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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

  • #79,161
  • Nov 3, 2010 6:18am Nov 3, 2010 6:18am
Quoting Pinbar
WHat time is it now where you are Adi.

Here in Japan it is currently 8:15 PM.


LO is currently 5 Pm JST.
Here is 17:15 we have 3 hours difference with Tokyo
  • #79,162
  • Nov 3, 2010 6:27am Nov 3, 2010 6:27am
Quoting Adilius07
Here is 17:15 we have 3 hours difference with Tokyo


So, 2 PM your time is LO.



On the H4 chart below I marked off the LO in the MACD indicator with a red line. Look at the PA around those times of the LO.
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  • #79,163
  • Nov 3, 2010 6:39am Nov 3, 2010 6:39am
Quoting Pinbar
So, 2 PM your time is LO.



On the H4 chart below I marked off the LO in the MACD indicator with a red line. Look at the PA around those times of the LO.

Looks good yes. But 2pm is a job time! Middle of the day, how could I make it consistantly with my job? Really hard I have to be in a hurry - which is not good... ehh really sad... One thing I can think of is having an assistant or something... to whom I say " trade it" that way all I have to do is carry some kind of monitoring device with me, that's all ... LOL.. am I daydreaming or am I up to something.... need to think
  • #79,164
  • Nov 3, 2010 6:39am Nov 3, 2010 6:39am
I just checked and IBFX is a London broker time.




What is wrong with the daily TF?

It isn't when the candle ends that matters, it is when it breaks.
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  • #79,165
  • Nov 3, 2010 7:06am Nov 3, 2010 7:06am
Quoting xmzhang
My catch for tomorrow, daily DBLHC on the E-G, a deeper retrace towards the 8600 would have been better, but you can't have them all. I will look for a buy PA at previous bar high or the RNB @ 8700 those are the keylevels for me.
Well, price pulled back towards RNB @ 8700 as expected, will now be looking for some bullish PA to go long and trying to preempt the break of the daily DBLHC.
Pipcrawler
  • #79,166
  • Nov 3, 2010 7:07am Nov 3, 2010 7:07am
Quoting xmzhang
Well, price pulled back towards RNB @ 8700 as expected, will now be looking for some bullish PA to go long and trying to preempt the break of the daily DBLHC.
Forgot to post the chart.....
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Pipcrawler
  • #79,167
  • Nov 3, 2010 7:21am Nov 3, 2010 7:21am
Quoting Pinbar
I just checked and IBFX is a London broker time.

What is wrong with the daily TF?

It isn't when the candle ends that matters, it is when it breaks.
Why? For me I don't care when it breaks if I have my orders set and waiting.
So I need to see a candle close to make a descision to set my orders or not..

Daily closes at 3 am local time I have to put all my life aside to trade it...
Otherwise Daily is the best of course...
  • #79,168
  • Nov 3, 2010 7:26am Nov 3, 2010 7:26am
Hi everyone, here is 6 months old newbie to FOREX, anyone took this setup?

Price broke TL, and PB, confluence: 113.00, EMA 200 & TL turns res to sup.

FTA would be the blue zone, 113.70ish .

Cheers
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  • #79,169
  • Nov 3, 2010 7:57am Nov 3, 2010 7:57am
Quoting Adilius07
Why? For me I don't care when it breaks if I have my orders set and waiting.
So I need to see a candle close to make a descision to set my orders or not..

Daily closes at 3 am local time I have to put all my life aside to trade it...
Otherwise Daily is the best of course...

Of course you need the PA bar to close or it is not PA.
  • #79,170
  • Nov 3, 2010 8:03am Nov 3, 2010 8:03am
Jarroo


Quote
I would like to see enough room to the first target or FTA, that would allow me to cover my risk.

So, you find your SL area 1st and then see if your FTA covers your risk, close to a 1:1 RR?

Quote
I was able to take 26 pips on the first half

So you don't really have a set limit you like to go after on each TF?

Quote
My initial S/L was 40 pipis but I would have probably ended sooner then the 40 if it didn't go my way.

Do you drop down to lower TFs to determine when to bail?
  • #79,171
  • Nov 3, 2010 8:16am Nov 3, 2010 8:16am
I think I am starting to see the boxes.

Sill need much more practice at it though but, I am starting to see them, even only looking at the daily. Whoooopie!
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  • #79,172
  • Nov 3, 2010 8:26am Nov 3, 2010 8:26am
Quoting Adilius07
Why? For me I don't care when it breaks if I have my orders set and waiting.
So I need to see a candle close to make a descision to set my orders or not..

Daily closes at 3 am local time I have to put all my life aside to trade it...
Otherwise Daily is the best of course...
i think it is alright to check in when u wake up in the morning. The first couple of hours after the daily open has very little movement in price anyway. u could miss a couple of setup here and there but at least its sustainable as a daily habit.
  • #79,173
  • Nov 3, 2010 8:28am Nov 3, 2010 8:28am
thanks for your response Jarroo. Does anyone else have a take on this.
Quote
how do you determine if the potential pip value is worth going after? Is there a set number of pips you like to look for on each timeframe to go after.


I'm just trying to improve my game plan. Lately it seems like I lack direction. When I look at a decent set up on a higher TF but only see 30-40 pips before the FTA I have a hard time judging whether to go for it. Its partly because my SL may be 100+ pips away.

Any response will be greatly appreciated. I'm still trying to develope a trading style. Right now I just started looking at the 4hr. Once I learn how to make quicker decisions I may also look at the 1hr.
  • #79,174
  • Nov 3, 2010 8:31am Nov 3, 2010 8:31am
Quoting tommybqhuang
Hi everyone, here is 6 months old newbie to FOREX, anyone took this setup?

Price broke TL, and PB, confluence: 113.00, EMA 200 & TL turns res to sup.

FTA would be the blue zone, 113.70ish .

Cheers
Hello, which broker do you have? I didn't get a pin on H4, that's why I'm asking...
  • #79,175
  • Nov 3, 2010 8:31am Nov 3, 2010 8:31am
Quoting Autumm
i think it is alright to check in when u wake up in the morning. The first couple of hours after the daily open has very little movement in price anyway. u could miss a couple of setup here and there but at least its sustainable as a daily habit.
Hello Autumm, do you think checking 3-4 hours after the daily bar closes is still ok? Strong setups break fast many times... but yes I think I should give it a month of a trial maybe...
  • #79,176
  • Nov 3, 2010 8:33am Nov 3, 2010 8:33am
Hansolo......Are you going to put me out of my misery?

http://www.forexfactory.com/showpost...ostcount=79150
  • #79,177
  • Nov 3, 2010 8:38am Nov 3, 2010 8:38am
Quoting bee24
Hello, which broker do you have? I didn't get a pin on H4, that's why I'm asking...
HI; i use interbank
  • #79,178
  • Nov 3, 2010 8:52am Nov 3, 2010 8:52am
I've found many indicators which mark out pin bars.
Some are good, some are bad... but all in all there's always something missing.
Good indicator which alerts you and sends you mail is useful for those who can't monitor charts every 4 hours or so, when bars make their close.
I still do a daily chart checkup on the daily close, but for the 4 hour I can't because I'm either working or doing other stuff.

I want to have an indicator custom made and I will probably end up paying for it, but I am prepared to share it here, when it's done.

I am turning to you, to have a look at my definitions and tell me if something is missing.

Please note, that this is not intended to be an EA!

Definition for Pin Bar:
-Must be at least 50% in size of the average of previous 3 bars
-Must have open and close within previous bar's range
-Open and close must be positioned within 30% of the bar
-One side of the bar sticks out/protrudes from previous bar by at least 30%

Also indicator will have alerts directly in MT4 and email alerts.

Do you think that's a good enough description?
  • #79,179
  • Nov 3, 2010 9:10am Nov 3, 2010 9:10am
Quoting xmzhang
Forgot to post the chart.....
HI xmzhang,

Do you always look for PA bars at lower TF's supporting higer TF PA's or place a touch trade based on the retracement point of higher TF PA. ?
  • #79,180
  • Nov 3, 2010 9:14am Nov 3, 2010 9:14am
Quoting xmzhang
Well, price pulled back towards RNB @ 8700 as expected, will now be looking for some bullish PA to go long and trying to preempt the break of the daily DBLHC.
Price gave me a bullish buy PA, not a standard James PA though, but a so called morning doji star, would have like to see a bigger bullish bar after the indecision bar. But good enough for me to enter with 1/2 of my position, tight stop 20 pips below the RNB @ 8700 from which I expect some protection.
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Pipcrawler
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