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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

  • #67,741
  • Jun 29, 2010 9:57pm Jun 29, 2010 9:57pm
Quoting cprao
It's done
..
Well done, Sir
  • #67,742
  • Jun 30, 2010 12:02am Jun 30, 2010 12:02am
Quoting cprao
Thank you. it's done now.. Just as you predicted -

Nice Job cprao.

It's a good sign that Price tested that level (previous Highs or top of consolidation) prior to the break. It could break and then test those highs as we talked about. A good place to put your stop after the break.

You didn't mention it, so I thought I would also point out that it also had a bit of divergence, mainly with the closes. Every bit of confluence matters to support a setup. It helps in the "pull the trigger department".

That Daily had a nice supportive setup as well.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #67,743
  • Jun 30, 2010 12:15am Jun 30, 2010 12:15am
Hiya people, I'm hoping someone might be able to help me out. This info is probably supplied somewhere else, but what I've found I just don't get.

I've noticed that the charts on MT4 at home look different to the web charts I'm looking at while I have the inconvenience of being at work (waste of my valuable learning and trading time if you ask me).

Just wondering what the 'ideal' setup is for charts on the MT4 platform is. I'm aware that some traders will want things set up certain ways and this will change depending on the trader, but I'm hoping that something simple like a config change (I have a niggling feeling that the timing of the bar close may be an issue).

I'm obviously trying to get some consistency in charting to apply the methods I've picked up here - and realise that web charts will be different, but the more I think about it the more I think I should look at my charting setup generally rather than blindly accepting the default setup on MT4.

Any comments or suggestions invited and welcome with thanks.
  • #67,744
  • Jun 30, 2010 12:16am Jun 30, 2010 12:16am
Quoting Noses&Sight
I came across this quote in Taleb's book "The Black Swan." Thought it interesting.


"Show two groups of people a blurry image of a fire hydrant, blurry enough for them not to recognize what it is. For one group, increase the resolution slowly, in ten steps. For the second, do it faster, in five steps. Stop at a point where both groups have been presented an identical image and ask each of them to identify what they see. The members of the group that saw fewer intermediate steps are likely to recognize the hydrant much faster. Moral? The more...

Higher Time Frames Rule!
Indicators show the past. Price Action "Indicates" the future.
  • #67,745
  • Jun 30, 2010 12:30am Jun 30, 2010 12:30am
Any play (demo) the Weekly Aud/Jpy BEOB?

Ok its not A++, but it has some A-ish quailities . . doesn't mean we have to manage it like an A+ trade . . . . 80.00 BRN PPZ level, confluencing with a 50% ret level, swing highish. Nice place for a tight stop loss, above the 77.00.

Sure, I know its easy to say after the fact but this is why we demo to find out if they fit our style. Nice hard break with zero draw down.

(check the 5 min, I may be wrong by a pip or two )
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Indicators show the past. Price Action "Indicates" the future.
  • #67,746
  • Jun 30, 2010 12:32am Jun 30, 2010 12:32am
Quoting Rosentrade
..
I've noticed that the charts on MT4 at home look different to the web charts I'm looking at while I have the inconvenience of being at work...
(I have a niggling feeling that the timing of the bar close may be an issue).

I'm obviously trying to get some consistency in charting to apply the methods I've picked up here/....
Hello Rosentrade,
im not quite sure i understand your concern.

webcharts?
if u mean to say is u are using MT4 broker 'A' at home, but u use MT4 broker 'B' (or nn-MT4 webchart) at work, then u are correct. there might be a 'bar close issue'.
different brokers have different daily closes.

if u want consistency, try using the same broker (MT4 or not) at home & at work.
hope that helps!



EDIT:
u have to set your charts up using templates, so you will achieve 'consistency' (your charts will look the way u want them to, all the time)

not sure if this will help
http://www.forexfactory.com/showthread.php?t=243431
  • #67,747
  • Jun 30, 2010 12:37am Jun 30, 2010 12:37am
Quoting supremeChaos
Hello Rosentrade,
im not quite sure i understand your concern.

webcharts?
if u mean to say is u are using MT4 broker 'A' at home, but u use MT4 broker 'B' (or nn-MT4 webchart) at work, then u are correct. there might be a 'bar close issue'.
different brokers have different daily closes.

if u want consistency, try using the same broker (MT4 or not) at home & at work.
hope that helps!
Thanks mate for that quick reply - yep I'm looking at a browser based generic forex chart on a website which I won't name. I can't install MT4 here (more unfair contraits on my real life hehe). So yep to elaborate, should I set up the bar close on MT4 at home for NY time, is that even possible? I'm in Australia so I'm not sure how that affects the default settings.
  • #67,748
  • Jun 30, 2010 12:54am Jun 30, 2010 12:54am
Rosentrade,
u have to get a broker like FXPro which closes NY time.

Oanda has a web-based platform. maybe u can try that at work.

a compromise:
(assuming u cant create a chart template for that browser based chart platform) what u can do is familiarize yourself with a 'generic, simple template' which u'll get comfortable working with either at home/work.
use a simple chart color, a few MAs, few/no indicators --the point is keep it simple so that set up is quick when used at work.
this way u can easily change the settings, & at the same time be able to work comfortably with charts at work.

maybe there are better ideas out there.


http://fxtradeinfocenter.oanda.com/m...fxmarkethours/
  • #67,749
  • Jun 30, 2010 12:58am Jun 30, 2010 12:58am
Quoting jarroo
Boy did I pick the wrong time to get out of this one. lol
Hi Jaroo

Using 20/20 hindsight - is it generally worthwhile to leave just a little bit on the table - say on a previous bar high SL basis? Weekly BEOB giving reasonable prospect of hitting target around 61.3?

Thanks

J
  • #67,750
  • Jun 30, 2010 1:04am Jun 30, 2010 1:04am
Quoting jarroo
Nice Job cprao.

It's a good sign that Price tested that level (previous Highs or top of consolidation) prior to the break. It could break and then test those highs as we talked about. A good place to put your stop after the break.

You didn't mention it, so I thought I would also point out that it also had a bit of divergence, mainly with the closes. Every bit of confluence matters to support a setup. It helps in the "pull the trigger department".

That Daily had a nice supportive setup as well.

Jim
Jarroo - you are right on divergence. I didn't even check them.

The great thing about this is - I don't have to keep SL at the bottom of the bar. I can keep it at previous High/Low or consolidation..

That was a great tip.. I would have never figured that out..
  • #67,751
  • Jun 30, 2010 1:11am Jun 30, 2010 1:11am
Quoting james16
Like mike said your a good guy.

I am trying Squire. Just don't like to admit it. LoL
  • #67,752
  • Jun 30, 2010 1:15am Jun 30, 2010 1:15am
Quoting jspeakman
Hi Jaroo

Using 20/20 hindsight - is it generally worthwhile to leave just a little bit on the table - say on a previous bar high SL basis? Weekly BEOB giving reasonable prospect of hitting target around 61.3?

Thanks

J

Yeah good old hindsight. That was my trading plan J. That PPZ level at the 62.70 was my final target and you can see how price reacted around that area. So I was very pleased with the trade.

I agree with you J, leaving some on the table to let it run is always a good thing. Having your stop losses define your profits. But this one didn't display that to me.


Weekly BEOB . . .Looks like it already hit the 61.30 unless you meant the 60.30. Yeah I could see it hit the 60.00.
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Indicators show the past. Price Action "Indicates" the future.
  • #67,753
  • Jun 30, 2010 1:21am Jun 30, 2010 1:21am
Quoting cprao
Jarroo - you are right on divergence. I didn't even check them.

The great thing about this is - I don't have to keep SL at the bottom of the bar. I can keep it at previous High/Low or consolidation..

That was a great tip.. I would have never figured that out..

Just be aware that those tight stop loss placements will get hit at times then Price goes to the moon. It will happen.

But your setup broke hard with no draw down (or vey little I believe). A very good sign or confirmation that the setup is correct.
Indicators show the past. Price Action "Indicates" the future.
  • #67,754
  • Jun 30, 2010 1:23am Jun 30, 2010 1:23am
Quoting jarroo
Yeah good old hindsight. That was my trading plan J. That PPZ level at the 62.70 was my final target and you can see how price reacted around that area. So I was very pleased with the trade.

I agree with you J, leaving some on the table to let it run is always a good thing. Having your stop losses define your profits. But this one didn't display that to me.


Weekly BEOB . . .Looks like it already hit the 61.30 unless you meant the 60.30. Yeah I could see it hit the 60.00.
Thanks Jaroo - one to file away!

J
  • #67,755
  • Jun 30, 2010 2:53am Jun 30, 2010 2:53am
So that's how pin bars are born: Drunk trader banned from industry for five years

I read the news this morning and I the first thought that entered my mind was that this guy had to leave a nice pin on the chart. Well, I went and dug up the chart and what do you know, a pin it is. So, mystery solved, boys and girls, pin bars are the results of drunken traders. I wonder if BEOB/BUOB are the result of traders on weed?
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If you don't risk, you don't ever have to lose.
  • #67,756
  • Jun 30, 2010 4:10am Jun 30, 2010 4:10am
Quoting bug
So that's how pin bars are born: Drunk trader banned from industry for five years

I read the news this morning and I the first thought that entered my mind was that this guy had to leave a nice pin on the chart. Well, I went and dug up the chart and what do you know, a pin it is. So, mystery solved, boys and girls, pin bars are the results of drunken traders. I wonder if BEOB/BUOB are the result of...
Wasn't trading gold as well was he?

Any thoughts on the gold daily PIN? I know it's in a bit of traffic but I like the direction it's headed based on the overall trend. Does 1250 look like a possible FTA? I can't seen much activity at that number recently so am targeting 1260:
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Anything can happen.
  • #67,757
  • Jun 30, 2010 5:23am Jun 30, 2010 5:23am
Eventually got a nice trade on cable! nice 30 min pin using fib as closing back over fib support, also showing divergance on RSI...taken half profit now and moved to break even. Had stop at 14995, now back to 15022. any thoughts ?
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  • #67,758
  • Jun 30, 2010 5:42am Jun 30, 2010 5:42am
Hello everyone.

For a confluence between a BRN and a Fib line (like the chart posted by Jaroo) how many pips difference between those two that we could still consider them a confluence? Would an 11 pips difference be okay? For example a BRN of 80.00 and a fib 50% line of 79.89; is that a confluence?
  • #67,759
  • Jun 30, 2010 5:50am Jun 30, 2010 5:50am
Quoting mbqb11
that is peanuts man, I know Aaron has disappered a bit otherwise he would have put this one up for you

you guys can scroll to the right for yourself LOL
Nah, I swore I'd give up busting your balls about that one. Anyone can pop in and be a tough guy, but it takes a little more to help people day in day out like Mike.

In fact, over in the pf, Mike posted in a thread "I'll let someone put up the USDMXN so you can have a giggle" and no one did.

I think you may be off the hook with that one Mikey, we're going to have to find a new stick to beat you with...

Haven't looked in here in ages. I don't have nearly as much time as I used to, but it seems like it's still rocking in here. Traders helping other traders kindly and politely, with none of the noise and ego of other areas of the site. Warms your heart doesn't it?

Hope you guys are all doing well.

Aaron
  • #67,760
  • Jun 30, 2010 5:50am Jun 30, 2010 5:50am
Quoting bun888
Hello everyone.

For a confluence between a BRN and a Fib line (like the chart posted by Jaroo) how many pips difference between those two that we could still consider them a confluence? Would an 11 pips difference be okay? For example a BRN of 80.00 and a fib 50% line of 79.89; is that a confluence?
Hi Bun, Confluence need not mean that the lines have to line up exactly. I would say if the PA bar hits both of them even though they are not at the same price level, it is valid to say 'confluence' with FIB and BRN.

CY
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