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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

  • #49,481
  • Dec 9, 2009 8:12am Dec 9, 2009 8:12am
just a quick question: the fabulous j16 ea trademanager can only work when the mt4 is running? right?
meine augen sind die sterne
  • #49,482
  • Dec 9, 2009 8:25am Dec 9, 2009 8:25am
Quoting aserbfx
just a quick question: the fabulous j16 ea trademanager can only work when the mt4 is running? right?
yes that's correct
  • #49,483
  • Dec 9, 2009 8:31am Dec 9, 2009 8:31am
Quoting marcelnyo
yes that's correct
terima kasih!
meine augen sind die sterne
  • #49,484
  • Dec 9, 2009 8:43am Dec 9, 2009 8:43am
Quoting aserbfx
terima kasih!
paused a moment...

sama sama... I guess... LOL.
  • #49,485
  • Dec 9, 2009 10:20am Dec 9, 2009 10:20am
nasir.khan wondering if you recieved the p.m's I sent?
  • #49,486
  • Dec 9, 2009 10:57am Dec 9, 2009 10:57am
The previous JPY long scenario is outdated to me. However; looking at the price action there is still potential for an up move.

This pin is happening around the 50% level. No downside progress since. EJ managed to go lower a bit though. Would this be a valid set up?

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Kind Regards zol
  • #49,487
  • Dec 9, 2009 11:12am Dec 9, 2009 11:12am
Sorry for a total noobie question, and I have tried to search for an answer. I was wondering how candlestick or price action works when different brokers, banks people etc are working off different time frames.

For instance, I have two demo accounts one on GMT and the other is on GMT+1. So when I'm looking at a daily candle closed on one, the other is still forming and the same for 4h candles. This puts everything out of sync, right? So how can you base a trade on something that is so arbitrary and random?
  • #49,488
  • Dec 9, 2009 11:21am Dec 9, 2009 11:21am
Hello all,

I am looking at this 4hr pin happen at UJ.

I am feeling the location of the pin is good and size is ok.

1. 50%fib,
2. It looks like retest the downward trendline.
3. The pin is also close above 88 round number.
4. Size is ok, but not ideal.

I am look for you guys's idea about this pin bar.



Thanks!

PippingM
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  • #49,489
  • Dec 9, 2009 11:31am Dec 9, 2009 11:31am
I'm going to post a chart of something that happened at 5am for me, so I was long asleep. these types of consistently winning setups should not be any surprise.
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Many choose unhappiness over uncertainty.
  • #49,490
  • Dec 9, 2009 11:52am Dec 9, 2009 11:52am
Quoting Dan Gilbert
I'm going to post a chart of something that happened at 5am for me, so I was long asleep. these types of consistently winning setups should not be any surprise.
Impressive explaation of a set up!
Kind Regards zol
  • #49,491
  • Dec 9, 2009 11:58am Dec 9, 2009 11:58am
Quoting Pip Pride
Sorry for a total noobie question, and I have tried to search for an answer. I was wondering how candlestick or price action works when different brokers, banks people etc are working off different time frames.

For instance, I have two demo accounts one on GMT and the other is on GMT+1. So when I'm looking at a daily candle closed on one, the other is still forming and the same for 4h candles. This puts everything out of sync, right? So how can you base a trade on something that is so arbitrary and random?
PA works the same with any broker. You're putting on trades at key support and resistance areas which is going to be the same price level with any broker.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #49,492
  • Dec 9, 2009 12:43pm Dec 9, 2009 12:43pm
Quoting aserbfx
just a quick question: the fabulous j16 ea trademanager can only work when the mt4 is running? right?
negative. I set the ea up and shut down my mt4 or even turn off my computer and it still will work. You can go to bed and come back and it would've managed your trade for ya. C00L
  • #49,493
  • Dec 9, 2009 1:04pm Dec 9, 2009 1:04pm
Quoting g_j_hook@yah
heres something else i am watching, a break out and retest would be nice...???
jon
so much for a retest!!!

jon
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PATIENCE... DISCIPLINE
  • #49,494
  • Dec 9, 2009 1:07pm Dec 9, 2009 1:07pm
Quoting Pip Pride
Sorry for a total noobie question, and I have tried to search for an answer. I was wondering how candlestick or price action works when different brokers, banks people etc are working off different time frames.

For instance, I have two demo accounts one on GMT and the other is on GMT+1. So when I'm looking at a daily candle closed on one, the other is still forming and the same for 4h candles. This puts everything out of sync, right? So how can you base a trade on something that is so arbitrary and random?
Hey Pip

This throws people initially. But here is my outlook. Firstly price is still price. That is every movement is still happening across the board. The only difference is how those price ticks are aggregated for us visually. This is why location as LVG said, trumps everything. I always like to see the price bars are the trigger points more then anything.


Best
Mike
  • #49,495
  • Dec 9, 2009 1:52pm Dec 9, 2009 1:52pm
Quoting mbqb11
Hey Pip

This throws people initially. But here is my outlook. Firstly price is still price. That is every movement is still happening across the board. The only difference is how those price ticks are aggregated for us visually. This is why location as LVG said, trumps everything. I always like to see the price bars are the trigger points more then anything.


Best
Mike
The way I like to think of it in my head is to see us all as conservative touch traders, meaning we are constantly scouting out the best locations for a "touch trade" but then looking for price action as a trigger. Of course I don't actually trade touches if you see what I mean, but it helps me mentally prioritise location over the individual bar.

Whatever the timeframe I can usually see an area where I would want to see price action. It's either a double bottom, a trendline, a fib retrace or a 50% retrace, a PPZ or better still, some combination of all those. And then at that level I look for signs that price is going to respect it and not break through. That sign is expressed as a price action bar. Then I look to other similar areas for targets.

This always stops me from taking a great bar in the middle of nowhere. Location first, bar second IMO.
  • #49,496
  • Dec 9, 2009 3:33pm Dec 9, 2009 3:33pm
Guys I'm hooked on this damned forex thing.
I go through my daily working just waiting for the time to get back on the screen.

Anyways I've decided to set up a sort of virtual office to cement my commitment in the form of a lap top dedicated to trading only.


are there minimum requirements that the laptop should have
  • #49,497
  • Dec 9, 2009 3:38pm Dec 9, 2009 3:38pm
Are there brokers that allow you to trade from anywhere in the world?

How do you get some of the profits from the broker account to your account in your country? I s it a simple transaction? (you know for when I start making millions!)
  • #49,498
  • Dec 9, 2009 4:10pm Dec 9, 2009 4:10pm
Quoting PeterPan
Guys I'm hooked on this damned forex thing.
I go through my daily working just waiting for the time to get back on the screen.

Anyways I've decided to set up a sort of virtual office to cement my commitment in the form of a lap top dedicated to trading only.


are there minimum requirements that the laptop should have
The only real requirements is that it is good enough for you . It would be frustrating if things ran slow and what not. I personally have two PCs. My trading station is 3 screens and fast enough that I can run all my platforms trading programs without worrying. Then my second PC is simply 2 monitors and for everything else. It makes life easier, but it won't make one a profitable trader, so if you are comfortable with what you got that is all that matters

Mike
  • #49,499
  • Dec 9, 2009 4:11pm Dec 9, 2009 4:11pm
Quoting PeterPan
Are there brokers that allow you to trade from anywhere in the world?

How do you get some of the profits from the broker account to your account in your country? I s it a simple transaction? (you know for when I start making millions!)
All my brokers are in the US, so it is just wire transfers. Most will let you know what countries they do and do not accept. For the most part it is straightforward just a matter of transfering funds.

Best
Mike
  • #49,500
  • Dec 9, 2009 4:13pm Dec 9, 2009 4:13pm
LVG/mbqb11/Tiaforex

Thank you for your kind replies - and your patience (i'm sure its frustrating to see the same noobie q.s again and again). This is a great thread, the whole tone of it is very good and I've never seen so much positive feedback about ... well about anything!

I can see myself how the critical points s/r lines and TLs often bounced by pin bars. And that these bars more often than not would appear to indicate a reversal. However when people post charts pointing critical bar formations, I look at mine and sometimes have different formations. This has thrown me a little. I don't doubt the significane of bar formations/PA, the trade calls and J16 testaments speak for themselves. As you say mbqb11 "Price is still price... the only diference is how those price ticks are aggregated for us visually." This works for me.

I look forward to learning and demo-ing the J16 method over the next few months and hopefully making some positive participations with this thread. Thanks again for your replies.
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