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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

  • #86,821
  • Jan 24, 2011 4:53am Jan 24, 2011 4:53am
Quoting vasmiza
is it Sundays bar or Fridays?? I am not sure myself. FYI I use FXCM's feed. Can someone clarify this?? Thanks guys
It's sunday bar. I'm on Fxpro which doesnt draw sunday bars.
  • #86,822
  • Jan 24, 2011 4:57am Jan 24, 2011 4:57am
Quoting vasmiza
is it Sundays bar or Fridays?? I am not sure myself. FYI I use FXCM's feed. Can someone clarify this?? Thanks guys
Your broker has a specified daily bar close time. The Fx markets in reality are a 24/7 market that is price moves even on the weekends. The Sunday bar shows up when your broker, as a rule opens the week up for trading late on a Sunday (a few hours before the official daily bar open/close time) hence the platform automatically starts displaying a new bar after only an hour or 2 of data.

This bar hence is ignored as it does not contain the full 24 hours of data we want a daily bar to contain.

Think of it like a small chunk of the actual Monday daily bar that's been excluded from the official Monday bar.

g.
I believe . . .
  • #86,823
  • Jan 24, 2011 4:57am Jan 24, 2011 4:57am
Quoting menomoo
Some years back , maybe 5 now . I watched a documentary in Australia about the Japanese woman taken back by Forex phenomenon and they took it up rather very seriously and quite successfull too.

Is that still the case in Japan ? you think ?

Just a curiousity thats all !
Cheers V

Sorry, must have missed this.

Well, FX is very popular here but, the majority of hosewives trading their husband's bonuses, get creamed big time. it's the same old story anywhere.
  • #86,824
  • Jan 24, 2011 4:58am Jan 24, 2011 4:58am
Quoting vasmiza
Hey guys,

Can one of the experts give me some advice on the GBP/CAD. Is yesterdays bar an IB. There seems to be significant confluence.

I have attached a few other reasons on the chart why I am bearish on this pair.

Attachment

Thnks guys.

Harry
I would be cautious about the 1.5800 weekly support area which i is just underneath your setup.
  • #86,825
  • Jan 24, 2011 5:03am Jan 24, 2011 5:03am
Quoting vasmiza
Hey guys,
Can one of the experts give me some advice on the GBP/CAD. Is yesterdays bar an IB. There seems to be significant confluence.
I have attached a few other reasons on the chart why I am bearish on this pair....
Hello Harry,
u are bearish up to what price?
yes, u got some confluence there. but i see possible traffic immediately below, around 1.5630 - 1.5850.
if price is indeed bullish, these area will hold & we might see good momentum breaking/moving through 1.60 - 1.64. or we might chop around that area again, before deciding on the direction.

hope that helps
  • #86,826
  • Edited 6:50am Jan 24, 2011 5:54am | Edited 6:50am
Quoting Ifmyante
Jarroo,

a question for you about two close PPZ's, say 60 to 150 pips apart, on a pair which averages about 250 pips per day.

My mind has been telling me that the area inside is basically a no-trade-zone, unless there is very serious reversal PA, bearish BEEOB or PB off the top and bullish BUEOB or PB off the bottom.

Would you take a trade off these, or wait for price to leave the zone and the top to prove its support and bottom to prove its resistance?

Can there be an A+ trade inside the zone?

I hope I was clear in my question.

Thanks in...

We have a similar situation on UJ right now.
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  • #86,827
  • Jan 24, 2011 5:59am Jan 24, 2011 5:59am
When the market watch window is opened in MT4 are the pairs displayed in any particular order and if so what ?
Cheers
Grahame
Sorry if this is way off topic
  • #86,828
  • Jan 24, 2011 6:04am Jan 24, 2011 6:04am
Quoting grahamec
When the market watch window is opened in MT4 are the pairs displayed in any particular order and if so what ?
Cheers
Grahame
Sorry if this is way off topic

I don't think so, at least mine are not.
You can drag them and drop them in any order you like though.
  • #86,829
  • Jan 24, 2011 6:07am Jan 24, 2011 6:07am
Quoting Pinbar
I don't think so, at least mine are not.
You can drag them and drop them in any order you like though.
Didnt think so, just wondering if there was a sort option but there does not seem to be.
I am trying to tidy things up and get things in a logical order for myself
  • #86,830
  • Jan 24, 2011 6:08am Jan 24, 2011 6:08am
Quoting grahamec
When the market watch window is opened in MT4 are the pairs displayed in any particular order and if so what ?
..
hello Grahame,
the order is based on category (currency pairs, commodities, stocks, etc --not exactly in this order)
& the way the pairs are displayed on the list on Window > New Window (where u open a new chart)

if im not mistaken...

Quoting grahamec
Didnt think so, just wondering if there was a sort option but there does not seem to be.
I am trying to tidy things up and get things in a logical order for myself
if your purpose is to limit the pairs shown..
u can right-click anywhere on the MarketWatch, click 'Symbols' then Show or Hide (as u deem necessary)
  • #86,831
  • Jan 24, 2011 6:25am Jan 24, 2011 6:25am
Quoting supremeChaos
hello Grahame,
the order is based on category (currency pairs, commodities, stocks, etc --not exactly in this order)
& the way the pairs are displayed on the list on Window > New Window (where u open a new chart)

if im not mistaken...


if your purpose is to limit the pairs shown..
u can right-click anywhere on the MarketWatch, click 'Symbols' then Show or Hide (as u deem necessary)
Hi SC
Thanks for the reply, I am just finding it a little difficult at the moment to organise charts for checking etc in a way that is logical for me. Only a small thing I know but it will help make my trading smoother, I hope haha
Cheers
G
  • #86,832
  • Jan 24, 2011 6:40am Jan 24, 2011 6:40am
Quoting grahamec
...I am just finding it a little difficult at the moment to organise charts for checking etc in a way that is logical for me...
check out Dan Gilbert's organized charts.
maybe u can try something like that.
  • #86,833
  • Jan 24, 2011 6:55am Jan 24, 2011 6:55am
Quoting Pinbar
We have a similar situation on UJ right now.
Hi PB

That was timely!

I'm using those TLs as my no trade zone though
  • #86,834
  • Edited 7:16am Jan 24, 2011 7:00am | Edited 7:16am
Quoting supremeChaos
check out Dan Gilbert's organized charts.
maybe u can try something like that.
Will do and thanks

Had a look and that looks very neat but not quite what I am trying to achieve
  • #86,835
  • Jan 24, 2011 7:33am Jan 24, 2011 7:33am
Quoting Ifmyante
Hi PB

That was timely!

I'm using those TLs as my no trade zone though
That is what I was talking about with Jarroo.

If we think of these as a top and bottom the area in between becomes No man's land, as you say.

But notice how Jarroo called it the profit area.
  • #86,836
  • Jan 24, 2011 7:45am Jan 24, 2011 7:45am
Quoting Pinbar
That is what I was talking about with Jarroo.

If we think of these as a top and bottom the area in between becomes No man's land, as you say.

But notice how Jarroo called it the profit area.
I must study what he means by that. I've been reading so much lately I don't even remember if I read that. Does he mean scalping opportunities lie in these zones?

Don't answer, I'll search back
  • #86,837
  • Jan 24, 2011 7:55am Jan 24, 2011 7:55am
No, I can only infer that around it is a good setup area.
What am I missing?
  • #86,838
  • Jan 24, 2011 8:15am Jan 24, 2011 8:15am
Quoting fxgroup
I don't think that yesterday candle was a buob,technically,yes it was,but the shape tells me that is more an indecision bar rather than a buob.Looking to the last 5 bars,I see those tails long enough to understand that the buyers are slowing down at the confluence of ppz+61.8fibbo.I don't know if the buyers are taking profit or the sellers are back in business,but with a decent bearish pa,1.51 becomes a very likely target.
Last weekly closed as an indecision bar with a friday IPB(ib).I don't trade this kind of bar,I use them as information,but it's position/shape and the previous candles(as I said in quoted post),make a perfect IPB with a nice story for ghous.Anyway,I'll keep an eye on this pair.
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Nothing personal,just business
  • #86,839
  • Edited 8:42am Jan 24, 2011 8:15am | Edited 8:42am
Hi guys !

Hope you had a great weekend...

First lost of 2011 on EUR/GBP

We had:

 

  1. 61.8 fib
  2. Rejection off the BRN 85.00 + Previous Support zone (blue square)
  3. PB
  4. DIV


Had my TP at 0.84550, thought it was gonna be a fast trade as I had my TP 20 pips away from my entry, but it turned out into a lost.

Looking at it.. I think my error was that the PB was small size (thx Mike) related to the trend before it (blue lines), in another context the PB could be a good size but looking at the strong uptrend before it, its not.

Comments are welcomed.

Thx.
Os.

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Trade Smart
  • #86,840
  • Jan 24, 2011 8:30am Jan 24, 2011 8:30am
Quoting Osman
Hi guys !

Hope you have a great weekend...

First lost of 2011 on EUR/GBP

We had:

 

  1. 61.8 fib
  2. Rejection off the BRN 85.00 + Previous Support zone (blue square)
  3. PB
  4. DIV


Had my TP at 0.84550, thought it was gonna be a fast trade as I had my TP 20 pips away from my entry, but it turned out into a lost.

Looking at it.. I think my error was that the PB was small size (thx Mike) related to the trend before it (blue lines), in another context the PB could be a good size but looking at the strong uptrend before it, its not.

Comments...

Hey Osman,

When I look at the setup the problem of the length of the bar jumps out less at me than the problem of the close on the bar

The close on our PA bars is extremely important...specially when we're talking about a bar that's heading into traffic.

I see a confluence of the 365 with quite a few bar highs, and the pin bar close in relation was above this area. That to me is the first red flag. Had price closed with authority below...or even at this area solidly (leaving a very small...or better still no wick at all) things could have been very different.

I actually like the nose on the bar and the overall location factors you mentioned, but it just goes to show you why a strong close is so imperative for trades that are heading into immediate trouble.

just the way I am looking at the bar...

g.
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I believe . . .
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