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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

  • #50,661
  • Jan 4, 2010 12:03pm Jan 4, 2010 12:03pm
Hallo guys .....i've found this expert "Bemac Trade Manager".....Could you explain me how does it work??

Thanks for the help and of course a big thanks to the writer of this EA
Attached File(s)
File Type: mq4 Bemac Trade Manager v0.1.mq4   8 KB | 540 downloads
Patience is essential
  • #50,662
  • Jan 4, 2010 12:38pm Jan 4, 2010 12:38pm
Quoting benem
Hallo guys .....i've found this expert "Bemac Trade Manager".....Could you explain me how does it work??

Thanks for the help and of course a big thanks to the writer of this EA
Hey Ben, This post may help explain it to you.

http://www.forexfactory.com/showpost...5&postcount=59

hth
BMc
  • #50,663
  • Jan 4, 2010 12:42pm Jan 4, 2010 12:42pm
Thank you sir ....
Patience is essential
  • #50,664
  • Jan 4, 2010 1:33pm Jan 4, 2010 1:33pm
Quoting ghous
Quick 1% in the bag when you know what you're doing. Quick 1% in the bin when you don't.

.
nice trade G, clean and simple.
it is almost the same trade i took myself on the gb/us... a 30 pin nice location with confluence and divergence. first trade of the year so i hope things continue like this!!??

jon
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PATIENCE... DISCIPLINE
  • #50,665
  • Edited 2:49pm Jan 4, 2010 2:07pm | Edited 2:49pm
Quoting supremeChaos
ninreznor,
Greetings! nice first post

this has been recently discussed. see here.
if necessary, check the time conversion here.

having said that, u can trade other daily bars (with different time o/c). that's the beauty of this method.

Good luck this 2010!!!
Thank you supremeChaos. Apparently MT4 doesnt have the capability to change the times to automatically show where the daily bars would close at 5pm EST. How do you get around this? Are you able to view the entire bar for the 24 hr period closing at 5pm EST

This is important to me because if you take a look at the GBP/JPY. It appears that at 5pm est it may close at an bearish outside engulfing with a lower close (sot sure if I said that right) and 1 bar away to a DBHLC and a PB. It cant seem to get to the 200 day MA. The longer term trend is down. This looks like a potential good short to me. It should come back to at least 147 which appears to be a good area of support. What happens if it closes at 5pm est with the above parameters but changes by the time midnight rolls around?

http://i48.tinypic.com/syxts9.gif
  • #50,666
  • Edited 2:53pm Jan 4, 2010 2:19pm | Edited 2:53pm
I have another question. I understand what a pin bar is but is a pin bar not a pin bar until both eyes are completed? In James pdf on the PB's he advocated entering the PB 10 pips below the low/high of the PB. What happens if the 2nd eye retraces 75% of the PB? Say on a bearish PB it goes 20 pips below the PB low right at the opening of the daily bar and then goes up 75% up the PB where u now have two bars extending way past the original eye. Do you no longer have a PB?
  • #50,667
  • Jan 4, 2010 2:45pm Jan 4, 2010 2:45pm
Hi everyone

After reading this thread for the past month, I finally mustered up the courage to post on this thread (Everybody sounds so advanced)

One question I have is about demoing. I want to get extra practice in, and I was wondering if there is a computer program that allows you to trade past data like a normal demo account (with a faster time) other than just pressing F12 on meta4 and writing down on paper.

Thank You Everyone for this thread especially Jim and Mike, I love all of your posts.
Going to go Hunt for some large pips
  • #50,668
  • Jan 4, 2010 2:50pm Jan 4, 2010 2:50pm
Quoting relict07
Hi everyone

After reading this thread for the past month, I finally mustered up the courage to post on this thread (Everybody sounds so advanced)

One question I have is about demoing. I want to get extra practice in, but I was wondering if there is a computer program that allows you to trade past data like a normal demo account (with a faster time) other than just pressing F12 on meta4 and writing down on paper.

Thank You Everyone for this thread especially Jim and Mike, I love all of your posts.
www.forextester.com


I bought that program and it really is a great way to understand and see how price reacts to old PPZs and old trendlines, even after a long period of time has passed (and you would otherwise assume the trendline is dead)
Many choose unhappiness over uncertainty.
  • #50,669
  • Jan 4, 2010 2:53pm Jan 4, 2010 2:53pm
UJ has retraced back to PPZ area...as can be seen on the daily chart

On the 4 hour a nice pin bar has formed with hidden divergence...a no trade for me though as there is not far for it to run (50% fib and falling daily TL)
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  • #50,670
  • Jan 4, 2010 2:57pm Jan 4, 2010 2:57pm
Is anyone thinking of buying on the break of this BUOB and moving stop to break even as soon as it hits the decending trendline?
  • #50,671
  • Jan 4, 2010 3:00pm Jan 4, 2010 3:00pm
sorry, forgot the chart
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  • #50,672
  • Jan 4, 2010 3:00pm Jan 4, 2010 3:00pm
Quoting Dan Gilbert
www.forextester.com


I bought that program and it really is a great way to understand and see how price reacts to old PPZs and old trendlines, even after a long period of time has passed (and you would otherwise assume the trendline is dead)
Wow that was pretty fast, Thanks for the link.

Program looks great, but going to think about it if its worth the 150 dollars.
Going to go Hunt for some large pips
  • #50,673
  • Jan 4, 2010 4:14pm Jan 4, 2010 4:14pm
Quoting nickypon
sorry, forgot the chart
Too tight of an area for me to play in personally(although many love this for a quick hit).

But I love how the .9k mark is right in the middle there. Gives us a lot of options for breakout plays as well as straight PA area

Mike
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  • #50,674
  • Jan 4, 2010 4:17pm Jan 4, 2010 4:17pm
Quoting ninreznor
I have another question. I understand what a pin bar is but is a pin bar not a pin bar until both eyes are completed? In James pdf on the PB's he advocated entering the PB 10 pips below the low/high of the PB. What happens if the 2nd eye retraces 75% of the PB? Say on a bearish PB it goes 20 pips below the PB low right at the opening of the daily bar and then goes up 75% up the PB where u now have two bars extending way past the original eye. Do you no longer have a PB?
Hey Nin

Those PDFs were made by someone who reads this thread, they are unofficial for sure.

We do not have to wait for the second eye to form. The bar after the pin is going to be our trigger bar most of the time. So after our pin forms say to go short, we would place our order below that pin. Now you can also play it on a retrace or on the close but that gets a bit more advanced and I would advocate waiting till you can play them the traditional way first. A pin is also not valid until the low breaks(for a bearish pin).

Take care
Mike
  • #50,675
  • Jan 4, 2010 4:18pm Jan 4, 2010 4:18pm
Quoting relict07
Hi everyone

After reading this thread for the past month, I finally mustered up the courage to post on this thread (Everybody sounds so advanced)

One question I have is about demoing. I want to get extra practice in, and I was wondering if there is a computer program that allows you to trade past data like a normal demo account (with a faster time) other than just pressing F12 on meta4 and writing down on paper.

Thank You Everyone for this thread especially Jim and Mike, I love all of your posts.
Welcome Relict and happy new year hope to see you posting more
  • #50,676
  • Jan 4, 2010 4:27pm Jan 4, 2010 4:27pm
Quoting mbqb11
Too tight of an area for me to play in personally(although many love this for a quick hit).

But I love how the .9k mark is right in the middle there. Gives us a lot of options for breakout plays as well as straight PA area

Mike
Cheers Mike, think i will wait for a breakout and pullback too, not enough R/R
  • #50,677
  • Jan 4, 2010 4:53pm Jan 4, 2010 4:53pm
Anyone trading this two bar reversal? Looks like it formed at a swing high with room to run. What do you think?
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  • #50,678
  • Jan 4, 2010 4:56pm Jan 4, 2010 4:56pm
Quoting larryj
Anyone trading this two bar reversal? Looks like it formed at a swing high with room to run. What do you think?
I don't see any price action there larry!
  • #50,679
  • Jan 4, 2010 5:01pm Jan 4, 2010 5:01pm
Quoting larryj
Anyone trading this two bar reversal? Looks like it formed at a swing high with room to run. What do you think?
Yeah i'll tank this one (demo), you'r right, nice space i noticed that too.
Lets see how this works out.
Look at the top of those two bars, they almost touched the 50 fib level and closed below 150 ema.

Have a good night (gmt+1)
Never whishing, always trading.
  • #50,680
  • Jan 4, 2010 5:02pm Jan 4, 2010 5:02pm
Quoting nickypon
I don't see any price action there larry!
look how these 2 last bars formed a "two day pinbar"
Backtest this pattern and you'll see it works
Never whishing, always trading.
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