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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

  • #106,781
  • Feb 3, 2012 6:41am Feb 3, 2012 6:41am
Quoting beebolbod
I found one which i got excited about which does almost all of that.... drag the line get the alert.... doesn't say which pair initiated it though.... deleted it.

I know nothing of coding except to modify my indi's a little but it cant be that hard to do this and it'd be very handy.

Thanks, but no need for coding, there are plenty of these on the web.

Thanks though


I'll ask Jim what he is using.
  • #106,782
  • Feb 3, 2012 6:47am Feb 3, 2012 6:47am
Quoting Pinbar
Anyone know of an indicator that puts a two lines on the chart with an alert when touched by price? One that you can just drag the lines rather than having to input price in it.

By alert, I mean a popup alert, which informs us of which pair it is on. Not just a wav alert

This will help prevent me missing many setups.
I created it 1 year ago.
Just create rectangle with color1 or color2 and place it on your ppz.
When price become closer to rectangle more than pp points, indicator alerts.
Try it.
Attached File(s)
File Type: mq4 Alertlevel.mq4   2 KB | 423 downloads
  • #106,783
  • Feb 3, 2012 6:51am Feb 3, 2012 6:51am
Quoting Pokemon
I created it 1 year ago.
Just create rectangle with color1 or color2 and place it on your ppz.
When price become closer to rectangle more than pp points, indicator alerts.
Try it.
Will it tell me which pair is alerting?
  • #106,784
  • Feb 3, 2012 6:52am Feb 3, 2012 6:52am
Quoting beebolbod
Will it tell me which pair is alerting?
Yeah.
  • #106,785
  • Feb 3, 2012 7:12am Feb 3, 2012 7:12am
Today... I smell... will be Friday with BANG! ;-)
all is eternal - this is good news for people who loves bad news
  • #106,786
  • Feb 3, 2012 7:26am Feb 3, 2012 7:26am
Quoting Pinbar
I just found one and modified it, you can change it to either a horizontal line or a TL. Has a popup telling us which pair it is. Will give single or multiple alerts and send email, if you set it to.

Edit: indicator has a fault hang on
summat wrong here PB....

get this msg..."Sorry, you have requested an invalid Attachment.

If the page has been moved, you may be able to find it by doing a search at the top of this page. If you believe you have reached this message in error, please submit a contact form."
  • #106,787
  • Edited 7:52am Feb 3, 2012 7:38am | Edited 7:52am
Quoting beebolbod
summat wrong here PB....

get this msg..."Sorry, you have requested an invalid Attachment.

If the page has been moved, you may be able to find it by doing a search at the top of this page. If you believe you have reached this message in error, please submit a contact form."

Yeah, it was screwed up & I removed the indicator from that post, to prevent people from downloading it.. Just fixed it & modified it but, it will now not work as a TL, which is OK as all we want is a horizontal line.


I think this will save us all some serious screen time.



Fixed version
Attached Image (click to enlarge)
Click to Enlarge Name: Capture.jpg Size: 79 KB
Attached File(s)
File Type: mq4 PriceAlert_Ver_1-2.mq4   8 KB | 505 downloads
  • #106,788
  • Feb 3, 2012 7:59am Feb 3, 2012 7:59am
Quoting Bemac
wt.?
Just noticed this thread is only rated 4 Star.
That's just not right.

Vote Folks.

B
that's cause every time a new commercial person comes in those people just vote down the other threads(just happened today or yesterday) so they can move up. Happens every time. Then they disappear in a year lol

What can you do

Mike
  • #106,789
  • Feb 3, 2012 8:04am Feb 3, 2012 8:04am
Quoting jarroo
"similar complex decision making scenarios" If a setup is "complex decision making" that is a Red flag to me, complexity in trading never works.
couldn't agree more!

Mike
  • #106,790
  • Feb 3, 2012 8:42am Feb 3, 2012 8:42am
I like the look of GBP/CAD for next week.
Attached Image (click to enlarge)
Click to Enlarge Name: 3.jpg Size: 91 KB
  • #106,791
  • Feb 3, 2012 9:02am Feb 3, 2012 9:02am
Quoting Pinbar
Yeah, it was screwed up & I removed the indicator from that post, to prevent people from downloading it.. Just fixed it & modified it but, it will now not work as a TL, which is OK as all we want is a horizontal line.


I think this will save us all some serious screen time.



Fixed version
Works nicely.... well found!
  • #106,792
  • Feb 3, 2012 9:21am Feb 3, 2012 9:21am
Quoting Pinbar
I like the look of GBP/CAD for next week.
Me too.

http://www.forexfactory.com/showthre...71#post5235271

B
  • #106,793
  • Feb 3, 2012 9:48am Feb 3, 2012 9:48am
Quoting Gekko78
So something interesting I came across last night that I just finished semi back testing.

Anyone who knows me knows I love to read about anything to do with the markets. Well I came across a book from the 1960's that had a simple trend following system in it. It sounded interesting and is VERY basic ( probably why no one uses it today) So I decided to back test it from July 1 2011 to today.

I don't have pips yet nor do I have $$ figures yet ( I will calculate this over the weekend) I just did a simple study of 6 currency pairs and and how...
So I analyzed the results for the EUR/USD for Jan using this system



551 pip gain
200 pip loss

+351 pips for month of January.

so using minis trading 1 lot each starting with $1,000 would have resulted in a 35% gain for the month.

Not to shabby.
"Greed is good,greed is right,greed works"
  • #106,794
  • Feb 3, 2012 10:33am Feb 3, 2012 10:33am
Many of those have made me feel already rich At the end the problem is when i found something small I was missing the whole time .
These results sound terrific . Keep testing !
In my experience fully mechanical systems just can't work , because of their nature. If this is the case of course (it sounds like one) .
  • #106,795
  • Feb 3, 2012 10:42am Feb 3, 2012 10:42am
Quoting Rust
Many of those have made me feel already rich At the end the problem is when i found something small I was missing the whole time .
These results sound terrific . Keep testing !
In my experience fully mechanical systems just can't work , because of their nature. If this is the case of course (it sounds like one) .
Not only in your experience.

Mechanical systems are destined to fail in the long run because they doesn't "adapt" to the market's changes. Charles darwin once said “It is not the strongest of species that survive, nor the most intelligent, but the one most responsive to change.”

However, i'm keeping an eye on gold (note the macd div):
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Click to Enlarge Name: jam32.gif Size: 21 KB
  • #106,796
  • Feb 3, 2012 10:44am Feb 3, 2012 10:44am
Quoting Gekko78
So I analyzed the results for the EUR/USD for Jan using this system



551 pip gain
200 pip loss

+351 pips for month of January.

so using minis trading 1 lot each starting with $1,000 would have resulted in a 35% gain for the month.

Not to shabby.
Hey Gekko, can you please provide us the method's rules?

We can also help in backtesting calculation.
  • #106,797
  • Feb 3, 2012 10:47am Feb 3, 2012 10:47am
Quoting Rust
Many of those have made me feel already rich At the end the problem is when i found something small I was missing the whole time .
These results sound terrific . Keep testing !
In my experience fully mechanical systems just can't work , because of their nature. If this is the case of course (it sounds like one) .
Rust ,

I fully agree with you on that. I am usually skeptical about ANY system that I come across.

I have spent the last 2 days analyzing these results trying to find something that I am missing and I cannot seem to find one. The thing is this system is so basic it is hard to find something. I was thinking about going back and testing for one year and see how that works out. I am searching HARD for a flaw of some kind because it is my nature. Plus I am am nerd who loves math so I enjoy doing this ....it does take a while since I have to do it all by hand.

I am not claiming this to be some sort of holy grail because I know one does not exist. Trading is all based on probabilities and this system seems to exploit them in a way where they are correct more often then they are wrong.

These results show that it doe snot work all the time.

All I know is that having a 70% win rate is considered pretty darn good in investing. Most managers struggle just to keep pace with the S&P

But I am still skeptical myself.
"Greed is good,greed is right,greed works"
  • #106,798
  • Feb 3, 2012 10:53am Feb 3, 2012 10:53am
Quoting R3ta
Not only in your experience.

Mechanical systems are destined to fail in the long run because they doesn't "adapt" to the market's changes. Charles darwin once said “It is not the strongest of species that survive, nor the most intelligent, but the one most responsive to change.”

However, i'm keeping an eye on gold (note the macd div):


I am not sure that I would classify this as a purely mechanical system. The calculations for the signals generated and trades entered are mathematical and based off of previous price. I also incorporated some things form the J16 Method such as PPZ for targets and Stop losses and such . Also exiting 1/2 position and moving stops to BE once a certain area is hit.


The way I trade is I like to go for the base hit trades ......50 pips here 30 pips there and so on .... that is what this trading style does. It allows me to capture small moves that overall add up to large pip gains over a period of time.
"Greed is good,greed is right,greed works"
  • #106,799
  • Feb 3, 2012 11:00am Feb 3, 2012 11:00am
Quoting R3ta
Hey Gekko, can you please provide us the method's rules?

We can also help in backtesting calculation.
I will provide the details once I have everything set in stone.

One thing is that I am only using this on major currency pairs due to liquidity and volatility.

A signal was generated last night on the EUR/CHF ( which is not a major pair I know) and so far is in the green and showing profit.

I took this trade before finishing all my rules which I should not do but I just wanted to try it.
"Greed is good,greed is right,greed works"
  • #106,800
  • Feb 3, 2012 11:01am Feb 3, 2012 11:01am
Quoting R3ta
Hey Gekko, can you please provide us the method's rules?

We can also help in backtesting calculation.

Also I ran another test of the AUD/USD and this pair has been the most profitable over the last 7 months with a win % of 88%
"Greed is good,greed is right,greed works"
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