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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

  • #34,641
  • Jun 24, 2009 4:21am Jun 24, 2009 4:21am
Anybody is thinking about taking this 4H EURUSD PB?
A 4H movement is gonna signifiy nothing for a Weekly PB, so maybe it gives 50 or 70 pips quickly if it breaks to the downside that mini congestion of 3, 4 long wicks candles...
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  • #34,642
  • Jun 24, 2009 4:22am Jun 24, 2009 4:22am
Apparently someone is interested around EURUSD 1.4060 - that was a quick bounce initially.
  • #34,643
  • Jun 24, 2009 4:25am Jun 24, 2009 4:25am
Quoting jplo
Anybody is thinking about taking this 4H EURUSD PB?
A 4H movement is gonna signifiy nothing for a Weekly PB, so maybe it gives 50 or 70 pips quickly if it breaks to the downside that mini congestion of 3, 4 long wicks candles...
Why surf the ripple when you can surf the wave?
  • #34,644
  • Jun 24, 2009 4:27am Jun 24, 2009 4:27am
Quoting Alexandra
Apparently someone is interested around EURUSD 1.4060 - that was a quick bounce initially.
5 Factors Weighing on EUR/USD This Week
http://www.kathylien.com/site/

and #6 - helicopter ben speaks today.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,645
  • Jun 24, 2009 4:29am Jun 24, 2009 4:29am
Quoting jplo
Anybody is thinking about taking this 4H EURUSD PB?
A 4H movement is gonna signifiy nothing for a Weekly PB, so maybe it gives 50 or 70 pips quickly if it breaks to the downside that mini congestion of 3, 4 long wicks candles...
Anyone here loook at the netdania free charts. I've noticed that often the pin bars that people on here post do not seem to show up on there. For example that 4hr pinbar is not there.

Does the timezone setting have an impact on how pins show up on charts? When i change the settings on the netdania charts it seems to make no difference.
  • #34,646
  • Jun 24, 2009 4:31am Jun 24, 2009 4:31am
Quoting bfd
Anyone here loook at the netdania free charts. I've noticed that often the pin bars that people on here post do not seem to show up on there. For example that 4hr pinbar is not there.

Does the timezone setting have an impact on how pins show up on charts? When i change the settings on the netdania charts it seems to make no difference.
hey BFD

Yes you are correct timezones will effect the aggregation of bars across brokers. Once you go above the 1hr timeframe this is going to depend on where you broker is. This is why we always speak about location being everything. Think of the price bars as the triggers. Don't worry though, a good price bar no matter the broker at a good area will do just fine

Mike
  • #34,647
  • Jun 24, 2009 4:31am Jun 24, 2009 4:31am
Quoting LasVahGoose
5 Factors Weighing on EUR/USD This Week
http://www.kathylien.com/site/

and #6 - helicopter ben speaks today.
Hmmmm...what chart is she reading???
  • #34,648
  • Jun 24, 2009 4:33am Jun 24, 2009 4:33am
Quoting bfd
Anyone here loook at the netdania free charts. I've noticed that often the pin bars that people on here post do not seem to show up on there. For example that 4hr pinbar is not there.

Does the timezone setting have an impact on how pins show up on charts? When i change the settings on the netdania charts it seems to make no difference.
I think NetDania is set for Zero GMT like to IBFX.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,649
  • Edited 4:49am Jun 24, 2009 4:36am | Edited 4:49am
Quoting Marco
Let's say I've got 10 A+ setups that get triggered, so I got 10 trades.
Great post marco.

I think the key wording is "A+ setups". I know . .why take anything less. I have been guilty of trading a little less then an A+ setup.
So managing these type trades are different as they should be or not taken at all.

All in all, your post shows the true power of a high quality A+ trade.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #34,650
  • Jun 24, 2009 4:38am Jun 24, 2009 4:38am
Quoting Alexandra
Hmmmm...what chart is she reading???
No idea, I don't follow her signals or analysis, but she goes over the fundamentals well. I don't trade fundamentals or news either, but I do read about them since Forex is tied into Central Banks and Equity / Commodity market news.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,651
  • Jun 24, 2009 4:44am Jun 24, 2009 4:44am
It's easy to take pot shots in this business, but that is an embarrassing one for her. She has brokerage ties I believe as well.
  • #34,652
  • Jun 24, 2009 4:49am Jun 24, 2009 4:49am
Quoting squeezy
was actually looking for a short trade off the 4hr tf, resistance @ 61.8 fib, 50 ema and trendline...unfortunately didnt close as a beob on the 1 hr tf....oh well some more waatching for me....
Good call I have 61 fib @ 157.48 notice 4hr used it 4 support I will watch making sure it stays that way
  • #34,653
  • Jun 24, 2009 4:55am Jun 24, 2009 4:55am
Quoting Jduester
But as Jim and some others say, that might not be so easy if you are trading with $100/pip (or even $10/pip)...If the trader isn't comfortable and is on edge watching a profitable trade go into drawdown (or even becoming a full loser), then it isn't going to be good for the trader's confidence long term. I think one of the benefits for new traders moving stops up early is to gain confidence with a higher win %...
Hi Josh. Bit of a different topic but here's my take on this. If you're uncomfortable trading $100/pip ask yourself why. Maybe you're risking too much of your total account, maybe you're just not comfortable with the amount of money. I'd suggest to go down with your size until you feel comfortable and work from there, trying to move up slowly when you feel the time is right aka you can execute your trades without emotional trouble.

I've thought a lot about it, for me personally even though I like it somehow there is no really good reason to set your stop at say 100 pips (full bar for example), get in the trade, watch it come back right away and then get out at -30 pips because it's $3000 and you think...uhm whatever
If you don't want to lose more than $3000 then either cut down your trading-size so that those 100 pips equal $3000 or place your stop right away at -30 pips because you know you'll get out anyway. Otherwise to be honest I think you're somehow cheating yourself, which might even help you to some point but at the end...I don't know. You might end up with your inital full-bar stop getting hit once in a while and then you've got a big loss to deal with while your profits in relation to that loss won't look so good probably.

Also to get more consistent results you need to know how to exit before placing the trade. I think it's okay if you really write down "when price comes to X I'll move my stop to breakeven". But don't get in a trade and then start to think about getting at breakeven now...or waiting a bit or whatever - you'll mess it up sooner or later. Once you're in a trade we wall tend to stop being 100% objective. Also you won't be able to improve your trading because if you do everything different all the time what's there to work with?
  • #34,654
  • Jun 24, 2009 5:06am Jun 24, 2009 5:06am
That recent 4 hour EURUSD PA is worth some comment. Technically it was triggered and technically it is still valid. Viewed in isolation it is in a good spot. My view on it, however, is clear. It would be educational I think to get a live comment from the PB gurus if you are up and about. Anyone.......hmmm.....
  • #34,655
  • Jun 24, 2009 5:07am Jun 24, 2009 5:07am
Quoting Marco
Well I don't know for sure Matt, but you should at least think about letting them run if they would all have hit your target. Sure, a breakeven-trade is no loser, but if it would have been a winner, you kinda lost, too.

I know this goes against what a lot of people here teach and I wouldn't say that they're wrong or that letting trades run is the better way to do this.

For very sure, getting your stop to breakeven and almost taking no losses feels very comfortable I know that. And if I'd watch my trades during the day there would be no way I...



great post marko....

something that should be considered within your equation would be the tp levels set, as the impact if unreached would be far greater without the implementation of b/e, so with this in mind it could lead you or "a trader" to set a supposed more realistic/easier/smaller target,which would then have obvious knock-on effects.

On a personal note I like to split each trade into two, with tp on one trade equal to risk, once hit stop on the other trade is moved to b/e and left to run (tp on this trade is either a set tp or on pa s/r etc) so i would guess i'm even more conservative than you used to be marko :o) but it suits me.

what i'm trying to express (and not very well) is it's a persons continued psychology and condidence in his/her trading and acceptable risk management that can be most important... or maybe an old saying will do the trick "to each his own".


kind regards
  • #34,656
  • Jun 24, 2009 5:13am Jun 24, 2009 5:13am
Quoting Alexandra
That recent 4 hour EURUSD PA is worth some comment. Technically it was triggered and technically it is still valid. Viewed in isolation it is in a good spot. My view on it, however, is clear. It would be educational I think to get a live comment from the PB gurus if you are up and about. Anyone.......hmmm.....
Can you post a chart?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,657
  • Jun 24, 2009 5:18am Jun 24, 2009 5:18am
Quoting Alexandra
That recent 4 hour EURUSD PA is worth some comment. Technically it was triggered and technically it is still valid. Viewed in isolation it is in a good spot. My view on it, however, is clear. It would be educational I think to get a live comment from the PB gurus if you are up and about. Anyone.......hmmm.....
Didnt get a good lookin pin on my feed but like where it turned
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  • #34,658
  • Jun 24, 2009 5:23am Jun 24, 2009 5:23am
Here
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  • #34,659
  • Jun 24, 2009 5:24am Jun 24, 2009 5:24am
Quoting mbqb11
hey BFD

Yes you are correct timezones will effect the aggregation of bars across brokers. Once you go above the 1hr timeframe this is going to depend on where you broker is. This is why we always speak about location being everything. Think of the price bars as the triggers. Don't worry though, a good price bar no matter the broker at a good area will do just fine

Mike

Thanks,

When I change the timezone in the netdania settings shouldn't it change the candles on the charts then, it didn't seem to when I tried this?
  • #34,660
  • Jun 24, 2009 5:24am Jun 24, 2009 5:24am
Quoting Marco
Well I don't know for sure Matt, but you should at least think about letting them run if they would all have hit your target. Sure, a breakeven-trade is no loser, but if it would have been a winner, you kinda lost, too.
I am in agreement with you Marco. What I was saying is that the BE trades that I had was because I didn't follow my plan. Had I left the trades to run either to my original planned TP or SL, I would have the same win ratio but a higher R:R result. The lesson for me is to plan my high probabilty trades with realistic SL & TP and then leave it to run. This takes the emotion away from it for me.

I think that taking half of the table at 1:1 and letting the rest run with the stop left at it's original position for the remaining half is appealing to me as this will enable me to protect my capital and take advantage of the longer runs.

I am training myself to think of the initial risk as a % of my account and ignore the actual money amount involved. I am a long way from the £100 per pip but I hope that training myself to think in terms of % of account will enable me to ignore the larger sums involved and reduce the stress. 1% is 1% no matter what my account size.

That's my thinking anyway. I will let you know when I get there.

Matt
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