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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

  • #123,701
  • Mar 12, 2013 9:11am Mar 12, 2013 9:11am
Quoting don perry
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.
Hey Don

Nothing wrong with picking tops/bottoms under the right circumstances. In this case yes I would say that bar is too small and to be very careful. I find it much easier to either wait till a big bar pops out, or wait for a story to unfold like I posted yesterday on the gbp/usd. These little bars get a lot of people into trouble on the smaller timeframes(and bigger timeframes). Watch the 1.5 is what I am doing

Best
Mike
  • #123,702
  • Mar 12, 2013 9:23am Mar 12, 2013 9:23am
Quoting Fx-chriz
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?
Hey Chriz

DBHLC and BEOBs are often pretty close. On my feed the bar I assume you speak about (arrow) is a beob since the high is higher than the previous bar high. But again often they are close

The problem is more the location. Remember when starting out you want to look for these at clean swing high points like the pinbar was at. This is in a sideways market at no swing point

Hope that helps
mike
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  • #123,703
  • Mar 12, 2013 10:09am Mar 12, 2013 10:09am
Quoting b3g1nn3er
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?
Hey B,

These regions work as "targets" for price. At any given time in the market price is either approaching a PPZ or bouncing off it. All the bigger games and moves in the market are centered around these "zones".

Its easy to get bogged down by levels everywhere at first but then it soon clicks that the more obvious and clear (and lined up with other factors) the PPZ flip is the more important it becomes for the simple reason that more traders will be looking at the same area.

The PPZs you outlined are valid in that they represent price reacting at the zone. Regarding the more recent one you drew, notice how the 93.00 round number is sitting underneath your drawn PPZ. Notice how price bounces off it to the pip. The flip in it self is minor (fewer instances of support and resistance squeezed within a short time period) but the fact that it lines up with the 93.00 region makes it stronger and provides more of a reason for price to bounce off it.

As you go along you'll learn (with reading and practice) how to extract more value from your PPZs (lining them up with other factors and looking at the story in the bigger more holistic perspective) and how the better ones are easy to distinguish from the minor more trivial ones.

cheers.

g.
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I believe . . .
  • #123,704
  • Mar 12, 2013 12:20pm Mar 12, 2013 12:20pm
Hi guys,

Here is a trade that I'm in. CadChf has been losing momentum with pinbars but they are in traffic. A BEOB formed and close above the resistance so I buy at the retracement.

What is your opinion on this trade?


For the second chart, we have space as well as traffic. Since we have space, do we have to worry about the traffic?

Cheers
Kenny
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  • #123,705
  • Mar 12, 2013 1:14pm Mar 12, 2013 1:14pm
Quoting ken.b
Hi guys,

Here is a trade that I'm in. CadChf has been losing momentum with pinbars but they are in traffic. A BEOB formed and close above the resistance so I buy at the retracement.

What is your opinion on this trade?


For the second chart, we have space as well as traffic. Since we have space, do we have to worry about the traffic?

Cheers
Kenny
Hey Kenny

Just be careful here the first thing that jumps out at me is the location of your BUOB. Notice it is not at a swing low(just like my post a few back on the DBHLC being at a swing high). This is the first area to learn these bars. The good thing you have going is the boxing of this pair. Price is above a previous box and working it's way into the next. But it's sort of stuck b/w a rock and a hard place. But these are tricky bars to play for most new traders that's why james teaches to look for them at swing lows first. So i'd watch out for that first when getting your feet under you

Hope that helps
Mike
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  • #123,706
  • Mar 12, 2013 1:19pm Mar 12, 2013 1:19pm
Quoting mbqb11
Hey Kenny

Just be careful here the first thing that jumps out at me is the location of your BUOB. Notice it is not at a swing low(just like my post a few back on the DBHLC being at a swing high). This is the first area to learn these bars. The good thing you have going is the boxing of this pair. Price is above a previous box and working it's way into the next. But it's sort of stuck b/w a rock and a hard place. But these are tricky bars to play for most new traders that's why james teaches to look for them at swing lows first. So i'd watch...
Hey Mike,

How would this fare as one of your wick plays given the close above 92.00 and the box?

g.
I believe . . .
  • #123,707
  • Mar 12, 2013 1:25pm Mar 12, 2013 1:25pm
Quoting jarroo
Check out the CadChf Consolidation Breakout. We could have some nice retracement action at the HCR levels.
and voila! we have nice rejection action @ these levels .... I am late little bit but it will still work out
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all is eternal - this is good news for people who loves bad news
  • #123,708
  • Mar 12, 2013 1:35pm Mar 12, 2013 1:35pm
interesting picture
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all is eternal - this is good news for people who loves bad news
  • #123,709
  • Mar 12, 2013 1:40pm Mar 12, 2013 1:40pm
the same but good also
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all is eternal - this is good news for people who loves bad news
  • #123,710
  • Mar 12, 2013 1:45pm Mar 12, 2013 1:45pm
Hi Mike

What do you think about this one? Does that make sense?
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  • #123,711
  • Mar 12, 2013 1:49pm Mar 12, 2013 1:49pm
Quoting ghous
Hey Mike,

How would this fare as one of your wick plays given the close above 92.00 and the box?

g.
It could G but I would have even preferred a deeper close in this case the HCR that Jarroo would point out would be a case I would be watching for a close just above them since we have so many closes in a row. And the longer that tail the better in this case since price is still pretty sideways. But yes that's a good way to view it as well. Likely the high of that buob will be tested. And this is a case where playing a break of a buob makes little sense in my book but a retrace/close would be most manageable

Best
Mike
  • #123,712
  • Mar 12, 2013 1:49pm Mar 12, 2013 1:49pm
Quoting long2339
Hi Mike

What do you think about this one? Does that make sense?
looks good L that's one of the USD pairs I am watching turn over. I'll be watching for PA myself

Best
Mike
  • #123,713
  • Mar 12, 2013 1:53pm Mar 12, 2013 1:53pm
Hi Meshka.

I am in...
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  • #123,714
  • Mar 12, 2013 2:03pm Mar 12, 2013 2:03pm
current trade I am in

Do you guys think you can spot a couple big bars at great locations a month? Anyone out there killing themselves on a 5min chart. No need my friends, just the need to be picky. Save the lower timeframes for later(if ever)
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  • #123,715
  • Mar 12, 2013 2:04pm Mar 12, 2013 2:04pm
Quoting long2339
Hi Meshka.

I am in...
looks good... u already in green
all is eternal - this is good news for people who loves bad news
  • #123,716
  • Mar 12, 2013 6:06pm Mar 12, 2013 6:06pm
Quoting jarroo
Check out the CadChf Consolidation Breakout. We could have some nice retracement action at the HCR levels.


Quoting meshka
and voila! we have nice rejection action @ these levels .... I am late little bit but it will still work out

Nice one meshka . .
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Indicators show the past. Price Action "Indicates" the future.
  • #123,717
  • Mar 12, 2013 6:40pm Mar 12, 2013 6:40pm
Hi

What do you think about this ..?
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  • #123,718
  • Mar 12, 2013 6:46pm Mar 12, 2013 6:46pm
Quoting long2339
Hi

What do you think about this ..?
I like it, long2339 . . . . .Nice Space too. Great level at the LCS level . .if it retraces. With all that Space it may not retrace. An entry on the Close is a valid entry option. . .I prefer a retrace but we can watch it . .



Jim
Indicators show the past. Price Action "Indicates" the future.
  • #123,719
  • Mar 12, 2013 7:32pm Mar 12, 2013 7:32pm
Tnx for the reply, mike
  • #123,720
  • Mar 12, 2013 9:07pm Mar 12, 2013 9:07pm
Hi All,

Just want to ask about AUDUSD 4Hr trade which went the other way. I want your opinion on whether it was right trade or technically there was something wrong which I should be aware of next time.

I took the pinbar break and got stopped out. The level was good as well as the size of the pinbar. Please suggest

Thanks
JJ
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