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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

  • #15,661
  • Nov 24, 2008 10:18am Nov 24, 2008 10:18am
Quoting LordElessar
Very good trade on USDCAD, Raczekfx!

I didn't see this beautiful double top with MACD divergence on loonie...
This make me sad... Well let's wait to another good setup.

One question.
Is it important the fibo confluence marked in my chart? If I had seen this setup on loonie, probably I would have skipped because of that confluence.

Is my fibo drawn correct?

thanks!
Can't really see numbers on your chart. Here's what my fibs look like.
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  • #15,662
  • Nov 24, 2008 10:29am Nov 24, 2008 10:29am
Quoting Almfx
Iam currently using InterbanFX, I like their 'No Deal' order execution and Iam quite happy with their connectivity and service.The only thing is they do not offer to trade commodities, futures, equities. I would like to know other broker having similar (effective) service with commodities, futures, equities. Also particularly, whether the money will be safe with them?. Thanks

Hey Alm was gonna PM you this, as to not turn this into a broker chat, but your PM and emails are off. Take a look at Oanda, MB trading, Interactive Brokers. These will offer you more options on forex/commods and IB you can have a universal account and trade everything.

Shoot me a msg if you have more questions

Best
mike
  • #15,663
  • Edited 10:38am Nov 24, 2008 10:35am | Edited 10:38am
Thanks for the answer Raczek. I've posted a better chart in my last post if you want to see.

I drawn the white fibo from the last top to bottom of the monthly chart and the blue one was the last daily swing.

Quoting raczekfx
Can't really see numbers on your chart. Here's what my fibs look like.
.
  • #15,664
  • Nov 24, 2008 10:37am Nov 24, 2008 10:37am
Quoting raczekfx
Can't really see numbers on your chart. Here's what my fibs look like.
.

Kaboom... like it.
I may have to adopt that myself when a trade takes off..
  • #15,665
  • Edited 11:10am Nov 24, 2008 11:08am | Edited 11:10am
Looks like Ryan had a good day.
Maybe time for a retrace sinse we hit 1.2900..

Waiting for the stop run.
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  • #15,666
  • Nov 24, 2008 11:09am Nov 24, 2008 11:09am
Quoting LordElessar
Thanks for the answer Raczek. I've posted a better chart in my last post if you want to see.

I drawn the white fibo from the last top to bottom of the monthly chart and the blue one was the last daily swing.
they seem to be drawn backwards or is it me.... ,if you're looking for a retrace, draw them from the lowest point to the highest point. hope this helps.
  • #15,667
  • Nov 24, 2008 11:13am Nov 24, 2008 11:13am
Quoting rustyjeff
Kaboom... like it.
I may have to adopt that myself when a trade takes off..
Believe it or not, but it helps the momentum...
  • #15,668
  • Nov 24, 2008 11:28am Nov 24, 2008 11:28am
Quoting raczekfx
PA on oil futures and imminent failure of a double top on CAD. Hope you're enjoying the ride..

p.s. just closed that trade @ 1,2390 (almost 450ps). I know it's not a 5min trade and it took whole 2 trading days to unfold...., but hey, I like to have a life.

450ps is nothing if it's $100.

Also no need to bash others on the way they trade, I do the 5min because it works for me. Let me know when 20 pips = $30,000 then you can say what I do is a waste of time.


Also I don't need a life I don't have to work unlike others.
Keep taking CT trades, I need more money
  • #15,669
  • Nov 24, 2008 11:29am Nov 24, 2008 11:29am
Quoting rustyjeff
Looks like Ryan had a good day.
Maybe time for a retrace sinse we hit 1.2900..

Waiting for the stop run.

Ya not bad today, +60k but "I don't have a life" because I watch 5min charts. But it could be worse I could have to goto work tomorrow or run some crappy online booking site.
Keep taking CT trades, I need more money
  • #15,670
  • Nov 24, 2008 11:32am Nov 24, 2008 11:32am
Quoting panos69
trade.a conservative 1 shouldnt take it due to the tp/sl ratio.with small shots its ok in my book...
I missed some good Price Action today.

Although the location of these Bullish and Bearish Outside Bars are not the best (Swing Highs and Swing Lows are better locations) they did prove to be successful.

Eur/Usd BUOB and Usd/Chf BEOB. (4 hour)

Nice Profit target panos.
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #15,671
  • Nov 24, 2008 11:35am Nov 24, 2008 11:35am
Quoting Ryanmcd
Ya not bad today, +60k but "I don't have a life" because I watch 5min charts. But it could be worse I could have to goto work tomorrow lol

Where does this leave me?? I dont have to work tomorrow but I trade both long term charts & 5m.. ahhhhh.
Oh well everyones' different i suppose..
  • #15,672
  • Nov 24, 2008 11:37am Nov 24, 2008 11:37am
Quoting Ryanmcd
450ps is nothing if it's $100.

Also no need to bash others on the way they trade, I do the 5min because it works for me. Let me know when 20 pips = $30,000 then you can say what I do is a waste of time.


Also I don't need a life I don't have to work unlike others.
Dude, I'm bashing no one. This is actually the first post of yours I read, since it was addressed to me. Even if your pip is worth $1,000, it makes no difference to me. Rest assure, I'll be even happier for you.
Have a great day Mr. no life....
  • #15,673
  • Nov 24, 2008 11:46am Nov 24, 2008 11:46am
Yes, I drawn it backwards

Damn! I saw another thing that I did wrong... I thing that I was sleeping when I drawn the fib

Anyway, thank you Raczekfx!

Samuel

Quoting raczekfx
they seem to be drawn backwards or is it me.... ,if you're looking for a retrace, draw them from the lowest point to the highest point. hope this helps.
  • #15,674
  • Nov 24, 2008 11:50am Nov 24, 2008 11:50am
Quoting Ryanmcd
Ya not bad today, +60k but "I don't have a life" because I watch 5min charts. But it could be worse I could have to goto work tomorrow or run some crappy online booking site.

good going bro

USD/CAD.. was a great trade..keep up the great work!
  • #15,675
  • Nov 24, 2008 12:03pm Nov 24, 2008 12:03pm
Quoting Ryanmcd
Ya not bad today, +60k but "I don't have a life" because I watch 5min charts. But it could be worse I could have to goto work tomorrow or run some crappy online booking site.
well just to keep a bit of perspective - i lost £100 today, and i was in a couple of the trades mentioned earlier
guess that serves me right for playing on the 1 hour again and not trusting the trade to do what it should do.

now where did i leave that discipline....
  • #15,676
  • Nov 24, 2008 1:08pm Nov 24, 2008 1:08pm
Hi all,

I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?

I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.

Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1


thanks

Simon
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  • #15,677
  • Nov 24, 2008 1:20pm Nov 24, 2008 1:20pm
Quoting simoncs
Hi all,

I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?

I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.

Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1


thanks

Simon
You played it correctly (imo), but IBs are tricky and as everything else, they don't always work.
Actually on my chart the very same IB broke to the upside. You can always go quickly to a lower tf to get a better picture. My 1hr shows a ppz right in the area where your IB broke lower.
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  • #15,678
  • Nov 24, 2008 1:21pm Nov 24, 2008 1:21pm
Hello simoncs,

I will not comment cause I don't have too much experience in IB setups, but there are a very good thread that talk about IB setups:

http://www.forexfactory.com/showthread.php?t=86766

I am studing the IB setups too, I think that it is the hardest setup to learn.

cheers

Quoting simoncs
Hi all,

I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?

I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.

Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1


thanks

Simon
  • #15,679
  • Nov 24, 2008 1:27pm Nov 24, 2008 1:27pm
Quoting raczekfx
You played it correctly (imo), but IBs are tricky and as everything else, they don't always work.
Actually on my chart the very same IB broke to the upside. You can always go quickly to a lower tf to get a better picture. My 1hr shows a ppz right in the area where your IB broke lower.
Look at this IB. It broke lower and they higher. I'd suggest you stay away from IBs until you master PBs and BE/Uovbs first. I never liked IBs at first either and it took me some time, before I got comfortable with them.
.
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  • #15,680
  • Nov 24, 2008 2:20pm Nov 24, 2008 2:20pm
Quoting simoncs
Hi all,

I am a little stumped on inside bars. I will leave these for now as they seem harder to read than the other PA setups, but for future reference...
what did i do wrong?

I went short when bar no.3 broke below the inside bar no.2. I had my stop above bar no.1 It then immediately moved up and through my stop.

Was the setup just in the wrong place? and this is how i should have played this? Or should my entry point have been below the low of bar no.1


thanks

Simon
IBs are, in my opinion, the most discretionary of the bar patterns that are discussed here.

I'd study them over time to get a feel for them if I was you. ...and I was you. Most of us have been. (especially on IBs. lol)

Your post explains the typical reactions to IBs that a lot of us have had.

We've just about all gotten into the " have a stop-entry on both sides of the IB" mode of thinking.
ALSO, don't get into the "Ever widening stop"/ "should I have placed the stop even further away again" scenario!

The best place to start with IBs...

...At swing highs/lows that are hitting a trendline AND are in confluence with a couple of fib lines. In other words, IBs as reversals first. This way you have ONE trade idea only. One that you KNOW would be dumb to trade the other way. You're not chasing both directions and getting disheartened. ...Over time, get an idea about the "look" of the ones that are easiest to trade.
For the stop positioning on these reversal IBs you can then set it above the swing high price (or swing low) and not use the IB itself.

The IB you chose was a hard one. Personally, I don't like ones amongst sideways traffic like that at all. ...Unless they too are at Swing highs or lows and winding up.

I also personally do what Rac said.... ...Study the lower time frame charts to get an idea of PPZs etc. Especially good for placing my stops. Try not to watch on the that lower time frame though. Can screw with your head! lol
Bundy's status today: "Waiting..."
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