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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

  • #29,861
  • May 13, 2009 3:19am May 13, 2009 3:19am
Quoting james16
post a chart.

jim
Here we go
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  • #29,862
  • May 13, 2009 3:20am May 13, 2009 3:20am
Quoting bakko85
Thanks for you post Josh. I decided to stick with my plan, because i don't see any reason (intended as price action formations) to close the trades: let's see how they will develop!
Im with you, I am in EURAUD pb and its kinda stalled, im just using Mikes 2 bar stop to trail it every day. I know some traders like to see price shoot off after a pb but as long as it hasn't failed than its still a valid setup.
Economists have forecast 9 out of the last 5 recessions
  • #29,863
  • May 13, 2009 3:20am May 13, 2009 3:20am
Quoting PeterFM
Thanks Jon,


Quote
'A little knowledge is a dangerous thing'


thats so true...its cost me a pretty penny.
cheers
jon
PATIENCE... DISCIPLINE
  • #29,864
  • May 13, 2009 4:07am May 13, 2009 4:07am
Quoting g_j_hook@yah
hi there PeterFM, i respectfully disagree here....
if you wait for price to break the weekly lows then the h+s would have allready completed almost 50% of its projeted move. The break of the neckline should be the confirmation?? or the second shoulders low?
my personal take is to look for an entry on any retrace.
all the yen crosses seem to be weak right now... BEOBs everywhere, so this could work out??
cheers
jon
If you can see a H&S on the weekly you can play it off the weekly, with the price projection for that timfeframe, you could drop down to daily/4 hour for the actual pullback entry though.
Economists have forecast 9 out of the last 5 recessions
  • #29,865
  • May 13, 2009 5:49am May 13, 2009 5:49am
Quoting james16
im gonna take a shot at this tomorrow.

jim
Wow, an interview to a pro, I'm looking forward to read the answers tommorow
  • #29,866
  • Edited 6:33am May 13, 2009 5:58am | Edited 6:33am
Quoting Alexandra
Ahhh - to sell or not to sell - EURUSD at the resistance. Interesting that the 8 hour chart shows a relative PB failure.

If the EURUSD is really trending North, this could be a reasonable discount (for the high end shopper) - will be watching the PA
  • #29,867
  • May 13, 2009 6:39am May 13, 2009 6:39am
For The_Wizard.

Somewhere in the thread I read that you now work as a futures trader for a firm, and I remember you suggesting a charting service that offers as many markets as possible.

I've sent you a pm, but maybe you didn't notice, but since the PM is about the brokerage, I've now opened a demo account with interactive brokers, still studying their platform though, charting is horrendous

Also does anyone here uses Ninjatrader? I'm planning to use ninjatrader and an outside price feed (preferably free) for charting as many markets as possible, I understand that from IB there is a problem in connection to Ninjatrader, so I'm trying to find a more compatible and I hope provides a hefty amount of data for me to backtest PA on equities,bonds,and futures market.

Thanks
  • #29,868
  • May 13, 2009 7:06am May 13, 2009 7:06am
Quoting marcelnyo
For The_Wizard.

Somewhere in the thread I read that you now work as a futures trader for a firm, and I remember you suggesting a charting service that offers as many markets as possible.

I've sent you a pm, but maybe you didn't notice, but since the PM is about the brokerage, I've now opened a demo account with interactive brokers, still studying their platform though, charting is horrendous

Also does anyone here uses Ninjatrader? I'm planning to use ninjatrader and an outside price feed (preferably free) for charting as many markets as...
I've used NJ 6.5 on demo only, you can use it with free GAIN feed. The software is good imo as it allows any time frame you want. It also uses C# as its development language with is a plus. The down sides for me where lack of free demo data for hgher timeframes like daily/weekly and no tab ui for charts. With a paid feed it may resolve some of these issues.
Economists have forecast 9 out of the last 5 recessions
  • #29,869
  • May 13, 2009 7:36am May 13, 2009 7:36am
Quoting marcelnyo
For The_Wizard.

Also does anyone here uses Ninjatrader?
Hi marcelnyo,

I am using IB + Ninjatrader.
I choosed IB because they are suposed to be very cheap: till today I've had no issues with them.
The problem, as you mention, is that their platform is awfull, specially charting.
Another problem with IB is that they have a historical data limitation, and you can not get certain old data. I may also add the problem that they don't have continuous contracts for futures. Support is low profile. We can say IB is like Mac Donalds or Ryanair: good enough for most people and cheap.
About Ninjatrader, their platform is great, very intuitive and powerfull. You will find a great support through their forum.
At first sight the app looks simple, but you can not imagine how far you can go. I learned a little bit of C# (no need) to develope my own strategies.
You can download it for free, with the only limitation you won't be able to use it for live trading.
Connecting IB with NT is very easy.
For you information, I use IB as my trader, NT for charting and setting and sending my orders, and MT4 for Forex charting, all 3 open at the same time.
Hope that helps.
Trading: the skill of avoiding trades
  • #29,870
  • May 13, 2009 7:55am May 13, 2009 7:55am
Finally it seems that this setup will work out.. A BEOB on the 4h followed by a violent break of the PPZ at 0,60. I moved my stop just above this level and see how this 4h bar will close. My take profit at 58,10 is too greedy? Maybe, i'm ready to move TP at about 0,5900, which seems to be the first trouble zone.
What do you think?
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  • #29,871
  • May 13, 2009 7:58am May 13, 2009 7:58am
I use Saxo bank, they have like 160+ forex pairs, bond, futures, CFDs, share, charting platform is avarage, but I can cope with it.
  • #29,872
  • May 13, 2009 8:11am May 13, 2009 8:11am
Quoting eswap0
Hi marcelnyo,

I am using IB + Ninjatrader.
I choosed IB because they are suposed to be very cheap: till today I've had no issues with them.
The problem, as you mention, is that their platform is awfull, specially charting.
Another problem with IB is that they have a historical data limitation, and you can not get certain old data. I may also add the problem that they don't have continuous contracts for futures. Support is low profile. We can say IB is like Mac Donalds or Ryanair: good enough for most people and cheap.
About Ninjatrader, their...
Thanks a lot eswap0, that's the info I'm looking for.
IB has limitations on data history which is a big limitation for us PA traders since we tend to look for years and years of historical data.
Since we can find forex charts on MT4, that wouldn't be a problem, but it will be when we start to move to futures and equities, some of the exotics in forex just has too large a spread to me, not to mention the questionable volatility.
Do you trade other markets or only forex through IB?

@alter Yes I've tried saxo, I use it to training in drawing weekly ppzs, it has a lot of markets, maybe I'll look into it.

@markmm I've tried using gain feed to for several days and after I reformat my computer I completely forgot about it since my broker is using MT4, I currently having problems in downloading NT... keep getting an error, I'll go to their forum to ask.

For those of you who took the NZDUSD PB, Congratulations on the patience and (maybe) sweating bullets on waiting for the drop
  • #29,873
  • May 13, 2009 8:15am May 13, 2009 8:15am
Bakko,

I also have the TP at 5900 which is the 38.2 fib retrace area and seems like a good place to take first profit.
  • #29,874
  • May 13, 2009 8:22am May 13, 2009 8:22am
The EUR/AUD has broken a bit also, patience pays. Going to move to BE at 1.8000.
Economists have forecast 9 out of the last 5 recessions
  • #29,875
  • May 13, 2009 8:27am May 13, 2009 8:27am
Quoting marcelnyo
Do you trade other markets or only forex through IB?
Hi again,
Don't take my for a pro (still learning), but yes I am trading (not talking about winning ) other markets through IB: NYMEX and DTB futures, but now just time to time.
I am actually focused on Forex right now.
It may be of your interest that few days ago I got registered in Broco, http://www.whcmarket.ru/ a russian trader: I got the suggestion form this thread.
Now I have two MT4 instalations in two PC's: With Broco I have all forex (which I already had with alpari) BUT also most futures (gold, corn, bund, etc etc). I ignore if my account is going to expire in few days, at is is completely free for now.
Hope it helps.
Trading: the skill of avoiding trades
  • #29,876
  • May 13, 2009 8:49am May 13, 2009 8:49am
I have been using the Broco MT4 feed for over a year, it has been great.
  • #29,877
  • May 13, 2009 9:02am May 13, 2009 9:02am
Quoting markmm
The EUR/AUD has broken a bit also, patience pays. Going to move to BE at 1.8000.
Yes, nice patience Markmm. Kicking myself for exiting this early, but its' only one trade and more will come soon enough.

Josh
  • #29,878
  • May 13, 2009 9:10am May 13, 2009 9:10am
Quoting Jduester
Yes, nice patience Markmm. Kicking myself for exiting this early, but its' only one trade and more will come soon enough.

Josh
Josh, different styles, this is just one trade, it could easily have moved below the nose. Problem for me I am at work and never had my EA on to move to BE, hopefully it will be ok for the next few hours.

Im trying to stay in trades long term to see if I can catch runs, however it meant I couldnt take any further trades until I get this to BE.

Mark
Economists have forecast 9 out of the last 5 recessions
  • #29,879
  • May 13, 2009 9:27am May 13, 2009 9:27am
Quoting markmm
If you can see a H&S on the weekly you can play it off the weekly, with the price projection for that timfeframe, you could drop down to daily/4 hour for the actual pullback entry though.
hi markmm, sos for the delay, iv been asleep,
i took the break of this ( very poor) pin bar @96.39. currently at BE as i wanted a new low. will see how it developes. i like how price has stayed below the neckline this time.
jon
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PATIENCE... DISCIPLINE
  • #29,880
  • May 13, 2009 9:27am May 13, 2009 9:27am
congrats to all those trading the kiwi.
PATIENCE... DISCIPLINE
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