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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

  • #118,281
  • Edited 2:43pm Sep 12, 2012 2:30pm | Edited 2:43pm
Quoting haircut
I am visiting India in Deecember to watch cricket!!
Anything special match or series in december ?
Human
  • #118,282
  • Sep 12, 2012 2:40pm Sep 12, 2012 2:40pm
Quoting rafstraszek
luktom ea is driving me crazy, because of this reset be thing (after tf change), so i'm looking for something similiar...

Here a few more to consider.

http://www.forexfactory.com/showthread.php?t=279378

I haven't used any of them so I have no opinions either way.
  • #118,283
  • Sep 12, 2012 3:06pm Sep 12, 2012 3:06pm
Quoting Chanya
Anything special match or series in december ?
I am going to the 3rd test match in Kolkatta
  • #118,284
  • Sep 12, 2012 3:37pm Sep 12, 2012 3:37pm
Quoting fortunateson
Here a few more to consider.

http://www.forexfactory.com/showthread.php?t=279378

I haven't used any of them so I have no opinions either way.
I can't find anything good for me...I checked luktom's source code and this looks like normal C I never programmed for mt4, but it looks quite simple...I think the problem is, that ea is "restarting" when we change tf, and it can check tp and sl from trade, but be is lost - it isn't saved anywhere, so it uses default one...I will think about this one, when I'll find some time...
  • #118,285
  • Edited 4:57pm Sep 12, 2012 4:20pm | Edited 4:57pm
Quoting rafstraszek
I can't find anything good for me...
Me either, also I'm not happy with my current broker and i diddn't really find any that I liked so I'm going back to using TradeStation. Just wondering does anyone here use TradeStation?
  • #118,286
  • Sep 12, 2012 6:03pm Sep 12, 2012 6:03pm
AudCad is on my watch list for future PA. Price is moving towards the RN 1.0300, which is in confluence with a couple of previous LCS. The most recent LCS in the area hasn't been tested since the close below.
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  • #118,287
  • Sep 12, 2012 6:25pm Sep 12, 2012 6:25pm
How totally weird.

The order was placed at 0.84600, the low of the daily bar came down to 0.84569 yet the order did not trigger.
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  • #118,288
  • Sep 12, 2012 6:32pm Sep 12, 2012 6:32pm
Quoting Pinbar
How totally weird.

The order was placed at 0.84600, the low of the daily bar came down to 0.84569 yet the order did not trigger.
Spread??
  • #118,289
  • Sep 12, 2012 6:43pm Sep 12, 2012 6:43pm
Quoting Donkey
Spread??
Yes, the spread is 7 pips on this pair, that is why I placed a buy limit order at 8.4600 thinking it would get me in at the very touch of the HCR at 8.4661

Which it should have, unless the spread lowered in the middle of the night.
I imagine that is what happened. What do you think Donkey?
  • #118,290
  • Sep 12, 2012 7:04pm Sep 12, 2012 7:04pm
Quoting Pinbar
Yes, the spread is 7 pips on this pair, that is why I placed a buy limit order at 8.4600 thinking it would get me in at the very touch of the HCR at 8.4661

Which it should have, unless the spread lowered in the middle of the night.
I imagine that is what happened. What do you think Donkey?
8.4569+70=8.4639，this is the lowest buy limit price
  • #118,291
  • Sep 12, 2012 7:46pm Sep 12, 2012 7:46pm
I have been a lurker here for some time and wanted to say thank you to all for a fantastic thread. I have learned more in the last month than in the previous 3 years. I have had a fantastic few weeks trading with the methods taught here. I look forward to contributing. Thank you all!
  • #118,292
  • Sep 12, 2012 8:16pm Sep 12, 2012 8:16pm
Quoting payeasy
8.4569+70=8.4639，this is the lowest buy limit price
Yeah but, the order was not at 8.4569 it was at 8.4600

Edit: Ah ok, I get it now.
if I had used a buy stop order, it would have gotten filled, I think.

I hardly ever use a buy limit order.
  • #118,293
  • Sep 12, 2012 8:30pm Sep 12, 2012 8:30pm
Quoting Pinbar
Yeah but, the order was not at 8.4569 it was at 8.4600

Edit: Ah ok, I get it now.
if I had used a buy stop order, it would have gotten filled, I think.

I hardly ever use a buy limit order.
if you had used a sell stop order,it would have gotten filled.
you should figure out what is buy stop
  • #118,294
  • Edited 10:50pm Sep 12, 2012 10:20pm | Edited 10:50pm
Check out this set up on NZDJPY

-2 Major trendlines crossing
-BRN 64.00
-BEOB/Pinbar(depending on feed) on 4h
-4h divergence
-Weekly 150 ema right above at 64.10
-78.6 fib
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  • #118,295
  • Sep 12, 2012 11:30pm Sep 12, 2012 11:30pm
Found something interesting ...

I do not have this cross , EUR HKD , on my real account ... Was just surfing and found , it is EXACTLY correlated to EUR USD ... Exactly ... But the point is , where EUR USD move only 100 pips , this cross with exact same way , moves more then 400 pips and the spread difference is only thrice .... Three pips compared to 11 pips ...

Example below with my recent EUR USD buy trade ...
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Human
  • #118,296
  • Sep 12, 2012 11:50pm Sep 12, 2012 11:50pm
Quoting Chanya
Found something interesting ...

I do not have this cross , EUR HKD , on my real account ... Was just surfing and found , it is EXACTLY correlated to EUR USD ... Exactly ... But the point is , where EUR USD move only 100 pips , this cross with exact same way , moves more then 400 pips and the spread difference is only thrice .... Three pips compared to 11 pips ...

Example below with my recent EUR USD buy trade ...
Yep, I've been watching this one for a while
Too busy understanding the basics to open yet another chart, but definitely worth giving a shot!
Slow & steady
  • #118,297
  • Sep 12, 2012 11:55pm Sep 12, 2012 11:55pm
Quoting mbqb11
Hey Han

I always like to evaluate my FTA in the context of the overall trade. The simplest way I can explain my approach would be

How strong do I believe my entry is?
How strong do I believe my FTA is?
What should I do at the FTA based on the above two.

Now the options don't have to be to go to b/e. Often for me I am looking to reduce my risk. If that happens to be at b/e then it's b/e. Often though its not. It's as price progresses and new information comes in at my trouble areas I move my stop up.

So a strong entry, a FTA isn't...
For whose people who likes Mike's style, I'll just give my 2 cents. I follow his trade mngmnt style for about 9 months now.I can say that when it starts to make sence for you, It really awesome. This suits personally to me, but there is no guarantee that it will suits you. What I want to share is that I'm in forex for 1.5 years now. And what was really annoynig lately that I chose the direction of the move right, but my tiny SL was hit 90% of the times befor big move in my direction. When I started J16 method I moved my SL to BE as fast as possible, but BE was hit even often before move in my favour. It didn't suit me. Then I followed Mikes posts (not all of course ). I spent some time to understand his money managment logic, but when it became clear, I can say that my trading progress grew essentialy. The thing is that your initial stop is logic, and prise should not return to this spot anymore, If your entrance was right. Or at least smth extraordinary happens, that why we use it, isnt it? So, it can be realy huge (100-200pips), but it doesnt matter, if we risk certain amont of % each trade. And we also almost NEVER take full bar loss (I still had no such trade), because we watch what happends and markel almost ALWAYS give us new logical spot to reduse our risk, or give us signals to get out. I mean Mike draws additinal trend lines and watch if price can follow that new TL, If not - get out, he watch for new PA to reduce the risk and other things. So the result is for me - we catch big moves, our SL is hit realy rarely.
If not up, then down, otherwise sideways :-)
  • #118,298
  • Sep 13, 2012 12:07am Sep 13, 2012 12:07am
Quoting rafstraszek
Some time ago (not so long) I just couldn't understand limit orders - I mean, there were for me ridiculously stupid...buying when something going down!!?? Come on!! Now I can't imagine trading without it How man can change?
Hehe, same for me
If not up, then down, otherwise sideways :-)
  • #118,299
  • Sep 13, 2012 12:28am Sep 13, 2012 12:28am
Quoting mbqb11
It's a fine line. We can't make the best decision every time(meaning the perfect decision) since we don't know exactly what the market will do. But a good thing to do is track in a spreadsheet various entries/exits. Then after you have a lot of trades you'll have a good sample of something to work off what works/doesn't work for you

Best
Mike
Let me share how i doing.
Usually i want to save 80% of my profit at the level where i think could happen something. But closing 80% in a tricky way!
For example: if that level is 100 pips far from my entry then i close 50% of my position if the price touch that level and pull my SL to AROUND 60% of distance between the level and my entry. (AROUND 60pips from my entry) Not exactly 60 pips! I check H1 TF where is a swing low/high or some RN and then i put my SL there.

So i saved 80% but keep running my half position and i let enough space to breathing for the trade.

What do you think?
(sorry for my poor english)
Mától én vagyok a Soros!
  • #118,300
  • Sep 13, 2012 12:31am Sep 13, 2012 12:31am
Quoting Magestic
For whose people who likes Mike's style, I'll just give my 2 cents. I follow his trade mngmnt style for about 9 months now.I can say that when it starts to make sence for you, It really awesome. This suits personally to me, but there is no guarantee that it will suits you. What I want to share is that I'm in forex for 1.5 years now. And what was really annoynig lately that I chose the direction of the move right, but my tiny SL was hit 90% of the times befor big move in my direction. When I started J16 method I moved my SL to BE as fast as possible,...
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