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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

  • #69,901
  • Jul 27, 2010 10:09pm Jul 27, 2010 10:09pm
Quoting True777
Haha to one day "eyeball" it would be great ;-)

Does Fxpro have a NY midnight close on the daily candle? I heard that that is a must when trading this style...true untrue?
A NY close would be when the NY session is over which is conisdered more like 5pm est. This is when FXpros candle closes. Many uses closes roughly 2-3 hrs around that time depending on their broker. Neither is a must. I believe it is better to have one closer to this time so your bar doesn't start to get the less liquid sessions into the close(tokyo/sydney)

Mike
  • #69,902
  • Jul 27, 2010 10:13pm Jul 27, 2010 10:13pm
Quoting mbqb11
I trade majority of my trades on the 4hr, so how small of a timeframe that is, debatable. I spend very little time trading.

we have beat the living dead horse out of the daily/weekly thing so I won't even go there .

Summary: Daily/weekly will give most the tools to help succeed wherever their trading takes them. Discipline, patience instead of over trading and button clicking. Some will NEVER and have never left those timeframes b/c they do just fine taking a handful of trades. Others watch 100+ markets daily/weekly have full time jobs and...
Mike,
Where can we go to view your webinars?
  • #69,903
  • Jul 27, 2010 10:14pm Jul 27, 2010 10:14pm
Quoting spookie94
Mike,
Where can we go to view your webinars?
there area a bunch of free excerpts up in the guest section of the site. Probably due for an updated one I will look to get up soon

Best
Mike
  • #69,904
  • Jul 27, 2010 10:22pm Jul 27, 2010 10:22pm
Quoting six gun
Touch trading is used with moving averages as well as static resistance/support levels.
So price comes up to the ma and will often bounce off.
So with touch trading when price meets the ma you go into the trade.
The risk is price does not bounce off and goes straight through.

So for confirmation, when price meets the ma you look at the bars.
It is the same with support resistance levels.
Does price show rejection of that level - it would do this by forming a pin bar for example - price goes up to the level and then pulls away forming the wick.
Similarly...
I haven't done much personally but what I read and seen is the longer price has been away from a major S/R level the better the chance you have on a retrace.
  • #69,905
  • Jul 27, 2010 10:31pm Jul 27, 2010 10:31pm
possible double pb if this candles closes like it is now? thoughts on how you would trade this? the previous 2 candles look like they've made the double bar low, lower close, i think that's one of the setups. but this 1.0350 area has been sick sup/res. what if this bar pushes down to the 340s and closes, breaking the double bar low and maybe breaking that sup area and forming a pb...?
  • #69,906
  • Jul 27, 2010 10:53pm Jul 27, 2010 10:53pm
Havent had many great higher TF runners lately - isnt hindsight a wonderful thing - this one would have been nice but i chose not to take it because of the traffic overhead
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  • #69,907
  • Jul 27, 2010 11:41pm Jul 27, 2010 11:41pm
Quoting squeezy
also look out for the size of previous bar(s) with respect to ur pa bar....
now u can use supremechaos' chocolate analog to analyse this scenario...
thanks squeezy im eating lunch in front of my PC (a typical scenario).
i just lost my appetite thanks to your post.

Hope u are doing fine.
we had a 'thread visitor' last night. u missed him..... not
  • #69,908
  • Jul 27, 2010 11:42pm Jul 27, 2010 11:42pm
Quoting mbqb11
A NY close would be when the NY session is over which is conisdered more like 5pm est. This is when FXpros candle closes. Many uses closes roughly 2-3 hrs around that time depending on their broker. Neither is a must. I believe it is better to have one closer to this time so your bar doesn't start to get the less liquid sessions into the close(tokyo/sydney)

Mike
How can you tell if a broker has a NY close?

Do you use MT4 on FXpro or another platform?
  • #69,909
  • Jul 27, 2010 11:42pm Jul 27, 2010 11:42pm
Quoting james16
It wont be up for long as i still have some work to do but come over right now....
http://www.james16group.us/Guests/guestchat.html
im way too late!
now, it says "server closed"

maybe it rejected my username:
supremeChocolate

  • #69,910
  • Jul 27, 2010 11:45pm Jul 27, 2010 11:45pm
Quoting six gun
looks like so on macd
hey Sir,
if u look ath the MACD histogram it does have divergence.
but since u are using the 'real' MACD, u are supposed to to compare the MACD signal lines (not the histogram) with price. the signal lines are making higher highs, so does price, so there is no divergence.

remember, the MACD signal lines of the 'real' MACD is equivalent to the histogram of the 'incomplete' MACD (i.e., the default MT4 MACD).
  • #69,911
  • Jul 27, 2010 11:51pm Jul 27, 2010 11:51pm
Quoting joelcf
lol. I suspect he collected enough 'plz tell me secret PA system thx' PMs and moved on to spam elsewhere.
It's a pity he didnt hang around...
right from his first post, i can see contradicting statements.
i feel dumb after all that has happened. LOL. most likely some traders laughed at my naivety.
maybe i was too nice too him.
  • #69,912
  • Jul 27, 2010 11:57pm Jul 27, 2010 11:57pm
Quoting spookie94
How can you tell if a broker has a NY close?
Do you use MT4 on FXpro or another platform?
How? u compare the broker time to your local time or NY time

for example, FXPro closes at 00.00 which is 5pm EST/NY time
maybe u need this.
  • #69,913
  • Jul 28, 2010 12:01am Jul 28, 2010 12:01am
Quoting pipmyride
Havent had many great higher TF runners lately - isnt hindsight a wonderful thing...
u have to make a choice, bro.
if u like it, take the trade. face the consequence - u either win or lose.
if u dont like it, then dont trade. face the consequence, 1 of which is "dont regret a trade u didnt take".

what u could have done is
-take it on demo.
-trade a small live position.

experience it or miss it
there is no other way.


btw, in my recent post. i mentioned i traded eurjpy & gbpchf. they were runners yesterday (i made >10%,TINY account, still got 1 gbpchf position open, might get stopped out soon). for sure other pairs made some nice runs too.
  • #69,914
  • Jul 28, 2010 12:03am Jul 28, 2010 12:03am
Quoting spookie94
Mike,
Where can we go to view your webinars?
free webinars here.

based on your posts, u certainly need to do a lot of reading, Sir. (i have posted that link AT LEAST 3-5 times very recently)

this is an amazingly FREE thread. take advantage of it.
  • #69,915
  • Jul 28, 2010 12:14am Jul 28, 2010 12:14am
Quoting supremeChaos
like fx_heaven said..
looking at your chart, it looks like the BEOB barely got triggered.
as expected, gbpusd 1.5450 mini PPZ did not break convincingly.
the eurgbp BUOB mentioned earlier also didnt get triggered (in my FXDD feed).
all this info tells me gbp strength is pretty strong.
a close today at/above 1.5500 - 1.5550 is extra bullish , IMHO.

the current forming-BUOB is like u said a potential continuation PA setup at a higher swing low/higher low. with trend so it has potential.
if u are not familiar with trading continuation PA setups, then...
Hi SC,

Thanks for the explanation and replying to my mail.

Cheers
Novice 198
  • #69,916
  • Jul 28, 2010 12:15am Jul 28, 2010 12:15am
Quoting Pinbar
Space question.
How far back is traffic going to still be in effect?...
it depends.
there is no certainty, imho.
u just have to be aware & be prepared.

Quoting True777
How many pairs are you guys watching? I assume quite a few since the lowest you're looking to trade is 4hrs...? I have about 10 along with gold.
depends on how much YOU can handle.
u can monitor non-forex instruments too.

Quoting True777
Wow man, fxdd doesn't even have that many pairs.
...
if u want more, i'll give u more.
check the 2 links here. experiment.
try ForexUA/FOREX Ltd, XTB, WHC/Broco, LiteForex/SIG

Quoting True777
possible double pb if this candles closes like it is now? thoughts on how you would trade this?...
Please post a chart, Sir.
  • #69,917
  • Jul 28, 2010 12:16am Jul 28, 2010 12:16am
Quoting ghous
If I may...

A close below 15450 would have cleared the traffic on the setup while giving the BEOB a more authoritative make up as well.

We have a long term up trend going and we need something special to reverse this, not that this beob was totally untradable but then such setups are usually always good to the FTA at best, and you can't complain along those lines on this setup.

The obvious FTA (15450) was way too close, and held which should be of no surprise.

(ignore the trade you see on the chart)

g.
Hi Ghous,

Thanks for the insight to your analysis of the trade setup. Hope to get this ingrained in my subconscious mind.

Cheers
Novice 198
  • #69,918
  • Jul 28, 2010 12:20am Jul 28, 2010 12:20am
Quoting supremeChaos
u have to make a choice, bro.
if u like it, take the trade. face the consequence - u either win or lose.
if u dont like it, then dont trade. face the consequence, 1 of which is "dont regret a trade u didnt take".

what u could have done is
-take it on demo.
-trade a small live position.

experience it or miss it
there is no other way.
I cannot agree more on this point. Regretting a trade you didn't take will only serve to reinforce bad trading psychology.

Personally, it was a lot more difficult for me to watch a trade I missed than it was to watch a trade that went against me as soon as I entered it.

I was able to deal with with losses easy. Don't get me wrong; I hate them and constantly work on minimizing them as much as I can, but fact of the matter is that there will always be losses. I learned that lesson early and forced myself to move on, taking one trade at a time.

But I can't tell you how frustrating was for me to watch a setup that I had just missed, or a setup that I *just barely* decided to not trade, take off in the direction I would have traded it. I've been burned many times, having entered the trade after the missed setup, hoping that it would continue just a bit more so I could at least get my stop to break even, only to have it turn on me for a loss.

At any rate, this is just my very verbose way of reinforcing supremeChaos' point. You have to treat missed opportunities the exact same way you would treat a loss; that is, your attitude towards them must be at least *mostly* neutral.

Otherwise you'll drive yourself insane.

And there are always more trades.

Rock on.
  • #69,919
  • Jul 28, 2010 12:33am Jul 28, 2010 12:33am
Quoting supremeChaos
face the consequence, 1 of which is "dont regret a trade u didnt take".
.
I agree bro but i am only human .. it kinda annoys me when the books say to trade emotion free - we are only human that is not possible .. ofcourse it is HOW we CONTROL the emotion that makes us professional ..

Anyway, NEXT
  • #69,920
  • Jul 28, 2010 12:36am Jul 28, 2010 12:36am
Quoting XNAdam
I cannot agree more on this point. Regretting a trade you didn't take will only serve to reinforce bad trading psychology.
...
oh Sir, dont get me started.

picture this:
aggressive + impatient + regretful =
i still have these negative traits but through practice, experience & my stay in this thread for more than a year, my patience shot up dramatically.
i had no choice

i want to succeed, so i got to make the right decisions, the right moves.
how slow or fast we do the right things, in a way, is irrelevant; what matters more is we do it

IMHO, this thread is GOLD. the seniors here are ANGELS. again, it's a FREE thread. we have to benefit from it & we have to continually spread the word about it.
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