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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

  • #114,201
  • Jul 11, 2012 11:50pm Jul 11, 2012 11:50pm
aud/nzd daily pinbar
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meine augen sind die sterne
  • #114,202
  • Jul 12, 2012 12:28am Jul 12, 2012 12:28am
Quoting greenpath
[font=Arial]I apologize in advance for the length this post is likely to achieve. Hopefully it will be worth reading to some, but I know that it will be worth it to me to share and put these thoughts to the group.

[color=#000000][font=Arial]I’ve heard edicts like “someday isn’t a day of the week” all my life, and I have thought that I took that sort of advice to heart. However, I look out on the world now, and my place in it, and I realize that I have always lived with the mythical notion that someday I will have everything...
Inspiring stuff.

Here's a quote straight from the wall behind my monitor screen:

The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.

- John Foster Dulles


I wish you the best of luck my friend. You sure have started bang on target.



g.

I believe . . .
  • #114,203
  • Jul 12, 2012 2:32am Jul 12, 2012 2:32am
AUDUSD & S&P500 charts
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  • #114,204
  • Jul 12, 2012 2:57am Jul 12, 2012 2:57am
What do you think of EUR/AUD on daily?
Is the nose too short?
  • #114,205
  • Jul 12, 2012 3:16am Jul 12, 2012 3:16am
Hey i'm searchin for a broker with an unlimited demo account where the candles close with London or New York. (ideally with metatrader)

At the moment i'm using oanda but the servertime sucks.

Do you have a good tip for me?
  • #114,206
  • Edited 3:39am Jul 12, 2012 3:20am | Edited 3:39am
Hey SlapShot

You could try Alpari, google it. (but i think server time is GMT+3)
No more DOH! trades
  • #114,207
  • Jul 12, 2012 3:47am Jul 12, 2012 3:47am
Quoting mbqb11
Hey AR

That's great you want to jump in and learn!

The FTA are actually much closer. Remember F stands for FIRST. This is often an overlooked close bar high(s)/low(s). The smaller a bar like this with little confluence the MORE I would worry about VERY close areas.

I marked them both, how I see it. This doesn't mean price can't break these areas, but I too often see new traders get killed by them too.

This is why it's so tricky to play such small bars with little confluence. Doesn't mean you can't if you are careful, but for me...
Hey Mike, thanks for your reply.

I got another question. Will you consider those trade if the pinbar/nose bigger? Let's say around 30% bigger? As this pinbar is located at the extreme high/low, I don't think we can draw any Fibo and find any confluence, right? Please correct me if I am wrong.

As for space at the pinbar's right, for these 2 cases, it should be sufficient, right? Again, please correct me if I am wrong.

Please know that I am not challenging your opinion. I just wanted to learn a more accurate knowledge instead of me wondering myself as this is very discreet decision and I got nobody to refer to.
  • #114,208
  • Edited 5:57am Jul 12, 2012 5:46am | Edited 5:57am
Quoting mbqb11
Yep these are VERY tiny fighting strong trends. They could work but you gotta be extra careful and diligent if you are going to play these. These for me are easy passes though. FTA become very very important. Can you identify them?

hmmmmm, I see, I didn't realised they are tiny, hmmmmm, I need to zoom out a bit;

the purples ones are the FTA, but maybe they wouldn't even reach there?



ETA:
just saw your the other post about the using the last support to act as ceiling for the FTA; that brings the FTA even closer to the entry; hence you wouldn't want to enter the trades.

btw, do you use Jaroo's method to trade?
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  • #114,209
  • Jul 12, 2012 5:48am Jul 12, 2012 5:48am
Hi, this is my first post here. I've been too excited about the material here and have been too aggressive with trading/learning process. I've 5 open trades in my non demo account. Several of my orders got triggered today.

I have bought USD/JPY (@ 79.8), sold AUD/JPY (@ 1.1980) , sold GBP/USD (at 1.5460) based on daily candles and bought USD/CAD (@ 1.220) based on weekly candle.

Any comments would be appreciated.

My AUD/JPY was progressing well until negative news. On hindsight I should have taken some money of the table.
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  • #114,210
  • Jul 12, 2012 5:52am Jul 12, 2012 5:52am
Quoting SlapShot
Hey i'm searchin for a broker with an unlimited demo account where the candles close with London or New York. (ideally with metatrader)
New York = FXPro
  • #114,211
  • Jul 12, 2012 6:05am Jul 12, 2012 6:05am
1) first I noticed a LCS at 1.22853; close of candle + wick on the 1st of June for confluence

2) candle 1 close below the LCS; so I placed a limit sell order (1.22583 - 10 pips); SL is like 1.23444

3) price hit my limit and move downwards, I was thinking my target profit should be at 1.22353; the lower end wick of the previous candle

4) time passes and price struggled......

5) I decided to move my stop loss to BE; and went to bed

6) next day, I am pleased to learn that price have move downlwards

7) but I couldn't find my trade anywhere; my stop loss has been hit, and if it weren't hit, my unrealised profit would be like 100 pips...............
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  • #114,212
  • Jul 12, 2012 6:32am Jul 12, 2012 6:32am
BUOB for EURAUD? close up the 1.2 (maybe?)
  • #114,213
  • Jul 12, 2012 6:39am Jul 12, 2012 6:39am
Thanks for the two tips,
maybe anothher one would be axitrader?
Do you have any experiences about them?
  • #114,214
  • Jul 12, 2012 7:43am Jul 12, 2012 7:43am
Quoting SlapShot
Hey i'm searchin for a broker with an unlimited demo account where the candles close with London or New York. (ideally with metatrader)

At the moment i'm using oanda but the servertime sucks.

Do you have a good tip for me?
Hey SS

FXpro is a pretty reliable demo with a lot of pairs and has 5pm et close time

Best
Mike
  • #114,215
  • Jul 12, 2012 7:47am Jul 12, 2012 7:47am
Quoting anyremote
Hey Mike, thanks for your reply.

I got another question. Will you consider those trade if the pinbar/nose bigger? Let's say around 30% bigger? As this pinbar is located at the extreme high/low, I don't think we can draw any Fibo and find any confluence, right? Please correct me if I am wrong.

As for space at the pinbar's right, for these 2 cases, it should be sufficient, right? Again, please correct me if I am wrong.

Please know that I am not challenging your opinion. I just wanted to learn a more accurate knowledge instead of me wondering...
Hey AR

The nose would need to be larger then pretty much any of the recent LARGE bullish bars breaking us out. I just think of it in a very logical way as follows.

Price is in a STRONG uptrend both long term, and in the very short term. Do I want to fight this trend with such a tiny bar? No. So I would want to see a bar that has the strength to reverse that and be able to fight that.

Another way is price will remain in motion till something of equal or stronger force can change it(that can be just location) or against a strong trend if we are speaking about just a bar(like this case) needs to be much bigger.

So while we have space, space is only as good as what can power us through this space. So the space in this case to the FTA is there but with such a small bar we can see exactly what happened.

I drew some notes on a chart for you

Best
Mike
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  • #114,216
  • Jul 12, 2012 7:53am Jul 12, 2012 7:53am
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  • #114,217
  • Jul 12, 2012 8:14am Jul 12, 2012 8:14am
Quoting kl1968
Hi, this is my first post here. I've been too excited about the material here and have been too aggressive with trading/learning process. I've 5 open trades in my non demo account. Several of my orders got triggered today.

I have bought USD/JPY (@ 79.8), sold AUD/JPY (@ 1.1980) , sold GBP/USD (at 1.5460) based on daily candles and bought USD/CAD (@ 1.220) based on weekly candle.

Any comments would be appreciated.

My AUD/JPY was progressing well until negative news. On hindsight I should have taken some money of the table.
Hey K

Firstly welcome to the thread

Firstly what worries me is you said non demo account after just learning. It's very important to not be trading live switching to demo as it takes awhile to learn this stuff. This is how we treat it as a business. Please be sure to read closely post 1 from James you will not regret it

As for the two charts you post

Aud/jpy I can't see why you sold. Could you give an explanation. It looks like you sold a new low nothing based on what James is showing.

Usd/cad - VERY tiny pinbar at a very minor swing low. Gotta be very careful with this. Also we want a reason to buy and sell PA bars. Sometimes the bar alone is enough but mostly we want to look for confluence. In this case new traders can get into trouble managing a trade like this without more info. Get your stops to b/e very quickly is the best bet with such a tiny bar. Even better bet is to avoid ones like this while starting out and go for the bars that scream trade me(big bars at great swing points). Throw in some confluence(the key) and you will be on your way

If you need some examples let us know

Best
Mike
  • #114,218
  • Jul 12, 2012 10:07am Jul 12, 2012 10:07am
Possible long on GBPAUD. Pin bar on the 61 fib. Not really a fan of trading off the 61, but this pair has been swinging back an fourth for the last year!
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  • #114,219
  • Jul 12, 2012 10:34am Jul 12, 2012 10:34am
Quoting mbqb11
Hey AR

The nose would need to be larger then pretty much any of the recent LARGE bullish bars breaking us out. I just think of it in a very logical way as follows.

Price is in a STRONG uptrend both long term, and in the very short term. Do I want to fight this trend with such a tiny bar? No. So I would want to see a bar that has the strength to reverse that and be able to fight that.

Another way is price will remain in motion till something of equal or stronger force can change it(that can be just location) or against a strong trend...
Hey Mike,

Thanks a lot for your reply. I learned something and will take note on that.
  • #114,220
  • Jul 12, 2012 10:51am Jul 12, 2012 10:51am
Quoting mbqb11
Hey AR

The nose would need to be larger then pretty much any of the recent LARGE bullish bars breaking us out. I just think of it in a very logical way as follows.

Price is in a STRONG uptrend both long term, and in the very short term. Do I want to fight this trend with such a tiny bar? No. So I would want to see a bar that has the strength to reverse that and be able to fight that.

Another way is price will remain in motion till something of equal or stronger force can change it(that can be just location) or against a strong trend if we...

That is how I saw it. The daily bars need to find me, I shouldn't need to find the bars. If it takes more than 5 seconds for me to spot an opportunity, it probably isn't much of an opportunity.
Many choose unhappiness over uncertainty.
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