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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

  • #65,101
  • May 30, 2010 2:00am May 30, 2010 2:00am
Is it possible for you to switch to a broker with a smaller lot size? I would definitely trade the 4 hour timeframe on a demo account. After you have completed the minimum requirements on the 4 hour timeframe, start trading the 4 hour timeframe live and then trade the 1 hour timeframe on a demo account.

Scott

Quoting Pinbar
Yes, you guys could be right....Thanks for the advice.

I have already done the 3 months, actually more on several demo accounts which are around 15% profit.

However, and this is the big one. All these were traded on H4 or H1.

I like many others, I probably did this because of the following reasons, 1: small account and will not be able to size position correctly for 1% RPT on weekly or daily with the size of these SL. 2: Impatience and wanting to make trades. I mean, it is hard to comprehend how demoing Weekly & Daily will help...
  • #65,102
  • May 30, 2010 3:25am May 30, 2010 3:25am
Quoting phpscott
Is it possible for you to switch to a broker with a smaller lot size? I would definitely trade the 4 hour timeframe on a demo account. After you have completed the minimum requirements on the 4 hour timeframe, start trading the 4 hour timeframe live and then trade the 1 hour timeframe on a demo account.

Scott
Maybe, I plan on using the minuscule $3,100 US account, currently FXDD allows 0.01 lots. Not sure if that will work on weekly or daily though.
  • #65,103
  • May 30, 2010 3:35am May 30, 2010 3:35am
Brokers in different timezones may have different day candles due to picking different start and end times of the day. Using a period converter script/indicator (http://www.forexfactory.com/showthread.php?t=206301) we can reconstruct a different timezone day candle using our own brokers data.

A daily chart could thus be constructed with no Sunday candle or you could view a NY, London or Tokyo daily bar chart. This may present more opportunities to trade or even give extra confirmation.

Is this worth pursuing? Is there a killer timezone to concentrate on? Should we be looking at the same timezone the BIG players are using? If so what are they?

Many thanks.

** Apologies if this has been asked before but did not come up in a search of the thread **
  • #65,104
  • Edited 4:37am May 30, 2010 4:00am | Edited 4:37am
Ok, I found a small indicator to instantly show us RR ratio.

I will assess this tomorrow on my demo account.


Here is the indicator if anyone else wants to try it for showing us quickly if a trade is viable and what position size we can use.

Just drag the SL, EP & TP lines to the desired area after you have setup the risk ratio and account type in the indicator.
Attached Image (click to enlarge)
Click to Enlarge Name: pic.jpg Size: 214 KB
Attached File(s)
File Type: mq4 Risk vs Reward Ratio.mq4   8 KB | 496 downloads
  • #65,105
  • May 30, 2010 4:31am May 30, 2010 4:31am
Quoting Daneel
Any suggestions for EAs to manage trades? I finally found a UK based spread betting company that uses MT4.
Hi Daneel.

Which company is that? Send PM please if you don't want to post it here.
I use a Spreadbet company in the UK but MT4 for charts so this may be useful.
  • #65,106
  • May 30, 2010 4:43am May 30, 2010 4:43am
Many, many moons ago (probably about 4 years or more ago) I had some PDFs on pin bars and wanted to refresh my memory. I no longer have the computer they were stored in.

Can anybody help me find these again?
  • #65,107
  • May 30, 2010 5:38am May 30, 2010 5:38am
Quoting jarroo
I was showing Dan that taking a "free trade" was an optional trade management approach than just moving the whole position to break even after a +30 pip move. Nothing at all wrong with moving to B/E after a 30 pips move.

"Free trade" approach is taking half of your position off and into profit at the FTA (or sooner) and then move the SL of the other half that equal distance below(/above) from your entry. Your basically covering your risk while still being in the trade and giving your trade some space to move or breathe.

My chart example...
Hi Jarroo,
Thanks for the detailed explanation which has clarified my doubts on this trade.

This seems to one thread where people don't sleep even if the FX market is closed.

Cheers,
Novice198
  • #65,108
  • May 30, 2010 5:46am May 30, 2010 5:46am
Quoting moonchild
Many, many moons ago (probably about 4 years or more ago) I had some PDFs on pin bars and wanted to refresh my memory. I no longer have the computer they were stored in.

Can anybody help me find these again?
Ok Moonchild,

here you go!! Hope this is waht you were looking for.

Cheers,
Novice198
Attached File(s)
File Type: pdf Pin bars-advanced.pdf   113 KB | 810 downloads
File Type: pdf Pin bars-introduction.pdf   175 KB | 805 downloads
  • #65,109
  • May 30, 2010 5:47am May 30, 2010 5:47am
Quoting fxdrive
Brokers in different timezones....
Is this worth pursuing? Is there a killer timezone to concentrate on? Should we be looking at the same timezone the BIG players are using? If so what are they?...
Hello fxdrive,
imho, i think u are better off pursuing/concentrating on looking for (& studying what constitutes) better setups than looking for a 'killer timezone'.... as good setups occur regardless of the time/timezone.
most big players are probably using the 5pm NY close as the 'end of day', if that's what u are asking for. again, i think u can do well with or without this info (by concentrating on looking for/trading good setups)

Focus your time on the more important issues
Hope this helps
  • #65,110
  • May 30, 2010 6:03am May 30, 2010 6:03am
Quoting bundyraider
FTA = First Trouble Area ...The....
wow, plenty of posts (in a short span of time) from u recently.
u rarely post as such so i appreciate your time.
i suggest everyone (specially the new ones) to read Sir bundyraider's posts.
1 of the senior traders to watch out for.
  • #65,111
  • Edited 6:30am May 30, 2010 6:18am | Edited 6:30am
Quoting Pinbar
Ok, I found a small indicator to instantly show us RR ratio.....
Just drag the SL, EP & TP lines to the desired area after you have setup the risk ratio and account type in the indicator.
Thanks Pinbar.

i just tried it.
after dragging the SL, EP & TP lines to the desired area, u have to refresh the chart to display an updated calculation of the indicator's details ('Quick calculation', as shown in a black box on your chart)
  • #65,112
  • May 30, 2010 6:51am May 30, 2010 6:51am
Quoting ljr
Hi Daneel.

Which company is that? Send PM please if you don't want to post it here.
I use a Spreadbet company in the UK but MT4 for charts so this may be useful.
Hi Daneel,

Can you also let me know who this is? Also, if you are signed up with them, are they any good?

Many thanks,

Glynn
"Fail to prepare, prepare to fail."
  • #65,113
  • May 30, 2010 7:01am May 30, 2010 7:01am
Quoting supremeChaos
Thanks Pinbar.

i just tried it.
after dragging the SL, EP & TP lines to the desired area, u have to refresh the chart to display an updated calculation of the indicator's details ('Quick calculation', as shown in a black box on your chart)

Yes, I am not sure if that is the case or not while the chart is live.

I mean, when price ticks are coming in, it may refresh with every tick.

Sure, is handy for the time being, I always have to really think about which pair and position size. There is already more than enough to think about. LoL
  • #65,114
  • May 30, 2010 7:33am May 30, 2010 7:33am
Quoting supremeChaos
Hello fxdrive,
imho, i think u are better off pursuing/concentrating on looking for (& studying what constitutes) better setups than looking for a 'killer timezone'.... as good setups occur regardless of the time/timezone.
most big players are probably using the 5pm NY close as the 'end of day', if that's what u are asking for. again, i think u can do well with or without this info (by concentrating on looking for/trading good setups)

Focus your time on the more important issues
Hope this helps
I'm clocking up some hours in a trading simulator at the moment and wanted to make sure I'm not missing out on anything.

Thanks for the info and heads up.
  • #65,115
  • May 30, 2010 7:50am May 30, 2010 7:50am
Quoting ljr
Hi Daneel.

Which company is that? Send PM please if you don't want to post it here.
I use a Spreadbet company in the UK but MT4 for charts so this may be useful.
They are called Smart Live Markets. A friend of mine linked me to them on facebook. I've messaged her to find out how/what she knows about them.

They have only been operating for a few months and I have only opened a demo account so far. They appear to be FSA regulated but are having a few teething problems. I'm being very cautious, don't want to put my money with a company with no established history, but they certainly have potential.

There's a thread on them over at Trade2Win forums.
  • #65,116
  • May 30, 2010 9:12am May 30, 2010 9:12am
Quoting Daneel
They are called Smart Live Markets....
Thanks for the info. Will take a look.
  • #65,117
  • May 30, 2010 9:39am May 30, 2010 9:39am
Quoting Pinbar
Ghous

I understand your point by this, and I imagine you would recommend the manner in which to comprehend that statement is trading the weekly & daily?

some where down the peregrination of your learning curve you will find yourself with a feeling of utmost utility. It's the moment in your trading career when everything seems to have fallen in place and all your efforts appear worthwhile. It's when most of your decisions turn out to be correct, your analysis happens to be spot on. Trades you take rocket on, trades you leave tend to be good leaves, trades you miss are rare...everything's perfect. For the vast majority this is make or break time. What you do from here on and more importantly at this very moment is what will determine your future in this business.

The best part about this thread and the people that inhabit it is that they are right beside you in all your phases of learning. I was fortunate enough to be helped in recognizing what I was supposed to do when the light finally came on.

I understood that the best of my analysis, the best of my trades, and the most lucrative of all the opportunities that I took were ones where I had to do very little, or put another way where I had to think the least over the validity of the setups. This was still all on daily and weekly.

I have since come a long way, have ventured into experiments of my own across various time frames and ideas. Some things have changed for me...some haven't budged at all. Using price action as a base for everything that I do trading related is one thing that never has nor ever will change for me. The deciphered tits and bits of truth about the trading Endeavor are other parts of the Constancy for me including the bold statement I mentioned in my post.

Ever wondered why Mike talks a lot about setups that "jump out at you", Setups that appear at BIG BOLD round numbers? and what about the emphasis on BIG bars.

Nothing's more soothing when all it takes you is a glance to hawk a money making opportunity,

g.



I believe . . .
  • #65,118
  • May 30, 2010 10:35am May 30, 2010 10:35am
Hi folks

was planning on playing the gbp usd two bar weekly pb but it doesnt actually qualify as a pb

anyway, did my plan make sense, am i missing anything major?

also, i was planning on taking the weekly pb on the usd chf , , again, was my plan ok?

antgal23
Attached Image(s) (click to enlarge)
Click to Enlarge Name: possible pb 1.gif Size: 72 KB
Click to Enlarge Name: possible pb 2.gif Size: 71 KB
  • #65,119
  • May 30, 2010 10:46am May 30, 2010 10:46am
Quoting novice198
Ok Moonchild,

here you go!! Hope this is waht you were looking for.

Cheers,
Novice198
Thank you, those were the ones I was remembering having before.
  • #65,120
  • May 30, 2010 10:53am May 30, 2010 10:53am
Quoting ghous
[left]some where down the peregrination of your learning curve you will find yourself with a feeling of utmost utility. It's the moment in your trading career when everything seems to have fallen in place and all your efforts appear worthwhile. It's when most of your decisions turn out to be correct, your analysis happens to be spot on. Trades you take rocket on, trades you leave tend to be good leaves, trades you miss are rare...everything's perfect. For the vast majority this is make or break time. What you do from here on and more importantly...

Thanks Ghous for your detailed description of your learning experience.

yes, the "Jump Out at You" description that Mike and other seniors continually mention is interesting.
Perhaps, physically and mentally zooming out on the larger TF is the way to accomplish this. It's funny sometimes I can clearly see a trade and take it, usually it is a reasonable trade. By reasonable, I mean I can take half off the table and get my SL to BE + and then take a few more pips out of it.
Other times, I find myself caught up in the noise, then I switch back and forth in TF and then feel it is getting on top of me, as if I go chart blind.
Maybe, a break is also necessary, I often am watching the charts for 10 or more hours a day, trying to get to the point you mention.

Still, I will not give in, I will work it out. People have been really kind & helpful to me in this forum and this encourages me to continue and persevere.

I am probably my own worst enemy by using the H4 TF, perhaps that is trying to run before I can crawl.

Your post also, encourages me to stick to the weekly and daily.

I will do this from tomorrow.
If anyone sees an H4 chart of mine, for at least the next week, please insert boot in butt.

It is hard to imagine you guys, Ever had these same problems.

Many thanks again.
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