Mike
  • #123,698
  • Mar 12, 2013 8:50am Mar 12, 2013 8:50am
Quoting inditrader
Here is EUR/USD daily.


Bar 1 is Green outside bar engulfing so many previous bars.

Bar 2 is red outside bar.

Bar 3 is again a red outside bar.

Now the bottom of bar 1 is broken and it is flip in support turning in to resistance.

At the same time the low of bar 2 is a huge resistance.

Bar 3 is a sign of continuation.

Hence point A and B together represent a huge resistance area.

Incidentally the close of yesterday also represents the same area.

A,B and C together form an incredible resistance area.

Unless some one...
I'd say not quite enough information here. Price made that huge bearish bar just prior to the BRN. This could just draw in sellers and be a great place for buyers to begin to get in as well as sellers ditch out. This is a battle line right now.

I'd still be watching this

This goes with my last post that a lot of usd pairs are coming to these crucial areas where we could she a shift in the flow(again that doesn't mean permanently but in the mean time) these areas offer great areas to watch for PA and what I am currently doing

Best
Mike
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  • #123,699
  • Mar 12, 2013 8:53am Mar 12, 2013 8:53am
Quoting b3g1nn3er
Hello
first, I want to apologize for my terrible English (and thanks to Google translator
As my nickname suggests, I am a beginner in forex trading.
A few days ago I came across this topic and I began to understand how things are (slowly).
Previously, I've tried almost all systems of Trading Systems and was lucky not to be able to blow my account but surely realized that it was not that way.
I have many questions, but I do not want to ask before I read everything here because there may be responses to such questions before (probably several...
Welcome Beginner to the thread

Here is some more information on PPZs to get you started

http://www.forexfactory.com/showthre...16#post2252116

Best of luck
Mike
  • #123,700
  • Mar 12, 2013 9:04am Mar 12, 2013 9:04am
Quoting mbqb11
Welcome Beginner to the thread

Here is some more information on PPZs to get you started

http://www.forexfactory.com/showthre...16#post2252116

Best of luck
Mike
Thanks, mbqb11
You saved me a lot of reading today ...
Your best teacher is your last mistake ...
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