Take care
Mike
Where can I learn more about Price Action like those in James16 charts? 9 replies
DislikedHi again Seeking Light,
If possible, could you elaborate a bit on this statement "above 109 I want to see a bit more of price behavior first"
Does that mean you are willing to short between 108 and 109 without pa confirmation? I doubt the answer to be yes so my question is really what pa would be enough to sell between 108-109 but not above it? I hope you understand me.... Thanks SebastienIgnored
DislikedI was using price action with only MA's. But now i got keltner channel which has following field -
MA_Period
MA_Mode
Price_Mode
ATR_Period
K
ATR_Mode (default value is false of Atr_mode).
James sir already told about keltner channel setting. But i donot know how to set it please help.
Iam attaching indicator also.Ignored
DislikedI'm relatively new to candlesticks and price action though this what I see. Your comments are appreciated.Ignored
DislikedI'm relatively new to candlesticks and price action though this what I see. Your comments are appreciated.Ignored
DislikedWell I know how you guys love to keep it simple here. Which is great btw.
So I thought I would show you a chart setup I found over on the MoneyTec forum.
As far as I can see this is a serious setup.
Enjoy...Ignored
DislikedWell I know how you guys love to keep it simple here. Which is great btw.
So I thought I would show you a chart setup I found over on the MoneyTec forum.
As far as I can see this is a serious setup.
Enjoy...Ignored
DislikedFor anyone still having trouble with the temptation to trade 'faster' on the shorter time frames , I have one good tip!
Grab a notepad and draw up two columns.
Mark one 'Profit', and one 'Loss'. (...believe me, this is worth it. )
Scroll through the various time frames counting pinbars.
Put a mark in the 'Good' column whenever a pin is followed by a useful/profitable move. Mark the other column whenever the pin is a failure. Ignore pins that you know (Or SHOULD know) are in the wrong place. i.e. Bearish pin in the MIDDLE of a down move etc.
This wont take as long as you think it might and it's extremely worth it. Do this for Dailies, 4 Hourlies, 1 Hourlies and 15 minute charts. Go through say 6 months to a year on the hourly, 1 - 2 years on the 4 hour etc. You don't need to go through a mind numbing amount of history to get the point.
You'll get a great insight into why the smaller time frames are very much a case of playing with fire.
As a bonus, you'll also be elightened as to why money management and risk are such a vital ingredient in becoming successful. Anything below 1 hour screws with your odds. You don't particulary need that!!
(Speaking of odds. Try this if you like... Do the same again for one of your hourly charts, but this time, use a complementry bar/candle as a filter. i.e. wait for a bearish bar after a bearish pin. One that breaks the pin's low. Taking the best ones that haven't moved too far . Watch what difference that can make to your odds.)
And that's BEFORE adding confluence etc!
If you think this contradicts my statements on 15 min charts in a few posts I've got here. ...Well... ....Yeah. It does!! LOL
....Honestly. I get away with it only through LOTS of screen time being clocked up and it's more hard work than any of us probably needs. ....Currencies and the 15 min / 5- min charts always seem a LOT harder than in other markets too. If you aren't in the habit, keep it that way!
Another thing Seeks touched on in his post above. Don't trade against a weekly pin. ...Not just that.... Trading from the top charts down is always a good move. You'll see possible support resistance clearer for starters. I made this mistake late last week. Not leaving anough room for a trade to get into profit quickly. (GBP/JPY is STILL scurrying around the same support area!)
Cheers,
BIgnored
DislikedEur/CHF is presenting what could be an amazing buy and hold opportunity.Ignored