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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

  • #97,121
  • Jun 22, 2011 6:08pm Jun 22, 2011 6:08pm
CHART
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  • #97,122
  • Jun 22, 2011 6:26pm Jun 22, 2011 6:26pm
Quoting Adilius07
Hi Morainer, ...

Now in Forex we do not have this set value for a pip, it could be whatever you want. That means if you have 200 pips SL you can still make it $10 worth of money if you want so.
...
I understand what you are saying here Adilius. {A Pip can be worth $10.00 or $0.10 depending on whether you Trade 1 Full Lot (1.0 on most Trade Screens ) or 1/100th of 1 Full Lot (0.01 on most Trade Screens )}.
I just wanted to add...

IF you are Trading Crosses, The Value of a Pip (No matter what size your Trade is, 1.0 or 0.1) The Pip Value is in a constant state of flux.

eg; according to the posted image...
If I was looking at Trading the AUDNZD #11
It would cost me USD$162.87 just to enter.
Right now I don't care about that. All I want to know is... How Much is A Pip Worth?
Depends on how the NZD & AUS are doing against the USD.
If the AUS is Strong against USD & the NZD is Weak against USD then the Pip Value will Increase.
Image posted is Snap of Dynamic XL sheet I have. It has Macros & so I am reluctant to post it as an XL File
Attached Image (click to enlarge)
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There is a Bemac MT4 Indy that gives some of the same info.
TL Corner of Image {Option to pick a corner coded in.}
Attachment

Bill
Attached File(s)
File Type: mq4 Bemac Clock & Pip Value.mq4   6 KB | 529 downloads
  • #97,123
  • Jun 22, 2011 7:08pm Jun 22, 2011 7:08pm
Quoting james16
an outside bar that straddles a brn or a lrn and a ton of past s/r and gives you a pullback to that brn/lrn/s/r might be the best set up you will ever find looking at a chart.

get good at that one set up and become ultra patient and you got a set of keys that fits the ignition. its a winning lottery ticket and i dont say stuff like that very often.

lets have some fun and everyone post a chart of that set up on say 4 hour and over.

go find one.

jim
Here is one
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  • #97,124
  • Jun 22, 2011 7:27pm Jun 22, 2011 7:27pm
Here is one I liked

http://img691.imageshack.us/img691/9...mpleforj16.gif
  • #97,125
  • Jun 22, 2011 8:04pm Jun 22, 2011 8:04pm
Quoting Bemac
I understand what you are saying here Adilius. {A Pip can be worth $10.00 or $0.10 depending on whether you Trade 1 Full Lot (1.0 on most Trade Screens ) or 1/100th of 1 Full Lot (0.01 on most Trade Screens )}.
I just wanted to add...

IF you are Trading Crosses, The Value of a Pip (No matter what size your Trade is, 1.0 or 0.1) The Pip Value is in a constant state of flux.

eg; according to the posted image...
If I was looking at Trading the AUDNZD #11
It would cost me USD$162.87 just to enter.
Right now I don't care about that. All I want to...
Hi B, thanks for your indicator, Ive been trying to find that for a long time
----------------------------- Discipline makes the difference.
  • #97,126
  • Jun 22, 2011 8:26pm Jun 22, 2011 8:26pm
Tried daytrading off the 8hr BEOB on Eur/Usd. Set my target tight and come back from taking my family to dinner to see it closed already.

Liked the previous resistance around the 1.4400.

Not much but it's adding up...
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  • #97,127
  • Jun 22, 2011 9:23pm Jun 22, 2011 9:23pm
Quoting james16
an outside bar that straddles a brn or a lrn and a ton of past s/r and gives you a pullback to that brn/lrn/s/r might be the best set up you will ever find looking at a chart.

get good at that one set up and become ultra patient and you got a set of keys that fits the ignition. its a winning lottery ticket and i dont say stuff like that very often.

lets have some fun and everyone post a chart of that set up on say 4 hour and over.

go find one.

jim
Heres one..break of double bottom..CB 0.89..no-mans land trade..
next time if i see such,i try these
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  • #97,128
  • Jun 22, 2011 10:02pm Jun 22, 2011 10:02pm
Quoting CavinK
Hi B, thanks for your indicator, Ive been trying to find that for a long time
You're Most welcome Cav...

I always felt it was important Info & should be close at hand.

B
  • #97,129
  • Jun 22, 2011 10:15pm Jun 22, 2011 10:15pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting james16
an outside bar that straddles a brn or a lrn and a ton of past s/r and gives you a pullback to that brn/lrn/s/r might be the best set up you will ever find looking at a chart.

get good at that one set up and become ultra patient and you got a set of keys that fits the ignition. its a winning lottery ticket and i dont say stuff like that very often.

lets have some fun and everyone post a chart of that set up on say 4 hour and over.

go find one.

jim
Allrighty sir!! This really puts the mood back into trading
I have seen the enemy, and it is me.
  • #97,130
  • Jun 22, 2011 10:30pm Jun 22, 2011 10:30pm
Quoting Jey
Allrighty sir!! This really puts the mood back into trading
HEY Jey. "Overworked & UnderPipped" is a perfect place To Start.
Study & Patience will revolve that situation.

B
  • #97,131
  • Jun 22, 2011 10:31pm Jun 22, 2011 10:31pm
Quoting slade1986
Tried daytrading off the 8hr BEOB on Eur/Usd. Set my target tight and come back from taking my family to dinner to see it closed already.

Liked the previous resistance around the 1.4400.

Not much but it's adding up...

Hey thats pretty good Slade. I love trading the EURUSD as it trends really well.

I was actually in a buy move as I thought that it was going to break the resistance line at around 1.44250 but it turned and ran my stop down. So instead I short entered on the diagonal trend resistance which just hapend to be right on another major S/R level 1.43400 which is proving to offer resistance the the trend and is proving my move correct for now a break even.

I think this will continue to the 1.40600 level eventually in the next 5/6 trading days. It may yet reverse if the minor resistance lines are tested and especially the 1.42130 area as it also corresponds to the Fib 61.8%. But I will hold with my brass balls and see how it goes.

Hopefully this will be a new low since back in May and if so this month will be an easy and stress free win, after all the breathless moments in between!
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  • #97,132
  • Jun 22, 2011 10:37pm Jun 22, 2011 10:37pm
Quoting Bemac
I understand what you are saying here Adilius. {A Pip can be worth $10.00 or $0.10 depending on whether you Trade 1 Full Lot (1.0 on most Trade Screens ) or 1/100th of 1 Full Lot (0.01 on most Trade Screens )}.
I just wanted to add...

IF you are Trading Crosses, The Value of a Pip (No matter what size your Trade is, 1.0 or 0.1) The Pip Value is in a constant state of flux.

eg; according to the posted image...
If I was looking at Trading the AUDNZD #11
It would cost me USD$162.87 just to enter.
Right now I don't care about that. All I want to...
Hi Bill, thank you very much!
That will be another super valuable tool in my arsenal from now on!

Adi
  • #97,133
  • Jun 22, 2011 11:26pm Jun 22, 2011 11:26pm
Quoting james16
CHART

Here's a decent weekly setup
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  • #97,134
  • Jun 22, 2011 11:45pm Jun 22, 2011 11:45pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Bemac
HEY Jey. "Overworked & UnderPipped" is a perfect place To Start.
Study & Patience will revolve that situation.

B
Thanks B, hope it will get to a point where I can change the status to Overpipped and Underworked
I have seen the enemy, and it is me.
  • #97,135
  • Jun 23, 2011 1:12am Jun 23, 2011 1:12am
Quoting james16
CHART
Thank you. I learnt something today.
(and thanks to Mike)

It's expensive maintaining this car!

KR
  • #97,136
  • Jun 23, 2011 1:20am Jun 23, 2011 1:20am
Quoting Knight Rider
Thank you. I learnt something today.
(and thanks to Mike)

It's expensive maintaining this car!

KR
This reminded me of a mate I used to know who only traded stocks. He would just use a simple 8 and 21 ma. When price closed past the 8, he would wait for the pullback and enter on the 8.

I think he used the daily if I'm not mistaken.

Risk was 2% and his target was 4-5% if I remember. Very simple.
  • #97,137
  • Jun 23, 2011 1:44am Jun 23, 2011 1:44am
Quoting james16
CHART
Wasn't there one of these on the four hour (cable) yesterday?

BRN, BEOB, Retracement, s/r?
  • #97,138
  • Jun 23, 2011 1:44am Jun 23, 2011 1:44am
Quoting james16
lets have some fun and everyone post a chart of that set up on say 4 hour and over.
jim
This one is bit more exotic. I would like to see price making HH but it fits my standarts (Ups..there is no outside bar). Happy Midsummer to all!
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  • #97,139
  • Jun 23, 2011 2:31am Jun 23, 2011 2:31am
what about this BEOB ?
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  • #97,140
  • Jun 23, 2011 2:32am Jun 23, 2011 2:32am
Expecting a retest of 1.02 area.
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