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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

  • #22,801
  • Mar 2, 2009 1:05pm Mar 2, 2009 1:05pm
Fx_Genius,
thanks, i am aware of that. i asked because this codes take up space (memory) inside MT4/thePC, & i wanna save space/delete unnecessary "trash" as much as possible. Can i elect to save/copy only mq4 or ex4? thanks

Quote
is an mq4 indicator "impaired" if an accompanying ex4 is not available/downloaded as well? or alternatively, what's the difference, if any, when mq4 is downloaded with an ex4 compared to downloading mq4 or ex4 alone?
  • #22,802
  • Mar 2, 2009 1:29pm Mar 2, 2009 1:29pm
Quoting Jduester
Johnny,
I'm from SE Wisconsin, south of Madison. Living in La Crosse now, just across the MI River from you Vikings.
Been to La Crosse several times visiting a good friend from my Navy days. He works for the Highway Dept. there, installing and fixing traffic signals. Every time I visit we go to a bar called Dels and swill down a few beers.
  • #22,803
  • Mar 2, 2009 1:47pm Mar 2, 2009 1:47pm
Quoting aarangio
Hi ya Seboileroom..

If you read post #22084 on this thread from Mike
http://www.forexfactory.com/showthre...2331&page=1473 this pretty well explains PPZ as well as other very useful PA information that is needed to be known by people on this thread..

hope that helps..

Adrian
Hi aarangio, Adrian;

This has been a tremendous help thank you very very much. I have been reading this thread from page 1 and trying to compile it and learn along the way, both are huge tasks, and some points make me surf the thread for days trying to find an elaboration.

Thanks again;

Seb
  • #22,804
  • Mar 2, 2009 2:41pm Mar 2, 2009 2:41pm
Quoting supremeChaos
Nice analogy too, between school & J16. but where's high school? we can skip some levels or advance/get accelerated, can't we?
lol... it was left out on purpose to see if anyone care to notice... and I have to pay you a complement. Observant people are in those 3% of traders who make money in this business...

I consider high school to be our DD and R&D
  • #22,805
  • Mar 2, 2009 3:41pm Mar 2, 2009 3:41pm
Hi All

Just noticed this setup on the Silver Weekly chart. My charts show a 2 pip difference in the highs so technically this is a BEOB but could be classed as a DBHLC.

I use IGIndex and the minimum amount is £5/pip so makes the risk too high for me however the lower timeframes may provide a better entry. The Daily shows a BEOB too.

The 1200 area could provide some problems but if taken should give enough time to move stops

Anybody have any thoughts on this?
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  • #22,806
  • Mar 2, 2009 4:28pm Mar 2, 2009 4:28pm
1.6500
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Find an Edge. Only way to succeed in this business.
  • #22,807
  • Mar 2, 2009 4:44pm Mar 2, 2009 4:44pm
Quoting ljr
Hi All

Just noticed this setup on the Silver Weekly chart. My charts show a 2 pip difference in the highs so technically this is a BEOB but could be classed as a DBHLC.

I use IGIndex and the minimum amount is £5/pip so makes the risk too high for me however the lower timeframes may provide a better entry. The Daily shows a BEOB too.

The 1200 area could provide some problems but if taken should give enough time to move stops

Anybody have any thoughts on this?
Hi ljr, the BEOB or DBHLC looks valid on the weekly since they occur on a swing high. However, as u mentioned your sl and R/R ratio on the weekly is too costy. On the other hand, the same set up on the Daily doesn't look to be located at any significant area, e.g. s/r, fib, swings...etc.

I am still studying this thread so I am actually no expert. This is just my humble opinion.

Seb
  • #22,808
  • Mar 2, 2009 4:54pm Mar 2, 2009 4:54pm
Quoting ljr
Hi All

Just noticed this setup on the Silver Weekly chart. My charts show a 2 pip difference in the highs so technically this is a BEOB but could be classed as a DBHLC.

I use IGIndex and the minimum amount is £5/pip so makes the risk too high for me however the lower timeframes may provide a better entry. The Daily shows a BEOB too.

The 1200 area could provide some problems but if taken should give enough time to move stops

Anybody have any thoughts on this?
Also take a look at the gold weekly chart. Its got a 2-week PB if I am not mistaken. The $901 level looks like first trouble spot. Same deal with the daily, BEOB.
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  • #22,809
  • Mar 2, 2009 5:03pm Mar 2, 2009 5:03pm
still in on gbp/swiss and a beob in my favor plus its a free trade so fingers crossed my stop should hold as its inside the channel any way we will see.
  • #22,810
  • Mar 2, 2009 5:12pm Mar 2, 2009 5:12pm
Thanks for the comments guys.

Will keep an eye on this. If it retraces then maybe there will be an entry on the lower TFs with better R:R
  • #22,811
  • Mar 2, 2009 5:18pm Mar 2, 2009 5:18pm
There is a bullish outside bar on the EURGBP weekly chart. I won't take this because there is a PPZ right above and a BEOB a few weeks back on the weekly, though I think it has lost its luster. Critiques?
  • #22,812
  • Mar 2, 2009 5:21pm Mar 2, 2009 5:21pm
I have been trying to take partial profit and let the rest run for just awhile. It seems I get up a few percent until the inevitable full position loss comes. I have been taking partial profit at the first area of resistance, rather than 1 to 1. Anyone have any thoughts as to which profit taking is better suited for PA?
"Whether you think you can or can't, you're right." Henry Ford
  • #22,813
  • Mar 2, 2009 5:29pm Mar 2, 2009 5:29pm
Quoting Scot Pippin'
I have been trying to take partial profit and let the rest run for just awhile. It seems I get up a few percent until the inevitable full position loss comes. I have been taking partial profit at the first area of resistance, rather than 1 to 1. Anyone have any thoughts as to which profit taking is better suited for PA?
Hey Scot

There really isn't a one size fits all. It is going to come back to the individual trader every time. One thing to do since one should be demo trading to get a feel for everything. Is keep a clean log of your trades. Check back and review what would of happen if you don't take partial profit. What if you took full profit at that first place? Or what happens if you just move your stop to b/e at the first resistance etc. It is all part of the process to get to the next step. This is why demo/research/backtesting is such a crucial step in all of this.


Best
Mike
  • #22,814
  • Mar 2, 2009 6:02pm Mar 2, 2009 6:02pm
Quoting mbqb11
Hey Scot

It is all part of the process to get to the next step. This is why demo/research/backtesting is such a crucial step in all of this.


Best
Mike
Oanda works really well too (I believe you have actually mentioned this before if I'm not mistaken). For me personally, I can't stand the psychological difference between demo and live. Fortunately for traders like myself we have Oanda. Open an account with $100, trade with .5% risk or so, and you get the best of both worlds- You get the psychological experience of putting your money on the line, but you don't stand to lose much during the learning process. As your confidence grows, you can very gradually increase your capital and/or your risk (Bless you Oanda and your odd lots! ).
PipMasterFlex
  • #22,815
  • Mar 2, 2009 6:03pm Mar 2, 2009 6:03pm
Quoting Scot Pippin'
I have been trying to take partial profit and let the rest run for just awhile. It seems I get up a few percent until the inevitable full position loss comes. I have been taking partial profit at the first area of resistance, rather than 1 to 1. Anyone have any thoughts as to which profit taking is better suited for PA?
This is exactly what I'm testing for March. In February, I stayed pretty strict with first profit at 1:1. March will be taking first profit at first PPZ and moving rest to B/E. Then I'll compare the two and maybe make a choice, maybe try a third type.

Josh
  • #22,816
  • Mar 2, 2009 6:05pm Mar 2, 2009 6:05pm
Anybody watching AUD/NZD? My plan is to enter on the short side of the early February 3 bar highs and hopefully catch a decent retracement.
PipMasterFlex
  • #22,817
  • Mar 2, 2009 6:21pm Mar 2, 2009 6:21pm
Well I take the demo plenty serious, that is not the issue. I suppose I could try a couple months with partial, then try a couple taking total profit. But then when a trade really takes off, I'll be kicking myself. A trade off indeed. I have started saving pics of all my trades, and a journal.
"Whether you think you can or can't, you're right." Henry Ford
  • #22,818
  • Mar 2, 2009 6:24pm Mar 2, 2009 6:24pm
Quoting johnnyonspot
There is a bullish outside bar on the EURGBP weekly chart. I won't take this because there is a PPZ right above and a BEOB a few weeks back on the weekly, though I think it has lost its luster. Critiques?
I don't know, maybe I'm totally wrong. I can't see BUOB on the WEEKLY EUR/GBP but instead I can see it on the DAILY. I recon daily and weekly closes shouldn't differ so much as 4HRS.
Secondly on the daily you are entirely right, there is strong S/R line at 0.9085 plus in the same place there is confluence of 38 and 50 Fibs retracement.
That is just my newbie way of analysis.
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  • #22,819
  • Mar 2, 2009 6:29pm Mar 2, 2009 6:29pm
Quoting Scot Pippin'
Well I take the demo plenty serious, that is not the issue. I suppose I could try a couple months with partial, then try a couple taking total profit. But then when a trade really takes off, I'll be kicking myself. A trade off indeed. I have started saving pics of all my trades, and a journal.
Sorry Scot maybe some mis-communication. I am not talking about if you are taking it serious or not. I assume you are. I meant to keep track of what would have happened had you exited with multiple methods. Then after you ahve a large enough size you might decide to switch or stay with how you trade. For example. I trail my stops the majority of the time b/c over time I have learned this is what works for me. But I also keep track in my spreadsheet what would happen if I took full profit at the first s/r area. I do this b/c I want to have good real results as my account size grows and I might want to become a more high win rate trader. I used to take partial profits until I realized that my bottom line was significantly decreased by reviewing past trades. You can learn a lot from your trades.

Hope that makes more sense

Mike
  • #22,820
  • Mar 2, 2009 6:29pm Mar 2, 2009 6:29pm
Hello everyone,
Just to let people know,some have allready found it.....But we have another straight forward,no BS thread to read up on.I am late to find this because It is located under systems.But is started by "clockwork",check it out....

http://www.forexfactory.com/showthread.php?t=155431
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