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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

  • #103,441
  • Oct 24, 2011 5:04am Oct 24, 2011 5:04am
Quoting Greenhaze
Imo daily candles are very similar on majority of the feeds and 2-3 hours of difference doesn't change the shape much. This is much more visible on h4 tf but what i do is i go even deeper to gauge the market momentum. On lower tf price came back below the 1.39 with only 2 h1 candles without much respect for the 1.39. It tells me that some traders that entered long on the 1.39 breakout to the upside are on the wrong side now. Same goes for those who bought the support. Thats why i expect atleast some reaction there on the first pullback.

Cheers...
I am Daily-above beginner trader and Lately I have been thinking I will only draw ppz from Weekly and Monthly.

Daily tf flips should be visible so will be helpful in managing the trades but when it comes actual taking trades - I will base them on Weekly or Monthly tf ppzs.
The rational behind this that All the weekly bars should be same for all the brokers around the world. Monthly bars will be off by a few hours but it should insignificant compare to the amount of data it represents.
I am getting my thoughts out and this is not meant to be a direct responce to the original qn by Genius
Trading is a test match not a Twenty20.
  • #103,442
  • Edited 5:20am Oct 24, 2011 5:05am | Edited 5:20am
Quoting Greenhaze
Imo daily candles are very similar on majority of the feeds and 2-3 hours of difference doesn't change the shape much. This is much more visible on h4 tf but what i do is i go even deeper to gauge the market momentum. On lower tf price came back below the 1.39 with only 2 h1 candles without much respect for the 1.39. It tells me that some traders that entered long on the 1.39 breakout to the upside are on the wrong side now. Same goes for those who bought the support. Thats why i expect atleast some reaction there on the first pullback. I hope it...

Makes a Great deal of sense.
I am using the same ploy on the H4 GU PB.
An hourly close above the weekly LCS and I am out.
EDIT: Not a great PB, I know.
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  • #103,443
  • Oct 24, 2011 5:31am Oct 24, 2011 5:31am
Quoting decentchap
I am Daily-above beginner trader and Lately I have been thinking I will only draw ppz from Weekly and Monthly.

Daily tf flips should be visible so will be helpful in managing the trades but when it comes actual taking trades - I will base them on Weekly or Monthly tf ppzs.
The rational behind this that All the weekly bars should be same for all the brokers around the world. Monthly bars will be off by a few hours but it should insignificant compare to the amount of data it represents.
I am getting my thoughts out and this is not meant to be...

I do not think that is true.

Here are two feeds, IBFX & FXDD
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  • #103,444
  • Oct 24, 2011 5:32am Oct 24, 2011 5:32am
I see a nice pin on EURCAD 4H. I am short from 1.3940. Lets see how it goes. Stop is at 1.4030.
  • #103,445
  • Oct 24, 2011 5:47am Oct 24, 2011 5:47am
Quoting Pinbar
I do not think that is true.

Here are two feeds, IBFX & FXDD
Thanks Pin, I overlooked the fact that various brokers have diffrent closing times and prices..oh well still I think I will stick with drawing only the weekly/Monthly tfs and Monitor the daily ppzs.
Trading is a test match not a Twenty20.
  • #103,446
  • Oct 24, 2011 5:51am Oct 24, 2011 5:51am
Quoting decentchap
Thanks Pin, I overlooked the fact that various brokers have diffrent closing times and prices..oh well still I think I will stick with drawing only the weekly/Monthly tfs and Monitor the daily ppzs.
Oh, Yes. I agree entirely that the Higher TF PPZ are the way to go, DC.

I just thought it may cause you problems if you thought all brokers weekly bars close at the same time.
  • #103,447
  • Oct 24, 2011 5:53am Oct 24, 2011 5:53am
Quoting 5.25
Agreed, Europe is looking shaky.
the price has already shown its move which i was expecting it to from 1.4 ..EU co-relating with GU so accurate...
i think its the LCS over there..

anyways..i closed my order as it did not trigger as now i dont expect from 1.4 if it retraces back till there..
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  • #103,448
  • Oct 24, 2011 6:01am Oct 24, 2011 6:01am
Quoting AvanishDemo
the price has already shown its move which i was expecting it to from 1.4 ..EU co-relating with GU so accurate...
i think its the LCS over there..

anyways..i closed my order as it did not trigger as now i dont expect from 1.4 if it retraces back till there..
I'm actually in on the gbpusd pair. Proceeding with the same level of caution as Mr Pinbar above and entered for the same reasons.

I have stronger levels on the 1h to manage from than eurusd.
  • #103,449
  • Oct 24, 2011 6:22am Oct 24, 2011 6:22am
No need for the Mr. 5.25

I think we should watch out for the 1.5900 area, but if we get an H4 close below it, we could be in with a chance.

Hey, Do you actually remember those Real Floppy disks?
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  • #103,450
  • Oct 24, 2011 6:47am Oct 24, 2011 6:47am
Quoting Pinbar
Oh, Yes. I agree entirely that the Higher TF PPZ are the way to go, DC.

I just thought it may cause you problems if you thought all brokers weekly bars close at the same time.
Thanks PB,

oh man, this waiting for Daily bar to close is so tuf if you got access to intraday charts!!!
Trading is a test match not a Twenty20.
  • #103,451
  • Oct 24, 2011 7:24am Oct 24, 2011 7:24am
Quoting decentchap
Thanks PB,

oh man, this waiting for Daily bar to close is so tuf if you got access to intraday charts!!!
You could go into the history and delete all the data below the daily time frame. I don't recommend it though as sometimes we want to look at what the lower TF is doing.

Just look at it at a certain time everyday, then close down the program.

If you are trading the wekly PA, you only need to look at it once a week, likewise with the daily, only once a day.
  • #103,452
  • Oct 24, 2011 7:31am Oct 24, 2011 7:31am
Quoting decentchap
Thanks PB,

oh man, this waiting for Daily bar to close is so tuf if you got access to intraday charts!!!
It certainly takes a while to adapt buddy. I've moved up from ticks and 15m charts, so at first sitting round looking at dailies was torture. It has, and still takes so much self control to not dip back down to those lower TFs just to put a trade on.

All I will say, is that since seriously practicing these setups on higher TFs, I've been more consistant. The last 3 weeks making 3 figure pips, from not that many trades.

Patience is the keyword, and it's bloody hard to practice it
  • #103,453
  • Oct 24, 2011 8:01am Oct 24, 2011 8:01am
hi, been reading this thread , still on thread 100... a longgggg way to go.. just want to say thanks to all the people posting post and charts.. its a great help for a newbie like me.. hope i will find my way how to handle this kind of business..
im trying to demo trade base on pin bar.. looking for a great set up on daily TF.. hope it works on me.. thanks again..

hmm. thinking of joining PF....
  • #103,454
  • Oct 24, 2011 8:03am Oct 24, 2011 8:03am
Quoting Pinbar
No need for the Mr. 5.25

I think we should watch out for the 1.5900 area, but if we get an H4 close below it, we could be in with a chance.

Hey, Do you actually remember those Real Floppy disks?
I sure do Steve , that and my LCD Gameboy.
  • #103,455
  • Oct 24, 2011 8:05am Oct 24, 2011 8:05am
If the back of this PB breaks, we may be ok.
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  • #103,456
  • Edited 8:26am Oct 24, 2011 8:13am | Edited 8:26am
Quoting 5.25
I sure do Steve , that and my LCD Gameboy.
Glad I am not the only old chap on here. LOL

It broke, come on baby.

Next I would like to see the 1.5900 get violated, badly & a close below the 365 would be nice.

This guy wants it all. LOL
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  • #103,457
  • Oct 24, 2011 8:41am Oct 24, 2011 8:41am
Pretty aggresive looking H1 Would Be PB.
Still, it is a win, win situation, when we think about the experience we have gained from this, even if our SL gets hit.
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  • #103,458
  • Oct 24, 2011 8:51am Oct 24, 2011 8:51am
Quoting Fx7877
Aha, now i see it. Thks Mike for pointing it out.

I'm still holding on to NZDUSD demo trade based on BEOB formed on 17th. Things are not looking good and I wonder if I shld have just killed it though it has not taken out the S/L above BEOB. Typically, what is the time limit you give for your trade, i.e after entry, how many bars wld have gone passed and if it has not moved in your favour, you will kill the trade though it has not reach your S/L?

PinBar, thks for ur note too!
Hey FX

It varies depending on each situation and my approach to that particular way. Here is a very basic general guide to some different approaches I take. It's just impossible to give a defintive answer, each situation is it's own for me. Aud/jpy is the one I took off the same day and cut out after it pulled back so I was able to save around .65% on this trade(based on a 2% risk)


Here is that post on some basic things
http://www.forexfactory.com/showthre...an#post2853922


Best
Mike
  • #103,459
  • Oct 24, 2011 9:04am Oct 24, 2011 9:04am
Quoting picon1
It certainly takes a while to adapt buddy. I've moved up from ticks and 15m charts, so at first sitting round looking at dailies was torture. It has, and still takes so much self control to not dip back down to those lower TFs just to put a trade on.

All I will say, is that since seriously practicing these setups on higher TFs, I've been more consistant. The last 3 weeks making 3 figure pips, from not that many trades.

Patience is the keyword, and it's bloody hard to practice it
Thanks guys for the wise words.
Trading is a test match not a Twenty20.
  • #103,460
  • Oct 24, 2011 9:20am Oct 24, 2011 9:20am
I am not patient with this one. It should have moved already. Closed at BE+1. Apparently it is finding support from 50 EMA in the daily time frame.
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