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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

  • #65,681
  • Jun 7, 2010 7:04pm Jun 7, 2010 7:04pm
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My view on this weekly PB is that it could've been better if it looks like the PB of September 2008 (pointed with arrow). That PB was formed at swing high off a retracement in a bearish trend. The current PB looks very sideway'ish' and there were already 2 mini PB bars before it which tells me the buyers and sellers are hesitating at the moment. Then there is the bullish TL and possibly a double bottom forming (the grey area), which can be seen clearer in the monthly.

I'd prefer to see a bullish PA instead, but that's just me.
  • #65,682
  • Jun 7, 2010 8:19pm Jun 7, 2010 8:19pm
Sentiment potential buy opportunity (RBNZ Interest rate decision coming jun 9. )
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  • #65,683
  • Jun 7, 2010 8:32pm Jun 7, 2010 8:32pm
Quoting Basber
Hi there,

Here's a program that I wrote which will calculate the volume of your trades according to your desired risk percentage , stoploss pips and your balance . I wrote it for myself, and I found it very useful, so I wanted to share it with you ... and ofcourse it's totally free.

If you have any question or idea to make it better, feel free to contact me on FF or email me ...

Regards,
Basber

Thanks Basber, I did not like the one I posted, too much.

Wow, you wrote this.

Oh, its an off chart calculator.
  • #65,684
  • Jun 7, 2010 9:11pm Jun 7, 2010 9:11pm
Quoting Basber
Hi there,

Here's a program that I wrote which will calculate the volume of your trades according to your desired risk percentage , stoploss pips and your balance . I wrote it for myself, and I found it very useful, so I wanted to share it with you ... and ofcourse it's totally free.

If you have any question or idea to make it better, feel free to contact me on FF or email me ...

Regards,
Basber
Hi Basber,

Thanks for sharing the nifty calculator. BTW what is the function of the "coefficient" value?

Cheers
Novice 198
  • #65,685
  • Jun 7, 2010 10:00pm Jun 7, 2010 10:00pm
Quoting mbqb11
Very nice G

Also you guys are going to drive yourselves made by watching the daily for potentials with this much time left. Starting cruising your charts about an hour before when things are more settled.

Here would be a better area to watch into


Best
Mike
Hey Mike, quick question. On this chart I understand the PPZ in blue is because of the previous PB. My question is how do you come up with the range for your PPZ?
  • #65,686
  • Jun 7, 2010 10:10pm Jun 7, 2010 10:10pm
Quoting spookie94
Hey Mike, quick question. On this chart I understand the PPZ in blue is because of the previous PB. My question is how do you come up with the range for your PPZ?
Hey Spookie,

I just eye ball it. In the chart above the reason I made it lower is b/c if price is able to get under that last low we will begin to have divergence which I would prefer to see when price takes out that prior low. There wasn't any more thought to that particular box size though.

Best
Mike
  • #65,687
  • Jun 7, 2010 10:15pm Jun 7, 2010 10:15pm
Quoting mbqb11
Hey Spookie,

I just eye ball it.

Oh. Yeah!
  • #65,688
  • Jun 7, 2010 10:19pm Jun 7, 2010 10:19pm
Quoting mbqb11
Hey Spookie,

I just eye ball it. In the chart above the reason I made it lower is b/c if price is able to get under that last low we will begin to have divergence which I would prefer to see when price takes out that prior low. There wasn't any more thought to that particular box size though.

Best
Mike
Thanks Mike. You reminded me to not only look at what price is doing but also think about what I would like to see it do for an even better set up.
  • #65,689
  • Jun 7, 2010 10:21pm Jun 7, 2010 10:21pm
Quoting spookie94
Thanks Mike. You reminded me to not only look at what price is doing but also think about what I would like to see it do for an even better set up.
  • #65,690
  • Jun 7, 2010 10:24pm Jun 7, 2010 10:24pm
Quote
Thanks Mike. You reminded me to not only look at what price is doing but also think about what I would like to see it do for an even better set up.
Quoting mbqb11


Need everyone to think like that!
Bundy's status today: "Waiting..."
  • #65,691
  • Edited 10:50pm Jun 7, 2010 10:24pm | Edited 10:50pm
Quoting Pinbar
Oh. Yeah!
Hey Pb . ..so what was the final take on the Nzd/Usd Weekly PB a week or so ago?
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Indicators show the past. Price Action "Indicates" the future.
  • #65,692
  • Jun 7, 2010 10:49pm Jun 7, 2010 10:49pm
Closed my GBP/NZD long position for slightly above break-even. I closed it purely due to lack of momentum. Now I'm waiting for trade #2 for the month.
  • #65,693
  • Jun 7, 2010 11:25pm Jun 7, 2010 11:25pm
Quoting oltciter
GBPUSD h4
Quoting TraderDavo
This is an A+ trade...
Quoting Pinbar
... Seems like a C- to me.
Quoting elizo
.... I think it's a proper A+ trade...
i havent checked the chart fully... but this is specifically why i personally refrain from rating setups as "A, or C-" etc.
we have to understand each trader is unique: the experience, the risk appetite, the goal, the trading personality (aggressive/conservative, etc) are all unique.

besides, there isnt & we cant have a stone-cast criteria for what an A+ or a C- setup should look like (because of the reasons stated above) that everyone would agree on.
of course, through extensive reading we can have an idea of what an A/A+ setup should look like, but eventually we suit the setups that we trade & the setup's ratings to our own personality/taste.

Having said that, it's great to see a discussion arise from a single trade setup.
seriously, we learn from it, in 1 way or another.
  • #65,694
  • Jun 7, 2010 11:56pm Jun 7, 2010 11:56pm
[
Quoting Pinbar
Thanks Basber, I did not like the one I posted, too much.

Wow, you wrote this.

Oh, its an off chart calculator.
Hi PB,

How are you ? Long time no see

Thanks for you kind words. I didn't know you posted one ... I know a little programming Afterall, it's nothing hard. It was a very easy program. I just made it for myself and I thought others may like it too.

P.S. : I'm working on it to make it better, so all comments are appreciated. PM me or Email me

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #65,695
  • Jun 7, 2010 11:57pm Jun 7, 2010 11:57pm
Quoting novice198
Hi Basber,

Thanks for sharing the nifty calculator. BTW what is the function of the "coefficient" value?

Cheers
Novice 198
You're welcome Novice,

Here's a link that you can find an example for how to use it :
http://www.forexfactory.com/showpost...ostcount=12743

BTW, you can see a help tip when you take mouse pointer on every text box ...

Regards,
Basber
Trading methods are designed to put the odds in our favor, not predicting.
  • #65,696
  • Jun 8, 2010 12:50am Jun 8, 2010 12:50am
Quoting jarroo
Hey Pb . ..so what was the final take on the Nzd/Usd Weekly PB a week or so ago?
Well, here goes.

That PB looks maybe a little like what Ghous is doing, I am trying to not get involved with that stuff yet.



It looks like more of a retracement before it goes into the downtrend or it is going to spend a while ranging before it breaks out Short.

The weekly PB failed to break the 38.2 fibo.
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  • #65,697
  • Jun 8, 2010 1:37am Jun 8, 2010 1:37am
wow look at this pin! you think I should take it long?
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Many choose unhappiness over uncertainty.
  • #65,698
  • Jun 8, 2010 1:37am Jun 8, 2010 1:37am
not serious^^^
Many choose unhappiness over uncertainty.
  • #65,699
  • Jun 8, 2010 1:38am Jun 8, 2010 1:38am
Quoting Dan Gilbert
not serious^^^
Its heading into a bit of traffic. lol
Indicators show the past. Price Action "Indicates" the future.
  • #65,700
  • Edited 3:13am Jun 8, 2010 1:47am | Edited 3:13am
Quoting Pinbar
Well, here goes.

That PB looks maybe a little like what Ghous is doing, I am trying to not get involved with that stuff yet.



It looks like more of a retracement before it goes into the downtrend or it is going to spend a while ranging before it breaks out Short.

The weekly PB failed to break the 38.2 fibo.

Well . . . I was asking about the Weekly PB in blue. Now that we have seen how it performed, we can make some conclusions about how it worked out and some reasons why it didn't work out.

Probably the first and foremost reason was quite simple why it didn't work out well . . .The size was too small compared to the previous bars and to counter the strong move down.

It did reach its FTA, albeit a short distance away.


Although it is not completely invalid yet, due to not breaking its low. Its being held up now by its left eye which is in the .6600 PPZone level.
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Indicators show the past. Price Action "Indicates" the future.
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