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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

  • #36,381
  • Jul 6, 2009 7:20am Jul 6, 2009 7:20am
Quoting Basber
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
imo opinion the size of the bar is too insignificant to warrant a long trade, though it could very well work, I wont be playing it
Grabbing the bull by the horns!
  • #36,382
  • Jul 6, 2009 7:20am Jul 6, 2009 7:20am
Quoting Basber
Hi Everyone,
If The H4 Candle Closes Above 1.613x , Could We Call It A Pin Bar ? IS It A Good One Or Because Of Daily Candle Is Absoloutly Bearish, We Should Avoid Entering It ? Need Some Advice.
Wish Everyone A Profitable Week

Regards,
Basber
I see Gu pulling back to the 162 level but that pin is a NO trade.

What I interpret from your post basber is that you're probably just pushing it too hard. At the stage where you are it's so damn easy if you can learn to wait for the good trades.

As a newbie this is what you have to do. With no significant control nor a good enough confidence at the stuff the best thing to do is to stay away from the risky setups.

Keep it simple and effective. here's what you do:

1) Pull out all other time frame tabs except the daily, weekly and monthly time frames.

2) Put up the monthly chart. Draw in a ppz or two at really obvious support/resistance levels. If price is far away from it just ignore the level (we don't want clattered charts)

Refrain from drawing trend lines on such long term time frames which you won't be trading. reason being that there seems to be a lot of discrepancy in drawing these lines, so if you draw it incorrectly by a millimeter, it could be the difference of hundreds of pips on the time frame you'll be trading. (daily and weekly)

You could draw your fibs if you see a ret into a major trend.

3) put up the weekly chart. Draw another ppz or 2 if you have to which was not visible on the monthly. And if you're fond of trend lines you could draw in a couple. fibs too if you feel like.

4) Put up the daily chart. Again see if you need to mark some major S/R zones with a line, trend line or fibs.

You're done!

******____________*******

All you gotta do now is just sit back, commit yourself to conservatism...pull your daily chart up once a day (preferably just before or after the daily bar close) and see if there are some really good setups out there with enough confluences and convincing PA bars.

Pull your weekly chart on the weekend anytime and do the same.

******___________*******

It really is that simple. Why do you need to keep an eye on almost every bar on every time frame that closes near it's open and leaves a wick somewhere?

Just relax and take it easy will you?

Regards,
Ghous.
I believe . . .
  • #36,383
  • Jul 6, 2009 7:35am Jul 6, 2009 7:35am
Quoting ghous
...What I interpret from your post basber is that you're probably just pushing it too hard... Ghous.
Good post Ghous! The idea is not "to trade". The idea is to make money.

K.I.S.S.
  • #36,384
  • Jul 6, 2009 7:42am Jul 6, 2009 7:42am
Quoting albchr
OK, perhaps I'm a bit thick here. (Trust me, it's possible) but...
No you're not thick. It is confusing.

...I know how to programme and can understand how everything , even the most complex series of tasks, can be triggered by a single button on the screen and all be performed by the computer in less than a nanosecond.

It's up to your broker to chain everything into that one button.

I think the best thing you can do is create a free non-timelimited (never expires ) Oanda FX GAME account and just play with and check out the platform. Especially the one click trading options.

They aren't the only ones that do this. Many have "One Click" Trading features you can enable. (including futures focused brokers) that have the ability to link up with some really cool third-party software like Ninja Trader that will do EVERYTHING you are worried about AND comply.

(Check out the preferences picture I've included ) In this case Oandas allows you to specify a pre-set default automatic stop (AND trailing stop ) and take profit etc.

The other picture. Check out the red circled areas in the trading screen picture. One is the button you click to turn on one-click trading any time you like. The other is just an example of how you can pre-fill the trade amount. ...or in this example this figure is from the preferences box in the other picture.

Notice how you can change the preferences individually for each pair/symbol/market if you like.

I've also entered an order with TP SL and a trailing stop set so you can see the orders that were automatically created without me doing anything but entering the market with one click. These are in the colour coded orders grid up top.

I consider you (and everyone here my friend). My intention is to allay your fears, not make you look 'thick'. The last thing you need in your situation is something like this to be on your mind eh.

Now.... I'm wasting real monopoly money by placing that trade. Be grateful. (Not kidding either. I treat this demo account pretty serious. lol)
.
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Attached Image
Bundy's status today: "Waiting..."
  • #36,385
  • Jul 6, 2009 7:44am Jul 6, 2009 7:44am
Hello Jarroo,

I picked the weekly pin bar to trade on the cadjpy pair. I found it is very good because it seems like a breakout and rerest the trendline.

I sell it at 81.90 and I wasn expected the closest hurdle will be 81.00.

However, the price reach at the point at 81.40 and go back up? I was never prepare on this hurdle when I look at the weekly chart and I also don't find any significance on the daily chart too?

Can you give me some help showing why 81.40 is a concern? I should have take some off the table instead of waiting until it reach 81.00..

I know this is not a A setup at all but I want to learn why I miss this hurdle.



Thanks! Chart is attached.
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  • #36,386
  • Jul 6, 2009 7:53am Jul 6, 2009 7:53am
Personally, I think Cable will be not going any higher than 1.6188. Turn the previous support into resistance, then continue its merry journey south for the summer.
The customer is always right!
  • #36,387
  • Jul 6, 2009 7:55am Jul 6, 2009 7:55am
Quoting ghous
I see Gu pulling back to the 162 level but that pin is a NO trade.

What I interpret from your post basber is that you're probably just pushing it too hard. At the stage where you are it's so damn easy if you can learn to wait for the good trades.

As a newbie this is what you have to do. With no significant control nor a good enough confidence at the stuff the best thing to do is to stay away from the risky setups.

Keep it simple and effective. here's what you do:

1) Pull out all other time frame tabs except the daily,...

Thank You For Your Reply Ghous,
I'm Not That Newbie And I Don't Wanted To Trade That Setup, I Want To Learn What PB s Is Good For Trading ... I'm Not Testing It For Entring The Setup (In Real Or Demo), So I Don't Think I Matters Which TimeFrame I'm Looking At, I Just Want To Get Used To This Method And My Eyes Try To See PBs More Accurate. And I Was Not Forcing To Trade That Situation, I Just Wanted To Know The Opinion Of Seniors On That Kind Of Situation ... But Like You Told Me , I Should Try To Be More Picky About My Entries , I Usually Have 15 - 20 Entries Along The Month With My Real Account, And I Think I Should Be More Conservative.
Anyway, Thanks Alot For Your Time And Support, I'm Sure I Can Count On It I Respect Experience Of You And Other Seniors In Every Threat Or Any where Else
Wish You The Best

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #36,388
  • Jul 6, 2009 8:05am Jul 6, 2009 8:05am
Just taken this short on USDCAD. Reasoning 2 pinbars at top of range, suggesting a false breakout. Also divergence on RSI.

The PB on the 4 hrly isn't great and its against the trend, so I shall watch it carefully.
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  • #36,389
  • Jul 6, 2009 8:07am Jul 6, 2009 8:07am
Quote
.....(Check out the preferences picture I've included ) In this case Oandas allows you to specify a pre-set default automatic stop (AND trailing stop ) and take profit etc....

bundyraider,
thanks for elaborating. twice that thanks goes for your post about the NFA's FIFO rule.
am just starting out to check out Oanda's software. Let's see if i'll regret not doing so 2-3 years earlier. lol
I think your post was so detailed that i'll consider it as another golden bundy nugget.
  • #36,390
  • Jul 6, 2009 8:09am Jul 6, 2009 8:09am
Quoting bundyraider
No you're not thick. It is confusing.

I consider you (and everyone here my friend). My intention is to allay your fears, not make you look 'thick'. The last thing you need in your situation is something like this to be on your mind eh.
LOL...I wasn't trying to imply "You" were making me look thick....LOL

Just knowing myself and always being honest with myself, I know there are times I am....LOL

Thank you so much for your patience (through one of those THICK times)in explaining this to me Bundy. I will take a look at Oanda and also plan to speak with my broker about their plans for MT4 - 5.

And yes, I really don't need this on my mind and quite honestly, it's been scaring the heck out of me.....

And on the friends issue...right back at you sir!

Thanks Again.....
Ghost Rider - WWTBMD?
  • #36,391
  • Jul 6, 2009 8:23am Jul 6, 2009 8:23am
Quoting albchr
LOL...I wasn't trying to imply "You" were making me look thick....LOL
It's all good. I didn't even take it that way at all.

By the way. I think Oandas quite good. Wasn't technically recommending them. They just have a good example I could show. Like any service you should make sure they work well for YOU. Their bar charts are average price. Which sucks, to me.

Those fears you had.... Man, some brokers have horrible platforms where all your fears are true, lol But it's the brokers. Not because of any limitations the NFA or any other body has imposed.

If you have any other questions you'd better PM me. I think I've created enough clutter here now.
Bundy's status today: "Waiting..."
  • #36,392
  • Jul 6, 2009 8:28am Jul 6, 2009 8:28am
Quoting supremeChaos
bundyraider,
thanks for elaborating. twice that thanks goes for your post about the NFA's FIFO rule.
am just starting out to check out Oanda's software. Let's see if i'll regret not doing so 2-3 years earlier. lol
I think your post was so detailed that i'll consider it as another golden bundy nugget.
It's free to check out. So why not?

I think the main people that have problems with Oanda are the News traders. (But they whinge about everything broker related. lol). They do seem to do funny things around NFP etc. ...But I personally believe they are only passing on the real conditions of those particular moments. (Widening spreads / sparse order books etc)
Bundy's status today: "Waiting..."
  • #36,393
  • Jul 6, 2009 8:30am Jul 6, 2009 8:30am
Quoting bundyraider
I think I've created enough clutter here now.
I feel the same way. In fact I wanted to go back and delete a bunch of the more personal stuff that really doesn't need to be in here but I see that after a time, we can't edit or remove our posts....
Ghost Rider - WWTBMD?
  • #36,394
  • Jul 6, 2009 8:38am Jul 6, 2009 8:38am
Quoting verno
Just taken this short on USDCAD. Reasoning 2 pinbars at top of range, suggesting a false breakout. Also divergence on RSI.

The PB on the 4 hrly isn't great and its against the trend, so I shall watch it carefully.
That might not be a bad play - time will tell. The PB was on the smallish side, and followed a BUOB breakout of the range. It is going to have to smash thru current levels with some conviction to make it. There is some divergence, so that is a plus.

If the PB was taller, and closed well inside the range, I'd have jumped on this.

Let's hope it works out!
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I'm pretty much done with all this ...
  • #36,395
  • Jul 6, 2009 8:47am Jul 6, 2009 8:47am
Quoting StoragePro
That might not be a bad play - time will tell. The PB was on the smallish side, and followed a BUOB breakout of the range. It is going to have to smash thru current levels with some conviction to make it. There is some divergence, so that is a plus.

If the PB was taller, and closed well inside the range, I'd have jumped on this.

Let's hope it works out!
Good point, its amazing how selective the brain can be. I was only looking at the PB and hadn't really spotted the BUOB. I also think its clearer on the 4 hrly.

Might tighten my stop slightly.
  • #36,396
  • Jul 6, 2009 8:48am Jul 6, 2009 8:48am
Quote
I think I've created enough clutter here now.
bundyraider,
Hmmmm.... 3 posts today is already clutter?
U seem to have a very strict definition for the term "clutter"
well then.... my request is.... can u clutter up the thread at least 3-4 times a week?
more clutter from u = more golden bundy nuggets
  • #36,397
  • Jul 6, 2009 8:50am Jul 6, 2009 8:50am
Quoting verno
Good point, its amazing how selective the brain can be.
We are like dogs. Throw down a hunk of red meat, and we are all over it...

That is what makes this the hardest easy money you'll ever make!
I'm pretty much done with all this ...
  • #36,398
  • Jul 6, 2009 8:59am Jul 6, 2009 8:59am
Quote
Good point, its amazing how selective the brain can be. I was only looking at the PB and hadn't really spotted the BUOB....

verno,
your/our brain can be as selective, receptive, &/or keen as YOU/WE want it to be.
(slightly) figuratively speaking, our brain has neurons/dendrites that metastasize/spread out/make more connections when we human beings do particular repetitive chores/skills etc. in short PRACTICE enhances our brain/keeps it sharp.

what also helps are:
regularly zooming in &out charts to see the bigger picture & the details;
&/or checking the "background" --- the activities (bars/candles) to the left of the current price bar/candle.
Keep it up
  • #36,399
  • Jul 6, 2009 9:21am Jul 6, 2009 9:21am
quote: in short PRACTICE enhances our brain/keeps it sharp.

Hi supremechaos, i couldn't agree more. My grandfather was a firm believer of this too, and didn't stop working until he died at the ripe old age of 91. amazing man, bright as a button.

3/3 trades in the green today, small gains, im on a micro account, but there's a smile on my face.

thanks for your help everyone.
  • #36,400
  • Jul 6, 2009 9:35am Jul 6, 2009 9:35am
Alright Iam now starting to look for clear price action to get myself long...

looking for longs at current area or 1.58...

If I get good price action I will be seeking atleast 1.64

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