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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

  • #82,281
  • Dec 12, 2010 11:48am Dec 12, 2010 11:48am
Quoting aserbfx
the buob did her job.
and now orcl is very close to the 30 usd...

Nice charts asberb.

Any followup on Palladium?
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Indicators show the past. Price Action "Indicates" the future.
  • #82,282
  • Dec 12, 2010 11:59am Dec 12, 2010 11:59am
Quoting Greenhaze
I was eyeballing this one for a long time and missed the pullback on the daily timeframe becouse i am a retard .This monthly setup is a beauty and in this case i would rather play the double low breakout or the beob on the weekly tf. The spread is high so i wont go under the daily but will watch them to get in the move with tighter stop.

That was nice on the Daily. . . wow
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Indicators show the past. Price Action "Indicates" the future.
  • #82,283
  • Dec 12, 2010 12:00pm Dec 12, 2010 12:00pm
Quoting damien100
Hi Jarroo
Your posts on trading TFs independently and yet knowing what't happening on higher TFs was really excellent.
Have a nice weekend
Thanks
D
Thanks damien.
Indicators show the past. Price Action "Indicates" the future.
  • #82,284
  • Dec 12, 2010 12:10pm Dec 12, 2010 12:10pm
Quoting HanSolo
I23B on weekly EURCHF. First time a weekly bar closed below the BRN. Also notice the low at the end of june that may very well act as resistance now.
I wonder if this would be a viable setup for an experienced IB trader. Or are IBs not that reliable at the end of the year? Any comments very appreciated.

Dan Gilbert alert . .
Indicators show the past. Price Action "Indicates" the future.
  • #82,285
  • Dec 12, 2010 12:19pm Dec 12, 2010 12:19pm
Quoting blaz86
Hi folks, i have a question for those who uses FxPro (or other) for charting and trades through Oanda. I'm looking at a weekly pin on EURCAD and as you see on the FxPro picture the distance from the break and the low of the pin is 326 pips and the distance from the break and the FTA is 125 pips. That is RR to FTA of 0.38.

But... if i check the highs and lows on Oanda to place my order, you can see that there is quite a bit of price difference, so on Oanda you get a RR to FTA of 0.25.

How do you guys handle this?

http://www.forexfactory.com/attachme...1&d=1292171171
http://www.forexfactory.com/attachme...1&d=1292171171...
Yeah I just use the FXPRO to chart, but ultimately do all my entries based on the highs/lows of the oanda feed if that is the broker I am trading with.

Best
Mike
  • #82,286
  • Dec 12, 2010 12:22pm Dec 12, 2010 12:22pm
thank you for your response. what i meant to ask is this, on FxPro that pin looks good to me for taking some quick profit to FTA, but when i checked Oanda that pin doesn't look so good anymore (RR to FTA changed from 0.38 to 0.25).

Do you change your mind in such situations?
  • #82,287
  • Dec 12, 2010 12:28pm Dec 12, 2010 12:28pm
Hi guys

Hope y'all hadhaving good weekend ! Just wanted to ask if anyone has noticed when spottting a good weekly setup on the charts if the trade ever has any momentum on a Sunday or do things start moving on a Monday morning when London opens? Just wondering if anyone has spotted a pattern here? Or does it really depend on the pair, eg UJ,GBJ start moving when the japanese markes open?

Kalbar
  • #82,288
  • Dec 12, 2010 12:38pm Dec 12, 2010 12:38pm
Quoting blaz86
thank you for your response. what i meant to ask is this, on FxPro that pin looks good to me for taking some quick profit to FTA, but when i checked Oanda that pin doesn't look so good anymore (RR to FTA changed from 0.38 to 0.25).

Do you change your mind in such situations?
Hey Blaz

If it is a good trade i'll still take it. R:R won't factor in much for me. So most of the time it wont'. If I think there is enough room and a high enough probability then I will still be fine with it personally.

Hope you had a nice weekend all

Mike
  • #82,289
  • Dec 12, 2010 12:40pm Dec 12, 2010 12:40pm
Quoting Kalbar
Hi guys

Hope y'all hadhaving good weekend ! Just wanted to ask if anyone has noticed when spottting a good weekly setup on the charts if the trade ever has any momentum on a Sunday or do things start moving on a Monday morning when London opens? Just wondering if anyone has spotted a pattern here? Or does it really depend on the pair, eg UJ,GBJ start moving when the japanese markes open?

Kalbar
Hey Kal

Most sundays will be rather dead. But there are also many times sundays can be active. For the most part the markets getting kicking when london opens early monday. But again on any given sunday things can get active too if the markets are volatile.

Mike
  • #82,290
  • Dec 12, 2010 12:44pm Dec 12, 2010 12:44pm
Quoting jarroo
Thanks damien.
Jarroo

Thanks for your post on Friday rearding the plotting of PPZ - an area I need to work on. Will be concentrating on that this week and thanks for your advice, much appreciated although I suspect there will be more questions for you soon!!
  • #82,291
  • Edited 1:01pm Dec 12, 2010 12:44pm | Edited 1:01pm
Quoting blaz86
thank you for your response. what i meant to ask is this, on FxPro that pin looks good to me for taking some quick profit to FTA, but when i checked Oanda that pin doesn't look so good anymore (RR to FTA changed from 0.38 to 0.25).

Do you change your mind in such situations?
Hi Blaz,

Fxpro and Oanda have different close time for the daily bars, so that means that candles are slightly different, choose a broker and check for daily setups and FTA on that same broker feed. I for example use Fxpro as its close time is 22:00gmt/ 17:00 est

Hope this helps.

Os.
Trade Smart
  • #82,292
  • Dec 12, 2010 12:55pm Dec 12, 2010 12:55pm
Mike

Thanks for answering my question. I am in the UK so the London open siuits me fine when looking for movement. Sunday is probably a good day to do scanning for potential moves in the week ahead. Just one specific question mike - how do you reduce the stop sizes on potential weekly setups which have huge stops(ie hundreds of pips?)

Thanks,

Kal
  • #82,293
  • Dec 12, 2010 1:01pm Dec 12, 2010 1:01pm
Quoting bluetrader
Hey Autumm, what's up.

Good analysis on your part with regards to round number and fta. I agree with you on those points.

Looking at the bar quality, however, it's a low quality setup. The bar doesn't protrude from surrounding bars. This goes along with the lack of space. I would define this setup as below average.

Bars that have close fta's can be tricky to trade because you can get caught with a hard rejection right after entry. Know that when you enter these type of trades and be prepared for the worst.

Not trying to be critical Autumm,...
Hi Guys,

IMO we are in a sideways market, on the daily you can see we are in a kinda upward channel which broke, went down, then up again and wasn't able to close outside of it for the week.

On the weekly we can see we are in a box, we had a down move to test previous box and went up again, couldn't be able to close outside the box.

Os.
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Trade Smart
  • #82,294
  • Dec 12, 2010 1:03pm Dec 12, 2010 1:03pm
Hi all,

I've taken a week off from trading and it's been really good to come back with 'fresh eyes'. Watched a few PF vids today, the WIPG's in particular and looking at the weeklies there's on that caught my eye - GBP/NZD.

It's broken through the 2.1000 PPZ on the weekly, and looks to have retested and confirmed a flip from resistance to support. I've drawn trouble areas in green. Apart from this it looks like another week off

Also GBP is the only pair on my feeds that has gained against USD last week, NZD looks to have taken a spanking across the board. My broker has upped the spread on GBP/NZD to 30 pips as well which makes me wonder

Cable looks so so to me, there are better GBP longs to take though IMO, I don't feel comfortable shorting USD at the moment.
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Anything can happen.
  • #82,295
  • Dec 12, 2010 1:04pm Dec 12, 2010 1:04pm
Quoting jarroo
Nice charts asberb.

Any followup on Palladium?
sure...
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meine augen sind die sterne
  • #82,296
  • Dec 12, 2010 1:46pm Dec 12, 2010 1:46pm
Quoting Kalbar
Mike

Thanks for answering my question. I am in the UK so the London open siuits me fine when looking for movement. Sunday is probably a good day to do scanning for potential moves in the week ahead. Just one specific question mike - how do you reduce the stop sizes on potential weekly setups which have huge stops(ie hundreds of pips?)

Thanks,

Kal
Hey Kal

Remember stops and pips are all relative. We always must remember to position size properly. So my goal is to reduce my stop based on that bar when my method tells me too. So if I risk 2% per trade it doesn't matter if my stop is 30 pips or 300 pips. 2% is 2%. I personally look to reduce my stop as the trade works/or doesn't work in my favor as I see fit.

Hope that makes sense
Mike
  • #82,297
  • Dec 12, 2010 1:56pm Dec 12, 2010 1:56pm
Mike

That makes perfect sense and I know where you are at. Will be watching your posted trades and analysis like a hawk from now on! I suppose it really is just getting used to the idea that 200 or 40 pips=the same risk %.

kal
  • #82,298
  • Dec 12, 2010 1:57pm Dec 12, 2010 1:57pm
Quoting jarroo
Dan Gilbert alert . .
I'm not familiar with his trading yet. But I will surely have a look at it. Thanks for the hint, Jarroo.
Thanks J16, Sam Seiden, Udine and Jacko
  • #82,299
  • Dec 12, 2010 3:28pm Dec 12, 2010 3:28pm
I never look at or calculate the R/R. I take trades at solid support and resistance areas and take what the market wants to give. Having said that, the location of the pin bar is horrible in my opinion. The support is very weak on the weekly but is solid on the daily.

Scott

Quoting blaz86
Hi folks, i have a question for those who uses FxPro (or other) for charting and trades through Oanda. I'm looking at a weekly pin on EURCAD and as you see on the FxPro picture the distance from the break and the low of the pin is 326 pips and the distance from the break and the FTA is 125 pips. That is RR to FTA of 0.38.

But... if i check the highs and lows on Oanda to place my order, you can see that there is quite a bit of price difference, so on Oanda you get a RR to FTA of 0.25.

How do you guys handle this?

http://www.forexfactory.com/attachme...1&d=1292171171
http://www.forexfactory.com/attachme...1&d=1292171171...
  • #82,300
  • Dec 12, 2010 3:45pm Dec 12, 2010 3:45pm
Hey Guys
I see some nice locations. See charts and say what you think.
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