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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

  • #45,461
  • Oct 7, 2009 5:51pm Oct 7, 2009 5:51pm
Quoting raczekfx
That's where lot of rich folks live..
ben? very seldom, unless I get alert/alarm go off..

Is that's where you live?
Too much lawn to mow for me, lol.
  • #45,462
  • Oct 7, 2009 5:53pm Oct 7, 2009 5:53pm
Quoting ehrek
Haha,

Then why aren't you here? I heard through the grapevines that you are of FF's anonymous millionaires
If I was, you'd never hear about me...or saw my single post here

Quoting ehrek
J.. you can see my wife gardening, and I'm snorting a bunch of illegal substances trading the cable, enclosed pool...

Heheh!
There you go.. I knew the face looked familiar.
  • #45,463
  • Oct 7, 2009 6:02pm Oct 7, 2009 6:02pm
Quoting raczekfx
That's where lot of rich folks live..
ben? very seldom, unless I get alert/alarm go off..

Is that's where you live?
Hey, you almost got my second house in the picture. it is to the upper right. Just up the road. I thought for a moment you were able to catch the helicopter pad but you missed it. Stop in sometime.
  • #45,464
  • Oct 7, 2009 6:14pm Oct 7, 2009 6:14pm
Quoting arthurwtm
hi..

@raczekfx: i have also noticed that pinbar formation on gbp/jpy

HOWEVER, i have a question:

in chart 1 (daily): we can see an obvious pinbar at quite a good location

in chart 2 (4HR): in this chart, there's also a pinbar formation signalling a downward direction

my question is, should we wait for that small downward trend to form first? which, i think will give us a better entry point?
I don't know, that's up to a trader, whatever fits your risk profile. I do both sometimes.
it may break d bar and run all the way up to 142.50 before stopping,
it may retrace (your chart 2 scenario) and zoom back right up,
it may retrace and keep on going south...

got a go... make few pips..
  • #45,465
  • Oct 7, 2009 6:17pm Oct 7, 2009 6:17pm
So much of a confusion in the market now. Mixed day, stocks down, gold up an up. I belive it's time for crosses to revive, otherwise I won't be happy tomorrow or on Friday, let see

hope Everybody is doing ok and is getting the bags for pips ready
  • #45,466
  • Oct 7, 2009 6:32pm Oct 7, 2009 6:32pm
Took a quick 1R profit for 31 pips.

Quoting artov
Trading it, let's see what she does.
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  • #45,467
  • Oct 7, 2009 7:32pm Oct 7, 2009 7:32pm
Quoting raczekfx
We should exchange cell phone #s. That way we could cover entire 24hrs and not miss a single setup...
I've already got US and most Asia covered.
Quoting arthurwtm
i'm at london time...maybe we should all trade numbers so we wont miss anything!! haha
If we could just get us all trading the exact same way we'd be right. lol

With the DST changes this time of year it takes a bit of adjusting. I'm already struggling with NY starting 1 hour later here (Midnight now/so far).

What I SHOULD do is get my butt into gear with alerts/programs again.
Bundy's status today: "Waiting..."
  • #45,468
  • Oct 7, 2009 7:37pm Oct 7, 2009 7:37pm
Wish I caught that 4hr BUOB on the AUDUSD....bloody work getting in the way of trading again
  • #45,469
  • Oct 7, 2009 7:44pm Oct 7, 2009 7:44pm
Quoting tehuringa
Wish I caught that 4hr BUOB on the AUDUSD....bloody work getting in the way of trading again
Very good employment number.

....Apparently.
Bundy's status today: "Waiting..."
  • #45,470
  • Oct 7, 2009 7:45pm Oct 7, 2009 7:45pm
Quoting bundyraider
Very good employment number.

....Apparently.


Apparently.....
  • #45,471
  • Edited 8:29pm Oct 7, 2009 8:06pm | Edited 8:29pm
Quoting tj#8
hey guys

I've been in PF for about 10months now
and now I'm trying to give myself more time to chime in here

Look forward working with you guys!! =)

So, anyone's long gbpjpy?? (except Mark hee)

Such a big size, but I don't see any significant momentum so far

Price did retrace to the expected level, let's see if it holds

*I'd like to hear about the momentum from you Jaroo =)
Just to continue with the momentum analogy of speeding along in a boat and trying to stop suddenly, (which you can't even throwing it in reverse) there is only one thing that will stop the boat quickly and throw you backwards its . . . . hitting the shore. lol

I'm a big advocate if one chooses to look for setups on lower time frames that they must be centered around, played off of, and confluenced with higher time frame PPZ levels, Fib level, 50% retracement levels, etc.

Looking at the Daily Gbp/Jpy your 4 BUOB is looking good location wise. At a Daily/Weekly 50% retracement level confluencing with some nice round numbers 140/141.

Also on the Daily is the 142.00 round number confluenced with a Daily/Weekly PPZ level. This is the shore that your 4 hour BUOB hit.

So Price Action setups have momentum but we have to look for these trouble areas that can put the brakes on it. That's why Mike stresses the importance of BIG BARS (especially on a countertrend setup) because they can produces stronger momentum to break through these trouble areas.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #45,472
  • Oct 7, 2009 8:58pm Oct 7, 2009 8:58pm
Quoting artov
Took a quick 1R profit for 31 pips.
Very nice artov.

I don't know if you were aware of the strength of the blue line you have on your chart. (I say this because you didn't mention it in your post.)

Here again the higher time frames Rule when trading on the lower time frames. The 1.4670 is a strong PPZ level on the Daily and added strength to your hourly PB.
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Indicators show the past. Price Action "Indicates" the future.
  • #45,473
  • Oct 7, 2009 9:02pm Oct 7, 2009 9:02pm
With regards to GBP/JPY, today is GBP interest rate announcement which could have a negative effect on GBP, im not going to do any GBP trades til after the announcement. Also same with Euro ECB statement out also today.
  • #45,474
  • Oct 7, 2009 9:43pm Oct 7, 2009 9:43pm
I was short USDCHF and had a TP at 1.0284.

Price went below my TP and had hit low of 1.02832

Why was the TP not activated, does their need to be 1 pips difference the TP and price?



Edit: wow it just blew over my TP and is now 1.02796.

How can this happen???
  • #45,475
  • Oct 7, 2009 10:05pm Oct 7, 2009 10:05pm
Quoting raczekfx
...
because fiber is not going to get there this year or next,...
Whatever..., I'm 75% sure 4840 was the top for this move higher. There are fair size banks' (i think) orders waiting around 4780 as well, kind of like DB no touch
i'll put my analyst's hat on.
i'd love to take u up on this, Sir. (i had this in my mind for months now)
it would just be a friendly fan vs. idol challenge anyway, nothing big. & i love learning.
after several months (i'd look for that particular post i've made), i still believe
fiber is bullish.
that DNT u are referring to (i havent seen/read abt it yet) may get broken of course.

i believe we have not reached this year's top. if we breach 1.49, then it's possible 1.50 - 1.53. am bullish while 1.4450-14550 supports. (i'll review my analysis this weekend, as this post was highly spur of the moment + excitement)


Quoting raczekfx
...
Harvey just said I should, fair enough, I'll do that..
Done!...
Who's harvey?

Quoting raczekfx
We should exchange cell phone #s. That way we could cover entire 24hrs and not miss a single setup...
I've already got US and most Asia covered.
I would love to apply for this 'job' next time. i can cover/have been covering Asia to London Close

Quoting raczekfx
That's where lot of rich folks live..
...
nice place. still full of trees.

Quoting bundyraider
Very good employment number.
....Apparently.
i woke up 1-2hrs after the release. lol
  • #45,476
  • Oct 7, 2009 10:07pm Oct 7, 2009 10:07pm
Quoting tormo
I was short USDCHF and had a TP at 1.0284.

Price went below my TP and had hit low of 1.02832

Why was the TP not activated, does their need to be 1 pips difference the TP and price?



Edit: wow it just blew over my TP and is now 1.02796.

How can this happen???
Hey T

This can happen in fast markets or illiquid times, but I am guessing this is on a demo, which in that case I wouldn't put much thought into it

If you are on a live , call your broker they will give you the explanation

Best
Mike
  • #45,477
  • Oct 7, 2009 10:14pm Oct 7, 2009 10:14pm
hey guys.

after 4 months on the 4h and daily charts i finnaly feel ready to drop down to lower TF.

over the last 4 months ive gone 14-1 for 16.7%. so not bad.

anyway 1H here i come. This is probably the lowest il sink because any lower i start having problems with spread and time and whatnot.

first 1H trade. trust guys if i can do it anyone can

[IMG]file:///C:/DOCUME%7E1/Slava/LOCALS%7E1/Temp/moz-screenshot-5.png[/IMG][IMG]file:///C:/DOCUME%7E1/Slava/LOCALS%7E1/Temp/moz-screenshot-6.png[/IMG]http://i432.photobucket.com/albums/qq42/pizdun/1h.jpg
  • #45,478
  • Oct 7, 2009 10:17pm Oct 7, 2009 10:17pm
Quoting mbqb11
Hey T

This can happen in fast markets or illiquid times, but I am guessing this is on a demo, which in that case I wouldn't put much thought into it

If you are on a live , call your broker they will give you the explanation

Best
Mike
Wow you're fast

thanks for the reply Mike and yes its on demo and its no big deal but does this regularly also happen with live accts?I just want to make sure so i don't get any surprises later when i open my acct.
  • #45,479
  • Oct 7, 2009 10:19pm Oct 7, 2009 10:19pm
Quoting pakiestra
So much of a confusion in the market now. Mixed day, stocks down, gold up an up. I belive it's time for crosses to revive, otherwise I won't be happy tomorrow or on Friday, let see

hope Everybody is doing ok and is getting the bags for pips ready
Steady Boys... Steady... Wait... Until you can see the whites of their eyes.

Why waste Powder? Let's be sure so that we can win.

{Moral:}
Keep your Powder Dry & at the Ready. You may need it on the morrow.

just sayin'
  • #45,480
  • Oct 7, 2009 10:24pm Oct 7, 2009 10:24pm
Quoting tormo
Wow you're fast

thanks for the reply Mike and yes its on demo and its no big deal but does this regularly also happen with live accts?I just want to make sure so i don't get any surprises later when i open my acct.
It varies broker to broker. You will get slippage at some point, it is more rare in forex as it is a very liquid market as the one we are in. Heavy news times equal a higher probability for problems(or anytime liquidity is low or volatility is high which usually goes hand and hand). At such a dead time as this it is very very rare. Most likely your stop loss is simply a market stop which means it won't get skipped but slippage can happen(market means get me in at any price don't forget). Various ways to protect yourself via limits/bounds. I have no experience with any of these MT4 brokers live so all I can say is do your due diligence But most demo accounts are not reflective of both live conditions and of how a broker operates in a live environment.

Best
Mike
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