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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

  • #59,721
  • Mar 31, 2010 2:26pm Mar 31, 2010 2:26pm
Quoting triger88990
just look at USDX chart and see why,and pull a TL betwen the close lows from around 74

it may be 180 degree turn around tomorrow, but we are on the NFP week so anything can happen

all the best!!
Triger - where can I see a USDX chart - none of my platforms has it.

Thanks
  • #59,722
  • Mar 31, 2010 2:28pm Mar 31, 2010 2:28pm
Quoting lovejoy80
Triger - where can I see a USDX chart - none of my platforms has it.

Thanks
^^^this^^^
Many choose unhappiness over uncertainty.
  • #59,723
  • Mar 31, 2010 2:29pm Mar 31, 2010 2:29pm
lots of confluence here. rac attack?
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Many choose unhappiness over uncertainty.
  • #59,724
  • Mar 31, 2010 2:32pm Mar 31, 2010 2:32pm
Quoting Dan Gilbert
lots of confluence here. rac attack?
Similiar Rac setup on EJ daily too.
  • #59,725
  • Mar 31, 2010 2:36pm Mar 31, 2010 2:36pm
Quoting lovejoy80
Triger - where can I see a USDX chart - none of my platforms has it.

Thanks
I don't know what MT4 feed provide it, I look at it over the internet

just google it:- usd index chart and you will find plenty of it.

PS: if anyone knows which broker had this instrument I'll be glad to know
  • #59,726
  • Mar 31, 2010 2:43pm Mar 31, 2010 2:43pm
Quoting lovejoy80
Similiar Rac setup on EJ daily too.
no ema on this one but you're right
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Many choose unhappiness over uncertainty.
  • #59,727
  • Mar 31, 2010 2:44pm Mar 31, 2010 2:44pm
Quoting Dan Gilbert
that really sucks man..... that was an A+++++ setup in my opinion... I cannot believe how it acted!
Just to give the flip side as an opposing view for those out there. My view yesterday was that this wasn't a great swing high(ie traffic didn't put in a nice retrace). Location of the rd number was nice with previous support there but the bar itself was small, and only engulfing one bar at such a deep swing low doesn't present enough info in and of itself.

Again that doesn't mean it doesn't fit into yours or anyone elses methods. Just thought I would give a different take since there were a lot of people asking me about it yest.

Best
Mike
  • #59,728
  • Mar 31, 2010 2:57pm Mar 31, 2010 2:57pm
Quoting mbqb11
Just to give the flip side as an opposing view for those out there. My view yesterday was that this wasn't a great swing high(ie traffic didn't put in a nice retrace). Location of the rd number was nice with previous support there but the bar itself was small, and only engulfing one bar at such a deep swing low doesn't present enough info in and of itself.

Again that doesn't mean it doesn't fit into yours or anyone elses methods. Just thought I would give a different take since there were a lot of people asking me about it yest.

Best
Mike
That's interesting.... I just see it as we have had these opportunities exactly the same as this one in the recent past (break+retrace to BRN+PA in a very strong downtrend), and now this one failed miserably. I'm lucky to have not gotten into the trade I guess. I did note the bar high to the left, and that was why I placed my order a bit lower than I would normally tend to do.

I would say this was a big confidence killer in my trading pursuit here....
Many choose unhappiness over uncertainty.
  • #59,729
  • Mar 31, 2010 3:08pm Mar 31, 2010 3:08pm
Quoting Dan Gilbert
That's interesting.... I just see it as we have had these opportunities exactly the same as this one in the recent past (break+retrace to BRN+PA in a very strong downtrend), and now this one failed miserably. I'm lucky to have not gotten into the trade I guess. I did note the bar high to the left, and that was why I placed my order a bit lower than I would normally tend to do.

I would say this was a big confidence killer in my trading pursuit here....
No way dude! The fact you placed your sell lower and didnt stick to a fixed rule tells me your further along then you might know! That should be a confidence bulder. Again your analysis isnt necessarily wrong and mine right. It comes back to the trader and mehod. So I hope you take this as a good thing and those out there who always ask about buffers can see why I dont have a fixed buffer also.

Best
mike
  • #59,730
  • Mar 31, 2010 3:09pm Mar 31, 2010 3:09pm
Quoting NosferatuMan
Hi there,

It is teh Stratman mini chart indicator that you can find in this thread: http://www.forexfactory.com/showthread.php?t=198729

Let me know if you need any help.

Nos


Thanks a lot , Nosferatu - set it up and its running
  • #59,731
  • Mar 31, 2010 3:12pm Mar 31, 2010 3:12pm
Quoting triger88990
I don't know what MT4 feed provide it, I look at it over the internet

just google it:- usd index chart and you will find plenty of it.

PS: if anyone knows which broker had this instrument I'll be glad to know
USDX is an index, not an instrument - like S&P500 or ASX200. So, without creating a complex synthetic, you cant 'trade' it. Which is probably why you cant find it.

What you can do is trade instruments that track it. There are futures contracts on the nybot that follow the usdx (symbol is DX), options over DX (probably best avoided), and two ETFs (UUP long, UDN short). Maybe some CFD brokers or the US equivalent (forex brokers who do spot instruments that broadly follow futures contracts) do a synthetic, not sure.

Just remember - if you have a small account, futures contracts are not for you. Risk management good.
When you have to shoot, shoot. Dont talk.
  • #59,732
  • Mar 31, 2010 3:27pm Mar 31, 2010 3:27pm
Your input is always much appreciated mate. I am still on that trade by the way. Avoided SL by 5 pips.
I have been reading this forum for 5weeks and demotrading for 3 weeks . I had 8 trades.All daily charts and all winners.A little too lucky maybe. My deal was to TP half of the position at fta and move the stop to breakeven. And they all went to first fta then stopped out. But this one single trade my take all my profit.
With all that being said what would you suggest me to do. Am I being unpicky. Also say yu took that trade, where would you kill it.

Thanks.

P.S. English is not my native language. If anyone doesn't understand anything please let me know.

Quoting mbqb11
Just to give the flip side as an opposing view for those out there. My view yesterday was that this wasn't a great swing high(ie traffic didn't put in a nice retrace). Location of the rd number was nice with previous support there but the bar itself was small, and only engulfing one bar at such a deep swing low doesn't present enough info in and of itself.

Again that doesn't mean it doesn't fit into yours or anyone elses methods. Just thought I would give a different take since there were a lot of people asking me about it yest.

Best
Mike
  • #59,733
  • Mar 31, 2010 3:28pm Mar 31, 2010 3:28pm
Quoting mbqb11
No way dude! The fact you placed your sell lower and didnt stick to a fixed rule tells me your further along then you might know! That should be a confidence bulder. Again your analysis isnt necessarily wrong and mine right. It comes back to the trader and mehod. So I hope you take this as a good thing and those out there who always ask about buffers can see why I dont have a fixed buffer also.

Best
mike

good point bro.... I think the problem was that in my mind I could already taste the profit from that trade, so it's like someone took away my ice cream when I had already started eating it
Many choose unhappiness over uncertainty.
  • #59,734
  • Mar 31, 2010 3:50pm Mar 31, 2010 3:50pm
Quoting mbqb11
my bread and butter is definitely the 1hr and 4hr, and I am even more strict on the daily and weeklies. So haven't had many there. I believe 2 daily trades all year so far.

Best
Mike
2 daily trades all year Mike? Doesn't fill me with confidence that one of the daily trade trainers has only taken 2 daily trades this year, and his bread and butter is the hourly and 4 hourly....
  • #59,735
  • Mar 31, 2010 3:51pm Mar 31, 2010 3:51pm
Quoting triger88990
I don't know what MT4 feed provide it, I look at it over the internet

just google it:- usd index chart and you will find plenty of it.

PS: if anyone knows which broker had this instrument I'll be glad to know
Search for Forexltd. They're a UK based MT4 broker. They have it.
  • #59,736
  • Mar 31, 2010 3:53pm Mar 31, 2010 3:53pm
Quoting Dan Gilbert
good point bro.... I think the problem was that in my mind I could already taste the profit from that trade, so it's like someone took away my ice cream when I had already started eating it
Damn Dan! You have described it perfectly. I know that feeling very well, trust me on that buddy. It tended to drive me crazy, and still exists from time to time. It's the emotional pain you feel when your expectations do not get filled. That's why I always try avoiding making any expectations or self convincing about anything regarding the market. But that's hard - I remember taking a few revenge trades because of that.

By the way, I was watching the location on that trade like a hawk but didn't like the size of the daily bar. So after playing a bit with The indicator Danny posted yesterday I took the trade off the 10H chart and got out at BE. So you aren't alone
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  • #59,737
  • Mar 31, 2010 4:10pm Mar 31, 2010 4:10pm
Quoting Max Profit
2 daily trades all year Mike? Doesn't fill me with confidence that one of the daily trade trainers has only taken 2 daily trades this year, and his bread and butter is the hourly and 4 hourly....
Well that really isn't the fully story. Over the years I have simply got more picky on all things trading. But that doesn't take away from what learning to trade of the dailies and weeklies does for someone. Learning patience, developing an actual method, instead of just trying to watch every chart for pinbars etc. I always mostly traded 1hr and 4hr, but I can see now looking back how much benefit one can get from starting slow and being real picky. I wish I could tell myself that 5 years ago lol. Even with watching 1hr/4hr/daily/weekly I still only took 6 trades this month. How many people would do that watching the 1hr and 4hr without really understanding their method. I would say 6 trades in th first week for most

Best
Mike
  • #59,738
  • Mar 31, 2010 4:12pm Mar 31, 2010 4:12pm
Quoting PrincoPrinco
Your input is always much appreciated mate. I am still on that trade by the way. Avoided SL by 5 pips.
I have been reading this forum for 5weeks and demotrading for 3 weeks . I had 8 trades.All daily charts and all winners.A little too lucky maybe. My deal was to TP half of the position at fta and move the stop to breakeven. And they all went to first fta then stopped out. But this one single trade my take all my profit.
With all that being said what would you suggest me to do. Am I being unpicky. Also say yu took that trade, where would you...
Well its hard to say too much based on just this alone. The question is if you are moving your stops/ taking profit quick(ie a high hit rate trader) then you can't be taking full bar loses on trades like that euro. It doesn't have to be one or the other. That would be my best piece of advice in regards to this. So if I had to take this trade I would have killed it above that 4hr small pin or at the least that next 4hr bullish bar saving more then half a loss. I do this even with my really good trades that I cconsider A+. It is a balancing act for sure but you will find your medium.

Hope this helps
Mike
  • #59,739
  • Mar 31, 2010 4:14pm Mar 31, 2010 4:14pm
Quoting mbqb11
Well that really isn't the fully story. Over the years I have simply got more picky on all things trading. But that doesn't take away from what learning to trade of the dailies and weeklies does for someone. Learning patience, developing an actual method, instead of just trying to watch every chart for pinbars etc. I always mostly traded 1hr and 4hr, but I can see now looking back how much benefit one can get from starting slow and being real picky. I wish I could tell myself that 5 years ago lol. Even with watching 1hr/4hr/daily/weekly I still...
Experience is the best teacher brother. Being picky is the best way to not allow the teacher to spank ya while you're learning...or something like that lol
I dream, therefore I become.
  • #59,740
  • Mar 31, 2010 4:28pm Mar 31, 2010 4:28pm
Quoting mike w
Experience is the best teacher brother. Being picky is the best way to not allow the teacher to spank ya while you're learning...or something like that lol
mike are you having trouble keeping your hands to yourself again
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