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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

  • #16,721
  • Dec 11, 2008 1:50pm Dec 11, 2008 1:50pm
if this closes a pin bar, would be worthy to be traded?
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  • #16,722
  • Dec 11, 2008 3:05pm Dec 11, 2008 3:05pm
Quoting Naijafx
if this closes a pin bar, would be worthy to be traded?
It had some good things going for it for sure....lot's of space, room to run, at the 50% fib from the move starting on Nov 4th but I decided to sit out as it seemed to run up pretty quickly.

Could well head North from here but there is always another PA setup around the corner.
  • #16,723
  • Dec 11, 2008 4:54pm Dec 11, 2008 4:54pm
Hi all,

In relation to how brokers have differing time zones, ie. FXDD and FXPro are EST and IBFX is GMT for eg..

I know that Jim has said that just trade what you see whenever questioned about whether time zones are important (causes 4hr and daily candles to differ due to different opening and closing times)...

But I thought this research was very interesting.....

Check the link

http://www.forexfactory.com/showthre...ne#post1500846

or see attachment below


Basically Vensik says it makes quite a difference in the positive to trade with brokers who use EST time...

Food for thought...

Joe
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  • #16,724
  • Dec 11, 2008 5:52pm Dec 11, 2008 5:52pm
Quoting GetSmart
Hi all,

In relation to how brokers have differing time zones, ie. FXDD and FXPro are EST and IBFX is GMT for eg..

I know that Jim has said that just trade what you see whenever questioned about whether time zones are important (causes 4hr and daily candles to differ due to different opening and closing times)...

But I thought this research was very interesting.....

Check the link

http://www.forexfactory.com/showthre...ne#post1500846

or see attachment below


Basically Vensik says it makes...
I don't buy it personally. I believe it all evens out given a big enough sample... one guy's double bottom is another guy's 15m H&S is another guy's DBHLC on 4H, is another guy's PB on weekly...
Mr. Trend
  • #16,725
  • Dec 11, 2008 6:21pm Dec 11, 2008 6:21pm
hey, just got back in this forum,
anyone feels happy for EURCAD (h4) ?
100% of traders are losers. Just that some win more than they lose!
  • #16,726
  • Dec 11, 2008 6:41pm Dec 11, 2008 6:41pm
Quoting Mr Trend
I don't buy it personally. I believe it all evens out given a big enough sample... one guy's double bottom is another guy's 15m H&S is another guy's DBHLC on 4H, is another guy's PB on weekly...
Big enough sample...That would be the problem with shorter time frames then huh?I thought daily bars were all the same..I guess I was wrong ?Or was that hourly bars that were?
  • #16,727
  • Dec 11, 2008 7:04pm Dec 11, 2008 7:04pm
Quoting Mr Trend
I don't buy it personally. I believe it all evens out given a big enough sample... one guy's double bottom is another guy's 15m H&S is another guy's DBHLC on 4H, is another guy's PB on weekly...
Not sure Mr T....if you thought you might make 18-20% more profit it might make you re-think that. His sample was 2 years but perhaps thats not enough. I'm wondering whether it can be another tool to add to the confluence basket. Ie. If gmt and est show a similar bar then more reason to take the trade. I kinda do this but don't have enough experience yet to know whether its effective.....instinct tells me it might be though...

JLMAC27 - hourly bars and below are all the same but not 4hourly and above ...

Wondering what Jims or Mikes thoughts are....

Cheers,

Joe
  • #16,728
  • Dec 11, 2008 7:10pm Dec 11, 2008 7:10pm
Quoting GetSmart
Not sure Mr T....if you thought you might make 18-20% more profit it might make you re-think that. His sample was 2 years but perhaps thats not enough. I'm wondering whether it can be another tool to add to the confluence basket. Ie. If gmt and est show a similar bar then more reason to take the trade. I kinda do this but don't have enough experience yet to know whether its effective.....instinct tells me it might be though...

JLMAC27 - hourly bars and below are all the same but not 4hourly and above ...

Wondering what Jims or Mikes thoughts are....

Cheers,

Joe...

Hey Joe,

My thoughts are that you gotta do what works for you. I don't think that a good trader is going to be made into a bad trader based on a timezone of brokers. The information is still the same just aggregated differently. Personally I like a broker closer to the standard NY closing times(est time), I think it makes more sense to have a bar close during the time when NY closes. But I don't think there is going to be any significant difference that would have me worried. Again different methods, maybe. Testing is sure important.

Again just my thoughts, I sure wouldn't change my methods based on findings done by anyone but myself though.

Have a great last trading day!

Mike
  • #16,729
  • Dec 11, 2008 7:21pm Dec 11, 2008 7:21pm
Quoting GetSmart
Not sure Mr T....if you thought you might make 18-20% more profit it might make you re-think that. His sample was 2 years but perhaps thats not enough. I'm wondering whether it can be another tool to add to the confluence basket. Ie. If gmt and est show a similar bar then more reason to take the trade. I kinda do this but don't have enough experience yet to know whether its effective.....instinct tells me it might be though...

JLMAC27 - hourly bars and below are all the same but not 4hourly and above ...

Wondering what Jims or Mikes thoughts...
Thank you getsmart,
I thought hourly was the same....remebering from Jacko's thread...very good thread at that.I know we talk of higher timeframes here to start with,but don't you think that trading what everyone else see's is the way to go?I have been at this crazy adventure for about 14 months and I see hourly charts show pretty clear price action.I guess I am asking another question then,How would you rate hourly charts in your trading?Goodtrading to you getsmart
  • #16,730
  • Dec 11, 2008 10:24pm Dec 11, 2008 10:24pm
anybody watches markets... nice volatility, 100pips swings on fiber every 5min. Yen's going wild....
It can't be auto bailout, can it...?
  • #16,731
  • Dec 11, 2008 10:29pm Dec 11, 2008 10:29pm
Quoting raczekfx
anybody watches markets... nice volatility, 100pips swings on fiber every 5min. Yen's going wild....
It can't be auto bailout, can it...?
Yeah buddy, I shorted EUR/JPY from 122.00, short EUR/CHF from 1.5783, and long Swiss Franc against the Danish Krone, CHF/DKK from 4.7193. AUD/JPY was the nice short though, I didn't get in. The loser part about it though, is that GFT has convenetly not offering service, so I am going to have to manage by phone.
  • #16,732
  • Dec 11, 2008 10:39pm Dec 11, 2008 10:39pm
I got in the CAD/JPY at 72.88, was showing a pinbar on the daily going through 23.6 Fib, thing took off like a rocket rode it all the way to 71.03 and took profits.
  • #16,733
  • Dec 11, 2008 10:48pm Dec 11, 2008 10:48pm
Quoting raczekfx
anybody watches markets... nice volatility, 100pips swings on fiber every 5min. Yen's going wild....
It can't be auto bailout, can it...?
Just got home. I never seen 1 hr bars like this on some of these yen pairs, and i am not a news guy but with a bomb like this i am tempted to just put in a limit sell on Eur_Usd at 1.34 with a 100 pip stop and go to bed. Problem is my plan is only with PA and i see nothing to sell off yet....
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  • #16,734
  • Dec 11, 2008 10:51pm Dec 11, 2008 10:51pm
Quoting HipsterPipster
Yeah buddy, I shorted EUR/JPY from 122.00, short EUR/CHF from 1.5783, and long Swiss Franc against the Danish Krone, CHF/DKK from 4.7193. AUD/JPY was the nice short though, I didn't get in. The loser part about it though, is that GFT has convenetly not offering service, so I am going to have to manage by phone.
Hipster...

Hindsight is 20/20, so I am trying to guess what made you short the EURJPY at 122.00...

#1) PPZ at 122.00 that has held through the consolidation since October.

#2) 122.00 is close to the 50 Fib retrace line of the consolidation period.

#3) There appears to be a 2 bar high on the 4 hour chart (I am guessing this might be the R-DB set-up).

Though I might have been looking to go long after the consolidation.

Am I missing anything else?
  • #16,735
  • Dec 11, 2008 10:54pm Dec 11, 2008 10:54pm
Quoting HipsterPipster
Yeah buddy, I shorted EUR/JPY from 122.00, short EUR/CHF from 1.5783, and long Swiss Franc against the Danish Krone, CHF/DKK from 4.7193. AUD/JPY was the nice short though, I didn't get in. The loser part about it though, is that GFT has convenetly not offering service, so I am going to have to manage by phone.
You're going to be a rich man...
I only shorted good size of eur/chf at 1.5809 and 1.5797. Flat for now.

Eur/Jpy was very temping, especially after Mike's post.....
  • #16,736
  • Dec 11, 2008 10:59pm Dec 11, 2008 10:59pm
Quoting unlv_tj
Hipster...

Hindsight is 20/20, so I am trying to guess what made you short the EURJPY at 122.00...

#1) PPZ at 122.00 that has held through the consolidation since October.

#2) 122.00 is close to the 50 Fib retrace line of the consolidation period.

#3) There appears to be a 2 bar high on the 4 hour chart (I am guessing this might be the R-DB set-up).

Though I might have been looking to go long after the consolidation.

Am I missing anything else?
Well, it is for sure that I did not expect this move, but if you take a look at USD/JPY there were a lot of large sell stops that got triggered below ~90.90, and this is what is moving those yen crosses. You found most of the reasons. I took a short because of the daily tl, 1hr quazi double top with pin, confluence on MACD, and fib 50 of the move from 131 to the lowest of this consolidation ~113.61. We also have confluence with fib 61.8 from the latest daily move. We also have a minor Daily ppz, blue line, in the middle of this consolidation. I am posting a chart, it may look like star wars.
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  • #16,737
  • Dec 11, 2008 11:00pm Dec 11, 2008 11:00pm
Quoting unlv_tj
Hipster...

Hindsight is 20/20, so I am trying to guess what made you short the EURJPY at 122.00...

#1) PPZ at 122.00 that has held through the consolidation since October.

#2) 122.00 is close to the 50 Fib retrace line of the consolidation period.

#3) There appears to be a 2 bar high on the 4 hour chart (I am guessing this might be the R-DB set-up).

Though I might have been looking to go long after the consolidation.

Am I missing anything else?
Lol...
hint: check the low of a weekly bar printed on Nov 2nd....
What is that low?
  • #16,738
  • Dec 11, 2008 11:04pm Dec 11, 2008 11:04pm
Quoting raczekfx
You're going to be a rich man...
I only shorted good size of eur/chf at 1.5809 and 1.5797. Flat for now.

Eur/Jpy was very temping, especially after Mike's post.....
After calling GFT they were ONLY able to log that I wanted this trade to BE, other than that, it is a sitting duck. Both other trades are in the black as well.
  • #16,739
  • Dec 11, 2008 11:07pm Dec 11, 2008 11:07pm
Quoting HipsterPipster
After calling GFT they were ONLY able to log that I wanted this trade to BE, ....
This is why I'm recording my screens while trading. You never know when you might need them.
  • #16,740
  • Dec 11, 2008 11:08pm Dec 11, 2008 11:08pm
Thank you HipsterPipster. Very kind for you to take your time.

Raczekfx...

I see the bottom of that weekly pin (on my chart at 122.49) which is very close to the 50 Fib as well.

I guess this is something I need to watch for in the future.

Thank you for pointing that out.
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