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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

  • #79,481
  • Nov 7, 2010 7:51pm Nov 7, 2010 7:51pm
Waiting for retrace and some PA
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  • #79,482
  • Nov 7, 2010 7:55pm Nov 7, 2010 7:55pm
ok I missed the train.

g.
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I believe . . .
  • #79,483
  • Nov 7, 2010 7:56pm Nov 7, 2010 7:56pm
Quoting ghous
Pin Bar's bang on target!
Ghous, in your example would you have waited for retrace or simply enter on break of BUOB? IMHO price did not close strongly below support 1.0400 meaning support still hold. Hence one need not wait for it to prove it is still holding by waiting for a retest.

Or do you consider support broke, expect possible resistance -but there was none, then you wait for support to reestablish itself by waiting for retest. Hence what was possible resistance has turned to support.

I talked to PB yesterday about boxes and it got me thinking this way. I am still trying to make sense of the boxes. Sup turn Res, Res turn Sup

Thanks
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  • #79,484
  • Nov 7, 2010 8:41pm Nov 7, 2010 8:41pm
Quoting Adilius07
Ok, thanks Pinbar, I need to practice them, I still don't understand.
That makes two of us
The only thing i understand about the boxes is they help us draw PPZ. When in doubt go to lower Tf find the boxes and look for PPZ at upper and lower boundaries

Right, PB?
  • #79,485
  • Nov 7, 2010 8:48pm Nov 7, 2010 8:48pm
Quoting Be Cool
That makes two of us
The only thing i understand about the boxes is they help us draw PPZ. When in doubt go to lower Tf find the boxes and look for PPZ at upper and lower boundaries

Right, PB?

I may have inadvertantly confused people about the lower TF I showed after I marked the PPZ on the higher TF. By showing the H1 boxes, I was simply trying to show what an actual PPZ is made up of. Sort of like pulling the clock apart and looking at the cogs and mechanics of the clock.

IMHO, as Jarroo, continually says, PPZ and consolidation on the higher TF is the place to look for them and also, on the TF you see the PA setup on.
  • #79,486
  • Nov 7, 2010 9:55pm Nov 7, 2010 9:55pm
Quoting mbqb11
Hey Mission

Yeah there was a bit of change for a few weeks I am back to

IBFX
FXpro
Alpari UK
FXCM

For daily I use fxpro still yes

Best
Mike

And what makes FXpro preferable for daily?

I ask because I am shopping for a broker to hold my IRA and trade almost exclusively daily bars. I found ATC which looks acceptable but their daily bars don't begin til 9pm PT, which I think is unusual. I could be wrong about that and I have a message in to them to check. What is the ideal time for a new daily bar to start?

Any insight into your selection process would be appreciated.

Thanks,
Aaron

PS I am noob to this thread and if the answer is in a previous post please just let me know - I am not out to waste anyone's time.
  • #79,487
  • Nov 7, 2010 10:04pm Nov 7, 2010 10:04pm
Quoting ahendon
And what makes FXpro preferable for daily?...

Hey Aaron

No waste at all this is a HUGE thread, I know it can be intimidating.

I do not use FXpro to trade. i only use them to chart. the reason I use that broker to chart is 2fold. Firstly they have a 5pm est close. Although forex is not centralized and there is no official close, I consider this the unofficial official close b/c it is the end of the NY session. Thus the end of the day to me and I want my close at that time. The other reason is they have a ton of pairs with mt4 that I use with my many other brokers. You don't have to chart and trade with the same broker. Since price is price you simply can transfer to the broker of your choice. So I certainly don't recommend(or not recommend) fxpro in terms of real live trading. Always demo with the broker you intend to trade live with and move with baby steps till you find one that is comfortable and you trust.

Hope this helps and let me know if you have any more questions I will try to help
Mike
  • #79,488
  • Nov 7, 2010 10:40pm Nov 7, 2010 10:40pm
Quoting ghous
ok I missed the train.

g.
Maybe you'll get another chance at the 130.00
  • #79,489
  • Nov 8, 2010 12:19am Nov 8, 2010 12:19am
Hey guys, decided to demo this weekly BEOB. Couple of trade management questions. Where would you place your SL? I'm not used to using stop losses this large. I've got my TP as shown. Seem about right as the FTA? Will probably move to BE at +70, then take off half at the first TP and see if it can run. Thoughts?
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  • #79,490
  • Nov 8, 2010 12:36am Nov 8, 2010 12:36am
Does anybody have some bearish 4H PA on their feed, on Ucad?

Thanks.
.
  • #79,491
  • Nov 8, 2010 12:37am Nov 8, 2010 12:37am
Quoting forexben
Hey guys, decided to demo this weekly BEOB. Couple of trade management questions. Where would you place your SL? I'm not used to using stop losses this large. I've got my TP as shown. Seem about right as the FTA? Will probably move to BE at +70, then take off half at the first TP and see if it can run. Thoughts?
I think it depends on your trading style. If you don't want to use a full bar SL zoom down on the lower TF and see where there is resistance above. At my attached chart you can see some of it:
* daily PPZ (rosy)
* 4h PPZ/price flip zones (bluish)
* BRN 1.35
* 150 EMA
* and a broken TL.

Depending on your aggressivenes and the trust you have in this setup you could put your SL above one of these restistance areas.

As a noob I know how tempting some setups and an aggressive stop loss policy are. The probably best advise for us is to demo these and find our own style of trading and SL spotting.

I hope this helps.
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Thanks J16, Sam Seiden, Udine and Jacko
  • #79,492
  • Nov 8, 2010 12:38am Nov 8, 2010 12:38am
Quoting nasir.khan
Does anybody have some bearish 4H PA on their feed, on Ucad?

Thanks.
.
Not on my FXpro
  • #79,493
  • Nov 8, 2010 12:46am Nov 8, 2010 12:46am
Quoting forexben
Not on my FXpro
Yeah i have FXPRO- IBFXAU-FXOPEN-AlpariUK. But any other than these?
.
  • #79,494
  • Nov 8, 2010 12:49am Nov 8, 2010 12:49am
Quoting HanSolo
I think it depends on your trading style. If you don't want to use a full bar SL zoom down on the lower TF and see where there is resistance above. At my attached chart you can see some of it:
* daily PPZ (rosy)
* 4h PPZ/price flip zones (bluish)
* BRN 1.35
* 150 EMA
* and a broken TL.

Depending on your aggressivenes and the trust you have in this setup you could put your SL above one of these restistance areas.

As a noob I know how tempting some setups and an aggressive stop loss policy are. The probably best advise for us is to demo these...
Good points mate. I know people advise to manage your trades on the same time frame, but on a weekly chart, I think it's necessary to scale in to look for closer S & R areas.
  • #79,495
  • Nov 8, 2010 1:00am Nov 8, 2010 1:00am
Quoting forexben
Hey guys, decided to demo this weekly BEOB. Couple of trade management questions. Where would you place your SL? I'm not used to using stop losses this large. I've got my TP as shown. Seem about right as the FTA? Will probably move to BE at +70, then take off half at the first TP and see if it can run. Thoughts?
My SL is above BEOB and TP is 1.3000 on this...if it would be a true break I would expect it to go to the next RN, I don't see any serious trouble areas before it.
Of course I would try to not let the winning trade turn to a loss if it reverses on me.
  • #79,496
  • Nov 8, 2010 1:22am Nov 8, 2010 1:22am
Quoting nasir.khan
Yeah i have FXPRO- IBFXAU-FXOPEN-AlpariUK. But any other than these?
.
Nothing on FXCM US
Anything can happen - You never know
  • #79,497
  • Nov 8, 2010 1:28am Nov 8, 2010 1:28am
Quoting nasir.khan
Does anybody have some bearish 4H PA on their feed, on Ucad?

Thanks.
.

Not on IBFX either, a little bullish Div in fact.
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  • #79,498
  • Nov 8, 2010 1:48am Nov 8, 2010 1:48am
Quoting ppfx
you want some more confluence? ....

...here you go

definitely one of the best setups for the next week...

Attachment
See this where risking 1% save our a$$. Cause what we think maybe the best setup could also fail.

Well same pic but with opposite direction.

P.s I was sleeping so i missed out to take a loss on this one.
.
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  • #79,499
  • Edited 2:21am Nov 8, 2010 1:57am | Edited 2:21am
Didn't like the lingering PA of EG so I took just over 20 pips profit and closed it out. The 365 just below the PPZ with confluence at the RN, is not something I want to risk on a weekly bar with the SL over 100 pips. It can now take off in either direction without me.
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  • #79,500
  • Nov 8, 2010 3:05am Nov 8, 2010 3:05am
Quoting forexben
Hey guys, decided to demo this weekly BEOB. Couple of trade management questions. Where would you place your SL? I'm not used to using stop losses this large. I've got my TP as shown. Seem about right as the FTA? Will probably move to BE at +70, then take off half at the first TP and see if it can run. Thoughts?

Imo the FTA is bit closer then yours. 1.33 is very well defined support with 50% fib on top of it.
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