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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

  • #4,401
  • Jul 6, 2007 9:56pm Jul 6, 2007 9:56pm
I can understand the differnt feeds... but wouldn't the 4 hr bars change at the same time most likely???

And if not, how can we all be trading pin bars all around the world, if others feeds do not even show the pin bars ??

My chart does show a pin bar right ???
  • #4,402
  • Jul 6, 2007 10:05pm Jul 6, 2007 10:05pm
Quoting goodthings
I was in a trade a couple of weeks ago June 22 with the eurjpy. Over leveraged and sweating bullets and in the hole with a long position. Starting hearing of a bearish Euro for that Friday. I said well I am cutting my losses and punched out Thursday Evening (Friday Trade day). I kid you not in 15 minutes it started going up and by the end of the day it was up about a 100 pips and the Bear (The Boogie Man) came Monday the following week for three days. My lesson was if I were not overleveraged I would've stayed in trusting my long term analysis and bracing myself for a ride down and then see it pop up. When it actualilty it went up and I couldve taken a nice profit or let the boogie man scare me and get out at break even. Bottom line is I seem to trust my technical analysis more when I am not riding too much on the trade. Since then I have had my best two week pip count ever. Probably need to read more on money management.
I feel you on that trade, GT.

Here's another great point made about trading with a bigger position size than you should. Not only can you lose big because a trade that looked extra good turned bad, but it affects you psychologically while managing the trade. Playing with scared money is a dangerous game that most times you'll lose. (been there enough times in the past)

Even the most experienced traders will have a bad result when entering trades with bigger positions than they are comfortable with.
Example: http://www.forexfactory.com/showpost...&postcount=101

Sorry Jim! I had to do it.

Stick to that MM folks. That's something I had to learn the hard way...

Tom
  • #4,403
  • Jul 6, 2007 10:15pm Jul 6, 2007 10:15pm
Quoting Tiki Trader
I can understand the differnt feeds... but wouldn't the 4 hr bars change at the same time most likely???

And if not, how can we all be trading pin bars all around the world, if others feeds do not even show the pin bars ??

My chart does show a pin bar right ???
Yes, your chart definitely shows a pin bar.

But it all depends on the Broker/feed of the charting program you use.
Each Broker uses a different timezone for their charts. For example, IBFX uses GMT. So their 4H candles close at 0:00, 4:00, 8:00 etc. of GMT time.
FXDD uses GMT-1. So their candles close one hour before IBFX.
Because of these differences, candles can look fairly different from feed to feed.

The rule of thumb is to play the PA setups as you see them.
Because the chart is just a window to what price is doing. Price is price regardless of what feed you have.
So theoretically, I can be trading a pin bar that hasn't shown up on your charts and vice versa. That's just how it goes. You can always start looking at multiple feeds, but that can get confusing.

It took me a while to grasp this, cuz it is a little weird at first when you think about it.

Here is how the 4H USD/CAD looks on other charts:
Attached Images
  • #4,404
  • Jul 6, 2007 10:21pm Jul 6, 2007 10:21pm
Well... I still like MY pin bar... !!! But I am not convinced it is a good time for it.... interest rate next Tuesday etc... I am trading it, but with smaller trade size... and not looking for massive pips either... probably 20 to 30

I also decided to take the trade because of diveregnce I see on several time frames....
  • #4,405
  • Jul 6, 2007 10:21pm Jul 6, 2007 10:21pm
Hi Folks,

Jim,love the thread....what more can i say,and to all who contribute keep up the good work.
I just thought i would chime in with my two pips worth.I don't believe one should rate trade setups,and this is the reason why: If a market cannot be defined or predicted then we cannot give any one trade a higher rating than another.The only way we can say whether it is an 'A' grade or 'B' grade etc. is after the fact.
So having said that,ALWAYS RISK THE SAME AMOUNT FOR EVERY INDIVIDUAL SETUP.Because just when you thought that you had an 'A' grade pin,it suddenly turns to a 'L' grade. L=Loser .And if you have half you account hanging off this trade.....bye bye birdie.
Quote
I was in a trade a couple of weeks ago June 22 with the eurjpy. Over leveraged and sweating bullets and in the hole with a long position. Starting hearing of a bearish Euro for that Friday. I said well I am cutting my losses and punched out Thursday Evening (Friday Trade day). I kid you not in 15 minutes it started going up and by the end of the day it was up about a 100 pips and the Bear (The Boogie Man) came Monday the following week for three days. My lesson was if I were not overleveraged I would've stayed in trusting my long term analysis and bracing myself for a ride down and then see it pop up. When it actualilty it went up and I couldve taken a nice profit or let the boogie man scare me and get out at break even. Bottom line is I seem to trust my technical analysis more when I am not riding too much on the trade. Since then I have had my best two week pip count ever. Probably need to read more on money management.

Goodthings,nice post and so true. Here is what i mentioned on another thread,it relates to this nicely.....
It is vitally important for one to understand why first class traders seemed to be unfazed when dealing in massive volumes.The reason they are cool is that they trade volume that they are emotionally comfortable with.
Many newbies trade volume far beyond what they can cope with emotionally.They cannot follow through with their trading strategies because any slight hiccup in prices scare the living hell out of them.There is a big difference watching every pip cost you $1000 than seeing it go up and down $1.
Lesson: TRADE A VOLUME YOU CAN HANDLE EMOTIONALLY.IF YOU ARE LOSING CONTROL,YOU ARE TRADING VOLUMES BEYOND WHAT YOU DESERVE OR HAVE THE RIGHT TOO.

Take care.Good weekend to all.

Cheers
SK
  • #4,406
  • Jul 6, 2007 10:30pm Jul 6, 2007 10:30pm
Moneybags, thanks for the attached images. I've read about this but never actually seen it. It was eye opening. Thanks, Bob
Hej.
  • #4,407
  • Jul 6, 2007 11:25pm Jul 6, 2007 11:25pm
Hi Madog!

That is what I see in Sydney.
Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_01 Jul. 07 14.17.jpg Size: 79 KB
  • #4,408
  • Jul 6, 2007 11:59pm Jul 6, 2007 11:59pm
Quoting Tiki Trader
USD/CAD

I see long here for a few pips... I see 4 hr pin bar to go LONG
Thanks Tiki hadn't checked the 4h chart, I see the same PB as you have. I think I'll have to close my 2 short positions ASAP on sunday night and try to get a signal for a long for hopefully a retracemant.

Regards

Madog
Attached Image
  • #4,409
  • Jul 7, 2007 7:28am Jul 7, 2007 7:28am
I think you will find that the chart showing the pin bar is using BST (British Summer Time) rather than GMT.

Hence the bars on the 4 hour chart are completed an hour earlier than the GMT based charts.

This presumably would also make the daily chart look different.
  • #4,410
  • Jul 7, 2007 9:13am Jul 7, 2007 9:13am
Can anyone direct me where I can learn how to insert a chart in my post?
Thanks,
pdean1123
  • #4,411
  • Jul 7, 2007 9:23am Jul 7, 2007 9:23am
you need

A) screen capturing softwre. Just search for it in google - this helps you to take a photo of your screen

B) once you have taken your photo, save it as a .jpg to your desktop.


C) You need to host your picture on the web. I use picoodle, its free and does the job. the upload process is self explanatory.

D) when you have uploaded your chart scroll to the bottom of the page and copy the 'direct link' to image.

then start typing a reply in this forum

d) when you are typing your reply you will see in your options at the top a picture of a mountain with a sun above and to the right.

click on this and then paste the 'direct link' you copied earlier into the dialogue box.

click ok and voila, a picture appears.
quote of the day: . It's like deja-vu all over again
  • #4,412
  • Jul 7, 2007 9:29am Jul 7, 2007 9:29am
GMAK,
Thanks,
pdean123
  • #4,413
  • Jul 7, 2007 9:37am Jul 7, 2007 9:37am
If you use mt4 you can just go to file and save as picture, then click on manage attachments here, add your attachment and submit your reply
Never say never.
  • #4,414
  • Jul 7, 2007 9:47am Jul 7, 2007 9:47am
my god so you can, lol.

apologies, you learn something new every day.
Attached Image
quote of the day: . It's like deja-vu all over again
  • #4,415
  • Jul 7, 2007 10:33am Jul 7, 2007 10:33am
Quoting Stitch961
Moneybags, thanks for the attached images. I've read about this but never actually seen it. It was eye opening. Thanks, Bob
No prob Bob.
And I only posted a couple of charts to compare it to Tiki's chart.
You can probably get a whole bunch of charts with different timezones and every single one would look a little different (sometimes a lot different )

Tom
  • #4,416
  • Jul 7, 2007 2:51pm Jul 7, 2007 2:51pm
Quoting Gmak
my god so you can, lol.

apologies, you learn something new every day.
lol, well its easier than doing math homework with the kids...
Never say never.
  • #4,417
  • Jul 7, 2007 3:14pm Jul 7, 2007 3:14pm
Hi all,
I like the look of this pin, some might say its in traffic but I call it a retrace pin, what do you think mbq? I like where its positioned, ie fib confluence and s-r if it breaks low...comments? Raz
Attached Image (click to enlarge)
Click to Enlarge Name: swissy.jpg Size: 44 KB
Never say never.
  • #4,418
  • Jul 7, 2007 4:08pm Jul 7, 2007 4:08pm
Quoting razldazl
Hi all,
I like the look of this pin, some might say its in traffic but I call it a retrace pin, what do you think mbq? I like where its positioned, ie fib confluence and s-r if it breaks low...comments? Raz
Hey Raz, this pin doesn't fit my personal criteria, so I will be passing on it. That doesn't mean it isn't a good trade or one worth taking, I just have my plan I like to follow week in and week out.

Take care,
Mike
  • #4,419
  • Jul 7, 2007 4:38pm Jul 7, 2007 4:38pm
Quoting mbqb11
Hey Raz, this pin doesn't fit my personal criteria, so I will be passing on it. That doesn't mean it isn't a good trade or one worth taking, I just have my plan I like to follow week in and week out.

Take care,
Mike
Ok Mike, good to know, I will watch it and see what happens in any case. thanks, Raz
Never say never.
  • #4,420
  • Jul 8, 2007 8:18am Jul 8, 2007 8:18am
Quoting razldazl
Ok Mike, good to know, I will watch it and see what happens in any case. thanks, Raz
Hi Raz,

I have to agree with Mike on his one. It's not a setup I particularly like either.

In consideration of this PB we cannot ignore the 2 previous areas of support found a positions A and B on the chart privided.

Again as Mike said that doesn't mean it wouldn't turn out to be a good trade just that I personally think this one is right in the middle of the road.

Steve
Attached Image (click to enlarge)
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Nothing is impossible, with a willing mind!
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