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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

  • #63,441
  • May 11, 2010 4:15pm May 11, 2010 4:15pm
Quoting neutro
AUD is making IB across most pairs. IB on AU, AJ and double IB on AN (on top of 1.25, but the 20p spread is killing me). I think AUD is in for a beating.

I only trade the ones at good location, in other words, AU....

also, south-bound hits traffic FAST, and I have placed a very big buffer on my sell order to protect myself from getting insta-reversed out of the trade.

This is not a robotic, one-size-fits-all method. This is actual learning how to trade.
Many choose unhappiness over uncertainty.
  • #63,442
  • May 11, 2010 4:24pm May 11, 2010 4:24pm
I see the I4B on the daily, but it's a bit ragged, I thought that each bar had to be fully enclosed by the previous one?

Can someone take me through the thinking behind why this is expected to break even though it's moving around a fair bit in range?

How are people playing this? Straddle?
  • #63,443
  • May 11, 2010 4:24pm May 11, 2010 4:24pm
Quoting fxprocessor
AUDUSD

I4B if we close inside the previous bar
VBRN
150 ema


Now short off the 4 hr inside bar trigger. Time for sleep.....
Attached Image (click to enlarge)
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  • #63,444
  • May 11, 2010 4:48pm May 11, 2010 4:48pm
Quoting fxprocessor
Not too worried as I see these as zones. I am mainly focused on the VBRN.
oh i'm not worried, but the 150 is the 150. Should be in same place on everyone's charts no?
I was just curious.
  • #63,445
  • May 11, 2010 4:51pm May 11, 2010 4:51pm
Quoting beebolbod
oh i'm not worried, but the 150 is the 150. Should be in same place on everyone's charts no?
I was just curious.

Different brokers have different "Close" times. Since the 150 EMA is at the "Close", the 150 EMA will reflect this difference on different brokers.
Indicators show the past. Price Action "Indicates" the future.
  • #63,446
  • May 11, 2010 4:52pm May 11, 2010 4:52pm
Quoting beebolbod
oh i'm not worried, but the 150 is the 150. Should be in same place on everyone's charts no?
I was just curious.
As far as MT4 goes, the EMA's will not line up if you do not have the history data. I've had to turn off the auto-scrolling before and manually move back the candles on a chart to update the EMA's. This happens frequent enough, but not always. Once you have enough history on the candles, the EMA's will be correct then.

You can also try to go to a higher time frame and then back to the lower time frame and that may correct it.
Live to trade another day...
  • #63,447
  • May 11, 2010 5:11pm May 11, 2010 5:11pm
Quoting fxprocessor
Now short off the 4 hr inside bar trigger. Time for sleep.....
It may have been best to wait for the break of the Daily IB. Due to the Daily PPZ level that the Daily IB is sitting on and the 4 hour IB is trading into.

Just some thoughts fxp.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #63,448
  • May 11, 2010 5:12pm May 11, 2010 5:12pm
Quoting jarroo
Different brokers have different "Close" times. Since the 150 EMA is at the "Close", the 150 EMA will reflect this difference on different brokers.
ah yes, didn't think of that! i do use 2 which have different close times but only looking at one right now.

cheers.
  • #63,449
  • May 11, 2010 5:24pm May 11, 2010 5:24pm
Quoting jarroo
It may have been best to wait for the break of the Daily IB. Due to the Daily PPZ level that the Daily IB is sitting on and the 4 hour IB is trading into.

Just some thoughts fxp.

Jim
Yeah a valid comment. I did think about this but looked at the 4hr ib as a leading indicator as to where price wants to go. I am happy to let it do its thing now. If price breaks the PPZ my break even will be hidden behind the PPZ.

I also trade smaller size on i4b than on reversal bars so no worries.

cheers

fxp
  • #63,450
  • May 11, 2010 5:28pm May 11, 2010 5:28pm
Quoting fxprocessor
Yeah a valid comment. I did think about this but looked at the 4hr ib as a leading indicator as to where price wants to go. I am happy to let it do its thing now.

I also trade smaller size on i4b than on reversal bars so no worries.

cheers

fxp

Also the .9000 could do its thing, meaning . . . give Price a reason to run away from it. lol
Indicators show the past. Price Action "Indicates" the future.
  • #63,451
  • May 11, 2010 5:33pm May 11, 2010 5:33pm
Quoting joelcf
I like that one as a bigass with-trend pinbar on a breakout failure w MA/PPZ rejection and packing more momentum than a fat chick at half price-buffet night
Quoting jarroo


If we can break through the 1.0200, I see Price going for the 1.0 for seconds (or is that thirds and fourths) lol
Hey joel.

Price did give a nice hard break of the 1.0200 on the Cad. Yet it didn't retest it. (darn)

Although it is testing the bottom of the 4 hour consolidation. I like its chances. Should be fun to watch.
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Indicators show the past. Price Action "Indicates" the future.
  • #63,452
  • May 11, 2010 5:41pm May 11, 2010 5:41pm
gold broke out it's old record high. that thing may just shoot up again like it did when it broke out over 1,000. I will be looking to experiment on this commodity with huge trailing stops when it makes it's first dip above it's old record high...
Many choose unhappiness over uncertainty.
  • #63,453
  • May 11, 2010 5:50pm May 11, 2010 5:50pm
2IB at 1.2500
Lots of space.
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  • #63,454
  • Edited 8:00pm May 11, 2010 7:07pm | Edited 8:00pm
Quoting antgal23
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?
Volume can be useful, but to be honest, it would just give people something else to misinterpret (just like they do in the equity and futures markets). The way the forex market is structured today, the information wouldnt be worth much at all.

You will never get true volume in spot forex, for a couple of reasons. Primarily, because it is a decentralised market and so reliable data doesnt exist. All your broker will give you, if anything, is their volume. And that isnt too helpful. Or they construct a lame tick vol, which isnt the number of contracts traded, but the number of price microchanges.

Then take into account that a whole ton of volume is between instos, who generally dont trade through a cross-institutional broker anymore - it is all done directly through Reuters or EBS. So even if your brokers somehow passed on their upstream volume data, they would still be missing the majority of the most significant portion of the market.

But the biggest problem is that only around 30% third of forex is spot. So the volume data, even if you managed to get it, wouldnt be all that conclusive anyways. Around 40% of the market is swaps, and most (20%?) of the other third is forwards - all of which is institutional dealing. Which is what we would want to see.

(although this mix is constantly changing - it seems like swaps and spot are in a neverending battle, with swaps coming out ahead when the dealing mix moves more towards hedging, and spot ahead when the market swings back towards speculating)

Same with options - huge market, massive volume, entirely insto.... and (almost) entirely OTC.

This is why people using futures volume and trying to link it usually have trouble. Futures by vol are under 5%. Possibly around 3% from memory. Hence the reason why the volume data isnt useful at all (pricing data, on the other hand, can be).

The point? You dont need volume. And even if people had it, they couldnt rely on it. And even if they could rely on it, they would probably misinterpret it anyways.

........

As an aside (and I know I have caned him in the past), while Elder has some good insights into some topics like money management, record keeping and psych (if it is your thing ) - he is kind of a more readable Van Tharp - his trading advice is pretty terribad. I'd avoid it if I were you.

Quoting (Yaniv)
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 ?
Options volume is massive. Why? Because they are one of the best ways for a company to hedge downside risk while retaining upside rewards (albeit at a cost), and they are the only way to properly hedge uncertain future cashflows - a big thing with mining companies and investment banks.

But barely any of it is on exchange (I think Philly has some thin fx options, and CME has even thinner options over futures), so you just arent getting reliable, usable data.
When you have to shoot, shoot. Dont talk.
  • #63,455
  • May 11, 2010 7:14pm May 11, 2010 7:14pm
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 guess it's because it's a counter-trend trade and support at 17.00 is expected since it's quite a strong level based on the chart. Did u take partial profit?
  • #63,456
  • May 11, 2010 7:26pm May 11, 2010 7:26pm
Quoting fxeturn
I guess it's because it's a counter-trend trade and support at 17.00 is expected since it's quite a strong level based on the chart. Did u take partial profit?
That's hell good timing. Just logged in. lol

No I didn't. Was willing to ride it out.

I did see something later on though that I'm usually always on top of that would have changed my whole approach. (...see chart)

Anyone who knows my charting style well would know I avoid that situation like the plague. lol

Against the trend doesn't bother me.

Doesn't matter. I had other trades going at the same time that did their job and I can't get it right all the time.
Attached Image
Bundy's status today: "Waiting..."
  • #63,457
  • May 11, 2010 7:34pm May 11, 2010 7:34pm
Quoting bundyraider
If you're putting your every worth into one broker to start trading , you're crazy. No company is 100% guaranteed to stick around. But if it's a smaller, saner part of your wealth then one broker would be ok, and you could do worse than Oanda. IBFX seems ok too, less granularity though. Both USA based.
I'd say if you have your every worth in a spot forex trading, you are probably crazy as well

Oanda is a great introductory broker. Easy to use, easy to deal with, reliable, good spreads and that sweet granularity. IBFX was always good for me, though they can be a pain to get cash in/out of.
When you have to shoot, shoot. Dont talk.
  • #63,458
  • May 11, 2010 7:39pm May 11, 2010 7:39pm
Quoting Dan Gilbert
I have about a 10% accuracy rate of predicting which side price will break out on i4b's
<attach> short_dan_positions.mq4 </attach>
When you have to shoot, shoot. Dont talk.
  • #63,459
  • May 11, 2010 7:41pm May 11, 2010 7:41pm
Quoting bundyraider
That's hell good timing. Just logged in. lol

No I didn't. Was willing to ride it out.

I did see something later on though that I'm usually always on top of that would have changed my whole approach. (...see chart)

Anyone who knows my charting style well would know I avoid that situation like the plague. lol

Against the trend doesn't bother me.

Doesn't matter. I had other trades going at the same time that did their job and I can't get it right all the time.
I admire your optimism. Something I really need to work on myself.
  • #63,460
  • May 11, 2010 7:50pm May 11, 2010 7:50pm
Just stumbled upon this EA.
Anyone on IBFX may benefit from this especially if he or she practices scaling.

http://www.ibfx.com/Tools/Partial-Close-EA.aspx


CY
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