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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

  • #63,661
  • May 13, 2010 8:28am May 13, 2010 8:28am
Quoting mbqb11
Hey Kdee

Welcome to the thread. .... properly position size your account.

Hope this helps
Mike
Hi Mike, I hope my answer was not too off topic. I now realise cutting to shorter time frames is not the recommended route in this thread. MikeH
Gone to a better place
  • #63,662
  • May 13, 2010 8:56am May 13, 2010 8:56am
this is a pinbar. (but it shouldn't encourage you to trade lower tf).
just to show...
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meine augen sind die sterne
  • #63,663
  • May 13, 2010 9:20am May 13, 2010 9:20am
Hi guys,

I have a question about 4h timeframes and timezones.

My broker changes the 4h candles at 00:00, 04:00, 08:00, 12:00, 16:00 etc GMT. This is one hour earlier than my other broker and I think a lot of other people's brokers and as a result my GBP/JPY chart looked like this at 12:00 GMT.

My question is would I be better off using the broker who's 4h candle opens/closes at 1PM GMT/8 AM EST? My concern is that the majority of traders are watching different bars with different shapes and acting on different signals.
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Anything can happen.
  • #63,664
  • May 13, 2010 9:37am May 13, 2010 9:37am
Quoting ddinnov
My question is would I be better off using the broker who's 4h candle opens/closes at 1PM GMT/8 AM EST? My concern is that the majority of traders are watching different bars with different shapes and acting on different signals.
Watch both, get twice as many bars to read. You dont have to trade off the same account as your charts
When you have to shoot, shoot. Dont talk.
  • #63,665
  • May 13, 2010 9:39am May 13, 2010 9:39am
Quoting supremeChaos
your chart is too zoomed in.
that BEOB is pretty small. ideally, u trade big, bold, distinct, eye-catching PA setups.
immediate trouble area is around 0.8930-60.
so be careful here.

Thanks Supreme and Nasir
  • #63,666
  • May 13, 2010 9:43am May 13, 2010 9:43am
As Requested...

Spot Gold is obviously quite bullish on the daily chart and I did not see a point in posting that one, however the 4HR on the last Fib swing has made a 161.8% extension which is also a Weekly R2 Pivot Point. Currently Gold is at the Daily Central Pivot Point. The last two 4 Hour candles held at the Weekly M4 Pivot Point RES level. If Gold closes around where it is now or under 1238.75 it will make a daily IB (Inside Bar).

Pretty hard to short the sucker in my opinion, unless your doing it on a short-term intraday basis. If it is going to head down anywhere, it would be around where it is now. Climbing though, Gold, without any Support or Res levels to help guide since we are at these all-time highs. Those that caught the candlestick or bar setup a few days ago for the long are quite happy now.
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Live to trade another day...
  • #63,667
  • May 13, 2010 9:47am May 13, 2010 9:47am
Quoting joelcf
Watch both, get twice as many bars to read. You dont have to trade off the same account as your charts
good advice. i got demo accounts with various brokers, so that every hour a H4-candle closes. just more setups...
meine augen sind die sterne
  • #63,668
  • May 13, 2010 10:27am May 13, 2010 10:27am
Quoting joelcf
Watch both, get twice as many bars to read. You dont have to trade off the same account as your charts
Thanks Joel
Anything can happen.
  • #63,669
  • May 13, 2010 11:14am May 13, 2010 11:14am
gold may be destined to have a big huge run up again like it did when it broke 1,000.

I plan on just buying on breakouts and using very large trailing stops.

below is the method that rac pointed at a loooong time ago of catching a trend by just placing orders when the consolidation snaps.

I've shown many opportunities that could have been taken on EURCAD, but I only took the one at the bottom (trade #7).

currently up over 500 pips on it (demo). Although I have been holding this one since April 22. management is just a 500 pip trailing stop.

I know some of you would never in a million years place a trade with an initial S/L of 500 pips, but if you have a strong trending pair, you may as well get SOMETING out of it.

the red line = S/L
the green line = SELL STOP ORDER
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Many choose unhappiness over uncertainty.
  • #63,670
  • May 13, 2010 11:26am May 13, 2010 11:26am
Pin at swing high with confluence. Where is price likely to go?
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  • #63,671
  • May 13, 2010 11:28am May 13, 2010 11:28am
Quoting aserbfx
this is a pinbar. (but it shouldn't encourage you to trade lower tf).
just to show...
Beautiful, HUGE pin swing low

Did what we would expect
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  • #63,672
  • May 13, 2010 12:22pm May 13, 2010 12:22pm
Can someone give me a hand regarding J16manager use please?
I am having a strange behaviour every time I use this Expert Manager to close 50% and move to BE: this is done right, but the remaining position is 50% closed as well at a strange amount of pips, while I don't want it to be closed.
Please see attached chart I just traded on demo basis.
Thanks!
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Trading: the skill of avoiding trades
  • #63,673
  • May 13, 2010 12:32pm May 13, 2010 12:32pm
Quoting eswap0
Can someone give me a hand regarding J16manager use please?
I am having a strange behaviour every time I use this Expert Manager to close 50% and move to BE: this is done right, but the remaining position is 50% closed as well at a strange amount of pips, while I don't want it to be closed.
Please see attached chart I just traded on demo basis.
Thanks!
This is happening because you are leaving your EA open when you close down MT4. So after you re-open MT4, the EA will re-execute the management!

This is why I rarely use the take profit feature on the EA, but rather open two half size positions that have T/P's at different areas. OR, you can use the EA to close partial profit if you never turn off your computer, or have a reliable system that doesn't freeze up on you. Also, don't close MT4 and re-open it with the EA attached.
Many choose unhappiness over uncertainty.
  • #63,674
  • May 13, 2010 12:40pm May 13, 2010 12:40pm
Quoting Dan Gilbert
This is happening because you are leaving your EA open when you close down MT4. So after you re-open MT4, the EA will re-execute the management!

This is why I rarely use the take profit feature on the EA, but rather open two half size positions that have T/P's at different areas. OR, you can use the EA to close partial profit if you never turn off your computer, or have a reliable system that doesn't freeze up on you. Also, don't close MT4 and re-open it with the EA attached.
Thanks Dan for your answer, but must say that I never close my computer nor MT4 (I am using a virtual private server). The trades you can see in the attached chart where filled while I was watching both of them.
Trading: the skill of avoiding trades
  • #63,675
  • May 13, 2010 12:45pm May 13, 2010 12:45pm
Quoting eswap0
Thanks Dan for your answer, but must say that I never close my computer nor MT4 (I am using a virtual private server). The trades you can see in the attached chart where filled while I was watching both of them.
eh..... I don't know then ???

What I gave was about the only explanation for that, as it had happened to me in the past.
Many choose unhappiness over uncertainty.
  • #63,676
  • May 13, 2010 1:06pm May 13, 2010 1:06pm
a 1h pin on gold looks pretty good,a nice retest of the last highs, 50 ema,its is also on the 23%fib if that takes your fancy??
i like the 4h bar which could have cleaned up the order flow a little and may let price reach the 1243.00 area wjthout too much influence from the bar highs previous to it??
will take it on my demo (if it breaks??)and see what happens.

i can post charts but my laptop wont save them even though it says it has!!!???

jon
PATIENCE... DISCIPLINE
  • #63,677
  • May 13, 2010 1:41pm May 13, 2010 1:41pm
Quoting Dan Gilbert
gold may be destined to have a big huge run up again like it did when it broke 1,000.

I plan on just buying on breakouts and using very large trailing stops.

below is the method that rac pointed at a loooong time ago of catching a trend by just placing orders when the consolidation snaps.

I've shown many opportunities that could have been taken on EURCAD, but I only took the one at the bottom (trade #7).

currently up over 500 pips on it (demo). Although I have been holding this one since April 22....
Hey Dan, this is one of the most affectove methods of playing a strong trend IMO...adding in positions as we break support levels with stops at the recent resistance levels. In strong trends you get a slight pause (profit taking) before new sellers come in and break that minor support causing the trend to continue...whatever time frame you choose if you can catch a strong trend from the start then there are some big gains to be made trading this 'method'.

There is a whole thread dedicated to this method of playing a trend - peaks and valleys thread.
  • #63,678
  • May 13, 2010 1:50pm May 13, 2010 1:50pm
Quoting lovejoy80
There is a whole thread dedicated to this method of playing a trend - peaks and valleys thread.
wow I was unaware of that thread. I just look at the method as the original turtles trading method.

http://en.wikipedia.org/wiki/Richard_Dennis
Many choose unhappiness over uncertainty.
  • #63,679
  • May 13, 2010 1:54pm May 13, 2010 1:54pm
What do you guys look for to define an area of trouble and does it change whether or not you are going long or short?

Just looking to tighten up my trades and risk and need some clearification from the more seasoned traders.

Thanks
  • #63,680
  • May 13, 2010 1:58pm May 13, 2010 1:58pm
Quoting BWise
What do you guys look for to define an area of trouble and does it change whether or not you are going long or short?

Just looking to tighten up my trades and risk and need some clearification from the more seasoned traders.

Thanks
The very First trouble areas are usually prior bar highs/lows. That is the simple way to define them. But often times it may be a close Round number. Now if a bar and location are good enough often times my first trouble area is going to be a bit further away as I believe it will trump it(again depending on the situation). And no it doesn't matter if I am going long or short(again it depends on the trade if it is a small bar decent location counter trend then yes the first trouble area is going to hold more weight).

Just my views though
Mike
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