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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

  • #80,801
  • Nov 24, 2010 11:19pm Nov 24, 2010 11:19pm
Quoting Pinbar
Yeah, but the Indians use their heads and ride on the roof, hang out of the doors. LoL


I heard a story from an Indian friend about those trains, and he said they are very dangerous to ride and we should not look like we have money and need to dress rough like back packers.

Their are groups of killers, who find a wealthy looking guy on one of those crowded trains, stick a stiletto like blade through the heart from behind, steal their wallets and nobody notices as the dead guy can not fall over till everyone gets off the train.


Is this true?...
I am not sure about the story you mentioned..

There is a crime and pick pocketers for sure.. need to be careful and mindful about your belongings when you travel in local trains..

Also in Mumbai they won't go on the roof.. yes.. in some rural areas, people used to do it.. but I doubt it now..

What I know about Mumbai local trains - eveyone travels.. rich, poor and even beggers.. It is the lifeline for Mumbai..

Few years back, I heard that Mumbai trains everyday carry 5,000,000 passengers.. I am not sure what is the number now.. Surely must have grown up.
  • #80,802
  • Nov 24, 2010 11:21pm Nov 24, 2010 11:21pm
Interesting....Not for the claustrophobic.
  • #80,803
  • Nov 25, 2010 1:10am Nov 25, 2010 1:10am
Quoting Pinbar
Ahendon, you have got that fibo upside if you are looking for short trades.

You need to draw them from a High-Low looking for short trades and Low-High looking for long setups.

That 38.2 on your chart is not the actual 38.2 fibo at all.
Thanks PB - someone else pointed that out here a week or so ago and I couldn't see what difference it made - other than it is doing it the way its meant to be done (which I could not hear last week as somehthing that would make a difference and I can now so i will correct on my charts).

At the same time I am left with a question as to what the standard location to set the fibo in the first place. Setting the fibo in the same place as shown but reversing the starting point (high-low) will just make the 38.2 the 68.1 - same location of a line just the other side of fifty.

I chose the location (that high bar - low bar combo) because at the time,a wee k or so ago, that looked like the last major move the current move was retracing. But when I look at where you drew it I can see that a new swing coould be used, although clearly a smaller move.

I also liked my location (albeit upside down) because of the way the TA line up with the 38-50-61 lines so I could just call the SR zones and forget the fibos.

What is the 'rule" for what swing to measure. Is it always the last regardless of size? The last large move? Is it the swing where the fibos line up with the most TAs? Is there no rule at all and it is all a judgement call?

Thoughts?
  • #80,804
  • Edited 2:16am Nov 25, 2010 1:59am | Edited 2:16am
Quoting ahendon
Thanks PB - someone else pointed that out here a week or so ago and I couldn't see what difference it made - other than it is doing it the way its meant to be done (which I could not hear last week as somehthing that would make a difference and I can now so i will correct on my charts).

At the same time I am left with a question as to what the standard location to set the fibo in the first place....

I think there really are no rules but, I tend to go to the higher TF like the weekly and draw them from the main swings, ignoring the retracement.

I will then draw in the minor swings on the daily and look for confluence points between the two fibos.

There is always a lot of discussion about fibos and how people use them, there is a whole Bobushika thread about the fibo tool he made.

I think it is going overboard about a single factor personally, and we only use them as confluence.


I wasn't trying to bust your nuts over it, I just was worried you were not aware of it being upside down and might take a trade based on the incorrect fibo reading.



EDIT: This is how I am looking at GBP/USD right now, a nice large bullish PB off the EMAs would be nice.
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  • #80,805
  • Edited 3:45am Nov 25, 2010 3:29am | Edited 3:45am
Can someone please direct me to the post about Mike's 2 bar trail. How to do it right? My search gives me only partial info, still can't get it. Or chart with info maybe?

I was thinking about my trading. I think I need to hold for longer. At BE or with proper trail, so R:R really would be something like 5:1 or whatever, some runners would make for my losses... I think that way for me could be profitable, because I'm really weak in choosing only the best A+++ at the moment...
  • #80,806
  • Nov 25, 2010 3:29am Nov 25, 2010 3:29am
Guys, does the different MT4 from different broker shows different reading?

I saw the EUR/CHF chart ahendon posted, it's slightly different from the one on my MT4.
  • #80,807
  • Nov 25, 2010 3:49am Nov 25, 2010 3:49am
Or should I just stay at BE and eye ball the chart? Like "mental trail" - any seniors do that? I'm afraid there would be too much emotions involved with this... but it could really give my trade a room to run...
  • #80,808
  • Nov 25, 2010 4:41am Nov 25, 2010 4:41am
Quoting jarroo
This is sooooo true. When I stopped the anxiousness of, "I gotta trade , I got to make money, got to get in . i gotta get in . ." And then focused I just looking for great locations, great setups ( with great stories ). . . My trading changed dramatically for the better.




Jim

You have a Great Thanksgiving . .brother Mike. . .
Jarroo, you probably don't know or intended it, but this post really makes a difference to me. Just the right words at the right time. Thank you.

I wish you all a great thanksgiving and look forward to see you tomorrow
Hans
Thanks J16, Sam Seiden, Udine and Jacko
  • #80,809
  • Nov 25, 2010 4:57am Nov 25, 2010 4:57am
2-bar exit strategy.
Would this be correct? I moved my SL above next after entry high.
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  • #80,810
  • Nov 25, 2010 5:04am Nov 25, 2010 5:04am
Quoting monochrome
Guys, does the different MT4 from different broker shows different reading?

I saw the EUR/CHF chart ahendon posted, it's slightly different from the one on my MT4.
Yes. There is a post by Mike about this, somewhere in the thread. Different brokers have different closing times. Most popular times here as I noticed are
FxPro and Ibfx. So you basically can follow both, and when you see Pinbar on one platform it will not be a Pinbar on the other but still tradable...

EDIT: FxPro, Alpari, IBFX - have 1 hour difference with the closes. So all three are little different. I think, if I got this right.
  • #80,811
  • Nov 25, 2010 5:22am Nov 25, 2010 5:22am
Hello, do you guys continue to trade normally in the last 2 months of the year?

I find the market very volatile and kinda different.
  • #80,812
  • Nov 25, 2010 6:49am Nov 25, 2010 6:49am
Quoting fascist
Hello, do you guys continue to trade normally in the last 2 months of the year?

I find the market very volatile and kinda different.
Market changes all the time, proffesional money migrate from one market to another, from one instrument to another, from one currency to another and your job as a trader is to adapt to that changes. For example make s/l wider, make some room for entry sna stop etc, etc...
Take care
Alex
  • #80,813
  • Nov 25, 2010 6:55am Nov 25, 2010 6:55am
Great Posts PB, Im learning a lot from them.

Quoting Pinbar
Just got up, will reply once I have got my head sorted out and read this a few times.

Interesting how most of the EU pairs have this same third touch TL pattern on them. I know it is the same EU but one would think that it would be different against other pairs.
Trade Smart
  • #80,814
  • Nov 25, 2010 8:01am Nov 25, 2010 8:01am
Quoting Adilius07
Or should I just stay at BE and eye ball the chart? Like "mental trail" - any seniors do that? I'm afraid there would be too much emotions involved with this... but it could really give my trade a room to run...
Hey Adilius!

Iīm not sure but I think a "mental trail" is the most common way and Iīm doing that also.

I like to keep it simple and just watch the marketīs behaviour at the PPZs. If the price shows weakness (doesnīt close through it), I reduce my risk to BE etc. If the price goes through, I trail my stop behind the bar highs/lows. And itīs not a bad thing if you miss a risk reducing opportunity or a profiting opportunity at the FTA, because you didnīt eyeballed the chart all the time imo, one trade doesnīt make the difference

Just trade a lot and your emotions begin to calm down sooner or later and youīll know what works for you. And thatīs something Iīm sure of!!

Have a great week!
  • #80,815
  • Nov 25, 2010 8:09am Nov 25, 2010 8:09am
Quoting nuclear62
Hey Adilius!

Iīm not sure but I think a "mental trail" is the most common way and Iīm doing that also.

I like to keep it simple and just watch the marketīs behaviour at the PPZs. If the price shows weakness (doesnīt close through it), I reduce my risk to BE etc. If the price goes through, I trail my stop behind the bar highs/lows. And itīs not a bad thing if you miss a risk reducing opportunity or a profiting opportunity at the FTA, because you didnīt eyeballed the chart all the time imo, one trade doesnīt make the difference

Just trade...

Hello Nuclear, thanks for reply. Yes I think I would go with this "mental trail" or maybe with Mike's 2 bar exit. I like 2bar exit more for removing emotions out. Need to practice and see both methods. But I am convinced that I need to stay in a trade for longer, because something like 70-80% win rate for me is not a reality but 70% lossing trades is a reality for me now...
  • #80,816
  • Nov 25, 2010 8:20am Nov 25, 2010 8:20am
Also, a question for those who trade CFD's. Please, I just have real hard time now. Look, for example oil CFD. It has an increment of 0.01 and increment value is $10. So if I have a $50,000 account with a %R per trade 2%. And I see a weekly setup where my SL would be 163 ticks I cannot take that trade?
Because 163*$10=$1630 when my allowed risk is $1000?

I thought with CFD's I can also manage any size like with FX. I think I understood the info correctly.. is that so I cannot buy even 1 CFD with above example???
  • #80,817
  • Nov 25, 2010 8:31am Nov 25, 2010 8:31am
Quoting Adilius07
Also, a question for those who trade CFD's. Please, I just have real hard time now. Look, for example oil CFD. It has an increment of 0.01 and increment value is $10. So if I have a $50,000 account with a %R per trade 2%. And I see a weekly setup where my SL would be 163 ticks I cannot take that trade?
Because 163*$10=$1630 when my allowed risk is $1000?

I thought with CFD's I can also manage any size like with FX. I think I understood the info correctly.. is that so I cannot buy even 1 CFD with above example???
well, it depends on the broker. for example at cmc markets the 0.01 in oil equals 1 usd per cfd (and not 10 usd like in your example).
which broker do you use, adil?
meine augen sind die sterne
  • #80,818
  • Edited 8:54am Nov 25, 2010 8:34am | Edited 8:54am
Quoting aserbfx
well, it depends on the broker. for example at cmc markets the 0.01 in oil equals 1 usd per cfd (and not 10 usd like in your example).
which broker do you use, adil?
Hey Aser, ahhh now I see. Maybe this Alpari has expensive rates for CFD's.
So many nuances with them...
Here is the table I am looking at on the Aplari website.
http://www.alpari.co.uk/en/cfd_tradi...fications.html

EDIT: I bought 0.10 YM (mini dow) on FxPro where tick size $5.
So I am down 3 ticks which show -$1.50 loss haha so $5 is for whole lot! Got it finally!!! See until you click you will not figure it out, just like with TV remote control I have never read the user's manual but I am a true professional user of TV remote control
  • #80,819
  • Nov 25, 2010 8:56am Nov 25, 2010 8:56am
Quoting Pinbar
I think there really are no rules but, I tend to go to the higher TF like the weekly and draw them from the main swings, ignoring the retracement.

This is really great. I certainly don't think you were busting my nuts. I appreciate the new insight for me. I will for sure go back and redraw the fibos off longer TF - that just makes so much sense.

Thanks again.

A
  • #80,820
  • Nov 25, 2010 8:59am Nov 25, 2010 8:59am
Quoting monochrome
Guys, does the different MT4 from different broker shows different reading?

I saw the EUR/CHF chart ahendon posted, it's slightly different from the one on my MT4.
FYI - I am using FXDD for my charting as it is a 5pm ET daily close. FXpro uses the same time but doesn't take US customers.

You just need to ask each broker - IBFX uses midnight GMT to start a new daily bar.
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