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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

  • #31,421
  • May 28, 2009 2:04pm May 28, 2009 2:04pm
Quoting ghous
You get it Smike!

Keep pondering over this aspect and you'll be a real successful trader sooner than you may have thought...

Support and resistance ....It's got a lot more to it then just an MA...keep looking and congrats for being on the right path...if it's anything out there that affects the markets in a technical way then it has to be this....Support and Resistance

Oh and BTW...

Folks what's up?

I am not back up, and the exams are still in progress, just decided to stroll into the thread, it's been one hell of...
Nice to see you my friend and good luck with the rest of your exams.
  • #31,422
  • May 28, 2009 2:31pm May 28, 2009 2:31pm
Quoting ghous
You get it Smike!



...Josh were you able to get off to a good start with your live trades?

Regards,
Ghous.

Results have been skewed for a few reasons, most notably because I haven't seen as many great setups this month. But I still have a pretty decent chance to have a positive month. Only locked in loss is the AUD/USD trade that 'fooled' a lot of us.

Welcome back Ghous. Do well on your exams and get back here full time...

Josh
  • #31,423
  • May 28, 2009 3:51pm May 28, 2009 3:51pm
Hi everybody!
I would appreciate your thoughts on this usdnok daily.
I realize it is in a noisy zone, but it's with the trend with a quite long nose.
Also R:R is not great, but...
Thank you!
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Trading: the skill of avoiding trades
  • #31,424
  • May 28, 2009 3:51pm May 28, 2009 3:51pm
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr
  • #31,425
  • May 28, 2009 3:58pm May 28, 2009 3:58pm
Quoting alkhatarey
What do you think about shorting the GBP/CHF , good ppZ , 38 FIB Resistance OB under the down trend line?

Tell me what is your opinion guys
Just posting same chart, but in 2 days TF.
I think it looks promising , although no divergence and against the trend.
I would add it is going to close just under 150 EMA in 1D chart.
Any fresh opinions?
Thanks!
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Trading: the skill of avoiding trades
  • #31,426
  • May 28, 2009 4:02pm May 28, 2009 4:02pm
Quoting ljr
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr

Hey Ljr

This is simply done by going to your fib properties(right click the fib). Then in the fibo levels tab double click in the description and next to them place %$

example
50.0 %$

Best
Mike
  • #31,427
  • May 28, 2009 4:05pm May 28, 2009 4:05pm
Quoting mbqb11
Hey Ljr

This is simply done by going to your fib properties(right click the fib). Then in the fibo levels tab double click in the description and next to them place %$

example
50.0 %$

Best
Mike
Ah yes I remember reading that now. Thanks so much for the quick response.
  • #31,428
  • May 28, 2009 4:05pm May 28, 2009 4:05pm
its not an indicator. u got it right there on MT4. Just select the fib.....right click.....fib properties. u will see two columns. level and description. To make MT4 show price against fib follow dis example.

level=0.236 then type in description as 23.6%$. then select ok. Repeat for other levels. quite easy





Quoting ljr
Hi All

I'm looking for the indicator for MT4 that shows the price next to the FIB numbers. I'm sure someone posted this a while ago but I've looked through the attachments and cannot find it.

Can anybody help?

Thanks

Ljr
  • #31,429
  • May 28, 2009 4:19pm May 28, 2009 4:19pm
Quoting Jduester
Only locked in loss is the AUD/USD trade that 'fooled' a lot of us.
Hi, looking at the pin that formed on May the 7th on Aud Usd, the next bar didn't break the low of the pin. Is it supposed to to make the pin bar legitimate?

Cheers.
  • #31,430
  • May 28, 2009 4:25pm May 28, 2009 4:25pm
Quoting ephisi
sorry for the late reply. was out. What i posted was talking about the GBPUSD pinbar mentioned on the thread yesterday.
If G/J and G/U would agree on that trade, mabey I would let it run a bit. But I close it at +80pips, couse didn't have a feeling it will be a runner.
  • #31,431
  • May 28, 2009 4:25pm May 28, 2009 4:25pm
A new video has been posted by Mike (Mbqb11) to the guest area of the site.

It is the first video under his column and covers the EUR/JPY pin bar from 4/28/09.

Jim
  • #31,432
  • May 28, 2009 4:27pm May 28, 2009 4:27pm
Quoting james16
A new video has been posted by Mike (Mbqb11) to the guest area of the site.

It is the first video under his column and covers the EUR/JPY pin bar from 4/28/09.

Jim
and I had a sinus infection during it so, sorry my voice sounds even crappier then normal!
  • #31,433
  • May 28, 2009 4:30pm May 28, 2009 4:30pm
sounded fine to me mike.

great video.

i sounded like that a lot in the late 70's but it wasnt due to a sinus infection.


Quoting mbqb11
and I had a sinus infection during it so, sorry my voice sounds even crappier then normal!
  • #31,434
  • May 28, 2009 4:31pm May 28, 2009 4:31pm
Quoting smikester
When you told me to short AUD/CAD I believed you but now it's doing this: What do these patterns mean, please?
jaroo did not tell you to take this trade. lets keep this in context please. i think it is good that we all come here together & discuss potential trades & analyze charts w/ each other. i believe convergence of experienced traders only adds to confluence. we each have our own ideas about whether a trade is a good one or not, but in the end we decide for ourselves whether we take it or not & at what entry, tp, & sl. thanku jaroo for your continued gractious contribution to this thread.
  • #31,435
  • May 28, 2009 4:33pm May 28, 2009 4:33pm
Quoting dkmb92
jaroo did not tell you to take this trade. lets keep this in context please. i think it is good that we all come here together & discuss potential trades & analyze charts w/ each other. i believe convergence of experienced traders only adds to confluence. we each have our own ideas about whether a trade is a good one or not, but in the end we decide for ourselves whether we take it or not & at what entry, tp, & sl. thanku jaroo for your continued gractious contribution to this thread.
Well said.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #31,436
  • May 28, 2009 4:43pm May 28, 2009 4:43pm
Quoting bfd
Hi, looking at the pin that formed on May the 7th on Aud Usd, the next bar didn't break the low of the pin. Is it supposed to to make the pin bar legitimate?

Cheers.
The May 7th bar is actually NOT a pinbar on my data. The close of the bar is well above the previous bar high. The close is also near the middle of the bar. We like the close at least in the bottom 1/3 of the bar.

In general, the answer to your question is YES, the last confirmation that a bar is indeed a pinbar is if it is confirmed by breaking through the low for bearish PB or high for bullish PB.

(The trade I lost on was the BEOB from 5-13-09. My strategy didn't have me taking profits till 0.7380.)

Nothing jumping out at me tonight either... Not taking that GBP/CHF 2b PB. Just doesn't look right to me. Doing a better test of 1.75 might have helped (yesterday's high was only 1.7474)...

Happy trading. Time to watch a new video!

Josh
  • #31,437
  • May 28, 2009 4:50pm May 28, 2009 4:50pm
Quoting Jduester
The May 7th bar is actually NOT a pinbar on my data. The close of the bar is well above the previous bar high.
Thanks for the reply.

Yes its strange how pin bars form on some charts and not others...it was a pin bar on my Oanda charts but I just checked on the netdania website and it wasn't a pin on their charts either.

I guess if a pin bar forms then its a good idea to check if it has shown up on other charts too.
  • #31,438
  • May 28, 2009 4:59pm May 28, 2009 4:59pm
VERY USEFUL Mike! I also took that one for a nice 2% gain to my account!

Maybe you should go golfing more often... just let me know first so that I can have a trade on! lol...

Josh
  • #31,439
  • May 28, 2009 5:11pm May 28, 2009 5:11pm
Quoting bfd
Thanks for the reply.

Yes its strange how pin bars form on some charts and not others...it was a pin bar on my Oanda charts but I just checked on the netdania website and it wasn't a pin on their charts either.

I guess if a pin bar forms then its a good idea to check if it has shown up on other charts too.
It is mainly because of the different times that the feeds will close. I just pick a feed and roll with it.
  • #31,440
  • May 28, 2009 5:18pm May 28, 2009 5:18pm
Quoting bfd
Thanks for the reply.

Yes its strange how pin bars form on some charts and not others...it was a pin bar on my Oanda charts but I just checked on the netdania website and it wasn't a pin on their charts either.

I guess if a pin bar forms then its a good idea to check if it has shown up on other charts too.
BFD,
I only look at one source of data (Accucharts, daily close at 5:00ET). I don't think many use multiple sources to decide whether or not to take a trade.
I saw what you mean on the Oanda chart. It comes back to the most important part of this price action method of trading - LOCATION. That bar from 5/7 doesn't match up with any PPZ for me, so I didn't even consider it.

For me, the best way to trade is to put my S/R (PPZ) lines on my weekly and daily charts each weekend (well, I review them and move/add/remove them each weekend). Then I simply watch at the end of each day to see if any of the pairs have formed a price action bar AT these locations. It's a simple filter for me and keeps me out of many trades that fail. This principle has been mentioned throughout this thread so I can't take credit.

Hope this helps, but let me know if you have any other questions about that bar. Keep in mind that I've only been doing this for about 5 months, so I'm still learning too...

Josh
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