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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

  • #63,381
  • May 11, 2010 6:30am May 11, 2010 6:30am
Quoting jarroo
I like your optimism, Yaniv. lol
More of a realistic than optimism

As for the trade, the low of that daily bar is 135.75, price is now at 136.0.

I always do something just before price gets to the FTA, so if i were in that trade i would have taken full profit.

Nice to know that PA works with not the A+ setups

Yaniv
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  • #63,382
  • May 11, 2010 7:00am May 11, 2010 7:00am
Quoting (Yaniv)

As for that trade, wouldn't take that kind of setup since the bar is not significantly bigger than the bars around it, but if it did i would ignore the 137.0 area and go for the 135.7 which is that bar's low.

Let's look if it will go to there

Yaniv
I know and have read here that "price is price and trade what you see" but I am amazed how different broker feeds are so different....it leaves me baffled and surprised when someone points out a signal on a chart and I look at my charts and it's not even close....here's a comparison to Yaniv's Feed(MB) to FXCM vs FXDD daily's

I realize that different brokers start at different times....but it just baffles me when I see you guys taking signals on your charts and in NO WAY would it meet my rules according to my charts....I know Mike has said he has many feeds...

I guess my question is does this lend to confusion if you use more than one feed and the other feed does not coincide with the signal?
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  • #63,383
  • May 11, 2010 7:14am May 11, 2010 7:14am
Quoting Atc
I guess my question is does this lend to confusion if you use more than one feed and the other feed does not coincide with the signal?
Hey Atc,

For me, watching more feeds or aggregating bars is just expanding my trading options.

If I knew that most of the forex traders are watching only 1 type of feed then i would have done the same.

The situation is far from the true, i think that the "big guys" are more in what we call touch trade and don't use the chart as much as we do.

What i'm trying to say is that price is price and the location is everything, i'm still new to this (almost 1 year) and it's hard to see 3 types of feeds show different data because in some point it does do something to your confidence. It's all part of confidence and more of experience thing, In the mean time I just try to trade it as I see it.
  • #63,384
  • Edited 8:41am May 11, 2010 7:27am | Edited 8:41am
Quoting Atc
I know and have read here that "price is price and trade what you see"...
When I take a signal on one feed, I ignore the others.

A relative move over 'x' hours is what I'm after. Where did the signal bar close compared to the last bar that represented the previous 'x' hours ...and how strong is the statement that it is making, compared to that previous bar.

Does that make sense?
Bundy's status today: "Waiting..."
  • #63,385
  • May 11, 2010 7:30am May 11, 2010 7:30am
[quote=(Yaniv);3715041]Hey Atc,



If I knew that most of the forex traders are watching only 1 type of feed then i would have done the same.

The situation is far from the true, i think that the "big guys" are more in what we call touch trade and don't use the chart as much as we do.

quote]


If the "big guys" are watching ppz's and basing their decisions on them can we convince them to use one feed so we can all be on the same page? LOL
  • #63,386
  • May 11, 2010 7:30am May 11, 2010 7:30am
Hi folks

I am reading Elder's 'Trading for a Living' and he suggests using Volume to help when trading Head and Shoulders

Do you know if Volume is a useful tool to get a better picture?



Anhtony
  • #63,387
  • May 11, 2010 7:37am May 11, 2010 7:37am
Quoting bundyraider
When I take a signal on one feed, I ignore the others.

I relative move over 'x' hours is what I'm after. Where did the signal bar close compared to the last bar that represented the previous 'x' hours ...and how strong is the statement that it is making, compared to that previous bar.

Does that make sense?

Yes thanks...appreciate it ....just been in a funk trying to follow others trades with watching my charts....still verifying which may be the better broker to open up my million dollar account(someday---I can dream can't I)

...any suggestions?
  • #63,388
  • May 11, 2010 7:47am May 11, 2010 7:47am
Quoting bundyraider
When I take a signal on one feed, I ignore the others.

I relative move over 'x' hours is what I'm after. Where did the signal bar close compared to the last bar that represented the previous 'x' hours ...and how strong is the statement that it is making, compared to that previous bar.

Does that make sense?
I do give the close a lot of weight in my trading decisions and this how we judge our PA bars.

But then sometimes i hear people saying that close is just nothing market is running around all the time and take a look at some "level 2 price terminal" and you'll forget about the close.

gets me confused sometimes.

P.S: Congrats on your 2,000 valuable posts.
.
  • #63,389
  • May 11, 2010 7:51am May 11, 2010 7:51am
Quoting Atc
Yes thanks....still verifying which may be the better broker...
...any suggestions?
u can start with FXPro.
several seniors here use it.
  • #63,390
  • Edited 8:04am May 11, 2010 7:55am | Edited 8:04am
Hello everyone,
It is nice to be here. I have been trading for over 3 years and mostly worked Intraday. I'm looking to move into longer term trading for a variety of reasons, as I'm sure many others are.

I just came across this PA system yesterday and have been studying quite a lot. I will be taking Daily and Weekly trades to start off, but I feel pretty confident that I can move into the 4HR and possibly 1HR quicker than most "newbies" just starting off with trading.

Here is a PA setup I observed on the GJ and GU pairs, both happened at the S1 pivot point today. I'm going to post the image for the GU setup. What do you guys use as an exit typically on something like this? I have my own "ideas" of what I could use, but would really like some input on exits in general with this method.

Any input is quite welcomed, wondering if others would have traded this, as most anything good must be tried with FIRE

Thanks,
FX Raider
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Live to trade another day...
  • #63,391
  • May 11, 2010 7:57am May 11, 2010 7:57am
Quoting antgal23
Hi folks

I am reading Elder's 'Trading for a Living' and he suggests using Volume to help when trading Head and Shoulders

Do you know if Volume is a useful tool to get a better picture?



Anhtony
i personally would love a volume indi to help my disision making but iv yet to find one that is any good for fx. i dont think you can get a reliable vol. indi for fx. shame.

jon
PATIENCE... DISCIPLINE
  • #63,392
  • May 11, 2010 8:05am May 11, 2010 8:05am
Quoting g_j_hook@yah
i personally would love a volume indi to help my disision making but iv yet to find one that is any good for fx. i dont think you can get a reliable vol. indi for fx. shame.

jon
I think you can find volume on the Options market, but if i'm not mistaken that market is not that liquid (between 5% - 10% of all forex market).

Any one can support it or maybe i'm wrong ?

Yaniv
  • #63,393
  • May 11, 2010 8:10am May 11, 2010 8:10am
Quoting bundyraider
Silver DBHLC - Divergence and previous reversal level.

This bar is very similar in size to the previous hit up here. This time with divergence too.

Maybe green line for target? Who knows.

First trouble area very close, but I'm willing to risk my %0.5 on this one breaking past it , and willing to ride any draw down before that happens.
One of the rare daily full bar losses I take. Some times you don't get the chance to manage your stop how you want to. ....Oh well.

Was going to show how I manage the bars with this one. lol
I guess I'll have to try it with the next daily trade.
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Bundy's status today: "Waiting..."
  • #63,394
  • May 11, 2010 8:15am May 11, 2010 8:15am
Quoting g_j_hook@yah
i personally would love a volume indi to help my disision making but iv yet to find one that is any good for fx. i dont think you can get a reliable vol. indi for fx. shame.

jon
Because there's no real volume information I guess.

FOr Forex, enough people nixed the idea of using volume for me when I first started. To be honest, I don't think it'd effect my results now anyway.
Bundy's status today: "Waiting..."
  • #63,395
  • May 11, 2010 8:15am May 11, 2010 8:15am
Quoting supremeChaos
u can start with FXPro.
several seniors here use it.

I wish I could use FXPro, but they do not accept US clients any longer.
  • #63,396
  • May 11, 2010 8:25am May 11, 2010 8:25am
Quoting bundyraider
Because there's no real volume information I guess.

FOr Forex, enough people nixed the idea of using volume for me when I first started. To be honest, I don't think it'd effect my results now anyway.
im not sure anymore myself to be honest, when i first started to look at charts i started with stocks so the volume could be very important. But as time goes on and my style of trading matures iv got used to not having it a long time ago. Still it would be a nice confluencing factor if we had a way to measure it.

btw iv enjoyed your last few posts Bundy insightfull as always

cheers

jon
PATIENCE... DISCIPLINE
  • #63,397
  • May 11, 2010 8:38am May 11, 2010 8:38am
Quoting bundyraider
One of the rare daily full bar losses I take. Some times you don't get the chance to manage your stop how you want to. ....Oh well.

Was going to show how I manage the bars with this one. lol
I guess I'll have to try it with the next daily trade.
I remember that trade

Well, it happens. It is good to contrast with the quick move to BE.
I'm starting to get more patient in moving stops to BE (depends on the setup) and this won't discourage me at all

Nos
  • #63,398
  • May 11, 2010 8:38am May 11, 2010 8:38am
Quoting nasir.khan
I do give the close a lot of weight in my trading decisions and this how we judge our PA bars.

But then sometimes i hear people saying that close is just nothing market is running around all the time and take a look at some "level 2 price terminal" and you'll forget about the close.

gets me confused sometimes.

P.S: Congrats on your 2,000 valuable posts.
.
Wow... Forgot about the 2000th . Was at 1997 the other day and thought I'd do something for it the next day. LOL

Close price means a lot to me. It's who won during that period of time.

In some conditions, yes the close can seem to be manipulated when you watch a level 2 screen, but even without level 2 info just look at some pins that form during illiquid times. ....Totally manipulated at times ...and obviously.

That's where location, location, location comes in to tip it back in your favour though. Trade at the right locations and the manipulators are going to have to work against a larger crowd.

You know from experience that the numbers work more in your favour when you use closing strength as a filter as well.

I know that taking trades with horrible closes will get me busted out over time. That's all I need to know to use close price to my advantage.
Bundy's status today: "Waiting..."
  • #63,399
  • May 11, 2010 8:46am May 11, 2010 8:46am
Quoting g_j_hook@yah
btw iv enjoyed your last few posts Bundy insightfull as always

cheers

jon
Cheers mate. Yes, we aussies love many types of cricket.
Bundy's status today: "Waiting..."
  • #63,400
  • May 11, 2010 8:54am May 11, 2010 8:54am
Quoting bundyraider
Wow... Forgot about the 2000th ....
Hmmmm Good locations with good close all i know and maybe all i need to know.

Thanks.
.
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