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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

  • #23,941
  • Mar 17, 2009 5:21am Mar 17, 2009 5:21am
Quoting g_j_hook@yah
yes, i have no sound probs with the comp at all,plays everything?
will check through my settings,mabye i have the wrong playback devise allocated??
thanx for the alert ,its exactly what i want.(when i get the sound working hehe)
jon

one more thing, just check to make sure that your events under tools --> options is checked.
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  • #23,942
  • Mar 17, 2009 5:30am Mar 17, 2009 5:30am
Here's a couple of trades for you viewing pleasure...or whatever...

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skype: ststroud. let's talk trading.
  • #23,943
  • Mar 17, 2009 5:31am Mar 17, 2009 5:31am
Quoting g_j_hook@yah
yes, i have no sound probs with the comp at all,plays everything?
will check through my settings,mabye i have the wrong playback devise allocated??
thanx for the alert ,its exactly what i want.(when i get the sound working hehe)
jon
Jon,
Something obvious but is the 'Action' box within the Alert Editor set to SOUND and not FILE or MAIL? Does the TEST button work OK?
"The more I practice, the luckier I get." (Gary Player)
  • #23,944
  • Mar 17, 2009 5:40am Mar 17, 2009 5:40am
Quoting mrsingha
Jon,
Something obvious but is the 'Action' box within the Alert Editor set to SOUND and not FILE or MAIL? Does the TEST button work OK?
ok iv checked all and everything is set correctly??!!strange as they used to work.the test does nothing!!
never mind will figure it out
thanx yawl
PATIENCE... DISCIPLINE
  • #23,945
  • Mar 17, 2009 6:01am Mar 17, 2009 6:01am
Quoting ghous
Nice post Ady,
I could relate a great part of that anecdote to my own personal experiences,
I also got the idea to trade on the FX markets (rather than the silly MLMs and doublers, and HYIPS I was intially involved in) occurred to me on a fine evening on a rocking chair in my balcony.
You've got to be seriously lucky to have told yourself to venture into the J16 thread.
Best part is that you understood that what worked in other aspects of success you're looking for in your life (jumping onto to the racetrack so soon) is not going...
thanks ghous...
  • #23,946
  • Mar 17, 2009 8:00am Mar 17, 2009 8:00am
Quoting g_j_hook@yah
hi guys, hoping someyone can help me,i cant get the alarms working on either of my mt4 platforms??! any suggestions??
thanx, jon
I like this alert GJ. Check it out.

Once you add to your chart, it will immediately say "support hit". Actually that is two horizontal lines at Price. Double click the lines to move them.

When you place your pointer over one line it will flag the name of that line. One will say "Resistence Alert with the 'Price amount'" and the other will say 'Support Alert with the 'Price amount'" Res. is placed on the top and Sup. is place on the bottom where ever you want.

You'll notice that this Alert will be on different time frames. When you go to different times frames it will reset itself. The Alert only goes off once when it is hit, so you will have to adjust the Alert then go to a different time frame to reset it.
Attached File(s)
File Type: mq4 alerts-ap-v3.mq4   5 KB | 767 downloads
Indicators show the past. Price Action "Indicates" the future.
  • #23,947
  • Mar 17, 2009 9:20am Mar 17, 2009 9:20am
Quoting tyler812
Here's a couple of trades for you viewing pleasure...or whatever...

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Attachment
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I believe . . .
  • #23,948
  • Edited 1:57pm Mar 17, 2009 1:36pm | Edited 1:57pm
Hi all - I've just started learning the ropes here and with a long way to go. I'd appreciate some advice at this point though. I'm attaching a daily Cable chart. I've marked on 3 levels of fib and they line up beautifully with the previously placed PPZ (green line) based on judgement alone. However there is no apparent price action signal, so does that 1) Invalidate the setup; or 2) make it a B or a C setup; or 3) Mean that I should 'sit on my hands' and await further developments?

Also, it would be reassuring to know that I'm thinking along the right lines.

Thanks
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When in doubt, sit on your hands...
  • #23,949
  • Mar 17, 2009 1:39pm Mar 17, 2009 1:39pm
Also, I want to keep really good records of my trades (see, I've absorbed the message about treating it like a business ). What is the essential information I need to keep for each trade? Perhaps there are spreadsheet templates that someone can point me towards.

Many thanks.
When in doubt, sit on your hands...
  • #23,950
  • Mar 17, 2009 1:59pm Mar 17, 2009 1:59pm
Quoting gododdin
Hi all - I've just started learning the ropes here and with a long way to go....
Quote
Also, it would be reassuring to know that I'm thinking along the right lines.
You surely are on the right lines Goddodin.

However regarding fib confluences, you'll almost certainly find them in consolidating markets (such as Gu at the moment) at will. since we can have swing highs and swing lows in quick succession one can draw a fib ret for each swing and these levels are more than likely to coincide with each other.

Just remember that the larger the swing the better, and the more distance you have between your swings the more is the chance that the confluence would be genuine.

the fibs you drew on your Gu chart come from tiny swings (compared to an ideal daily tf swing) that are being compressed by the wedge (see chart).

Look for more clearer Fib confluences occurring with distinct swing highs and lows that jump out at you (see the second chart attached). Don't worry a bit if you don't get it right at first with patience and practice you should accomplish it all

Regards,
Ghous.
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I believe . . .
  • #23,951
  • Mar 17, 2009 2:04pm Mar 17, 2009 2:04pm
Thanks Ghous - I see what you mean - I was zoomed pretty far in there. So it's a good idea to zoom well out when looking for confluence or even to go to the weekly chart I guess.
When in doubt, sit on your hands...
  • #23,952
  • Mar 17, 2009 2:12pm Mar 17, 2009 2:12pm
Quoting gododdin
Thanks Ghous - I see what you mean - I was zoomed pretty far in there. So it's a good idea to zoom well out when looking for confluence or even to go to the weekly chart I guess.
You got the point
I believe . . .
  • #23,953
  • Mar 17, 2009 2:14pm Mar 17, 2009 2:14pm
Quoting gododdin
Also, I want to keep really good records of my trades (see, I've absorbed the message about treating it like a business ). What is the essential information I need to keep for each trade? Perhaps there are spreadsheet templates that someone can point me towards.

Many thanks.
If you're using mt4 it should pretty much do the job automatically, in fact it does more then what a spreadsheet can do for you. I specially love the "progress chart"
I believe . . .
  • #23,954
  • Mar 17, 2009 2:16pm Mar 17, 2009 2:16pm
Quoting ghous
If you're using mt4 it should pretty much do the job automatically, in fact it does more then what a spreadsheet can do for you. I specially love the "progress chart"
Ghous,

What is the progress chart? I keep a handwritten log of all my trades.
  • #23,955
  • Mar 17, 2009 2:21pm Mar 17, 2009 2:21pm
Very nice half-hour PB in oil, just below $50, with stochastic divergence. This is my "mess around" account where I trade all TFs just for the heck of it.
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  • #23,956
  • Mar 17, 2009 2:21pm Mar 17, 2009 2:21pm
Quoting johnnyonspot
Ghous,

What is the progress chart? I keep a handwritten log of all my trades.
Hit your "Account history" tab and right click in the window choose "save as detailed report" it will save the report of the trades record on your account history tab as a web page to your chosen destination. Redefine the time period on your account history tab to see a different set of trades pertaining to some other time period.

I personally like to go through this report on a monthly basis
I believe . . .
  • #23,957
  • Mar 17, 2009 2:24pm Mar 17, 2009 2:24pm
Quoting gododdin
Thanks Ghous - I see what you mean - I was zoomed pretty far in there. So it's a good idea to zoom well out when looking for confluence or even to go to the weekly chart I guess.
I might be wrong on this (I had to go to metatrader to draw them myself lol)
But I think your Fibs on your first chart might be drawn upside down .

As for spreadsheets. I am sure there are plenty on FF if you did a search but my experience with them is that making your own spreadsheets in excel is the best option. I know my current one has space for relative strength stuff and correlations whereas other traders might have . . I dunno, CCI stuff maybe ? or whatever.

A typical J16 would be something like the headings of - - - Time (If you wanted , or maybe session ) Currency Pair, Price Action Bar (Pins, BEOB etc) Location (fibs, round numbers, PPZ whatever) Exit Strategy. Misc Comments. And Trade outcome . . .

Another good thing that I used to do before deciding to trade that helped me lots was going through the "pro's" and "con's" of trades and writing them down as well as trade outcome, after a while you see patterns emerging and I created my own rules from the results, Kinda like the r&d of a business.
  • #23,958
  • Mar 17, 2009 2:24pm Mar 17, 2009 2:24pm
That's magic! Thanks a million Ghous
When in doubt, sit on your hands...
  • #23,959
  • Mar 17, 2009 2:30pm Mar 17, 2009 2:30pm
Quoting Jigsaw
I might be wrong on this (I had to go to metatrader to draw them myself lol)
But I think your Fibs on your first chart might be drawn upside down .

As for spreadsheets. I am sure there are plenty on FF if you did a search but my experience with them is that making your own spreadsheets in excel is the best option. I know my current one has space for relative strength stuff and correlations whereas other traders might have . . I dunno, CCI stuff maybe ? or whatever.

A typical J16 would be something like the headings of - - - Time (If you wanted...
Quote
But I think your Fibs on your first chart might be drawn upside down .
You're damn correct Jig, My bad I missed such an obvious point.

Gododdin, you start drawing your fibs from the start of the trend to the end or reversal point of the trend.

Quote
A typical J16 would be something like the headings of - - - Time (If you wanted , or maybe session ) Currency Pair, Price Action Bar (Pins, BEOB etc) Location (fibs, round numbers, PPZ whatever) Exit Strategy. Misc Comments. And Trade outcome . . .
Oh well such demands will beat the mt4 to them You'll need to look for other alternatives then. basically for the money managment part (win % lost % account growth etc) the mt4 detailed report is good enough, and that's what i use it for.

Regards,
Ghous.
I believe . . .
  • #23,960
  • Mar 17, 2009 2:33pm Mar 17, 2009 2:33pm
Also thanks Jigsaw - I can see this trade recording is going to take some thought. As for the fibs being upside down, I think you might be right - I'm going to read up on this again.
When in doubt, sit on your hands...
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