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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

  • #47,081
  • Oct 28, 2009 11:49am Oct 28, 2009 11:49am
Quoting dmc
Took this 4 hour BUOB. Looks good so far. I will say there was not much confluence onthis trade and I am being very careful with it sinc eit is CT but hopefully this turns into a nice BUOB on the DAily and we keep running.


1. the bar is huge
2. it engulfs many many bars
3. It has the 1.63 and 1.62 as protection.

My mindset was to take this trade at 1.6320 and use 1.63 as some support which worked out well. I moved up my stop using the bar break stop after it moved 20 pips from my entry.(manging very tight). I did this becasue if 1.63 did...
Actually I was looking to the BUOB forming on the daily. For now, it has good size and it engulfs a few bars also. The low of the bar is around 1.61 and I don't know if we can consider it some kind of double bottom.
What I don't like its the massive down trend.

You anticipation looks nice with a great BUOB and a bit of div.

Just my 2 (newbie) cents.
  • #47,082
  • Oct 28, 2009 11:53am Oct 28, 2009 11:53am
I use Oanda and it has me on New York time. I believe this is GMT -4 hours but is about to change to GMT -5 hours, if I am not mistaken.

EDIT: I just double-checked and found that Oanda allows you to set your own time zone, so it can vary from person to person.

Quoting supremeChaos
Thanks Nathan.

btw, Oanda's timezone is GMT + what??
(anyone using Oanda..... Thanks!)
  • #47,083
  • Oct 28, 2009 11:56am Oct 28, 2009 11:56am
Quoting NosferatuMan
A successful attempt of a touch trade on my "aggressive" demo account.
I think it would be really nice if I could make on of these entries every once in a while.
  • #47,084
  • Oct 28, 2009 12:27pm Oct 28, 2009 12:27pm
Quoting PipGator
I use Oanda and it has me on New York time. I believe this is GMT -4 hours but is about to change to GMT -5 hours, if I am not mistaken.

EDIT: I just double-checked and found that Oanda allows you to set your own time zone, so it can vary from person to person.

Mine is set to the same, New York (EST); however, I don't actually use their charts for trade decisions. I use MT4 charts for that and just enter the actual trades on Oanda.

Nathan
  • #47,085
  • Oct 28, 2009 12:32pm Oct 28, 2009 12:32pm
Moving my stop to 134.15 area. Bring me the pips, I have room.
  • #47,086
  • Oct 28, 2009 12:42pm Oct 28, 2009 12:42pm
Pin bars forming on 1hr and 4 hr possibly - maybe retracement to 163 before going back up? still would be a BUOB on the daily

My ultra newbie one cents worth

Jezza

Quoting NosferatuMan
Actually I was looking to the BUOB forming on the daily. For now, it has good size and it engulfs a few bars also. The low of the bar is around 1.61 and I don't know if we can consider it some kind of double bottom.
What I don't like its the massive down trend.

You anticipation looks nice with a great BUOB and a bit of div.

Just my 2 (newbie) cents.
  • #47,087
  • Oct 28, 2009 12:54pm Oct 28, 2009 12:54pm
Missed my retracement entry by around 10-12 pips on this, that would have been very nice.

I don't trade the one hour, but if I did and this hourly pin holds true (closes as it appears) I would be shorting this pair on a break south.


Nathan
  • #47,088
  • Oct 28, 2009 1:31pm Oct 28, 2009 1:31pm
Quoting dmc
Took this 4 hour BUOB. Looks good so far. I will say there was not much confluence onthis trade and I am being very careful with it sinc eit is CT but hopefully this turns into a nice BUOB on the DAily and we keep running.


1. the bar is huge
2. it engulfs many many bars
3. It has the 1.63 and 1.62 as protection.

My mindset was to take this trade at 1.6320 and use 1.63 as some support which worked out well. I moved up my stop using the bar break stop after it moved 20 pips from my entry.(manging very tight). I did this becasue if 1.63 did...
Hey DMC

The reason I like this one is look at how many bars the BUOB engulfs. That is a sure sign of strength 95% of the time. 1.64 could be a problem, good point to protect ourselves with stops here IMO or take profit.

Nicely done!

Mike
  • #47,089
  • Oct 28, 2009 1:37pm Oct 28, 2009 1:37pm
Quoting mbqb11
Hey DMC

The reason I like this one is look at how many bars the BUOB engulfs. That is a sure sign of strength 95% of the time. 1.64 could be a problem, good point to protect ourselves with stops here IMO or take profit.

Nicely done!

Mike

Great Trade! If this closes like this on the daily I will be putting a retracement long order on this. I wouldn't play the break on this one, as the first problem area on the daily is too close (1.65).

Granted, with position sizing you could still keep your risk in line but I don't like entering breaks right into areas of concern/big round numbers.

Again, nice trade!

Nathan
  • #47,090
  • Oct 28, 2009 2:42pm Oct 28, 2009 2:42pm
Sorry for the abundance of posts..........moving stop loss to 1.0748 area. Should be some pushback at 1.08.

Nathan
  • #47,091
  • Oct 28, 2009 6:15pm Oct 28, 2009 6:15pm
e/j daily, 133.5 ppz

some off the table stop to break even
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  • #47,092
  • Oct 28, 2009 7:23pm Oct 28, 2009 7:23pm
I this divergence signal enough to avoid a trade on the break of the big BUOB?

This is one of the things that I have more difficulties to deal with. Entry on a break or on a (eventual) retrace.

Comments would be appreciated.
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  • #47,093
  • Oct 28, 2009 7:35pm Oct 28, 2009 7:35pm
Quoting NosferatuMan
I this divergence signal enough to avoid a trade on the break of the big BUOB?
I'd say no, but would be pretty concerned about the strength of the trend you are fighting. Seems like trying to snatch pennies off a 12 lane highway
When you have to shoot, shoot. Dont talk.
  • #47,094
  • Oct 28, 2009 7:37pm Oct 28, 2009 7:37pm
lol lucky i had my stop to be on the ej.

in my opinion i wouldnt waste my time with trying to spot hidden divergence... thats what your divegence looks like ur trying to find?
just keep with regular div.
ie price making higher highs or lower lows and your div indicator of choice not matching up.

the thing that would concern me about taking that e/a buob is the 1.65 major round number level looming in the distance. by the time you enter 10 pips above bar high we will almost be there.

I have my eye on 1.65 as a potential shorting opportunity.
just a thought.
  • #47,095
  • Oct 28, 2009 8:03pm Oct 28, 2009 8:03pm
Quoting dobe_r_man
Mine is set to the same, New York (EST); however, I don't actually use their charts for trade decisions. I use MT4 charts for that and just enter the actual trades on Oanda.

Nathan
Hi there, I have been a lurker for a while. Enjoying this thread and absorbing the lessons.
I just want to ask how you can use MT4 without a broker. Which data feed do you get, and which markets / instruments does the feed provide? I couldn't find any info on this on MT4 website, they seem to say that you get your MT4 and data from your broker.

Cheers,
Pandu
  • #47,096
  • Oct 28, 2009 8:07pm Oct 28, 2009 8:07pm
Quoting chanak
Hi there, I have been a lurker for a while. Enjoying this thread and absorbing the lessons.
I just want to ask how you can use MT4 without a broker. Which data feed do you get, and which markets / instruments does the feed provide?

You dont. You just chart on MT4 with one broker, then use Oanda to execute your trades. Because Oanda's charting blows.
When you have to shoot, shoot. Dont talk.
  • #47,097
  • Oct 28, 2009 9:02pm Oct 28, 2009 9:02pm
Quoting chanak
Hi there, I have been a lurker for a while. Enjoying this thread and absorbing the lessons.
I just want to ask how you can use MT4 without a broker. Which data feed do you get, and which markets / instruments does the feed provide? I couldn't find any info on this on MT4 website, they seem to say that you get your MT4 and data from your broker.

Cheers,
Pandu
https://www.fxpro.com/open-practice-account

when the demo runs out you just start another one. Though I can't remember the last time that one ran out.

or

https://secure.ibfx.com/forex-software.aspx

Not sure of the time period on IBFX, I got an account, but same as above, you just re-new it (Easy done in the "File->Open an Account "menu)

Neither company is bad for spam or anything. You get the occasional email every few weeks, but you're using their feed for free, so you won't find me complaining.
Bundy's status today: "Waiting..."
  • #47,098
  • Oct 28, 2009 9:44pm Oct 28, 2009 9:44pm
Quoting dobe_r_man
You are too funny! I traded it off of the daily on the BUOVB retracement. Honestly, the area/major pivot really at 1.03 brought me to this trade. I had been waiting for it to get to the 1.03 area for some time. I gave it room and time initially, but after the second BUOVB on the daily and the imperfect weekly pin break I started to trail pretty much below the low of the daily bars. Once it broke through and closed above 1.06 (an important area for me) I put stop just under. I am now stopped just under 1.0650 area and waiting to see how it acts at...
Nathan, could I trouble you to post where your entries were on your timeframe? I've been watching loonie as well, but entries were not particularly compelling short of 1 or 2 in the 1hour.

You only trade off the daily?

Not very well within the realms of my understanding thus far.
Would be good to see how someone else has traded loonie profitably and caught this runner.

Thanks in advance dude =)
One Mind, Any Market
  • #47,099
  • Oct 28, 2009 11:02pm Oct 28, 2009 11:02pm
Maybe you J16 sharks should have a look-see at GBPCAD daily??? strong PPZ.... +50% +150ema
Many choose unhappiness over uncertainty.
  • #47,100
  • Oct 28, 2009 11:09pm Oct 28, 2009 11:09pm
g cad ppz at 1.75 u talking about?
how would you play that? wait for a pullback to 1.75 and go long?
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