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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

  • #63,101
  • May 7, 2010 3:16am May 7, 2010 3:16am
Quoting LasVahGoose
Correct, you have it right.


Thanks LVG, I thought I was losing it for a second there with the manner in which these people were convinced it was a DBLHC.
  • #63,102
  • May 7, 2010 3:20am May 7, 2010 3:20am
test
ciao
  • #63,103
  • May 7, 2010 3:53am May 7, 2010 3:53am
Quoting Pinbar
Thanks LVG, I thought I was losing it for a second there with the manner in which these people were convinced it was a DBLHC.

Thanks guys
was threatening to become a loser!
  • #63,104
  • May 7, 2010 4:31am May 7, 2010 4:31am
Quoting NosferatuMan
Big BUOB (6 bars engulfed) at a BRN.

Clearly CT, but I think its worth 1% risk.
This was a 0,5% loss for me cause I adjusted the SL to just below 0.8500.
It is looking good now and there is a bullish pin with div forming on the weekly also.

Nos
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  • #63,105
  • May 7, 2010 4:39am May 7, 2010 4:39am
Quoting joelcf
To be honest, your chart answers the question of 'should I go long euro here?!' quite well

Joel, I was not asking a question of "Should I go long here", I don't need to ask people if I should make a trade.

I was just wondering what the hell they were talking about.
  • #63,106
  • May 7, 2010 4:44am May 7, 2010 4:44am
Quoting Pinbar
Joel, I was not asking a question of "Should I go long here", I don't need to ask people if I should make a trade.
I know. It was more directed to anyone (ie, the guy posting the original chart) that thought a long was a good idea, since your chart explained very well why it wasnt.
When you have to shoot, shoot. Dont talk.
  • #63,107
  • Edited 5:16am May 7, 2010 5:04am | Edited 5:16am
Quoting Bryan
Thanks for sharing Ghous!

Any particular timeframes? 4hr only?
Any particular pairs?
Hey Bryan,

I have been doing it on 4H only across 12 of the commonly traded pairs

g.
I believe . . .
  • #63,108
  • Edited 5:19am May 7, 2010 5:09am | Edited 5:19am
Quoting scott087
The USD/JPY Daily and Wheat weekly trades worked out very nicely.

I believe the XOM Daily IPB failed lol. I guess my stop was a little too tight...maybe next time I'll have to use a wider stop
lol

seriously though, I tend to doubt my IPB entries when trading equities and futures, I am not into them but for those who trade equities I don't think entry on the close of the IPB is the best way to be going about trading IPBs...maybe an entry on the open of the very next bar (if it stays within our strike range) might be a better idea...

Dan might want to assist me with this, what I see on XOM is that the bar after the IPB opened below the low of the IPB which means your trade would have been stopped out right where the market opened.

My rules for trading the IPB are strictly meant for forex markets, because that's what I trade...thus far.

Because our IPB trades don't use a "buffer" some bending of the rules might be necessary.

g.
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I believe . . .
  • #63,109
  • May 7, 2010 5:15am May 7, 2010 5:15am
Quoting jspeakman
Hi Ghous

Playing catch up again -

Are the middle lines of BBs effectively moving averages i.e 20,2 BB - middle line is the same as 20 moving average?

An experienced trader friend of mine who introduced me to FX trading about a year ago swears by the 50 EMA - calls it the mother of all MAs and also likes the 21 MA (similar to middle line of BB)....
Hey J,

I am not too sure which of the BB lines overlap an EMA. I am not into their dynamics.

The idea is very simple...using BB lines and the 50 ema as confluence to take PA trades with the trend.



g.
I believe . . .
  • #63,110
  • May 7, 2010 5:22am May 7, 2010 5:22am
jspeakman, ghous,
the middle line of a Bollinger Bands 20,2 setting is a 20SMA.
(if the setting is 50,2, then the mid-BB is a 50SMA... & so on..)
  • #63,111
  • May 7, 2010 5:24am May 7, 2010 5:24am
Quoting ghous
Hey J,

I am not too sure which of the BB lines overlap an EMA. I am not into their dynamics.

The idea is very simple...using BB lines and the 50 ema as confluence to take PA trades with the trend.



g.
Hi Ghous

I think (?) if you put in the default BB (20,2) and then a MA set at 20 in a different colour, the MA overlaps the middle line of the BB exactly. Try it, although not sure if it means anything necessarily!

Thanks

J
  • #63,112
  • May 7, 2010 5:27am May 7, 2010 5:27am
Quoting supremeChaos
jspeakman, ghous,
the middle line of a Bollinger Bands 20,2 setting is a 20SMA.
(if the setting is 50,2, then the mid-BB is a 50SMA... & so on..)
yeah I could have just referred you to our little...no big, inquisitive, energetic, SC J,

but never mind he's been trained to chime in whenever he can,

James has made sure he has enough people on the thread to be taking care of every question.

Thanks DSC (Dictorian supreme chaos) - "dictorian"? Wow! Now that's invention

g.
I believe . . .
  • #63,113
  • May 7, 2010 5:27am May 7, 2010 5:27am
jspeakman,
yes, it will overlap.. provided the MA u overlaid is a 20SMA (BB's use SMA's).
if u want all of the BB lines in different colors, then u can simply use the 'Bands' indicator on MT4 (found in the 'Custom Indicators' drop down list)
  • #63,114
  • May 7, 2010 5:27am May 7, 2010 5:27am
Quoting supremeChaos
jspeakman, ghous,
the middle line of a Bollinger Bands 20,2 setting is a 20SMA.
(if the setting is 50,2, then the mid-BB is a 50SMA... & so on..)
Thanks SC - everyday one learns something new on this thread!

Appreciate the input

J
  • #63,115
  • May 7, 2010 5:28am May 7, 2010 5:28am
Quoting jspeakman
Hi Ghous

I think (?) if you put in the default BB (20,2) and then a MA set at 20 in a different colour, the MA overlaps the middle line of the BB exactly. Try it, although not sure if it means anything necessarily!

Thanks

J
yeah I get the point.

g.
I believe . . .
  • #63,116
  • May 7, 2010 5:30am May 7, 2010 5:30am
Quoting ghous
lol

seriously though, I tend to doubt my IPB entries when trading equities and futures, I am not into them but for those who trade equities I don't think entry on the close of the IPB is the best way to be going about trading IPBs...maybe an entry on the open of the very next bar (if it stays within our strike range) might be a better idea...

Dan might want to assist me with this, what I see on XOM is that the bar after the IPB opened below the low of the IPB which means your trade would have been stopped out right where the market opened.

My...
Struggling with color schemes like me huhh.
.
  • #63,117
  • May 7, 2010 5:32am May 7, 2010 5:32am
Quoting ghous
yeah I could have just referred you to our little...no ...
that sounds like 'dictator'
nevertheless, thanks, Sir.

i'm chiming in now 'to compensate for' missing the extension of the BIG moves last night (sleep time in Asia)

just woke up......... kidding
  • #63,118
  • May 7, 2010 5:33am May 7, 2010 5:33am
Quoting nasir.khan
Struggling with color schemes like me huhh.
.
Not really, I've settled down with smoke white for background and green and black candles.

I need such a layout for the trading system I am testing,

g.
I believe . . .
  • #63,119
  • May 7, 2010 5:34am May 7, 2010 5:34am
Quoting supremeChaos
that sounds like 'dictator'
nevertheless, thanks, Sir.

i'm chiming in now 'to compensate for' missing the extension of the BIG moves last night (sleep time in Asia)

just woke up......... kidding
Wanted an adjective extracted from the word "dictionary"...
I believe . . .
  • #63,120
  • May 7, 2010 5:34am May 7, 2010 5:34am
Quoting ghous
yeah I get the point.

g.
Sorry Ghous - didn't mean to be labouring the point - I think crossing replies might have given that impression - apologies.

Interesting approach though - do you think it would work across other time frames?

Thanks

J
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