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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

  • #133,321
  • Dec 9, 2014 8:57am Dec 9, 2014 8:57am
Quoting prasad99
How good a pin bar can get.....it cannot get any better than the one in this GBP/JPY pair. IT seems like JPY pairs are the hardest to trade with all those sudden swings the pair undergoes. One has to be cautious when trading if JPY is involved. {image}
I will avoid JPY till I get better at trading. I will try to use AUD instead which is more stable. I lost one pin bar trade with JPY last week and it is always so choppy I could not enter the trade GBP/JPY yesterday night.
  • #133,322
  • Dec 9, 2014 9:02am Dec 9, 2014 9:02am
Discussing about AUD I wonder if anybody is watching this trade...not a perfect pin bar and we have a strong FTA at 186 but still there is a chance of a BE trade. And if we can get the price to BE then there is a chance of a further move. One FTA at 186 and another 183 -seems like nice design and text book. And Daily chart so you dont have to baby sit the trade.
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  • #133,323
  • Dec 9, 2014 9:58am Dec 9, 2014 9:58am
Quoting prasad99
Discussing about AUD I wonder if anybody is watching this trade...not a perfect pin bar and we have a strong FTA at 186 but still there is a chance of a BE trade. And if we can get the price to BE then there is a chance of a further move. One FTA at 186 and another 183 -seems like nice design and text book. And Daily chart so you dont have to baby sit the trade. {image}
Personally I would be very carefully..the price is in bullish direction in all the time frames but most of all the candle is not closed ( at least on my chart ) and I would never trade a candle whitch is still forming !
The fact that we have a bearish reaction is because the price reached the monthly range market's resistence :
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Nothing personal,just business
  • #133,324
  • Dec 9, 2014 10:15am Dec 9, 2014 10:15am
Quoting mbqb11
example of a long i'll look to play on a retrace you can't really play it any other way that's not going to give you trouble. Is it the strongest of trades, yes and no. But it's one worth a small risk and I do that by entering on a retrace here to the PPZ, TL and long term PPZ. Notice the montly chart we can see a retrace is the midpoint of the first box. Lines up with the current PPZ and TL. Our can start below the buob to position size but we want to get it up when price bounces there and if it doesn't you cut out. Gives you a pretty low risk...
price gapped on open to 15.77 which is where my entry was filled

no surprise to see price bouncing , i've got my stop up under the current week low giving me a near breakeven trade.
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  • #133,325
  • Dec 9, 2014 10:24am Dec 9, 2014 10:24am
Quoting fxgroup
{quote} Personally I would be very carefully..the price is in bullish direction in all the time frames but most of all the candle is not closed ( at least on my chart ) and I would never trade a candle whitch is still forming ! The fact that we have a bearish reaction is because the price reached the monthly range market's resistence : {image}

I understand the setup is still in the making and it is not ready to trade yet. We have to wait the price to confirm the bearish move. I saw the monthly chart and it seems like the price is approaching the resistance there as well and that can mean either way in daily chart.
  • #133,326
  • Dec 9, 2014 11:30am Dec 9, 2014 11:30am
Quoting mbqb11
{quote} price gapped on open to 15.77 which is where my entry was filled no surprise to see price bouncing , i've got my stop up under the current week low giving me a near breakeven trade. {image}
breakeven now as we approach BUOB high again.

Up a 1% which is great but i'm hoping to see us test at least the white box before considering closing or locking in profit.
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  • #133,327
  • Edited 2:02pm Dec 9, 2014 12:58pm | Edited 2:02pm
Quoting jr241
BUOB on gbpcad. I'm looking to get in on a retrace to the recent bar highs {image}
Luckily I cancelled this pending order before London open.

What do you guys make of the audnzd? Looks like quite a well defined support line to me. I'd like to see a pin bar around the support line in the coming days and look to get in long

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  • #133,328
  • Dec 9, 2014 1:52pm Dec 9, 2014 1:52pm
Hello everyone! I think today will be a good trade . What do you think about this?
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  • #133,329
  • Dec 9, 2014 2:00pm Dec 9, 2014 2:00pm
Quoting mbqb11
{quote} price has now broken buob high so i've reduced most my risk under the current swing low put in at the major support area {image}
got a nice pop on gold too

still waiting a bit before going to breakeven
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  • #133,330
  • Dec 9, 2014 3:56pm Dec 9, 2014 3:56pm
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  • #133,331
  • Dec 9, 2014 5:02pm Dec 9, 2014 5:02pm
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  • #133,332
  • Dec 9, 2014 5:10pm Dec 9, 2014 5:10pm
Quoting Tin-soldier
{image}
Hey Tin

Just be careful here the h4 is very choppy and has no space. So we are trading back into two major swings that price got under today

that would make me nervous

Best
Mike
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  • #133,333
  • Dec 9, 2014 5:22pm Dec 9, 2014 5:22pm
Quoting mbqb11
{quote} Hey Tin Just be careful here the h4 is very choppy and has no space. So we are trading back into two major swings that price got under today that would make me nervous Best Mike {image}
Thanks a lot for advice
  • #133,334
  • Dec 9, 2014 6:47pm Dec 9, 2014 6:47pm
I know some are excited about the H4 pinbar coming off the descending TL but be careful. Price is right at a strong PPZ. I favor a break of the upper TL with some good PA.

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  • #133,335
  • Dec 10, 2014 7:08am Dec 10, 2014 7:08am
I am testing out a FX trading strategy that requires me to place a trade if my stop loss is hit at night. As I will be sleeping at that time I am not able to place a trade. Is there an alert system that gives off a sound alert because an email alert will not be able wake me up. Currently the alert sends me an email out to me but I need a sound alert. Does any FX trading platforms provide that??
  • #133,336
  • Dec 10, 2014 7:18am Dec 10, 2014 7:18am
Quoting prasad99
I am testing out a FX trading strategy that requires me to place a trade if my stop loss is hit at night. As I will be sleeping at that time I am not able to place a trade. Is there an alert system that gives off a sound alert because an email alert will not be able wake me up. Currently the alert sends me an email out to me but I need a sound alert. Does any FX trading platforms provide that??
here is the one i use its a price close alert

simply set it to timeframe 1(which represents the minute) and it will alert you when price is above/ below your specified level.

*warning* it will repeat every time price ticks once it's above/below your level on specified timeframe and it's very annoying but will get you out of bed and can also highly annoy your significant other
Attached File(s)
File Type: mq4 Price Close Alert.mq4   2 KB | 587 downloads
  • #133,337
  • Dec 10, 2014 10:06am Dec 10, 2014 10:06am
Quoting mbqb11
{quote} here is the one i use its a price close alert simply set it to timeframe 1(which represents the minute) and it will alert you when price is above/ below your specified level. *warning* it will repeat every time price ticks once it's above/below your level on specified timeframe and it's very annoying but will get you out of bed and can also highly annoy your significant other {file}
Hey Mike

Thanks for input. Seems like this file will work with specific apps such as MT4. I use platform provided by forex.com and will check if they have any feature like this.

This trading strategy can make 30 pips on average every day if it works so I am testing this out.

Coming to significance there is nobody annoying me at the current time and I am not sure what happens if a new one comes in. However I try my best to keep them happy and tell all major stuff in advance just like I told the previous one "I am into drinking and smoking and want to go to United States and this is not going to change"

I did quit drinking and smoking though and I regret the decision sometimes.
  • #133,338
  • Dec 10, 2014 10:22am Dec 10, 2014 10:22am
My eurusd touch trade.
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  • #133,339
  • Dec 10, 2014 10:43am Dec 10, 2014 10:43am
Trading mystifies me sometimes. The market and the banking institutions are very powerful. I work as a business consultant to a major investment bank myself. The bank can come up with the best the quants, algorithms and trading systems. They have billions of dollars at their disposal. They have people graduates out of IIT's (indian equivalent of harvard) and Harvard and MIT etc but still after all this they cannot remove the inefficiencies out of the market. Trading is possible and retail traders profit because there are inefficiencies in the market. No algorithm or super computer can take this out. Probably it has blunted the edge a little bit I am not sure with all this HFT (high frequency trading) but I am not sure.

Inspite of all this intelligence (it is really debatable if this is real intelligence) we had a market crash and a great recession and a lot of big banks on the verge of failure. This shows that intelligence when it is applied for self aggrandizement and serves narrow ends and purposes may not be real intelligence. Anything that has a motive may not be intelligence.

Real intelligence like love has no motive whatsoever. I am happy trading still works.
  • #133,340
  • Dec 10, 2014 2:20pm Dec 10, 2014 2:20pm
Quoting prasad99
Trading mystifies me sometimes. The market and the banking institutions are very powerful. I work as a business consultant to a major investment bank myself. The bank can come up with the best the quants, algorithms and trading systems. They have billions of dollars at their disposal. They have people graduates out of IIT's (indian equivalent of harvard) and Harvard and MIT etc but still after all this they cannot remove the inefficiencies out of the market. Trading is possible and retail traders profit because there are inefficiencies in the market....
Trading is nothing more than lots of people buying and selling for all kinds of reasons. No one solves the market because it's not meant to be solved. Now as you said their will always be inefficiences. It's just the way it's always been and always will be because when you lump all these people into a place to buy/sell you are going to get that as a by product. Doesn't matter if its HFT, or fundamentals, or harvard mit grads. It's always been like that and always will. Markets go up and down and as long as they do that we can be profitable by managing our risk and applying a consistent approach that has an edge.

Some of those that struggle the most are the harvard and the MIT grads. Because they think of things too black and white , instead of grey.

Here is a funny one for you P since you used those two schools above. I have a brother that graduated from Harvard and a brother who is currently in MIT getting his MBA. Yet I am the one who is the trader. I'm the one who instead of applying myself academically(and frankly hated it) like them preferred to stay home and beat people at poker. It's a different kind of thinking. I believe that.

Now don't get me wrong I am not knocking those that trade out of business schools or whatever. My point is that you do NOT have an advantage just because you have a certain background. The market cares not

Glad to see you realize that what matters is how you involve yourself not what others are doing. We all trade our beliefs and the market will tell you if you are right or wrong.

Mike
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