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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

  • #99,761
  • Aug 3, 2011 8:30am Aug 3, 2011 8:30am
Quoting zinger
1. Open a chart i.e. EURUSD
2. Open 'Navigator' > Scripts > Period converter
3. If You want to have H8 and your EURUSD chart is now H1, then You change 'Value' to 8 (its a multiplier so if You have EURUSD H4 then the Value is '2'.
4. Make sure that in 'Period converter' > in COMMON tab you checked 'Allow DLL imports'
5. Then You click on File > Open Offline and find 'EURUSD H8'.

The only inconvenience is that You can't close this "OLD" 1H chart (You can minimize it or smth).

Hope it helps someone.
Well I wanted to help so I wrote what I've found some time ago and tested for 5min.
But now I did a little research and there is a BETTER way because this period converter could have trouble after MT4 close and so on. So You do the same steps but the only difference is that this is an indecator not SCRIPT.
So add this indicator to MT4, open the indicator on Your chart, check DLL, put value, open offline and as far as I can see it works perfect.

Sorry for confusion
Attached File(s)
File Type: mq4 Period_Converter_Opt.mq4   15 KB | 268 downloads
  • #99,762
  • Aug 3, 2011 8:30am Aug 3, 2011 8:30am
Quoting Ted1983
No its not that: I was using Broco's demo but it doesn't seem to want to update ever...
hmmm. im not sure how to address that issue.

maybe Broco MT5 demo was discontinued?
- sometimes it's a server issue. if it has several demo servers, try selecting another server.
- try uninstalling then reinstall.
- try to re-download from their website.
- or use another MT5 demo broker.
  • #99,763
  • Aug 3, 2011 8:31am Aug 3, 2011 8:31am
Quoting zinger
So, maybe someone knows better way, but it works.

1. Open a chart i.e. EURUSD
2. Open 'Navigator' > Scripts > Period converter
3. If You want to have H8 and your EURUSD chart is now H1, then You change 'Value' to 8 (its a multiplier so if You have EURUSD H4 then the Value is '2'.
4. Make sure that in 'Period converter' > in COMMON tab you checked 'Allow DLL imports'
5. Then You click on File > Open Offline and find 'EURUSD H8'.

The only inconvenience is that You can't close this "OLD" 1H chart (You can minimize it...
Yes Zinger, that's how I do it now. I meant the real-time way of monitoring H8. Offline is ok to see a chart or two, but if you open 30 and leave it for a day or two, they will not update. For me did not work with those off line period converters.
  • #99,764
  • Aug 3, 2011 8:37am Aug 3, 2011 8:37am
Try this indicator
  • #99,765
  • Aug 3, 2011 8:39am Aug 3, 2011 8:39am
Quoting supremeChaos
hmmm. im not sure how to address that issue.

maybe Broco MT5 demo was discontinued?
- sometimes it's a server issue. if it has several demo servers, try selecting another server.
- try uninstalling then reinstall.
- try to re-download from their website.
- or use another MT5 demo broker.
Tried all that, but the bugger still wont work. I'm gonna DL the demo direct from the Metaquotes site and see if that works.
  • #99,766
  • Aug 3, 2011 8:44am Aug 3, 2011 8:44am
Quoting Ted1983
Tried all that, but the bugger still wont work. I'm gonna DL the demo direct from the Metaquotes.
most likely it would work but the instruments offered would be different.
try Broco's customer support too.
  • #99,767
  • Aug 3, 2011 8:53am Aug 3, 2011 8:53am
Quoting supremeChaos
most likely it would work but the instruments offered would be different.
try Broco's customer support too.
Ha, that would be a bit cheeky as I have no intention of actually paying for their services!
  • #99,768
  • Aug 3, 2011 8:54am Aug 3, 2011 8:54am
Quoting lebond
Hi all

This is my first post but have been following this thread for a while. Thanks to all who have contributed, my (demo) trading has come on leaps and bounds since discovering this thread.

I have a question regarding a recent pin bar on the AUS USD 4H chart.

I decided to pass on trading the pin shown in the attached pic. My reason being that although it closed inside the body of the previous candle, it did not close above the 23.6 fib. Also it is too close to the round number 1.0800 (also a PZZ).

Are these good enough reasons for passing...
Hey lebond

Welcome bud glad to hear about your demoing , you are doing the right thing while learning

Although it's a pinbar, my issues are the strength of that recent down move, and even more importantly that ~1.0800 mark. Look how strong that previously acted as resistance. That's a tough area to crack. Look at right where that pinbar went too. So if you do play it and it can't break that area I would not want to hang around myself. If it can break through and close above then you know what area to use to hopefully turn into support. Beautiful stuff

again welcome glad to have you here
Mike
Attached Image (click to enlarge)
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  • #99,769
  • Aug 3, 2011 8:55am Aug 3, 2011 8:55am
took the h4 "pin"(saw better) on eur/chf after it broke 1.1 on it's way down.

pity "realities" regarding chf last 30 mins/avg. last weeks so don't know how much it can be ridden...
  • #99,770
  • Aug 3, 2011 9:03am Aug 3, 2011 9:03am
Awesome man thanks for putting a smile on my face this morning

And good on you for taking things slowly and treating this the way it should

I hope you post and wish you luck

Best
Mike

Quoting psd
Hi guys,

Just another lurker here whose conscience wouldn't let him just lurk any more.

This is more of a motivational post so please skip it if you are after J16 gold nuggets!

Sorry for the long post but I wanted to make my first post comprehensive and to introduce myself. After this I may go back to lurking as I'd rather have the professionals doling out advice rather than me cluttering up this thread

Oddly enough, my first real exposure to foreign exchange trading was through an online ad for eToro. I'd seen the ad many times on a site...
  • #99,771
  • Aug 3, 2011 10:13am Aug 3, 2011 10:13am
Quoting mbqb11
Hey lebond

Welcome bud glad to hear about your demoing , you are doing the right thing while learning

Although it's a pinbar, my issues are the strength of that recent down move, and even more importantly that ~1.0800 mark. Look how strong that previously acted as resistance. That's a tough area to crack. Look at right where that pinbar went too. So if you do play it and it can't break that area I would not want to hang around myself. If it can break through and close above then you know what area to use to hopefully turn into support. Beautiful...

Hey Mike

Thanks for your response to my question. Now that you mention the prior resistance at around 1.0800 and the strength of the prior downward move, I can see 100% why you would not trade the pin bar.

I can see it would be better to let price break and close above the 1.0800 level, then if there was a bounce off the 1.0800 level as support then maybe a trade could be taken.

Looking at where price is right now on the AUS/USD, it would have been a bad move to trade the afore mentioned pin.

Thanks again for your input, much appreciated.
  • #99,772
  • Aug 3, 2011 10:52am Aug 3, 2011 10:52am
talking about aud usd i dont think a buy is a bad idea.

Price is now right near the bottom of a daily uptrend line, closes above 1.07 on the H4 too is all looking good for a buy

http://i53.tinypic.com/168smfq.jpg
  • #99,773
  • Aug 3, 2011 11:06am Aug 3, 2011 11:06am
Quoting deankenny21
talking about aud usd i dont think a buy is a bad idea.

Price is now right near the bottom of a daily uptrend line, closes above 1.07 on the H4 too is all looking good for a buy
I wouldn't dare to buy right against the 1.80
We are BiB (Back in Box ) between 1.55 and 1.80.
I would favour the up move too because there is a lot of supports on the way down.
But, who cares about what we prefer
Čau
Follow my trading on Twitter and FB: @pumlitch
  • #99,774
  • Aug 3, 2011 11:13am Aug 3, 2011 11:13am
Quoting Pumlitch
I wouldn't dare to buy right against the 1.80
We are BiB (Back in Box ) between 1.55 and 1.80.
I would favour the up move too because there is a lot of supports on the way down.
But, who cares about what we prefer
Čau
yes but if we close here at 1.0716 and buy, i would be taking profit before 1.08 preferably around 1.0780 according to a few bar highs on my chart thats a good 60 plus pips, lockinh some profits, SL to BE and on me way

thats all i been doing since i started this J16 way
  • #99,775
  • Aug 3, 2011 11:19am Aug 3, 2011 11:19am
I like that, however my emas are still showing a bearish move.
http://clip2net.com/clip/m90097/thum...-clip-11kb.png



Quoting deankenny21
yes but if we close here at 1.0716 and buy, i would be taking profit before 1.08 preferably around 1.0780 according to a few bar highs on my chart thats a good 60 plus pips, lockinh some profits, SL to BE and on me way

thats all i been doing since i started this J16 way
  • #99,776
  • Aug 3, 2011 11:23am Aug 3, 2011 11:23am
Quoting deankenny21
yes but if we close here at 1.0716 and buy, i would be taking profit before 1.08 preferably around 1.0780 according to a few bar highs on my chart thats a good 60 plus pips, lockinh some profits, SL to BE and on me way

thats all i been doing since i started this J16 way
Clear.
Good luck then
Follow my trading on Twitter and FB: @pumlitch
  • #99,777
  • Aug 3, 2011 11:26am Aug 3, 2011 11:26am
Quoting bali2002
I like that, however my emas are still showing a bearish move.
http://clip2net.com/clip/m90097/thum...-clip-11kb.png
true but emas can easily turn the other way once price goes up, i dont use emas, it just basically tell me the direction price has been going not where its going.
  • #99,778
  • Aug 3, 2011 11:32am Aug 3, 2011 11:32am
Anyone take this BEOB Trade?
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  • #99,779
  • Aug 3, 2011 12:14pm Aug 3, 2011 12:14pm
Why I don't move to breakeven.
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  • #99,780
  • Aug 3, 2011 12:18pm Aug 3, 2011 12:18pm
Quoting the_wizard
Why I don't move to breakeven.
Good call sir.

I can hear Jim saying 'New people, please don't do this with real money...'
When the going gets weird, the weird turn pro.
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