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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

  • #125,101
  • May 1, 2013 10:51am May 1, 2013 10:51am
Quoting Bones
gbp aud ? {image}
I took this setup and I lost.
Was this a good setup? I think the confluence was good but it was small.
  • #125,102
  • May 1, 2013 11:15am May 1, 2013 11:15am
Quoting str8
{quote} I want to learn to fish. I would only take a fund manager for learning how to trade not for him to make money for me. If I see what setups trades a competent trader, how he makes trade management I think I will learn faster. There are indeed many scammers but anyway I would only give to a fund manager the minimum amount required to trade because it would be only for learning purposes.

Hey S,

Glad to see you want to learn to trade as opposed to depend on some one to manage your account.

This thread will help you with that as we are a good bunch here always on the lookout to help each other out. However we dont go about this by actually giving out trading signals so to say. People share past and potential trades good and bad for their own (and others) sake of learning via discussion and comments. These are strictly just personal opinions that fulfil the purpose of creating an atmosphere conducive to learning with real examplea yet ensure that each individual is encouraged to undertake his/her own analysis and learn to take responsibilty and credit for it early on which is extremely important.

Welcome to the group and please dont hesitate to ask questions and seek help.

g.
I believe . . .
  • #125,103
  • May 1, 2013 11:27am May 1, 2013 11:27am
Quoting jclude25
{quote} I've been drawing my HCR and LCS from the close and not the wicks.{image}
Hey J,

you thought correct. HCR is drawn off bar closes. On Pinbar's chart he indicated the HCR by the shorter horizontal line under the dotted line. You can see its off the bar close and is in the same spot as yours.

g.
I believe . . .
  • #125,104
  • May 1, 2013 11:39am May 1, 2013 11:39am
Well I think not ,tl held well ,I took loss but was also short gbp chf ,kinda sideways trading
and top gone which I took long , Tl at 1.53 I guess


Quoting str8
{quote} I took this setup and I lost. Was this a good setup? I think the confluence was good but it was small.
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,105
  • May 1, 2013 12:08pm May 1, 2013 12:08pm
requires confirmation .
break 1st candle
Attached Image (click to enlarge)
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On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,106
  • May 1, 2013 12:15pm May 1, 2013 12:15pm
Quoting ghous
{quote} Hey J, you thought correct. HCR is drawn off bar closes. On Pinbar's chart he indicated the HCR by the shorter horizontal line under the dotted line. You can see its off the bar close and is in the same spot as yours. g.
Yes i do see it now...i must be going blind! Thanks GHOUS for bringing that to my attention.
“Every single day, ordinary people do extraordinary things"
  • #125,107
  • May 1, 2013 12:22pm May 1, 2013 12:22pm
I think eu a pin bar and its good

Quoting Bones
requires confirmation . break 1st candle {image}
On-site guru & also FF member's' psychiatrist, when not drinking tea
  • #125,108
  • May 1, 2013 2:53pm May 1, 2013 2:53pm
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Any thoughts?
“Every single day, ordinary people do extraordinary things"
  • #125,109
  • May 1, 2013 3:30pm May 1, 2013 3:30pm
Quoting jclude25
{image} Any thoughts?
Hey

Strong HCR level below.

Darek
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  • #125,110
  • May 1, 2013 3:36pm May 1, 2013 3:36pm
hi...been reading the thread for a while but have a few questions about the very first chart he posted....please see below..can someone shed light on this?
http://i43.tinypic.com/29m9g5s.jpg
  • #125,111
  • May 1, 2013 4:02pm May 1, 2013 4:02pm
Quoting fxnoob08
hi...been reading the thread for a while but have a few questions about the very first chart he posted....please see below..can someone shed light on this? {image}
Hey Noob

welcome to our little thread

Put some notes on the chart to help you

Hope it helps
Mike
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  • #125,112
  • May 1, 2013 5:31pm May 1, 2013 5:31pm
Quoting jclude25
{quote} I've been drawing my HCR and LCS from the close and not the wicks.{image}

Ghous said it all.
Thanks Ghous

Yes, I am looking at both the High and the HCR of that swing point.
  • #125,113
  • May 1, 2013 5:36pm May 1, 2013 5:36pm
Quoting jclude25
{image} Any thoughts?
Yeah, very Little space & small PB with a bullish close.
This could be part of the Monthly BUEOB setting up.
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  • #125,114
  • May 1, 2013 7:44pm May 1, 2013 7:44pm
Quoting Pinbar
{quote} Yeah, very Little space & small PB with a bullish close. This could be part of the Monthly BUEOB setting up. {image}
Thanks long2339 and pinbar for the input.
“Every single day, ordinary people do extraordinary things"
  • #125,115
  • Edited 10:02pm May 1, 2013 9:21pm | Edited 10:02pm
Quoting mbqb11
{quote} Hey Dan I don't use any indicators myself. After awhile you know what they are going to say without being on your chart. For example MACD most use for divergence but after awhile you can spot that divergence quite easily without that indicator. So for me over the years I've just left my chart blank as it's easier to see what's going on for my mind. For me the best use of my time spent with DS was just getting a deeper understanding about markets(in general) as well as understanding what it is one is trying to do with their methods. I was...
Mike,

What is actually happening when divergence occurs?

Thank you!

Kenny
  • #125,116
  • May 1, 2013 9:40pm May 1, 2013 9:40pm
GBP/CHF Short. PBT the HCR level...
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Fall seven times, stand up Eight! #GGMU
  • #125,117
  • May 1, 2013 10:02pm May 1, 2013 10:02pm
Quoting ghous
{quote} You can screw up at trading in two possible ways. Either you are too aggressive or you're too conservative. If you're too aggressive you mess up by over leveraging, over trading and over risking and if you're too conservative you screw up because you can't handle an inevitable element of successful trading - losses. Both of these schools of thought and mindsets can be worked upon over time and I am glad that you understand that the trial and error process will take some time. Also good to hear that you realize how trading income can comfortably...
Ghous,

Do you mind sharing with me the link where Mike explains about price bursting through or holds up at trouble area?

Which indicates strength and which indicates exhaustion?

Thank you!

Kenny
  • #125,118
  • May 2, 2013 3:43am May 2, 2013 3:43am
Quoting ken.b
{quote} Mike, What is actually happening when divergence occurs? Thank you! Kenny
Price will make a new low or high and will raise or fall fast, then make another new low and high and raise or fall sharply again. We say price is losing momentum that case or we can see a rounding effect of the price. No real power of bears or bulls.

Example
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If not up, then down, otherwise sideways :-)
  • #125,119
  • May 2, 2013 3:55am May 2, 2013 3:55am
Quoting ken.b
{quote} Mike, What is actually happening when divergence occurs? Thank you! Kenny
Hey Kenny,

I'm not to sure technically what happens, but the best analogy which I use to help me understand this is.

For instance if we are going a constant speed in our motor vehicle, with the same amount of revs etc, and then we come across a sharp hill, the car when going up initially will be fine however then will slowly start struggling with the ascent, and thus the car starts slowing down. This 'slowing down' in my eyes are areas of reversal where the car has a possibility of rolling back.

Not sure if this analogy will helps but helped me understand diverenge

Mak
  • #125,120
  • May 2, 2013 5:01am May 2, 2013 5:01am
Hi guys,

Quick question. It appears different brokers have different opening and closing times for say daily bars. For example, Oanda daily bar is from 00:00 EST to 00:00 EST, and Alpari UK's is from 21:00 GMT to 21:00 GMT. I am based in the UK and intend using Alpari UK. Say I was watching a daily pin bar forming, so by 21:00 GMT, that would have completed (closed) on an Alpari UK MT4 platform, but still open on a Oanda MT4 platform. So my question is what is the implication of this if I took a trade based on the completion of the pin bar at 21:00 GMT, which probably later changed from a pin bar to something else at the close on say Oanda's? Many thanks
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