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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

  • #67,041
  • Jun 22, 2010 7:00pm Jun 22, 2010 7:00pm
Quoting ertorque
Hi Jaroo,

Need some clarifications here.
Sorry but the BEOB (highlighted in blue box) did not go down as far as 1.47 did it? It reaches only to the pink area which is significantly ABOVE 1.47. Also, the BEOB engulfs a Sunday bar which we should ignore, shouldn't we.
Thanks.

CY

Its sure did hit the 1. 4700. That's the Friday bar, FxPro doesn't show the Sunday Bar on the Daily. Yes, we ignore Sunday bars just like Holiday bars.

Can I see your chart, CY?
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Indicators show the past. Price Action "Indicates" the future.
  • #67,042
  • Edited 7:12pm Jun 22, 2010 7:06pm | Edited 7:12pm
Quoting mbqb11
Hey Cy
This beob engulfed Fridays bar, and if you have sunday bar on your feed it engulfed that too. As you can see it bounced right at 1.7 due to it's lack of space

Best
Mike
Thanks Mike. I see Jaroo's point now. It is the bar after BEOB that bounced off 1.7 ( had thought he meant the bounce came from the BEOB itself). Anyway on my IBFX feed which has a Sunday bar that I usually ignore, the BEOB did not engulf the Friday bar, so I would not have played it anyway, space or not.


**EDIT** Hey Jaroo, my bad; it did engulf Fri day. Must have seen the wrong chart earlier. All clear now.

CY
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  • #67,043
  • Jun 22, 2010 7:07pm Jun 22, 2010 7:07pm
Quoting ertorque
Thanks Mike. I see Jaroo's point now. It is the bar after BEOB that bounced off 1.7 ( had thought he meant the bounce came from the BEOB itself). Anyway on my IBFX feed which has a Sunday bar that I usually ignore, the BEOB did not engulf the Friday bar, so I would not have played it anyway, space or not.

CY
Ya agreed this one would need to be watched real close for the exact reasons in Jarroos Posts. There were a few like this yesterday and some of them did take off, but others got stuck like gbp/usd


Mike
  • #67,044
  • Jun 22, 2010 7:10pm Jun 22, 2010 7:10pm
Quoting mbqb11
Hey DJ

It does not matter what time your brokers close. You just transfer your order to your personal broker. Since price is still price it does not matter what "picture" your broker shows. Just price itself.

Let me know if that makes sense
Mike
This might be a continuation of my point earlier about which time zone gives the optimal candle formations.
There will be a best one - I have no doubt about that
As part of my crude crowd psychology there has got to be a maximal audience in one of the time zones.
However as you say the price is the price, well it isn't actually as spreads vary but we all know what you mean I hope.
I think DJ is thinking if his charts show the candle formations you get with a NY time zone this might be optimal for him. He is seeing what the biggest traders see and so if a candle formation appears on his charts it will be there for the bigger hitters.
  • #67,045
  • Jun 22, 2010 7:10pm Jun 22, 2010 7:10pm
Quoting ertorque
Thanks Mike. I see Jaroo's point now. It is the bar after BEOB that bounced off 1.7 ( had thought he meant the bounce came from the BEOB itself). Anyway on my IBFX feed which has a Sunday bar that I usually ignore, the BEOB did not engulf the Friday bar, so I would not have played it anyway, space or not.

CY

My IBFX shows it did.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,046
  • Jun 22, 2010 7:11pm Jun 22, 2010 7:11pm
Quoting mbqb11
Hey DJ

It does not matter what time your brokers close. You just transfer your order to your personal broker. Since price is still price it does not matter what "picture" your broker shows. Just price itself.

Let me know if that makes sense
Mike
Yeah that makes sense thanks. So you would get your set ups on FXpro etc, transfer entry, stop, and FTA's etc to your live feed and trade them there.
  • #67,047
  • Jun 22, 2010 7:12pm Jun 22, 2010 7:12pm
Quoting djmartymac
Yeah that makes sense thanks. So you would get your set ups on FXpro etc, transfer entry, stop, and FTA's etc to your live feed and trade them there.
Yep, forex pricing is very accurate(has to be) and thus you have to change very minor things to account for spreads, more accurate high/lows(usually a few pips at most).

Mike
  • #67,048
  • Jun 22, 2010 7:14pm Jun 22, 2010 7:14pm
Quoting six gun
This might be a continuation of my point earlier about which time zone gives the optimal candle formations.
There will be a best one - I have no doubt about that
As part of my crude crowd psychology there has got to be a maximal audience in one of the time zones.
However as you say the price is the price, well it isn't actually as spreads vary but we all know what you mean I hope.
I think DJ is thinking if his charts show the candle formations you get with a NY time zone this might be optimal for him. He is seeing what the biggest traders...
Hey Six

I have to disagree about an optimal. I think if you are within a couple hours of 5pm your candles won't end up varying all that much, and price is still price in terms of location and what is going to stick out for trade mgmt. To me over the long run Trader A with a 5pm close and Trader A with a 6pm close is going to be just fine(assuming they were profitable with say 5pm).

DJ's questions were about do you need to trade with a broker that has a certain close time, and the answer is no. You can use a close time from any charting you are comfortable with and actually place your trades(regardless of their closes) with another.

Again you have to decide what your beliefs are in terms of things like close times and everything else and build from there. Just as you see me always taking outside bars the CLOSE above/below the prior bar high/low. An outside bar doesn't need that but I do. And that is all that matters.

Best
Mike
  • #67,049
  • Jun 22, 2010 7:15pm Jun 22, 2010 7:15pm
Quoting jarroo
My IBFX shows it did.
You are right. Mine actually did. I must have seen the wrong chart earlier. Please see my previous post (I have edited it with a chart).
Sorry for the trouble.

CY
  • #67,050
  • Jun 22, 2010 7:17pm Jun 22, 2010 7:17pm
Quoting ertorque
You are right. Mine actually did. I must have seen the wrong chart earlier. Please see my previous post (I have edited it with a chart).
Sorry for the trouble.

CY
No trouble CY.
Indicators show the past. Price Action "Indicates" the future.
  • #67,051
  • Jun 22, 2010 7:35pm Jun 22, 2010 7:35pm
Quoting jarroo
Proxy by that much (pressing thumb and index finger together very hard)

lol
Quoting ghous
lol.
Here's an update ghous.

Pretty choppy due to the lack of space. But worked out nice.

Damn you traffic!!!
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Indicators show the past. Price Action "Indicates" the future.
  • #67,052
  • Edited 10:01pm Jun 22, 2010 9:06pm | Edited 10:01pm
Quoting jarroo
They have been pretty rare these days on the Daily but they happen all the time . . .time and time again. You'll figure out the good ones and the great ones.
I swear, if we are going to be renaming g-bars, this setup has to be called 'the Jaroo special'. A pinbar at a great level with an aqua box exactly where price jumps to... time and time again

I think the way you and mike concentrate on clear, simple charts helps keep my dark side at bay, lol. Just when I am considering overcomplicating things into a mess of epic proportions, one of you will post a chart with a ppz, a target, a pinbar and a win.

One more for the folder

Quoting six gun
This might be a continuation of my point earlier about which time zone gives the optimal candle formations.
There will be a best one - I have no doubt about that.
Not really. Different offsets will be used in different timezones. So unless you plan on examining the volume traded in each individual currency by session and deciding on the most 'accurate' offset for each pair, you are just guessing.

And even if you did that, what do you gain? You might get a more 'informative' close, but your open and the first half of each day will then be low volume, and london (with the highest turnover) wont appear until the second half of each candle. Alternately, use a London open as your open, and then after NY 'closes' 14 or so hours later you get a low volume 10 hour session making up the second half of your candle - making your close less informative.

Regardless, the information gained will be minimal. A desk in Sydney is going to concentrade on AUD crosses, whereas one in London will be more moving a hell of alot of EURUSD. EURUSD movements are going to move AUDUSD more than the volume of AUDUSD moved in Sydney, yet the price movements in Sydney likely have greater AUD information value. So should we use GMT, or GMT+10? And if US demand is failing at midday in the states and hedge funds start winding back crosses and pulling their funds into tbills, the AUDJPY will get smashed in the NY and tokyo sessions and AUDUSD will fall through the floor (as has been happening regularly for months now). Giving us an argument for GMT-5/EST and GMT-8. So which is 'best'?

And that's ignoring the fact that the interbank market doesnt work like a traditional equities market, with a pre-open auction process for opening prices, a limited timeframe to fill orders and where close prices are hugely important because they are used for settlement. It isnt like someone rings a bell at 8am in London and traders start scrambling around, then they all trade up to 5pm when someone cuts off their internet access. The 'first' and 'last' hour you are fixating on is almost the lightest trading of the session, because its handover time.

Like Mike says, grab something with a close around NY 5pm and go with it. That way, you at least arent going to be splitting the two high volume sessions across multiple bars. Same with a London open. To be honest, I probably prefer the latter because it will generally set the tone for the rest of the day. If you are that worried about 'missing' things, focus on reading price movements rather than barspotting.


Quoting six gun
As part of my crude crowd psychology there has got to be a maximal audience in one of the time zones
...
He is seeing what the biggest traders see and so if a candle formation appears on his charts it will be there for the bigger hitters.
You have a false premise issue.

You make the assumption that big money is trading the candles, not creating them.

You also assume that everyone is looking at daily candles. Or 4 hour candles. Or candles at all.

On top of that, this line of reasoning requires that even if 'they' see these candles and operate on that timeframe, they are trying to trade 'setups'.

They arent. The SNB couldnt give a damn about your A++ DBHLC. A guy on a desk for Sumi with a client trying to hedge out a billion yen isnt going to *not* fill his orders because there is a gravestone doji. Shanghai movers are buying US t-bs and Australian copper regardless.
When you have to shoot, shoot. Dont talk.
  • #67,053
  • Jun 22, 2010 9:51pm Jun 22, 2010 9:51pm
Quoting dmc
Have been looking at broadening my asset classes now and perhaps demoing or starting a small account for stocks. (Weekly only)

I have been using Freestockcharts.com for just looking at stocks and their charting package is pretty cool (interface wise).

I was considering just opening an etrade account or something like that but does anyone have any better suggestions?



Something like etrade is more designed for your longer term buy-and-hold strategies - their standard setup isnt really designed for the kind of thing you are probably looking for. I know they have a 'pro' setup, but (here, at least - it could be different in the US, since Australia seems to specialise in getting screwed over) the cost was pretty ridiculous in return for the benefits. On your timeframe, it might not matter as much and this kind of low maintenance setup might be fine, but I'd definitely look at

  1. Scottrade (who seem cheaper and more useable)
  2. Zecco (who I use as a second US broker, and are awesome and cheap as chips)
  3. thinkorswim (I use them for options, but their setup is pretty kickass)
  4. TD Ameritrade (because District Attorney Jack McCoy did advertisements for them, and he is an all american hero!)

On the other side, you have someone like Interactive Brokers (note: I am biased because I love IB ) who are specifically designed for short timeframe trading, rather than investing. Their platform takes a bit more wrangling, and they are more designed for experienced traders (like you) rather than mom-and-pop-investors (my dad) so their support isnt really that great....but their commissions are cheap and they are so ridiculously fast it hurts. Others in this bracket would be Tradestation (only if you are as rich as Jim) and MB Trading (who are pretty awesome all round IMO). Probably dozens more, but IB have always filled my needs.


I'd say you could follow it up in the broker subforum here on FF, but there is so much rubbish and stupidity packed into such a confined space in there that I am pretty sure it is close to collapsing onto itself and forming a black hole of retardation.

When you have to shoot, shoot. Dont talk.
  • #67,054
  • Jun 22, 2010 10:41pm Jun 22, 2010 10:41pm
Quoting jarroo
Price Action tell me alot of things . .when they workout (hit their target(s)) or when they dont work out (which could mean they don't break or only hit minor FTAs or they dont' run, etc.)

The uptrend on the Gbp/Usd looks pretty strong. Why? The BEOB on the Daily hit its target, the 1.4700 PPZ level and then reversed. In my mind, this setup fullfilled itself. I 'm thinking were going to the 1.5000.
jarroo, I thought the bounce off the orange trend line was so precise that it may be enough resistence to keep price going down a bit further before heading towards the 1.5000 level. In this type of situation, should I be placing more emphasis on PPZ's than on trend lines?

Grant
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“Make everything as simple as possible, but no simpler.” – Albert Einstein
  • #67,055
  • Jun 22, 2010 10:46pm Jun 22, 2010 10:46pm
Quoting six gun
I have just changed the closing time on my charts to Eastern Time with daylight saving.

I have GFT Dealbook 360.
It is really easy to switch over.
I can be any time zone with or without daylight saving in seconds.
Hey six gun,
I use the same broker. A lot of great features and easy to use....except I still can't figure out how to post a chart here. I've had others try to help me but for no avail. Any more suggestions would be appreciated. Thanks.
  • #67,056
  • Jun 22, 2010 11:00pm Jun 22, 2010 11:00pm
Quoting jarroo
Here's an update ghous.

Pretty choppy due to the lack of space. But worked out nice.

Damn you traffic!!!
Did you consider this a PB by Proxy?
First thing that jumped out at me was the low of your PB could have become new support. Not clear why you took this one?
  • #67,057
  • Jun 22, 2010 11:06pm Jun 22, 2010 11:06pm
Quoting joelcf
I swear, if we are going to be renaming g-bars, this setup has to be called 'the Jaroo special'. A pinbar at a great level with an aqua box exactly where price jumps to... time and time again

I think the way you and mike concentrate on clear, simple charts helps keep my dark side at bay, lol. Just when I am considering overcomplicating things into a mess of epic proportions, one of you will post a chart with a ppz, a target, a pinbar and a win.

One more for the folder
What perfect timing Joel.
I read the above after I succumbed once again to the indicator plague and returned from an extensive search of the web for the totally NON EXISTANT PPZ indicator, AGAIN.

I know this does not exists but it does not stop me from searching for it occasionally. And even if I found a good one, all it would do is prevent me from seeing the PPZ with my own eye.

Maybe I have a responsibility issue with this problem, I mean, if I draw my own PPZ and they fail me, I can only blame myself but if I use an indicator and it fails, then I can go, "Blah this wasn't the holy grail indicator" and search for another one.

As you say, Jarroo, Mike & I think I should add Joel, make it look really easy with just, a single line or a couple of lines on the chart....

Think I am going candlestick blind and end up just gazing at the charts all day.... Agh^%$#%@$^@&)*)(*$*$)*)$*)@$*)@$*)@.

I realize, I am the problem, not the setups, not the charts not what PA is doing....It is starting to drive me absolutely Crazy!

So Joel, thank you for that breath of fresh air in your post.
  • #67,058
  • Jun 23, 2010 12:06am Jun 23, 2010 12:06am
lol. see i do read posts.

just to clarify i dont trade with TS (rjobrien) i just use the charting software (which is the best bar none). I agree with every point here.

Ive used them all (still do) and your spot on.

jim

Quoting joelcf
Something like etrade is more designed for your longer term buy-and-hold strategies - their standard setup isnt really designed for the kind of thing you are probably looking for. I know they have a 'pro' setup, but (here, at least - it could be different in the US, since Australia seems to specialise in getting screwed over) the cost was pretty ridiculous in return for the benefits. On your timeframe, it might not matter as much and this kind of low maintenance setup might be fine, but I'd definitely look at [list][*]Scottrade (who seem cheaper...
  • #67,059
  • Jun 23, 2010 12:06am Jun 23, 2010 12:06am
I am really trying to see what is going on and must make more of an effort to KISS and have patience to set the possible break area out and wait!
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  • #67,060
  • Edited 12:33am Jun 23, 2010 12:16am | Edited 12:33am
Quoting joelcf
I swear, if we are going to be renaming g-bars, this setup has to be called 'the Jaroo special'. A pinbar at a great level with an aqua box exactly where price jumps to... time and time again

I think the way you and mike concentrate on clear, simple charts helps keep my dark side at bay, lol. Just when I am considering overcomplicating things into a mess of epic proportions, one of you will post a chart with a ppz, a target, a pinbar and a win.

One more for the folder


lol . . The credit goes to the big guy . .is a " James16 Special" I just been doing it a bit longer then most. He doesn't post that many charts here as of late. I'm sure he would have posted it.

When ever I find myself overcomplicating my charts . . its really quite simple what I do. . . time for a James16 chart and video review.
Indicators show the past. Price Action "Indicates" the future.
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