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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

  • #18,061
  • Jan 7, 2009 4:51pm Jan 7, 2009 4:51pm
Quoting raczekfx
Here a quick intra day trade I'm in right now
.
Interesting, I have the same exact trade. Hopefully I'm on the right track

Raczekfx, if you don't mind me asking, what was your reasoning behind this trade? I personally entered because of the heavy divergance on the 4 hour and the break of the ppz.

By the way, thanks for the video.
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  • #18,062
  • Jan 7, 2009 5:00pm Jan 7, 2009 5:00pm
Quoting xcov
Hi guys what do you think about this Eur/Aud Daily
It looks like a DBLHC to me..
Not quite sure about the PPZ level though...
Looks to me like we could be headed north soon. On my daily chart, I am not seeing a clear signal for a long position. That could be because I'm not an "ace" yet. That being said, I am going to wade in for long at the break of the green one hour candle indicated. (open trade at 1.9199) I'll open two positions, TP1 at 1.9246. I'll move my other position to BE at this time (1.9199)When the price gets to 1.9290, I'll move the stop of the second position to TP1 level (1.9246). If I still do not get stopped out when price gets to 1.9337, I'll move stop to 1.9290. Once again, if the market is still being kind to lil' ole' me and the price gets to 1.9402, I'll close for profit.
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  • #18,063
  • Jan 7, 2009 5:08pm Jan 7, 2009 5:08pm
Quoting soltani

Raczekfx, if you don't mind me asking, what was your reasoning behind this trade? .
Break up and retest of that 4hr bar consolidation area. I went long on retest..
Since this was short term/intra day trade, it is now closed.


Quoting xcov
Hi guys what do you think about this Eur/Aud Daily
It looks like a DBLHC to me..
Not quite sure about the PPZ level though...
.
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  • #18,064
  • Jan 7, 2009 7:20pm Jan 7, 2009 7:20pm
Quoting james16
WELL IM BACK after a great little trip to the mountains of northern new mexico and southern colorado. got some catching up to do i see. next year should find this thread taking its next step. me and fijitrader are working on that this month. i sure wish fij would get back involved at forex factory but i guess when your retired in paradise you can do what you want.

lol,

jim
Welcome back Jim!!
  • #18,065
  • Jan 7, 2009 7:23pm Jan 7, 2009 7:23pm
I had a question here... Does it really matter what time your daily bar starts? Is some start time preferable over other?

I have been using IBFX which has day starting at 5:00 pm EST.
Today i saw ITradeFx and noticed that it's day starts at 12:00 am EST. Also, it had a pin bar for yesterday(but no pin bar on ibfx for last 2 days) on daily chart.

Also, had i taken that trade, it would have been in nice profit.

PS>> While posting pictures i realized it was not perfect pin but very close to it but still you will be able to see what i mean by looking at the pics below:


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Hope the images are uploaded fine....
  • #18,066
  • Jan 7, 2009 7:41pm Jan 7, 2009 7:41pm
Quoting ffbk
I had a question here... Does it really matter what time your daily bar starts? Is some start time preferable over other?

I have been using IBFX which has day starting at 5:00 pm EST.
Today i saw ITradeFx and noticed that it's day starts at 12:00 am EST. Also, it had a pin bar for yesterday(but no pin bar on ibfx for last 2 days) on daily chart.

Also, had i taken that trade, it would have been in nice profit....
Hey FFbk,

This is one of those things that most of us have just decided it is best to use whatever you are comfortable with. Since forex is not centralized this is always going to be an issue. My preference is to have a daily close close to the NY closing time. But many others use very different times. In the end most of us settle on "play it how you see it".

Take care
Mike
  • #18,067
  • Jan 7, 2009 7:44pm Jan 7, 2009 7:44pm
Quoting mbqb11
Hey FFbk,

This is one of those things that most of us have just decided it is best to use whatever you are comfortable with. Since forex is not centralized this is always going to be an issue. My preference is to have a daily close close to the NY closing time. But many others use very different times. In the end most of us settle on "play it how you see it".

Take care
Mike
Thanks. It may have been discussed earlier but i am reading this thread from starting and am only on page 40 till now :-(
  • #18,068
  • Jan 7, 2009 7:46pm Jan 7, 2009 7:46pm
Quoting ffbk
I had a question here... Does it really matter what time your daily bar starts? Is some start time preferable over other?

I have been using IBFX which has day starting at 5:00 pm EST.
Today i saw ITradeFx and noticed that it's day starts at 12:00 am EST. Also, it had a pin bar for yesterday(but no pin bar on ibfx for last 2 days) on daily chart.

Also, had i taken that trade, it would have been in nice profit....
I think it depends what pairs you trade, for me I mostly trade the Euro and cable and my broker's new candle starts at 7pm est so it works out good, because, it includes the NY and London session from beginning to end in the same candle.
So it depends on what you trade, this is just my opinion, but maybe someone has a better answer.

BTW, IBFX candle starts at 7pm
It's NOT GAMBLING when the odds are in your favor
  • #18,069
  • Jan 7, 2009 8:48pm Jan 7, 2009 8:48pm
I know this is forex factory, but assume many trade more than one market, including stocks, etc. This daily Activision chart was spit out by my filter and looks to me like a double low, higher close, but I am unsure of how close the lows need to be to qualify. Here the down day low is 8.14 and today's low is 8.18, so four cents difference. In any event its a bullish engulfing bar with a huge volume spike. Could it be bottoming?
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  • #18,070
  • Jan 7, 2009 10:35pm Jan 7, 2009 10:35pm
I hope this isn't too off topic, but can someone recommend a pc for trading? I currently have a Mac but it's a pain in the buttocks. Thanks.
Patience + Humility + Study = Success
  • #18,071
  • Jan 7, 2009 10:58pm Jan 7, 2009 10:58pm
HP

for mobile trading: HTC TyTn II
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #18,072
  • Jan 7, 2009 11:55pm Jan 7, 2009 11:55pm
Quoting DutchTrader
I hope this isn't too off topic, but can someone recommend a pc for trading? I currently have a Mac but it's a pain in the buttocks. Thanks.
I have an AMD X2 5600 (2.5-3 years old) running XP and has more than enough power to run trading software. So anything you buy new today will be faster. The area you may want to look at is make sure you have 2 GIGs of memory and a dual head video card (2 monitors makes life SO much easier and you have no idea what you are missing if you aren't running 2 monitors) a new PC will most likely be dual head already.

If you want to discuss in more detail, PM me. I have skype and IM if you prefer to communicate that way.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #18,073
  • Jan 8, 2009 2:41am Jan 8, 2009 2:41am
mornin all,

could be a busy old day today? UK print more money - hmmm that'll help our economy

LVG - i 2nd that - two monitors or more are definitely the way to go as well as max RAM - or if running vista turn off all the pretty display stuff to make it look like xp again and it will run quicker.

just a question on divergence - does the attached chart count as divergence? reason i am unsure is that price has gone from an uptrend to sideways - the two lows i am measuring are near enough equal but MACD is not.

thanks

Simon
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  • #18,074
  • Jan 8, 2009 2:59am Jan 8, 2009 2:59am
Quoting LasVahGoose
I have an AMD X2 5600 (2.5-3 years old) running XP and has more than enough power to run trading software. So anything you buy new today will be faster. The area you may want to look at is make sure you have 2 GIGs of memory and a dual head video card (2 monitors makes life SO much easier and you have no idea what you are missing if you aren't running 2 monitors) a new PC will most likely be dual head already.

If you want to discuss in more detail, PM me. I have skype and IM if you prefer to communicate that way.
I just use my blackberry...kidding, of course. Anything that can run XP should be fine with a high speed connection. dial up is sooooo 2001.
  • #18,075
  • Jan 8, 2009 3:17am Jan 8, 2009 3:17am
Quoting simoncs

just a question on divergence - does the attached chart count as divergence? reason i am unsure is that price has gone from an uptrend to sideways - the two lows i am measuring are near enough equal but MACD is not.

thanks

Simon
Highs on price chart need to be matched with highs on your MACD. Same goes for lows, so your line is drawn wrongly on the MACD.

Please read http://www.babypips.com/school/divergence_trading.html.

Connecting the lows, there seems to be a slight hidden bullish divergence in your MT4 MACD which isn't showing on my Oanda's fwiw.
I need to put up stop losses.
  • #18,076
  • Jan 8, 2009 3:43am Jan 8, 2009 3:43am
Quoting swap
Highs on price chart need to be matched with highs on your MACD. Same goes for lows, so your line is drawn wrongly on the MACD.

Please read http://www.babypips.com/school/divergence_trading.html.

Connecting the lows, there seems to be a slight hidden bullish divergence in your MT4 MACD which isn't showing on my Oanda's fwiw.
thanks swap
don't know what i was thinking - what i meant to draw was as attached - which still seems to show divergence. but i am still not sure that counts as divergence
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  • #18,077
  • Jan 8, 2009 3:49am Jan 8, 2009 3:49am
Quoting simoncs
thanks swap
don't know what i was thinking - what i meant to draw was as attached - which still seems to show divergence. but i am still not sure that counts as divergence
wow that babypips site is great thanks for that
yet more to read
  • #18,078
  • Jan 8, 2009 5:28am Jan 8, 2009 5:28am
Wow, check out the pb on dollar yen. Bugger worked out after all. Seems like the evil bank of japan has said "screw it, use this yen strength to get more efficient".
"Don't trade to trade . . . trade to win." - James16
  • #18,079
  • Jan 8, 2009 5:49am Jan 8, 2009 5:49am
Quoting Flem26
Wow, check out the pb on dollar yen. Bugger worked out after all. Seems like the evil bank of japan has said "screw it, use this yen strength to get more efficient".
i know - i was in it and came out at BE as lost faith in it - there was even an IB4 on the 4hr.
schoolboy error
  • #18,080
  • Jan 8, 2009 5:51am Jan 8, 2009 5:51am
Quoting Flem26
Wow, check out the pb on dollar yen. Bugger worked out after all. Seems like the evil bank of japan has said "screw it, use this yen strength to get more efficient".
Hey Flem! I dont see any PB on UJ on any tf. can you be more specific on which tf or feed? Thanks

ALM
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