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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

  • #19,081
  • Jan 19, 2009 3:39pm Jan 19, 2009 3:39pm
Quoting LasVahGoose
Is this what you are looking for?

http://www.fxstreet.com/fundamental/...t-rates-table/

Exactly! Thanks so much.

What I found where LIBOR rates for different currencies. They are similar to the rates from your table but not the same.

Chris
  • #19,082
  • Jan 19, 2009 3:48pm Jan 19, 2009 3:48pm
Quoting creeper
Exactly! Thanks so much.

What I found where LIBOR rates for different currencies. They are similar to the rates from your table but not the same.

Chris
LIBOR stands for London InterBank Offered Rate, it is used as a benchmark for short term interest rate, and it is fixed by the British Banker's Association..

But it's not the official interest rate of a country which is fixed by their own central bank...

Perhaps the other old regulars here could enlighten you more
  • #19,083
  • Jan 19, 2009 5:49pm Jan 19, 2009 5:49pm
Quoting jarroo
4 Hour PB on the Cad (FxPro feed).
Pin Bars in traffic are always a problem and harder to trade. Good thing we what for the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #19,084
  • Jan 19, 2009 6:27pm Jan 19, 2009 6:27pm
Quoting jarroo
Pin Bars in traffic are always a problem and harder to trade. Good thing we what for the break.
Absolutely, I couldn't agree more. My feed shows an inside bar. I'm considering a trade long only for the break of 1.2573. First TP around 1.2640. We shall see!
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  • #19,085
  • Jan 19, 2009 6:38pm Jan 19, 2009 6:38pm
Quoting HipsterPipster
Unfortunately until the shearers come to collect and take their money.
Not until the wool is thick & greasy...
  • #19,086
  • Jan 19, 2009 6:41pm Jan 19, 2009 6:41pm
Made some pips today on EU short trade taken right at the weekly PPZ. Crunched for time, I totally missed the USDCHF fairly obvoius long. Took a long position at the break of the indicated IB and the trade executed as I was posting this chart.
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  • #19,087
  • Jan 19, 2009 7:30pm Jan 19, 2009 7:30pm
Quoting james16
HERE YA GO STEVE. since i was about to post this chart and reply to your post i will just dedicate this to you. welcome.
hi

with weekly setups you don't lock in profit after the frist point like this case and set stop to breakeven? Or there was indication showing that BE after the frist point was not a good option?

thanks in advance.
  • #19,088
  • Jan 19, 2009 7:57pm Jan 19, 2009 7:57pm
yes that could have been an option. just depends on the trader involved.

Quoting giraia_br
hi

with weekly setups you don't lock in profit after the frist point like this case and set stop to breakeven? Or there was indication showing that BE after the frist point was not a good option?

thanks in advance.
  • #19,089
  • Jan 19, 2009 8:21pm Jan 19, 2009 8:21pm
Quoting HipsterPipster
I wouldn't be surprised at all to see an "Obama is our savior", rally.
Sometimes..I think at lot of grown up still believe Santa Claus does exist...

Sonic
  • #19,090
  • Jan 19, 2009 8:36pm Jan 19, 2009 8:36pm
Quoting sonicdeejay
Sometimes..I think at lot of grown up still believe Santa Claus does exist...

Sonic
WHAT!?!?
Next your going to be telling us there isn't an Easter Bunny!
  • #19,091
  • Jan 19, 2009 9:28pm Jan 19, 2009 9:28pm
Hi guys I am fairly new to this thread have only posted once or twice, I still have a lot to learn.Thank you for everyhting so far. I have been demoing for about a month now just trading dailys and have had some good results, ( Just need to sit tight when im right to gain maximum profit.)

But anyway I have a question about a trade I took on the EU Weekly bar that just got closed out. I am not sure if I took this trade correctly and was wondering if anyone can point out a mistake.

The pin bar wasn't the greatest and didn't close higher that its open, I am thinking this is the reason my trade failed. I threw a fib on it and it looked like the pin bar was in line with the 61.8 level and I thought it would be a great time to go long, I set my TP for only 100 pips and my stop loss at 1.30 because of the pin bar action and the round number, but I just got stopped out. Any comments on why this trade didn't really work or what I missed. Definitely a confidence breaker after doing well with daily pins. Maybe I should have put a buy limit at a certain level to confrim action up? not sure where tho. Any help would be appreciated.

Dave
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  • #19,092
  • Jan 19, 2009 9:32pm Jan 19, 2009 9:32pm
Quoting dmc
Hi guys I am fairly new to this thread have only posted once or twice, I still have a lot to learn.Thank you for everyhting so far. I have been demoing for about a month now just trading dailys and have had some good results, ( Just need to sit tight when im right to gain maximum profit.)

But anyway I have a question about a trade I took on the EU Weekly bar that just got closed out....
Hey Dave

It is all a learning process so don't let it shake your confidence. The pinbar itself was in some traffic, but I could see the reasons some may have had an order in.

A lot of us always place our order above the HIGH of the pinbar. So in this case that would have never triggered keeping you out of this trade. Playing on a retrace or the close is much more aggressive(not that it isn't ok), but I highly suggest always waiting for a break of the bar to enter.

Take care and don't worry about it !

Mike
  • #19,093
  • Jan 19, 2009 9:33pm Jan 19, 2009 9:33pm
Quoting dmc
Hi guys I am fairly new to this thread have only posted once or twice, I still have a lot to learn.Thank you for everyhting so far. I have been demoing for about a month now just trading dailys and have had some good results, ( Just need to sit tight when im right to gain maximum profit.)

But anyway I have a question about a trade I took on the EU Weekly bar that just got closed out....

The pin never broke to the upside, place a buy stop about 5-15 pips above the top of the bar if you are going to take a pinbar trade.
  • #19,094
  • Jan 19, 2009 9:41pm Jan 19, 2009 9:41pm
Thanks Mike and Ice, I appreciate it greatly will place buy limits now and take the less risky road.
  • #19,095
  • Jan 19, 2009 10:30pm Jan 19, 2009 10:30pm
Quoting Fx_Genius
WHAT!?!?
Next your going to be telling us there isn't an Easter Bunny!
hehe...

Sonic
  • #19,096
  • Jan 20, 2009 1:24am Jan 20, 2009 1:24am
1.4050(Monthly PPz) on GU will be a good place look for PA
Nice divergence on daily tf

ALM
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #19,097
  • Jan 20, 2009 1:59am Jan 20, 2009 1:59am
Quoting mbqb11
Hey Dave

It is all a learning process so don't let it shake your confidence. The pinbar itself was in some traffic, but I could see the reasons some may have had an order in.

A lot of us always place our order above the HIGH of the pinbar. So in this case that would have never triggered keeping you out of this trade. Playing on a retrace or the close is much more aggressive(not that it isn't ok), but I highly suggest always waiting for a break of the bar to enter.

Take care and don't worry about it !

Mike
Hi Mike,
If you place the order on the high of the pinbar, where will the stop loss be? If it is placed at the other end of the pinbar, will the stop losses be too huge for any trader with a small account? Is there any ways to reduce such a huge stop loss?
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  • #19,098
  • Jan 20, 2009 2:24am Jan 20, 2009 2:24am
Quoting Ray_1
Hi Mike,
If you place the order on the high of the pinbar, where will the stop loss be? If it is placed at the other end of the pinbar, will the stop losses be too huge for any trader with a small account? Is there any ways to reduce such a huge stop loss?
Ok, not Mike, but there are options. Oanda for instance allows extremely small positions. The platform can be a pain to chart from, but you could possibly use them for your daily/weekly trades while you're starting out. You've got plenty of time to fire up their platform and set up your trade on the daily charts and higher.

You can trade down to the point where 100 pips is the equivilent of a few cents for example. Don't quote me, I'm not being exact here. lol

On stop placement.... If your trading a daily pin place it on the other side of that daily pin. You are asking to be whipped out often if you try and manage your stops on lower time frames just because you can't afford to place it in the right spot. A good rule is to trade the timeframe you had the setup on. Later on , when more experienced, you might get better at doing other wise. Even then, it more often than not just confuses your plans.
Bundy's status today: "Waiting..."
  • #19,099
  • Jan 20, 2009 2:58am Jan 20, 2009 2:58am
Quoting Almfx
1.4050(Monthly PPz) on GU will be a good place look for PA
Nice divergence on daily tf

ALM
The price didn't respect this level(monthly ppz), next level of support lies at 1.3960ish
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #19,100
  • Jan 20, 2009 3:16am Jan 20, 2009 3:16am
Quoting bundyraider
Ok, not Mike, but there are options....
bundyraider, thanks for the advise. I will note that down into my trading checklist.
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