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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

  • #75,961
  • Sep 29, 2010 10:56am Sep 29, 2010 10:56am
Quoting grahamec
Hi all
A question for UK based traders, if you use MT4 what time of day is your close ? I am trying to find the optimum time to use for the close. The one I use at the moment is midnight GMT
TIA
Grahame

Hi grahame

I use FxPro which has a 9pm GMT close (10pm current UK time)
This is in line with the closing of the New York session

Jonny
  • #75,962
  • Sep 29, 2010 11:01am Sep 29, 2010 11:01am
Thanks Jonny
Does that mean that you are in font of your comp at 10pm every night to look for set ups
  • #75,963
  • Sep 29, 2010 11:37am Sep 29, 2010 11:37am
Hi guys,
I already share this project with friends on MP. I hope it's not too much off the topic... if yes tell me I will move it in appropriate section.

I would like to program an alert for IT PB/Engu showing on :

Trend with SMA filter (maybe take in count the SMA angle too).
Around 18sma or upper (I have specific rules for that).
Option for size of figure.
About traffic, human eye is better to determine that, but I can make some rules to avoid most obvious situations.
Time filter (LO) for TF <1H.
Not just under a BRN.
… some other will come after charts eating.

The goal is to save us some time and minimize the human intervention.
The trader will still have to manage this entry by S/R confirmation of course, confluence watching, position sizing, moving up the stop = All stuff messy to code where human is (still) better.

I’m working on auto-BE after x pip won too.

Can you guys give me your opinion, if it worth the time I’ll spend on, or if you have some more ideas.

Cheers,

Wal
  • #75,964
  • Sep 29, 2010 11:52am Sep 29, 2010 11:52am
Quoting grahamec
Thanks Jonny
Does that mean that you are in font of your comp at 10pm every night to look for set ups
Yep, give or take a few minutes
  • #75,965
  • Sep 29, 2010 11:55am Sep 29, 2010 11:55am
Quoting Jonnyislost
Yep, give or take a few minutes
Thanks again
  • #75,966
  • Sep 29, 2010 12:05pm Sep 29, 2010 12:05pm
just received a mail from IBFX that says they enforcing maximum margin of 1:50. they also suggested that we open an account with Australia IBFX to get around this limitation (DownUnder branch allows hedging too).

I am not trading anywhere near margin threshold levels but would like to listen to comments from our regulars here who are with IBFX.
  • #75,967
  • Sep 29, 2010 12:05pm Sep 29, 2010 12:05pm
Quoting Walcott
Hi guys,
I already share this project with friends on MP. I hope it's not too much off the topic... if yes tell me I will move it in appropriate section.

I would like to program an alert for IT PB/Engu showing on :

Trend with SMA filter (maybe take in count the SMA angle too).
Around 18sma or upper (I have specific rules for that).
Option for size of figure.
About traffic, human eye is better to determine that, but I can make some rules to avoid most obvious situations.
Time filter (LO) for TF <1H.
Not just under a BRN.
… some other will...

I think you're better off to set an alert for particular areas on the chart and then keep an eye on that pair for some PA.... Not the other way around
Many choose unhappiness over uncertainty.
  • #75,968
  • Sep 29, 2010 12:06pm Sep 29, 2010 12:06pm
Hey all,
just wondering how this rates on the Ghous Inverted Pin scale.

This is only the second one I've traded.
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  • #75,969
  • Sep 29, 2010 12:09pm Sep 29, 2010 12:09pm
Quoting ertorque
just received a mail from IBFX that says they enforcing maximum margin of 1:50. they also suggested that we open an account with Australia IBFX to get around this limitation (DownUnder branch allows hedging too).

I am not trading anywhere near margin threshold levels but would like to listen to comments from our regulars here who are with IBFX.
50 to 1 is not going to limit me in any way at all. I will keep my money on the US ibfx for now, but if things get more restricted i will consider at least putting some money in the Aus branch and some in the US branch...
Many choose unhappiness over uncertainty.
  • #75,970
  • Sep 29, 2010 12:23pm Sep 29, 2010 12:23pm
Okay guys, my eu trade is moving into some profit, will keep you updated as to what occurs into the late us and asian session. I did expect a bigger move to the upside but profit target at 1.3695 is unchanged. Strong bullish euro bias still is my view for the near future. As said before, I will post my charts after I closed out this bugger.
Thank you j16!
  • #75,971
  • Sep 29, 2010 12:45pm Sep 29, 2010 12:45pm
Quoting tubguy
Hey all,
just wondering how this rates on the Ghous Inverted Pin scale.

This is only the second one I've traded.
Quite frankly I won't grade that at all.

I see nothing behind that bar. Price is headed straight for 132 (and beyond...it seems) and that creates that "near PPZ effect" rather than the "On PPZ effect" that I talk about very often with IPBs specially. You have to understand, IPBs can be an aggressive style of play because we go in with ultra tight stops, in fact I'll second jarroo who thinks it's just one step before touch trading so you have to learn to be extremely picky with these bars and nail down your locations literally to the pip.

But then again it's only your second IPB trade, just hang in there and keep learning from your mistakes.

All the best T.

g.
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I believe . . .
  • #75,972
  • Sep 29, 2010 12:55pm Sep 29, 2010 12:55pm
Thanks for the quick reply Ghous.

Thats exactly what I needed.
  • #75,973
  • Sep 29, 2010 1:09pm Sep 29, 2010 1:09pm
Quoting ddinnov
Morning all!

I just joined the PF!
Hi guys,I may sound a bit dumb ............ but what is PF and how do i join .Thanks P
  • #75,974
  • Sep 29, 2010 2:26pm Sep 29, 2010 2:26pm
Quoting podgy
Hi guys,I may sound a bit dumb ............ but what is PF and how do i join .Thanks P
It's the private forum - I've been in this thread since Feb though. PF is here:

http://www.james16group.us/firsttime.html
Anything can happen.
  • #75,975
  • Sep 29, 2010 2:47pm Sep 29, 2010 2:47pm
Hey Mike,

Do you add the spreads to these buffers or are they already included?

Thnx
PP

Quoting mbqb11
Hey Bill

It was I believe 6 pips below and price went I think 2 pips.

Funny enough I just answered an email with your second question so here is what I said. THis is a rough guide

As for "buffers"

here is a general guide for me of how many pips above/below I use

1hr - 5-10 pips
4hr - 10-15 pips
daily 12- 18 pips
weekly 15-30 pips

Now I always take note of things like near bar highs/lows round numbers etc that is why there is a range. Also certain pairs that are bigger movers get bigger buffers.


Best
Mike
  • #75,976
  • Sep 29, 2010 2:49pm Sep 29, 2010 2:49pm
Quoting PrincoPrinco
Hey Mike,

Do you add the spreads to these buffers or are they already included?

Thnx
PP
Hey PP

Should have clarified that is without spreads included.

Take care
Mike
  • #75,977
  • Sep 29, 2010 3:41pm Sep 29, 2010 3:41pm
Quoting mbqb11
1.62 is a very large pivot that it is trading into. So overall a crowded/traffic pinbar in my eyes, with not much more in the way of confluence. Does that make it untradeable? Not necessarily depends on the trader. But where is price likely to have trouble? 1.62 would be a good starting point for sure

Best
Mike
here is the gbpcad update. 1.62 still acting as a strong pivot
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  • #75,978
  • Sep 29, 2010 4:17pm Sep 29, 2010 4:17pm
Quoting grahamec
Hi all
A question for UK based traders, if you use MT4 what time of day is your close ? I am trying to find the optimum time to use for the close. The one I use at the moment is midnight GMT
TIA
Grahame

Hi Graham,

I use FXPro too. I will also pay attention to any decent looking bar regardless of the closing time if the price action looks good.

cheers

fxp
  • #75,979
  • Sep 29, 2010 5:14pm Sep 29, 2010 5:14pm
Quoting mbqb11
Dave what's up brotha! How's the wine!?
Hey Ghous & Mikey!

The wine is always good brother

i hope you are both well and in fine form!

Cheers

Dave
  • #75,980
  • Sep 29, 2010 5:33pm Sep 29, 2010 5:33pm
Quoting Cyrus
To infinite yield and beyond!
(and where the heck might tt be?)

I relate much to what you're doing Jim

Tough to achieve, but it is the goal.
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Indicators show the past. Price Action "Indicates" the future.
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