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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

  • #95,541
  • May 23, 2011 2:47am May 23, 2011 2:47am
Quoting 5.25
I share the pain. Can't log onto my FX Account, PC or iphone!

Edit: Anyone else having technical problems with Oanda?
Tom. I am thinking about switching to new mobile phone with support for oanda software. Can You tell how well does the software work regarding position management and overall smoothness?

Thanks
  • #95,542
  • May 23, 2011 3:15am May 23, 2011 3:15am
Quoting g_j_hook@yah
i quite like it. its a retest of the weekly BEOB which is always a good story to have for me. it could have had a deeper retrace from that swing down but as it hits the break of the weekly BEOB that could be excused imho.
A strong break on this would be important to me breaking through that 1.4100 RN as it has a few bar h/l at around 1.4120-1.4130.
i think 1.4050 has a good chance of getting hit though and then 1.4000.
That is a strong level so i wouldnt want to be messing around if price gets there
nice 4h BEOB/DBHLC on friday breaking...
took the short last night after the break on the 1h chart and closed at 1.4100. about 1:2 rr
nice start to the week..

oanda is fine at my end, last night and today..??

jon
PATIENCE... DISCIPLINE
  • #95,543
  • May 23, 2011 3:19am May 23, 2011 3:19am
Quoting mbqb11
Let's see if this BEOB is the breakout bar
liking this also Mike. the break was a bit choppy over the asian session, would have hoped for a stronger break. currently looking at a 4h IB for a possible entry..?? mabye we get some momentum with the euro session kicking off??


jon
PATIENCE... DISCIPLINE
  • #95,544
  • May 23, 2011 3:22am May 23, 2011 3:22am
Quoting 5.25
I share the pain. Can't log onto my FX Account, PC or iphone!
Edit: Anyone else having technical problems with Oanda?
hey guys, it's ok now. (it's been mentioned in the Oanda thread too)
  • #95,545
  • May 23, 2011 3:52am May 23, 2011 3:52am
Quoting supremeChaos
hey guys, it's ok now. (it's been mentioned in the Oanda thread too)
Enough said. Thanks SC

Quoting Greenhaze
Tom. I am thinking about switching to new mobile phone with support for oanda software. Can You tell how well does the software work regarding position management and overall smoothness?

Thanks
Hey Kamil

I'm no tech expert, but I would happily recommend an iphone for use with Oanda. You can forget about charting, I still use mt4 for that, but in terms of position management and trade execution I think it's great.

It also makes a great tangible trading devise. What I mean by that is I voluntarily input my trades though my iphone whilst in mt4 on my desktop, as opposed to reloading Oanda (Desktop). Makes me scrutinise my trades more given that you have to input your figures manually, not just visually.

Then there's the obvious, build quality, high res screen, intuitive interface, which all adds up to a descent operating, trading device.

I was in the same position as you 3 months ago and I have never looked back. I actually downloaded Oanda on a display model in an Apple store before buying.

Hope this helps. Can give you a better feedback outside of working hours.

Tomek
  • #95,546
  • May 23, 2011 3:55am May 23, 2011 3:55am
Quoting Valinn
This has also caught my eye. Ive been waiting for this retest for a while.

We got the pullback.
Let's see how this daily bar closes.
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  • #95,547
  • May 23, 2011 4:26am May 23, 2011 4:26am
Hi all

Some fine trades taken by you guys recently.......5.25 THAT trade was a beauty! One of them per month and you will be laughing all the way to the bank! Very inspiring stuff guys....keep it up and I wish you all a good trading week!

Kal
  • #95,548
  • May 23, 2011 4:33am May 23, 2011 4:33am
Quoting 5.25
Hey Kamil

I'm no tech expert, but I would happily recommend an iphone for use with Oanda....
Thank You very much Tomek!
I dont have much faith in charting on mobiles but the ability to manage trades is something i look forward to.
Take care!
  • #95,549
  • Edited 4:53am May 23, 2011 4:36am | Edited 4:53am
Quoting g_j_hook@yah
liking this also Mike. the break was a bit choppy over the asian session, would have hoped for a stronger break. currently looking at a 4h IB for a possible entry..?? mabye we get some momentum with the euro session kicking off??


jon
A decent clean break of that IB so far, hoping it runs down to the 1.2300 level before we get any retracment. looks like its not got too much steam on the lower TFs though, but looking ok for now..???

sos, cant post charts i am on oandas from my sisters

jon

EDIT: iv got 1.2400 as my line of defence...
PATIENCE... DISCIPLINE
  • #95,550
  • May 23, 2011 5:08am May 23, 2011 5:08am
Quoting 5.25
Enough said....
Hi Tomek,
I tried to use iphone Oanda but couldn't login to the platform so I removed the aplication. Did you have any problem with login?

I use Dukascopy iphone aplication and Im satisfied. Definitely its not for full charting, but if you check the charts on MT4 and then during the day you wait for some specific situation (brakeout, retest...), or you are just managing the trades, then it is cool and very helpful.

Jarda
Follow my trading on Twitter and FB: @pumlitch
  • #95,551
  • May 23, 2011 6:31am May 23, 2011 6:31am
FWIW, I use a phone with Android software which has an app for Oanda and Interactive Brokers and both apps are awesome. It's really changed things for me because I work during the day but now can monitor trades whenever I want.

Also, after hours and hours of searching for apps or sites which are made for mobile charting, I found a charting software which is very good . It's called Trade Interceptor. Can put lines, zoom in/out and it has a lot of timeframes.

Also found a couple sites to send me forex price alerts to my phone.
Anyone wants more info and don't want to clutter this thread feel free to send me a message.
  • #95,552
  • May 23, 2011 8:09am May 23, 2011 8:09am
Hi Mike
Can you kindly tell me if i have correctly identify the following chart pattern:
1. Flag
2. Pennant
3. Wedge
Does the general trend need to be taken into account for those patterns to be qualified as valid ?

Thanks
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  • #95,553
  • May 23, 2011 9:17am May 23, 2011 9:17am
Quoting biDc
hey mike i'm in this trade too. i usually trade retrace but because there is apparently no price lower than this region and at the same time trend is down, i traded the break of the support instead.

how are you managing this trade since there is no previous price actions below the current price? I am thinking when bullish PA develops I will take some profits and move the rest to BE and depending on the situation add more to position after retracement.
Hey B

I consider this more of a breakout trade so for me I tend to trail these out and just see how price wants to work. Since were going into no mans land this means using round numbers, bar highs and lows etc to trail.

Best
Mike
  • #95,554
  • May 23, 2011 9:29am May 23, 2011 9:29am
Quoting Be Cool
Hi Mike
Can you kindly tell me if i have correctly identify the following chart pattern:
1. Flag
2. Pennant
3. Wedge
Does the general trend need to be taken into account for those patterns to be qualified as valid ?

Thanks
Hey BC

I am pretty picky about my patterns what I consider tradeable, trend etc.

For example all of those for me I would not consider valid enough to trade off, but that doesn't mean they aren't valid. Comes down to the trader. I don't raelly give them names so technically they may or may not be valid. I look for very clean well formed patterns with the trend. The cleaner the pattern and easier to spot I have found the easier to trade off. Many so-so patterns work out great. It's like a great outside bar vs a so-so outside bar. Since we trade in a very imperfect environment.

Here is an example of one on my watch list. I call this a wedge, maybe technically it is called something else lol

Best
Mike
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  • #95,555
  • May 23, 2011 9:45am May 23, 2011 9:45am
Euro under attack because of sovereign debt fears in the eurozone. Question is how far will it go (down)??
  • #95,556
  • May 23, 2011 9:50am May 23, 2011 9:50am
Quoting Kalbar
Euro under attack because of sovereign debt fears in the eurozone. Question is how far will it go (down)??
yep,thats the question
Hero calls followed by margin calls...
  • #95,557
  • May 23, 2011 10:05am May 23, 2011 10:05am
Quoting PhAnTi'
yep,thats the question
This time the worries are about Italy and Spain........this adds to Greece, Portugal, Ireland..........wonder what the future holds for the Eurozone? Wish I knew then i'd make my fortune!!
  • #95,558
  • May 23, 2011 10:10am May 23, 2011 10:10am
Quoting mbqb11
Hey B

I consider this more of a breakout trade so for me I tend to trail these out and just see how price wants to work. Since were going into no mans land this means using round numbers, bar highs and lows etc to trail.

Best
Mike
Hi Mike,

I am just wondering whether you would already be at BE with some profit on this one? You leave quite a space for the market with your initial SL, does it also work nicely to pull to BE once the initial risk is covered by paper profit?

Just a question. It helps me out because the thing I do not understand in myself (still) is how come that I was 5% up paper profit and did not took it but went for the millionare idiotism and ended up with minus after all?It didhappen to me not once.

Have you ever met with this situation? (Fun question).


Thx
Kind Regards zol
  • #95,559
  • May 23, 2011 10:25am May 23, 2011 10:25am
Quoting zoli
Hi Mike,

I am just wondering whether you would already be at BE with some profit on this one? You leave quite a space for the market with your initial SL, does it also work nicely to pull to BE once the initial risk is covered by paper profit?

Just a question. It helps me out because the thing I do not understand in myself (still) is how come that I was 5% up paper profit and did not took it but went for the millionare idiotism and ended up with minus after all?It didhappen to me not once.

Have you ever met with this situation? (Fun question)....
Hey Zoli

This situation is one I consider a breakout so i tend to let the market do it's thing. If my analysis is correct price should have more chance for a type of runner. I don't just go to breakeven if I am up X amount of pips or something like that. My stop starts above the bar and this room b/c my area to help me manage my trade and reduce risk on a trade. Same for all my trades. Some trades call for tighter management, others looser.

As for your second question, it's usually your motivations behind it. Greed/fear/etc tend to play a role in all that. James would correctly associate it back to a small account usually where people don't see it as a % gain rather as a small amount of money and thus they 'hope' that this next trade becomes the big one(which is most always not the case). Anyone whos ever traded has done this at some point and most never get out of that mindset. Trading for me has become a very very long term venture and patience is the only thing that will keep me here for decades to come.

Hope this helps
Mike
  • #95,560
  • May 23, 2011 1:24pm May 23, 2011 1:24pm
Good evening,
I’m relatively new to trading and have been avidly watching and studying this thread with great interest. I’ve also watched the videos in the J16 guest area over and over which I have also found hugely interesting.

This is my first chart post so please bear with me. I have been watching this pair, it looks fairly interesting to me and just wanted to receive some feedback and comments if that’s okay.

I notice a possible DBHLC forming off a trend line and 150EMA. Would ideally like a close below RN 1.53. What are your thoughts?



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