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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

  • #58,421
  • Mar 17, 2010 4:27am Mar 17, 2010 4:27am
Quoting mbqb11
Is this with a spread betting broker?...
thanx, i was confused myself there!!

jon
PATIENCE... DISCIPLINE
  • #58,422
  • Mar 17, 2010 4:28am Mar 17, 2010 4:28am
weekly pin, followed by IB with a very strong pin like close. Off the 1.5 where is it going? I pretty much bet my life on this one in my webinar lol.

I got in on the 4hr(see yest posts) and now trailing under each hourly close once we hit this area.

couple lines and a couple bars
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  • #58,423
  • Mar 17, 2010 4:33am Mar 17, 2010 4:33am
Quoting mbqb11
Is this with a spread betting broker? I trade spot forex which the only thing you deal with is spread/commissions(sometimes just one or the other) on your entry(another commission on the close). Since this is the spot forex market there is a rollover that happens each day. But depending on what end of the stick you are on you can be collecting itnerest or paying interest. For the most part very small in the longer terms of thing. If I had to pay the spread again each day I would not be with that type of broker or using that type of contract(maybe...
Thanks for the info guys and yes it is Spot FX which I am trading. I use the IG index platform (they are big in the UK) so I imagine alot of the other UK based forum members are probably experiencing the same thing.

I'll look into Oanda.

  • #58,424
  • Mar 17, 2010 4:35am Mar 17, 2010 4:35am
Quoting Mp1983
Thanks for the info guys and yes it is Spot FX which I am trading. I use the IG index platform (they are big in the UK) so I imagine alot of the other UK based forum members are probably experiencing the same thing.

I'll look into Oanda.

I am guessing they do this INSTEAD of rollover premiums, but I can't for the life of me see what the advantage is. If no one answers you send me a PM later and I will look into it. But it might be good if you are getting 1/2 pt spreads, but if you have to pay a 3-4 pt spread and pay that everyday, where you might be even able to collect interest. Well shucks LOL

Mike
  • #58,425
  • Mar 17, 2010 4:44am Mar 17, 2010 4:44am
Quoting mbqb11
Is this with a spread betting broker?...
i trade from uk and was using spread betting at first because all profits are tax free. However problems such as price resetting and being reentered at approx 8pm each day on spot contract was not viable.

You are also likely encounter other problems such as not being able to keep your stop tight. trading futures would overcome this but the spread is too big. Thats why i switched to a MT4 broker. i would rather trade the way i want with less limitations and pay a bit of tax.
  • #58,426
  • Mar 17, 2010 4:44am Mar 17, 2010 4:44am
Quoting mbqb11
weekly pin, followed by IB with a very strong pin like close. Off the 1.5 where is it going? I pretty much bet my life on this one in my webinar lol.

I got in on the 4hr(see yest posts) and now trailing under each hourly close once we hit this area.

couple lines and a couple bars
What's your TP Mike?

How close are you keeping your stop to price?
"I made all my money by selling too soon"
  • #58,427
  • Mar 17, 2010 4:46am Mar 17, 2010 4:46am
Quoting faizal82
i trade from uk and was using spread betting at first because all profits are tax free. However problems such as price resetting and being reentered at approx 8pm each day on spot contract was not viable.

You are also likely encounter other problems such as not being able to keep your stop tight. trading futures would overcome this but the spread is too big. Thats why i switched to a MT4 broker. i would rather trade the way i want with less limitations and pay a bit of tax.
ZERO tax on spread betting is nice but I just don't trust the operators, they're charts seem suspect and massaged, in fact check the T's and C's of most spread betting firms and they'll admit, in very small print, to manipulation of price!
"I made all my money by selling too soon"
  • #58,428
  • Mar 17, 2010 4:47am Mar 17, 2010 4:47am
Quoting Bleek
What's your TP Mike?

How close are you keeping your stop to price?

I don't have a take profit bleek I got in based on a 4hr buob and price has since exploded higher very steep so I am just moving my stop under each 1hr bar until I get stopped out(which I assume is soon) but I got 25pips or so to keep me in if it wants to get crazy but i am not willing to give up all this profit essentailly

Mike
  • #58,429
  • Mar 17, 2010 4:48am Mar 17, 2010 4:48am
Quoting faizal82
and pay a bit of tax.
I wish it was just a "bit" of tax

sure feels like a BITE
  • #58,430
  • Mar 17, 2010 4:52am Mar 17, 2010 4:52am
Quoting Mp1983
Thanks for the info guys and yes it is Spot FX which I am trading. I use the IG index platform (they are big in the UK) so I imagine alot of the other UK based forum members are probably experiencing the same thing.

I'll look into Oanda.

you might want to look at fxcm who doing a spreadbetting account which resembles a dma account but tax free for uk residents
  • #58,431
  • Mar 17, 2010 4:57am Mar 17, 2010 4:57am
Quoting mbqb11
I don't have a take profit bleek I got in based on a 4hr buob and price has since exploded higher very steep so I am just moving my stop under each 1hr bar until I get stopped out(which I assume is soon) but I got 25pips or so to keep me in if it wants to get crazy but i am not willing to give up all this profit essentailly

Mike
A bit like a manual trailing stop then, unfortunately I work during the day so I have to have a hard stop or auto-trailing (a bit hit and miss), I like the idea of moving under the hourly so following the trend.
"I made all my money by selling too soon"
  • #58,432
  • Mar 17, 2010 5:00am Mar 17, 2010 5:00am
EUR/CAD H4 BEOB:

1. Large Size
2. At Swing High
3. With trend
4. Off PPZ/BRN 1.4000

First trouble area recent lows, then RN 1.3900

Happy St. Patrick's Day!



- TTP -
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  • #58,433
  • Mar 17, 2010 5:06am Mar 17, 2010 5:06am
Hi Folks,

Man it's been such a long time since I posted here LOL

But alas I am here... Hopefully to figure a few things out :-)

Did anyone see this PB on the AUDUSD last night? From what I can see there was nothing holding it back from going down. Long nose good, close, a break above .9200 and failure to stay up there and 3 bars not able to break .9200 as well.

I know not all of them work but just want to see if anyone else sees something that I may have missed in my analysis.

Cheers,
Steve
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Nothing is impossible, with a willing mind!
  • #58,434
  • Mar 17, 2010 5:12am Mar 17, 2010 5:12am
Quoting Trader_V
Man it's been such that I may have missed in my analysis.

Cheers,
Steve
My most obvious observation is that you are shorting an uptrend. My take on pin bars is that the best are at swing lows in an uptrend, so that we take them in the direction of the trend. I can also see support levels below your pin.
Gone to a better place
  • #58,435
  • Mar 17, 2010 5:16am Mar 17, 2010 5:16am
Quoting Mp1983
hence you are paying the spread each time the position is rolled.

Hi Mp

I am with IG in the UK. You don't pay the whole spread every night. I think it is only a % but could vary with different pairs/instruments. You can get this information from the IG platform by selecting 'Get Info' from the drop down list on each pair.

Unless you are trading low timeframes I don't think it is much of an issue but can add up on some of the pairs with much larger spreads but I think it is all relative. ie the pairs with larger spreads tend to have larger moves in pips on average.

PM if you can't find it.
  • #58,436
  • Mar 17, 2010 5:17am Mar 17, 2010 5:17am
Quoting Trader_V
Hi Folks,

Man it's been such a long time since I posted here LOL

But alas I am here... Hopefully to figure a few things out :-)

Did anyone see this PB on the AUDUSD last night? From what I can see there was nothing holding it back from going down. Long nose good, close, a break above .9200 and failure to stay up there and 3 bars not able to break .9200 as well.

I know not all of them work but just want to see if anyone else sees something that I may have missed in my analysis.

Cheers,
Steve
Be sure you know where your PPZ's are. Your 4hr bar delivered 8 pips. That is all I would expect trading into the weekly PPZ.

K.I.S.S.
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  • #58,437
  • Mar 17, 2010 5:25am Mar 17, 2010 5:25am
And this was my reason to pass on it.
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  • #58,438
  • Mar 17, 2010 5:33am Mar 17, 2010 5:33am
Quoting Trader_V
Hi Folks,

Man it's been such a long time since I posted here LOL

But alas I am here... Hopefully to figure a few things out :-)

Did anyone see this PB on the AUDUSD last night? From what I can see there was nothing holding it back from going down. Long nose good, close, a break above .9200 and failure to stay up there and 3 bars not able to break .9200 as well.

I know not all of them work but just want to see if anyone else sees something that I may have missed in my analysis.

Cheers,
Steve
It's strange that you have a pin on FXDD because to be sincere I see no pin that fits your description on my FXPro feed. Rather on the same H4 chart what I see is a bullish bar. Any other person observe this, or is it just my eyes?
  • #58,439
  • Mar 17, 2010 5:51am Mar 17, 2010 5:51am
Quoting wh1zz0
It's strange that you have a pin on FXDD because to be sincere I see no pin that fits your description on my FXPro feed. Rather on the same H4 chart what I see is a bullish bar. Any other person observe this, or is it just my eyes?
MBT has got a bar close to a pin but tech. is truly not a pin.
  • #58,440
  • Mar 17, 2010 5:54am Mar 17, 2010 5:54am
Quoting wh1zz0
It's strange that you have a pin on FXDD because to be sincere I see no pin that fits your description on my FXPro feed. Rather on the same H4 chart what I see is a bullish bar. Any other person observe this, or is it just my eyes?
Hey Whizz

This has to do with broker closing times. There can be a separate close for each of the 4hrs thus aggregating the price into a different look.

My answer to you trader(good to see you bud ) is that price only broke by like 5 pips and any buffer(4hr I would say at least 10 pips) would keep you out of this trade. If you are less strict on your break then when you see it doesn't break hard you can at least cut out for a small loss. But I want to see a substantial break on all my bars.

Hope all is well
Mike
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