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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

  • #111,341
  • May 6, 2012 10:28am May 6, 2012 10:28am
Remember the old adage :

"sell in May and go away"

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"its not where you from .. Its where you going"
  • #111,342
  • May 6, 2012 11:30am May 6, 2012 11:30am
Quoting Leftyjh
Well that clears a lot up for me. Thank you Mike. I really appreciate you guys taking folks like me to the next level!

Question based from your comments... Is it possible to choose the closing time(s) of your charts (bars)? Or is the choice solely made by choosing a broker with a closing time you want?

Thanks to everyone!
Hey Lefty

Glad it helps, we all had the same questions at some point so it's our pleasure to help

You can't change your broker close time with a platform like mt4. Some more advanced platforms will allow you like Tradestation. Many tend to pick a broker with a time close they like

For example I use fxpro for their 5pm et close time

Best
Mike
  • #111,343
  • May 6, 2012 1:29pm May 6, 2012 1:29pm
[quote=jarroo;5639429]Not sure where you got your Weekly Lowest Close of Support (LCS) levels, h2. . .then again I can't see them on your chart.

maybe I can help . .

There were 2 Weekly LCS levels . .2 levels but one Swing Low because of the damn gaps . .

These 2 WLCS levels were the only ones relative to current Price over the last few weeks. Throw in the Daily LCS levels and it gets interesting.

Hey Jim, thanks for taking the time to reply. Here's my weekly chart showing the 2 WLCS levels that I was looking at. Have I got this right?http://www.forexfactory.com/attachme...1&d=1336328795
I must admit that I don't fully understand when you say those Damn Gaps! On your chart the lower level of the WLCS, is that not an opening price, do you not just take the lowest CLOSE of support as opposed to the lowest opening of support?
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  • #111,344
  • Edited 2:48pm May 6, 2012 2:27pm | Edited 2:48pm
gooshh.. what a week will be...

1. EURJPY - weekly inside bar breakout down, monthly - BEOB at pretty place.
2. AUDUSD - weekly closed below 1.2000 RN as a BEOB invalidated previous pin. Monthly - it seems that uptrend line broken down here already. what to speak about NZDUSD - just see this monstrous BEOB closed below 0.8 BRN... where it will take kiwi?
3. USDJPY is broken down below 80 BRN
4. Gold sits on its monster uptrend line...
5. EURCHF dead locked on 1.2....

"Just Smile and Wave Boys, Smile and Wave..."
all is eternal - this is good news for people who loves bad news
  • #111,345
  • May 6, 2012 4:09pm May 6, 2012 4:09pm
Quoting mbqb11
gone to breakeven now, see if we can push higher into descending daily TL
update

closed this one on gap up near target
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  • #111,346
  • May 6, 2012 5:55pm May 6, 2012 5:55pm
Quoting mbqb11
update

closed this one on gap up near target
I closed it before the weekend...
Thoughts are things
  • #111,347
  • May 6, 2012 7:59pm May 6, 2012 7:59pm
Damn . What the hell happened during the weekend ? JUDGEMENT Day Is announced ??? I hope not , I just got hold of this stuff .....
Human
  • #111,348
  • May 6, 2012 8:58pm May 6, 2012 8:58pm
Hey Fudd,

I traded the euro the opposite direction of your swissy trade and closed after the gap down. I wouldn't be surprised to see another opportunity to trade towards your target. The S&P is sitting on support now and the DXY is up against resistance. This should be an exciting week for trading now that we are seeing some break -outs.

Watching for another entry and maybe short euro again to 1.2815ish.

K.I.S.S.

Quoting mbqb11
update

closed this one on gap up near target
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  • #111,349
  • May 6, 2012 11:20pm May 6, 2012 11:20pm
I hope its OK to ask this here...

I have a question regarding tools, as in whats on your desk and what software is recommended. How many monitors do you use? Right now I have a 17" laptop and 2 20" monitors, one on either side. I had to get a device to convert a USB port to a VGA to plug in the 2nd monitor. Works good, so far. Is something like that what most of you guys use?

Next, the trading platform. Mike said he uses FXPro to trade, because it uses the NY close. Theres a clue! Do most of you use MT4? Or something else? Anyone use Marketscope 2.0? I like that I can detatch the charts with MarketScope, and have a 4hr and a daily open of the same pair at the same time. Or, since this is a business, I can see the wisdom in having the proper tools to run this business. Is it worth it to get TradeStation? Does it have better charting tools? What do you pros use? And perhaps a better question is why do you use what you use?

I hope I am not being too much of a hemorrhoid in asking all this. Its just that my quest for knowledge is so strong, and I know from experience in life that having the right tools is a necessity.

Thanks for your time.

Lefty
100 % of the shots you don't take wont go in. Wayne Gretzky
  • #111,350
  • May 7, 2012 12:35am May 7, 2012 12:35am
Quoting Chanya
Damn . What the hell happened during the weekend ? JUDGEMENT Day Is announced ??? I hope not , I just got hold of this stuff .....
Defeat of the two Greek pro-euro parties in Sunday's elections. Greek neo-nazis have gained parliamentary seats. How long will it take for Greece to leave the euro zone ? Could be a matter of days...
  • #111,351
  • May 7, 2012 1:56am May 7, 2012 1:56am
pinbar off 150 ema with space to the left!

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  • #111,352
  • May 7, 2012 2:02am May 7, 2012 2:02am
forget to add...a bearish divergence..


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  • #111,353
  • May 7, 2012 2:22am May 7, 2012 2:22am
Quoting fascist
forget to add...a bearish divergence..


Attachment

That's off a great Weekly level fasc. I like your Daily target(s) and confluences. . .I like your final target.
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Indicators show the past. Price Action "Indicates" the future.
  • #111,354
  • May 7, 2012 2:22am May 7, 2012 2:22am
Wouldnt go short EUR/NZD as its only ~80pips till PPZ (potential resistance turning support).
Thoughts are things
  • #111,355
  • May 7, 2012 2:24am May 7, 2012 2:24am
Quoting Quezoy
Wouldnt go short EUR/NZD as its only ~80pips till PPZ (potential resistance turning support).
only 80? . .
Indicators show the past. Price Action "Indicates" the future.
  • #111,356
  • Edited 3:21am May 7, 2012 2:28am | Edited 3:21am
Quoting Leftyjh
I hope its OK to ask this here...

I have a question regarding tools, as in whats on your desk and what software is recommended. How many monitors do you use? Right now I have a 17" laptop and 2 20" monitors, one on either side. I had to get a device to convert a USB port to a VGA to plug in the 2nd monitor. Works good, so far. Is something like that what most of you guys use?
I have my laptop and a 19 inch monitor. Dont see the need to use anything else with this strategy. Its not like you need to monitor multiple charts all the time. You come when the daily candles close, check what happend and pick your trades (or not).

Quoting Leftyjh
Next, the trading platform. Mike said he uses FXPro to trade, because it uses the NY close. T
Many members do.
I cant use it, because I need micro lots. If you need this to, check the following NY close brokers: Hot Forex, Alpari UK, Pepperstone (limited demo).
Thoughts are things
  • #111,357
  • May 7, 2012 2:30am May 7, 2012 2:30am
Quoting jarroo
only 80? . .
1.63 seems like a strong FTA and right now we are at 1.64. Depending on your entry thats around 80 pips.
Well, unless you enter somewhere along the pinbar retracement.

Or do you take this area as quite breachable, so to say?
Thoughts are things
  • #111,358
  • May 7, 2012 2:30am May 7, 2012 2:30am
Quoting Quezoy
Wouldnt go short EUR/NZD as its only ~80pips till PPZ (potential resistance turning support).
well i wouldn't know about you..but 80 pips looks more than decent for me..
  • #111,359
  • May 7, 2012 2:36am May 7, 2012 2:36am
ah... now I get your point, jarroo

Its just that I like more space till strong area.
Thoughts are things
  • #111,360
  • May 7, 2012 2:36am May 7, 2012 2:36am
Quoting Quezoy
1.63 seems like a strong FTA and right now we are at 1.64. Depending on your entry thats around 80 pips.
Well, unless you enter somewhere along the pinbar retracement.

Or do you take this area as quite breachable, so to say?
Technically, this PB has already fullfilled its expectation . .it hit its 1st target albeit a minor one . .that's the 1st FTA. But being this PB is off a strong Weekly level it has good potential to go further down.

The 4 Hour PB at 1.6450 entry looked really good in size . .still using Daily and Weekly targets.
Indicators show the past. Price Action "Indicates" the future.
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