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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

  • #79,221
  • Nov 4, 2010 2:26am Nov 4, 2010 2:26am
Can someone explain this please. Both are daily. Fxpro and Interbank FX.
Can you see a little difference in price action?
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  • #79,222
  • Nov 4, 2010 2:41am Nov 4, 2010 2:41am
Quoting Adilius07
Can someone explain this please. Both are daily. Fxpro and Interbank FX.
Can you see a little difference in price action?

Hey Adi.....Looks like you opened an IBFX micro account.

Half the data was missing on the one I opened.

If this is just for demo, open a regular IBFX account.



Here is my GBP/AUD IBFX demo chart. There is very little data with this pair, I am showing all the data that exists.
Very little data on this pair for some odd reason. Only 4 monthly candles.
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  • #79,223
  • Nov 4, 2010 2:50am Nov 4, 2010 2:50am
Also, there is a recent post on the PF about the spread changing to 200 pips in news and taking out the SL of a guy, 100 pips above price, with IBFX.
  • #79,224
  • Nov 4, 2010 2:53am Nov 4, 2010 2:53am
Quoting Pinbar
Hey Adi.....Looks like you opened an IBFX micro account.

Half the data was missing on the one I opened.

If this is just for demo, open a regular IBFX account.



Here is my GBP/AUD IBFX demo chart. There is very little data with this pair, I am showing all the data that exists.
Very little data on this pair for some odd reason. Only 4 monthly candles.

Hello Pinbar, yours looks different too.. So you mean Micro Account has different price action for a pair than a regular one?

EDIT: I understand candle closes coud be diverse due to different close time. etc. But we have uptrend on one chart and a downtrend on the other chart...
  • #79,225
  • Nov 4, 2010 2:58am Nov 4, 2010 2:58am
Quoting Adilius07
Hello Pinbar, yours looks different too.. So you mean Micro Account has different price action for a pair than a regular one?

EDIT: I understand candle closes coud be diverse due to different close time. etc. But we have uptrend on one chart and a downtrend on the other chart...

I know, weird.
  • #79,226
  • Nov 4, 2010 3:00am Nov 4, 2010 3:00am
Quoting Pinbar
I know, weird.
I hope it is something I don't understand yet, and someone will explain...
If not this is a true disappointment for me, we are talking trend, price action, space, PPZ... when in reality take another broker and you have a price going comepletely the other way! haha... no, there must be some kind of explanation here...
  • #79,227
  • Nov 4, 2010 3:20am Nov 4, 2010 3:20am
AUDJPY was too risky but worked like a charm anyway, congrats to who got it

Which was also too risky, was my AUDCAD trade. (Thank you Mike for your help) Luck is with us sometimes. Partial profit taken and stop @ BE..

The market has been moving nicely lately

Have a good day everyone!
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  • #79,228
  • Nov 4, 2010 3:46am Nov 4, 2010 3:46am
Quoting Pinbar
Also, there is a recent post on the PF about the spread changing to 200 pips in news and taking out the SL of a guy, 100 pips above price, with IBFX.
So are we not gambling here? I was following Oanda thread, that broker is one huge disappointment too, lol, great executions only if you manage to log into your platform... what to do? where to open live account? whom can I trust?
  • #79,229
  • Nov 4, 2010 4:05am Nov 4, 2010 4:05am
Quoting Adilius07
So are we not gambling here? I was following Oanda thread, that broker is one huge disappointment too, lol, great executions only if you manage to log into your platform... what to do? where to open live account? whom can I trust?


I have heard and read horror stories about most brokers, not sure whether it is written by people new to trading who do not know what they are doing or if it is in fact the case.


Maybe, you already know this place to check on brokers.

http://www.forexpeacearmy.com/
  • #79,230
  • Nov 4, 2010 4:33am Nov 4, 2010 4:33am
Quoting Pinbar
Hey Mike,,,,Isn't that a BUOB at a swing high?
Hi PB, I wondered that myself. I guess it counts as a breakout trade supported by 0.75 and its close above the previous high. On daily there's also a PB predicting the upmove. Maybe Mike can comment on that.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,231
  • Nov 4, 2010 4:36am Nov 4, 2010 4:36am
Quoting xmzhang
Price behaved exactly as anticipated, pulled back to RNB @ 8700, validated the daily DBLHC and is now heading to RNB @ 8800. The following question is now: is the FTA @ 8800 also the final target of the daily DBLHC ? If price respects RNB @ 8800 as resistance then this will also complete the pullback of the weekly BEOB and we might see price take another attempt to break the weekly BEOB. But first lets see how price reacts @ 8800.
Well price has reached RNB @ 8800 again as expected, I've banked some profit in case price reverses. Closed 1/2 of my position for a 95 pip profit, let remaining position open in case price breaks the 8800 and finds support there.
Pipcrawler
  • #79,232
  • Nov 4, 2010 5:11am Nov 4, 2010 5:11am
Quoting HanSolo
Hi PB, I wondered that myself. I guess it counts as a breakout trade supported by 0.75 and its close above the previous high. On daily there's also a PB predicting the upmove. Maybe Mike can comment on that.
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  • #79,233
  • Edited 5:47am Nov 4, 2010 5:36am | Edited 5:47am
Quoting cprao
Thank you Jarroo. The above two statements provides me some clues
When do I look for retracements and when not ?

Currently I am looking for retracements for all the good/great looking bars.

Entering on retracemtn point has following benefits

1) position size can be bigger by keeping the SL on the other side of the bar
2) if PA breaks (assuming it did not break before retacement), addttional pips can be made all the way upto FTA (at least)
3) if it even did not break but at least reached the low/high of the bar (in the direction of the trade),...
What is also very important is how the higher TF looks like on the lower TF.
For example our daily DBLHC pattern of E-G, after this pattern closes switch to a 1H-TF to see how this pattern looks like on the 1H-TF. You see that price surged up during the London session with high momentum, after that price just wiggled around in a small range with a slightly bearish bias. When the daily DBLHC finally closes, ask yourself the question: are we going to see a hard break or maybe a pullback and then a break ? If the daily DBLHC closed with some high momentum bars then probably we will also see a hard break and no pullback at all, at the most we may see a pullback to the high of the DBLHC after the break. So what I wanted to say is that momentum before the close of the higher TF pattern could also give us a hint whether we'll get a pullback or not.
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Pipcrawler
  • #79,234
  • Nov 4, 2010 5:45am Nov 4, 2010 5:45am
Quoting jarroo
I agree with your post xmz. But it depends on the quailty of the Outside Bar and how close the traffic is to that OB. Meaning if the OB is at a nice swing High or Low, good size compared to previous bars, supportive confluences, etc., I will take that break to ride on that momentum.

But if the quailty is not the best, but good . .in consolidation or a lot of immediate traffic etc. . I will look for a retrace opportunity.

Much like the Eur/Gbp Daily DBLHC, previous bar High at the .8700.
Yes I agree, some good and logical points there.
Pipcrawler
  • #79,235
  • Nov 4, 2010 6:03am Nov 4, 2010 6:03am
Quoting Adilius07
Can someone explain this please. Both are daily. Fxpro and Interbank FX.
Can you see a little difference in price action?
Your second chart is actually a GBP/USD daily.
I don't know why it's labled GBP/AUDm... my IBFX doesn't have GBP/AUD listed.
Did you open a regular demo account or a micro one?

Jonny
  • #79,236
  • Nov 4, 2010 6:08am Nov 4, 2010 6:08am
i know this concern might have been covered underneath all these pages but here goes,

HOW IMPORTANT IS THE TIME FOR DAILY OPEN/CLOSE? (I mean, different brokers use different time feeds right, so this will affect how a supposed Class A trade might look like)

IN UR OPINION, WHAT IS THE MOST APPROPRIATE TIME TO USE? 5am EST? 12am EST?

Juts putting together this one big puzzle called "Forex"

Thanks!!
  • #79,237
  • Nov 4, 2010 6:13am Nov 4, 2010 6:13am
Quoting Jonnyislost
Your second chart is actually a GBP/USD daily.
I don't know why it's labled GBP/AUDm... my IBFX doesn't have GBP/AUD listed.
Did you open a regular demo account or a micro one?

Jonny
Hello Jonny, look you are right!!! I checked, looks it is a GBP/USD!!! Haha, probably some demo related glitch, LOL. thanks!
  • #79,238
  • Nov 4, 2010 6:19am Nov 4, 2010 6:19am
Quoting jarroo
I always favor the Higher time frame setup over the lower time frame setup. The tricky part is evaluating the quality of both setups on each time frame given. . .which one has a better story. If both stories are of high quality, than they both can work out . . meaning they hit they're targets.

The Weekly BEOB is at a swing High, good size, off PPZ level(s), at retracement levels, clear targets . .a good story. The fact that it didn't break hard tells me that the .8700 is very strong and more up movement is very possible . .but remember this is...
Well explained thanks Jarroo

Quoting mbqb11
Nice Dan

The good ones will jump out and are worth the wait. I am looking for one last push here myself

Good to see you stop in
Nice to see that some experienced guys tooked the same trade that i tooked too ;-)
  • #79,239
  • Nov 4, 2010 6:45am Nov 4, 2010 6:45am
Quoting jarroo
There's a funny joke in there somewhere . .lol . . .I would love to see it play out . .
Hey Jarroo, don't know the one you mentioned, but I heard a similar one.

Dollar and Cable sitting in the bar, drinking beer. Suddenly, enchantress Euro enters the bar with her red sexy dress. Cable quickly stands up, goes after her, but Dollar quickly calls out:

"Be careful, don't get the inflation"



Also took a trade this week.

H4 E/U BUOVB

What I didn't like was size of second bar (could be bigger) and I saw one more trouble area closer than my FTA.
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  • #79,240
  • Nov 4, 2010 7:00am Nov 4, 2010 7:00am
Quoting ppfx
Attachment
Thanks, ppfx.

PB-like BEOB on 1h EG. Is this the end of the weekly BEOB retracement?
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Thanks J16, Sam Seiden, Udine and Jacko
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