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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

  • #95,361
  • May 17, 2011 6:06am May 17, 2011 6:06am
Looking like it wants to breakout.

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nice level on cvs weekly

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buob above the level on daily. Could move higher now.

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  • #95,362
  • May 17, 2011 6:08am May 17, 2011 6:08am
Quoting Greenhaze
You've got a good point here Jon. Are you watching Gold at the moment?.... it looks like something is cooking.
no i wasnt but it is certainly wound up. as is silver. im not seeing anything i can trade though. maybe a bit of bullish sentiment showing there??are we gonna get a retest of that 1500 level?? lets see..
eu/us is showing a bullish pattern. might get a little volitility there soon..??

jon
PATIENCE... DISCIPLINE
  • #95,363
  • May 17, 2011 6:19am May 17, 2011 6:19am
Quoting Greenhaze
Are you watching Gold at the moment?.... it looks like something is cooking.
Wish I had access to my charts, I do like a bit of alchemy. :nerd:
  • #95,364
  • May 17, 2011 6:27am May 17, 2011 6:27am
just another touch trade...

aserbfx, when i look at your charts i don't see big difference as i would be looking to mine.. just different colours
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  • #95,365
  • May 17, 2011 7:47am May 17, 2011 7:47am
Quoting 5.25
Wish I had access to my charts, I do like a bit of alchemy. :nerd:
That TL looks promising.....7-8 touches and price is tightening in that triangle. Wouldnt be surprised to see next volatile period.
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  • #95,366
  • May 17, 2011 7:53am May 17, 2011 7:53am
there goes that triangle...

jon
PATIENCE... DISCIPLINE
  • #95,367
  • May 17, 2011 7:59am May 17, 2011 7:59am
This was not hard at all
This 132 BRN was on the way so I did not want to take any chances.
Fast and simple trade, I think.
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  • #95,368
  • May 17, 2011 8:21am May 17, 2011 8:21am
Quoting mbqb11
So it is in my view that why not watch the daily weekly as you suggested but watch 30/40/50/100 pairs(add as you get comfortable).
Hey Mike, if you have a second could you answer a quick question for me please? The platform I'm using (FXCM TSII) limits me to 20 pairs that I can watch. Am I missing something or is there a better (and free) platform that I can/should use?

Or does anyone else know? Many thanks.
When the going gets weird, the weird turn pro.
  • #95,369
  • May 17, 2011 8:43am May 17, 2011 8:43am
Quoting stark1
Hey Mike, if you have a second could you answer a quick question for me please? The platform I'm using (FXCM TSII) limits me to 20 pairs that I can watch. Am I missing something or is there a better (and free) platform that I can/should use?

Or does anyone else know? Many thanks.
Hey Stark

I use fxpro as my main charting broker(don't place trades with them myself) and then use multiple brokers to execute my orders.

FXpro has a TON of pairs

Let me know if you have more questions
Mike
  • #95,370
  • May 17, 2011 8:44am May 17, 2011 8:44am
Quoting Adilius07
This was not hard at all
This 132 BRN was on the way so I did not want to take any chances.
Fast and simple trade, I think.
nice clean simple there. Just be sure to get your stop down quick above that left eye too on a break. If it comes back to far it's usually over quick

Best
Mike
  • #95,371
  • May 17, 2011 8:53am May 17, 2011 8:53am
Quoting mbqb11
nice clean simple there. Just be sure to get your stop down quick above that left eye too on a break. If it comes back to far it's usually over quick

Best
Mike
Thank you very much, Mike for suggestion.
I am thinking on how to reduce risk more effectively (as I decided to not use BE but rather take fast profits if I have any doubt).

So reducing risk should give me a good R:R (after some # of trades).
I was just thinking should I move my SL like you said after the break, or maybe I should wait for 1 bar to close (as I saw in my backtest they sometimes may retrace pretty deep before continuing into the direction of a break). So still thinking which one will fit me better.

Thanks!
Adi
  • #95,372
  • May 17, 2011 8:55am May 17, 2011 8:55am
Quoting mbqb11
Hey Stark

I use fxpro as my main charting broker(don't place trades with them myself) and then use multiple brokers to execute my orders.

FXpro has a TON of pairs

Let me know if you have more questions
Mike
Many thanks indeed - I'll check it out.
When the going gets weird, the weird turn pro.
  • #95,373
  • May 17, 2011 8:55am May 17, 2011 8:55am
Quoting Adilius07
Thank you very much, Mike for suggestion.
I am thinking on how to reduce risk more effectively (as I decided to not use BE but rather take fast profits if I have any doubt).

So reducing risk should give me a good R:R (after some # of trades).
I was just thinking should I move my SL like you said after the break, or maybe I should wait for 1 bar to close (as I saw in my backtest they sometimes may retrace pretty deep before continuing into the direction of a break). So still thinking which one will fit me better.

Thanks!
Adi
Hey Adi

Added a note to your chart to give my opinion

Best
Mike
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  • #95,374
  • May 17, 2011 9:06am May 17, 2011 9:06am
Quoting mbqb11
Hey Adi

Added a note to your chart to give my opinion

Best
Mike
Oh, I see! You know this is funny but my thinking was completely opposite.

I thought that if there is something else besides left eye (like ppz, BRN etc) it is more safe to move SL, or even have initial SL behind that level.
But in the case like this, when there is not much to hold price I should instead give it more room for a possible retrace...

So what you suggest is the opposite. I will remember that and will see if I could note those nuances in real time!

Thanks!
  • #95,375
  • May 17, 2011 9:16am May 17, 2011 9:16am
Quoting Adilius07
Oh, I see! You know this is funny but my thinking was completely opposite.

I thought that if there is something else besides left eye (like ppz, BRN etc) it is more safe to move SL, or even have initial SL behind that level.
But in the case like this, when there is not much to hold price I should instead give it more room for a possible retrace...

So what you suggest is the opposite. I will remember that and will see if I could note those nuances in real time!

Thanks!
Hey Adi

I am confused by the above

What I am saying is in the case of the above bar, if that left eye doesn't hold it's probably not going to hold and price will move above the high of the bar, or make it real far up there. So in a case like this not moving your stop very quick to above that left eye leaves you open. The better a location/bar with more to support it the better chance that on a retrace it holds.

I am not sure if that is what you were saying or not so just thought I would clarify

Mike
  • #95,376
  • May 17, 2011 9:25am May 17, 2011 9:25am
Quoting mbqb11
Hey Adi

I am confused by the above

What I am saying is in the case of the above bar, if that left eye doesn't hold it's probably not going to hold and price will move above the high of the bar, or make it real far up there. So in a case like this not moving your stop very quick to above that left eye leaves you open. The better a location/bar with more to support it the better chance that on a retrace it holds.

I am not sure if that is what you were saying or not so just thought I would clarify

Mike
Mike, yes I clearly understand what you mean. Sorry my english sometimes makes me look funny

All I wanted to say is that the way I looked at PA before was the opposite: if I saw a situation like in that example, where there is not much above left eye I thought I should not even think of moving my SL, but give it more room to retrace (to breath).

But I now see your logic, why would I even give it a chance if I already see there is nothing to hold the price above that left eye. So reducing risk quickly - makes a best choice.

Ok, I hope I explained myself.
See, sometimes such little things make such a big difference!

Thank you very much, I got it now!
Adi
  • #95,377
  • May 17, 2011 9:43am May 17, 2011 9:43am
Quoting Adilius07
Mike, yes I clearly understand what you mean. Sorry my english sometimes makes me look funny

All I wanted to say is that the way I looked at PA before was the opposite: if I saw a situation like in that example, where there is not much above left eye I thought I should not even think of moving my SL, but give it more room to retrace (to breath)....
  • #95,378
  • May 17, 2011 9:47am May 17, 2011 9:47am
http://www.forexfactory.com/attachme...2&d=1305643262


Hope it looks fine
This is my new account here in the FF, hopefully they will remove the junior restriction ASAP
Price = the amount a greater fool is willing to pay!
  • #95,379
  • May 17, 2011 10:04am May 17, 2011 10:04am
Quoting stark1
... The platform I'm using (FXCM TSII) limits me to 20 pairs that I can watch. Am I missing something or...
Hello stark1,
what do u mean by 'limit'?
i checked my FXCM TS2, it has 56 pairs, & 17 other instruments (indices, commodities).
u can choose which ones are shown/hidden.

on the area where u see the prices (Simple Dealing Rates mode), right click, then look for 'Symbol Subscription List'. there, u can check/uncheck the pairs u want/dont want displayed.
u can read the manual, troubleshooting page, or go on a Live Chat.
  • #95,380
  • May 17, 2011 10:12am May 17, 2011 10:12am
Quoting supremeChaos
Hello stark1,
what do u mean by 'limit'?
i checked my FXCM TS2, it has 56 pairs, & 17 other instruments (indices, commodities).
u can choose which ones are shown/hidden.

on the area where u see the prices (Simple Dealing Rates mode), right click, then look for 'Symbol Subscription List'. there, u can check/uncheck the pairs u want/dont want displayed.
u can read the manual, troubleshooting page, or go on a Live Chat.
Hey SC, thank you for that. The bottom of my Symbol Subscription List says 'please note there is a maximum of 20 symbols visible at any one time'. I can't keep dialling them in and out (small brain - I'll forget what i'm supposed to be watching!), so is that what you're doing or does yours allow all those charts open at once? I feel a Live Chat coming on...
When the going gets weird, the weird turn pro.
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