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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

  • #49,401
  • Dec 8, 2009 3:53pm Dec 8, 2009 3:53pm
Quoting PeterPan
Good evening guys,

I have a trade on the EUR GPY that's gone in my direction. It has already moved to my target of Take Profit but the move is such a dominant one that I want to leave a proportion of the money remain in the trade. I'm demoing on FXPro.

Can anyone tell me how to actually take some money off the table and continue with the rest. I mean the actual execution of theorder.

I have alraedy moved my stop loss.

Much obliged.

P

On the terminal, right click your active order, and select "close order" on the next screen, where it says the "volume" of the order, change that to however much of the order you want to close. The button will then read "close EURJPY 0.5 @ xxx.xx" the 0.5 represents in my example how much of the order you are closing out.
Many choose unhappiness over uncertainty.
  • #49,402
  • Dec 8, 2009 3:55pm Dec 8, 2009 3:55pm
Quoting PeterPan
Good evening guys,

I have a trade on the EUR GPY that's gone in my direction. It has already moved to my target of Take Profit but the move is such a dominant one that I want to leave a proportion of the money remain in the trade. I'm demoing on FXPro.

Can anyone tell me how to actually take some money off the table and continue with the rest. I mean the actual execution of theorder.

I have alraedy moved my stop loss.

Much obliged.

P

Hey P

Just open your terminal and go to your open trade. Right click the trade and go to close trade. Then when that next window comes up change the volume. So if you opened 2 lots, change it to 1 lot. then click close. It will then close half

Best
Mike

dan got it first !
  • #49,403
  • Dec 8, 2009 4:18pm Dec 8, 2009 4:18pm
Thanks Dan and Mike.
  • #49,404
  • Dec 8, 2009 4:33pm Dec 8, 2009 4:33pm
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpy_4h.gif Size: 24 KB

Hi All

Got my eye on CadJpy on the 4H at the moment. A pin has formed on the 4H (FxPro) at the 8300 level.

Pros:
Close of Pin looks good ( above 8300 )
Confluence with 50% fib from recent swing low to high
8300 appears to have been an important area over the last year

Cons
Pin is not very long
No clear trend recently on Daily
Marked areas a concern

Probably not going to trade this as i would have preferred to see a bigger Pin and more space but would like to hear any comments.
  • #49,405
  • Dec 8, 2009 4:36pm Dec 8, 2009 4:36pm
I have a question regarding M.Averages.

I've only read the first 200 and the last 100 pages so I'm not sure if it has been answered before.

Are MA's used as part of PPZ?

Are there particular MA's to use? ie simple vs exp and what no

I noted when I used MA's that as you go from one TF to another (I've only used 365 as I heard it mentioned here) the proximity of the bars to the MA varies. Does that mean that you put specific MA in specific TF's only?

Sorry if I'm asking too much. I understand that some info may be limited to PF and I have no problem with waiting until I join.
  • #49,406
  • Dec 8, 2009 4:43pm Dec 8, 2009 4:43pm
Quoting ljr
Attachment
Hi All

Got my eye on CadJpy on the 4H at the moment. A pin has formed on the 4H (FxPro) at the 8300 level.

Pros:
Close of Pin looks good ( above 8300 )
Confluence with 50% fib from recent swing low to high
8300 appears to have been an important area over the last year

Cons
Pin is not very long
No clear trend recently on Daily
Marked areas a concern

Probably not going to trade this as i would have preferred to see a bigger Pin and more space but would like to hear any comments.
Hey LJ

Personally when I see small little bars like this I never even bother. It was after a strong move down towards the end of the day. My thought process would be simply profit taking and end of the day wrap up. That creates this small bar, but to me doesn't give us a significant idea of strong bullish order flow. Do these work? Sure. Do they fail? More so IMO

Just my views
Mike
  • #49,407
  • Dec 8, 2009 4:44pm Dec 8, 2009 4:44pm
Quoting PeterPan
I have a question regarding M.Averages.

I've only read the first 200 and the last 100 pages so I'm not sure if it has been answered before.

Are MA's used as part of PPZ?

Are there particular MA's to use? ie simple vs exp and what no

I noted when I used MA's that as you go from one TF to another (I've only used 365 as I heard it mentioned here) the proximity of the bars to the MA varies. Does that mean that you put specific MA in specific TF's only?

Sorry if I'm asking too much. I understand that some info may be limited to PF and I have...
Hey Peter

The most common and basic MAs used here are the 365 and 150 emas. Their are some faster MAs some use for other things, but those are the most basic. THey are not magic, just like any MA is not. But they can help with confluence. For example the first time price moves through the 365 and pullsback to it for example. Say that 365 lines up with a PPZ round number etc. Just gives us strong clues of what areas may or may not hold.

Best
Mike
  • #49,408
  • Dec 8, 2009 4:45pm Dec 8, 2009 4:45pm
Chart eg AUD CAD

On 4 hourly chart the bars are hitting the 365 ema and therefore could serve as support to bounce off

However on the daily chart the bars are far away.

So which TF do you'listen to'?
  • #49,409
  • Dec 8, 2009 4:45pm Dec 8, 2009 4:45pm
Hello buddy,


The pin is quite small if you zoom it out when compare to the previous bars.

Also, you can check the daily and weekly chart, it all showing bearish PA.

I will only take it if the PIN Bar is very big and stands out. Otherwise, no trade for sure.


This is my 2 cents.

Pipping M




Quoting ljr
Attachment
Hi All

Got my eye on CadJpy on the 4H at the moment. A pin has formed on the 4H (FxPro) at the 8300 level.

Pros:
Close of Pin looks good ( above 8300 )
Confluence with 50% fib from recent swing low to high
8300 appears to have been an important area over the last year

Cons
Pin is not very long
No clear trend recently on Daily
Marked areas a concern

Probably not going to trade this as i would have preferred to see a bigger Pin and more space but would like to hear any comments.
  • #49,410
  • Dec 8, 2009 4:50pm Dec 8, 2009 4:50pm
Quoting PeterPan
Chart eg AUD CAD

On 4 hourly chart the bars are hitting the 365 ema and therefore could serve as support to bounce off

However on the daily chart the bars are far away.

So which TF do you'listen to'?
I keep all my analysis independent of one and another for timeframes. This helps cut down on analysis paralysis and over analyzing. Always keep it simple.

Again just my views though
Mike
  • #49,411
  • Dec 8, 2009 4:52pm Dec 8, 2009 4:52pm
Ok. I will plot the 150 and 365.

Thanks Mike.
  • #49,412
  • Dec 8, 2009 4:59pm Dec 8, 2009 4:59pm
Quoting supermatt
after doing some new research into this new grid indicator that was put up on here I am still having the same issues. it makes cpu work alot harder and chews up memory unfortunately. It seems weird that only a few lines makes a big difference.
Doubt i will be using those round numbers anymore

ill just have to draw a few on in the most relevant spots myself.
Hi Supermatt,

Try this indicator, it is similar to grid but it gives you following options and it might take less cpu space.

1) Start Price
2) Number of Lines
3) Spacing

For example current price is 1.6428. So closest round number are 1.6400 / 1.6500 / 1.6600. So on Start Price enter 1.6400, Number of lines enter 2, Spacing enter 100. It will draw lines from 1.6400 to 1.6600.

I hope this helps.
Attached File(s)
File Type: mq4 SpacedLines.mq4   5 KB | 440 downloads
The purpose of knowledge is action, not knowledge
  • #49,413
  • Dec 8, 2009 5:09pm Dec 8, 2009 5:09pm
Hello Dan,

This also confluenced with 1.65 round number which is the main criteria for the trade to work out.

Nice demo trade that you found it!

PippingM.




Quoting Dan Gilbert
The inconvenience of life....
  • #49,414
  • Dec 8, 2009 5:13pm Dec 8, 2009 5:13pm
Quoting mbqb11
Hey LJ

Personally when I see small little bars like this I never even bother. It was after a strong move down towards the end of the day. My thought process would be simply profit taking and end of the day wrap up. That creates this small bar, but to me doesn't give us a significant idea of strong bullish order flow. Do these work? Sure. Do they fail? More so IMO

Just my views
Mike
Quoting PippingMama
Hello buddy,


The pin is quite small if you zoom it out when compare to the previous bars.

Also, you can check the daily and weekly chart, it all showing bearish PA.

I will only take it if the PIN Bar is very big and stands out. Otherwise, no trade for sure.


This is my 2 cents.

Pipping M
Thanks for the replies.

I think the overriding factor here is the time of day that this bar formed and hence its small size as you have both pointed out.
  • #49,415
  • Dec 8, 2009 5:20pm Dec 8, 2009 5:20pm
I'm at the stage where the more I read the more I panic on how much I don't know.

I have an impatience to learn but I know that cramming is useless, a fruit needs time to ripen and so does a new trader.

Guess I have to be patient for now!

P
  • #49,416
  • Dec 8, 2009 7:04pm Dec 8, 2009 7:04pm
Quoting PeterPan
I'm at the stage where the more I read the more I panic on how much I don't know.

I have an impatience to learn but I know that cramming is useless, a fruit needs time to ripen and so does a new trader.

Guess I have to be patient for now!

P
I know that feeling peter, my suggestion is to only trade the best pinbars with the trend and best ppz.
  • #49,417
  • Dec 8, 2009 7:35pm Dec 8, 2009 7:35pm
Peter- The way I see it is the biggest thing we are learning right now is patience. It's helped me alot.
  • #49,418
  • Dec 8, 2009 8:05pm Dec 8, 2009 8:05pm
Currently long EUR/CHF pin here. Anyone in this trade? Here's why I took it:

Pros:
Nice location off down trend line
38 fib retrace
Pin bar has a nice shape

Cons:
Pin nose is not very long

I expect it to go to that 1st area of resistance around 1.5120
I'll be keeping a short leash on this one (it's a swissie).

-- Danny
Attached Image
  • #49,419
  • Dec 8, 2009 9:35pm Dec 8, 2009 9:35pm
I'm going to post this dilemma... on one hand, we have made quite a move down already, so maybe a correction will happen here, instead of a continuation down. On the other hand, we also have broken that PPZ and it looks almost as though the line has become resistance.


My other concern is that if it does break to downside, it's not going to be very long before it smacks the 61.8 retracement line on the last swing up (we know how much of a pain that fib level can be).


If anyone has a different bias, lemme know!
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpystuck.gif Size: 33 KB
Many choose unhappiness over uncertainty.
  • #49,420
  • Dec 8, 2009 10:02pm Dec 8, 2009 10:02pm
Quoting mbqb11
I keep all my analysis independent of one and another for timeframes. This helps cut down on analysis paralysis and over analyzing. Always keep it simple.

Again just my views though
Mike
Hey Mike, this brings an interesting point; does that mean you plot your S/R levels independently too?

I identify big round numbers on the weekly and that's it, even if I'm trading on the 4H. However, I've noticed I might be better off plotting them on the daily too, as to get a more accurate alignment. Thanks in advance!
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