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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

  • #84,661
  • Jan 5, 2011 7:02pm Jan 5, 2011 7:02pm
Hi everyone

Haven't post in a while. Been busy studying back posts.
I am in this trade. USDCAD 4 Hour BEOB off weekly PPZ and parity level, and 150 ema on the hourly chart.
Entry 0.9945 above minor PPZ and the IB on Hourly chart.
This one only gave up 21 pips before hitting minor PPZ and bounced back up forming a bullish PB.
Now at -15 pips am considering closing this trade. I guess i had my FTA a bit too low. But i figured a BEOB that big should at least reach my FTA. I guess I was wrong.
This is an area i still don't get the hang of - I miss a lot of trades because of near FTA, and when i take the trade thinking price can break further, it doesn't like this one
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  • #84,662
  • Jan 5, 2011 7:58pm Jan 5, 2011 7:58pm
Quoting Be Cool
Hi everyone

Haven't post in a while. Been busy studying back posts.
I am in this trade. USDCAD 4 Hour BEOB off weekly PPZ and parity level, and 150 ema on the hourly chart.
Entry 0.9945 above minor PPZ and the IB on Hourly chart.
This one only gave up 21 pips before hitting minor PPZ and bounced back up forming a bullish PB.
Now at -15 pips am considering closing this trade. I guess i had my FTA...

Becool....You may have jumped the gun a bit here.
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  • #84,663
  • Jan 5, 2011 8:01pm Jan 5, 2011 8:01pm
Hey Ghous....Another great video man.

Keep em coming.....Wonderful sharing going on.

You guys really care, that is obvious.
  • #84,664
  • Jan 5, 2011 8:04pm Jan 5, 2011 8:04pm
hi all, im new to this thread, and im glad i've known this though im like thousands of posts behind you guys. I'm demo-ing at the PB stage, will like to check how do I partial take profit because i cannot seem to adjust my volume except under pending order but I'm already in an order! I realise the new IBFX platform has an additional decimal place and that small last decimal is actually considered a pip! I am really shock because things have changed so much, been away from forex for awhile and everything has changed...please help me out here, thanks in advance!

Bethel
  • #84,665
  • Jan 5, 2011 8:06pm Jan 5, 2011 8:06pm
by the way, so now does that mean that daily ranges by about a thousand plus pips??!!

im looking at audjpy
  • #84,666
  • Jan 5, 2011 8:09pm Jan 5, 2011 8:09pm
Quoting Bethel
hi all, im new to this thread, and im glad i've known this though im like thousands of posts behind you guys. I'm demo-ing at the PB stage, will like to check how do I partial take profit because i cannot seem to adjust my volume except under pending order but I'm already in an order! I realise the new IBFX platform has an additional decimal place and that small last decimal is actually considered a pip! I am really shock because things have changed so much, been away from forex for awhile and everything has changed...please help me out here, thanks...
You have to right click on your trade in the terminal window, choose CLOSE order and then, select the portion of the order you want to close.

If you have trades 0.03, selecting to close 0.02, will close two thirds of the trade. Hope this helps.

EDIT: I think you are using a 5 digit broker so that is 100 pips.
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  • #84,667
  • Jan 5, 2011 8:35pm Jan 5, 2011 8:35pm
Quoting mbqb11
I use my rules and have a deeper relationship connected to them. This is my belief. Without my belief , I would have no conviction. Without my conviction I would have no faith to trade them through the ups and downs.


All the best!
Mike
Love this phrase...

Can I use it as my signature ? Ill promise ill put your name next to it

Os.
Trade Smart
  • #84,668
  • Jan 5, 2011 8:37pm Jan 5, 2011 8:37pm
Quoting spookie94
couldn't you just play this as breakout from the 1.32?
Hey Spookie

I consider breakouts a specific type of play. Breakouts of patterns. To me that term means a very specific thing. Again you aren't necessarily wrong but that is how I view it. To me buying a break of 1.32 is not a breakout play as opposed to just buying a break of something

Just how I decipher things and keep my methods in check
Mike
  • #84,669
  • Jan 5, 2011 8:39pm Jan 5, 2011 8:39pm
Quoting Osman
Love this phrase...

Can I use it as my signature ? Ill promise ill put your name next to it

Os.
lol put crazy trader guy so people don't think I am a wack. I promise I am sane.

LOL
  • #84,670
  • Jan 5, 2011 8:41pm Jan 5, 2011 8:41pm
hi pin bar, thanks for the help, oh i was actually wondering how do i close partially without myself being at the screen, so i guess an EA will be required?

Range of daily= high - low , and im using 5 digits too, audjpy on IBFX is 5 digits with 3 decimal places. and the last decimal place actually represents one pip.

83.358 - 81.937 = 1.421 for AudJpy

so the range is 1421 pips? thats a lot for a daily bar...thats why im confused.

thanks in advance!
  • #84,671
  • Jan 5, 2011 8:48pm Jan 5, 2011 8:48pm
Quoting Be Cool
Hi everyone

Haven't post in a while. Been busy studying back posts.
I am in this trade. USDCAD 4 Hour BEOB off weekly PPZ and parity level, and 150 ema on the hourly chart.
Entry 0.9945 above minor PPZ and the IB on Hourly chart.
This one only gave up 21 pips before hitting minor PPZ and bounced back up forming a bullish PB.
Now at -15 pips am considering closing this trade. I guess i had my FTA...
Hey BC

I am in this one too. I just posted about this one here if you are interested
http://www.forexfactory.com/showpost...ostcount=84645


Hope all is well

Mike
  • #84,672
  • Jan 5, 2011 8:57pm Jan 5, 2011 8:57pm
Quoting Bethel
Range of daily= high - low , and im using 5 digits too, audjpy on IBFX is 5 digits with 3 decimal places. and the last decimal place actually represents one pip.

83.358 - 81.937 = 1.421 for AudJpy

so the range is 1421 pips? thats a lot for a daily bar...thats why im confused.
The last digit is the fruitily-named 'pipette'. It's a tenth of a pip. And almost entirely pointless, except as a marketing exercise.

A pip is still the fourth digit in the quote.
When you have to shoot, shoot. Dont talk.
  • #84,673
  • Jan 5, 2011 9:15pm Jan 5, 2011 9:15pm
Just an update on the AUD/NZD daily setup

BUOB previous bars didn't act as support

Os.
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Trade Smart
  • #84,674
  • Jan 5, 2011 9:19pm Jan 5, 2011 9:19pm
Quoting mbqb11
lol put crazy trader guy so people don't think I am a wack. I promise I am sane.

LOL
lol... honestly .. excellent post.

It helps us newbies to be on the right track

Os.
Trade Smart
  • #84,675
  • Jan 5, 2011 9:30pm Jan 5, 2011 9:30pm
Quoting joelcf
The last digit is the fruitily-named 'pipette'. It's a tenth of a pip. And almost entirely pointless, except as a marketing exercise.

A pip is still the fourth digit in the quote.
Hi joel, thank you very much for your reply, yes, it is mentioned as such in other threads, but i do not understand one thing, I opened a demo minis account, i cannot change the leverage which is 1:50, the moment i put on a trade, im losing 20 bucks, its as if im playing standard, is there something wrong with the IBFX MT4? I adapted to this issue by buying 0.1 lot instead.

Another question, say i want to partial take profit, i cannot set a command to profit take at tt point n leave my screen? won't that cause situations like a profit turning into a loss if i am not around?

really need help, thanks in advance

Bethel

ps: is there a mentor system, or a step-by-step for noobs like me? After reading like 50 pages, i realise this is the only altruistic thread started by Sir J16
  • #84,676
  • Jan 5, 2011 9:31pm Jan 5, 2011 9:31pm
Quoting Osman
Just an update on the AUD/NZD daily setup

BUOB previous bars didn't act as support

Os.
From your chart it still looks like its holding. Remeber in PPZ, the Z stands for zone
  • #84,677
  • Jan 5, 2011 9:34pm Jan 5, 2011 9:34pm
Quoting Bethel
Hi joel, thank you very much for your reply, yes, it is mentioned as such in other threads, but i do not understand one thing...
I dont use MT4, so I probably cant help much - but plenty of the guys in the thread do and should be able to shine some light on it. There should be at least a couple of them still awake

You might be better off contacting IBFX if you need a quicker response.
When you have to shoot, shoot. Dont talk.
  • #84,678
  • Jan 5, 2011 9:36pm Jan 5, 2011 9:36pm
Quoting spookie94
From your chart it still looks like its holding. Remeber in PPZ, the Z stands for zone
Ure rite

Os.
Trade Smart
  • #84,679
  • Jan 5, 2011 9:37pm Jan 5, 2011 9:37pm
Quoting Bethel
Hi joel, thank you very much for your reply, yes, it is mentioned as such in other threads, but i do not understand one thing, I opened a demo minis account, i cannot change the leverage which is 1:50, the moment i put on a trade, im losing 20 bucks, its as if im playing standard, is there something wrong with the IBFX MT4? I adapted to this issue by buying 0.1 lot instead.

Another question, say i want to partial take profit, i cannot set a command to profit take at tt point n leave my screen? won't that cause situations like a profit turning...
In a mini account think of .10 as one dollar for every pip move. So 1.0 is 10 dollars. A micro account .10 equals 10cents. I don't know of anyway to take partial profit other than setting an alarm where you want to do so, so you don't miss out. When I'm around my computer I just use a sound alarm. If I'm outside or asleep I send an alarm to my cell. If I know I can't be around to manage the trade I usually don't take it. Hope this helps.
  • #84,680
  • Jan 5, 2011 9:45pm Jan 5, 2011 9:45pm
Quoting spookie94
In a mini account think of .10 as one dollar for every pip move. So 1.0 is 10 dollars. A micro account .10 equals 10cents. I don't know of anyway to take partial profit other than setting an alarm where you want to do so, so you don't miss out. When I'm around my computer I just use a sound alarm. If I'm outside or asleep I send an alarm to my cell. If I know I can't be around to manage the trade I usually don't take it. Hope this helps.
ok this isn't right...is it standard 1.0 = $10, Mini 1.0 = $1, Micro 1.0 = 10cents?
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