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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

  • #101,841
  • Sep 16, 2011 11:56am Sep 16, 2011 11:56am
Quoting fascist
What time does the forex market close? is it in 2 or hours' time? I live in asia and it is friday night. Wanna take some profits and let the rest ride next week.
Hey F

The FX markets never close, your broker may close, but the FX markets are 24/7/365 market.

With that said most people and brokers close at 5pm est ny time that is 4hours from now. And this is when trading generally ceases for the most part

best
Mike
  • #101,842
  • Sep 16, 2011 11:59am Sep 16, 2011 11:59am
Quoting mbqb11
Hey F

The FX markets never close, your broker may close, but the FX markets are 24/7/365 market.

With that said most people and brokers close at 5pm est ny time that is 4hours from now. And this is when trading generally ceases for the most part

best
Mike
Oh! I've always thought that the forex market closes on weekends when the charts stopped moving.
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My trade is working out! At least a good end to the week.

Im hoping for it to fall to 1.5422..but for a friday night i'm not sure if there is enough momentum to push the pair lower.
  • #101,843
  • Sep 16, 2011 12:01pm Sep 16, 2011 12:01pm
Quoting mbqb11
Hey F

The FX markets never close, your broker may close, but the FX markets are 24/7/365 market.

With that said most people and brokers close at 5pm est ny time that is 4hours from now. And this is when trading generally ceases for the most part

best
Mike
that said that volume is drying up right now. normally there are no more big movements neither in fx nor in the stock market. hth
meine augen sind die sterne
  • #101,844
  • Sep 16, 2011 12:05pm Sep 16, 2011 12:05pm
Quoting aserbfx
that said that volume is drying up right now. normally there are no more big movements neither in fx nor in the stock market. hth
yep for sure, just wanted to make sure F understood the dynamic of FX

I never(or 99.8% of the time) open new intraday trades past approx 11am est on a fri. Just hasn't been really worth it because of the nature of fridays

Thanks for clarifying

Mike
  • #101,845
  • Sep 16, 2011 12:08pm Sep 16, 2011 12:08pm
Quoting mbqb11
yep for sure, just wanted to make sure F understood the dynamic of FX

I never(or 99.8% of the time) open new intraday trades past approx 11am est on a fri. Just hasn't been really worth it because of the nature of fridays

Thanks for clarifying

Mike
Alright, I have banked half my profits.

The other half trying to put my SL to BE, but the spreads are so wide (15-18 pips) even at this price i cant put it to my entry price! but 15 pips above.
  • #101,846
  • Sep 16, 2011 12:28pm Sep 16, 2011 12:28pm
I would short it @ 0.8325 ,not now, i missed it .
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A chart helps those who can read it.
  • #101,847
  • Sep 16, 2011 12:29pm Sep 16, 2011 12:29pm
Price retracing to the box where PBT&CA after many failed attempts earlier this month on USD/CAD. Good area to watch for PA? Note the 0.98RN and 365EMA. Price is also coming in demand zone on daily chart
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  • #101,848
  • Sep 16, 2011 12:31pm Sep 16, 2011 12:31pm
Quoting dropkick-cat
I noticed it in passing. After a couple of hours of perusing the thread, it all starts to become a blur of lines and numbers and charts. I am taking notes, but they are not very systematic, mostly. Thanks for drawing my attention back to that, definitely valuable to have at hand!

Are the inside bars reversal patterns only, or should I look for them as continuation signals, too? For example, in an uptrend an IB with a higher close than open.

dkc

One thing that I would suggest in making notes is to start a separate list of all possible trades requirements. Once you have all of these take a look at them and figure out which ones and of what type fit what you like.

Just a start of the list would include:

Type:
Pinbars
BUOB
BEOB
inside bars

Where:
Major swing high
Minor swing high
No swing high

Confluence:
MACD
Fib retrace
EMA's

Areas of support and resistance:
Major S/R Area
Minor S/R are
PPZ
BRN
RN
traffic

All of these items effect price differently and in different ways. This is the majority of the items most people here look at. It will just be a large amount of practice makes it all clear.

Best of luck,
Ryan
  • #101,849
  • Sep 16, 2011 1:02pm Sep 16, 2011 1:02pm
Can someone suggest some effective way please?

There were some recent changes into Nasdaq 100 Index components. Now, I know that GENZ and MICC were removed. Then who those two who replaced them? How to pinpoint the two???

I know with Nasdaq 100 I could just go through the list and notice two new names (maybe). But I even afraid to think that I will have to do the same with Sp600 where I have about 60 stocks that were moved out (((( who replaced them, how to get this info?
  • #101,850
  • Sep 16, 2011 2:35pm Sep 16, 2011 2:35pm
Quoting gungriffin
One thing that I would suggest in making notes is to start a separate list of all possible trades requirements. Once you have all of these take a look at them and figure out which ones and of what type fit what you like.

Just a start of the list would include:

...
Whoa, that is a great list, thanks a ton! Will follow this bullet point for bullet point for the next time until I can recite the different influences in my sleep :-)

Also, last weekend I made a spreadsheet to keep track of possible setups. It's looking so naive now in the light of relevant items (see attachment, not sure why I wrote 365 EMA, it is nowhere near).

But it reminded me of the weekly AUD/USD. If it closes like that, it's a nice pinbar, isn't it? I think there is also a PPZ at around 1.00 - 1.02. And some added confluence from a 38 fib ret near the current close. The pair seems to be trading sideways though. Does that make sense? How would this rate for a setup?

dkc
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  • #101,851
  • Sep 16, 2011 2:56pm Sep 16, 2011 2:56pm
Quoting Pinbar
It's not a buy order, it's a sell order.
The more important point is, that he is selling a BEOB at a SL not at a SH, and running right into all those bar highs in a strong uptrend.
Ha ha busted. I meant sell, but didn't check my wording . I always joke that I know the devil is in the details, but they just aren't my cup of tea. I am a big picture guy

Oh and I definitely agree that I would not take either of these trades based on my criteria. I was just pointing out what I thought. I placed my chart up there and both of our charts have that strong S/R area on them. The important thing here though is that we are not teaching others how to trade like us, but instead doing as all of the seniors have always done. That is encouraging others to find the path to profitable trading in the way that works best for them. If the trade works for their criteria then I will always advise them to for it. One of the most important aspects of any profitable trader is trust in oneself and their system.

Ryan
  • #101,852
  • Sep 16, 2011 3:10pm Sep 16, 2011 3:10pm
Quoting Pinbar
Don't you see these two concrete blocks of consolidation and where the lows & highs are are? The blue thing in the middle is called a PPZ. LOL

We don't trade into PPZ now, do we? We trade away from them.
We do what ever our own system tells us to do, but that does not mean that we ignore items such as this. Base system would say that it is ill advised to trade into these areas, but we all have our modifications. Deep breaths there PB. There is no reason to be confrontational about such things.

Ryan
  • #101,853
  • Sep 16, 2011 3:16pm Sep 16, 2011 3:16pm
Quoting extremerrage
4h chart usd chf, what do u think guys..will history repeat it self again...,,, any idea
Were you saying you thought that a buy or a sell would be better here? I honestly don't see much of a story for either way here. No real J16 entry in all of that to me. Maybe with more of a description I would understand a bit better.

Ryan
  • #101,854
  • Sep 16, 2011 3:25pm Sep 16, 2011 3:25pm
Quoting biDc
failed pinbar trade. the top wick of the bar after pinbar came right to my pending order just to stop me out the next day lol
Ha ha had that one happen the other day on EURGBP. These seem to sting less and less each time now though. When I first began I took losses like this personally and they were almost crippling to my trading mindset. Now I just ask is there something that I can take away from all of this and look for the next opportunity. I am with you though in that I just have to laugh about it. Ha ha the other trade that I was in was USDCAD off of the 4he BEOB. That one stung when it dropped over 120 pips to miss my altered TP by 0.2 pips to come back and hit my revised SL

Ryan
  • #101,855
  • Sep 16, 2011 3:43pm Sep 16, 2011 3:43pm
Quoting stochman
Could someone pass the razors blades please
This business is not hard, but it never gives a crap what our desires are. It will just as easily chew up a new trader as it will reward a trader who is prepared to receive. All we are saying is evaluate your mind and figure out if your expectations are in line with those most likely to grant success. I found one of the best PDFs ever in a thread on FF and I believe that it encompases the entire journey most face in a few pages. I attached it and it is worth reading to evaluate where you are and how far you may have left to go. We will help you however we can, but most of this is setting up your mind to trade successfully and that cannot be forced.


Quoting ddinnov
I think what he is saying is that you don't want to find yourself in a situation where you're under pressure to make money from your trading. It's far better to be in a situation where you have a large account with low risk per trade and very few A++ trades/month than to be in a situation where you have a small-ish account and you're taking more risks and overtrading trying to reach certain financial targets because you need to to make ends meet.

As soon as any kind of pressure gets into the mix your decision making process changes and you end...
Couldn't agree more. I have revised my entire thinking to exclude any profit targets from my thoughts. I believe that based on everything we are taught by society and advertisements that profit targets and instant success is the usual thought process. Trading doesn't care what we want. I trade now only when I find trades that meet my criteria. This varies by a huge margin from when I first started where I thought, "Oh crap, I have not traded this week and that means that I have not made a profit. I NEED to find at least one this week or otherwise I will have to find two next week." Then the next thing I knew I was making concessions in what I was trading and taking losses as a result. I had grand plans to be a millionaire by this time. My how things have changed I am closer now than I have ever been and it is an amazing thing, but it was not something that I could force.

Ryan
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  • #101,856
  • Sep 16, 2011 4:03pm Sep 16, 2011 4:03pm
Quoting dropkick-cat
Whoa, that is a great list, thanks a ton! Will follow this bullet point for bullet point for the next time until I can recite the different influences in my sleep :-)

Also, last weekend I made a spreadsheet to keep track of possible setups. It's looking so naive now in the light of relevant items (see attachment, not sure why I wrote 365 EMA, it is nowhere near).

But it reminded me of the weekly AUD/USD. If it closes like that, it's a nice pinbar, isn't it? I think there is also a PPZ at around 1.00 - 1.02. And some added confluence from a...
Given your close I would have given it more consideration, but I still would not have taken it. There is just too much going on right above it. Tick the traffic box on this one. Traffic does not mean an instant reversal, but it does not allow for things to be as predictable as with space. A zoom into the daily shows us how all of this played out. It literally reacted to each S/R area I had marked on the chart. That does not lead to stress free trading for me and as a result I aim to stay away.

Ryan

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  • #101,857
  • Sep 16, 2011 4:06pm Sep 16, 2011 4:06pm
Quoting 5.25
Wonder if we'll get a retest of former 1h resistance, now as support? 1.540-1.550 area, (Break of Daily PB).

T
Barely missed touch trade entry, then got greedy and failed to capitalise the following PB
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  • #101,858
  • Sep 16, 2011 4:19pm Sep 16, 2011 4:19pm
Quoting gungriffin
A zoom into the daily shows us how all of this played out.
Changing time frames didn't even cross my mind, damn. That's quite a fray there, I can see that now.

Godspeed
dkc
  • #101,859
  • Sep 16, 2011 4:54pm Sep 16, 2011 4:54pm
Last week price broke and close below 1.38. Now price is retesting that region but weekly candle did not close above yet..Resistance coming from 150EMA, rising trendline, and 1.38RN. Interesting note, look back far enough almost every time the weekly candle close above/below 1.38, it continues in the direction it closes on for a while.
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  • #101,860
  • Sep 16, 2011 5:25pm Sep 16, 2011 5:25pm
Quoting Adilius07
Can someone suggest some effective way please?

There were some recent changes into Nasdaq 100 Index components. Now, I know that GENZ and MICC were removed. Then who those two who replaced them? How to pinpoint the two???

I know with Nasdaq 100 I could just go through the list and notice two new names (maybe). But I even afraid to think that I will have to do the same with Sp600 where I have about 60 stocks that were moved out (((( who replaced them, how to get this info?
This may help Ad. Click on the name or symbol and they sort alphabetically.

http://www.selftrade.co.uk/constituents.php?symbole=$NDX.X
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