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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

  • #84,681
  • Jan 5, 2011 9:46pm Jan 5, 2011 9:46pm
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.
A mini account means you trade mini lots rather than standard lots.
A mini lot is $10k (rather than 100k).
Which makes every pip 'worth' $1 per mini lot, ignoring cross complications.

So either IBFX has seriously increased their spreads, or something isnt set up right with his demo.
When you have to shoot, shoot. Dont talk.
  • #84,682
  • Jan 5, 2011 9:57pm Jan 5, 2011 9:57pm
Quoting joelcf
A mini account means you trade mini lots rather than standard lots.
A mini lot is $10k (rather than 100k).
Which makes every pip 'worth' $1 per mini lot, ignoring cross complications.

So either IBFX has seriously increased their spreads, or something isnt set up right with his demo.
Yes your right I wasn't thinking that way, rather in terms of $/pips. I was starting to think I was losing it.
  • #84,683
  • Jan 5, 2011 11:25pm Jan 5, 2011 11:25pm
Quoting Bethel
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?
Hi Bethel , check SteveHopwood thread. it might help you(sorry if i misunderstand your `another question` I m not good at English)
Multi-purpose trade management EA
http://www.forexfactory.com/showthread.php?t=89371
  • #84,684
  • Jan 5, 2011 11:29pm Jan 5, 2011 11:29pm
So far price reached the FTA that John225, Osman and Ppfx mentioned.
Will keep you updated on this
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  • #84,685
  • Jan 5, 2011 11:42pm Jan 5, 2011 11:42pm
Quoting mbqb11
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

You are.....WTH........Wow....Didn't look so good and I couldn't have imagined Mike would be in this one.....I must have missed something. LOL
  • #84,686
  • Jan 6, 2011 12:05am Jan 6, 2011 12:05am
Quoting spookie94
ok this isn't right...is it standard 1.0 = $10, Mini 1.0 = $1, Micro 1.0 = 10cents?
Using a USD account:

Standard Lot = 100,000 Units = $10.00 / pip
Mini Lot = 10,000 Units = $1.00 /pip
Micro Lot = 1000 Units = $.10/pip
Nano Lot = 100 Units = $.01/pip
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #84,687
  • Jan 6, 2011 12:14am Jan 6, 2011 12:14am
ms on daily with a nice breakout. look how it made higher lows before breaking out...
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meine augen sind die sterne
  • #84,688
  • Jan 6, 2011 12:18am Jan 6, 2011 12:18am
two pins in an interesting location forming here...
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meine augen sind die sterne
  • #84,689
  • Jan 6, 2011 12:56am Jan 6, 2011 12:56am
Btw, that was my first post in FF and on this opportunity I really really want to say thanks to all the members(especially senior members, Sir james16,mbqb11,jarroo,raczekfx...) in james16 Chart Thread.
I ve been lurking in the thread 2 years now(read only) and you guys are always enlighting my way. If I didn`t come across this thread, there still are a lot to learn though, I think I would never get where I am now. I greatly appreciate it , beyond word.

Ken.

(sorry my poor English)
  • #84,690
  • Jan 6, 2011 2:44am Jan 6, 2011 2:44am
Quoting aserbfx
yes, but i am afraid of this because of the overall bullish move. i have to admit that it looks interesting, though.

this is for tommorow:
bayer on daily.
beautiful trade so far. couldn't work better.
took 50% off the table and moved stopp to breakeven. 55,55 eur at the moment...
meine augen sind die sterne
  • #84,691
  • Jan 6, 2011 3:38am Jan 6, 2011 3:38am
Quoting Adilius07
Nevermind, just me day dreaming here
who knows.
i'll watch this pair & see its progress by weekend.
i would want 1.3050 - 1.31 to hold. i see possibility of 1.37 - 1.39.
if 1.3050 breaks convincingly, obvious destination is 1.27 - 1.29 area.

Quoting Bethel
hi all,.. 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... I am really shock because things have changed so much, been away from forex for awhile and everything has changed....
Quoting Bethel
by the way, so now does that mean that daily ranges by about a thousand plus pips??!!
...
hello Bethel,
i think the 5-decimals was put in place to confuse traders &/or destabilize indicators/EAs.

i suggest u re-study MT4's ins & outs.... before u go on trading.
press F1 to go to their Help Guide.

Quoting aserbfx
beautiful trade so far. couldn't work better.
took 50% off the table and moved stopp to breakeven. 55,55 eur at the moment...
awesome!
once again, thanks for your non-fx charts
  • #84,692
  • Jan 6, 2011 3:41am Jan 6, 2011 3:41am
Quoting Osman
Just an update on the AUD/NZD daily setup

BUOB previous bars didn't act as support

Os.
Quoting spookie94
From your chart it still looks like its holding. Remeber in PPZ, the Z stands for zone
Quoting Osman
Ure rite

Os.


This is true . . the previous bar High(s) of this BUOB is a Zone (especailly on this pair) where I would to see Price find Support to continue upward indicated by the BUOB.

Remember how I like to defined Price "holding as Support" in this case, by Price closing above this previous bar High level.

At the time, Os you were right . .the previous bar High(s) were not acting as Support on the 4 hour and Hourly .(Charts) You can see that we had bars closing below this previous bar High level.

Since this setup was presented on the Daily TF, a close above this level on the Daily would indicate to me Price is acting as Support.

I'll give another example. . . .
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Indicators show the past. Price Action "Indicates" the future.
  • #84,693
  • Jan 6, 2011 3:44am Jan 6, 2011 3:44am
Quoting Pinbar
You are.....WTH........Wow....Didn't look so good and I couldn't have imagined Mike would be in this one.....I must have missed something. LOL
I don't understand what Mike was saying. Maybe there was more to the setup that i am unable to see. But you're right, PB - there was no close below 0.9920 for a long time. I didn't think the level was that important because the lows were from 2007 -didn't know if they still matter.

So seniors, make up your mind - was my setup good or bad?
Thanks guys
  • #84,694
  • Jan 6, 2011 3:50am Jan 6, 2011 3:50am
Quoting jarroo
I'll give another example. . . .
Notice this BUOB on the Weekly Chf/Jpy and how no bar closed below the previous bar High. Price is acting as Support on the Weekly TF, the same time frame as the setup.

On the Daily and lower TFs, you'll see Price not acting as Support at this previous bar High level on the Weekly BUOB.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,695
  • Jan 6, 2011 4:05am Jan 6, 2011 4:05am
Quoting Be Cool
I don't understand what Mike was saying. Maybe there was more to the setup that i am unable to see...
answer by a senior newbie..
to be honest, only YOU can answer that..we are all unique & we all trade differently.

H4 & up this pair is bearish.
so your trade is with-trend & off of 1.00 VBRN. (i think the wedge break + BEOB + VBRN were key for Sir Mike)

imho, in the short-term, u need to monitor if
a. 0.9970 breaks/holds
b. 0.9940 breaks/holds

Quote
make up your mind - was my setup good or bad?
like i said, only you have the answer to that question.
u have to find your own way.. either by learning from/imitating other traders or 'establishing your own path'.
what's good/bad for Mike/me, etc is not necessarily good/bad for u.
Good luck in your journey
  • #84,696
  • Jan 6, 2011 4:13am Jan 6, 2011 4:13am
Quoting jarroo
Notice this BUOB...
On the Daily and lower TFs, you'll see Price not acting as Support at this previous bar High level on the Weekly BUOB.
83.50 bar high?
depending on how others look at it,
it did act as support on H4 & D1 (@ IBFX.. mostly, only wicks breached the area & most of the closes were above it; i didnt check much lower TFs)
good, good stuff..
  • #84,697
  • Jan 6, 2011 4:18am Jan 6, 2011 4:18am
Cherry picking or another stupid trade?
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  • #84,698
  • Edited 6:29am Jan 6, 2011 4:19am | Edited 6:29am
Quoting Be Cool
I don't understand what Mike was saying. Maybe there was more to the setup that i am unable to see. But you're right, PB - there was no close below 0.9920 for a long time. I didn't think the level was that important because the lows were from 2007 -didn't know if they still matter.

So seniors, make up your mind - was my setup good or bad?
Thanks guys

I'll let Mike give more details but here is mine on what Mike is showing us . .

An important event happened on the Usd/Cad. Price had been unable to break through the parity (1.0000) for a long time . .there were some attempts but no strong close below this parity. A strong Support level, to say the least.

Price finally does break through and closes below on the Weekly. A strong close below 1.0 that was previous Support. Mike is now looking to see the 1.0 to act as strong Resistance.

The good size 4 Hour BEOB (formed after the strong close below on the Weekly) gave a good indication that the 1.0 is now Resistance (also no bar closed above the 1.0 on the current Weekly and Daily too . .more evidence of Resistance)

Now if Price can get past the previous bar Lows (in green) the sky is the limit on how far down this can go.
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Indicators show the past. Price Action "Indicates" the future.
  • #84,699
  • Jan 6, 2011 4:28am Jan 6, 2011 4:28am
Quoting ghous
Great question.

here you go.

http://www.youtube.com/watch?v=KHANmCrLIqM

g.
Superb video Ghous ,

Similar questions started to spin in my mind, this video clearly shows the mentality that one should be in to use the J16 method.
  • #84,700
  • Jan 6, 2011 4:32am Jan 6, 2011 4:32am
Quoting supremeChaos
to be honest, only YOU can answer that..we are all unique & we all trade differently.
you have the answer to that question.
u have to find your own way.. either by learning from/imitating other traders or 'establishing your own path'.
what's good/bad for Mike/me, etc is not necessarily good/bad for u.
Good luck in your journey
SC ... Always eager to help fellow traders
Thank you for the kind encouragement.
So it all comes down to personal preference, one must choose his/her own style? Sounds like martial art LOL Yes Master
Anyway i asked to see whether i was far off course with that setup in the J16 methodology.

Thanks Bud -glad to hear from you
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