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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

  • #131,221
  • Jun 13, 2014 10:04am Jun 13, 2014 10:04am
Quoting dan89
Who else continues to watch price go against them even when your out at +4R ? I used to feel bad when I saw a chart like the one below. I see the setup, I enter, I exit with decent profit -5-6%, but continue to watch as price goes against where it 'should' go ? I still have that habbit of watching a pair even after a profitable trade just to see if I was 'right' ... at least I dont feel bad about it anymore ...But, I need to learn to close down the chart and just let it go ... Mike whats your take on this ? Any suggestions, have you experienced...
Hey Dan

I'm confused on this price went to exactly where we would expect for a breakout situation(the base of the pattern). With that said many breakouts don't even make their base and that's why we want to always protect and move our stops up at the proper points just as you did. But i'm confused by meaning where. Or do you mean it kept moving short and you didn't catch all of it? If so that's just an ego thing really(a super common one). But if you have an edge those things are arbitrary. Meaning we know the market will go both for and against us when we exit. We can't be concerned with that since the market will still always do what it wants to do. Being logical when we ARE in the market is the MOST important thing. That's when we need to be in control of our money.

Let me know if that helped or I missed your question
Mike
  • #131,222
  • Jun 13, 2014 10:05am Jun 13, 2014 10:05am
Quoting Cricketer
Anyone else in this trade? Beautiful pin bar on the daily time frame. {image}
Beautiful Cricketer, nice catch. It's at a major trouble area now good to see you go to b/e did you close out though?

Mike
  • #131,223
  • Jun 13, 2014 1:59pm Jun 13, 2014 1:59pm
Quoting dan89
Who else continues to watch price go against them even when your out at +4R ? I used to feel bad when I saw a chart like the one below. I see the setup, I enter, I exit with decent profit -5-6%, but continue to watch as price goes against where it 'should' go ? I still have that habbit of watching a pair even after a profitable trade just to see if I was 'right' ... at least I dont feel bad about it anymore ...But, I need to learn to close down the chart and just let it go ... Mike whats your take on this ? Any suggestions, have you experienced...
For me personally, coming to the charts fresh and in a good mood is extremely important to me. If I am starring at the charts constantly I'll get out of that proper state of mind and I am not going to trade as well. Understanding that made it a lot easier for me to get away from the charts and I am glad I could because charts are pretty boring anyways
  • #131,224
  • Jun 13, 2014 6:21pm Jun 13, 2014 6:21pm
Quoting mbqb11
{quote} Hey Dan I'm confused on this price went to exactly where we would expect for a breakout situation(the base of the pattern). With that said many breakouts don't even make their base and that's why we want to always protect and move our stops up at the proper points just as you did. But i'm confused by meaning where. Or do you mean it kept moving short and you didn't catch all of it? If so that's just an ego thing really(a super common one). But if you have an edge those things are arbitrary. Meaning we know the market will go both for and...
Hey Mike,

I probably did not explain what I meant properly.

I used to feel bad even after a trade went my way and closed out ... and then see price reverse. Its as if I had to be right all the time even after the trade has closed out. Its difficult for me to explain it really...

Take care
Dan
  • #131,225
  • Jun 14, 2014 4:17am Jun 14, 2014 4:17am
Quoting Cricketer
Anyone else in this trade? Beautiful pin bar on the daily time frame. {image}
What a difference a feed makes, you have a pinbar, I have a BEOB.

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  • #131,226
  • Jun 14, 2014 4:48am Jun 14, 2014 4:48am
Quoting alphac
{quote} What a difference a feed makes, you have a pinbar, I have a BEOB. {image}
i have the same daily one as alphac, i have no trade on the daily but on the weekly might be somewhat bullish but still i have no trade. but I sure hope so. I need the NZD to weaken
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  • #131,227
  • Jun 14, 2014 4:59am Jun 14, 2014 4:59am
Quoting dan89
Who else continues to watch price go against them even when your out at +4R ? I used to feel bad when I saw a chart like the one below. I see the setup, I enter, I exit with decent profit -5-6%, but continue to watch as price goes against where it 'should' go ? I still have that habbit of watching a pair even after a profitable trade just to see if I was 'right' ... at least I dont feel bad about it anymore ...But, I need to learn to close down the chart and just let it go ... Mike whats your take on this ? Any suggestions, have you experienced...
dear dan. look at (couldnt been broken )midpoint retrecament area to reverse. that is why price move up. you could close more portion of your lot size at that midpoint level. these are my opinions. charts look mixed but the simplest way to see all fibo retrecament.

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  • #131,228
  • Jun 14, 2014 5:59am Jun 14, 2014 5:59am
Hi , may be i on a wrong way..........who can tell
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  • #131,229
  • Jun 14, 2014 8:38am Jun 14, 2014 8:38am
Quoting P.Action
{quote} dear dan. look at (couldnt been broken )midpoint retrecament area to reverse. that is why price move up. you could close more portion of your lot size at that midpoint level. these are my opinions. charts look mixed but the simplest way to see all fibo retrecament. {image} {image}
Hey,

Thanks for the replies guys. Im not explaining what I mean properly. Its cool

Take care
Dan
  • #131,230
  • Edited 8:59am Jun 14, 2014 8:46am | Edited 8:59am
Quoting Ulsemioxa
Hi , may be i on a wrong way..........who can tell{image}
Chart tells everything. beceraful bullish movement with news from Iraq.


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BTW outlook of monthly chart.

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  • #131,231
  • Jun 14, 2014 10:31am Jun 14, 2014 10:31am
Quoting dan89
{quote} Hey, Thanks for the replies guys. Im not explaining what I mean properly. Its cool Take care Dan

you are wellcome bro.

i see last up swing turning point nowly. that rejection by bulls was from mid point too. lower shadow born through 2 different midpoint. (that shadow was nearly 30 pips- not small quantity.) as a result we found all price action reasons for gbp-jpy. GL


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  • #131,232
  • Edited 10:59am Jun 14, 2014 10:48am | Edited 10:59am
Quoting alphac
{quote} What a difference a feed makes, you have a pinbar, I have a BEOB. {image}
It's good if you use a chart with New York close because it has the most logical close.

A daily chart with a New York close means the close of the price is after the London session and the New York session closed (these are the most important sessions). Some brokers have close at 0 GMT but I don't see any logic in this, the market doesn't care it's 0 GMT. Some use 0 New York time (Oanda I think) but the market doesn't care if in New York it's 0 or not. The only logical times for a close is the end of a session. Asia session isn't very important so a more important close would be the close of London or New York. I don't know any broker that uses London close (and why use London close if New York is still open) so the most logical time for daily charts is the New York close.

This is why I don't have so much confidence in 1hr and 4hr charts. Their close is at a random hour that doesn't mean anything to the market. The other reason I don't have so much confidence in smaller charts compared to daily charts is high frequency trading of institutions. The smaller the time frame the bigger the impact of high frequency trading and no one doesn't want to compete with them.
  • #131,233
  • Jun 14, 2014 12:09pm Jun 14, 2014 12:09pm
str8, mine does close at new York close
  • #131,234
  • Jun 14, 2014 12:22pm Jun 14, 2014 12:22pm
Quoting str8
{quote} ...This is why I don't have so much confidence in 1hr and 4hr charts...
Hello Str8,
I guess it does not matter to 1h if shift is by number of hours? Its just about when you trade them.

Cheers
  • #131,235
  • Jun 14, 2014 6:33pm Jun 14, 2014 6:33pm
Quoting Donkey
{quote} Man I went to happy hour after work instead of scanning charts and missed that one. It is definitely a nice one. Just curious as to where your original stop was, under the low or left eye of the PB maybe? It's gone straight to FTA so anything more is gravy. Great looking entry .
Donkey, my initial stop was behind the previous bar around 50% retracement.

Hi Mike, yes I moved the Stop after it reached the first target then got stopped out.. well we live to trade another day!

contrails, use a broker feed with server time at GMT, there are a lot of brokers who use different timezone and complicate things.
  • #131,236
  • Jun 14, 2014 8:21pm Jun 14, 2014 8:21pm
anyone else selling yen off the Friday's H4 pinbar?
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  • #131,237
  • Jun 15, 2014 6:30am Jun 15, 2014 6:30am
Hi Guys,

I share my weekend outlook worksheet. it contains clasical and reverse divergencies and candlestick pattern. other words everything is on one sheet.
i hope it will help. GL.
Have a nice weekend.

P.S. monthly candlestick patterng belongs to last month. not this month. & H4-IB's is only inside 4 bar because of low liquidty end of the week.

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  • #131,238
  • Jun 15, 2014 7:09am Jun 15, 2014 7:09am
Quoting vanilla.sky
{quote} Hello Str8, I guess it does not matter to 1h if shift is by number of hours? Its just about when you trade them. Cheers
I don't know if 1hr is less reliable than daily. What I said are more some theoretical concerns.
Another theoretical concern is that the 1hr chart contains some bars that represents very low activity (this happens on non Asian pairs during Asia session). For example for EUR GBP the 1hr bars from Asia session are very small and can make technical analysis more difficult because of those bars. You may see a support or a resistance level or a trouble area when in fact it's only bars that represent small activity. An outside bar that forms immediately after Asia session ends may mean it's not so important because the bar before the outside bar is a small activity bar. Some daily charts have a 2 hour Sunday bar. An 1 hour chart has more bars similar to that 2 hour Sunday bar from the daily charts and can influence your technical analysis. Then there are problems with alghoritmic trading of institutions. I don't know much about them but I read that they know were the stop loss of retail traders are.

It's possible that in practical trading you won't see any difference between your daily results and your 4hr and 1hr results. It's possible even for a daily chart the close is not so important as it may seem.
  • #131,239
  • Jun 15, 2014 12:43pm Jun 15, 2014 12:43pm
I'm on the fence about closes. With that said I do use a 5pm et NY close to as I consider it the unofficial official FX NY close lol. Now the stock markets close earlier so who is to say what it is. I think having a close within a few hour of the 5pm is fine and isn't going to be a game changer. At the end of the day the story of your charts which is everything from bar sizes, closes, location, confluence is going to be what gives you advantaged coupled with how to actually trade the scenario. I don't think a profitable trader would become an unprofitable trader by using different bar closes. I trade every 4hr close(I just aggregate the 1hr). Ultimately again it comes back to that story and how you use that story.

Of course this is one of those things everyone will say something different, so you gotta go with what's comfortable

Happy fathers day to all you dads out there. I got the best one though

Mike
  • #131,240
  • Jun 15, 2014 11:01pm Jun 15, 2014 11:01pm
i'm looking to play the continuation buob to the BRN and previous swing high. I like the risk mgmt ability the breakout area affords me. Stop reduced upon breakout to under the breakout area(current consolidation)

i'll still watch the breakout area though if triggered as we don't want it to come back far on it
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