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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

  • #113,841
  • Jun 29, 2012 3:50pm Jun 29, 2012 3:50pm
Quoting bullzeye
EUR/GBP

i see a big support zone on your weekly chart, its gonna be hard to break that one... i am long for a few pips after a double bottom on H4, SL already to BE

Attachment
EUR/GBP

closed this one for 60 Pips, it looks like it will continue with the downtrend

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Click to Enlarge Name: eurgbp.gif Size: 25 KB
  • #113,842
  • Jun 29, 2012 5:52pm Jun 29, 2012 5:52pm
Quoting Greenhaze
According to Central Bank of India their currency is massively oversold and they are ready to intervene at any time. It looks like in contrast to verbal intervention of BOJ, market might actually care here
Hey GH , Which broker do u use that offer these kind of pairs ??? Is there PKR cross available too ???
Human
  • #113,843
  • Jun 30, 2012 1:32am Jun 30, 2012 1:32am
Quoting 5.25
Don't know what I like more, the setup, the analysis or the new graphic?
Good to see you posting again bracie.
T
Yeah, nice to see u both....
despite you being busy with infrastructures & GH being busy with his GF.

Happy weekend everyone
  • #113,844
  • Jun 30, 2012 1:40am Jun 30, 2012 1:40am
Quoting mbqb11
No prob J. I think learning to use the price action bars first is the easiest way. Look for those stand out killer bars like natural gas chart a few pages back. That's a great starting place. With time your toolbox will expand

Best
Mike
BTW Mike, do you have a material about the box thingy? Or is it just a simple box drawn to see the ranging price action?

Thanks in advance.
  • #113,845
  • Jun 30, 2012 2:31am Jun 30, 2012 2:31am
Quoting Chanya
Hey GH , Which broker do u use that offer these kind of pairs ??? Is there PKR cross available too ???
I haven't seen PKR crosses anywhere on any broker. Would be interesting if we get one for trading. As it is its illegal for local brokers in Pakistan to offer FX.

g.
I believe . . .
  • #113,846
  • Jun 30, 2012 4:07am Jun 30, 2012 4:07am
Quoting Chanya
Hey GH , Which broker do u use that offer these kind of pairs ??? Is there PKR cross available too ???
Oanda.

...unfortunately no PKR crosses there.
  • #113,847
  • Jun 30, 2012 4:42am Jun 30, 2012 4:42am
Quoting Greenhaze
According to Central Bank of India their currency is massively oversold and they are ready to intervene at any time. It looks like in contrast to verbal intervention of BOJ, market might actually care here
INR is the worst hit currency in Asia due to Eurozone crisis and lack of ability/leadership from the clowns in the Govt.(policy paralysis,needs more FDI & other economic reforms)...

it usually trades in the range of 45-48 Rs per dollar now it has hit upto 57 Rs per dollar..
  • #113,848
  • Jun 30, 2012 7:43am Jun 30, 2012 7:43am
Quoting ricosta
Are these all the PA setups? Is anybody here trading the Fakey as described by Nial Fuller?
Hey Ricosta,
Pin bar is the fakey..
  • #113,849
  • Jun 30, 2012 9:56am Jun 30, 2012 9:56am
Quoting ghous
I haven't seen PKR crosses anywhere on any broker. Would be interesting if we get one for trading. As it is its illegal for local brokers in Pakistan to offer FX.

g.
Yup , If we had an availability of USD/PKR , I would surely be a millionaire in few months ... All I had to do was to Invest my every last penny and Buy this cross , and then , in a year , Richest man on planet ...

What is illegal exactly ??? You mean brokers in Pakistan cannot offer forex ??? Why ???
Human
  • #113,850
  • Jun 30, 2012 1:25pm Jun 30, 2012 1:25pm
Quoting Chanya
Yup , If we had an availability of USD/PKR , I would surely be a millionaire in few months ... All I had to do was to Invest my every last penny and Buy this cross , and then , in a year , Richest man on planet ...

What is illegal exactly ??? You mean brokers in Pakistan cannot offer forex ??? Why ???
You can still go long USD/PKR...without a chart though. All you need is a foreign currency bank account denominated in dollars. That's the only trading you can do with foreign currency by using a local bank/broker.

Since you're trading on a USD account with your broker which you obtained after selling your PKR for USD you're already long USD/PKR. fancy that!

Its illegal for local brokers to offer FX as far as I have heard and its reflected in the current setup with literally thousands of stock brokers but no forex brokers as in those that allow a non PKR cross to be traded electronically through a platform.

g.
I believe . . .
  • #113,851
  • Jun 30, 2012 1:50pm Jun 30, 2012 1:50pm
Quoting ghous
You can still go long USD/PKR...without a chart though. All you need is a foreign currency bank account denominated in dollars. That's the only trading you can do with foreign currency by using a local bank/broker.

Since you're trading on a USD account with your broker which you obtained after selling your PKR for USD you're already long USD/PKR. fancy that!
I don't think it works that way ... We have no leverage available this way ... It would take a long time ... Unless we are expecting a domestic apocalypse ??? Are we ???
Human
  • #113,852
  • Jun 30, 2012 2:17pm Jun 30, 2012 2:17pm
Quoting Chanya
I don't think it works that way ... We have no leverage available this way ... It would take a long time ... Unless we are expecting a domestic apocalypse ??? Are we ???
Yup so the rules of the game are not as favorable as with electronic trading with an off shore broker but a lot of people go for foreign currency accounts just like they buy gold bricks or jewellery. It doesn't strike as big for them as with leverage but it serves the purpose for the conservative long term investor.

g.
I believe . . .
  • #113,853
  • Jul 1, 2012 2:53am Jul 1, 2012 2:53am
Quoting mbqb11
updated chart
I understand that it will pop but how you know where price will be going? Does the consolidation show bullish pressure so it will "pop" north?
  • #113,854
  • Jul 1, 2012 4:15am Jul 1, 2012 4:15am
Quoting ghous
Yup so the rules of the game are not as favorable as with electronic trading with an off shore broker but a lot of people go for foreign currency accounts just like they buy gold bricks or jewellery. It doesn't strike as big for them as with leverage but it serves the purpose for the conservative long term investor.

g.


Helo Ghous.
I think I can take this opportunity to clear one important thing from u and chanya.

4-5 months ago I had sent money to my broker (USA) from my ABL bank account Islamabad, and I got it done successfully.

Now a days one of my friends is trying to send funds to FXCM (UK) from the same bank (ABL). But he has been told that the state bank of Pakistan has restricted to transfer funds from an individual account to a foreign company account.

after a lot of effort he convinced his bank to send the funds, but they told him, "ok, we send your funds, but as this transfer will go after clearance from the SBP Karachi, so they may return it back, thats why we do not assure u the confirm transfer.


And what happened in karachi SBP. They returned the money back with the same old argument "individual funds cant be transferred to foreign company account"

Can u confirm please, is there any such new rule by SBP?

Waiting your reply.

aslam
  • #113,855
  • Jul 1, 2012 6:36am Jul 1, 2012 6:36am
Quoting Hotwinter
Helo Ghous.
I think I can take this opportunity to clear one important thing from u and chanya.

4-5 months ago I had sent money to my broker (USA) from my ABL bank account Islamabad, and I got it done successfully.

Now a days one of my friends is trying to send funds to FXCM (UK) from the same bank (ABL). But he has been told that the state bank of Pakistan has restricted to transfer funds from an individual account to a foreign company account.

after a lot of effort he convinced his bank to send the funds, but they...
Hello Aslam , How are you ???

I have heard this before too that people are having trouble transferring their money . Honestly , I never had this trouble ... Although I do not know about any such " Rule " , But I use standard chartered as my Bank , and they ask no question what I want to do with my money ... I think it has something to do with the bank being local or international . ABL is local bank so they might fall under strict rules , where as standard chartered is multinational ...
Human
  • #113,856
  • Jul 1, 2012 7:01am Jul 1, 2012 7:01am
Reading this entire thread is like a full time job. I have a question may have been asked before, but how far back do we generally need to "look left" on our charts for pivots and past trends that may or may not have any relevancy to our present trading actions?
Using Oanda I notice that they go back maybe 1 and half years of charting history maximum using the daily time frame.Oanda also limits the number of bars in the charts if I choose smaller time frames. In contrast, MT4 demo account goes back about 5-7 years of trading history. I find that I am seeing "more" of the big picture with MT4 stuff that I would not see in Oanda. Does anyone agree and does anyone generally use different broker charts to confirm trends?
Stop thinking like a retail trader
Forextrinitrader3.0 Profit This Month: na
  • #113,857
  • Jul 1, 2012 7:54am Jul 1, 2012 7:54am
Quoting Chanya
Hello Aslam , How are you ???

I have heard this before too that people are having trouble transferring their money . Honestly , I never had this trouble ... Although I do not know about any such " Rule " , But I use standard chartered as my Bank , and they ask no question what I want to do with my money ... I think it has something to do with the bank being local or international . ABL is local bank so they might fall under strict rules , where as standard chartered is multinational ...
Hello Chanya Im fine and hope u will be fantastic

thanks for the reply...I will suggest my frnd standard chartered bank to be used for the purpose
  • #113,858
  • Edited 8:30am Jul 1, 2012 8:19am | Edited 8:30am
Quoting forextrini1
Reading this entire thread is like a full time job. I have a question may have been asked before, but how far back do we generally need to "look left" on our charts for pivots and past trends that may or may not have any relevancy to our present trading actions?
Using Oanda I notice that they go back maybe 1 and half years of charting history maximum using the daily time frame.Oanda also limits the number of bars in the charts if I choose smaller time frames. In contrast, MT4 demo account goes back about 5-7 years of trading history. I find that I am seeing "more" of the big picture with MT4 stuff that I would not see in Oanda
I agree... Oanda fxtrada java software is good for fast execution but sux at analysis imo.

Believe in your own conclusions.

  • #113,859
  • Jul 1, 2012 9:38am Jul 1, 2012 9:38am
Quoting ricosta
I understand that it will pop but how you know where price will be going? Does the consolidation show bullish pressure so it will "pop" north?
The short answer is it doesn't really matter Rico. I will be looking for entries on BOTH sides of it. That's the beauty of a nice big pattern like this. I'll let the market decide which direction and wait for good entry signals

Best
Mike
  • #113,860
  • Jul 1, 2012 9:42am Jul 1, 2012 9:42am
Quoting Hotwinter
Helo Ghous.
I think I can take this opportunity to clear one important thing from u and chanya.

4-5 months ago I had sent money to my broker (USA) from my ABL bank account Islamabad, and I got it done successfully.

Now a days one of my friends is trying to send funds to FXCM (UK) from the same bank (ABL). But he has been told that the state bank of Pakistan has restricted to transfer funds from an individual account to a foreign company account.

after a lot of effort he convinced his bank to send the funds, but they...
There was always this rule i.e foreign currency cannot be transferred from a local bank account in Pakistan to a foreign company/organization abroad with a few exceptions like sending money to a foreign University for enrollment. For business pruporses it is absolutely forbidden. Its funny though, that the money "coming in" through a foreign company to individual bank account here doesn't meet the same strict regulations (possibly because they like the feel of foreign reserves entering into Pakistan). Even funnier is the fact that I did such a transfer myself just like you did a few months back. The bank was reluctant but I made them pay for a mistake on their end. If you think about it it tells a story about how much the rules and regulations can be bent if you knew how to go about it. But let's face it. The banks really don't like being pushed against SBP.

The crux of the matter is that SBP has no issues with a company sending money to a company abroad, an individual sending money to an individual abroad but its problematic for them if an individual sends money to a company abroad, and in the event where this has to be done, its brought under intense scrutiny.

A lot depends on the banks too. Like I said (and you said) transfers to offshore forex broker accounts through wire transfers has been done before but a lot - perhaps all depends on how cooperative and supportive your bank really is. At the end of the day banks really don't feel they need to entertain a client that demands services that the other 99.5% of the clients don't unless they really want to. Good PR and inside relations help.

Furthermore you can also operate within the rules of SBP for your funds transfer but without a cooperating bank it will again be very difficult. (PM me for this option)

Quoting Chanya
Hello Aslam , How are you ???

I have heard this before too that people are having trouble transferring their money . Honestly , I never had this trouble ... Although I do not know about any such " Rule " , But I use standard chartered as my Bank , and they ask no question what I want to do with my money ... I think it has something to do with the bank being local or international . ABL is local bank so they might fall under strict rules , where as standard chartered is multinational ...
You've been using a credit/debit card and they don't fall under the same regulations as do bank/wire transfers. Unfortunately there are severe limitations to using a debit/credit card. Chief among them is the fact that they're good only for small amounts. Try transferring $10k with a credit/debit card. For one you'll have to do it in installments which isn't as big a worry as the cost associated with big spending on credit/debit cards and you might straight away be brought under the scanner if your "purchase patterns" via your debit/credit card start looking dubious.

You people outside of Pakistan staring at this and the preceding posts in awe, add to the mixture regular power outages and poor internet connections and you have every reason to be thankful of the infrastructure your countries offer you as traders.

We as traders have to pay a heavy price for trading in Pakistan. Is this an effect of the lack of trading activity here or the cause for the problems I am not too sure...

The ultimate solution is to move out of course...

g.
I believe . . .
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