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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

  • #49,941
  • Dec 17, 2009 6:08am Dec 17, 2009 6:08am
Thanks SC, that made a lot of sense
  • #49,942
  • Dec 17, 2009 6:09am Dec 17, 2009 6:09am
In other news, the JPY pairs are showing IBs on the 4hour... now which one to take
  • #49,943
  • Edited 6:34am Dec 17, 2009 6:16am | Edited 6:34am
Quoting MattW
Quick Poll for you guys:

BUOB/BEOB - enter on the break, or enter at the 50% retrace?


And if you enter on a retracement - what's your bar count limit? Must it happen on the next bar, next 2 bars, etc?

Disclaimer: Yes, I know it's up to each individual trader and there is no right answer. I'm just interested to see how others take these
Here are my 2 cents:
Once theres is OB (outside bar), you must wait for a newer bar to close outside the OB's high/low.
If the close is above the OB - LONG
If the close is below the OB - SHORT

*If both IB and OB has the same high or the same low - you enter immediately after the OB is closed.
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  • #49,944
  • Dec 17, 2009 6:16am Dec 17, 2009 6:16am
Good morning(or afternoon) to all.

I have not been able to plot pivot lines on my MT4. Wonder if anyone of you guys would be patient enough to take me through their set-up (please be informed I'm a total loss with IT)?

I have managed to import the AutoPivotIndicatorMQ4 but when I drag it onto the charts nothing happens.

Any help greatly appreciated+++

P
  • #49,945
  • Dec 17, 2009 6:16am Dec 17, 2009 6:16am
TL and divergence on eur/gbp. something to short?
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meine augen sind die sterne
  • #49,946
  • Dec 17, 2009 6:32am Dec 17, 2009 6:32am
BEOB, followed by IB, off 0.9 Round Number and descending trendline. Are we about to see a retrace of the USD strength against the Yen?
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  • #49,947
  • Dec 17, 2009 6:35am Dec 17, 2009 6:35am
Quoting KissFan
Moved to BE.

K.I.S.S.
Unfortunately I got shaken out of that one (my stop was too tight on the nose of the bar). One of those days when I was glad my risk was reduced. It was also one of those days when most things I planned for didn't work, or stopped me out then went on to work. It's like Paul Tudor Jones says, and Bemac echoed yesterday.... I will be wrong. A lot. They key is a system that allows me to be wrong a lot and still be profitable. Which is, thanks to the J16 posse, what I have. I never like to be wrong, but learning to be okay with being wrong is a key part of being a trader IMO.
  • #49,948
  • Dec 17, 2009 6:38am Dec 17, 2009 6:38am
Quoting MattW
BEOB, followed by IB, off 0.9 Round Number and descending trendline. Are we about to see a retrace of the USD strength against the Yen?
Wait to see where will be the first close outside the outside bar.
If above - LONG
If below - SHORT.
  • #49,949
  • Dec 17, 2009 6:39am Dec 17, 2009 6:39am
Quoting smilee89
Wait to see where will be the first close outside the outside bar.
If above - LONG
If below - SHORT.
Alrighty then, I will
  • #49,950
  • Dec 17, 2009 6:50am Dec 17, 2009 6:50am
Quoting smilee89
Here are my 2 cents:
Once theres is OB (outside bar), you must wait for a newer bar to close outside the OB's high/low.
If the close is above the OB - LONG
If the close is below the OB - SHORT
....
if i understood the above correctly, seems like a mechanical way of trading it.

but it's not that easy, imo. pertinent factors to consider are still location, S/R, PPZ, PA.
for example, BUOB heading into immediate resistance.
using the "rule" 'If the close is above the OB - LONG', u will completely blindly put a long position. but if u consider Location or S/R as an added factor (or 'filter', if u will), then u would've have second thoughts putting a long here at that instant, possibly saving u from a risky trade.

Hope this helps
  • #49,951
  • Dec 17, 2009 6:53am Dec 17, 2009 6:53am
Quoting TiaForex
Unfortunately I got shaken out of that one (my stop was too tight on the nose of the bar). One of those days when I was glad my risk was reduced. It was also one of those days when most things I planned for didn't work, or stopped me out then went on to work. It's like Paul Tudor Jones says, and Bemac echoed yesterday.... I will be wrong. A lot. They key is a system that allows me to be wrong a lot and still be profitable. Which is, thanks to the J16 posse, what I have. I never like to be wrong, but learning to be okay with being wrong is a key...
Most of the time I'd be out as well. I didn't sleep until things turned around but I was very close to getting out for a loss larger than I have taken in a long time. What kept me in was that I had been given a gift by GU whipsawing over the past couple of days and giving me some little shorts that added up enough where I could take the loss and still end up with a tiny profit for the week. That may or may not be the right way to look at it but I'm just being honest. It still remains to be seen how much profit this will produce. There is certainly nothing wrong with being conservative. I'll certainly be going through some more behavior modification if/when I experience a drawdown on my account that is tough to swallow.

K.I.S.S.
  • #49,952
  • Dec 17, 2009 6:53am Dec 17, 2009 6:53am
I'm new here as I'm new to forex.. I'm so grateful for james and the team who put so much information and efforts to ease the way to new aspiring traders..
also I'm thankful I had to be faced with the true consequences and true examples of how bad things can go in this business..
I'll take the stairs instead of the lift and climb step by step..
Thanks for the effort everyone...
  • #49,953
  • Dec 17, 2009 6:54am Dec 17, 2009 6:54am
Quoting PeterPan
....
I have not been able to plot pivot lines on my MT4. Wonder if anyone of you guys would be patient enough to take me through their set-up (please be informed I'm a total loss with IT)?

I have managed to import the AutoPivotIndicatorMQ4 but when I drag it onto the charts nothing happens.
Hey P,
is it really AutoPivotIndicatorMQ4 or AutoPivotIndicator.MQ4 ?
did u save it into your indicators folder?

if u can, kindly narrate to us the step by step process u took in copying the indicator into your MT4
this may help facilitate the solution to your situation
  • #49,954
  • Dec 17, 2009 6:54am Dec 17, 2009 6:54am
Quoting supremeChaos
if i understood the above correctly, seems like a mechanical way of trading it.

but it's not that easy, imo. pertinent factors to consider are still location, S/R, PPZ, PA.
for example, BUOB heading into immediate resistance.
using the "rule" 'If the close is above the OB - LONG', u will completely blindly put a long position. but if u consider Location or S/R as an added factor (or 'filter', if u will), then u would've have second thoughts putting a long here at that instant, possibly saving u from a risky trade.

Hope this helps...
I appreciate your idea, but I think that for every example (on a chart) you give me, I will give an example of my idea.
I think it is like 50/50 between your idea and mine.
  • #49,955
  • Dec 17, 2009 6:56am Dec 17, 2009 6:56am
Quoting aserbfx
TL and divergence on eur/gbp. something to short?
got no charts now, but..

possibly not necessarily.
u may want to wait for a PA before shorting.
any other confluence? PPZs, S/R etc
also, your MACD looks to have some more upside momentum.

Hope this helps
  • #49,956
  • Dec 17, 2009 7:00am Dec 17, 2009 7:00am
Quoting Bee3a
I'm new here as I'm new to forex.....
I'll take the stairs instead of the lift and climb step by step.. ..
Glad u are taking the stairs.

some of us, including me, tried to hop or rode a bicycle/motorbike up those stairs



Good luck!!!!!! never stop learning!
  • #49,957
  • Dec 17, 2009 7:02am Dec 17, 2009 7:02am
Quoting TiaForex
....but learning to be okay with being wrong is a key part of being a trader IMO.
just to add, if i may,
learning/knowing why it went wrong (in addition to knowing why it went right & being okay with being right) is too
  • #49,958
  • Dec 17, 2009 7:06am Dec 17, 2009 7:06am
Quoting smilee89
I appreciate your idea, but I think that for every example (on a chart) you give me, I will give an example of my idea.
I think it is like 50/50 between your idea and mine.
Sure no worries.
sometimes mechanical rules work,
sometimes a discretionary way of trading is called for.

btw, it's not my idea. majority of what i know/learned came from this thread & some other threads here.
  • #49,959
  • Dec 17, 2009 7:07am Dec 17, 2009 7:07am
Quoting PeterPan
Good morning(or afternoon) to all.

I have not been able to plot pivot lines on my MT4. Wonder if anyone of you guys would be patient enough to take me through their set-up (please be informed I'm a total loss with IT)?

I have managed to import the AutoPivotIndicatorMQ4 but when I drag it onto the charts nothing happens.

Any help greatly appreciated+++

P
Peter make sure you saved the file under the Indicators folder. Restart MT4.
"Whether you think you can or can't, you're right." Henry Ford
  • #49,960
  • Dec 17, 2009 7:20am Dec 17, 2009 7:20am
Quoting supremeChaos
Sure no worries.
sometimes mechanical rules work,
sometimes a discretionary way of trading is called for.

btw, it's not my idea. majority of what i know/learned came from this thread & some other threads here.
There is another major difference between the idea of James (which I honor of course) and my idea:
James' idea is to enter a trade once the close of the OB is outside the close of the IB.
My idea is to wait until there is a newer close outside the whole OB.

The only case to enter a trade immediately when OB is close, is when it has the same low or the same high as for the IB, and the OB's close is outside the whole IB.
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