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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

  • #29,881
  • May 13, 2009 9:28am May 13, 2009 9:28am
Quoting eswap0
Hi marcelnyo,

I am using IB + Ninjatrader.
I choosed IB because they are suposed to be very cheap: till today I've had no issues with them.
The problem, as you mention, is that their platform is awfull, specially charting.
Another problem with IB is that they have a historical data limitation, and you can not get certain old data. I may also add the problem that they don't have continuous contracts for futures. Support is low profile. We can say IB is like Mac Donalds or Ryanair: good enough for most people and cheap.
About Ninjatrader, their...
I am doing almost the same except I use Quotetracker for charting with IB as my broker and an FXPro MT4 demo account for forex charts.

For me Quotetracker is OK but not great for charts as i trade equities also through the same IB account. I have thought about looking at Ninjatrader but not had time yet.

Has anybody compared Ninja and Quotetracker?
"Money is easy to make, but hard to keep" - FWV 1975
  • #29,882
  • May 13, 2009 9:36am May 13, 2009 9:36am
Quoting markmm
Im with you, I am in EURAUD pb and its kinda stalled, im just using Mikes 2 bar stop to trail it every day. I know some traders like to see price shoot off after a pb but as long as it hasn't failed than its still a valid setup.
Could you explain what you mean by Mike's 2 bar stop? I'm assuming it would be trailing the stop up but I want to be sure before I use it.

Thanks

Scott
  • #29,883
  • May 13, 2009 9:49am May 13, 2009 9:49am
Quoting scott087
Could you explain what you mean by Mike's 2 bar stop? I'm assuming it would be trailing the stop up but I want to be sure before I use it.

Thanks

Scott
It's explained in the Private forum, I don't want to say anything as im not sure of the disclosure policy.
Economists have forecast 9 out of the last 5 recessions
  • #29,884
  • May 13, 2009 10:11am May 13, 2009 10:11am
I'll have a go at this. Heck, I've been trading candy with kids since I could walk. Although, I am not considered a "full-time" trader, perhaps some of this could help. I won't answer all of them.

- How long do you typically spend trading per day?

As minimal as possible. I have learned for me that if I spend numerous hours in front of the computer screen, I become dull and miss profit opportunities . . . and my back begins to hurt. (I run 5 to 6 miles a day and my back hurts when sitting for longer periods at a time. Can you imagine the people who spend 10 to 15 hours per day in front of the computer? Ouch. They must have strong backs.)

I study a lot. But it helps me more when I print things off the old fashioned way and take notes. I learn better this way rather than reading everything off of a computer screen. When I am going throughout my day, I always have a 3x5 card in my pocket with notes on it. So . . . trading is on my mind quite a bit as I am studying; however, actual computer time is minimal.

- How many of those hours are actually spend in a trade?

Not many. If I properly apply the analysis these lovely people have taught and continue practicing, then it doesn't take much time at all to place trades and/or do the needed analysis. Daily and Weekly time-frames. Love it!!! If I have done all of the needed analysis, then I only need to check the markets once a day when the new Daily bar forms, re-evaluate the prior day's analysis and then choose to trade or choose NOT to trade. It's that simple for me.

- What do you do when you are not in a trade and there is no indication that you will enter one?

I farm, manage the affairs of a small business and/or spend all the time in the world with my wife and child. I love trading, but it does not consume my life. If it did, then I don't think I would love it anymore. I study a lot, and am always reading something on trading, but I try my best at living a balanced life.
  • #29,885
  • May 13, 2009 10:56am May 13, 2009 10:56am
I'm seeing desperate attempts to push oil higher..
Load your rifles ....
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  • #29,886
  • May 13, 2009 11:00am May 13, 2009 11:00am
I've been trying to pick up the info in this thread and have not been very dedicated to doing it the right way. I'm really impressed with how well you've stuck to learning and demoing and I see how it's paying off. Time to commit to doing it the right way and stop taking shortcuts - back to post 1 and demo for me. Thanks for the inspiration.

If you don't mind me asking, what % did you risk for your demo results? I demoed for 5 consecutive profitable months and then lost my trading plan when I switched to live, mostly in the % risked area. I'm committed to getting this right this time around and want to have a reasonable set of rules. If I remember (sorry, haven't started back at post 1 yet since I wanted time away), Jim says 1-3% which my bad habits always convince me to use the highest number.

Thank you!

-Brian

Quoting Jduester
Ok, so my last few demo trades from April were recently stopped out....
  • #29,887
  • May 13, 2009 11:02am May 13, 2009 11:02am
Quoting raczekfx
I'm seeing desperate attempts to push oil higher..
Load your rifles ....

locked & loaded.
  • #29,888
  • May 13, 2009 11:08am May 13, 2009 11:08am
Quoting rustyjeff
locked & loaded.
You're a bad copy cat Rusty.....
Chat with you later on skype...
  • #29,889
  • May 13, 2009 11:18am May 13, 2009 11:18am
Quoting raczekfx
You're a bad copy cat Rusty.....
Chat with you later on skype...

got to make pips somehow.....


could be a busy afternoon. like to see a big sell off of ymm..
  • #29,890
  • May 13, 2009 11:29am May 13, 2009 11:29am
Quoting rustyjeff
..
like to see a big sell off of ymm..
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  • #29,891
  • May 13, 2009 11:30am May 13, 2009 11:30am
Quoting markmm
It's explained in the Private forum, I don't want to say anything as im not sure of the disclosure policy.
No worries... Mike if you see this could you please comment?

Thanks,

Scott
  • #29,892
  • May 13, 2009 11:43am May 13, 2009 11:43am
Quoting scott087
No worries... Mike if you see this could you please comment?

Thanks,

Scott
Hey Scott

It is just one of the techniques I might use to manage a trade. I didn't invent it by any means, but at the time it was something I came up with based on research. I use it simply as another tool in my trading.

Basically when a bar closes, your count back 2 bars(not including the closed one) and your stop goes above/below that bar. Keeps you with a trending pair so to speak. There are a few nuances to it but don't want to clutter this thread much. Just another tool to have.

Best
Mike
  • #29,893
  • May 13, 2009 11:45am May 13, 2009 11:45am
High probability pin on Cable 4 hour ?
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  • #29,894
  • May 13, 2009 12:08pm May 13, 2009 12:08pm
bye bye ymm..
  • #29,895
  • May 13, 2009 12:19pm May 13, 2009 12:19pm
Eur/Aud daily pin bar trade has broken through 1.8 with a BUOB forming. There's some local resistance ahead and the 50 fib at @1.8080, think price will find resistance from here to 1.82 - 1.83. Ill be watching it closley through this area.

Mark
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Economists have forecast 9 out of the last 5 recessions
  • #29,896
  • May 13, 2009 12:20pm May 13, 2009 12:20pm
Quoting rustyjeff
bye bye ymm..
YES. Die and take oil down with you!
"Don't trade to trade . . . trade to win." - James16
  • #29,897
  • May 13, 2009 12:41pm May 13, 2009 12:41pm
I see a daily pin forming on USD/CHF. Question is, how much weight to put on the PPZ around 11170 (blue line). Could this be played with an entry at 11110 (green line) looking for a quick 50 pips, or would it be better to wait and see if the price gets through 11200?

Is this a reasonable analysis, or am I being a total newbie?
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  • #29,898
  • May 13, 2009 12:41pm May 13, 2009 12:41pm
Quoting byorkFX
I've been trying to pick up the info in this thread and have not been very dedicated to doing it the right way....

2% risk/trade
  • #29,899
  • May 13, 2009 12:44pm May 13, 2009 12:44pm
Quoting TotalNewbie
I see a daily pin forming on USD/CHF. Question is, how much weight to put on the PPZ around 11170 (blue line). Could this be played with an entry at 11110 (green line) looking for a quick 50 pips, or would it be better to wait and see if the price gets through 11200?

Is this a reasonable analysis, or am I being a total newbie?
That is a very reasonable analysis

I would much rather see a BUOB form b/c the pin doesn't really protrude away from the prior lows(again one my little nit pick things )

If price breaks higher that is where one would expect price to find possible trouble area

Mike
  • #29,900
  • May 13, 2009 12:44pm May 13, 2009 12:44pm
hey guys,
sorry, wat is ymm & cld u guys tell me wat it has correlation wit.....is it wit yen
am i correct in saying gold has correlation wit usd?
if possible cld u pls tell me wat has correlation with usd, yen, gbp etc if possible...
just started to watch dji, s&p500 etc and kno wat they hav correlation with
thnx guys
Simplicity is the key to success
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