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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

  • #49,141
  • Dec 3, 2009 8:25am Dec 3, 2009 8:25am
Sorry if this is just a basic question - but I am struggling at the moment.

How much time (in hours or specify otherwise) should a beginner put in studying charts?

I find at best I am very inconsistent - I can put in 4-6 on a sunday studying both charts(looking for pins and other possible area's of interest) but from what I understand, it's not best to trade the first few hours of the week?
But then I sometimes can look on Monday evening or Tuesday - - sometimes on Thursday - but very rarely Wednesdays - - but all times are central - so when I am able to study - it seems the 'volitale' sessions are all but closed.

Guess since I am still pretty new to this - I am also looking for a 'study plan' - -
Is this even close to a realistic plan: (ie will I even find a trade)
CST
Sunday 3 p.m. to 10 p.m.
Monday /Tues/ Thurs 6 p.m to 9 p.m.

Do I need to 'anticipate' - what i mean by that is if I see a setup - but can't wait for the trigger (or won't be available) - go ahead and set buy-stop or sell-stop with TP and SL set. "set and forget" until I can get back to it?

A secondary question - I enjoy writing mq4 code - anyone think it's possible to write an ea that is profitable? - --- OR as a beginner this is a waste of time - study old charts instead.
  • #49,142
  • Dec 3, 2009 8:29am Dec 3, 2009 8:29am
Quoting bluetrader
In 2 CAD trades today.

I'm still in 4H USD/CAD pin from yesterday. Took some heat but stuck it out and now at BE. If it breaks 1.0500...
CAD took my stop out by 4 pips before it shot up. I felt my entry buffer was a bit too wide... also price had no idea where my entry was, so need to think about analyze this trade a bit more.

Anyone into exotics? Nice setup with a bit of room.

-- Danny
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  • #49,143
  • Dec 3, 2009 8:30am Dec 3, 2009 8:30am
Usd/Jpy
Sometimes things just happen and you wonder if the gods of forex want to help you sometimes to make up for the trading accounts you have mangled in the past. Mangled is putting it nicely.............I am ashamed at some of the risk I took years ago with my capital.

I was up with one of my kids (who was sick) and had noticed earlier that night the Usd/Jpy was breaking into higher territory after the daily close.

I brought up the charts for the heck of it saw a double inside bar on the 4 hour chart. I entered a limit order long in case of a break north and got my son to bed and myself soon after. I woke up this morning to a nice surprise.........already have profit locked in and looking for a move to the 88.65-88.70 area.

Eur/Nzd
This never closed like I hoped, but I still did put in a long order and was filled near 2.0866. My stop loss is already just below 2.0800 as I am not excited about the look of the daily bar so far. If it breaks and holds above 2.0900 at some point I will adjust stop loss to just below 2.0850. I know if many saw me trade they would be confused why a daily bar trader manages the stops the way I do, but until it stops working for me or my account balance goes down I will defend my capital according to my plan.

Nathan
  • #49,144
  • Edited 10:08am Dec 3, 2009 8:45am | Edited 10:08am
Any thought about the actual CADJPY PB (Daily,4h,1h) on Daily Trendline, PPZ, 50fib in LT Trend ?
Edit: Moved S/L to BE.
Edit2: Out at BE
  • #49,145
  • Dec 3, 2009 9:17am Dec 3, 2009 9:17am
what do you guys think of this trade? a pin at the previous resistance and a DBHLC at the break of the trendline (you can see them more clearly if you zoom into your own chart).
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  • #49,146
  • Dec 3, 2009 9:25am Dec 3, 2009 9:25am
Quoting ABoulfoul
what do you guys think of this trade? a pin at the previous resistance and a DBHLC at the break of the trendline (you can see them more clearly if you zoom into your own chart).
I also saw it but it's counter long term Trend do didn't take it.
  • #49,147
  • Dec 3, 2009 9:38am Dec 3, 2009 9:38am
Quoting djmanu
I also saw it but it's counter long term Trend do didn't take it.
i woke up and found that a pending order that i set about 3 weeks ago and forgot to delete got triggered, leading to a big loss. i was so bummed out i didn't even remember to check the long-term trend for this one. luckily i closed without a loss. i'm taking this week off. thanks for pointing that out.
  • #49,148
  • Dec 3, 2009 9:39am Dec 3, 2009 9:39am
Hey guys, just posting a top of a box range that I see on the AUD/USD. Generally I do not look at these at the moment in my trading, but its nice to see that there is a *POTENTIAL* PB in the works(I know there are still some hours before it closes AND it is not the longest nose). I have an internal Support line there, and all that fun stuff as well. I am going to keep my eyes on this and see what happens.

I also have included a few areas where price would be expected to hang up as well.

Like always, I am open for recommendations and anything that will further my education!
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  • #49,149
  • Dec 3, 2009 10:17am Dec 3, 2009 10:17am
should be interesting....
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  • #49,150
  • Dec 3, 2009 10:47am Dec 3, 2009 10:47am
Someone with me on that double top ?
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  • #49,151
  • Dec 3, 2009 10:57am Dec 3, 2009 10:57am
Quoting gasgas
Someone with me on that double top ?

Oh yeah man
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  • #49,152
  • Dec 3, 2009 11:16am Dec 3, 2009 11:16am
Quoting Sohail786
Oh yeah man
Tomorow is Non Farm News day..we should be BE by then, right
  • #49,153
  • Dec 3, 2009 11:46am Dec 3, 2009 11:46am
Quoting frankm7
I'm trying to figure out why the EURCAD 4H PB failed. Fortunately I had my sell order under the round number and it never triggered, but here's what I saw on the 4H chart:

1) diverge on the rsi
2) fib confuence
3) nice looking shape on the fib
4) with the trend on the daily

HOWEVER, I also saw

1) above a round number (1.5800) / strong support
2) against a a decent looking counter PB on the daily chart resting on the EMA.

My inclination is that as expected, the daily was more powerful (as that PB broke exactly as it should have)

Comments?
Hey Frank

This one technically never triggered the low. Remember a bar is not valid until it breaks the low. But with that said, look at how small t his bar looks in relation to the bars around it. On the h4 timeframe does this bar really stand out to you as having some serious power of sellers behind it? Remember we have to think about why these bars should work. Size is one easy way to visually tell us a story.

Best
Mike
  • #49,154
  • Dec 3, 2009 11:53am Dec 3, 2009 11:53am
Quoting countmybones
Hi Mike, thanks for taking your time to reply. When you said the first pin that barely triggered, did you mean that the price did not drop significantly after the pin? Perhaps something like this first picture? Besides that, do you mind to explain what you meant by a "semi looking pin"? It looks like a pin to me, with long nose and small body.

Looking at the weekly chart, I think the first two blue boxes can be considered as one bearish outer bar? While the third is a beob.

Thanks.
Hey CMB

Yes after that first pin formed, price just barely triggered the low. A fast hard break is always a better sign of strength of course. The second bar is not technically a pin as it has a lower low then the previous bar and the nose does not stick above the high. This is only a bar that has a pin'esque shape, not actually a pin. But again visually show some weakness with the prior bar as well.

As for the second chart. The third blue box is a beob that is correct. The other 2 boxes. If you mean you combine all the bars from the first bar in box 1 to the last bar in box 2 to make a BEOB then yes, but that is stretching it for me.

Best
Mike
  • #49,155
  • Dec 3, 2009 11:56am Dec 3, 2009 11:56am
Quoting dobe_r_man
Usd/Jpy
Sometimes things just happen and you wonder if the gods of forex want to help you sometimes to make up for the trading accounts you have mangled in the past. Mangled is putting it nicely.............I am ashamed at some of the risk I took years ago with my capital.

I was up with one of my kids (who was sick) and had noticed earlier that night the Usd/Jpy was breaking into higher territory after the daily close.

I brought up the charts for the heck of it saw a double inside bar on the 4 hour chart. I entered a limit order...
I will likely close at the 88.60 area. The high so far just didnt quite get there.

Waiting....

K.I.S.S.
  • #49,156
  • Dec 3, 2009 11:58am Dec 3, 2009 11:58am
Hey Perch

After you have a trade plan and know what you are looking for scanning your charts for setup takes very little time.

For example if you are on the daily charts, you would check your charts once a day at the daily close looking for the things one follows in their method and shut them down. It takes me roughly 5-10 mins to go through all my charts once a day. Of course the more new the longer it usually takes, but this is just to give you an idea. One doesn't need to overly study a chart for 4 hours a day, usually that is trying to find reasons to trade instead of letting the trades come to you.

If you can't check your charts once a day everyday usually it is best to go up a timeframe and trade only the weekly. I think it would greatly effect your variance in a poor way to check the daily only 3/5 days a week. Not that it is wrong. But if time is a factor hoping up a timeframe is always a good idea. This would mean you would only need to check your charts once a week on the weekly. And yes if you are not at your computer when the bar triggers one just simply puts a buy or sell stop(limit) at the areas they are looking to trade. Example, a weekly pin shows up to go short. You place a sell stop below the bar and then let it do its thing. Of course then you have to decide what style of trade mgmt is right for you. Some people do set and forgets. More like to manage their trades a bit more hands on, but that again comes down to the trader.

As for profitable EA. Of course their are , but I think you are wasting your time this early on. I would save that for down the road if that is something you want to pursue. You ahve a better chance at writing a profitable EA with a much better understanding of the market. Most people run those crappy backtest MT4 things and curve fit their systems and then get creamed. An EA should still be exploiting an edge.

Hope this helps
Mike

Quoting perch
Sorry if this is just a basic question - but I am struggling at the moment.

How much time (in hours or specify otherwise) should a beginner put in studying charts?

I find at best I am very inconsistent - I can put in 4-6 on a sunday studying both charts(looking for pins and other possible area's of interest)...
  • #49,157
  • Dec 3, 2009 12:21pm Dec 3, 2009 12:21pm
Quoting gasgas
Tomorow is Non Farm News day..we should be BE by then, right

nice1 for the reminder, completly forgot about the news, goes to show i don't really rely on news just simple PA, but tomorrow is important new which could cause wild swings in either direction

sohail
  • #49,158
  • Dec 3, 2009 12:23pm Dec 3, 2009 12:23pm
Quoting KissFan
I will likely close at the 88.60 area. The high so far just didnt quite get there.

Waiting....

K.I.S.S.
Agreed........I honestly have only taken like 3-5 4 hour TF trades, probably 99% of mine are off of the daily. It is sputtering right now, so I will likely take profit near 88.50 if it gets there again.
  • #49,159
  • Dec 3, 2009 12:40pm Dec 3, 2009 12:40pm
Short response - THANKS Mike

LONG response -
Thanks Mike, that is the sort of answer I was looking for -and quite frankly, the sort of answer I expected - so I am happy about that.
A little dissappointed with the EA answer - but point is well taken and logically I agree with it - but pyschologically I wanted an answer that was pretty much the opposite of what you gave.
Part of the question(s) now that i've gotten the answers - were for 'moral' support - am I doing this right - do I need to do more - something else etc . . I guess I need to learn patience
  • #49,160
  • Dec 3, 2009 1:19pm Dec 3, 2009 1:19pm
Hey everyone,

I'm new here. I've read your thread and visited the PF for a month so I know what it's about. I'd like to pick the brains of some of you here with a question. I know you trade "price action" based on the candle formations such as a PB, OB, IB, etc.. I also know that newbies are supposed to stick to the larger TF charts. My question is have any of you ever thought about how the "bars" change from TF to TF?
An example would be on 4hr TF maybe a bullish bar, 2hr shows a bearish formation and maybe the 8hr shows a perfect pin bar or something...

Fyi: I trade Price Action as well not any real "formations" though, so I'm not looking for a cookie cutter answer because I'm the new guy or anything. I know some of you are successful and I'm not trying to step on any toes. The point is I'm curious as to what you think on this subject.

-PipBadger
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