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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

  • #68,981
  • Jul 17, 2010 11:16am Jul 17, 2010 11:16am
Quoting eswap0
I did't see that set up discussed here.
50% closed @1:1, moved to BE remaining position (already 20 pips to TP).
That red line speaks volumes about your knowledge and understanding of the material

Way to go E very nice

Mike
  • #68,982
  • Jul 17, 2010 11:18am Jul 17, 2010 11:18am
Quoting cprao
I am also a learner.. so wait for seniors comments before taking my word.. but however, what I see is - PB's close is not below the open. I guess this is one of the rule to call this technically a PB.
Hey C an T

For a pinbar to be a pin as per J16 the open and close have to be within the prior bar. I prefer things like a lower close etc.

As for this trade this trade is happening in a lot of traffic thus I would be looking to the major round number of .7000 directly below us as the first trouble area.

Hope everyone is having a nice weekend

Mike
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  • #68,983
  • Jul 17, 2010 6:01pm Jul 17, 2010 6:01pm
I am already on this ride. I posted a double high on the daily earlier in the week.

The Dow and all the other stock indices took a battering on Friday. I expect no rest bite next week.

I noticed there was a pinbar on the weekly chart for the Dow.
It pierces the 150 ema.
The wick is 245 pips.

As I say I am gunning for this one already but thought others might be interested.

There are pb's on several other major indices and Brent crude oil - what a surprise - bet you there's one on Tiffany shares as well (I haven't looked yet)....... Yeah there is.
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  • #68,984
  • Jul 17, 2010 7:00pm Jul 17, 2010 7:00pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting supremeChaos
Hello Adilius07,
what u can do, though, is save profiles the way u like them.
if u want 20 pairs in H4 TF... have all 20 pairs in H4, then save a "H4 profile". to do that, once u have the 20 charts all on H4, go to
File > Profiles > save as ... then name it appropriately (example, "H4 charts)"
to access your profiles
File > Profiles.... u will see a list of profiles
Your profile is also listed in the bottom status bar of MetaTrader and you can click on that name for a quick way to switch profiles. Note: any changes you make to charts are immediately saved to the profile definition. So you might want to make a pristine copy (H4_Default, Daily_Default) of each profile and then work with a copy of that profile. That way if you change your charts you have a clean profile to go back to.

If you have a lot of charts you want to set up your particular way, it's easier to make one chart look perfect and then simply copy the chart characteristics from file to file rather than using the UI to set up each chart. The charts are all defined in the .chr text files that are in the <metatrader>/profiles/<profile_name>/ directory.
  • #68,985
  • Jul 17, 2010 7:20pm Jul 17, 2010 7:20pm
Anyone have a keystroke method of Scrolling through Chart Tabs?
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Bill
  • #68,986
  • Jul 17, 2010 7:32pm Jul 17, 2010 7:32pm
Quoting Bemac
Anyone have a keystroke method of Scrolling through Chart Tabs?
Attachment

Bill
Try
CTRL+F6..

All the hot keys are given in the MT4 user guide.

Press F1 on the platfrom
Click on search tab
Type in " hot keys"
hit list topics

on the given search results
Double click on "User interface fast navigation"

On the right side.. some where in the middle you will see a section
Hot keys.. where all the hot keys are mentioned.
  • #68,987
  • Jul 17, 2010 10:09pm Jul 17, 2010 10:09pm
Quoting Bemac
Anyone have a keystroke method of Scrolling through Chart Tabs?
Attachment

Bill
Hey Bemac, If i understand you correctly, what you want its CTRL+Tab (or CTRL+SHIFT+Tab to go the other way around)

They will go in the order in which you last selected them, so if you want to go in some specific order just do it first with the mouse and then with the keys mentioned above.

Hope it helps

Matty
  • #68,988
  • Jul 17, 2010 10:49pm Jul 17, 2010 10:49pm
Quoting Bemac
Anyone have a keystroke method of Scrolling through Chart Tabs?

Bill

Alt + W or right click on the Chart Tabs and select "Windows".
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #68,989
  • Jul 17, 2010 11:12pm Jul 17, 2010 11:12pm
Quoting batesmotel
This one looks good (for a long) to me for next week sometime...Above 1.3560, I'll be lookin to buy...
It sure looks pretty bates.

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Indicators show the past. Price Action "Indicates" the future.
  • #68,990
  • Jul 17, 2010 11:54pm Jul 17, 2010 11:54pm
Thanks guys.

All 3 great tips.
I can see using Matty & Jim's suggestions more often because I hit Ctrl+F5 instead of F6 & changed Profile by accident.

Bill.
  • #68,991
  • Edited 12:23am Jul 18, 2010 12:07am | Edited 12:23am
Quoting Pinbar
Just found out why I got stopped out on USD/CAD after Tp1 and then moving the SL.
price was stalling a bit and I locked in 25 pips profit. Now, I could have locked in just 10 pips profit as I had already taken half off the table at TP1.
Perhaps, being over protective is not a good thing, ONCE we have taken TP1.
Still. it could have been worse, I could have lost out on this trade instead of bagging nearly 60 pips.

EDIT: Possibly I need to work on trusting the daily setup more and working out where a particular setup is likely to stop.
The next...

These areas of consolidation (or boxes) tend to form PPZ levels. Or you can say that PPZ levels form areas of consolidation. I think both statements are correct.

These "boxes" will break out and retrace back to the box. On its retrace or retest of the box, this is where we would like to see Price Action to confirm a continuation of that breakout. The Mike classic breakout/pullback with PA.

Your 4 hour IB was actually one way to trade a breakout pullback with PA.
What made this IB tradable was the support of the PPZ level 1.0380, the support of the box, confluencing with the 365 ema and it was in the process of retracement of the box (or PPZ level). Resistance level now turning into a Support level.


A stop loss placement below this strong confluenced level (1.0380) would have been well protected. And using an IB that is sitting on the 1.0380 as your trigger, that is only 20 pips big was truely a low risk situation. I like using the free trade approach (covering risk) on IBs and this setup was perfect for it. To bad I missed it.

Notice where Price ended on Friday . .right at another "box".

Just some thoughts.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #68,992
  • Edited 12:25am Jul 18, 2010 12:14am | Edited 12:25am
Quoting Bemac
Thanks guys.

All 3 great tips.
I can see using Matty & Jim's suggestions more often because I hit Ctrl+F5 instead of F6 & changed Profile by accident.

Bill.
In the "Tabs Window", I will mistakenly hit the "Close" button thinking I'm closing the window. But what I'm doing is closing the pair that is selected. I should have hit "Cancel".
Indicators show the past. Price Action "Indicates" the future.
  • #68,993
  • Jul 18, 2010 12:39am Jul 18, 2010 12:39am
Quoting mbqb11
Hey C an T

For a pinbar to be a pin as per J16 the open and close have to be within the prior bar. I prefer things like a lower close etc.

As for this trade this trade is happening in a lot of traffic thus I would be looking to the major round number of .7000 directly below us as the first trouble area.

Hope everyone is having a nice weekend

Mike

Could be some added support for this PB. Or is the bull flag still in play.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,994
  • Edited 1:36am Jul 18, 2010 12:54am | Edited 1:36am
Quoting six gun
I am already on this ride. I posted a double high on the daily earlier in the week.

The Dow and all the other stock indices took a battering on Friday. I expect no rest bite next week.

I noticed there was a pinbar on the weekly chart for the Dow.
It pierces the 150 ema.
The wick is 245 pips.

As I say I am gunning for this one already but thought others might be interested.

There are pb's on several other major indices and Brent crude oil - what a surprise - bet you there's one on Tiffany shares as well (I haven't looked yet)..........

Interesting where Price found Resisitance on the Daily DJIA30. Right at the break of the beautiful BEOB (that looks like a bearish PB). I would like to see the order flow at that break level. lol



Note to Ghous: Here's another example of a situation where an IPB proxy high could be used.

Quoting jarroo
I guess you could use the previous bar high with the IPB . . like a proxy high for an IPB . .what you think g?
Although both proxy highs where no where near getting touched.
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Indicators show the past. Price Action "Indicates" the future.
  • #68,995
  • Jul 18, 2010 1:19am Jul 18, 2010 1:19am
Quoting jarroo
Could be some added support for this PB. Or is the bull flag still in play.
yep this is my thinking too, not surprised we are in the same mindset though
  • #68,996
  • Jul 18, 2010 1:22am Jul 18, 2010 1:22am
Quoting jdl
Your profile is also listed in the bottom status bar of MetaTrader and you can click on that name for a quick way to switch profiles. Note: any changes you make to charts are immediately saved to the profile definition. So you might want to make a pristine copy (H4_Default, Daily_Default) of each profile and then work with a copy of that profile. That way if you change your charts you have a clean profile to go back to.

If you have a lot of charts you want to set up your particular way, it's easier to make one chart look perfect and then simply...
Jdl, thank you! I think I got it all set now. And yes found the Profile tab in the status bar below the chart - just a few cicks and I have all my charts changed! thanks!
  • #68,997
  • Jul 18, 2010 1:37am Jul 18, 2010 1:37am
Quoting mbqb11
yep this is my thinking too, not surprised we are in the same mindset though

You taught me well, brother.
Indicators show the past. Price Action "Indicates" the future.
  • #68,998
  • Jul 18, 2010 1:47am Jul 18, 2010 1:47am
Quoting jarroo
These areas of consolidation (or boxes) tend to form PPZ levels. Or you can say that PPZ levels form areas of consolidation. I think both statements are correct.

These "boxes" will break out and retrace back to the box. On its retrace or retest of the box, this is where we would like to see Price Action to confirm a continuation of that breakout. The Mike classic breakout/pullback with PA.

Your 4 hour IB was actually one way to trade a breakout pullback with PA.
What made this IB tradable was the support of the PPZ level 1.0380, the support...


Thanks for you input Jim.

Looking at it right now, I think I could possibly have managed it better if I had not been switching form TF to TF.

I shall work on this.

Tomorrow is a national holiday here in Japan so the Asian may be a bit slower than usual.

Thanks again.
  • #68,999
  • Jul 18, 2010 1:53am Jul 18, 2010 1:53am
Quoting Pinbar
Thanks for you input Jim.

Looking at it right now, I think I could possibly have managed it better if I had not been switching form TF to TF.

I shall work on this.

Tomorrow is a national holiday here in Japan so the Asian may be a bit slower than usual.

Thanks again.
My post was a bit advanced but can be applied to the Daily and Weekly time frames. Keep veiwing James16's and Mike's videos and charts. Its just a matter of time and practise before it starts clicking in your head.
Indicators show the past. Price Action "Indicates" the future.
  • #69,000
  • Edited 4:08am Jul 18, 2010 2:27am | Edited 4:08am
anyone using recent candles indicator(by hanover)?
i use it with templates (num of candles = 8)

edit: H28 EURUSD better pb than on Daily?
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