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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

  • #63,541
  • May 12, 2010 11:36am May 12, 2010 11:36am
Quoting mbqb11
Hey Han

As you can see PA can work in so many LOCATIONS. But then we have to determine the best course of mgmt. I have taken trades at every location you can think of and all I try to do is figure out the best course of mgmt based on that action. These types I think a quick t/p is best or at least getting to b/e faster b/c these area areas for snap backs to occur(as they were the last true demand). So traders watch it in that manner.

Best
Mike
Thanks for sharing your experience, Mike. You are right, I should have taken profit much earlier.
Thanks J16, Sam Seiden, Udine and Jacko
  • #63,542
  • May 12, 2010 12:58pm May 12, 2010 12:58pm
I'm trying to set up a MT4 account because my GFT is always crashing. Could someone let me know how you send alerts to your cell and set up that spread indicator I see on your charts. Thanks.
  • #63,543
  • May 12, 2010 1:05pm May 12, 2010 1:05pm
good job

Quoting slade1986
First target hit. EA closed me out early though.
  • #63,544
  • May 12, 2010 1:12pm May 12, 2010 1:12pm
wow, much better than mine, I guess I need to put more weight on the latest situation,shall I? thanks, nasir !

Quoting nasir.khan
Can i play too??????...pleaaaaaase. lol
.
  • #63,545
  • May 12, 2010 3:13pm May 12, 2010 3:13pm
Quoting spookie94
I'm trying to set up a MT4 account because my GFT is always crashing. Could someone let me know how you send alerts to your cell and set up that spread indicator I see on your charts. Thanks.
Not sure on the spread indicator as I don't use it, but concerning the SMS alerts, you first need a Mobile provider that offers an email address for your phone number (ex. [email protected]). Then

Go into Tools Options in MT4
Email Tab
Input your SMTP Server
From Address
and To Address (Which is your mobile phone email address)

Then you can use the alerts tab in the Terminal of MT4 to setup currency alerts (View/Terminal)
Live to trade another day...
  • #63,546
  • May 12, 2010 3:47pm May 12, 2010 3:47pm
Does any one have an EA for trading PIN bars?
I am so out of date that I have not yet caught the Millennium Bug.
  • #63,547
  • May 12, 2010 3:53pm May 12, 2010 3:53pm
Quoting mkpkelly
Does any one have an EA for trading PIN bars?
lol blasphemy!
  • #63,548
  • May 12, 2010 3:59pm May 12, 2010 3:59pm
Quoting mbqb11
Hey Han

As you can see PA can work in so many LOCATIONS. But then we have to determine the best course of mgmt. I have taken trades at every location you can think of and all I try to do is figure out the best course of mgmt based on that action. These types I think a quick t/p is best or at least getting to b/e faster b/c these are areas for snap backs to occur(as they were the last true demand). So traders watch it in that manner.

Best
Mike
Hi Mike, jaroo and others that's helping others to learn something here. My thanks also goes to James for starting the thread. I'm baby in the game, just 4months old and i think this is the place i can say i've learn the hard truth about Fx. I am on demo, daily tf ofcourse, but my problem is stoploss is always too large. Pls how possible can i be placing my order with not more than 50pips. thanks
  • #63,549
  • May 12, 2010 4:48pm May 12, 2010 4:48pm
Quoting mkpkelly
Does any one have an EA for trading PIN bars?
Here is the Pin Bar EA I use....expensive though...I'd suggest starting with a Magic 8-ball
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  • #63,550
  • May 12, 2010 4:57pm May 12, 2010 4:57pm
Quoting kdee1
Pls how possible can i be placing my order with not more than 50pips. thanks
Here is one idea: Practise finding set ups on the daily or weekly charts and go down to H4 or H1 or even lower time frames to find price action entries that complement the higher time frame set ups. You can get loads of practise at this using the f12 key in MT4. That helped me a lot and we get great R:R ratio when they work. Don't cheat though...
Gone to a better place
  • #63,551
  • May 12, 2010 5:01pm May 12, 2010 5:01pm
Quoting kdee1
Hi Mike, jaroo and others that's helping others to learn something here. My thanks also goes to James for starting the thread. I'm baby in the game, just 4months old and i think this is the place i can say i've learn the hard truth about Fx. I am on demo, daily tf ofcourse, but my problem is stoploss is always too large. Pls how possible can i be placing my order with not more than 50pips. thanks
Hey Kdee

Welcome to the thread.

If you have not read up on yet please learn about position sizing. While our Risk can remain the same our position size(the amount of lots, or units we use) can change. So if you risk 1% per trade, it can be spread over 50pips or 500 pips and your risk is still 1%. This is how we have the ability to move to higher timeframes and forex is great b/c you can always find a broker that allows you to properly position size your account.

Here are some reference points
http://www.forexfactory.com/showthread.php?t=6948


Hope this helps
Mike
  • #63,552
  • May 12, 2010 5:53pm May 12, 2010 5:53pm
Quoting FX Raider
Not sure on the spread indicator as I don't use it, but concerning the SMS alerts, you first need a Mobile provider that offers an email address for your phone number (ex. [email protected]). Then

Go into Tools Options in MT4
Email Tab
Input your SMTP Server
From Address
and To Address (Which is your mobile phone email address)

Then you can use the alerts tab in the Terminal of MT4 to setup currency alerts (View/Terminal)
thanks FX Raider, I'll be sure to check with my phone company
  • #63,553
  • May 12, 2010 7:21pm May 12, 2010 7:21pm
Quoting HanSolo
First of all, thank you mbqb11 and Jarroo for commenting on my last breakout trade! Here's another trade I took yesterday:

Pro: Daily BEOB on EURUSD below BRN 1.3000, Weekly Pivot, 50%-Fib of last downmove, very minor (red) and major (yellow) PPZ.

Contra: No real swing high, not much space to the left and - depending on where you draw it - just above the recent weekly TL (missed to take that into account when entering the trade).

[b]Still luckily...
Sorry for my 'noobishness', but I wonder if Sunday bars can be a part of PA too?
  • #63,554
  • May 12, 2010 7:35pm May 12, 2010 7:35pm
Anybody notice the I5B on the USDJPY Daily chart (in fact, it was an I4B yesterday)? Anybody thinking about trading it?

It encompasses 93.0. I see important s/r levels at about 91.2, 93.2 , 94.3 - 94.65 (but I don't have time to put a chart up - sorry).
  • #63,555
  • May 12, 2010 8:29pm May 12, 2010 8:29pm
Quoting slade1986
First target hit. EA closed me out early though.
Slade...I am shocked at how different the candles on your chart and mine look.

Which broker is that on your chart?

This is FXDD.
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  • #63,556
  • May 12, 2010 8:34pm May 12, 2010 8:34pm
Quoting Pinbar
Slade...I am shocked at how different the candles on your chart and mine look.

Which broker is that on your chart?

This is FXDD.

FXCM, I also trade live on FXCM Micro and the charts look different from the MT4 platform.
  • #63,557
  • May 12, 2010 8:36pm May 12, 2010 8:36pm
Quoting slade1986
FXCM

What is the broker time?

Mine is GMT +2

You also in Japan?
  • #63,558
  • May 12, 2010 8:39pm May 12, 2010 8:39pm
Quoting fxeturn
Sorry for my 'noobishness', but I wonder if Sunday bars can be a part of PA too?
I wouldnt. They are tiny volume. Most platforms dont even show them.

How many dealers are at work on a Sunday night?
When you have to shoot, shoot. Dont talk.
  • #63,559
  • May 12, 2010 8:46pm May 12, 2010 8:46pm
Quoting Pinbar
What is the broker time?

Mine is GMT +2

You also in Japan?

MT4 platform appears to GMT+1. I'm in Ohio, USA @ GMT-4
  • #63,560
  • May 12, 2010 8:48pm May 12, 2010 8:48pm
Is there a preferred broker time for PA.

Maybe GMT?


I feel another broker change coming on.
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