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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

  • #77,541
  • Oct 15, 2010 9:11am Oct 15, 2010 9:11am
Quoting 4X=0
its alll good.

stocks down too which confuses me
profit taking before weekend, i guess.
meine augen sind die sterne
  • #77,542
  • Oct 15, 2010 9:12am Oct 15, 2010 9:12am
well shoot if they're meant to be going up more why take profit now!!

GAAH FRIDAY
  • #77,543
  • Oct 15, 2010 9:14am Oct 15, 2010 9:14am
maybe to get in a lower price still, since it's meant to be heading up more haha confusing
  • #77,544
  • Oct 15, 2010 9:14am Oct 15, 2010 9:14am
  •  jdl
  • | Joined Oct 2006 | Status: going to master this or die trying | 101 Posts
Quoting dmc
How long has the rule in IBFX/ (MT4) of "price must me 30 pips away from your order" been in effect? It normally doesnt throw an wrench in my trading. But I was trying to place na order las tnight and it wouldnt let me because of this rule.

EDIT:I think it used to be 3 pips coem to think of it. maybe twhen they switched to 5 decimals they made an error.

DMC,
What they mean is price must be 30 pipettes (fractional pips) away, which is the same as 3 pips. So no change. Their wording is confusing now that they have 5 digit pricing.
  • #77,545
  • Oct 15, 2010 9:17am Oct 15, 2010 9:17am
4X=0 What platform is that?

Speaking of taking Friday profits. I've been trying to avoid trading on Fridays or taking Friday bars as much as possible. Some might say I'm too cautious but I feel better that way
  • #77,546
  • Oct 15, 2010 9:19am Oct 15, 2010 9:19am
Quoting xmzhang
What a BUMMER, look what price just did after I closed my remaining position, RIGHT, it dropped like a rock and hit my target a few pips above BRN @ 16000, @#!$**&!!#. I tell you guys, fear and greed are two human emotions that are very difficult to control. If I had just ignored my fear that price would go further against me than I would have banked about 81 pip instead of 43 pip. I quess this has to do with experience and self-confidence or maybe I am just being chicken.

May the force be with you.
I d say you are doing fine bud! I have to say every now and then it is good to look at the chart from a bigger picture point of view. ! And whatever you do make sure those feelings that you are experiencing not getting to you! If you let it you will loose the plot !

I d say ypou have done very well and look for the next opportunity to get in !!! May be next week sometime . Dont forget ! Shit happens!!!)

Regards V
  • #77,547
  • Oct 15, 2010 9:21am Oct 15, 2010 9:21am
Quoting aserbfx
profit taking before weekend, i guess.
add expiration Friday to that..
Anything can happen - You never know
  • #77,548
  • Oct 15, 2010 9:22am Oct 15, 2010 9:22am
Quoting mihazupan1
4X=0 What platform is that?

Speaking of taking Friday profits. I've been trying to avoid trading on Fridays or taking Friday bars as much as possible. Some might say I'm too cautious but I feel better that way
ADRIAAAAN


mihazupan1 its not much of a platform, just java charts

http://www.netdania.com/Products/liv...anceChart.aspx
  • #77,549
  • Oct 15, 2010 9:22am Oct 15, 2010 9:22am
Quoting aserbfx
profit taking before weekend, i guess.
WHAT THE HECK DO PEOPLE THINK? WILL FED SAVE THE WORLD ?

Strat thinking about not profit taking but perhaps prolonged trend change and do not chicken out from your positions as longs as you got right stop losses taken place.

Too large bets been placed on one side of the equation there for this indicates the trend becoming mature and time for a CHANGE in direction ..

Thanks

V
  • #77,550
  • Oct 15, 2010 9:23am Oct 15, 2010 9:23am
Quoting kwikwis
add expiration Friday to that..

^^ +
  • #77,551
  • Oct 15, 2010 9:39am Oct 15, 2010 9:39am
Quoting 4X=0
ADRIAAAAN


mihazupan1 its not much of a platform, just java charts

http://www.netdania.com/Products/liv...anceChart.aspx
Thanks! Very useful link Thought it was Oanda at first
  • #77,552
  • Oct 15, 2010 11:27am Oct 15, 2010 11:27am
looks like it had some divergence too
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  • #77,553
  • Oct 15, 2010 11:58am Oct 15, 2010 11:58am
Quoting 4X=0
looks like it had some divergence too
I like the way you draw divergence
  • #77,554
  • Oct 15, 2010 12:13pm Oct 15, 2010 12:13pm
Quoting Adilius07
I like the way you draw divergence
woops looks like i used the squiglies and not the red data...

luckily there is still divergence there
  • #77,555
  • Oct 15, 2010 6:27pm Oct 15, 2010 6:27pm
I am working on the large TF ranges, they seem to really tell us the story behind what PA is doing. It seems to be testing each range then going back to where it came from, just to make sure.
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  • #77,556
  • Oct 15, 2010 6:46pm Oct 15, 2010 6:46pm
First time posting up charts. I entered long GU at the retrace of 1.6000 and was looking at a weekly target. Due to my mis management I was able to only get 22 pips, my first obvious target should have been 1.6100; however, I was thinking the up move carries enough momentum. I will only trade what I see and not what I think.

Anyway. I am posting two charts from IBFX, EU and GU.

EU 10/15 PB closed within 10/13 candle and more importantly closed under 1.4000. Is this a confirmed swing high? I think it is because 10/15 closed below 10/14. Am I right?

Same story with GU. Price rejection at 1.6100 and closed below 1.6000. Swing high not confirmed.

If I were to sell, then I would feel comfortable selling EU. For some reason GU 10/15 PB doesn't look too convincing.

I don't have a system yet to whether buy or sell at the break of IB or buy or sell on a retrace. I struggle with both, buy or sell on the break=bigger SL, buy or sell on the retrace=small SL and bigger profit. I feel more comfortable with the retrace because I can deal with that better psychologically.

So to conclude, I usually place 5% maximum whether on 1 pair or 5 pairs, but it's usually only 2 at a time.

I would risk 1 position on EU. I would wait for a retrace to 1.4 enter on touch with 1/2 position SL 1.4025. I would enter the other 1/2 position on the break of the PB. My first target will be 1.3800 and second target will be 1.3300. I would move to break even at the end of the day if there is profit.
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  • #77,557
  • Oct 15, 2010 6:54pm Oct 15, 2010 6:54pm
Quoting Pinbar
I am working on the large TF ranges, they seem to really tell us the story behind what PA is doing. It seems to be testing each range then going back to where it came from, just to make sure.
Hi Pinbar. I get what you are saying but can you give an example of what you are saying on current data?

I see a PB on UsdChf but I couldn't locate any PPZ, even though on my thread the PB is broken and confirmed. But the downtrend is so massive and I am worry it will just be a retrace and a brief one.

I don't know how to apply my findings.

Edit. I get it now. UCHF broke recent long term low so now with this PB, price will retest high before trying to find a new low again?
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  • #77,558
  • Edited 9:17pm Oct 15, 2010 7:29pm | Edited 9:17pm
Quoting fxamerica
Hi Pinbar. I get what you are saying but can you give an example of what you are saying on current data?

I see a PB on UsdChf but I couldn't locate any PPZ, even though on my thread the PB is broken and confirmed. But the downtrend is so massive and I am worry it will just be a retrace and a brief one.

I don't know how to apply my findings.

Edit. I get it now. UCHF broke recent long term low so now with this PB, price will retest high before trying to find a new low again?
Hang on a sec
  • #77,559
  • Oct 15, 2010 7:39pm Oct 15, 2010 7:39pm
Quoting Pinbar
I am working on the large TF ranges, they seem to really tell us the story behind what PA is doing. It seems to be testing each range then going back to where it came from, just to make sure.
Very nice Pinbar, i like the way your explain PA as if you're telling a story. It's time you compile PA on each currencies into a book of different chapter, probably sell it like e-book. I'll be the first buyer! haha
  • #77,560
  • Oct 15, 2010 7:50pm Oct 15, 2010 7:50pm
Looking through the charts this weekend and found 2 Pinbars which I will not take, would like any views from you guys so I could add on more consideration in my analysis. thx.

http://img687.imageshack.us/img687/6402/eurcad.gif

EUR CAD: This Pinbar is at 50.00 fib retracement of the previous downtrend, it got rejected off 1.42, apart from the bar being too small, the bar fail to close below 1.41 PPZ, FTA 1.4050.

http://img143.imageshack.us/img143/888/gbpusds.gif

GBP USD: This is one PB that I'm not too sure of, the close is below BRN 1.6 however I would skip this, the way I look at it is it's having a correction towards the 1.6 and might bounce back up the next week. Anyone sharing the same view here?
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