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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

  • #48,281
  • Nov 18, 2009 6:36am Nov 18, 2009 6:36am
Ever since i i watched and listened (mid October) to the Rants & Charts.......i have also been jumping on setups on both the Dailies and 4-hr...now i realise why JAMES says to concentrate on the Dailies...........my results on the 4-hr are terrible compared to the Dailies.....only problem is for me to catch the Dailies i need to be up 0200hrs............

Just like James says, stick to the Dailies unless you one of the Pros..........cheers

Quoting nasir.khan
Ever since i watched that Rants and Charts video (only 3 weeks ago). Some times i jump out of my seat in joy.

Every time when price touches the levels i have drawn on my charts only based on previous High/Lows and nothing else. It respects them if not reverse back.

But trading solely these levels is not as easy as it seems cause sometimes i find my self in a lot of trades with BE results like one thats a 120 piper and 4 others having -2X each.

But the ones...
  • #48,282
  • Nov 18, 2009 6:45am Nov 18, 2009 6:45am
Quoting Danku
Ever since i i watched and listened (mid October) to the Rants & Charts.......i have also been jumping on setups on both the Dailies and 4-hr...now i realise why JAMES says to concentrate on the Dailies...........my results on the 4-hr are terrible compared to the Dailies.....only problem is for me to catch the Dailies i need to be up 0200hrs............

Just like James says, stick to the Dailies unless you one of the Pros..........cheers
Lower time frames you have to be alot more picky and be able to react quicker as well to manage the trades once you are in. Usually on a 1H trade after 10-11 pips I go to BE, either it runs or it doesn't.
"Whether you think you can or can't, you're right." Henry Ford
  • #48,283
  • Nov 18, 2009 7:01am Nov 18, 2009 7:01am
Woke up to some nice (monopololy) pips today off the E/U H1 PB.
Bounced off 1.8000, 50% fib, entered above 1.4850 PPZ. Have now run into some traffic around 1.4960, so took partial profit, moved stop to below 2 H1 bars ago. Looking to take full profit around 1.5.
Did I do everything somewhat correctly?
-marc
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  • #48,284
  • Nov 18, 2009 7:04am Nov 18, 2009 7:04am
Quoting Danku
Ever since i i watched and listened (mid October) to the Rants & Charts.......i have also been jumping on setups on both the Dailies and 4-hr...now i realise why JAMES says to concentrate on the Dailies...........my results on the 4-hr are terrible compared to the Dailies.....only problem is for me to catch the Dailies i need to be up 0200hrs............

Just like James says, stick to the Dailies unless you one of the Pros..........cheers
Stay on the Daily-Weekly and burn the demos.
  • #48,285
  • Nov 18, 2009 8:19am Nov 18, 2009 8:19am
Quoting Danku
Ever since i i watched and listened (mid October) to the Rants & Charts.......
.....only problem is for me to catch the Dailies i need to be up 0200hrs............
Danku, you might want to look at a broker that closes at a better time for your schedule. I prefer 5pm EST with FXDD, here is a link with time zone offsets for a few brokers: http://www.forexfactory.com/showpost...7&postcount=76

Just an idea.
  • #48,286
  • Nov 18, 2009 8:20am Nov 18, 2009 8:20am
Quoting HawkI
Woke up to some nice (monopololy) pips today off the E/U H1 PB.
Bounced off 1.8000, 50% fib, entered above 1.4850 PPZ. Have now run into some traffic around 1.4960, so took partial profit, moved stop to below 2 H1 bars ago. Looking to take full profit around 1.5.
Did I do everything somewhat correctly?
-marc
hi marc, for what its worth i think you got a little lucky here, in my experience takin such poor 1h bars(it isnt a pin technically) at a strong swing down like this one will hurt your account over the longer term.
just my 2 pips
jon
PATIENCE... DISCIPLINE
  • #48,287
  • Nov 18, 2009 8:34am Nov 18, 2009 8:34am
Quoting g_j_hook@yah
hi marc, for what its worth i think you got a little lucky here, in my experience takin such poor 1h bars(it isnt a pin technically) at a strong swing down like this one will hurt your account over the longer term.
just my 2 pips
jon
Thanks Jon, I'll definitely take note. There's a reason I'm still demoing trades like these. http://cdn.forexfactory.com/images/icons/icon12.gif
-marc
  • #48,288
  • Nov 18, 2009 8:48am Nov 18, 2009 8:48am
Quoting g_j_hook@yah
hi marc, for what its worth i think you got a little lucky here, in my experience takin such poor 1h bars(it isnt a pin technically) at a strong swing down like this one will hurt your account over the longer term.
just my 2 pips
jon
Jon, can you clarify your post for me? Assume for a moment that it was a daily chart rather than a 1H - what is wrong with the pin? Is it because the body of the candle was too large?

I am not disagreeing with you, rather I wish to learn from your experience.

Bill
  • #48,289
  • Edited 9:30am Nov 18, 2009 9:17am | Edited 9:30am
Quoting Wamo
Jon, can you clarify your post for me? Assume for a moment that it was a daily chart rather than a 1H - what is wrong with the pin? Is it because the body of the candle was too large?

I am not disagreeing with you, rather I wish to learn from your experience.

Bill
hi Bill, sos for the delay, iwas eating..lol

the problem i have with that bar is its close. it closed well below the close of the previous bar,this is a warning sign i have taken more note of lately,largely thanks to Mike.it does not show the reversal we are looking for. rather it just shows a weak bearish bar or the bearish volatility slowing down. sometimes ,like this one, price will still reverse but it is less certain than a bar which reverses into the previous bars body. as we know the bar highs and lows can become sup or res. so NOT having closed above the close of the previous bar could be a testament to the fact that price does not want to go there??? the body size is ok with me as long as it was INSIDE the previous bar showing,like i said, more of a reversal than just price slowing down
i hope this makes some sense??
jon

EDIT: one thing you could do is to look back over these types of bars and see how price reacted the the highs/lows of the previous bars by looking at the PA on low TFs?
iv added charts to show my view.
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PATIENCE... DISCIPLINE
  • #48,290
  • Nov 18, 2009 9:29am Nov 18, 2009 9:29am
Quoting g_j_hook@yah
hi Bill, sos for the delay, iwas eating..lol

the problem i have with that bar is its close. it closed well below the close of the previous bar,this is a warning sign i have taken more note of lately,largely thanks to Mike...

Ah, now I understand. With this particular bar, if it had closed up, rather than down, and closed within or higher than the body of the previous bar, yet still remaining a PB, then it would have been much better?

Thanks! I have learned something new so it is a profitable day.
  • #48,291
  • Nov 18, 2009 9:36am Nov 18, 2009 9:36am
Quoting Wamo
Ah, now I understand. With this particular bar, if it had closed up, rather than down, and closed within or higher than the body of the previous bar, yet still remaining a PB, then it would have been much better?

Thanks! I have learned something new so it is a profitable day.
glad i could help. it is also prudent to consider the strength of the previous move also,and compare that to the strength of the bar itself.a strong move in price needs a good bar to trade against it imho
cheers
jon
PATIENCE... DISCIPLINE
  • #48,292
  • Nov 18, 2009 9:36am Nov 18, 2009 9:36am
Hello atclarkson,

Thanks very much for sharing your EA : it's very kind of you !!!

In your point 6, you said : Just leave this at 3. It is the amount of pips slippage before the EA will not close your lots. I never touch it, I'd rather my orders go thru regardless.

I didn't understand what you mean at all !! Sorry to ask you but could you more elaborate please ?

Happy trading all

Cheers

Angel
  • #48,293
  • Nov 18, 2009 10:03am Nov 18, 2009 10:03am
This is the EURGBP daily chart.

There is my entry short on the break of weekly BEOB (3 weeks ago).
I was up around 60pips but in the end I was stopped out at BE. As everyone says (and I agree) BE can be considered as a win but in this case I had everything on my graph telling me to take profit in that area. I had been waiting for it to break below 0.8900 and I believed it could go a bit more.

This is just to point the fact that when a trade fails or we get stopped out at BE but it makes sense (like it does on this case) we should not feel bad about it.

Well, just a few thoughts I hope you don't mind I share with you guys.

Nos
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  • #48,294
  • Nov 18, 2009 10:06am Nov 18, 2009 10:06am
I want to short the hell out of EURGBP right now.... need PA.....
Many choose unhappiness over uncertainty.
  • #48,295
  • Nov 18, 2009 10:22am Nov 18, 2009 10:22am
Quoting Angel65
Hello atclarkson,

Thanks very much for sharing your EA : it's very kind of you !!!

In your point 6, you said : Just leave this at 3. It is the amount of pips slippage before the EA will not close your lots. I never touch it, I'd rather my orders go thru regardless.

I didn't understand what you mean at all !! Sorry to ask you but could you more elaborate please ?

Happy trading all

Cheers

Angel


If the EA sees slippage of more than 3 pips (so the broker doesn't let you close at your desired stop loss price, but rather the price slips and you get filled at a less desirable price) then it won't let the trade go thru. (Possibly exposing you to a larger loss, the way I see it) Your broker should not let you experience more than 3 pips slippage, except maybe around news time.

Setting this lower will increase the chance the EA will not let you get filled.
Personally, I try to get to the computer ASAP to turn the EA off after I get a message on my phone telling me it has done it's job, and plan the rest of the trade in regards to trailing my stops.

Hope this helps, feel free to PM me if you have other questions. Hope it makes you some pips!
  • #48,296
  • Nov 18, 2009 10:23am Nov 18, 2009 10:23am
gb/us, daily IB just broke and triggered my short order @ 167.40
lets see how she blows?? tight MM on this one
jon
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PATIENCE... DISCIPLINE
  • #48,297
  • Nov 18, 2009 10:24am Nov 18, 2009 10:24am
Quoting Dan Gilbert
I want to short the hell out of EURGBP right now.... need PA.....
My bias is still down (lower highs, lower lows on daily), but I am not touching it until it hits the .9000 area myself. I will look for price action there.

Nathan
  • #48,298
  • Nov 18, 2009 10:34am Nov 18, 2009 10:34am
Quoting g_j_hook@yah
gb/us, daily IB just broke and triggered my short order @ 167.40
lets see how she blows?? tight MM on this one
jon
Jon, IB's are one of the PA's that I haven't quite figured out yet. So you want them to be at swing highs/lows, set your entry below the low/high of the innerbar, and probably set your SL above/below the IB?

IE your entry was most likely just below 1.6750, and SL somewhere just above 1.6871 area on your trade?
  • #48,299
  • Nov 18, 2009 10:35am Nov 18, 2009 10:35am
is it just me or are the yenXXXs acting strange today???
jon
PATIENCE... DISCIPLINE
  • #48,300
  • Nov 18, 2009 10:37am Nov 18, 2009 10:37am
Thanks bluetrader, i really appreciate.

I also have this website for FX Brokers that i look at.

http://www.100forexbrokers.com/mt4forexbrokers

Quoting bluetrader
Danku, you might want to look at a broker that closes at a better time for your schedule. I prefer 5pm EST with FXDD, here is a link with time zone offsets for a few brokers: http://www.forexfactory.com/showpost...7&postcount=76

Just an idea.
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