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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

  • #122,701
  • Jan 21, 2013 1:45pm Jan 21, 2013 1:45pm
Waiting gbpusd to close below lcs at 1.5838 to put sell limit order.
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  • #122,702
  • Jan 21, 2013 7:10pm Jan 21, 2013 7:10pm
Hi Fellow Traders,

I have a minor issue with backtesting. Do you know how to get the vHistory (bottom) to display the various heading (take profit, stop loss etc) - illustrated by the red arrow?

I am at loss as they were missing and I couldn't carry out proper testing.


Regards,
fxbreeze
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  • #122,703
  • Jan 22, 2013 3:06am Jan 22, 2013 3:06am
Target hit, two thirds profit off the table & BE.
Could be a runner.
Wanted to get in at 120.225 but missed the opportunity.
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  • #122,704
  • Jan 22, 2013 3:16am Jan 22, 2013 3:16am
Hey Pinbar! Great trade I took the same trade from 1H outside bar, sell it on retracement. I took profit, on a level where "previous box" was.

How about others, do you take profit on such level, or you live it run?

Nejc
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  • #122,705
  • Edited 4:05am Jan 22, 2013 3:47am | Edited 4:05am
Secondary target hit, right on the nose.

Let's see what the news does.
EDIT: SL hit just above the 118 at BE+50 pips for the last portion of the trade.
That's ok, it is what I expected.
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  • #122,706
  • Jan 22, 2013 4:37am Jan 22, 2013 4:37am
Quote
This is an excellent one. GBPNZD at 1,9 BRN. SL is already in BE.

Hey Microtrader, what reason triggered your entrance?
Im guessing its the previous daily closing below 1,9, and then you waited for retracement back to 1,9 to enter?


By the way hi all, im going to be around the post and most likely join J16 group as soon as I can digest a bit what I have been studying. (Printed out about 2600 pages with the first xxx posts from the forum so might take me a while to finish that hehe)

Cheers!
  • #122,707
  • Jan 22, 2013 5:30am Jan 22, 2013 5:30am
Quoting Armagedoom
Hey Microtrader, what reason triggered your entrance?
Im guessing its the previous daily closing below 1,9, and then you waited for retracement back to 1,9 to enter?


By the way hi all, im going to be around the post and most likely join J16 group as soon as I can digest a bit what I have been studying. (Printed out about 2600 pages with the first xxx posts from the forum so might take me a while to finish that hehe)

Cheers!
At first: It is true 1,9 is a spectecular Big Round Number but it is also very important that if you look back some years on the chart 1,9 make an extremely strong support/resistance zone (attached on W1 chart).
It is also very important that we are in the direction of the main trend, the trend is with us.
If you see H4 chart you can see this Support/resistance zone was tested 3 times in the last two weeks, and a trendline (not too precise) started to appear above 1,9. This is typical before breaking through a strong Sup/Res (attached).
And yes there was a bar which closed below 1,9 and the Sup/Res zone which indicated thet the support has become a resistance and sell limit had to be put there. Ideally the first retracement can activate the sell limit. SL is in BE at the first trouble zone.
The trade now can be in excellent profit as that was probable.
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  • #122,708
  • Jan 22, 2013 5:40am Jan 22, 2013 5:40am
Perfectly clear now hehe, thx!
  • #122,709
  • Jan 22, 2013 6:02am Jan 22, 2013 6:02am
Quoting Armagedoom
Perfectly clear now hehe, thx!

Your welcome, and before you start to process 2600 pages of this forum I strongly recommend you to investigate this PDF deeply. It was very useful for me to understand better what the others do here and It is a bit smaller amount
Attached File(s)
File Type: pdf JAMES16.pdf   1.9 MB | 1,087 downloads
  • #122,710
  • Jan 22, 2013 6:07am Jan 22, 2013 6:07am
Quoting Microtrader_
Your welcome, and before you start to process 2600 pages of this forum I strongly recommend you to investigate this PDF deeply. It was very useful for me to understand better what the others do here and It is a bit smaller amount
hey micro

thanks for the pdf. when i try to open it i get a message saying it is damaged. any chance you can reupload it.

thanks

hally
Learning for Earning and Trading for Freedom
  • #122,711
  • Jan 22, 2013 6:55am Jan 22, 2013 6:55am
Quoting hally0301
hey micro

thanks for the pdf. when i try to open it i get a message saying it is damaged. any chance you can reupload it.

thanks

hally

Just try this one. It should be OK (for me this link works) I have also downloaded it from this forum some thousand pages earlier
Attached File(s)
File Type: pdf JAMES16.pdf   2.5 MB | 1,795 downloads
  • #122,712
  • Jan 22, 2013 10:03am Jan 22, 2013 10:03am
i think about EU/CAD
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  • #122,713
  • Jan 22, 2013 2:06pm Jan 22, 2013 2:06pm
cable sell signs. if GBPAUD will close below 1.5000 will look to continue sinking with it too.
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all is eternal - this is good news for people who loves bad news
  • #122,714
  • Jan 22, 2013 2:14pm Jan 22, 2013 2:14pm
I exit Gbp/Usd trade and took profit close to 1.5900 ... now i see i had a premature close
Wish i would let it run lol
  • #122,715
  • Jan 22, 2013 2:21pm Jan 22, 2013 2:21pm
Hey everyone!

I still can't understand PPZ, or rather I know how to draw them. But I'm worried if this level is good enough. I always doubt that.

There's reason for that. I see many people posted their PPZs, but they have different location. Sometimes it's a small difference. But maybe one see breaking this level, but another see just bounding.

I see some draw PPZ just allocating a large area, some use just one line, some draw it using highs and lows, others use close of candles

I viewed all posts here with ppz i could find. Everyone really use them in difference way. But I always doubt...

That's my weak point, i guess.

Thanks
  • #122,716
  • Jan 22, 2013 2:23pm Jan 22, 2013 2:23pm
Quoting FxPrelude
I exit Gbp/Usd trade and took profit close to 1.5900 ... now i see i had a premature close
Wish i would let it run lol
I also closed it around 1.5890 because of this double level... it was my first target. now I re-entered again for next part of play.
I like step by step play from level to level. I am feeling safer trading like that....
all is eternal - this is good news for people who loves bad news
  • #122,717
  • Jan 22, 2013 2:58pm Jan 22, 2013 2:58pm
Quoting meshka
I also closed it around 1.5890 because of this double level... it was my first target. now I re-entered again for next part of play.
I like step by step play from level to level. I am feeling safer trading like that....
Same here on the first part but i allso had a fealing mostly beacuse it was friday that there might be some profit taking and that price will stall or eaven bounce back to retest TL so i just closed the trade . Now i see i shoulda close only half and let other half run

Once i get a realy nice entry... take profit ... see that i closed a bit to soon i never reenter a trade in situation like this one unles there is a nice pull back with confirmation... fibo , S/R and Candle . I burned my self a few times in " Jumping back on the Train "
  • #122,718
  • Jan 22, 2013 3:32pm Jan 22, 2013 3:32pm
Quoting sloker
Hey everyone!

I still can't understand PPZ, or rather I know how to draw them. But I'm worried if this level is good enough. I always doubt that.

There's reason for that. I see many people posted their PPZs, but they have different location. Sometimes it's a small difference. But maybe one see breaking this level, but another see just bounding.

I see some draw PPZ just allocating a large area, some use just one line, some draw it using highs and lows, others use close of candles

I viewed all posts here with ppz i could find. Everyone really...
Hi Sloker
I think that there is no need to treat PPZ levels as you would treat math ... because its not that precise science . ( Dont get me wrong S/R and PPZ can be wery acurate all the way to 1 pip but not every single time ) .
The main thing is that you know how to identify PPZ and use it in your fawor with combination of other things like Fibo. levels , EMAs , candle paterns .....
Looking only if price closed below or above PPZ without other confirmation can get you in to trouble .
Just find " gold center " and you should be fine .... the more you practice the more you will be comftable and have more trust in this levels .

Hope it helped a bit ... my english is not that good so some times its hard for me to find a certain word but i hope you still understand what i was trying to say
Seniors are welcome to corect me
  • #122,719
  • Jan 22, 2013 3:51pm Jan 22, 2013 3:51pm
Evening all,

Thought I'd post this for some critique. What do you think?

AUDJPY

BEOB on AUDJPY. Rejected at BRN 95. There was a bullish pin bar followed by almost a BUOB the day after which didn't have enough to break and hold above 95.

I'm tempted to short this, though going against this huge up trend is obviously a big negative.
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  • #122,720
  • Jan 22, 2013 4:27pm Jan 22, 2013 4:27pm
I know we dont discuss news in this strategy but currently Japan is massively generating currency to lower the JPY value so they increase their exports, as the recently named president promised he would do, he was just elected (srry 4 my english btw). Just my two cents.
Hey by the way do you have around or could you please tell me the round number indicator you have on that chart? Thank you!
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