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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

  • #6,561
  • Sep 27, 2007 3:20pm Sep 27, 2007 3:20pm
i dont know if anyone metioned or noticed it before - but as there are 6 4h in a one trading day we kinda have 6 day trades in a week, and as i noticed the most traded 4h are those in the middle of the day (IBFX MT4 - GMT+0 , hope i am not wrong) as i see it, the other thing is that we all know that Monday is pretty weak, and most of the time Tuesdays are retracment days, while wednesday - the middle of the week - is the most traded day, most of the time..
thurdays and fridays, are eithere continuation or the ending f the move that occured on tuesdays and wednesday

i might be speaking rubbish but i would like to hear your comments fellow traders - what do you think of that?
  • #6,562
  • Sep 27, 2007 3:21pm Sep 27, 2007 3:21pm
And so he has time to be a graphic designer too !!! Of coarse he does !! All he has to do is sit there while EUR goes up and up on that Pin Trade... !!! I was going to take that Pin too...


Quoting mbqb11
You guys don't get it

Don't you see the similarity


Lighting strike ----------- PIN BAR


HE has an edge
  • #6,563
  • Sep 27, 2007 3:31pm Sep 27, 2007 3:31pm
Quoting mamutot
i dont know if anyone metioned or noticed it before - but as there are 6 4h in a one trading day we kinda have 6 day trades in a week, and as i noticed the most traded 4h are those in the middle of the day (IBFX MT4 - GMT+0 , hope i am not wrong) as i see it, the other thing is that we all know that Monday is pretty weak, and most of the time Tuesdays are retracment days, while wednesday - the middle of the week - is the most traded day, most of the time..
thurdays and fridays, are eithere continuation or the ending f the move that occured on tuesdays and wednesday

i might be speaking rubbish but i would like to hear your comments fellow traders - what do you think of that?
I just know I don't like Mondays (not closing out completely on Mondays ended up costing me 3 trading day's worth of hard work getting back to the same peak had I closed all out on what I had Monday twice now...no idea why that is..)
Trust price. Know yourself.
  • #6,564
  • Sep 27, 2007 3:32pm Sep 27, 2007 3:32pm
While I seek to not be argumentative, I would like to defend the intent and spirit of my post from being twisted around to sound like something it's not.

Quoting SeekingLight
.........and now we have two people advocating "Get rich quick in FX on the 5m-1h"
Nowhere in my post did I mention monetary amounts or "getting rich" ... I talked about price movement and opportunities for making money on smaller timeframes.

Quoting SeekingLight
Joshdance has actually flown around the world to learn how to scalp...
Could you state what you're really trying to say here?

Quoting SeekingLight
I don't doubt there's gigantic sums on small timeframes - I just doubt anyone can do it.
Are you trying to say that people can only consistently make money trading timeframes like 4 hours or higher? Hopefully this is not what you're trying to say, as many people do just that already.

Quoting SeekingLight
But what I don't doubt that it's highly dangerous advocating it since my bet is that a lot of people will just go "demo shmemo, these guys said 2000%! I want that, too, and not demo pips! Heck, I can be rich in no time! Now, what MAs did he say again...where's that 5m chart..."

I think anyone willing to take such a lemming-like, herd-following attitude will never make money regardless of what they do, until they start thinking for themselves. I take NO responsibility for anyone losing or making money by listening to an ounce of what I say. I don't even trade with real money, and it's a good thing, because I've lost a lot. Even if I were to ever offer specific trade advice with the intention of someone following it, anyone who followed it would be a fool to follow a loser. That's why there are only a few people on FF whose trading advice I really pay attention to, as there are only a few real winners, with Jim being one of them. That's why I commented on MY beliefs, MY perspective, and MY observations, and did not ask anyone to do it themselves. That being said, I am open to listen and hear anyone, and then I must decide for myself if their beliefs will improve upon my own, or whether it's rubbish, as our beliefs are ultimately what cause us to enter/exit a trade.

But if someone does decide to put a 34EMA on their chart, go to a 5m TF, and look at things, and trade off of it, what of it? Perhaps they will lose money, and if it's a lot, they would have lost it anyway, since it's their fault for overleveraging; and if it's a little, well, then they've found what TF does NOT work for them, and can move on. Or perhaps they will make money, and discover a method that suits them and their style, instead of blindly accepting a blanket statement that seems to be some kind of Gospel Truth, when in fact no such thing exists.

Quoting SeekingLight
Whether it's recommendable to just about anyone, that I don't know.
Anything is recommendable to anyone, not that I made any (can't speak for wizard, though I don't think he was making a recommendation either)... that's why taking personal responsibility is so important. The lack of taking personal responsibility leads to placing far too much emphasis on things people say, especially on a public internet forum where 99% of the people who make recommendations are not profitible themselves, despite appearing that way through the veil of anonymity, and where many people who seek to offer enlightenment to others often lack it themselves.
  • #6,565
  • Sep 27, 2007 3:34pm Sep 27, 2007 3:34pm
Ah Tiki I bet you are thinking of taking this Euro pin short aren't you??
  • #6,566
  • Sep 27, 2007 3:53pm Sep 27, 2007 3:53pm
But I also know it is not a very good one... I wish it was... and for EUR I am looking at my rob booker indicators which say not quite yet for SHORT, though I do wish it was time...

If price can come down a little more today before end of day... maybe I would take it for about 20 pips target only before the market found out I had taken the trade and has time to turn on me...

NOW, if price for some odd reason might decide to come down around 1.4075 tomorrow, we might could have a really nice weekly PB on EUR... but noooooooo that wouldn't really happen now would it ?? !!


Quoting the_wizard
Ah Tiki I bet you are thinking of taking this Euro pin short aren't you??
  • #6,567
  • Sep 27, 2007 3:56pm Sep 27, 2007 3:56pm
Don't worry josh... if you are trading demo... you haven't lost as much as I have...

Take it easy... have a beer.. we all are in here...

I am not too sure, but have thought maybe seeking was having a bad week too...

Quoting JoshDance
While I seek to not be argumentative, I would like to defend the intent and spirit of my post from being twisted around to sound like something it's not.



Nowhere in my post did I mention monetary amounts or "getting rich" ... I talked about price movement and opportunities for making money on smaller timeframes.



Could you state what you're really trying to say here?



Are you trying to say that people can only consistently make money trading timeframes like 4 hours or higher? Hopefully this is not what you're trying to say, as many people do just that already.



I think anyone willing to take such a lemming-like, herd-following attitude will never make money regardless of what they do, until they start thinking for themselves. I take NO responsibility for anyone losing or making money by listening to an ounce of what I say. I don't even trade with real money, and it's a good thing, because I've lost a lot. Even if I were to ever offer specific trade advice with the intention of someone following it, anyone who followed it would be a fool to follow a loser. That's why there are only a few people on FF whose trading advice I really pay attention to, as there are only a few real winners, with Jim being one of them. That's why I commented on MY beliefs, MY perspective, and MY observations, and did not ask anyone to do it themselves. That being said, I am open to listen and hear anyone, and then I must decide for myself if their beliefs will improve upon my own, or whether it's rubbish, as our beliefs are ultimately what cause us to enter/exit a trade.

But if someone does decide to put a 34EMA on their chart, go to a 5m TF, and look at things, and trade off of it, what of it? Perhaps they will lose money, and if it's a lot, they would have lost it anyway, since it's their fault for overleveraging; and if it's a little, well, then they've found what TF does NOT work for them, and can move on. Or perhaps they will make money, and discover a method that suits them and their style, instead of blindly accepting a blanket statement that seems to be some kind of Gospel Truth, when in fact no such thing exists.



Anything is recommendable to anyone, not that I made any (can't speak for wizard, though I don't think he was making a recommendation either)... that's why taking personal responsibility is so important. The lack of taking personal responsibility leads to placing far too much emphasis on things people say, especially on a public internet forum where 99% of the people who make recommendations are not profitible themselves, despite appearing that way through the veil of anonymity, and where many people who seek to offer enlightenment to others often lack it themselves.
  • #6,568
  • Edited 4:01pm Sep 27, 2007 3:56pm | Edited 4:01pm
Quoting the_wizard
Ah Tiki I bet you are thinking of taking this Euro pin short aren't you??

why should anyone take this pin - if it closes like this???? i think there will be a beter oppurtunity to get in short if it works out..that not a PB

wait - maybe it is?..joking


EDIT - if it will work out well - that means that we are going to have also a weekly PB - wouldnt that be a better entry????


EDIT FOR TIKI TRADER - tiki, why ? please explain...not talking about ROBBOOKER...only pa - do you have any reason for entering short???? the weekly won't hapen? then thats not a good trade..don't you think??
  • #6,569
  • Sep 27, 2007 3:58pm Sep 27, 2007 3:58pm
Oh dear..okay, let me try and answer this best I can..keep in mind it's late here and I'm getting tiiiiiired so my feeling for "tone" might be a bit off.

Quoting JoshDance
Could you state what you're really trying to say here?
Well, from what I understand you had professional person to person training?

If so, then that was what I meant/was referring to(experience, live tutoring => certain requirements).


Quote
Are you trying to say that people can only consistently make money trading timeframes like 4 hours or higher? Hopefully this is not what you're trying to say, as many people do just that already.

I think I said the opposite and also mentioned what it takes and made it clear there was a difference to starting in FX and moving on as you are more and more advanced.
Starting to think you felt more insulted than understood what I was trying to say...my point was basically the same as Mike made after me - if you're starting it might be more well paced not to have 5m or tick charts whooshing by if you barely can distinguish the chart patterns as it is, but instead should learn slowly and carefully until you have enough confidence, experience and skill to move on and a foundation / basis on which to experiment freely with.


Quote
I think anyone willing to take such a lemming-like, herd-following attitude will never make money regardless of what they do

The point was to save beginners from blowing accounts. After starting out by trying not to have your words twisted, it's ironic I find myself in the same spot.


_I_ think anyone willing to believe they can have 0 experience and trade 5m charts profitably without any experience, background or practice and by directly trying live is brutally willing to endanger his money.(notice: this is in no way addressed to you personally)

If you want to twist my words I'd go for: I am trying to have people keep their money first(capital preservation), and get rich quick on risk of going broke a couple of times first last. This includes both timeframes and position sizing for me(and yes I realize you never said "people go and get rich quick, NOW!"...but talking about how terrific things work on 5m tempts folks -> responsibility issue I will come back to later).

Nowhere and not once did I state it impossible to trade small timeframes. I've posted 15m charts on this very thread before, know that FXJarhead makes his living off small TF and that Jim basically lives on the small TF as well.

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until they start thinking for themselves


Quote
. I take NO responsibility for anyone losing or making money by listening to an ounce of what I say.

And that's what I felt was the problem and why I posted.

Quote
I don't even trade with real money, and it's a good thing, because I've lost a lot.
Even if I were to ever offer specific trade advice with the intention of someone following it, anyone who followed it would be a fool to follow a loser.


Quote
But if someone does decide to put a 34EMA on their chart, go to a 5m TF, and look at things, and trade off of it, what of it? Perhaps they will lose money, and if it's a lot, they would have lost it anyway, since it's their fault for overleveraging;

Was just trying to spare people having to go there(losing money, going broke) first...


Quote
Or perhaps they will make money, and discover a method that suits them and their style, instead of blindly accepting a blanket statement that seems to be some kind of Gospel Truth, when in fact no such thing exists.

Could very well be, never ruled it out. Just is a question of how likely this is for someone with no experience vs someone with a few years, e.g. or other differentiations.
Tried VERY hard to make a clear distinction between starters and advanced traders and individual backgrounds and I find this can be clearly read in my post...however, interpretation, as always, is subjective.

Quote
Anything is recommendable to anyone, not that I made any (can't speak for wizard, though I don't think he was making a recommendation either)...

No, but it's all about perception and posting these things publicly will inevitably have certain effects on others.
It is of course an individual choice whether to bother about the possible outcomes and results of what one posts or not, so this is completely your own decision as it's a free forum, just realize that I've my own reason for trying to do what I personally believe is right as well.

My sole agenda is to spare people the big 0 in their account.


Quote
that's why taking personal responsibility is so important. The lack of taking personal responsibility leads to placing far too much emphasis on things people say, especially on a public internet forum where 99% of the people who make recommendations are not profitible themselves, despite appearing that way through the veil of anonymity, and where many people who seek to offer enlightenment to others often lack it themselves.

Very true and a big dilemma indeed.
Also makes me realize time and again how dangerous it can be to say something as simple as "It will go up" versus saying "I believe it could rise from here"....some people read "it will go up" and press buy. They seriously do that. Even from people they know nothing about. Boggles my mind.

You seem to be someone who in turn then says "good riddance, that's their own responsibility" and I agree - to a point.
I just believe one doesn't have to additionally "help them along" if one can avoid it. Lord knows I'm guilty of having probably done so unwittingly tons of times in my own past.

I'm trying my best not to do this.(I'd feel responsible - and this is where our difference in perspective lies in I believe)

In closing...
I find it odd how a post of mine which I personally perceived so clear and quite differentiating ends up as a "blanket statement" and "lemming mentality"...

Apologies either way if you felt I offended you. We just have different perspectives on things while basically agreeing on most of the core points I guess..

Take care,

SeekingLight
Trust price. Know yourself.
  • #6,570
  • Sep 27, 2007 3:59pm Sep 27, 2007 3:59pm
Quoting Tiki Trader
Don't worry josh... if you are trading demo... you haven't lost as much as I have...

Take it easy... have a beer.. we all are in here...
No worries mate-- and I will consider your beer idea a good one :-) Actually this week is the best week I've had ever so far.
  • #6,571
  • Sep 27, 2007 4:04pm Sep 27, 2007 4:04pm
Quoting mamutot
why should anyone take this pin
Good question, are the charts screaming out "buy USD" anywhere except on the carry cores (USDJPY, USDCHF) to anyone?


Turns out yesterday's GBPCHF IB (also with a TBL I think, more power to the low) along with GPBUSD's IB would probably have been a good idea

Market is still very "synched"...EURUSD had an IB, GBPUSD, GBPCHF, NZDUSD all IBs....everyone is still a LEMMING to the DJI it seems like.....almost like a.....HERD..... ;P

*runs away before Josh comes to whoop his butt*
Trust price. Know yourself.
  • #6,572
  • Sep 27, 2007 4:24pm Sep 27, 2007 4:24pm
if anyone may want to reply on this moment of confession i had - please read here, i didnt post the post itself because it doesnt really belong here.

so here is the link ..


http://www.forexfactory.com/showpost...6&postcount=42
  • #6,573
  • Sep 27, 2007 4:42pm Sep 27, 2007 4:42pm
Did I miss something???


Quoting SeekingLight
Good question, are the charts screaming out "buy USD" anywhere except on the carry cores (USDJPY, USDCHF) to anyone?


Turns out yesterday's GBPCHF IB (also with a TBL I think, more power to the low) along with GPBUSD's IB would probably have been a good idea

Market is still very "synched"...EURUSD had an IB, GBPUSD, GBPCHF, NZDUSD all IBs....everyone is still a LEMMING to the DJI it seems like.....almost like a.....HERD..... ;P

*runs away before Josh comes to whoop his butt*
Attached Images
  • #6,574
  • Edited 5:19pm Sep 27, 2007 4:46pm | Edited 5:19pm
would i take it??? maybe...would i regret - maybe...will i lose money? no.
  • #6,575
  • Sep 27, 2007 5:07pm Sep 27, 2007 5:07pm
That GBPCHF hourly pin looks good to me, esp with the 365 EMA

What period sampling is your orange line? 160?

Cheers
To be one with the market, you must first be one with yourself.
  • #6,576
  • Sep 27, 2007 5:30pm Sep 27, 2007 5:30pm
Quoting Tiki Trader
Did I miss something???
Probably the part where I wrote "yesterday"


@Unforeseen / mamutot:

What my mind would be doing is:

Hm, theres a 1h PB during the 2-4 dead hours between NY close and Asia...the daily bar will close as a bullish bar in 90 minutes here(albeit right at/below s/r), the 1h PB is 33 pips big on the pair that is GBPCHF, the daily bar being 270 pips(less than 13% of the daily bar if my head math serves me right).

USDCHF is closing near today's high, GBPUSD is near today's high. Both BUBs so far. GBPCHF is GBPUSDxUSDCHF.

Is this 1h PB short GBPCHF something worth putting real money on?

And raczekfx would probably think:

Cool, that 1h PB at the place I've been waiting for, time to show SL what's what!
Trust price. Know yourself.
  • #6,577
  • Sep 27, 2007 5:39pm Sep 27, 2007 5:39pm
Quoting SeekingLight
Probably the part where I wrote "yesterday"


@Unforeseen / mamutot:

What my mind would be doing is:

Hm, theres a 1h PB during the 2-4 dead hours between NY close and Asia...the daily bar will close as a bullish bar in 90 minutes here(albeit right at/below s/r), the 1h PB is 33 pips big on the pair that is GBPCHF, the daily bar being 270 pips(less than 13% of the daily bar if my head math serves me right).

USDCHF is closing near today's high, GBPUSD is near today's high. Both BUBs so far. GBPCHF is GBPUSDxUSDCHF.

Is this 1h PB short GBPCHF something worth putting real money on?

And raczekfx would probably think:

Cool, that 1h PB at the place I've been waiting for, time to show SL what's what!

YES - i know all of that...thats why i said i wasnt going to trade that - surely not for real money!!! ( i am demoing..)

http://www.forexfactory.com/showpost...9&postcount=43

but - have a look also on the 4h chart - and dont forget that it starts some where.....
  • #6,578
  • Sep 27, 2007 6:25pm Sep 27, 2007 6:25pm
Quoting SeekingLight


@Unforeseen / mamutot:

What my mind would be doing is:

Hm, theres a 1h PB during the 2-4 dead hours between NY close and Asia...the daily bar will close as a bullish bar in 90 minutes here(albeit right at/below s/r), the 1h PB is 33 pips big on the pair that is GBPCHF, the daily bar being 270 pips(less than 13% of the daily bar if my head math serves me right).

USDCHF is closing near today's high, GBPUSD is near today's high. Both BUBs so far. GBPCHF is GBPUSDxUSDCHF.

Is this 1h PB short GBPCHF something worth putting real money on?

And raczekfx would probably think:

Cool, that 1h PB at the place I've been waiting for, time to show SL what's what!
I am demo'ing this one as well, since I don't trade the pair normally.

However - it's hitting resistance on my other charts. GBPUSD @ 61.8 longer term fib, GBPJPY longer term 50%. Both testing resistance for the second time, with 4hr small pin. USDCHF... nothing signifigant (at least to me)

My TP is tight, as we are against the trend, eyeing above the value area @ 3735-3755. I'll watch what price does at that area and decide.

Would I have done live on this one? Likely yes, for the above reasons, however perhaps at a lower risk. The lower the perceived probability, the lower risk I take.
To be one with the market, you must first be one with yourself.
  • #6,579
  • Sep 27, 2007 7:08pm Sep 27, 2007 7:08pm
Quoting SeekingLight
...

Is this 1h PB short GBPCHF something worth putting real money on?

And raczekfx would probably think:

Cool, that 1h PB at the place I've been waiting for, time to show SL what's what!
... I thought you'd know me better by now SL .. and I didn't post those chf/gbp, g/j and other charts for fun....

I'm a 'touch' man.
e.g. 2.3810 was long TP and trigger for short at the same time (check the same chart in my journal for clues)..... oh I see now, there is also 1hr pb now..

all right, a quick look at u/j, e/j, g/j and back to a cellar... Ice wine is almost ready.
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  • #6,580
  • Sep 27, 2007 7:26pm Sep 27, 2007 7:26pm
Quoting mamutot
YES - i know all of that...thats why i said i wasnt going to trade that - surely not for real money!!! ( i am demoing..)

http://www.forexfactory.com/showpost...9&postcount=43

but - have a look also on the 4h chart - and dont forget that it starts some where.....
and if u treat your demo like that, then u will do the same on the live. trust me. makes no sense do it with demo if u dont think it is worth it.
100% of traders are losers. Just that some win more than they lose!
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