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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

  • #85,541
  • Jan 13, 2011 5:02am Jan 13, 2011 5:02am
Quoting Ifmyante
It's odd how two different brokers give such different bars. Does your day start at midnight gmt?

Best wishes

Michael
Yes Micheal the Day line is 00 GMT I believe. This is FXCM. My buddy trades on FXDD and also has different closes.
Very confusing.
We thought about entering trades when either of us gets a signal since the price feed is within a couple of pips.
Being a newbie I dont know if that makes any sense. It seems to me that if I get a good PB and am justified he should be able to enter also, even though he does not get a PB at all and vice versa. A toofer (Two for one) special from the forex fairy. We might get twice as many trades? LOL
How wrong am I there?
  • #85,542
  • Jan 13, 2011 5:03am Jan 13, 2011 5:03am
Quoting Ifmyante
TBH, I'd be happy to pay a sub for this thread.

FF, I hope you're not listening
Can't wait to join the PF actually, looking forward to the videos, had a look at the Guest ones and they ROCK!!!
Kind Regards Chris
  • #85,543
  • Jan 13, 2011 5:10am Jan 13, 2011 5:10am
Quoting Kalbar
Hey Arch

this is not a BEOB as the close of the bar has to be below the LOW of the previos bar. There is also plenty of traffic nearby so for most people this is a pass.

best,

Kal
Thanks Kal
I was under the impression that the CLOSE of the bar had to be below the CLOSE not the Low of the previous bar?
Please see attached
Attached Image (click to enlarge)
Click to Enlarge Name: BEOB.png Size: 26 KB
  • #85,544
  • Jan 13, 2011 5:10am Jan 13, 2011 5:10am
Has anyone taken EURUSD 4H alpari uk bearish pinbar yesterday?
At 12:00 I guess. Sorry I can't add chart. I am on my phone.

Thanks.
  • #85,545
  • Jan 13, 2011 5:11am Jan 13, 2011 5:11am
Quoting Ifmyante
Good luck with that.

Price should be attracted to the 987 fib zone at 1.2846.

I don't know if you use these, but they can be amazing magnets. I have them marked all my charts, as you saw in post 85542.

One thing i wonder- why the staggered (different) SL's?

Michael
Hi Ifmyante, thanks for good luck.

I don`t use Fibs much now (I used it much before)
I also don`t draw many PPZ on the chart now.

I like raczekfx`s this comment very much.

#22991 in this thread.

---You endup questioning yourself over and over and see many more ppzs than necessary.. Make your trading simple otherwise, you will never enter a trade or close for 10pips once you're in it. That's not trading, That's torture.

///

One thing i wonder- why the staggered (different) SL's?

hmmm, It`s a difficult question,, I think , it`s just suited for me like that way, I m confortable with it .
I m not so confortable with large SL( if I set all SL behind that PA, I need to set my SL bigger than 50pips , isn`t it?)
I think,that`s the reason why I use different SL`s.

Ken
  • #85,546
  • Jan 13, 2011 5:11am Jan 13, 2011 5:11am
Quoting fxarcher
A toofer (Two for one) special from the forex fairy. We might get twice as many trades? LOL
Let me know then if you get a setup I might not see. I'll do the same.

BTW, do you use vm_price_action_1.2 to search the charts, or do you do it manually?

I've recently put another 40 pairs up, so its alerts are really handy
  • #85,547
  • Jan 13, 2011 5:15am Jan 13, 2011 5:15am
Quoting Ifmyante
Let me know then if you get a setup I might not see. I'll do the same.

BTW, do you use vm_price_action_1.2 to search the charts, or do you do it manually?

I've recently put another 40 pairs up, so its alerts are really handy
Not familiar with that but would love to look at it if you can post it here or pm me
Thanks
  • #85,548
  • Jan 13, 2011 5:17am Jan 13, 2011 5:17am
Quoting kancha1115

hmmm, It`s a difficult question,, I think , it`s just suited for me like that way, I m confortable with it .
I m not so confortable with large SL( if I set all SL behind that PA, I need to set my SL bigger than 50pips , isn`t it?)
I think,that`s the reason why I use different SL`s.

Ken
But if you were to put a stop loss on a long order just above another pending long order, would that not invalidate your reason for placing the second order?

BTW, are limit orders not more expensive for you than stop orders?
  • #85,549
  • Jan 13, 2011 5:24am Jan 13, 2011 5:24am
Quoting xmzhang
Maybe a breakout on E-G, a 4H-BUOB/PB combo with a not so strong close could spark off a break out of that tight range.
E-G broke out of that tight range. I entered long on a pullback @ breakout (also 50% fib) lvl via a 5m-PB. Let's see if E-G manages to take out that intraday high .............
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 234 KB
Pipcrawler
  • #85,550
  • Jan 13, 2011 5:25am Jan 13, 2011 5:25am
Here it is.

I've also enclosed a price close alert, in case anybody wants it

And here's one more I love, alerter. If you draw a trendline and either name it or describe it (not sure, so I do both) Alert_ 1 or Alert_2 (or 3 or any other number, just don't name two the same on one chart, I think), it will alert you when price is within a pip or two of the line
Attached File(s)
File Type: ex4 VM_Price_Action_1.2.ex4   24 KB | 725 downloads
File Type: ex4 Alerter.ex4   4 KB | 450 downloads
File Type: ex4 Price Close Alert.ex4   2 KB | 530 downloads
  • #85,551
  • Jan 13, 2011 5:30am Jan 13, 2011 5:30am
Quoting fxarcher
Thanks Kal
I was under the impression that the CLOSE of the bar had to be below the CLOSE not the Low of the previous bar?
Please see attached
No problem arch. its a common mistake made by myself and others in early days when you look for lots of setups. The converse applies for a BUOB- the close has to be above the high of the previous bar.

Kal
  • #85,552
  • Jan 13, 2011 5:37am Jan 13, 2011 5:37am
Quoting fxarcher
Thanks Kal
I was under the impression that the CLOSE of the bar had to be below the CLOSE not the Low of the previous bar?
Please see attached
The only restriction is that the range of the previous bar is engulfed by the range of the next bar. The position of the close of the engulfing bar relative to the low/high of the engulfed bar is a measure of strength (ie. bearishness/bullishness) of that BEOB/BUOB. The high/low of the engulfed bar acts as resistance/support and a close above/below means breaking and closing above/below that resistance/support. Hope this clears up.
Pipcrawler
  • #85,553
  • Jan 13, 2011 5:47am Jan 13, 2011 5:47am
Quoting xmzhang
The only restriction is that the range of the previous bar is engulfed by the range of the next bar. The position of the close of the engulfing bar relative to the low/high of the engulfed bar is a measure of strength (ie. bearishness/bullishness) of that BEOB/BUOB. The high/low of the engulfed bar acts as resistance/support and a close above/below means breaking and closing above/below that resistance/support.
Beautifully stated, thanks
  • #85,554
  • Jan 13, 2011 5:56am Jan 13, 2011 5:56am
Quoting Ifmyante
But if you were to put a stop loss on a long order just above another pending long order, would that not invalidate your reason for placing the second order?

BTW, are limit orders not more expensive for you than stop orders?
about first question , It hard to answer(even in Japanese) very difficult to explain , I`ve been doing like this 1 year now and I am confortable with it
about that PA , I set 3 orders, right? I look at 1st entry as diffrent type trading from 2nd&3rd. I use different logics to decide entry lines for 1st(A group) and 2&3rd(B group) so that in me it`s more natural to set different SLs.

I think I can not explain myself about it well, it`s difficult for me ,sorry.

Ken
  • #85,555
  • Jan 13, 2011 6:19am Jan 13, 2011 6:19am
i was emailed this link today, im sure many of us will find it usefull...

http://www.fxcmexpo.com/tag/advanced/

jon
PATIENCE... DISCIPLINE
  • #85,556
  • Jan 13, 2011 6:27am Jan 13, 2011 6:27am
Quoting slade1986
Watching this 4hr IPB. FTA around .9955 and then past the bar low to .9900 area.

Comments on the setup?

Thanks!

Thanks guys. Sorry, the FTA I had was .9935 (not .9955).

Looks like it hit .99349, but as you can see I whimped out and closed early...
Attached Image (click to enlarge)
Click to Enlarge Name: Aud-Usd-2.jpg Size: 123 KB
  • #85,557
  • Jan 13, 2011 6:28am Jan 13, 2011 6:28am
Quoting xmzhang
E-G broke out of that tight range. I entered long on a pullback @ breakout (also 50% fib) lvl via a 5m-PB. Let's see if E-G manages to take out that intraday high .............
Closed my E-G trade for a tiny profit, Fiber & Cable are taking off with equal speed so there won't be much action on E-G
Pipcrawler
  • #85,558
  • Jan 13, 2011 6:32am Jan 13, 2011 6:32am
Quoting Ifmyante
Morning all,

Nice breakout here

If it pulls back and continues, could 1.2935 be a possible target?

What's with all them stars...I am going dizzy just looking at that chart.

Perhaps you would see more if you trashed them, you don't need those.
  • #85,559
  • Jan 13, 2011 6:35am Jan 13, 2011 6:35am
Quoting Pinbar
What's with all them stars...I am going dizzy just looking at that chart.

Perhaps you would see more if you trashed them, you don't need those.
Hey PB, you're cracking me up
Pipcrawler
  • #85,560
  • Jan 13, 2011 6:39am Jan 13, 2011 6:39am
Quoting g_j_hook@yah
i was emailed this link today, im sure many of us will find it usefull...

http://www.fxcmexpo.com/tag/advanced/

jon

Thanks g_j, some good sounding ones but videos like Top 10 indicators isn't something I want to watch.

"And at number one .... bollinger bands, you will be bathing in champagne with this one"

Kind Regards Chris
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