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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

  • #45,961
  • Oct 13, 2009 5:44pm Oct 13, 2009 5:44pm
Hi Rac


Quoting raczekfx
You're itching to trade... that's no good..
..


Quoting raczekfx
You're itching to trade... that's no good..
divergence is really of no help, unless used with the most recent bars..
Now I look even dumber than in fact. :-)
I've been patiently waiting for the bar close and indeed it closed unimpressively so I said to myself- just another exercise (I wish it could have something to do with an effectiveness)
I wanted to exercise the thought process rather than to get a fortune in this amatour analysis.
  • #45,962
  • Oct 13, 2009 5:57pm Oct 13, 2009 5:57pm
Quoting pakiestra
Hi Rac






Now I look even dumber than in fact. :-)
...
no dumber, just impatient. We all go through it and eventually learn (hopefully), sometimes the hard-way. Just ask Jim about the fetal position.
  • #45,963
  • Oct 13, 2009 6:22pm Oct 13, 2009 6:22pm
Don't know if this question was ever answered in this enormous thread, anyway:

-Is it possible to adjust something in MT4 to change the periods of the candles? In my case, the daily candle is not yet closed. I believe there is 2 hours difference from some of you.

I'm using a demo account in MT4 and I've tried both with IBFX and ODL.

Thanks in advance.
  • #45,964
  • Oct 13, 2009 6:33pm Oct 13, 2009 6:33pm
Quoting NosferatuMan
Don't know if this question was ever answered in this enormous thread, anyway:

-Is it possible to adjust something in MT4 to change the periods of the candles? In my case, the daily candle is not yet closed. I believe there is 2 hours difference from some of you.

I'm using a demo account in MT4 and I've tried both with IBFX and ODL.

Thanks in advance.
Unfortunately, there isnt any way to just shift time in the options. Probably because MT4 kinda sux, to be honest.

There is a script that people use for combining bars that can also shift them. I think its called periodcon.

Personally, it never worked that well for me. I'd just find a chart of someone with different bars to you, look at what broker they use and then open a practice account
When you have to shoot, shoot. Dont talk.
  • #45,965
  • Oct 13, 2009 6:39pm Oct 13, 2009 6:39pm
Quoting joelcf
There is a script that people use for combining bars that can also shift them. I think its called periodcon.

Personally, it never worked that well for me. I'd just find a chart of someone with different bars to you, look at what broker they use and then open a practice account
And you download MT4 from the broker's website or you just find the srv file?

By the way, could any of you guys please tell me what is the best period for the candles? I think it is better to "watch" the same james, mike and the other experts are watching.

Please correct me if I'm wrong.

Thanks.
  • #45,966
  • Oct 13, 2009 6:42pm Oct 13, 2009 6:42pm
Quoting NosferatuMan
Don't know if this question was ever answered in this enormous thread, anyway:

-Is it possible to adjust something in MT4 to change the periods of the candles? In my case, the daily candle is not yet closed. I believe there is 2 hours difference from some of you.

I'm using a demo account in MT4 and I've tried both with IBFX and ODL.

Thanks in advance.

Try a demo account from FXDD, their Daily candle closes 2 hours before the ones you just mentioned (5pm eastern time).
  • #45,967
  • Oct 13, 2009 6:45pm Oct 13, 2009 6:45pm
Quoting benji533
Fantastic Benji!
  • #45,968
  • Oct 13, 2009 6:47pm Oct 13, 2009 6:47pm
Quoting NosferatuMan
And you download MT4 from the broker's website or you just find the srv file?

By the way, could any of you guys please tell me what is the best period for the candles? I think it is better to "watch" the same james, mike and the other experts are watching.
Just d/l MT4, a bunch of people here just run a couple of installs with different bar closes. I think SC runs 5, which is probably too much for my brain to concentrate on.

As for timeframes, I like the daily and the 4H... but will play on the 1H too, if it lines up with the higher timeframes. I trade the 15M in some specific circumstances, but those are pretty rare. Jim recommends/orders new traders to start on the dailies... and he knows what he is talking about.

Overall, for me anyways, I think the 4H is the best balance of responsiveness and noise-smoothing. As I said to someone the other day - ever noticed that your keyboard has the $ symbol above the 4? Not a coincidence
When you have to shoot, shoot. Dont talk.
  • #45,969
  • Oct 13, 2009 6:52pm Oct 13, 2009 6:52pm
Thanks for such a detailed response man, that was a great read. You really know your stuff!

So I was right in assuming that leverage and slippage are the two main side-effects/drawbacks(actually, the slippage can work in your favour depending on how the middleman currency behaves, its all down to randomness I guess). Cool so it is actually viable, its just alot of extra hassle. Still handy to have in the toolbox all the same.

I was more curious on the workings rather than the practicality to be honest.

Quoting joelcf
Hope that gave you a headache... now do it again using bid/ask prices
....
Heh, everything you talked about was explained so well that a headache was never an option(you've got the gift of good teaching skills).
We did some bid/ask calculations like those last year with swaps, forwards, futures and the likes. Like a bad rash, those little f**kers can get tricky real fast. I think I was the only one in the class who was anyway interested in them...they rest of my mates despised them...and me for liking them!

The whole arbitrage thing seems really interesting too. We're starting a section on that in Maths Finance in a couple of weeks so I might be able to converse you on the topic then. Or at least understand what your talking about!

Thanks dude, it was a big help!
  • #45,970
  • Oct 13, 2009 6:53pm Oct 13, 2009 6:53pm
Quoting joelcf
Just d/l MT4, a bunch of people here just run a couple of installs with different bar closes. I think SC runs 5, which is probably too much for my brain to concentrate on.

As for timeframes, I like the daily and the 4H... but will play on the 1H too, if it lines up with the higher timeframes. I trade the 15M in some specific circumstances, but those are pretty rare. Jim recommends/orders new traders to start on the dailies... and he knows what he is talking about.

Overall, for me anyways, I think the 4H is the best balance of responsiveness...
$ indeed

Thanks for the answer. Anyway, I'm still on daily charts but I wasn't clear about what I wanted to say. I was talking about bar closing time and not period.

Thanks again for your kind answers.
  • #45,971
  • Oct 13, 2009 6:56pm Oct 13, 2009 6:56pm
Quoting NosferatuMan
$ indeed

Thanks for the answer. Anyway, I'm still on daily charts but I wasn't clear about what I wanted to say. I was talking about bar closing time and not period.

Thanks again for your kind answers.
James uses the IBFX close while posting here, which is an 8pm est closing time. I use a 5pm est FXpro. Others use something in between. I think whatever is comfortable with you. I just prefer closer to NY close.

Best
Mike
  • #45,972
  • Oct 13, 2009 7:14pm Oct 13, 2009 7:14pm
Quoting joelcf
Results oriented thinking is a killer. Just because it looks good in hindsight doesnt mean it would have beed a good trade.
Another great post but this is something that really stood out for me as its been playing on my mind all weekend.

Just because a B class bar made a shitload of pips the last time it came around and you were standing back watching it rocket to the moon DOES NOT mean you should even THINK about entering the next identical B bar trade...and there will be another one...there'll be lots of other ones...thats why theyre not not A trades...theyre more common because they don't meet the standards of a pure-bred A class.

Just because something happened before is not an inference that it will happen again. NO EXCEPTIONS. Sure the results will be skewed(A+++ trades are a perfect example), but we have to refrain from taking anything less than the A trades unless you have the management skills of Jaroo or Rac(and not many of us do...especially beginners!) Go to Page 1. Stick to what Jim says. Its there for a reason.

Sorry, bit of a mini rant but felt like I had to hammer that home!
  • #45,973
  • Oct 13, 2009 8:32pm Oct 13, 2009 8:32pm
Quoting ekling
This chart...
i hope u are not inferring divergence with those two orange/yellow lines..
but if u are, the lines should be plotted on the same sides (on top of price & indicator, or below of both)
to learn more, see this
  • #45,974
  • Oct 13, 2009 8:38pm Oct 13, 2009 8:38pm
Quoting joelcf
Just d/l MT4, a bunch of people here just run a couple of installs with different bar closes. I think SC runs 5, which is probably too much for my brain to concentrate on. ....
i already told u i have more than that.

Quoting NosferatuMan
And you download MT4 from the broker's website or you just find the srv file?...
it's your choice: download a separate MT4 or just use their .srv files.

here are some: (verify the timezones)
IBFX, Alpari GMT + 0
FXCM = IBFX + 1
XTB, Alpari (US, UK, Russia) = IBFX + 2
FXPro, FXDD = IBFX + 3
  • #45,975
  • Oct 13, 2009 9:15pm Oct 13, 2009 9:15pm
Quoting raczekfx
... 4840 was the top for this move higher...
Quoting supremeChaos
i'll put my analyst's hat on. ....
i believe we have not reached this year's top. if we breach 1.49, then......
Sir idol, currently 1.4885-ish.
  • #45,976
  • Oct 13, 2009 9:34pm Oct 13, 2009 9:34pm
Quoting jarroo
Its getting bigger very year.
Very year I have more and more face to wash. lol
Its getting bigger every year.
Every year I have more and more face to wash.

I forgot the "e". lol
Indicators show the past. Price Action "Indicates" the future.
  • #45,977
  • Oct 13, 2009 9:38pm Oct 13, 2009 9:38pm
Quoting jarroo
Its getting bigger every year.
Every year I have more and more face to wash.
I forgot the "e". lol
LOL.
i told u, 'does it come with age'?

or

your wife/gf is in front of/beside u as u typed that post. nyahahah
  • #45,978
  • Oct 13, 2009 9:41pm Oct 13, 2009 9:41pm
Daily E/G chart.

A daily PIN on the top. Price got rejected at 0.94. Last time it was rejected at 0.93 and went on.

Divergence on the MACD histogram. It ran too far and too fast from the long term EMA's. Retracement is overdue.

It would be a counter trend trade to a very strong up trend, though.
Attached Image
  • #45,979
  • Oct 13, 2009 9:44pm Oct 13, 2009 9:44pm
Quoting supremeChaos
LOL.
i told u, 'does it come with age'?

or

your wife/gf is in front of/beside u as u typed that post. nyahahah
A little bit of both. lol
Indicators show the past. Price Action "Indicates" the future.
  • #45,980
  • Oct 13, 2009 9:51pm Oct 13, 2009 9:51pm
Quoting goodtiding5
Daily E/G chart.

A daily PIN on the top. Price got rejected at 0.94. Last time it was rejected at 0.93 and went on.

Divergence on the MACD histogram. It ran too far and too fast from the long term EMA's. Retracement is overdue.

It would be a counter trend trade to a very strong up trend, though.
I would like to see Price closer to those past highs and PPZ level, .9450-.9500. The counter trend setups: BIG BARs, Big PPZ, Big etc.
Attached Image (click to enlarge)
Click to Enlarge Name: egdaily.gif Size: 27 KB
Indicators show the past. Price Action "Indicates" the future.
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