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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

  • #72,821
  • Aug 25, 2010 3:19pm Aug 25, 2010 3:19pm
gbp/chf daily.
not the biggest pb, but one which comes from strong support.
good space till 1.61.
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meine augen sind die sterne
  • #72,822
  • Aug 25, 2010 3:25pm Aug 25, 2010 3:25pm
Best set up for the chf
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  • #72,823
  • Aug 25, 2010 3:31pm Aug 25, 2010 3:31pm
Quoting aserbfx
gbp/chf daily.
not the biggest pb, but one which comes from strong support.
good space till 1.61.
yeah there are again 3 possible PB's forming. CADCHF, GBPCHF, AUDCHF.
Waiting to see how they close. I also like GBPCHF - looks like it has some space, good location, room to move, but the size is not perfect....
  • #72,824
  • Aug 25, 2010 3:35pm Aug 25, 2010 3:35pm
Quoting Bollocks
i am relieved i am not alone then it just seems the forum keeps ticking by with charts and trades yet my world is a rather different place.
I just try not to think about that stuff so much B. I consider it part of ones method. You have up months, down months and everything in between. I avg roughly 10 trades but some months I might have 18 and some months 2-3. It is very hard to be discipline but it gets easier everyday that you can resist being "in" the markets.

Great post
Mike
  • #72,825
  • Aug 25, 2010 3:38pm Aug 25, 2010 3:38pm
Itīs too late to get this trade??

Thanks
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If I Change, the whole World changes!
  • #72,826
  • Aug 25, 2010 3:39pm Aug 25, 2010 3:39pm
Quoting mbqb11
I just try not to think about that stuff so much B. I consider it part of ones method. You have up months, down months and everything in between. I avg roughly 10 trades but some months I might have 18 and some months 2-3. It is very hard to be discipline but it gets easier everyday that you can resist being "in" the markets.

Great post
Mike
I think one of the worst things you can subconsciously get into is some sort of quota of trades you have to make every month and putting yourself under the pressure to take trades just for the sake of trading. Just my opinion
  • #72,827
  • Aug 25, 2010 3:43pm Aug 25, 2010 3:43pm
Quoting mihazupan1
I think one of the worst things you can subconsciously get into is some sort of quota of trades you have to make every month and putting yourself under the pressure to take trades just for the sake of trading. Just my opinion
you are 5000% correct Miha. When people talk about they want to avg X% a month I start to cringe b/c then most people forget the word avg and say I want to make X% per month and force bad habits.

  • #72,828
  • Aug 25, 2010 3:43pm Aug 25, 2010 3:43pm
Quoting Forex Girl
Itīs too late to get this trade??

Thanks
Hey FX girl

Yes I would consider that chasing the trade since this one already broke and went well onto the first trouble area. Just wait for the next one there will be more for sure
  • #72,829
  • Aug 25, 2010 3:47pm Aug 25, 2010 3:47pm
Quoting Kika
Best set up for the chf
Hey Kika, I would say the size of this pin bar leaves a bit to be desired.

If you zoom out your chart, it may help to keep this pin bar in perspective. It may hit the FTA around .9845 but these borderline 'poodle' pin bars can be deceiving. Manage accordingly.

Just my thoughts.

-- Danny
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  • #72,830
  • Aug 25, 2010 3:48pm Aug 25, 2010 3:48pm
Quoting mbqb11
Hey FX girl

Yes I would consider that chasing the trade since this one already broke and went well onto the first trouble area. Just wait for the next one there will be more for sure
OK, Mike, Thanks!
If I Change, the whole World changes!
  • #72,831
  • Aug 25, 2010 4:04pm Aug 25, 2010 4:04pm
on my demo the spread on GBPCHF has jumped from 6 to 13 pips, almost instantly...wow now its 20!
  • #72,832
  • Aug 25, 2010 4:06pm Aug 25, 2010 4:06pm
stopped today
Don't give up
  • #72,833
  • Aug 25, 2010 4:09pm Aug 25, 2010 4:09pm
Quoting mbqb11
dang dude nice

I didn't read this before I posted. Simple and logical!

Nice zhang
Quess where I've learned this stuff, LOL.

May the force be with you,http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #72,834
  • Aug 25, 2010 5:33pm Aug 25, 2010 5:33pm
can you share that indicator?

thanks

Quoting Forex Girl
Itīs too late to get this trade??

Thanks
  • #72,835
  • Aug 25, 2010 5:49pm Aug 25, 2010 5:49pm
Quoting Uncharted
can you share that indicator?

thanks
Sure.... These are all indicators that I use !

Attached File(s)
File Type: ex4 DXTrade Info v2.ex4   8 KB | 533 downloads
File Type: ex4 PinBar.ex4   8 KB | 545 downloads
File Type: mq4 PinBar.mq4   31 KB | 595 downloads
File Type: mq4 RSI_Divergence_v2.mq4   12 KB | 572 downloads
If I Change, the whole World changes!
  • #72,836
  • Aug 25, 2010 6:29pm Aug 25, 2010 6:29pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Since the thread is not busy, I just wanted to say to all of you non-native English speakers how incredibly impressed and humbled I am with your language ability. I cannot imagine the difficulty of trying to follow this forum if it were written in, for example, Russian or Japanese. (Yes, I speak some foreign languages but only the basics.) Your participation here enriches us all.

Cheers.
  • #72,837
  • Aug 25, 2010 6:41pm Aug 25, 2010 6:41pm
Quoting jdl
Since the thread is not busy, I just wanted to say to all of you non-native English speakers how incredibly impressed and humbled I am with your language ability. I cannot imagine the difficulty of trying to follow this forum if it were written in, for example, Russian or Japanese. (Yes, I speak some foreign languages but only the basics.) Your participation here enriches us all.

Cheers.
you and me both JD, I took 8 years of french and can't speak a lick
  • #72,838
  • Aug 25, 2010 6:44pm Aug 25, 2010 6:44pm
Quoting bluetrader
Hey Kika, I would say the size of this pin bar leaves a bit to be desired.

If you zoom out your chart, it may help to keep this pin bar in perspective. It may hit the FTA around .9845 but these borderline 'poodle' pin bars can be deceiving. Manage accordingly.

Just my thoughts.

-- Danny
Agreed Danny, there was some strong reversal towards end of day, but I am not all to convinced about much. I was short this pair from the daily beob a few days back as a continuation breakout. Going to keep an eye on this pin but have gone to b/e. Maybe we get a poor break and price pours back down. Very strong move and a tiny bar. Would be very hard pressed to ever buy this tiny pin. But hey sometimes these get legs under them and this thing could rocket off. But I wouldn't be too in love and take a fullbar loss on that small of a bar.

Mike
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  • #72,839
  • Aug 25, 2010 6:51pm Aug 25, 2010 6:51pm
Quoting bluetrader
Hey Kika, I would say the size of this pin bar leaves a bit to be desired.

If you zoom out your chart, it may help to keep this pin bar in perspective. It may hit the FTA around .9845 but these borderline 'poodle' pin bars can be deceiving. Manage accordingly.

Just my thoughts.

-- Danny
G'day everyone,

Long time follower and believer in this system. I really appreciate knowledge and most importantly humility of the gurus on this thread and great to see they are eager to help newbies like me. I have learnt a lot and still learning.

Someone has mentioned about people feeling they need to be "in the market" and how they need to control that ( which is very true). My challenge is completely different :-). After losing some money, I am finding it difficult to pull the trigger and missed out on so many good opportunities. I only see why I should not be in the market :-(. Not good, I really need to work on that.

Danny you mentioned about the size of the pinbar compared to others. I think I still have not learnt this concept well. Looking at the pin bar it looked nice and long ( but clearly that is not enough). Can gurus here help me understand how to identify pinbar which is a A+ pin bar?
( I would not take this trade as FTA is too close and is counter trending, so I have enough reasons to not pull the trigger :-) ) but really would love to learn about size of the pin bar ( in context of other pin bars) and how it impacts the quality of the trade setup.

Appreciate your advice.

cheers
  • #72,840
  • Aug 25, 2010 7:06pm Aug 25, 2010 7:06pm
Quoting Imphilomath
G'day everyone,

Long time follower and believer in this system. I really appreciate knowledge and most importantly humility of the gurus on this thread and great to see they are eager to help newbies like me. I have learnt a lot and still learning.

Someone has mentioned about people feeling they need to be "in the market" and how they need to control that ( which is very true). My challenge is completely different :-). After losing some money, I am finding it difficult to pull the trigger and missed out on so many good opportunities. I only...
Hey Imp

Certainly no guru here just someone who has been doing things a certain way.

The first thing to note is. Not all bars are considered the same to different people. That is ok. So if I say this is not a bar I would take but someone else would. Not one is more right then the other.

For me what makes a good bar can change depending on the situation. using the cad/chf to me this bar is simply not one I want to catch the bottom on. I think of it like this. If you drop a knife point down from above your head and put your other hand palm out as low as you can hold your other hand it is going to HURT(ps don't try this at home lol). Now if you place a knife and drop it where your hands are very close together it is not going to hurt much.

What does this have to do with trading? A lot in my eyes. Think of the small pinbar after a HUGE run as the distance b/w your hands. With such strong moves the distance is far apart. Now if the strength of a trend is strong I would want a very large bar to catch it. How do I measure this? Visually for me, you can see huge bearish bars and if the pin doesn't look big in comparison(roughly as big or bigger) then I am not going to pick a bottom. Plain and simple for me.

Now as a market environment changes to more consolidated and less of a one way train then a smaller bar can have a bigger effect. Again think of the market environment as the distance b/w the knife and our hand.

Now this doesn't really give one a complete thought process. This is only PART of what I do and why I do it. Others could give you reasons complete opposite of mine and they would be viable in context.

For example someone says I know the trend is strong down, we have divergence we have a nice looking pin(I understand it isn't massive). I am going to buy in at a break and see if it breaks hard. So now there approach is becoming more logical. This person also likely doesn't take full bar losses often b/c if momentum is not there they cut out.

What does this do for you? Hopefully you understand that there isn't one thought process and it is ok to formulate your own and what works for you. Opinions are only experience and that can help you with yours. But don't forget this isn't a system but merely a method that can be applied in a variety of ways(too endless to type).

Hope this helps
Mike
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