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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

  • #48,581
  • Nov 23, 2009 9:20pm Nov 23, 2009 9:20pm
i will just go pay right now and download it. everytime i have the money for it, somehow it ends up on one of my 3 kids! lol
thank you!
  • #48,582
  • Nov 23, 2009 9:25pm Nov 23, 2009 9:25pm
Quoting RajFX
hi there,

I discovered this thread only recently and I'd like to thank all of you who contribute. There is really ton of great stuff here... I placed some trades on the demo and they worked out beautifully. Now I finally placed some live trades and I'd like to ask the more experienced traders what would be the most reasonable step to do. I sold the break of the 4h pin bar with stop above the nose. However, the right eye of the pin is by itself a bullish pin bar. Does that automatically cancel the setup or since we have not broken above the left...
Hi RajFX, I am new to posting on this thread so more senior members might have some better thoughts (As usual mbqb11 is spot on with his advice) but I thought I would respond because I took the same trade as you. See post #48547

I should mention I am demoing these smaller timeframes until I can prove to myself I can be consistently profitable at this level.

There are many, many excellent ideas in this thread

Two that have stood out for me has been mbqb11 pickiness on finding set ups and james16 on getting to BE as quick as possible and or killing the trade ASAP if it is not going your way. You may want to search RyanMCD if you haven’t read his and James thoughts on this topic.

These two habits have helped me the most in my trading. Especially now- trying the lower times frames. (4H and 1H)

My thinking is once I am trading size where 30 some pips can make a month. Then killing a trade that isn’t perfect shouldn’t matter in the big picture

The reason is because one or two are going to run and make the month so why sweat a big drawdown, or stay up all night “hoping” it is going to work it self out.

So for me position size and pulling a possible all night “screen watch” overarched all other factors.

Once I saw that bullish pin, it was adios to the trade @BE. See post #48555

As I write this the pair has just broke the down side and looks like it will hit me TP zone. Do I care? Nope- because I followed my plan and for me personally the risk and time wasn’t worth it

Just my 2 cents

Beach
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  • #48,583
  • Nov 23, 2009 10:03pm Nov 23, 2009 10:03pm
Quoting beach
Hi RajFX, I am new to posting on this thread so more senior members might have some better thoughts (As usual mbqb11 is spot on with his advice) but I thought I would respond because I took the same trade as you. See post #48547

I should mention I am demoing these smaller timeframes until I can prove to myself I can be consistently profitable at this level.

There are many, many excellent ideas in this thread

Two that have stood out for me has been mbqb11 pickiness on finding set ups and james16 on getting to BE as quick as possible and or...
Hey Beach. For a guy with only eight posts you seem to know quite a bit already. I certainly wish that I knew what you knew at only 8 posts. I wanted to give you just one observation that I made back on your post#48555. Like you I do not allow much of a drawdown when I trade. It either acts according to what I see or I'm out pretty quick. You stated that once you saw that bullish "pin" you closed your trade. There is certainly nothing wrong with that decision but I cannot see on my IBFX feed where price ever went higher even by one pip than the high of that bar. I can only assume that your entry was off that crappy looking little pin in a mediocre location on the 4hr TF. Price was just in a tug of war between those two areas of consolidation that I marked with blue rectangles. If in fact I'm correct about your reason for entry, you might have been more confident with a better looking bar to trade off of. It seems to me that the same reason that convinced you to get into the trade made you get out. I'm just trying to expose for you some insight from someone who has been doing this for a little while now. Not trying to change your way of thinking, just giving you more to think about. I hope this helps you along my friend.

K.I.S.S.
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  • #48,584
  • Nov 23, 2009 10:51pm Nov 23, 2009 10:51pm
Quoting KissFan
Hey Beach....
Hey kiss fan

Excellent observation

You know I just eyeballed the high on the bar after the bullish pin and assumed it broke
After I read your post, I went back and put a crosshair on it, you are right it never broke the high.

Note to self: Use crosshair to confirm price, make eye doctor appointment and put up more charts for Kiss fan to check.

Thank you; I just learned a valuable insight and it will help me along.

Beach
  • #48,585
  • Nov 23, 2009 10:55pm Nov 23, 2009 10:55pm
I have a question here, maybe Mike can answer this the best, I saw in the guest videos his talk about manually trailing the S/L....
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Many choose unhappiness over uncertainty.
  • #48,586
  • Nov 23, 2009 11:00pm Nov 23, 2009 11:00pm
Quoting Dan Gilbert
I have a question here, maybe Mike can answer this the best, I saw in the guest videos his talk about manually trailing the S/L....
Hey Dan

It depends on the situation and how much you believe in a trade and want to let it breathe. If you believe it has stalled at the first area and if price moves above that bars high you wouldn't want to be in that trade any more then it is appropriate. If you think that is not giving it enough room and are willing to accept more open risk that is also up to your trade plan. Obviously it is hard for me to answer b/c to me that isn't a trade I would take. But on the less A+ bars I tend to be more of a move stops quicker and reduce risk best I can. Being that pin was more near a swing low it has already hit some support. That could be it for it. I don't give direct trade advice of course, but I wouldn't want to take a fullbar loss on that bar.

hope that helps a bit
Mike
  • #48,587
  • Nov 23, 2009 11:01pm Nov 23, 2009 11:01pm
Quoting bluetrader
Looking at E/G daily to go short, does this analysis make sense?

Pros:
Fib confluence at 38 & 50
Horizontal PPZ bounce
Minor traffic below

Cons:
Poodle type pin bar

I have to admit the low risk entry does look attractive, but the small pin scares me. What do you guys do in this situation?

Thanks again.
Like Mike said, that bar is way too small to signify any type of movement down. Even if the bar were bigger, I'd watch out for the little pivot zone and bar highs/lows around .8980. These little areas can cause a bounce and give you a loss if you aren't careful.

Just a heads up for next time

Scott
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  • #48,588
  • Nov 23, 2009 11:13pm Nov 23, 2009 11:13pm
Quoting mbqb11
Hey Dan

It depends on the situation and how much you believe in a trade and want to let it breathe....
thanks bro I appreciate it. I see your point about why it's not ideal. You're damn picky!
Many choose unhappiness over uncertainty.
  • #48,589
  • Edited 1:32am Nov 24, 2009 1:20am | Edited 1:32am
Yesterday was a very boring day for me. No trades at all.

Here is one for Mike

Ohh and By the way - Nice trade for who ever took the 1H AUDUSD pin (passed on it cause it did not close above the round number).

Ben
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  • #48,590
  • Nov 24, 2009 2:41am Nov 24, 2009 2:41am
PA+Weekly/Daily PPZ. Lets see.
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  • #48,591
  • Nov 24, 2009 3:40am Nov 24, 2009 3:40am
Is it possible that my demo MT4 software is missing data?

I have now noticed that on my real Oanda account there is a nice BEOB off a round number with div. That was mainly what I was looking and monitoring for yesterday.

Anyway I found that on my MT4, the BEOB did not touch the round number.

How can it be that that on Oanda price went higher?

Thanks,

Ben
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  • #48,592
  • Nov 24, 2009 4:00am Nov 24, 2009 4:00am
Quoting benji533
Is it possible that my demo MT4 software is missing data?

I have now noticed that on my real Oanda account there is a nice BEOB off a round number with div. That was mainly what I was looking and monitoring for yesterday.

Anyway I found that on my MT4, the BEOB did not touch the round number.

How can it be that that on Oanda price went higher?

Thanks,

Ben
Well i never used Oanda (perhaps once but don't remember how was it).

My first question is that which price Oanda is showing ASK or BID in you chart??

If it is ASK then its OK, cause ASK is always higher then BID (BID+SPREAD=ASK).

And MT4 displays the BID Price. So IBFX BID Price hit the high of 1.997 then the ASK Price could touch 1.5 (if you have 3 pip spread).
  • #48,593
  • Nov 24, 2009 4:19am Nov 24, 2009 4:19am
Quoting benji533
Is it possible that my demo MT4 software is missing data?

I have now noticed that on my real Oanda account there is a nice BEOB off a round number with div. That was mainly what I was looking and monitoring for yesterday.

Anyway I found that on my MT4, the BEOB did not touch the round number.

How can it be that that on Oanda price went higher?

Thanks,

Ben
Hi Ben,

yeah nothing out of the norm. I've traded with mig,duka,fxcm and alpari (to name a few) and prices can often differ esp at higher volume/key areas.

regards

ic
  • #48,594
  • Nov 24, 2009 4:33am Nov 24, 2009 4:33am
Hey Nasir and icarusfx,

Thanks for our replies
Guess there is nothing much to do about it, so never-mind. Just wanted to make sure this is not a problem with my specific software.

By the way, I don't have a clue about Bid and Ask price, but I guess Oanda has the Ask.

Ben
  • #48,595
  • Nov 24, 2009 4:42am Nov 24, 2009 4:42am
Quoting benji533
Hey Nasir and icarusfx,

Thanks for our replies
Guess there is nothing much to do about it, so never-mind. Just wanted to make sure this is not a problem with my specific software.

By the way, I don't have a clue about Bid and Ask price, but I guess Oanda has the Ask.

Ben
i don't know about oanda but trading off the 5 min as you do i'd have the bid&ask showing....(i always find it helpful esp if your getting in quick, close to an event!) you should be able to get oanda chart to do it.

regards
  • #48,596
  • Nov 24, 2009 5:06am Nov 24, 2009 5:06am
Quoting benji533
Hey Nasir and icarusfx,

Thanks for our replies
Guess there is nothing much to do about it, so never-mind. Just wanted to make sure this is not a problem with my specific software.

By the way, I don't have a clue about Bid and Ask price, but I guess Oanda has the Ask.

Ben
Hey Benji,

The forex market isn't centralized.

Check out Darkstars thread on structure of the forex markets (correct name??)
Understanding how the market works will do you a lot of good in your trading endeavors.
Bundy's status today: "Waiting..."
  • #48,597
  • Nov 24, 2009 5:11am Nov 24, 2009 5:11am
Ok, thanks icarusfx and bundy
  • #48,598
  • Nov 24, 2009 5:53am Nov 24, 2009 5:53am
Quoting benji533
Ok, thanks icarusfx and bundy
hi benji, just to clarify, oanda prints the average price between the ask and the bid, so if you get it to show the ask and bid price it will be above and below the bars highs and lows ..if you know wot i mean?? whereas mt4 platforms show the bid (as default) so it looks diferent but isnt really,its just not been printed the same graphically.
hope this clears it up
jon
p.s. what do think or the 3h pins on eu/us and the swissy??? your kind of trade no???
PATIENCE... DISCIPLINE
  • #48,599
  • Nov 24, 2009 5:58am Nov 24, 2009 5:58am
Quoting KissFan
Hey Beach....
hi KissFan, nice post mate. i learn a lot from you buddy.
did you get your pips on the gb/yen?? im still in as it missed my TP by a few pips. i now have my stops tightend right up though(locking in about +90 ) just to let it run if its going to??
i closed my gb and eu shorts last night before i went to bed..shame... but profit is profit is profit.
what does anyone think of the 4h pins showing on us/chf eu/us??? all comments welcome
cheers
jon
PATIENCE... DISCIPLINE
  • #48,600
  • Nov 24, 2009 6:05am Nov 24, 2009 6:05am
Quoting g_j_hook@yah
hi KissFan, nice post mate. i learn a lot from you buddy.
I noticed you and Kiss mention MT4 trendlines not being the same of late.
I wish I could go back a version or two myself. Some just don't line up any more. Hope it's fixed in coming versions. Sick of editing the lines manually.
Bundy's status today: "Waiting..."
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