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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

  • #78,741
  • Oct 28, 2010 12:06pm Oct 28, 2010 12:06pm
It does have that turn over feel. Your chart looks good. Now lets see if it makes it to that trouble area. I think it has a good chance, just not confident enough to put my money on it!

Quoting Jonnyislost
I agree sir To me the trend looks like it's run out of steam, but It wouldn't be the first time i've been wrong about that
  • #78,742
  • Oct 28, 2010 12:16pm Oct 28, 2010 12:16pm
Quoting relyt
My daily bars close at 8:00pm local time. What do you guys suggest I do when one of the following two scenarios happen:

1. I have an order placed, but it hasn't triggered yet by the time I go to bed, or
2. The order has triggered but it hasn't reached my FTA by the time i go to bed.

Should I just let it ride overnight and hope that it hasn't hit my FTA and then gone back into drawdown by the time I wake up? Should I set my take-profit for the FTA, and then remove the take-profit and manage as usual if it hasn't been hit by the time I wake up?...

Since I use Oanda and can't use an EA, as bluetrader suggested, is there any free alert service that I can have send me a text or an email when a certain level (my FTA) is hit? If so, then I would be able to wake up and move my stop from my phone, without even leaving bed.

I have seen people talk about having alerts sent to their phone, but I don't know what the website is and if there are free services that do this.
  • #78,743
  • Oct 28, 2010 12:46pm Oct 28, 2010 12:46pm
Quoting Be Cool
When you say to take setups only at major swing highs or lows - does it apply to sideways market?
Yes. the chart I posted earlier was primarily sideways. I drew rectangles to highlight the highs and lows. There was no trend in that chart.

Quote
Because your chart appears to be so. What about trending market? You do take setups on pullbacks in an uptrend, don't you? The way i understand pullbacks are not at swing high. And to trade pullbacks mean trading into the last swing high.
Pullbacks are downswings in an uptrend. I prefer good pullbacks... ones that are easily discernable in a trending market. See the attached chart. A/U has an obvious strong trend. There's a pullback with plenty of space before we hit a swing high.

Quote
Btw, i noticed that sideways market has stronger PPZ and often times the PPZ are between swing highs/lows. Are you suggesting that i should avoid SW market until i can trade PA in trending market?
I will refer to the same chart attached. It's easier to see PPZ's in a sideways market (I agree with you). I personally find sideways markets easier to trade than trending markets because of this reason. It gets difficult when we try to trade any bar in a sideways market. Waiting for great bars at great locations will make things so much easier. So, no, I suggest you trade PA in any market.

These are just my views BC, I hope this helps.

-- Danny
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  • #78,744
  • Oct 28, 2010 12:46pm Oct 28, 2010 12:46pm
Quoting relyt
Since I use Oanda and can't use an EA, as bluetrader suggested, is there any free alert service that I can have send me a text or an email when a certain level (my FTA) is hit? If so, then I would be able to wake up and move my stop from my phone, without even leaving bed.

I have seen people talk about having alerts sent to their phone, but I don't know what the website is and if there are free services that do this.
Why dont you use MT4 for alerts and place same trades on it as like you do on Oanda?
.
  • #78,745
  • Oct 28, 2010 1:12pm Oct 28, 2010 1:12pm
Isn't she lovely ?
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  • #78,746
  • Oct 28, 2010 1:20pm Oct 28, 2010 1:20pm
Quoting ts63
Isn't she lovely ?
Yeah but 2 things to ponder.

The bar on the left is huge and could have been better if it had formed on the BRN @ 1.6000.

IMHO.
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  • #78,747
  • Oct 28, 2010 1:23pm Oct 28, 2010 1:23pm
Quoting nasir.khan
Yeah but 2 things to ponder.

The bar on the left is huge and could have been better if it had formed on the BRN @ 1.6000.

IMHO.
.
agreed this finally broke out of a pretty decent range and now is trying to get up to 1.6, has the look of wanting to go higher just a slight stall, take profit of todays move
  • #78,748
  • Oct 28, 2010 1:28pm Oct 28, 2010 1:28pm
Ive started to look at trading 4Hr charts. I normally use FXPro for my analysis on Daily and Weekly then place trades with IBFX because they allow a smaller lot size. I noticed a big difference in PA on the 2 platforms. Below is an example of Gbp/Usd and Aud/Cad on the 4Hr for each. How would you suggest I deal with this issue? Should I just stick with one charting software for lower TFs?
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  • #78,749
  • Oct 28, 2010 1:43pm Oct 28, 2010 1:43pm
Quoting nasir.khan
Why dont you use MT4 for alerts and place same trades on it as like you do on Oanda?
.
Oanda has a 3hr not a 4hr if thats his TF of choice. Their platform is easy to use but I switch to IBFX for the same reason, I waited to get text alerts from my cell. I had the alerts mailed to a seperate email account used solely for this purpose. I used GMX.com to forward to a hotmail acct. which sent it to my phone. On avg. only a 5-10 sec delay.
  • #78,750
  • Oct 28, 2010 1:47pm Oct 28, 2010 1:47pm
Ok so now I've put a SHORT limit order @ 1,5910 with a SL on 1,5980 on GBPUSD.

The way I see it, the market made a pin, moved down, is retracing now and I've put my sell order at a 'safe' place so it wont fake me out.. What do you think?
Hope I'm not jumping on the gun now, as I see it I've put my order at a conservative place.. am I wrong?

thanks
  • #78,751
  • Oct 28, 2010 1:54pm Oct 28, 2010 1:54pm
I have an odd feeling it might still rally after the large move earlier in the day. And even if it does break, where do you think it might go? It just does not seem to have enough room to move for me to risk it. At least, you have your entry below the break of the pin . I myself am eyeballing the inside bar on 4hr Aussie
  • #78,752
  • Oct 28, 2010 1:57pm Oct 28, 2010 1:57pm
Quoting spookie94
Ive started to look at trading 4Hr charts. I normally use FXPro for my analysis on Daily and Weekly then place trades with IBFX because they allow a smaller lot size. I noticed a big difference in PA on the 2 platforms. Below is an example of Gbp/Usd and Aud/Cad on the 4Hr for each. How would you suggest I deal with this issue? Should I just stick with one charting software for lower TFs?
If you are new, Stick with only one platform for analysis and place your trades on whatever platform you want to but don't pay attention to it's charts.

However if you think you can deal with it and wont be overwhelmed, u can use 2 or even more different brokers with different timezones so you can get a 4h close every hour.

But as you said you have just started looking at 4h i would prefer to stick with FXpro with charting and place just your trades on IBFX.

Quote
Oanda has a 3hr not a 4hr if thats his TF of choice. Their platform is easy to use but I switch to IBFX for the same reason, I waited to get text alerts from my cell. I had the alerts mailed to a seperate email account used solely for this purpose. I used GMX.com to forward to a hotmail acct. which sent it to my phone. On avg. only a 5-10 sec delay.

I think he just needs an alert for a specific price level so it does't have to do anything with TF's
.
  • #78,753
  • Oct 28, 2010 2:11pm Oct 28, 2010 2:11pm
Quoting treyisdaman3
I have an odd feeling it might still rally after the large move earlier in the day. And even if it does break, where do you think it might go? It just does not seem to have enough room to move for me to risk it. At least, you have your entry below the break of the pin . I myself am eyeballing the inside bar on 4hr Aussie
Nice first post Trey,

Yeah there is not enough room compared to risk.

Welcome to the thread.
.
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  • #78,754
  • Oct 28, 2010 2:20pm Oct 28, 2010 2:20pm
Why thank you Mr. Kahn I'm a recent college graduate who has been trading live for just over a year(after demoing for a year). My initial live trading was a wake up call and I lost a good chunk of my account. I recently joined James PF and he has put the final pieces together. Up 108 pips since joining without a loss . James's website is hidden treasure among the sea of the internet.
  • #78,755
  • Oct 28, 2010 2:37pm Oct 28, 2010 2:37pm
Quoting nasir.khan
If you are new, Stick with only one platform for analysis and place your trades on whatever platform you want to but don't pay attention to it's charts.

However if you think you can deal with it and wont be overwhelmed, u can use 2 or even more different brokers with different timezones so you can get a 4h close every hour.

But as you said you have just started looking at 4h i would prefer to stick with FXpro with charting and place just your trades on IBFX.



I think he just needs an alert for a specific price level so it does't have to...
Thanks Nasir, always good to have another view.
  • #78,756
  • Oct 28, 2010 2:50pm Oct 28, 2010 2:50pm
What do you think about this one?
Nice Beob, went though 2 PPZs. Don't like it at swing low. Next bar lacks momentum. Late in the day. No confleuence on MACD. Could this be one of those trades that suckers people in off PA alone?
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  • #78,757
  • Oct 28, 2010 3:31pm Oct 28, 2010 3:31pm
Ghous
I am so flattered by your comments and Thank You, I work endless hours reading and demoing what the Seniors teach in this thread,
As I am sure do all the other Newbies.

It means a lot, hopefully I will also be able to contribute eventually.

Best
D
  • #78,758
  • Oct 28, 2010 4:40pm Oct 28, 2010 4:40pm
Its a nice location to look for something. I just wonder could we call it "Lower close" ?




http://img594.imageshack.us/img594/3195/kangur.gif
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  • #78,759
  • Oct 28, 2010 7:04pm Oct 28, 2010 7:04pm
Quoting bluetrader
It's easier to see PPZ's in a sideways market (I agree with you). I personally find sideways markets easier to trade than trending markets because of this reason. It gets difficult when we try to trade any bar in a sideways market. Waiting for great bars at great locations will make things so much easier
http://cdn.forexfactory.com/images/e...ttach_long.gif

Danny, would you have taken the BEOB and PB on the PPZ line i drew? They 're not at swing high or low. But there was a clear PPZ and PA
Thanks.
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  • #78,760
  • Oct 28, 2010 8:00pm Oct 28, 2010 8:00pm
Quoting Be Cool
Danny, would you have taken the BEOB and PB on the PPZ line i drew?
Hey BC, although the BUOB looks good in hindsight, I would have passed on it because of its size and minor swing location. The fact that this setup was with the trend helped it go... but personally there are better setups to be had.

The pin bar you highlighted was not a pin because the close was above the prior high, which shows lack of conviction. If it was a pin, I would pass on it because it's headed right into a major ppz after a minor swing.

Remember BC, we're not trying to catch every move. We are just trying to stack the odds in our favor.

Hope this helps.

-- Danny
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