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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

  • #44,401
  • Edited 8:57pm Sep 23, 2009 6:47am | Edited 8:57pm
Wow Joel! 1:20 R:R setting up for you?

Just got into GBPCHF on the 4hour on the engulfing green hammer.

In my noob opinion, doesn't look like there's anything significant until 1.700 =)
possibly 1.6900, but tt's it.

Edit:

In 20/20, this was a B- grade trade for several reasons
(1) Trend is strongly down. Both in 4hour and also in Daily

(2) Base was way to small to indicate that this was going to reverse strongly. A reversal usually needs either a big base or a huge range candle to flip around. Both indicate orders being coverd/flipping around.

A larger candle range in the base would have been better.
Given the current number of candles & candle range wrt the overall trend, it's not so great a trade after all.

Would have liked to see a stronger indications of rejection as well.

(3) Focus was mainly on price action, and not considering all the other location/trend factors.
It would have been more compelling if the BUOB-PB tagged the bottom of the consolidation range

Silly mistake!

This is why we demo!
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One Mind, Any Market
  • #44,402
  • Sep 23, 2009 6:57am Sep 23, 2009 6:57am
Quoting triger88990
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.

I think that the trader psychologic it's involved in making the decision beteween witch chart to choose.

For me I like the candlestick chart because I can grab more information(this I was thinking)but when I look to james chart or mike's chart I have the feeling that I'm looking to a different chart although is the same pair and the same TF.

I know that james recommended to use bar chart, because it's...
Hey Triger,

Personally, I prefer bar charts because it is easier for me to see price action, ppzs, and trendlines. It is really just personal preference though. Try bar charts for a couple months and then try candlestick charts for a couple months and see which one you are more comfortable with and if you were more profitable trading one chart than the other.

(i.e. if you take a trade on a candle stick chart and end up taking a loss because you didn't see a ppz, and then you switch to bar charts and you see the ppz more clearly. Make a note that the clarity of bar charts may have kept you out of the trade or prevented a loss.)

Ross
  • #44,403
  • Edited 7:10am Sep 23, 2009 6:59am | Edited 7:10am
Quoting triger88990
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.

I think that the trader psychologic it's involved in making the decision beteween witch chart to choose.

For me I like the candlestick chart because I can grab more information(this I was thinking)but when I look to james chart or mike's chart I have the feeling that I'm looking to a different chart although is the same pair and the same TF.

I know that james recommended to use bar chart, because it's...
Learn as much as you can cram in, it matters not, candle sticks and OHLC bars ?
Without women, money would have no meaning - Aristotle Onassis
  • #44,404
  • Sep 23, 2009 7:11am Sep 23, 2009 7:11am
Quoting triger88990
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.
Use whichever one you are comfortable with , or both.

I swap and change all the time. Some things I see better with candles, other things I see better with bar charts.
In fact I swap between bar, candle and line charts ALL the time.

Doesn't matter.
Bundy's status today: "Waiting..."
  • #44,405
  • Sep 23, 2009 7:20am Sep 23, 2009 7:20am
new keyboard need to keep typing God Damm You... and other conversations
Without women, money would have no meaning - Aristotle Onassis
  • #44,406
  • Sep 23, 2009 7:31am Sep 23, 2009 7:31am
Quoting triger88990
the emotional power of the candlestick chart versus bar-chart.
I was always a candlestick guy, but for forex I much prefer bar charts.

IMHO, candles make you focus more on the open and close, and less on the daily range. Great for stocks on a daily chart, where the open and close actually mean something... not great for forex when you are more looking at how prices moved, as opposed to where arbitary time periods start and stop.

But yeah - whatever you are comfortable with. It's gotta work for you, screw what everyone else thinks
When you have to shoot, shoot. Dont talk.
  • #44,407
  • Sep 23, 2009 7:45am Sep 23, 2009 7:45am
Quoting triger88990
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.
Hi Trig,
I use OHLC 90% of the time occasionally flicking over to candlecharts for some sort of different view.
I'm not sure what difference it really makes, but thats what I do!.
If you can wait and not be tired by waiting...
  • #44,408
  • Sep 23, 2009 7:46am Sep 23, 2009 7:46am
Quoting bundyraider
Use whichever one you are comfortable with , or both.

I swap and change all the time. Some things I see better with candles, other things I see better with bar charts.
In fact I swap between bar, candle and line charts ALL the time.

Doesn't matter.
hey budy thanks I was thinking on this to be a solution for my problem,but I was afraid to not overcomplicated all this stuff. we are both the same, we see better some things on bar chart than candlestick, and vice versa.
i feel more confident now switching between them knowing that you big guys are doing this.

i'll keep an eye from now on of both tipe of chart

thanks bundy.



hey rossbennett and mattfx

thanks for your input,you are right it's all about your personality


Quote
I was always a candlestick guy, but for forex I much prefer bar charts
hey joel

I'm to by my native way a candlestick fan,and I'm with you that
in forex are better bar chart,so I will switch between them,like bundy sugested.
  • #44,409
  • Sep 23, 2009 8:21am Sep 23, 2009 8:21am
Hallo to everybody and of course thanks for the help you give to the newbie like me.....
Question: Using longer time frame as daily/4h do you take note of the news that are coming out during the day or the price already incorporate the sentiment of the market??

Hope you understand my poor english.....
Patience is essential
  • #44,410
  • Sep 23, 2009 8:29am Sep 23, 2009 8:29am
Quoting Cyrus
Wow Joel! 1:20 R:R setting up for you?

Just got into GBPCHF on the 4hour on the engulfing green hammer.

In my noob opinion, doesn't look like there's anything significant until 1.700 =)
possibly 1.6900, but tt's it.
1:20 would be very nice, but i'd settle for half that... Hopefully the market gives us both a nice little run up to 1.700. I have some minor ppzs drawn in there, but overall I agree with your take on things.
When you have to shoot, shoot. Dont talk.
  • #44,411
  • Sep 23, 2009 8:48am Sep 23, 2009 8:48am
Quoting bundyraider
Use whichever one you are comfortable with , or both.

I swap and change all the time. Some things I see better with candles, other things I see better with bar charts.
In fact I swap between bar, candle and line charts ALL the time.

Doesn't matter.
That makes you "canbardextrious".

K.I.S.S.
  • #44,412
  • Sep 23, 2009 9:04am Sep 23, 2009 9:04am
Quoting Cyrus
Wow Joel! 1:20 R:R setting up for you?

Just got into GBPCHF on the 4hour on the engulfing green hammer.

In my noob opinion, doesn't look like there's anything significant until 1.700 =)
possibly 1.6900, but tt's it.
hi there Cyrus, nice catch.For wot its worth i would be carefull of the 1.6900 level on this pair if i were in this trade. It has some history on the daily tf and i have a confluence of the daily,weekly and monthly floor pivots at this area. on the 4h tf price will meet the 50 ema which i use on my charts. On the 1h i have the 50% fib of the last swing down(from the dbl top completed on the 17th) and the 200 ema. i cant see price going through all that without some kind of reaction!?
jus my 2 pips worth,
cheers
jon
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PATIENCE... DISCIPLINE
  • #44,413
  • Sep 23, 2009 9:30am Sep 23, 2009 9:30am
Quoting rustyjeff
for me this was not a 5m. trade..

I have 3 people that I can directly thank for my success...
Those people know who they are..J,M,M....
Hi, Jeff!
And I did not mean this trade...Earlier a reply to Benji You mentioned quick double bottom on 5M, and I was curious what it means for You?
James, Mark, Mike?
Happy about Your Trading, NL
  • #44,414
  • Sep 23, 2009 9:54am Sep 23, 2009 9:54am
Quoting KissFan
That makes you "canbardextrious".
LOL... i cant pronounce that.
it easier to say 'versatile.'
or better yet, golden bundy.

Quoting Cyrus
Wow....
Just got into GBPCHF on the 4hour on the engulfing green hammer.
In my noob opinion, doesn't look like there's anything significant until 1.70...
possibly 1.6900, but tt's it.
what's tt? trend trade?
how about the weekly pivot point? u have it on your chart, so u probably think it's pertinent, right?
do u use Fibs? if yes, then u can try & plot one to see areas of possible retracement/s.

Quoting joelcf
I was always a candlestick guy, but for forex I much prefer bar charts....
wow, u have worked overtime here today. Great job!
u must have had an increase in adrenalin after that gbpchf trade.
  • #44,415
  • Sep 23, 2009 9:57am Sep 23, 2009 9:57am
Quoting g_j_hook@yah
hi there Cyrus, nice catch.....
jon
Hey jon...
Good to see u back & posting again Sir.
u better hurry up & post a lot to make up for the time u were absent.
  • #44,416
  • Sep 23, 2009 10:31am Sep 23, 2009 10:31am
Quoting lacika
Hi, Jeff!
And I did not mean this trade...Earlier a reply to Benji You mentioned quick double bottom on 5M, and I was curious what it means for You?
James, Mark, Mike?
Happy about Your Trading, NL
here is what I mean..
double tops/bottoms with divergence..
When I catch these at good locations they will often lead to a larger tf PA.
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  • #44,417
  • Sep 23, 2009 10:35am Sep 23, 2009 10:35am
And one from today.

gu.. lead to 1hr beob ... not the best but at fib retrace of previous move down.
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  • #44,418
  • Sep 23, 2009 11:16am Sep 23, 2009 11:16am
Hey T,

An OHLC bar chart(as we use here) and a candlestick chart show the EXACT same information.

So this means use what you are comfortable with. In fact I use both, simply from boredom and sometimes a change on my eyes. But I can see the exact same information on both. The only reason I recommend BAR charts to new traders on this thread, is b/c most charts here are posted in BAR and most traders can't visually see the difference as quickly. So it helps to be more aligned with the thread.

But do not worry your information is the same. The only real visual difference is the bodies are filled, which might either help or distract from what is going on.

Best
mike

Quoting triger88990
hey guys here is a problem I'm struggling, and need some inputs from you guys.

the emotional power of the candlestick chart versus bar-chart.

I think that the trader psychologic it's involved in making the decision beteween witch chart to choose.

For me I like the candlestick chart because I can grab more information(this I was thinking)but when I look to james chart or mike's chart I have the feeling that I'm looking to a different chart although is the same pair and the same TF.

I know that james recommended to use bar chart, because it's...
  • #44,419
  • Sep 23, 2009 11:19am Sep 23, 2009 11:19am
Quoting benem
Hallo to everybody and of course thanks for the help you give to the newbie like me.....
Question: Using longer time frame as daily/4h do you take note of the news that are coming out during the day or the price already incorporate the sentiment of the market??

Hope you understand my poor english.....
Hey Benem

James completely ignores the news, I do as well. Some here use it, I think it distracts from the chart, and everything can be seen right in front of our eyes

Your English is great

Mike
  • #44,420
  • Sep 23, 2009 11:49am Sep 23, 2009 11:49am
Quoting mbqb11
Hey Benem

James completely ignores the news, I do as well. Some here use it, I think it distracts from the chart, and everything can be seen right in front of our eyes

Your English is great

Mike
Thank you Mike....you're always ready to help new people coming in.....you are an excellent trader because you are an excellent person.
Patience is essential
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