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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

  • #68,161
  • Jul 8, 2010 2:39am Jul 8, 2010 2:39am
Quoting ddinnov
I took the weekly BUOB for EURUSD targeting 1.2700, 1.2900 and a trail for the rest if it breaks 1.3.

Your profit target looks nice. I'd like it to hit 1.27 today for 1/3 off the table and the rest moved to B/E.

Gosh I hope I'm not over trading, it doesn't feel right having so many trades going on with the rarity of really good set ups.
It is a good idea, to bring it down to a dichotomy.

Fine tune your system entry signals to a "Yes, this is a trade" and a "No, this isn't a trade"

The best part about doing this is that you eliminate discretion from your trading, discretion of marking a particular setup as A+ and another as B+ and maybe some other with say 2 set of confluences rather than 4 as C+.

If you already have been trading for a few months at least dig through your trades history and sniff out the patterns and trade setups that you seem to spot the most easily and are profitable for you, do the same with setups and patterns that have not been great for you. Bring things down to a yes or a no.

By doing this you don't end up sitting and wondering whether to pull the trigger or not, the setup is either yours or it's not - the result of that particular trade is obviously totally irrelevant to your long term progress, what is relevant is your own trading system, and it makes a world of difference when this trading system isn't based on "Oh, well, I'll see what the setup looks like then and there" but rather on "I need X and Y and Z for a trade to qualify, I get that I am in else I am out". Of course in time you can learn to bend the rules a bit in certain situations but let experience develop your mind first.

Another huge plus of applying this dichotomy is that you end up passing a lot more setups because a lot of them are found to be "slightly deficient" and hence the coin lands on the side which says "No trade" instead of you pulling the trigger and thinking..."I'll kill this trade at the FTA" or "I'll watch it like a hawk" or "I'll go with half the normal risk I use for my trades"

Just my 2cents regarding that feeling of over trading you've got.

g.
I believe . . .
  • #68,162
  • Jul 8, 2010 3:05am Jul 8, 2010 3:05am
Can the attached pic of USD CAD BEOB with multiple bar high and Lower close
be considered a good trade to be played for short entry.

Cheers
Novice 198
Attached Image (click to enlarge)
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  • #68,163
  • Edited 3:10am Jul 8, 2010 3:09am | Edited 3:10am
Quoting MktScape
Hi Guys,
As per per earlier post ... i just wanted to add the screen shot of the order window which pops up when the target is reached but the partial position isnt closed.

Any ideas as to what could be done to fix this problem?
MktScape,
The J16 manager is asking for manual confirmation, which should be unchecked for the EA to close position automatically. Pic attached.

Cheers
Novice 198

PS Allow DLL should be checked.
Attached Image (click to enlarge)
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  • #68,164
  • Jul 8, 2010 3:10am Jul 8, 2010 3:10am
This one looks good for some pips but personally I can't justify trading with the barrage of red folder news coming out today..
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  • #68,165
  • Jul 8, 2010 3:11am Jul 8, 2010 3:11am
Quoting Adilius07
This is not even funny how powerful these few simple setups are. ...
M5 = fast paced, more stress
D1 = slow pace, less stress, more free time
(i trade lower & higher timeframes too)

Great to hear about your trades & great to have u here!
  • #68,166
  • Jul 8, 2010 3:13am Jul 8, 2010 3:13am
Quoting Jonnyislost
barrage of red folder news coming out today..
FF calender
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  • #68,167
  • Jul 8, 2010 3:20am Jul 8, 2010 3:20am
Quoting novice198
Can the attached pic of USD CAD BEOB with multiple bar high and Lower close ...
i replied to a similar post a bit earlier...
that chart looks choppy. &the multiple BHLC already broke...momentum may help it break through.

Quoting Jonnyislost
This one looks good for some pips but personally I can't justify trading with the barrage of red folder news coming out today..
maybe they have already set the tone* with that 2-hour PB/BEOB hybrid (H1 PB on FXDD)
Let's see.

(*sometimes price moves in 1 direction & stays in that direction minutes/hours/days/weeks before a news-rich day or week, & continues in that same direction.)
  • #68,168
  • Jul 8, 2010 3:22am Jul 8, 2010 3:22am
Quoting ghous
It is a good idea, to bring it down to a dichotomy.

Fine tune your system entry signals to a "Yes, this is a trade" and a "No, this isn't a trade"

The best part about doing this is that you eliminate discretion from your trading, discretion of marking a particular setup as A+ and another as B+ and maybe some other with say 2 set of confluences rather than 4 as C+.

[b]If you already have been trading for a few months at least dig through your trades history and sniff out the patterns and trade setups that you seem to spot...
Thanks G

Nice project for this weekend - and something to add to the trade plan on a quarterly/6 monthly basis.
Anything can happen.
  • #68,169
  • Jul 8, 2010 4:27am Jul 8, 2010 4:27am
Can anybody tell me if this is even a valid pb on the 4 hr chart? I understand that this is not really a A+ setup. I am not really sure how to differentiate b/w the others.. I am only sticking to the A+ for now though

Thanks
k
Attached File(s)
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  • #68,170
  • Jul 8, 2010 5:02am Jul 8, 2010 5:02am
Quoting knn9413
Can anybody tell me if this is even a valid pb on the 4 hr chart? I understand that this is not really a A+ setup. I am not really sure how to differentiate b/w the others.. I am only sticking to the A+ for now though

Thanks
k

Looks rather small to reverse this uptrend IMHO, just compare it in size to the previous bar.
Also, the tail is not protruding very much from the left eye. I would pass on this for sure.

I think the NZD/USD is a better pinbar.
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  • #68,171
  • Jul 8, 2010 5:19am Jul 8, 2010 5:19am
Quoting supremeChaos
maybe they have already set the tone* with that 2-hour PB/BEOB hybrid (H1 PB on FXDD)
Let's see.

(*sometimes price moves in 1 direction & stays in that direction minutes/hours/days/weeks before a news-rich day or week, & continues in that same direction.)
Attached Image (click to enlarge)
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  • #68,172
  • Jul 8, 2010 5:23am Jul 8, 2010 5:23am
Quoting Pinbar
Looks rather small to reverse this uptrend IMHO, just compare it in size to the previous bar.
Also, the tail is not protruding very much from the left eye. I would pass on this for sure.

I think the NZD/USD is a better pinbar.
Thanks a lot pinbar!! Helps me in making a better judgement going forward
  • #68,173
  • Jul 8, 2010 5:29am Jul 8, 2010 5:29am
Hi guys, Ive set up an OandaFXGame account to start demoing my trading plan(recently posted). I will keep you up todate on how i get on. Oanda's charting package is really basic(useless really)
I have used prorealtime.com for charting for the last 6months which seem good but would like to cancel(daily candles not closing a right time).Im in Europe.

Where can i get cheap/free charting that uses the US close for the daily bars (5pm est, 10pm Irish time i believe). Is MT4 such a package that is generally available on demo(free) on some other FX broker website.

I would like to trade off dailys in the evening here.

Hopefully i can get this sorted and begin demo trading my plan!! Thanks guys..
  • #68,174
  • Jul 8, 2010 5:33am Jul 8, 2010 5:33am
Quoting Jonnyislost

price bounced off of that area, so far
im looking at 1.5100 area as FTA. let's see if we can get there & possibly pass through it.
  • #68,175
  • Jul 8, 2010 5:35am Jul 8, 2010 5:35am
Quoting Shanetrader
Hi guys, Ive set up an OandaFXGame account to start demoing my trading plan(recently posted)...
try FXPro demo. it has a 5pm New York close.
it's Free. i love freebies too http://cdn.forexfactory.com/images/s...m/big_grin.gif
  • #68,176
  • Jul 8, 2010 5:35am Jul 8, 2010 5:35am
Quoting Shanetrader
Hi guys, Ive set up an OandaFXGame account to start demoing my trading plan(recently posted). I will keep you up todate on how i get on. Oanda's charting package is really basic(useless really)
I have used prorealtime.com for charting for the last 6months which seem good but would like to cancel(daily candles not closing a right time).Im in Europe.

Where can i get cheap/free charting that uses the US close for the daily bars (5pm est, 10pm Irish time i believe). Is MT4 such a package that is generally available on demo(free) on some other FX broker...
Hi Shanetrader,

I use an FxPro demo MT4 account for my daily closes. The bars close at 5pm est as you say. It's completely free
https://www.fxpro.com/mt4-download

J
  • #68,177
  • Jul 8, 2010 5:37am Jul 8, 2010 5:37am
Quoting Pinbar
Looks rather small to reverse this uptrend IMHO, just compare it in size to the previous bar.
Also, the tail is not protruding very much from the left eye. I would pass on this for sure.

I think the NZD/USD is a better pinbar.

Definitely a nice bar the NZDUSD but price doesn't wanna go down, does it? . Well in my IBFX feed nothing that remotely resembles a PB though.
  • #68,178
  • Jul 8, 2010 5:49am Jul 8, 2010 5:49am
Quoting knn9413
Can.... I am not really sure how to differentiate b/w the others....
Good decision to stick with great setups
to learn further, Kindly check the links i shared here
  • #68,179
  • Jul 8, 2010 5:49am Jul 8, 2010 5:49am
Quoting supremeChaos

price bounced off of that area, so far
im looking at 1.5100 area as FTA. let's see if we can get there & possibly pass through it.

Nice find JIL

I also have the FTA around that area.

Even the H4 has a BEOB PB type looking bar.

SC, I take it we can not consider this a PB because the close is outside the left eye?
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  • #68,180
  • Jul 8, 2010 5:55am Jul 8, 2010 5:55am
Quoting ertorque
Definitely a nice bar the NZDUSD but price doesn't wanna go down, does it? . Well in my IBFX feed nothing that remotely resembles a PB though.


Not sure, yet.
I am noticing price staling around the 61.8 retrace of that PB, if it breaks the 61.8 area by much it may go up. If it keeps stalling like this at that area, I am thinking it may take a dive.
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