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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

  • #99,741
  • Aug 3, 2011 6:47am Aug 3, 2011 6:47am
USDCAD Daily. Maybe this means something good?

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EURCHF Daily. Possible Double Bar Low?

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  • #99,742
  • Aug 3, 2011 6:55am Aug 3, 2011 6:55am
Quoting vbmark
...
Is it normal to go days without taking a trade?....
depending on how u trade... yes Sir, it's normal.
it helps u take a time off & away from trading.

Quoting vbmark
USDCAD Daily. Maybe this means something good?
let's see how they close.
i prefer the eurchf.

there's still a lot of time left, let's see...
  • #99,743
  • Aug 3, 2011 6:59am Aug 3, 2011 6:59am
Quoting fx trader-
YES BUDDY THE TRADE WAS rewarding but really good one if u took it on retracement , i entered at 725 and hit my tp1 at 75 as the area from 775 - 800 is a very strong resistance right now i am 1:1 hope we get better reward close above the choppy 800 area will be good and might give us a really good reward

also there was one more confluence y i took the trade maybe u didnt notice the 4hr trendline see the image attached
Thanks for the reply FX Trader...I got the 4hr trend line and the bounce off the 365 day EMA, but didn't take the trade because of the strong resistance at 775 - 800.

But good on you with the cheeky trade on the retrace, I don't go for retraces as I'm fairly new to trading and at the moment. Just trying to learn basic setups and when to take them and when not.
  • #99,744
  • Aug 3, 2011 7:12am Aug 3, 2011 7:12am
Quoting zinger
Hello Adilius,
I think I can help You with this (not sure if its the best way, but it works ).
Be right back in 1 hour, then I can write this here so anyone whos intrested in this, can do it.

Cheers.
Cool! Thanks a lot Zinger.
Will be here waiting for you and your advice.
  • #99,745
  • Aug 3, 2011 7:16am Aug 3, 2011 7:16am
Quoting Greenhaze
And we will have a nice beob on daily tf probably. Retest of the breakout area a bit below the 1.25 might give an opportunity to short with tight stop. Would be nice to see 1.2000 in few weeks. Definitely one of the strongest setups for some time imo.
Anybody took this cherry setup here? Imo those are the ones that should not be missed. BEOB with retrace to strong resistance in strong downtrend.
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  • #99,746
  • Aug 3, 2011 7:26am Aug 3, 2011 7:26am
Quoting vbmark
Thank you both for your replies, I really appreciate it. That's very interesting about watching 4 brokers like that. Very cool.

I just want to watch one broker right now and really can't decide between MB Trading and IBFX. But here is the question I can't seem to get resolution on:

MB Trading posts their new day at midnight EST. I can't check the charts until the morning at about 7:00 am to 8:00 pm EST. Have I waited too long after the update and the possible signal?

Sorry if this is a really noobish question or I'm just not "getting it".

While...
a bar is valid till the next bar is closed imho. So, if you trade daily, the setup is valid all of next day. In theory.

In practice - say you have a pin(doesn't matter the bar setup, it's an example) and you have as entry criteria break of the nose by... 15 pips(since you're on daily).

Btw., I think it's best to adjust this taking in acct. volatility - atr is a very good indicator for this imho since it's gives you raw information and nothing else(contrary to many indicators which have "opinions") - "pair is moving on average that many pips in that timeframe". So if you have a pair that moves on average 50 pips you can say the nose was broken when it went 10 pips, if it moves on average 150 pips, you should leave 20-25pips for instance.

Anyway, back to our sheeps - you come 8h later and the price already broke the nose by your ammount and reached fta. Then the setup stops being valid; ship left - case it comes back, ain't the same ship anymore.

So, don't chase - if you missed the setup, that's that(and you'll miss many, when you check it's pass mid Europe session and that's where you have many big moves, but then it ain't like you'll move in order to forex).

Don't enter if price already went the expected direction pass FTA. First - your entry will be in the middle of nowhere, behind nothing, so when you'll move sl to be you'll be very easily hit as nothing protects you. Second, there's increased chance that it'll come back. But that you'll figure out fast yourself - everyone chases ships in the beginning.

That being said, ideally you can use two brokers - one on EST, one on GMT(I keep GMT as being most important, since London session has the most volume, but obviously it's nothing like "set in stone" - but those two time frames are what you're interested in).

"How many times you trade" - as many times as it happens... It ain't manufacturing, you don't have a target # of trades/day.


Quoting Greenhaze
Anybody took this cherry setup here? Imo those are the ones that should not be missed. BEOB with retrace to strong resistance in strong downtrend.
was too asleep and I hate the pair, but yeah, seemed good.


Who wants to trade chf - beware and read the news(especially if you want to go long chf).
  • #99,747
  • Aug 3, 2011 7:33am Aug 3, 2011 7:33am
Quoting Greenhaze
Anybody took this cherry setup here? Imo those are the ones that should not be missed. BEOB with retrace to strong resistance in strong downtrend.

I saw that bar (actually would have missed it if it wasn't for a post of yours yesterday) then took a short on the retrace back to the fairly hefty support at 1.25. About 70 pips up at the moment, and in a free trade...

So, uh, thanks for the heads-up.
When the going gets weird, the weird turn pro.
  • #99,748
  • Aug 3, 2011 7:45am Aug 3, 2011 7:45am
Quoting zinger
Hello Adilius,
I think I can help You with this (not sure if its the best way, but it works ).
Be right back in 1 hour, then I can write this here so anyone whos intrested in this, can do it.

Cheers.
So, maybe someone knows better way, but it works.

1. Open a chart i.e. EURUSD
2. Open 'Navigator' > Scripts > Period converter
3. If You want to have H8 and your EURUSD chart is now H1, then You change 'Value' to 8 (its a multiplier so if You have EURUSD H4 then the Value is '2'.
4. Make sure that in 'Period converter' > in COMMON tab you checked 'Allow DLL imports'
5. Then You click on File > Open Offline and find 'EURUSD H8'.

The only inconvenience is that You can't close this "OLD" 1H chart (You can minimize it or smth).

Hope it helps someone.
  • #99,749
  • Aug 3, 2011 7:46am Aug 3, 2011 7:46am
Quoting Greenhaze
Anybody took this cherry setup here? Imo those are the ones that should not be missed. BEOB with retrace to strong resistance in strong downtrend.
Watching for it for few weeks. Missed it by 4 pips.
  • #99,750
  • Aug 3, 2011 7:48am Aug 3, 2011 7:48am
Quoting snowly
..
Who wants to trade chf - beware and read the news(especially if you want to go long chf).
i did.
mainly long gbpchf (i trade lower timeframes).
made 14%+ but getting retraced fast

(this issue was discussed earlier)
Lesson:
take some time off, have more patience & avoid scratching the overtrading itch
  • #99,751
  • Aug 3, 2011 7:53am Aug 3, 2011 7:53am
Quoting supremeChaos
i did.
...
Lesson:
take some time off, have more patience & avoid scratching the overtrading itch
Well, I'm still learning not to do this, and I feel great about it. This is my trade from monday (first from almost 2 weeks).
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  • #99,752
  • Aug 3, 2011 7:59am Aug 3, 2011 7:59am
Quoting zinger
So, maybe someone knows better way, but it works.

1. Open a chart i.e. EURUSD
2. Open 'Navigator' > Scripts > Period converter
3. If You want to have H8 and your EURUSD chart is now H1, then You change 'Value' to 8 (its a multiplier so if You have EURUSD H4 then the Value is '2'.
4. Make sure that in 'Period converter' > in COMMON tab you checked 'Allow DLL imports'
5. Then You click on File > Open Offline and find 'EURUSD H8'.

The only inconvenience is that You can't close this "OLD" 1H chart (You can minimize it...
The other way is to open an MT5 demo account
  • #99,753
  • Aug 3, 2011 8:00am Aug 3, 2011 8:00am
Quoting zinger
Well, I'm still learning not to do this, and I feel great about it. This is my trade from monday (first from almost 2 weeks).
yes, trading is a very interesting learning journey.
wow, that was a very nice trade, a nice pinbar followed by a very nice drop

Quoting Ted1983
The other way is to open an MT5 demo account
that's not enough. u have to open a chart too.
  • #99,754
  • Aug 3, 2011 8:02am Aug 3, 2011 8:02am
For 8h or 12h charts download a MT5 demo. It has 1,2,3,4,6,8,12 hour charts. No need to go offline. Still alittle difficult finding all the indicators (Bar clock etc) that work with MT5 but we don;t need no stinkin' indicators do we....
There are several brokers trading live on MT5 i believe they also have a chart app for iphone, still pretty basic though.

Brandon

Quoting zinger
So, maybe someone knows better way, but it works.

1. Open a chart i.e. EURUSD
2. Open 'Navigator' > Scripts > Period converter
3. If You want to have H8 and your EURUSD chart is now H1, then You change 'Value' to 8 (its a multiplier so if You have EURUSD H4 then the Value is '2'.
4. Make sure that in 'Period converter' > in COMMON tab you checked 'Allow DLL imports'
5. Then You click on File > Open Offline and find 'EURUSD H8'.

The only inconvenience is that You can't close this "OLD" 1H chart (You can minimize it...
  • #99,755
  • Aug 3, 2011 8:05am Aug 3, 2011 8:05am
Quoting supremeChaos

that's not enough. u have to open a chart too.
True that, it's a real pain!

Dunno about you, but my MT5 demos never seem to be able to connect to the servers unless I keep making new accounts. Any idea why that might be?
  • #99,756
  • Aug 3, 2011 8:08am Aug 3, 2011 8:08am
Quoting Caesar
For 8h or 12h charts download a MT5 demo. It has 1,2,3,4,6,8,12 hour charts. No need to go offline.
...
True, You can do mt5, although its not OFFLINE in MT4 (its real time) if you do this that way. And the period converter's edge is that its possible for H3, M14 or D9

Good luck.
  • #99,757
  • Aug 3, 2011 8:13am Aug 3, 2011 8:13am
Quoting Ted1983
True that, it's a real pain!
Dunno about you, but my MT5 demos never seem to be able to connect to the servers unless I keep making new accounts. Any idea why that might be?
i havent used MT5 for several months now.
on MT4, some demo accounts expire after a certain period (e.g. 30 days) or due to inactivity (no trades done on it).
maybe that applies to MT5 too.
if it expires, just have to re-open an account.. or try placing some trades to keep it open.
  • #99,758
  • Aug 3, 2011 8:18am Aug 3, 2011 8:18am
Quoting supremeChaos
i did.
mainly long gbpchf (i trade lower timeframes).
made 14%+ but getting retraced fast

(this issue was discussed earlier)
Lesson:
take some time off, have more patience & avoid scratching the overtrading itch
i think all BUOBs were ok on CHF pairs..personally i like GBBCHF BUOB n CHFJPY BEOB..
i missed them as i was in college..now i dont want to enter in between..
but these are great looking setups..i knw its against the trend...but the "healthy size of setups" enuf to give us 'atleast' short term effect right?

reason i like CJ BEOB..is it CB 100 VBRN..lovely number..but the "next bar" did not break.so most of veterans will close the trade... so no prb..

abt GBPCHF: we hav 1.25BRN.. also i like the fact that it also CA 1.27..so among all of the BUOB i like this..also traders can still rely on yellow mark i put on chart!nice space to move as well..

good luck to traders who are still in..al da best
i missed it

i hope these are good setups as per J16 standards..i will be surprised if they fail
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  • #99,759
  • Aug 3, 2011 8:20am Aug 3, 2011 8:20am
Quoting supremeChaos

that's not enough. u have to open a chart too.
  • #99,760
  • Aug 3, 2011 8:20am Aug 3, 2011 8:20am
Quoting supremeChaos
i havent used MT5 for several months now.
on MT4, some demo accounts expire after a certain period (e.g. 30 days) or due to inactivity (no trades done on it).
maybe that applies to MT5 too.
if it expires, just have to re-open an account.. or try placing some trades to keep it open.
No its not that: I was using Broco's demo but it doesn't seem to want to update ever. I know the Alpari one has a 30 day limit though.
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