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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

  • #48,641
  • Nov 24, 2009 11:52am Nov 24, 2009 11:52am
Quoting Danku
is this to say that we pay the broker twice...on the actual short and at close because we buying?

If this is the case, then i need to register a broker firm
The easiest way to explain it is you get the losing end of the order when buying or selling. If the spread is 5 pips and you are buying - let's assume the current prices are quoted 1.6800 and 1.6805 then you pay 1.6805.

It is now time to sell and the prices are quoted at 1.6875 and 1.6880. You will sell at 1.6875. I hope this makes sense.

Nathan
  • #48,642
  • Nov 24, 2009 11:52am Nov 24, 2009 11:52am
Quoting Danku
is this to say that we pay the broker twice...on the actual short and at close because we buying?

If this is the case, then i need to register a broker firm
Without commissions, the spread is the only means the broker has to make money.

In an open market, when you are selling something you get the highest others are willing to "bid" for it, and when you are buying something you pay the lowest others are "ask"ing for it. That is the bid-ask spread, and what the brokers make on each trade.
  • #48,643
  • Nov 24, 2009 11:55am Nov 24, 2009 11:55am
Quoting Danku
is this to say that we pay the broker twice...on the actual short and at close because we buying?

If this is the case, then i need to register a broker firm
hi Danku, we only pay once as we pay for the spread,in effect, when we close the trade. paying the higher price (ask)when we buy means we sell at the lower price (bid) when we close the trade giving the broker the spread.
hope this helps
jon
PATIENCE... DISCIPLINE
  • #48,644
  • Nov 24, 2009 11:55am Nov 24, 2009 11:55am
Thanks wamo and dobe_r_man........i just learnt something new today thanks to you two...............was about to shot a nasty e-mail to my broker....................cheers

Quoting Wamo
If you are using MT4, then it shows the bid price, which did top out at 1.6780, but when you are closing your short you have to pay the ask price since you are "buying", which is higher than the bid. I believe that is why you got stopped out.

Edit: By the way, the current spread from IBFX is ranging between 7 and 8 pips for this pair, which would mean the ask was right around 1.6787 at the peak of this most recent move - right where your stop was sitting.
  • #48,645
  • Nov 24, 2009 12:09pm Nov 24, 2009 12:09pm
Quoting mbqb11
I'm with ya bud, I am shutting down for the week
That's right! I forgot all about T-giving, lol!
  • #48,646
  • Nov 24, 2009 1:42pm Nov 24, 2009 1:42pm
Quoting g_j_hook@yah
the power of PPZs!!
jon
no such luck...stopped the last third out at 149.70 , took partial profits 149.44, so basically a BE trade.
i can live with that for a little scalp attempt!
jon
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PATIENCE... DISCIPLINE
  • #48,647
  • Nov 24, 2009 1:58pm Nov 24, 2009 1:58pm
Quoting Wamo
Yes, that trade has worked perfectly, though I am still in it at the moment as my stop is a little higher, just above the PPZ around 1.6780 and the 1.68 round number.
I closed the last half of my GBPCHF short out a little while ago at 1.6727 because I noticed the hidden positive divergence that has formed at the recent low on the hourly chart. All in all, a very good trade, but small due to the larger size of my initial stop loss.

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  • #48,648
  • Nov 24, 2009 2:21pm Nov 24, 2009 2:21pm
Here is a very successful (a little better than 1:1 R/R) 4 hr pin trade I made yesterday. Woke up this morning to profit.

I used the J16manager EA on this, and that thing works great!
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Many choose unhappiness over uncertainty.
  • #48,649
  • Nov 24, 2009 2:43pm Nov 24, 2009 2:43pm
Quoting Dan Gilbert
Here is a very successful (a little better than 1:1 R/R) 4 hr pin trade I made yesterday. Woke up this morning to profit.

I used the J16manager EA on this, and that thing works great!
Dan, great trade! I use the J16Manager too, and I agree that it is a really great tool for those of us that cannot stick around to watch our trades. I use it on every trade.
  • #48,650
  • Nov 24, 2009 2:58pm Nov 24, 2009 2:58pm
pig flu has had me away for a while.

what is this j16 manager ea?

i want to give it a look. who created it?

sorry, im behind it seems.

thanks,

jim

Quoting Wamo
Dan, great trade! I use the J16Manager too, and I agree that it is a really great tool for those of us that cannot stick around to watch our trades. I use it on every trade.
  • #48,651
  • Nov 24, 2009 3:04pm Nov 24, 2009 3:04pm
Re: Clarksons Ea

http://www.forexfactory.com/showthre...2331&page=1197
  • #48,652
  • Nov 24, 2009 3:09pm Nov 24, 2009 3:09pm
Quoting james16
pig flu has had me away for a while.

what is this j16 manager ea?

i want to give it a look. who created it?

sorry, im behind it seems.

thanks,

jim
Hello Jim,

J16Manager is the property of ATClarkson, who regularly posts to this forum, and who gave it out freely to those of us who requested it (I'm not sure who created it). It is an EA for MT4 which allows you to specify a "move stop to break even" point (number of pips profit) as well as an optional partial exit, based upon a separate number of pips profit. All you need to do is enter the parameters once per trade then let it do its thing.

I use it to move my stop to B/E after +30pips and take 1/3 to 1/2 profit after +30 or +50 pips (depends on my confidence in the position).

Bill
  • #48,653
  • Nov 24, 2009 3:13pm Nov 24, 2009 3:13pm
ok thanks.

i saw matts post but i dont see it.

little help please.

thanks,

jim

Quoting Wamo
Hello Jim,

J16Manager is the property of ATClarkson, who regularly posts to this forum, and who gave it out freely to those of us who requested it (I'm not sure who created it). It is an EA for MT4 which allows you to specify a "move stop to break even" point (number of pips profit) as well as an optional partial exit, based upon a separate number of pips profit. All you need to do is enter the parameters once per trade then let it do its thing.

I use it to move my stop to B/E after +30pips and take 1/3 to 1/2 profit after +30 or +50 pips...
  • #48,654
  • Nov 24, 2009 3:14pm Nov 24, 2009 3:14pm
Here you go: http://www.forexfactory.com/showpost...ostcount=47845
  • #48,655
  • Nov 24, 2009 3:19pm Nov 24, 2009 3:19pm
lol thanks wamo
  • #48,656
  • Nov 24, 2009 5:07pm Nov 24, 2009 5:07pm
Would appreciate ur input on this.
Is this is a valid pin on daily chart EURGBP.
It is hitting a 38.2 retracement and is at an area of previous resistance support.

Many thanks.

P
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  • #48,657
  • Nov 24, 2009 5:57pm Nov 24, 2009 5:57pm
Still holding them AUDs
Anyone else?!
  • #48,658
  • Nov 24, 2009 6:06pm Nov 24, 2009 6:06pm
Quoting PeterPan
Would appreciate ur input on this.
Is this is a valid pin on daily chart EURGBP.
It is hitting a 38.2 retracement and is at an area of previous resistance support.

Many thanks.

P
Hey Peter

A good thing to do is keep your charts more zoomed out. When one zooms that far in it can give the impression of something stronger then it really is. If you look at my chart now zoomed out the bar now looks more then a "nothing day". The good ones will jump out at you

Best
Mike
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  • #48,659
  • Nov 24, 2009 6:39pm Nov 24, 2009 6:39pm
Quoting MattW
Still holding them AUDs
Anyone else?!
I'm still short on the EURAUD daily bearish pin break.... thing retraced BIG drawdown on me, but I'm a believer! and actually it looks like it's moving back down again.... Still in the trade, first target is 1.6110, then I'm moving stop to break even and 50% profit take....
Many choose unhappiness over uncertainty.
  • #48,660
  • Nov 24, 2009 7:55pm Nov 24, 2009 7:55pm
hi . I just entered the euraud trade on the strength of a 4 hour pin. i took it because i thought the daily setup added a lot more weight. Trade is nicely in profit and i'm at BE. Lets hope it turns into a nice daily trade.

This week and last week is my first time trading realtime j16 stuff after spending a month or so trading it in a faster simulator. So far all 15 trades i have taken have been winners!!!! (i count break evens as winners). i'm honestly amazed at the results. I'm now seriously considering joining the j16 website to fine tune these techniques further. great stuff.
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