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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

  • #28,281
  • Apr 27, 2009 8:47pm Apr 27, 2009 8:47pm
8 Hour PB on Euro, sure is a nice way to start the week. She sure did
turn out nicely. They do that sometimes.

Looks like some got hit on the 4 hour PB, it didn't break on many of my feeds. I haven't read all the updated posts.

Sorry can't post a chart right now.
Indicators show the past. Price Action "Indicates" the future.
  • #28,282
  • Apr 27, 2009 8:55pm Apr 27, 2009 8:55pm
Quoting mbqb11
I mean there is no "official" close. But I think most people tend to have a close more near 5pm est as this is closer to the NY closing time. Again though whatever you are comfortable with. I just wouldn't want my daily bar to have Asia/Australia filled in it

Best
Mike
Mike, great point! So would you recommend those using IB to consider the daily chart closed at 5:00?

That makes sense to me!
  • #28,283
  • Apr 27, 2009 9:23pm Apr 27, 2009 9:23pm
Quoting frankm7
Mike, great point! So would you recommend those using IB to consider the daily chart closed at 5:00?

That makes sense to me!
I prefer something closer to then, but I don't want to say that it can't be done any other way. In the end I believe it will sort of work itself out if you understand the material. But I think it makes sense logically too. FXpro is 5pm est so it is close enough. Then I think IBFX is a few hours later. I just think a 12 close is to late(I know oanda uses that also). But in the end it is whatever you are comfortable with really.

Best
Mike
  • #28,284
  • Apr 27, 2009 10:59pm Apr 27, 2009 10:59pm
Yes, I'm still in this trade. 1st half for 57 pips at the green area and I kept the 2nd half at break even until the end of the day or until I saw bullish PA on the 8 hour time frame, which there was none. 2nd half stop loss is now above the 1.3125 level.
Attached Image (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #28,285
  • Apr 27, 2009 11:16pm Apr 27, 2009 11:16pm
Yes, holding short EURUSD and long USDCHF from Friday. The large D/W pennant on USDCHF is revealing and will likely dictate my actions per the resulting PA.
  • #28,286
  • Apr 27, 2009 11:32pm Apr 27, 2009 11:32pm
Quoting jarroo
Yes, I'm still in this trade. 1st half for 57 pips at the green area and I kept the 2nd half at break even until the end of the day or until I saw bullish PA on the 8 hour time frame, which there was none. 2nd half stop loss is now above the 1.3125 level.
Hi Jaroo

Was your first stop 30-40pips from entry, or 5pips+spread behind the first eye of the pin?
WARNING: Don't follow me as I'm just learning
  • #28,287
  • Apr 27, 2009 11:46pm Apr 27, 2009 11:46pm
Quoting adam777
Hi Jaroo

Was your first stop 30-40pips from entry, or 5pips+spread behind the first eye of the pin?

Yes, 30 to 40 pips stop loss from the break is my normal stop loss and the left eye was about 40 pips away. Because of the time of day that it broke, I was concerned about a retrace to that level. But it broke steady and never looked back, confirming that the setup was correct.
Indicators show the past. Price Action "Indicates" the future.
  • #28,288
  • Apr 28, 2009 12:19am Apr 28, 2009 12:19am
Quoting mbqb11
I prefer something closer to then, but I don't want to say that it can't be done any other way. In the end I believe it will sort of work itself out if you understand the material. But I think it makes sense logically too. FXpro is 5pm est so it is close enough. Then I think IBFX is a few hours later. I just think a 12 close is to late(I know oanda uses that also). But in the end it is whatever you are comfortable with really.

Best
Mike
Hi guys

I just downloaded FxPro from the fxpro.com website but I noticed there is no FxPro logo on the bottom left of the MT4 window. Now after doing a google search I've noticed there are many "fx pro" companies with MT4.

Which website should I have downloaded it from?

Adam
WARNING: Don't follow me as I'm just learning
  • #28,289
  • Apr 28, 2009 12:34am Apr 28, 2009 12:34am
Quoting bjohn34
I use IB as broker also, but I hate their charts.

I use FXPro demo account for charting and closing time appears to be GMT +2 or something close to that.
I hate them too (charts): I use Ninjatrader connected to IB


Quoting frankm7
Mike, great point! So would you recommend those using IB to consider the daily chart closed at 5:00?

That makes sense to me!
I agree!
Can you configure anywhere in IB the closing time of your charts??
Trading: the skill of avoiding trades
  • #28,290
  • Edited 12:55am Apr 28, 2009 12:37am | Edited 12:55am
G-morning everyone!!!

I just run through my charts and see some interesting things

USD/CHF - 2 day PIN (entry above the 1.6, 1st TP at 1.69)
GBP/CHF - 2 day PIN (entry at 1.6940, TP at 1.7076???)

Probably I will not trade - I'm not at that level for now, but...
Sorry for no charts - I just visually combined them in Paint...

EDIT: Here could be one chart...
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  • #28,291
  • Apr 28, 2009 12:40am Apr 28, 2009 12:40am
Quoting jarroo
Yes, I'm still in this trade. 1st half for 57 pips at the green area and I kept the 2nd half at break even until the end of the day or until I saw bullish PA on the 8 hour time frame, which there was none. 2nd half stop loss is now above the 1.3125 level.
nice one jarroo
trailing ur stop behind 1.31ppz area,didnt take dis as i have been telling myself its not yet time for lower tf...
in a trade which dragged for a while but is playing out nicely now(audcad wkly)....1st bar had about 150 drawdown but wasnt fazed, told myself if my sl is hit then its hit ( was hiding above the 0.8830 ppz) , i dnt think anyone took it but i liked it and decided to jump in ...
do u think im trailing it too closely.....lol
let me post a chart
hear wat u guys have to say
cheers
Attached Image (click to enlarge)
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Simplicity is the key to success
  • #28,292
  • Apr 28, 2009 12:50am Apr 28, 2009 12:50am
Quoting squeezy
nice one jarroo
trailing ur stop behind 1.31ppz area,didnt take dis as i have been telling myself its not yet time for lower tf...
in a trade which dragged for a while but is playing out nicely now(audcad wkly)....1st bar had about 150 drawdown but wasnt fazed, told myself if my sl is hit then its hit ( was hiding above the 0.8830 ppz) , i dnt think anyone took it but i liked it and decided to jump in ...
do u think im trailing it too closely.....lol
let me post a chart
hear wat u guys have to say
cheers
squeezy, you are the man . . your getting it buddy. hang for a chart,
i want to show you something . . .
Indicators show the past. Price Action "Indicates" the future.
  • #28,293
  • Apr 28, 2009 1:01am Apr 28, 2009 1:01am
Hi everyone

I wonder if I could receive some comments about a potential trade?
I'm in demo mode, just learning, and I'm just looking for some constructive criticism after the fact.

On the EURUSD daily, I'd drawn two fibs, and there was confluence just above the trendline, which was also above a round number. I "knew" price would rise to hit the fib confluence, and then fall back down. I watched it hit and fall. On the 4H and 1H (charts not posted) there was some nice PA, PBs etc. However, nothing happened on the daily... since the day was not yet over. When the day was over there was no PB formation. I didn't enter on the daily because there was no PB. But I "knew" price would continue to fall - which it did. If I had entered on the fib confluence, I'd be in a nice 300-ish pip profit. Painful!

I am afraid I may be looking at this entry emotionally. Though I may try to justify to myself that I've studied PA and S/R so long that now I can "see" what will happen. In addition, as a newbie, I dont want to trade below Daily timeframes. Since there was no confirming PA I didnt enter this trade. However, I think maybe some people got a pin on their charts?

Sorry for the very long-winded post. I'm just seeking some critiques here.
Should I be happy that I didn't enter since there was no PB? Or should I be ok with entering when I feel so strongly about S/R and there is confirmation on the lower time frames?

This is "one that got away", I feel as if it was not just a C PB which went into profit, and I'm happy to give those up, but something that I had a "gut feeling" about.... And we don't trade "gut feelings" do we?



I'd really appreciate your thoughts! Thanx in advance


:EDIT: I just wanted to add that the second fib is with a swing high not visible in the chart... Id drawn the fibs a day or two before and wasn't looking to "frame" entries.
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  • #28,294
  • Apr 28, 2009 1:02am Apr 28, 2009 1:02am
Quoting squeezy
nice one jarroo
trailing ur stop behind 1.31ppz area,didnt take dis as i have been telling myself its not yet time for lower tf...
in a trade which dragged for a while but is playing out nicely now(audcad wkly)....1st bar had about 150 drawdown but wasnt fazed, told myself if my sl is hit then its hit ( was hiding above the 0.8830 ppz) , i dnt think anyone took it but i liked it and decided to jump in ...
do u think im trailing it too closely.....lol
let me post a chart
hear wat u guys have to say
cheers
Brilliant!

As you spend more and more time taking and managing your trades you'll understand that it isn't always abt "A PPZ in sight" it's more abt the belief that it should or should not break.

This is what Jarroo's doing all the time with his less than A+ setups.

You're on your way to greatness, I'd second that after Jarroo.

I believe . . .
  • #28,295
  • Edited 2:42am Apr 28, 2009 1:19am | Edited 2:42am
Quoting jarroo
squeezy, you are the man . . your getting it buddy. hang for a chart,
i want to show you something . . .
First, great PA setup, "A" quality in my book:

Weekly Aud/Cad BEOB--Weekly time frame, strong PPZ level, 61.8 Fib retracement. A little traffic on the break due to the past Highs in the (blue boxes) these caused the retrace (drawdown) I believe. But the strong location and confluences over rode this obstacle.

Now about the BEOB . . chart to follow . .
Attached Image (click to enlarge)
Click to Enlarge Name: audcadd.gif Size: 23 KB
Indicators show the past. Price Action "Indicates" the future.
  • #28,296
  • Apr 28, 2009 1:37am Apr 28, 2009 1:37am
Quoting jarroo
Now about the BEOB . . chart to follow . .
A good confirmation and/or aggressive entry of a high quality PA setup, like this Weekly BEOB AUD/Cad, is the retrace to the previous bar Low. But it has to be after the break. (chart)

It is much like a Pin Bar retracing to the left eye and then moving in the right direction. Again, it must be high quality PA setup, meaning it has strong supportive confluences (at a swing High/Low, at strong PPZ, Fib levels, round numbers, etc.,) But most importantly, it must be after the break.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,297
  • Apr 28, 2009 1:43am Apr 28, 2009 1:43am
Quoting supremeChaos
ozziedave,
am also encountering that too. u can just simply ignore this & re-click on the small picture that will appear, then it will automatically open the picture (in Firefox, it will open in a new tab).

On mine, when i click on a picture, the screen goes black, then a small picture will appear. i just click on that small picture or alternatively, right-click on it. This will open the picture in the way that we usually see it.

Nothing biggie
Thanks SC...

Mine is still not working right. I do use foxfire as my browser but never had any issues with it. I click on the picture and get a gray box over the image and it just sits there. No smaller picture appears. This is really a PIA. Thanks for helping.
  • #28,298
  • Apr 28, 2009 1:49am Apr 28, 2009 1:49am
Quoting jarroo
A good confirmation and/or aggressive entry of a high quality PA setup, like this Weekly BEOB AUD/Cad, is the retrace to the previous bar Low. But it has to be after the break. (chart)

It is much like a Pin Bar retracing to the left eye and then moving in the right direction. Again, it must be high quality PA setup, meaning it has strong supportive confluences (at a swing High/Low, at strong PPZ, Fib levels, round numbers, etc.,) But most importantly, it must be after the break.
Lets's look at the Daily, same pair. Any one see a Daily DBHLC with a retrace to the previous bar low?
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,299
  • Apr 28, 2009 1:51am Apr 28, 2009 1:51am
Quoting jarroo
Lets's look at the Daily, same pair. Any one see a Daily DBHLC with a retrace to the previous bar low?
Yeah, you found it.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #28,300
  • Apr 28, 2009 2:06am Apr 28, 2009 2:06am
Quoting jarroo
A good confirmation and/or aggressive entry of a high quality PA setup, like this Weekly BEOB AUD/Cad, is the retrace to the previous bar Low. But it has to be after the break. (chart)

It is much like a Pin Bar retracing to the left eye and then moving in the right direction. Again, it must be high quality PA setup, meaning it has strong supportive confluences (at a swing High/Low, at strong PPZ, Fib levels, round numbers, etc.,) But most importantly, it must be after the break.
Really great stuff Jarroo - I learned a lot from that post...
When in doubt, sit on your hands...
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