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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

  • #53,801
  • Feb 3, 2010 10:20am Feb 3, 2010 10:20am
Quoting nasir.khan
Ok happy now???

Btw i don't have deleted U-chf from my MT4. It's like placing two orders at EU.
.

if you don't paly with uchf, you should look at it like a leader to fiber.

simply saying usd/chf is the leader and eur/usd is the follower.

you will see a change in your trading,thats for sure,just play more with it and try to see the realtion leader-follower,hope that helps

wish you the best!
  • #53,802
  • Feb 3, 2010 10:31am Feb 3, 2010 10:31am
Quoting neutro
You can test M1, M5, M15, H1, H4, D1, W1.

It's a great tool, but if you're used to MT4 it can give you some headaches...
Hey Neutro,

Thanks for the advice on FXtester. How does it actually work? eg can you backtest using one bar at a time?

Thanks for your reply,

berti
PA is where its at!!
  • #53,803
  • Feb 3, 2010 10:40am Feb 3, 2010 10:40am
HI Guys

Anyone watching this one on UCHF? Has broken through resistance at 1.0500, then a 2 bar retrace followed by a potential BUOB. A worthwhile trade if today closes as a BUOB? Also trending up with higher high and higher low.
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PA is where its at!!
  • #53,804
  • Feb 3, 2010 10:42am Feb 3, 2010 10:42am
Quoting triger88990
if you don't paly with uchf, you should look at it like a leader to fiber.

simply saying usd/chf is the leader and eur/usd is the follower.

you will see a change in your trading,thats for sure,just play more with it and try to see the realtion leader-follower,hope that helps

wish you the best!
I heard some where that XXX/CHF are the leaders and XXX/JPY are the followers.

anyways i will look into it.
  • #53,805
  • Feb 3, 2010 10:45am Feb 3, 2010 10:45am
Hey Bertie,
In forex tester you can import and generate ticks for couple of pairs (haven't really checked how many), for example you can import history data for EURUD, GBPUSD, USDJPY, generate ticks for them and backtest them all on weekly, daily, 4h,1h.. Personally i backtest only one pair each time, but it's possible to test many.
  • #53,806
  • Feb 3, 2010 10:50am Feb 3, 2010 10:50am
Quoting bertie123
Hey Neutro,

Thanks for the advice on FXtester. How does it actually work? eg can you backtest using one bar at a time?

Thanks for your reply,

berti
It goes something like this:

1. You take the backtest data from the forextester site (or you can use your own if you have it). It covers all data, down to M1 from 2000 until now (or end of 2009, i don't know for sure). The data is for 14 pairs + gold & silver.

2. You load it in the software, you generate the tick data for the pair(s) that you want (it's the program knowing that you want to backtest).

3. You start the backtesting from whatever date you wish. It loads all the data (from 2000) prior to the start date, draws charts, indicators that you wish and so on. When it reaches your start date, it can do 2 things: either go automatically (draws one bar at a time in x seconds), or manually (using spacebar) to the next bar.

4. You can enter trades, pending orders, market orders, SL, TP (no trailing stops) as you do in real time. When you're done with the orders, you move on to the next bar, analyze, do your thing and then move to the next bar and so on.

You can backtest all the timeframes, you don't have to start a new test for another timeframe.
  • #53,807
  • Feb 3, 2010 10:52am Feb 3, 2010 10:52am
Quoting nasir.khan
I heard some where that XXX/CHF are the leaders and XXX/JPY are the followers.

anyways i will look into it.

yap you are right the above statement was made by..... Rac

but that principles can be applied on eu and uc as well!!
  • #53,808
  • Feb 3, 2010 11:03am Feb 3, 2010 11:03am
Quoting bertie123
HI Guys

Anyone watching this one on UCHF? Has broken through resistance at 1.0500, then a 2 bar retrace followed by a potential BUOB. A worthwhile trade if today closes as a BUOB? Also trending up with higher high and higher low.
I'd be very cautious on that one Bertie,

Not only are we at a swing high (which is obviously considerably less golden a location for longs than swing lows) we are also heading into a "heavy" zone found around the 1.06.

g.
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I believe . . .
  • #53,809
  • Feb 3, 2010 11:04am Feb 3, 2010 11:04am
Quoting triger88990
yap you are right the above statement was made by..... Rac

but that principles can be applied on eu and uc as well!!
He makes these kind of statements also. "sometimes".

and Nikkei (4H) is about to surrender also.
.
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  • #53,810
  • Feb 3, 2010 11:08am Feb 3, 2010 11:08am
Quoting neutro
It goes something like this:

1. You take the backtest data from the forextester site (or you can use your own if you have it). It covers all data, down to M1 from 2000 until now (or end of 2009, i don't know for sure). The data is for 14 pairs + gold & silver.

2. You load it in the software, you generate the tick data for the pair(s) that you want (it's the program knowing that you want to backtest).

3. You start the backtesting from whatever date you wish. It loads all the data (from 2000) prior to the start date, draws charts, indicators...
Hey Guys

Many thanks for response on FXtester, esp Neutro for your detailed response, much appreciated man. I have been thinking of getting this for sometime - a great exercise to do while you are waiting for trades to develop. I am convinced now!

cheers guys,

berti
PA is where its at!!
  • #53,811
  • Feb 3, 2010 11:11am Feb 3, 2010 11:11am
Quoting ghous
I'd be very cautious on that one Bertie,

Not only are we at a swing high (which is obviously considerably less golden a location for longs than swing lows) we are also heading into a "heavy" zone found around the 1.06.

g.
Ghous,

Thanks for the heads up on this one - I did not check the weekly chart. Your analysis is spot on and has made me think more closely about this one. Will maybe just stay on sidelines and see what happens,

cheers,

berti
PA is where its at!!
  • #53,812
  • Feb 3, 2010 11:13am Feb 3, 2010 11:13am
Quoting ghous
I'd be very cautious on that one Bertie,

Not only are we at a swing high (which is obviously considerably less golden a location for longs than swing lows) we are also heading into a "heavy" zone found around the 1.06.

g.
Listen to him, the little head has just emerged from the dungeon of books to help you.
  • #53,813
  • Feb 3, 2010 11:24am Feb 3, 2010 11:24am
sold a rally in eurusd at 1.4, nice retracement, dollar is getting very bullish and good econ data today .

[IMG]file:///C:/DOCUME%7E1/Owner/LOCALS%7E1/Temp/moz-screenshot.png[/IMG][IMG]file:///C:/DOCUME%7E1/Owner/LOCALS%7E1/Temp/moz-screenshot-1.png[/IMG][IMG]file:///C:/DOCUME%7E1/Owner/LOCALS%7E1/Temp/moz-screenshot-2.png[/IMG]
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  • #53,814
  • Feb 3, 2010 11:24am Feb 3, 2010 11:24am
Quoting bertie123
Hey Guys

Many thanks for response on FXtester, esp Neutro for your detailed response, much appreciated man. I have been thinking of getting this for sometime - a great exercise to do while you are waiting for trades to develop. I am convinced now!

cheers guys,

berti
You're more than welcome. Just trying to give back to the community.
  • #53,815
  • Feb 3, 2010 11:35am Feb 3, 2010 11:35am
Quoting nasir.khan
I have 7 pairs+ GOLD and OIL on my MT4.

and i still miss trades.

Like the touch on cable at 1.6073.
yes me too, and it happens a lot of times recently i missed the gold going bullish, and it would be a fantastic trade ...

but in the post written to Dan i was just joking cause he put so many charts on the screen
  • #53,816
  • Feb 3, 2010 11:52am Feb 3, 2010 11:52am
heres my trade off H4 which i took on hourlies, damn. im beginning to move away from hourlies and onto H4 , smoothes out the noise of hourly.

i want to cover half and let the rest run at BE but this demo account won't let me.
i made (virtual) pips and guess my age
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  • #53,817
  • Feb 3, 2010 11:56am Feb 3, 2010 11:56am
where is benji now

Bunch of us took this bad boy
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  • #53,818
  • Feb 3, 2010 12:02pm Feb 3, 2010 12:02pm
Quoting dobe_r_man
No longer a pin now........who knows could close as a beob.
looking good so far

c'mon guys push it down
  • #53,819
  • Feb 3, 2010 12:15pm Feb 3, 2010 12:15pm
Quoting MattW
Hey Mike,

When taking outside bar plays at swing highs (or indeed as consolidation breakouts) do you only take those that can offer 1R or better? Or will you take it even if first resistance is 0.5R?
Hey Matt

I take a good bar that meets my trade criteria. Sometimes I get .25, sometimes 3r, so it isn't oh this has to go 1:1 or anything like that.

Best
Mike
  • #53,820
  • Feb 3, 2010 12:17pm Feb 3, 2010 12:17pm
Quoting mbqb11
where is benji now

Bunch of us took this bad boy


I definiately took this, my problem now is the management. I have reduce my stop and I feel comfortable doing this because of the round number protection. But I am up about .5R and know that if I was trading 10,000 a trade I would be at BE or took profit already. But I am not trading that amount but I have cut my stop down to about.5%.

I dont want to put the stop at BE becasue I know a retrace is possible and likely as we approach the lows of 1.58 & even 1.5850. Especially sinc ethis wasn a large swing high But then again when has this trade had enough.

I have gotten much better at spotting these beauties but now management has become my issue. Any thoughts?

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