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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

  • #38,081
  • Jul 20, 2009 11:52am Jul 20, 2009 11:52am
Sorry to post this again but I am having no luck fidning anyone who can help me code a bar break stop EA rather then the Break even EA. I just want to be able to set a set number of pips that price needs to go before it sets my stop to the low or high of that current bar depending on the trade. Can anyone help??? I have posted the Break even expert that probably would be easy to modify.
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File Type: mq4 BreakEvenExpert_v1-10.mq4   3 KB | 431 downloads
  • #38,082
  • Jul 20, 2009 12:12pm Jul 20, 2009 12:12pm
dmc,
u can try & ask hanover, magnumfreak, Zen Leow & the likes. many others in the Programming Forum are pretty helpful too..
Do update us of any progress..
  • #38,083
  • Jul 20, 2009 12:30pm Jul 20, 2009 12:30pm
Mike has some great points about R:R, I like to try for 2x my risk but if it starts craping out I goto cost quick, it really depends on how PRICE moves after I get in, if it's small bars going up on my long I relax, if I get long get some bars going up that are small then 3 big bars well that is not good, I watch support fib's MA's whatever to see if it stops. I will tell you right now I have 3 open trades and all are at cost, to me I want to see what happens and let it play out, too many time I have killed a winner to let it go for 2-3x as much as I made from it.


Also I take some crap trades but I do have reasons for it, if you look at charts and see PB's on 6 pairs and they all line up guess what? I take them all because odds are they are going to move together most of the time.

*** Realtime deal*** I am still long on the USD/JPY trade but the big 1hr bars coming down are starting to get me a little worried, not close out the trade worried but something to think about.
Keep taking CT trades, I need more money
  • #38,084
  • Jul 20, 2009 12:31pm Jul 20, 2009 12:31pm
Quoting mbqb11
That's ok....
let's see if we get a pullback to our PPZ and former breakout area for any good PA here
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  • #38,085
  • Jul 20, 2009 12:31pm Jul 20, 2009 12:31pm
Im seeing a lot of great charts from Habeeb (from first 100 pages of the thread), is he still around? His last post was a while back so im guessing not? Is he only in the PF?
I hear and I forget. I see and I remember. I do and I understand.
  • #38,086
  • Jul 20, 2009 12:33pm Jul 20, 2009 12:33pm
Quoting tac
Im seeing a lot of great charts from Habeeb (from first 100 pages of the thread), is he still around? His last post was a while back so im guessing not? Is he only in the PF?
yeah habeeb still posts in the PF from time to time. When hes not he is enjoying his ice cream . That I know for sure!
  • #38,087
  • Jul 20, 2009 12:35pm Jul 20, 2009 12:35pm
Quoting mbqb11
yeah habeeb still posts in the PF from time to time. When hes not he is enjoying his ice cream . That I know for sure!
Ok cool, good to see people that posted all those years ago are still around trading the same basic methods. Shows that this stuff works.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,088
  • Edited 1:04pm Jul 20, 2009 12:50pm | Edited 1:04pm
UJ is looking interesting....see how the daily candle closes...

80 pip window of opportunity down to weekly support @ 93.30

GregB
Attached Image (click to enlarge)
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  • #38,089
  • Jul 20, 2009 12:51pm Jul 20, 2009 12:51pm
Thanks maybe I will shoot these guys a message

Quoting supremeChaos
dmc,
u can try & ask hanover, magnumfreak, Zen Leow & the likes. many others in the Programming Forum are pretty helpful too..
Do update us of any progress..
  • #38,090
  • Jul 20, 2009 12:55pm Jul 20, 2009 12:55pm
Haven't seen anyone post this so I thought I would give it a try. This is officially my first attempt at posting a chart, so bear with me if it's not 100% accurate, please. There seems to be a pinbar forming at swing high on the USDJPY D1 chart, with approx 3 hours till close of the bar. The top is still 20 pips shy of the 95.00 resistance level, but another 29 (59 total) away from the nearest point of confluence, with a weekly pivot R1. The pinbar itself looks good, imho, and shorting this would be trading with the trend, however. Thoughts, please?

http://www.forexfactory.com/attachme...1&d=1248112271
  • #38,091
  • Jul 20, 2009 1:04pm Jul 20, 2009 1:04pm
Quoting alyehoud
Haven't seen anyone post this so I thought I would give it a try....
Hey Alye

Just my view, that although we are approaching a good PPZ area, the size of the bar is very small to warrant a trade for me. I like to see conviction in the size of a bar. Big bar = bigger reaction = more strength if the location is good. I did mark off with a pink horizontal the first problem area for such a small bar

Mike
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  • #38,092
  • Jul 20, 2009 1:14pm Jul 20, 2009 1:14pm
Theres a pin bar on the USDJPY daily. Small nose though so not sure if its an A+ setup.

Update just saw Mikes reply ignore this.
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I hear and I forget. I see and I remember. I do and I understand.
  • #38,093
  • Edited 1:27pm Jul 20, 2009 1:15pm | Edited 1:27pm
Quoting StoragePro
Hey Stolli -

There are a number of things that can be done. There is also divergent opinions in the IRS on how Forex trading is hamdled. It is NOT straight up in all cases.

While it is good to get some reading done, the subject is complex and varied - and when your trading begins to generate real income, it gets interesting because of the options you have to form LLC's, Partnerships, etc.

Add in a family and heirs and it gets silly real fast.

So - I always recommend a solid CPA who has broad experience with Forex traders and commodities,...
Well said, bravo! But not if you're MR Ryan, he says that any of these Tax free places are third world, LOL. He would sooner give nearly half away to Mr Taxman to pay for nice big Pensions for the Obamas, he's such a nice guy!

Here's a thank you from the man himself, listen carefully...."And i would like to thank all those who could live in a Tax free haven but decide to stay and pay high Taxes!"

http://www.cnbc.com/id/15840232?video=1188755180&play=1
Just a boy playing with big bars.
  • #38,094
  • Jul 20, 2009 1:31pm Jul 20, 2009 1:31pm
Quoting jimboo
Well said, bravo! But not if you're MR Ryan, he says that any of these Tax free places are third world, LOL. He would sooner give nearly half away to Mr Taxman to pay for nice big Pensions for the Obamas, he's such a nice guy!

Here's a thank you from the man himself, listen carefully...."And i would like to thank all those who could live in a Tax free haven but decide to stay and pay high Taxes!"
I think Ryan mentioned he only paid 25%, you must expect to pay something, you get what you pay for at the end of the day.

Here is another chart GBP/CAD, 2 day pin bar on daily potentially. Seems to be in a nice area and swing low, with space to the left.

Tac
Attached Image (click to enlarge)
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I hear and I forget. I see and I remember. I do and I understand.
  • #38,095
  • Jul 20, 2009 1:36pm Jul 20, 2009 1:36pm
Quoting mbqb11
let's see if we get a pullback to our PPZ and former breakout area for any good PA here

Ive been long in this trade at 0.6330 since the Daily BUOB on 7/14, currently up 200+ pips, SL moved to BE. I figure I'll let this ride, it will probably pullback as you suspected, but im hoping it will continue up to the 61 fib ret after a short pullback. Time will tell.

http://img37.imageshack.us/img37/1897/53201210.png
  • #38,096
  • Jul 20, 2009 1:38pm Jul 20, 2009 1:38pm
Quoting NateTheGreat
Ive been long in this trade at 0.6330 since the Daily BUOB on 7/14, currently up 200+ pips, SL moved to BE. I figure I'll let this ride, it will probably pullback as you suspected, but im hoping it will continue up to the 61 fib ret after a short pullback. Time will tell.
way to hold onto this one Nate. And we know we can't take a loss at this point so it has a potential to really turn into a great trade if we can breakout of the box(highs) were in. I do suspect a pullback of some sorts before that happens. If not the likelihood for a move higher then sharp move lower increases IMO. Let us know how you end up managing this

Mike
  • #38,097
  • Jul 20, 2009 1:40pm Jul 20, 2009 1:40pm
Sorry for the big pic.. how do i go about attaching a thumbnail so its not obnoxiously large? heh
  • #38,098
  • Jul 20, 2009 1:42pm Jul 20, 2009 1:42pm
Quoting NateTheGreat
Sorry for the big pic.. how do i go about attaching a thumbnail so its not obnoxiously large? heh
When you do a File -> "Save as Picture", save it in 1200x800 as a default GIF.

then upload it with the "Attachments" button. Pretsto - not a thumb, but it fits nicely.
I'm pretty much done with all this ...
  • #38,099
  • Jul 20, 2009 1:45pm Jul 20, 2009 1:45pm
Quoting mbqb11
Hey Alye

Just my view, that although we are approaching a good PPZ area, the size of the bar is very small to warrant a trade for me. I like to see conviction in the size of a bar. Big bar = bigger reaction = more strength if the location is good. I did mark off with a pink horizontal the first problem area for such a small bar

Mike
Appreciate your view, Mike. I definitely had a reservation about the length of the nose and whether it would still be tradable, but I wanted to see if that was unfounded or not, which clearly it wasn't. For the life of my I don't see how I missed such a clear support level which, yes, would potentially pose a problem. It still looks OK to me, but I'm trying my hardest to only take the best trades, so I'll be opting out of this one...Thanks!
  • #38,100
  • Jul 20, 2009 1:47pm Jul 20, 2009 1:47pm
Last chart sorry.

Im not sure if anyone trades this pair, but it would have been good for box trading on the 4hr (thanks Clocky) or a breakout trade is surely on the cards. Note sure of the spread on this pair.

Anyway looks like no trades for me, as Oanda STILL haven't put my funds in (very small amount to demo with), so looks like more reading of the thread for me. I would have maybe played the jpy pin bar depending on it closed.

Tac
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I hear and I forget. I see and I remember. I do and I understand.
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