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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

  • #121,941
  • Dec 24, 2012 8:35am Dec 24, 2012 8:35am
Quoting Mav13
Hi guys,
merry Christmas and many, many pips in next year
Merry xmas to those that celebrate and happy holidays too all !
  • #121,942
  • Dec 24, 2012 8:31pm Dec 24, 2012 8:31pm
Hi Jarroo'ers, Need some advice/comments on the AUDUSD.

Last Friday, we have a PBT/CB 2 levels, 1 HCR, 1 LCS. Originally, i wanted to place a SELL limit at the HCR in confluence with the broken TL, but then, my rules of playing it safe urged me to wait for a DCC, which possibly caused me to miss the great "BAM!" oppurtunity.

Please see attached chart.
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Thanks!
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #121,943
  • Edited 12:50am Dec 25, 2012 12:32am | Edited 12:50am
I would not mess around with those minor daily swing point.
Use the swing close indicator I enclosed to spot the major ones on the weekly and, use the weekly swing points that match up with a deep daily swing point.
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File Type: mq4 ZigZagClose.mq4   7 KB | 395 downloads
  • #121,944
  • Dec 25, 2012 12:40am Dec 25, 2012 12:40am
Quoting geomink
thinking about entry long on the retracement, but that weekly pinbar can't make me sure.

may i have any advise from you experienced traders, please?

many thanks in advance
noone?
Don't give up
  • #121,945
  • Dec 25, 2012 1:14am Dec 25, 2012 1:14am
Merry Christmas !
  • #121,946
  • Dec 25, 2012 2:46am Dec 25, 2012 2:46am
Firstly, merry Christmas to all!

I have a quick question, if I am trading the daily or 4hr, what time does a daily bar or 4hr bar start and end please? I am based in the UK.

Many thanks
Dan
  • #121,947
  • Dec 25, 2012 3:26am Dec 25, 2012 3:26am
Quoting mbqb11
Hey Frog

Yes you are absolutely correct. Risk = risk. What Zamfir is referring to is the small account mentality as you also allude to. That is someone who is trading 1% risk on a $1000 account doesn't really care if they win $10 so they over trade. Where as someone trading 1% risk on a large account does care. So the money does matter. But I also agree that it's better to be smart and build slowly then try to trade more and risk large amounts and blow account after account. Again that's ultimately for the individual to decide. It doesn't...
is it posibole to make 20 % a month?(white 1, 2 % risk per trade)?


(Merry Christmas)
Iam just A pips on the rode :nerd:
  • #121,948
  • Dec 25, 2012 3:50am Dec 25, 2012 3:50am
Quoting danjuma
Firstly, merry Christmas to all!

I have a quick question, if I am trading the daily or 4hr, what time does a daily bar or 4hr bar start and end please? I am based in the UK.

Many thanks
Dan
Merry Christmas Dan.

Answer depends upon your broker. e.g.FXPro is currently 10 pm GMT
Best wishes to all
Richard
  • #121,949
  • Dec 25, 2012 3:57am Dec 25, 2012 3:57am
Quoting morph
Merry Christmas Dan.

Answer depends upon your broker. e.g.FXPro is currently 10 pm GMT
Best wishes to all
Richard
Thanks for your reply morph. I am currently with FXCM (demo account). Thanks
  • #121,950
  • Dec 25, 2012 4:09am Dec 25, 2012 4:09am
Quoting danjuma
Thanks for your reply morph. I am currently with FXCM (demo account). Thanks
I think they're GMT for an MT4 platform - so midnight for a daily close I'm afraid. (That's one of the reasons I use other brokers as I struggle to stay awake!!)
  • #121,951
  • Dec 25, 2012 4:32am Dec 25, 2012 4:32am
Quoting morph
I think they're GMT for an MT4 platform - so midnight for a daily close I'm afraid. (That's one of the reasons I use other brokers as I struggle to stay awake!!)
Thanks morph. Is there an easy way to find out this info for each broker, or is it a case of having to contact each one? Thanks
  • #121,952
  • Dec 25, 2012 6:34am Dec 25, 2012 6:34am
Quoting Pinbar
I would not mess around with those minor daily swing point.
Use the swing close indicator I enclosed to spot the major ones on the weekly and, use the weekly swing points that match up with a deep daily swing point.
Hi Pinbar,

Thanks for your response. With that said, if you use the deep swings, it seems like we'll have to wait for quite some time for a valid setup to take place. Because i'm watching only 8 pairs (major ones), and i don't scan other pairs to find setups because i want to focus on the major ones.

How often do you trade, say in a week?
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #121,953
  • Edited 1:14pm Dec 25, 2012 12:17pm | Edited 1:14pm
Quoting keroro0o0o
Hi Pinbar,

Thanks for your response. With that said, if you use the deep swings, it seems like we'll have to wait for quite some time for a valid setup to take place. Because i'm watching only 8 pairs (major ones), and i don't scan other pairs to find setups because i want to focus on the major ones.

How often do you trade, say in a week?
It depends, remember these are Monthly & weekly levels so, it could take a week for price to arrive at a level.
With only 8 pairs, it could be hard to find even a daily setup, in a week.

Isn't it worth waiting for a good setup, one that could be a runner?
  • #121,954
  • Dec 25, 2012 4:47pm Dec 25, 2012 4:47pm
Quoting Pinbar
It depends, remember these are Monthly & weekly levels so, it could take a week for price to arrive at a level.
With only 8 pairs, it could be hard to find even a daily setup, in a week.

Isn't it worth waiting for a good setup, one that could be a runner?
I agree with you PB. But somehow, I prefer to first understand the 8 pairs fully, as each pairs have their own characteristics. So, if there's no valid setups in those 8 pairs, so be it.

Somehow, i still couldn't resist the HCR+LCS combos, which lined up almost perfectly.
Knowing is not enough; we must apply. Willing is not enough; we must do.
  • #121,955
  • Dec 25, 2012 6:38pm Dec 25, 2012 6:38pm
Quoting -er-
is it posibole to make 20 % a month?(white 1, 2 % risk per trade)?


(Merry Christmas)
Hey ER

Merry Xmas to you as well

Anything is possible, but it comes down to both what is realistic and also what each person is looking to do. 20% a month compounded is astronomical. 20% for the year is even fantastic and most people would do anything for that.

I always think that unrealistic expectations hold most new traders back more then anything. Misunderstanding how powerful compounding is over time is another thing.

But each trader will be different. I certainly do not go for 20% a month and do not obtain 20% a month on avg or close. That doesn't mean some don't depending on their risk/drawdown/method tolerances.

I prefer to tell people to approach trading by learning to trade right and see where that then takes them. It takes a lot of pressure off and takes most expectations out of the picture

Hope everyone is enjoying their holidays

Mike
  • #121,956
  • Edited 4:19am Dec 26, 2012 4:05am | Edited 4:19am
Quoting -er-
is it posibole to make 20% a month?(white 1, 2 % risk per trade)?
It is definitely possible if you master the touch trade. Take this example from James:

Much riskier if you don't have a solid system and know exactly what you are doing, but if you do master it then the returns are quite generous.
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  • #121,957
  • Dec 26, 2012 11:05am Dec 26, 2012 11:05am
well... nice continuation trade on cable. seems we will grab another 100+ pips to our pockets.

and yen pairs gaped... will look for sell signs. I think we should check ~84.70 weekly recently broken resistance zone before closing above 85.48 on USDJPY isnt it?
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all is eternal - this is good news for people who loves bad news
  • #121,958
  • Dec 26, 2012 1:20pm Dec 26, 2012 1:20pm
Quoting meshka
well... nice continuation trade on cable. seems we will grab another 100+ pips to our pockets.

and yen pairs gaped... will look for sell signs. I think we should check ~84.70 weekly recently broken resistance zone before closing above 85.48 on USDJPY isnt it?

I like the AUD/JPY gap the best.

Let's see if it gets rejected at 89.02 fiercely.
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  • #121,959
  • Dec 26, 2012 3:21pm Dec 26, 2012 3:21pm
Quoting meshka
well... nice continuation trade on cable. seems we will grab another 100+ pips to our pockets.

and yen pairs gaped... will look for sell signs. I think we should check ~84.70 weekly recently broken resistance zone before closing above 85.48 on USDJPY isnt it?
Yes, only you don't have any broken SUPPORT there. It was Resistance last time and it failed to act as support on the first time back and now u have nothing... Resistance turned into Resistance...
I don't need easy. I just need possible.
  • #121,960
  • Dec 26, 2012 9:42pm Dec 26, 2012 9:42pm
NZDUSD
Confluense TL+RN 0.8200
Wait for movement upward?
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Sorry for my bad English
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