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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

  • #68,901
  • Jul 16, 2010 4:40am Jul 16, 2010 4:40am
Quoting Pinbar
....
The experience is the real profit.
Pinbar,
is the blue line a divergence line?
i think u are plotting that div incorrectly.
it looks creative (connecting one MACD low on the left & a high on the right while neglecting/dismissing all the MACD histogram in between that two endpoints), but it doesnt work that way (UNLESS u have been doing it for sometime & it works for u).

plot on price highs, plot on indicator highs. (price is up but slowly turning/moving down)
plot on price lows, plot on indicator lows. (price is down but slowly turning/moving up)

in your chart, price is down & slowly turning up. price made a "U" shape (see July8 - 15), so did MACD..
u plotted on price highs, but MACD is below 0, so u plotted from an MACD low (left), then connected that to an MACD high (right).

again, if u have been doing this for a while & it works for u, then ignore this post.

http://www.babypips.com/school/divergence_trading.html
  • #68,902
  • Jul 16, 2010 4:44am Jul 16, 2010 4:44am
Quoting jarroo
Absolutely. Actually they would be BUOBs that look like PBs, one of my favorites. (blue line is the 150 ema)
Jaroo, pls how do you get the H8 chart. Thanks
  • #68,903
  • Jul 16, 2010 4:50am Jul 16, 2010 4:50am
kdee1,
period conversion
check here & here.
  • #68,904
  • Jul 16, 2010 5:00am Jul 16, 2010 5:00am
I appreciate this is on the H1 chart, but does this look like a good Pb ?
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  • #68,905
  • Jul 16, 2010 5:08am Jul 16, 2010 5:08am
Sjr,
not really, usdcad looks bullish to me.
if so, u may encounter buyers if price dips. this could be detrimental to your short.
if price moves down, it could be good for about/at least 15pips.

just my view
  • #68,906
  • Jul 16, 2010 5:09am Jul 16, 2010 5:09am
Quoting supremeChaos
Pinbar,
is the blue line a divergence line?
i think u are plotting that div incorrectly.
it looks creative (connecting one MACD low on the left & a high on the right while neglecting/dismissing all the MACD histogram in between that two endpoints), but it doesnt work that way (UNLESS u have been doing it for sometime & it works for u).

plot on price highs, plot on indicator highs. (price is up but slowly turning/moving down)
[b]plot on price lows, plot on indicator lows. (price is down but slowly turning/moving...
Thanks SC, for some reason I always get this wrong. LOL

Right, will get it down properly.

Thanks for the link.
  • #68,907
  • Jul 16, 2010 5:44am Jul 16, 2010 5:44am
TP1, took half off the table just before the PPZ as price was struggling within 4 pips of TP1. Just got stopped out for +25 pips.
It is a Friday after all.
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  • #68,908
  • Jul 16, 2010 5:46am Jul 16, 2010 5:46am
Just thought i would post a web based free live charting link that you can use. Ideal if your at work (like me) and you want to keep up with whats happening during the day..u can use fibs on it..etc. http://www.fxstreet.com/rates-charts/live-charts/ Shane
  • #68,909
  • Jul 16, 2010 5:55am Jul 16, 2010 5:55am
Pinbar how long have you been trading pinbars? I can see you're showing some good results.
  • #68,910
  • Jul 16, 2010 5:56am Jul 16, 2010 5:56am
Hello Shane,
some more live web charts
https://fxtrade.oanda.com/your_accou...er/game/signup (needs registration)
http://www.dailyfx.com/charts/
(note: i havent used them much, so i dont know much about them)
  • #68,911
  • Jul 16, 2010 5:56am Jul 16, 2010 5:56am
Quoting Shanetrader
Just thought i would post a web based free live charting link that you can use. Ideal if your at work (like me) and you want to keep up with whats happening during the day..u can use fibs on it..etc. http://www.fxstreet.com/rates-charts/live-charts/ Shane
Hey Shanetrader, check this out too http://www.freestockcharts.com/ as I heard this is the best free charting in terms of delay (almost real time)
A lot of functions. Whole Market.
  • #68,912
  • Jul 16, 2010 6:31am Jul 16, 2010 6:31am
Quoting mihazupan1
Pinbar how long have you been trading pinbars? I can see you're showing some good results.

Not so long....I only joined this group in May of this year.
I had some good help from the kind people in this forum.

Still finding my feet and have only this week really grasped the basics of what has been taught to me after studying 10-15 plus hours 7 days a week. Seems like it takes time to sink in and we can't rush the process.

Much more studying to be done.

Hope you catch on faster than I do and have a great learning journey.
  • #68,913
  • Jul 16, 2010 6:57am Jul 16, 2010 6:57am
Got so tied up in the USD/CAd trade, I missed the EU entry I planned on taking. loL there are more to come.
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  • #68,914
  • Jul 16, 2010 7:19am Jul 16, 2010 7:19am
Any takers on the touch?
  • #68,915
  • Edited 7:56am Jul 16, 2010 7:24am | Edited 7:56am
Quoting six gun
Ah I am a dick head. The little bar is Friday not Sunday.
I do get Sunday candles but not on my daily charts.

Well that makes order flow sense.
Thursday is bulls day.
Friday is doji day
Monday the bears take over and they are still in command.

Will keep looking for the best closing time - the question is asked on the Factory but no clear answer so far, one poster says he's asked around but no-one can answer him.
Hi Six gun

Go Markets in Australia (www.gomarketsaus.com) offer nano, mini, micro & standard lots using a 9pm EST server time (+2 GMT) , which is 4 hours from the New York 5pm EST closing time. Hence if you trade 4h charts it will be perfect

MB Trading uses 5pm EST for standard, mini, & micro lots, so you get proper New York daily charts: http://qcharts.mbtrading.com/vbullet...read.php?p=291

... if my times are out then let me know ...
WARNING: Don't follow me as I'm just learning
  • #68,916
  • Jul 16, 2010 7:47am Jul 16, 2010 7:47am
Quoting Rustam
I didn't have time to post this when it happened but the trade is now over and i lost Any ideas on what went wrong, or should I have never taken it in the first place?

I went short on the break of the pinbar which happened 5 bars back. It was off PPZ, 50% ret and 1.47 BRN and my target was 1.4455(the top of the narrow range below)

EDIT: this is a 4H chart of EUR/AUD

Thanks.
I think a Short might have paid off {still might} but not to the levels you were looking for.
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" chart-patterns/saucer-bottom.html
A saucer bottom pattern, also called a cup and handle, etc., is a pretty often used pattern for recognizing "breakouts" and a trend change.
As a commodities price trends down to form the bottom of the saucer, open interest and volume start to dry up as people become disinterested.
The price rises up a little and starts a sideways trend, also known as the "handle" in a cup and handle formation. The "handle" may even trend down a bit.
As the price breaks above the "handle" on higher volume, it usually signals a trend change.
The price may trend down some after the initial breakout, and the "handle" should now provide support if the trend change is valid.
"
  • #68,917
  • Jul 16, 2010 7:52am Jul 16, 2010 7:52am
Sir Bemac,
that's exactly what i was thinking of when i posted below.
Thanks for that chart.

Quoting supremeChaos
...
see that rounding bottom around July8 - 13?
it turns out it is accumulation (buying spree) before the run up (current uptrend).....
  • #68,918
  • Jul 16, 2010 7:57am Jul 16, 2010 7:57am
Quoting joelcf
There are signs that the entire Eurozone isnt as completely screwed as people feared. Spain managed to sell 3bn euro worth of 15y bonds overnight, at a reasonable (albeit 80 bps higher than last time) spread, so there is a few signs that they might not collapse and take the rest of Europe with them.
Where is the 'tilt' point though?
If Spain had a successful auction next time, but at yet another 80 bps premium, when does it become bad news?
  • #68,919
  • Jul 16, 2010 8:01am Jul 16, 2010 8:01am
Quoting Atc
I don't know Dan ...but I am/was ready to touch short with 1.30 BRN Fib 61.8 ....we shall see
Update from yesterday...about to take FTA and move stop to BE...we shall see...or kill it
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  • #68,920
  • Jul 16, 2010 8:27am Jul 16, 2010 8:27am
Quoting adam777
Hi Six gun

Go Markets in Australia (www.gomarketsaus.com) offer nano, mini, micro & standard lots using a 9pm EST server time (+2 GMT) , which is 4 hours from the New York 5pm EST closing time. Hence if you trade 4h charts it will be perfect

MB Trading uses 5pm EST for standard, mini, & micro lots, so you get proper New York daily charts: http://qcharts.mbtrading.com/vbullet...read.php?p=291

... if my times are out then let me know ...
Thanks for the interest I will look into this.
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