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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

  • #73,341
  • Aug 30, 2010 1:37pm Aug 30, 2010 1:37pm
Quoting anderou
Hi mike, could you be so kind as to give the names of the brokers so I could also watch the different closing times?
Hey Ander

as of right now(as it does change sometimes with the different changes in timezones)

I have FXPro(my main feed for daily only as well)
IBFX
Alpari - UK
FXCM

Mike
  • #73,342
  • Aug 30, 2010 1:43pm Aug 30, 2010 1:43pm
Quoting mbqb11
Hey Ander

as of right now(as it does change sometimes with the different changes in timezones)

I have FXPro(my main feed for daily only as well)
IBFX
Alpari - UK
FXCM

Mike
Thank you mike, the professional manner in which you answer questions and give advice is greatly appreciated.

regards,
Thank you j16!
  • #73,343
  • Aug 30, 2010 1:49pm Aug 30, 2010 1:49pm
Quoting mbqb11
while I understand what you are saying at the end of the day price is still price....

i have to disagree with you Mike and i am willing to bet that all the brokers you look at are based in the usa. session close information is important and should never be discounted. if your charts dont reflect this. look at the J16 method as an example. we base our trading off PPZ and price information. well if price information doesnt reflect the correct market hours you will get misinformation. as a uk trader i can honestly say that at minimum 50% of the setups displayed on this siteforum from usa based traders are not J16 setups on uk brokers.
  • #73,344
  • Aug 30, 2010 1:54pm Aug 30, 2010 1:54pm
Quoting Bollocks
i have to disagree with you Mike and i am willing to bet that all the brokers you look at are based in the usa. session close information is important and should never be discounted. if your charts dont reflect this....
Hey B

I have no idea where my brokers that I use for charting are. I use 4 for each close. I trade intraday mainly b/w 2am est - 11am est. This is the key. Not the close of the bars. Trading in active sessions. Why Would I not want a 4hr bar that closes at 2,3,4,5 ,6,7,8,9, 10,11 for each hour? Again I think you have the right idea about WHEN, but not the how. If you take your one broker now, and only trade the one candle that loses dead in the center of Tokyo or Australia you are going to hurt yourself, no matter what timezone the broker is located. Each broker is going to give roughly 2 prime 4hr bars, and the other bars are mostly going to be during less liquid/active times. So it doesn't matter what timezone that broker is in b/c it can only be in one of four for the four hr bar.

All about trading during the active market sessions which is europe + early US for me. The actual closing of those candles then on a 4hr don't have weight. It's all about the story behind each one. And if you really want to talk about the big big boys, they aint using no 4hr chart

Best
Mike
  • #73,345
  • Aug 30, 2010 1:55pm Aug 30, 2010 1:55pm
Quoting mbqb11
Hey Ander

as of right now(as it does change sometimes with the different changes in timezones)

I have FXPro(my main feed for daily only as well)
IBFX
Alpari - UK
FXCM

Mike
can you explain why you use so many feeds?
  • #73,346
  • Aug 30, 2010 1:55pm Aug 30, 2010 1:55pm
Quoting Bollocks
can you explain why you use so many feeds?

Hey B, check my post above I think it will clear that up.
  • #73,347
  • Aug 30, 2010 2:03pm Aug 30, 2010 2:03pm
Quoting mbqb11
Hey B

I have no idea where my brokers that I use for charting are....
i am a little bit confused by your statement. you dont give weight to the close of the 4 hour bars but your setups are based on how the bar is formed in key locations which requires the bar to close correct? now do you agree that if the bar closes mid session instead of close session it will change the end result. going on that then having market sessions line up correctly is important. if a daily bar closes at 22:00 uk time and the usa closes at around 03:00 uk time then that additional information is lost in the next bar and reflects an obscure picture.

i have literally pulled my hair out with my uk broker using J16 method with so many lost opportunities because my charts look different to the usa folks.. i would estimate that over a month period, 3-5 opportunities are missed because of this fact.
  • #73,348
  • Aug 30, 2010 2:12pm Aug 30, 2010 2:12pm
Quoting Bollocks
i am a little bit confused by your statement. you dont give weight to the close of the 4 hour bars but your setups are based on how the bar is formed in key locations which requires the bar to close correct? now do you agree that if the bar closes mid session instead of close session it will change the end result. going on that then having market sessions line up correctly is important. if a daily bar closes at 22:00 uk time and the usa closes at around 03:00 uk time then that additional information is lost in the next bar and reflects an obscure...
I don't know if we are understanding each other.

The only weight bar I give is to a daily bar, as I believe it is a full session. Since forex is a 24hr market the only time 4hr closes matter to me is that the bar CLOSES are at 2pm-11am est. So that means you have blocks of

10pm-2am est
11pm-3am est
12-4am est and so on till you hit 11am(again this is rough sometimes I trade later if volatility is good).

So as you can see as long as we are in the active sessions that is all that matters.

if you take just ONE signle broker as the one you showed above, and use only their closes you are only going to get ruoghly 2-3 bars that close within that main sessions times. THis has NOTHING to do at all with where the broker is located. A 4hr close is nothing more then an aggregation of price of the last 4hrs. Be it is from 3-7am or 4-8 am. That is 4 hrs of information. Period. Price still did what it did during this 4hrs and now it comes out on your chart. So if it is 4am and things are running great but price aggregates a bit iffy on one broker where I wouldn't want to pull the trigger, but then on hour later price now looks better I will pull the trigger. Price is still price, it is just an aggregation of that price that is helping me make a more informed decision based on Price bars. So why limit oneself to just one broker when you are going to have opportunties on all of them.

using the feed you used above. Gbp/jpy, notice very tiny pinbar. Nothing I would want to pull the trigger on. One hour later on a new broker feed we have a very big BUOB, now meeting my requirements. How can this possibly hurt a picky trader that understand S/R and PA? So for every bar you show me where you have a good one, Ill show you where another broker shows one that you would miss. B/c Again price is simply price. This is why people can trade off all different kinds of timeframes.

Again would you want to pull the trigger on a 4 hour bar that encompasses 5pm-9pm? What about 4pm -8pm? not a huge difference there as the activity levels of these sessions(notoriously illiquid and slow) will make that decision for you.

Best
Mike
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  • #73,349
  • Aug 30, 2010 2:46pm Aug 30, 2010 2:46pm
Quoting mbqb11
I don't know if we are understanding each other.

The only weight bar I give is to a daily bar, as I believe it is a full session....

lets just assume that if all mt4 brokers used the same timelines and with the market bidsoffers around the world are within a relatively small range. all mt4 charts would represent the same opportunities (within a margin of error based on the range of price around the world)

i see your point of how i am limited with one broker now.. because a setup can be missed as a result of my brokers timeline relative to price and PPZ.

hmmm, this is seriously food for thought...

thanks very much Mike... another nugget you have presented me
  • #73,350
  • Aug 30, 2010 2:49pm Aug 30, 2010 2:49pm
Quoting Bollocks
lets just assume that if all mt4 brokers used the same timelines and with the market bidsoffers around the world are within a relatively small range. all mt4 charts would represent the same opportunities (within a margin of error based on the range of price around the world)

i see your point of how i am limited with one broker now.. because a setup can be missed as a result of my brokers timeline relative to price and PPZ.

hmmm, this is seriously food for thought...

thanks very much Mike... another nugget you have presented me
Hey B,

But one thing, please if you found what works for you DON'T mess with it! That wasn't what I was trying to do. Now you got me worried LOL. I was just trying to give the other side. Once you find something that works, just hammer away at it and stick to it!

Mike
  • #73,351
  • Aug 30, 2010 2:54pm Aug 30, 2010 2:54pm
Mike

would you by any chance have any statistical info on the ratio of setups relative to brokers.. i wonder if there is a weighted average of setups depending on broker location
  • #73,352
  • Aug 30, 2010 2:56pm Aug 30, 2010 2:56pm
Quoting mbqb11
Hey B,

But one thing, please if you found what works for you DON'T mess with it! That wasn't what I was trying to do. Now you got me worried LOL. I was just trying to give the other side. Once you find something that works, just hammer away at it and stick to it!

Mike
i wont change anything, i will however open accounts with more brokers spread my view point across the globe and see if i can gain more opportunities.
  • #73,353
  • Aug 30, 2010 3:32pm Aug 30, 2010 3:32pm
Quoting Bollocks
Mike

would you by any chance have any statistical info on the ratio of setups relative to brokers.. i wonder if there is a weighted average of setups depending on broker location
Hey B

No I don't but it wouldn't be too useful as we all grade and measure our setups different so it would only be based on my results which would be based on my criteria which is different then a lot of peoples.

Take care
Mike
  • #73,354
  • Aug 30, 2010 4:27pm Aug 30, 2010 4:27pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
CHF/JPY has a quasi BEOB but it doesn't fully engulf prev bar and it's not at a swing high. Rated D-. Easy pass.

EurCAD has an almost pinbar but it doesn't close within prev bar and it would be headed into traffic. Rated D-. Easy pass.

Seems like today is a bust. Anyone see any promising daily trades that I missed? It's days like these that make me yearn to start intraday trading, but I'm sticking to the J16 newbie plan for now.
  • #73,355
  • Aug 30, 2010 5:16pm Aug 30, 2010 5:16pm
Hello,
I attached classic one. Shame I missed it...
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  • #73,356
  • Aug 30, 2010 5:53pm Aug 30, 2010 5:53pm
Quoting jdl
CHF/JPY has a quasi BEOB but it doesn't fully engulf prev bar and it's not at a swing high. Rated D-. Easy pass.

EurCAD has an almost pinbar but it doesn't close within prev bar and it would be headed into traffic. Rated D-. Easy pass.

Seems like today is a bust. Anyone see any promising daily trades that I missed? It's days like these that make me yearn to start intraday trading, but I'm sticking to the J16 newbie plan for now.
It is August 30th. This is one of the deadest weeks trading.

It has been discussed on here, but I think there needs to be a strong significant placed upon it. I see so many taking trades this time of year...

August is by far the worst trading month, because of the liquidity. A lot of traders just shut it down for the 2nd half of August, and then around Christmas to New Years Day. With low liquidity you get all sorts of whipsaws and such.

The only way I am trading in August is a great set-up on a higher time frame. And by GREAT, I mean GREAT, OBVIOUS, NEAR PERFECT.

I haven't taken a trade in over a month due to this reason.
  • #73,357
  • Aug 30, 2010 6:04pm Aug 30, 2010 6:04pm
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting unlv_tj
It is August 30th. This is one of the deadest weeks trading.

August is by far the worst trading month, because of the liquidity...
LOL, good to know, thanks.
I, for one, cannot wait for the busy season to start!
  • #73,358
  • Aug 30, 2010 6:10pm Aug 30, 2010 6:10pm
Quoting jdl
LOL, good to know, thanks.
I, for one, cannot wait for the busy season to start!
yeah summers can be thin, but they can also be great too. Last year summer (august specifically) was one of my best months. This august was very choppy and not good for me. THe volatility was there but just a bit to choppy for some of my mgmts so your up one then down the next . Definitely something to be aware of though the markets are thin for sure.
  • #73,359
  • Aug 30, 2010 7:57pm Aug 30, 2010 7:57pm
I have been watching out for these Ace - Your "area of interest"

g.
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I believe . . .
  • #73,360
  • Aug 30, 2010 8:36pm Aug 30, 2010 8:36pm
Have been away from this thread for awhile. Can't find original reference to "FTA". What does it stand for? Thanks.
"A is A"
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