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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

  • #23,161
  • Mar 5, 2009 4:26pm Mar 5, 2009 4:26pm
Hi guys,

A few silly questions.

If we take H1 as an example, would you move SL to BE before the current bar closed? In particular, would you move SL to the level where BE is below the current bar's High?

Also, do you mean true "breakeven" (i.e. zero profit), or after you took part of your position off you simply move SL to the entry point (so that when that new SL is hit you are still "in the money")?

Many thanks in advance!
One Chart is Worth Ten Thousand Words.
  • #23,162
  • Mar 5, 2009 4:31pm Mar 5, 2009 4:31pm
Hi,
Not so good on my feed. Check level 97, it looks pretty tough on lower TF.
Cheers,

Ajchi


Quoting scott087
Is anyone else looking at the usd/jpy daily trade? My bar closes in 2 hours and it looks like an A trade or pretty close to an A to me.
Attached Image (click to enlarge)
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  • #23,163
  • Mar 5, 2009 4:42pm Mar 5, 2009 4:42pm
Hi,

If price reaches my first TP, I don't care what time it is, just take the half and move the second portion to really true BE, it means spread is counted too :-)
Anyway, this is just my way of exit, you should find your own or at least test it so you are confident it is the right thing for your account :-)

Do your homework, thats all what you need. Any advice here is for nothing if you aren't working on it.
Have a nice day :-)
Ajchi

Quoting Forex007
Hi guys,

A few silly questions.

If we take H1 as an example, would you move SL to BE before the current bar closed? In particular, would you move SL to the level where BE is below the current bar's High?

Also, do you mean true "breakeven" (i.e. zero profit), or after you took part of your position off you simply move SL to the entry point (so that when that new SL is hit you are still "in the money")?

Many thanks in advance!
  • #23,164
  • Mar 5, 2009 6:34pm Mar 5, 2009 6:34pm
I got to my computer a little late on this one....

OFF round number
Pretty good pin bar shape,
Off 365 EMA
Off 50 Fibonacci Level

Not sure if it has great room to run up I see some bar highs on the left at the 49.35 area. Also is it a bad time to take 4 hr trades going into Tokyo session?
Attached Image (click to enlarge)
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  • #23,165
  • Mar 5, 2009 6:44pm Mar 5, 2009 6:44pm
Quoting dmc
I got to my computer a little late on this one....

OFF round number
Pretty good pin bar shape,
Off 365 EMA
Off 50 Fibonacci Level

Not sure if it has great room to run up I see some bar highs on the left at the 49.35 area.
Great pin. Nothing wrong with taking pins into tokyo. Sometimes they may not do anything till later on, but look what happened this time.

Quote
Also is it a bad time to take 4 hr trades going into Tokyo session?
Remember that this pair consists of two countries who are doing business during those hours.
Bundy's status today: "Waiting..."
  • #23,166
  • Mar 5, 2009 6:49pm Mar 5, 2009 6:49pm
Thanks for clarifying that for me Bundy, wish I got to my computer 3 minutes earlier. Ah well, there will be more pins to play in the future.


Quoting bundyraider
Great pin. Nothing wrong with taking pins into tokyo. Sometimes they may not do anything till later on, but look what happened this time.


Remember that this pair consists of two countries who are doing business during those hours.
  • #23,167
  • Mar 5, 2009 6:54pm Mar 5, 2009 6:54pm
Mark,
Thanks for the PM.
Hey, did you went long at this time?
Almost the same situation like March 2.
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #23,168
  • Mar 5, 2009 7:33pm Mar 5, 2009 7:33pm
Quoting ajchi
Hi,
Not so good on my feed. Check level 97, it looks pretty tough on lower TF.
Cheers,

Ajchi
The pin low on my feed is .9771 so I'm going to enter at .9761 and around .9725 take partial profit and set my stop to be. Or I may set my stop to be and let the full position run.
  • #23,169
  • Mar 5, 2009 8:16pm Mar 5, 2009 8:16pm
Does anyone have any recommendations on Metatrader links that carry more than 12 pairs???

My InterbankFX Trader only carries 12 pairs and with J16, I want to be able to see more pairs.

Thanks in advance

HOLLA
  • #23,170
  • Mar 5, 2009 8:22pm Mar 5, 2009 8:22pm
Quoting ikki
Mark,
Thanks for the PM.
Hey, did you went long at this time?
Almost the same situation like March 2.
If you meant yen then no.
I had a small positions in aussie and kiwi since 5, but flat now, too busy with zulutr,,
Tomorrow's busy day with payroll data. Regardless of the outcome I have a bias for weak $ and rally. We'll see. Trade wisely...
  • #23,171
  • Mar 5, 2009 8:24pm Mar 5, 2009 8:24pm
Quoting Turtle
Does anyone have any recommendations on Metatrader links that carry more than 12 pairs???

My InterbankFX Trader only carries 12 pairs and with J16, I want to be able to see more pairs.

Thanks in advance

HOLLA
Check out fxpro, they have a ton.
  • #23,172
  • Mar 5, 2009 8:30pm Mar 5, 2009 8:30pm
Quoting raczekfx
I won't even look at yen crosses today....

Not before Non Farm news is out. Tomorrow might be a different story, but not today. I have posted a couple of times in the past on my trading before payroll numbers are released. You'd have to do some digging...

I may go good size long tomorrow on au, nu, eu and gu, but not today....and since this has nothing to do with PA......
apologies for cryptology but there are many tools for different work..
Read through your posts today, awesome stuff. I really like your ideas and they make a lot of sense. A lot of stuff I had been trying, but wasn't sure if it was exactly wise, or profitable, but good to see you do the same things with great success. I hope to eventually get that stuff down, its really impressive, some of those entries with no drawback, and the ones where you aren't even seeking PA, yet work so well . My mind is racing with so many more ideas now, that I think I need to lay down, but just wanted to say ty.
  • #23,173
  • Mar 5, 2009 9:40pm Mar 5, 2009 9:40pm
As noted by scott087 my feed shows a BEOB on the USD/JPY daily chart. I think this is a good setup for many of the same reasons mentioned by scott87, but have not been able to determine whether it is an A+ setup.

Pros:

  1. BEOB occurs at a swing high on daily chart.
  2. On my weekly chart the price seems to have bounced off of a nice PPZ. (I still lack confidence in drawing PPZs, so any criticism is welcome.)
  3. Price is near a 50% fib I drew from the high on Aug 15th to the low on Jan 21st.
  4. Price almost reached the nice round number of 100.00. (The high was 99.79.)
  5. On my daily chart there is bearish divergence.
  6. On my daily chart the low of the BEOB is below the 200 EMA while the high is above the 200 EMA.

Cons:

  1. As mentioned by ajchi97, we may find a bounce off of support near the 97.00 level.
  2. If I understand correctly, there appears to be some traffic just before the BEOB (not enough space?)
  3. Price failed to reach the 100.00 round number.
  4. I am just a rookie with an itchy trigger finger.

In this rookie's opinion the pros outweigh the cons. The confluence of PPZ, Fib level and 200 EMA have me convinced that this is a good opportunity, yet I somehow feel that some of the more experienced traders here would not consider this an A+ setup because of the cons mentioned above. Any feedback would be appreciated.

I also noticed that we might see a pinbar on the weekly chart depending upon the end of week close. The weekly pinbar is short compared to the previous bar and does not have a long nose, but its location looks good. Any thoughts?

Attached Image(s) (click to enlarge)
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  • #23,174
  • Mar 5, 2009 9:49pm Mar 5, 2009 9:49pm
Quoting Jlr
Read through your posts today, awesome stuff. I really like your ideas and they make a lot of sense. A lot of stuff I had been trying, but wasn't sure if it was exactly wise, or profitable, but good to see you do the same things with great success. I hope to eventually get that stuff down, its really impressive, some of those entries with no drawback, and the ones where you aren't even seeking PA, yet work so well . My mind is racing with so many more ideas now, that I think I need to lay down, but just wanted to say ty.
Welcome.
It all comes with practice, time and strong desire to succeed.
If you're not a quitter, you will succeed.
  • #23,175
  • Mar 5, 2009 9:54pm Mar 5, 2009 9:54pm
Quoting Turtle
Does anyone have any recommendations on Metatrader links that carry more than 12 pairs???

My InterbankFX Trader only carries 12 pairs and with J16, I want to be able to see more pairs.

Thanks in advance

HOLLA
Try this bro

https://www.fxpro.com/practiceaccount
and dont forget to click on show all where your quote list is
Thank you Malcolm, Belekas, Jim, raczekfx and Ryanmcd !
  • #23,176
  • Mar 5, 2009 10:45pm Mar 5, 2009 10:45pm
man that was said nicely.

Quoting raczekfx
Welcome.
It all comes with practice, time and strong desire to succeed.
If you're not a quitter, you will succeed.
  • #23,177
  • Mar 6, 2009 12:58am Mar 6, 2009 12:58am
Quoting djambazov84
Try this bro

https://www.fxpro.com/practiceaccount
and dont forget to click on show all where your quote list is
It looks like Fxpro demo account has missing data on some pairs
  • #23,178
  • Edited 1:25am Mar 6, 2009 1:09am | Edited 1:25am
My USD/JPY order was just filled at .9761 and it's down to .9720 as I type this. I'm not sure if I should take half off and set the stop to breakeven on the other half. It broke the BEOB hard for at least 40 pips.

The minor congestion area to the left has me a little concerned..
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  • #23,179
  • Mar 6, 2009 1:40am Mar 6, 2009 1:40am
heres something im looking at atm,gb ch seems to be breaking down ant last shreds of support.................
will be watching closely on the 4h charts.
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PATIENCE... DISCIPLINE
  • #23,180
  • Mar 6, 2009 1:40am Mar 6, 2009 1:40am
I'm in the same trade Scott, hopefully it will blow right through the 97.00 area.

Some crazy moves happening tonight, time to OD on some coffee!
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