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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

  • #15,741
  • Nov 25, 2008 3:19am Nov 25, 2008 3:19am
Quoting Greenhaze
USD/CAD
H4 PB H1 BEOB. 10 min left.
Strong PPZ on the Daily Cad.

4 hour PB at the left eye would be an aggressive entry before the break.
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Indicators show the past. Price Action "Indicates" the future.
  • #15,742
  • Nov 25, 2008 3:36am Nov 25, 2008 3:36am
Quoting jarroo
Price Action formations with different brokers with different bar closes tends to balance out in the long run. Why not get another broker meta trader account and compare PAs on both.

Notice that the PPZ is the same.
Thanks Jarroo!

I tried another broker and found the reason for the differences in charts. Alpari witch I have been using has the market watch one hour ahead many other brokers so bars close an hour earlier. What I'm gonna do is to watch the bars from another broker and trade with another.
  • #15,743
  • Nov 25, 2008 3:39am Nov 25, 2008 3:39am
Quoting fx-Junior
Thanks Jarroo!

I tried another broker and found the reason for the differences in charts. Alpari witch I have been using has the market watch one hour ahead many other brokers so bars close an hour earlier. What I'm gonna do is to watch the bars from another broker and trade with another.

it should make any difference....the main thing is what u have no yur chart will never absolutely be the same as what somebody has on a another broker...u gotta trade what yur chart say..cause every feed is slightly different..
  • #15,744
  • Nov 25, 2008 4:18am Nov 25, 2008 4:18am
Quoting nAVIN2007
it should make any difference....the main thing is what u have no yur chart will never absolutely be the same as what somebody has on a another broker...u gotta trade what yur chart say..cause every feed is slightly different..
Yep, you're right. But I have noticed that the majority of people posting charts here have had that different market watch time where bars don't match with mine. So it's good to see the bars as the majority sees them, since the more people see a signal, the better the price reacts.

Let me post two fresh charts where the problem clearly comes up.

The first one is Alpari's GPB/JPY 4H
The second one is ODL GPB/JPY 4H

Alpari's chart gives a signal of BeOB --> SELL
At ODL there is actually a pin bar in the same place --> BUY

There is a little contradiction.

Hopefully it's only the 4H that the problem is concerning. 1H and daily close the same time.
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  • #15,745
  • Nov 25, 2008 4:25am Nov 25, 2008 4:25am
Hello fx-Junior,

At ODL's 4 hour chart, it's an engulfing bar and not a PB. I mean that high/low of the current bar encompasses the high/low of the previous bar.

I hope this helps

Happy trading to all

Cheers

Angel
  • #15,746
  • Nov 25, 2008 4:30am Nov 25, 2008 4:30am
Quoting raczekfx

.
i can understand why u bought the $$ when dow reached the support line but why did u buy the yen??in the yen crosses?
  • #15,747
  • Edited 4:52am Nov 25, 2008 4:43am | Edited 4:52am
Quoting sonicdeejay
U go for big lots or big pips??

I used diff TF confirmation too...

Sonic
Hey Sonic,
My position size is calculated based on my percent of risk and my stop loss. Larger position, and a good run. With the 4hr BEOB on AU and EU, I entered a larger position on 5minute, in the direction of the BEOB. I set to BE quickly, and if the 4hr bar is then triggered, I have a couple of options:
-Let the whole position run, and risk getting stopped out at BE, as we normally put our stops above the BEOB.
-Take partial profit, leave at BE and let the other run per our exit rules.
-Or, a combination, split your position up by setting a SL at BE to cancel out your excess position size, and let your smaller position run trading like a normal BEOB 4hr bar.
  • #15,748
  • Nov 25, 2008 5:23am Nov 25, 2008 5:23am
Quoting Forex007
Raczek, you said you are making 0.3% per day. Now it seems more. SLOW DOWN!
I will have to, otherwise our friend here might have problems adding the numbers , 450ps and .3 % ...

BTW. someone please help him....
Quoting Ryanmcd
Also I have really never drawn trend lines. Is there a good book that helps with this? Thanks again.
  • #15,749
  • Nov 25, 2008 5:55am Nov 25, 2008 5:55am
Quoting jarroo
Strong PPZ on the Daily Cad.

4 hour PB at the left eye would be an aggressive entry before the break.
welldone buddy...good spot..i wish i took it!
  • #15,750
  • Nov 25, 2008 5:56am Nov 25, 2008 5:56am
Quoting fx-Junior
Yep, you're right. But I have noticed that the majority of people posting charts here have had that different market watch time where bars don't match with mine. So it's good to see the bars as the majority sees them, since the more people see a signal, the better the price reacts.

Let me post two fresh charts where the problem clearly comes up.

The first one is Alpari's GPB/JPY 4H
The second one is ODL GPB/JPY 4H

Alpari's chart gives a signal of BeOB --> SELL
At ODL there is actually a pin bar in the same place --> BUY

There is a little contradiction....
i see what u mean
  • #15,751
  • Nov 25, 2008 6:01am Nov 25, 2008 6:01am
Quoting raczekfx
I will have to, otherwise our friend here might have problems adding the numbers , 450ps and .3 % ...

BTW. someone please help him....
now now you kids play nice


was also wondering why the yen crosses moved in the same way to the usd. were you targetin/expecting these or just took PA off the PPZ's for these pairs?

i am not sure what fx pairs are correlated. If anyone has info or knows any links then i would appreciate.
  • #15,752
  • Nov 25, 2008 6:06am Nov 25, 2008 6:06am
Jaroo are you in the usd/cad trade?
I was in Aud/usd (1hr pb) & Usd/cad (4h pb). My trades were triggered at pinbar retrace zones then went down , then up hitting my breakeven and felt like rock just now. God damn it!!! I want the revenge now.....
  • #15,753
  • Nov 25, 2008 6:07am Nov 25, 2008 6:07am
Quoting fx-Junior
Yep, you're right. But I have noticed that the majority of people posting charts here have had that different market watch time where bars don't match with mine. So it's good to see the bars as the majority sees them, since the more people see a signal, the better the price reacts.

Let me post two fresh charts where the problem clearly comes up.

The first one is Alpari's GPB/JPY 4H
The second one is ODL GPB/JPY 4H

Alpari's chart gives a signal of BeOB --> SELL
At ODL there is actually a pin bar in the same place --> BUY

There is a little contradiction....
You will see they are both BEOBs. It's just that the ODL feed has the close in a different location.

It's a mistake I used to make all the time. At a quick glance it looks like a PIN but it isn't.
  • #15,754
  • Nov 25, 2008 6:07am Nov 25, 2008 6:07am
Quoting jarroo
I'm not big on Risk/Reward. I'm a Risk/Potential profit guy.
Adding to a position after confirming PA after a retracement or clearing S/R levels. Yes, I agree with that.
Hi Jarroo!
You mean to try to get at least BE, as soon as possible, and make Your expectancy positive with higher hit rate, rather than bigger RR ratio?
Am I understand it right?
THX, Laszlo
  • #15,755
  • Nov 25, 2008 6:27am Nov 25, 2008 6:27am
USD/CAD H4

Momentum is massive right now , no buys without solid pa. If we break next resistance i will look for sell on the retest , but i feel that major move is already done.

I respect Raczek and Ryan very much and i hate to see that sarcastic conversation here
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  • #15,756
  • Nov 25, 2008 6:42am Nov 25, 2008 6:42am
Here is a short I just took off the 15 min, up at daily ppz ~.6600
Trade at BE. Would love to see a 1hr pin now. EU following suite.
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  • #15,757
  • Nov 25, 2008 6:51am Nov 25, 2008 6:51am
Quoting Greenhaze
Jaroo are you in the usd/cad trade?
I was in Aud/usd (1hr pb) & Usd/cad (4h pb). My trades were triggered at pinbar retrace zones then went down , then up hitting my breakeven and felt like rock just now. God damn it!!! I want the revenge now.....
Greenhaze,

How do you manage these kind of trades? I am curious as I am not sure whether it is best to have a PT in mind or just use a trailing stop.

On the USDCAD 4hr pb that just shot down i trailed it with a 50 pip stop on the break of the bar (rather than the retrace zone as i am not too clued up on that) which has got me locked in +150 pips at the moment which is great BUT i may have just been lucky using that kind of trailing stop on this trade as it shot down so quickly with hardly any retracement!?!

Any ideas on this one as i couldn't seem to find much advice on this (apologies if i've overlooked this subject here on the J16 thread)?

Regards,


Dan

UPDATE: Just stopped out at +150 with trailing stop
  • #15,758
  • Nov 25, 2008 7:04am Nov 25, 2008 7:04am
Quoting PeterFM
You will see they are both BEOBs. It's just that the ODL feed has the close in a different location.
I have understood that to be a BEOB the close of the BEOB bar has to be lower than entire previous bar, which is not the case with the second one. Have I understood it wrong?
  • #15,759
  • Nov 25, 2008 7:10am Nov 25, 2008 7:10am
Quoting HipsterPipster
Here is a short I just took off the 15 min, up at daily ppz ~.6600
Trade at BE. Would love to see a 1hr pin now. EU following suite.
Closed for 1.5R
  • #15,760
  • Nov 25, 2008 7:15am Nov 25, 2008 7:15am
Quoting fx-Junior
I have understood that to be a BEOB the close of the BEOB bar has to be lower than entire previous bar, which is not the case with the second one. Have I understood it wrong?
HEY jr,

It doesn't have to close lower, it should be in the lower end of it, but a close that IS lower then the previous bars low makes it much better. I personally prefer them to always close lower then then previous bars low too.

Best
Mike
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