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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

  • #6,221
  • Sep 21, 2007 6:24am Sep 21, 2007 6:24am
Quoting Tiki Trader
And also my principle rule is... I don't do 4 hr...
Another one! Good on you!

1hr and Daily. All you need!
  • #6,222
  • Sep 21, 2007 6:27am Sep 21, 2007 6:27am
Quoting Tiki Trader
I did not take the chf 4 hr PB... I see it may have fired off at this point... but will it get far ?? I am not so sure... And also my principle rule is... I don't do 4 hr... heck, I still can't get daily right...

That old 4h PB you meant got killed last night. There was a new one on a different timezone that formed and triggered however, the one I just posted above. Might go for a handful as it coincided with EURUSD and USDCAD pinning...but yea I don't think 4h can be trusted to change the world just yet...might be a slight retrace to that 1.4 EURUSD everyone keeps talking about..

We will see. Given today's market behavior it appears best to stand aside if one doesn't have a very early entry into this jerking about...

And yes, being too zoomed in is a trap..I've found many times that looking at my charts too close I keep going hhhhmmmmmm huh what's up.....then at the end of the day I zoom out, make a big picture.....and go "well DUH! there was x y z!"...myea.

Need to do more half-day reviews of macro charts I think....
Trust price. Know yourself.
  • #6,223
  • Sep 21, 2007 6:43am Sep 21, 2007 6:43am
I have got to learn to take profit. I am going broke for not. My move yesterday was worth 150 pips, and I didn't take it! I watched it move back and got a wapping 10. Idiot.
  • #6,224
  • Sep 21, 2007 6:56am Sep 21, 2007 6:56am
Open more than one position and make sure you close one of them with some profit... then move your stop up... lock in some pips... I do this all the time !!! That is, on the few occasions I ever get into profit zone !!!


Quoting HipsterPipster
I have got to learn to take profit. I am going broke for not. My move yesterday was worth 150 pips, and I didn't take it! I watched it move back and got a wapping 10. Idiot.
  • #6,225
  • Sep 21, 2007 6:57am Sep 21, 2007 6:57am
Quoting HipsterPipster
I have got to learn to take profit. I am going broke for not. My move yesterday was worth 150 pips, and I didn't take it! I watched it move back and got a wapping 10. Idiot.
HipsterPipster, post or PM me a chart of entry and exit, if you like, and I will give you an opinion
  • #6,226
  • Sep 21, 2007 7:22am Sep 21, 2007 7:22am
I would love to open more than one position, but currently I am demoing 2500 with GFT and can't get any smaller on my lots, nore open more.
Ok, lets analyze this trade. Entered short at 231.04 break of Wed. IB Maybe got greedy, but was looking for it to continue dropping to around 229, but should have taken the 229.50.
  • #6,227
  • Sep 21, 2007 7:26am Sep 21, 2007 7:26am
Regarding GFT, I am looking to go live with them, just need to be able to proportion my position to my risk. With this trade I was risking way too much because I didn't have the smaller lot size option.
  • #6,228
  • Sep 21, 2007 7:33am Sep 21, 2007 7:33am
Quoting HipsterPipster
Regarding GFT, I am looking to go live with them, just need to be able to proportion my position to my risk. With this trade I was risking way too much because I didn't have the smaller lot size option.
Hey hp,
please dont call yourself an idiot...I really hate all this beating ourselves up. You learned and thats that. About GFT, how are they these days, I had them on my first account all those moons ago and I loved the platform but they were really BAD at the time. Might be because I traded the news on them but they were very very unreliable back then. Can you put in less than 2500 now? That was the minimum then, I would really find out what other people say though first before you put any money in there...they used to do things like put my order on špending, so you couldnt even put an sl or tp on it, and then let you in when the market was against youš...lovely things like that. Maybe they have changed though, so ask around, I would, take care, Raz
Never say never.
  • #6,229
  • Sep 21, 2007 7:47am Sep 21, 2007 7:47am
Quoting razldazl
Hey hp,
please dont call yourself an idiot...I really hate all this beating ourselves up. You learned and thats that. About GFT, how are they these days, I had them on my first account all those moons ago and I loved the platform but they were really BAD at the time. Might be because I traded the news on them but they were very very unreliable back then. Can you put in less than 2500 now? That was the minimum then, I would really find out what other people say though first before you put any money in there...they used to do things like put my order on špending, so you couldnt even put an sl or tp on it, and then let you in when the market was against youš...lovely things like that. Maybe they have changed though, so ask around, I would, take care, Raz
Thanks Raz, I am my worst critic for sure. GFT's world office is about 30 min from my house in Michigan, and I have family that works with them. I like this, but MM is more important. You can open a smaller account, just for some reason I don't think they allow for smaller lot sizes on the demo. I think the smallest live accnt is $250-$500. I would rather just have over $1000 to start with for longevity but have to have micro lots. Of course, the broker that calls you is all nice, but would like to see me open with at least $2500. But, there is some truth to having room in your capital.
Dion
  • #6,230
  • Sep 21, 2007 7:52am Sep 21, 2007 7:52am
Quoting HipsterPipster
Thanks Raz, I am my worst critic for sure. GFT's world office is about 30 min from my house in Michigan, and I have family that works with them. I like this, but MM is more important. You can open a smaller account, just for some reason I don't think they allow for smaller lot sizes on the demo. I think the smallest live accnt is $250-$500. I would rather just have over $1000 to start with for longevity but have to have micro lots. Of course, the broker that calls you is all nice, but would like to see me open with at least $2500. But, there is some truth to having room in your capital.
Dion
Yeah, you know my gft sales rep is so nice he STILL calls me lmao (I think he liked my voice over the telephone)Raz
Never say never.
  • #6,231
  • Sep 21, 2007 7:58am Sep 21, 2007 7:58am
This is great, the 161.8 fib was perfect for my take profit area.
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  • #6,232
  • Sep 21, 2007 8:00am Sep 21, 2007 8:00am
Quoting razldazl
Yeah, you know my gft sales rep is so nice he STILL calls me lmao (I think he liked my voice over the telephone)Raz
Yeah, they are in the business to make money. Relationships=trust=your wallet/purse.
  • #6,233
  • Sep 21, 2007 8:31am Sep 21, 2007 8:31am
HipsterPipster

I will send you a PM as I am sure I will say things that no one else will agree with.

Wiz
  • #6,234
  • Sep 21, 2007 8:45am Sep 21, 2007 8:45am
Quoting HipsterPipster
I would love to open more than one position, but currently I am demoing 2500 with GFT and can't get any smaller on my lots, nore open more.
Ok, lets analyze this trade. Entered short at 231.04 break of Wed. IB Maybe got greedy, but was looking for it to continue dropping to around 229, but should have taken the 229.50.
You were stopped for > 0, right?
No problem then?

No loss = no problem. It's just a delay until the next win. I don't know what wiz is going to advocate, but me I'd say that considering the BUOB before it you had two choices:
1. try the IB breakdown as a BUOB invalidating trade. No limit then.
2. try the IB breakdown as a scalp off the daily. < 1:1 r/r, target .618 at the most of the BUOB in most cases. Not a good idea and most likely woulda just kept you sidelined in the first place (it ended up at an ABC end / .786 of the BUOB here, but I'm sure we can find 1000000 arbitrary fib relations, what matters is the common ground)

For case 1 you are happy to be stopped for 0 as it turned around, as you aimed at a breakout of the range / breakdown of the BUOB = massive pips, not a scalp.

For case 2 you woulda ALSO been happy not to get a loss since it was a high risk trade and any pip over 0 was a good deal considering the BUOB.

So, again, no idea what others will say, that's my take on it.

I don't like starting with "yea, but you coulda dropped down to 1h and you woulda seen a reversal setup and coulda closed" etc pp.

That can be good to do, yes. But you know when? When you spent over a year on it and can distinguish a 1h PB that will only retrace 30 pips from one that can turn into a 4h, daily one that can turn the whole thing around.

And even then - ick! Mixing timeframes is dangerous and I only know 1 guy really who excels in it and he, too, sometimes ends up having to re-enter simply because you can't take a 1h for granted when doing 1 day trading..

But I admit - I've done it myself, too. But a) mostly on trades I expected to go against me due to being counter trend and b) I mostly wait for 4h, not 1h - more powahhh.

Just saying - I don't think not having a loss is a bad thing to beat yourself up over....just a delayed win, not a loss
Trust price. Know yourself.
  • #6,235
  • Sep 21, 2007 8:45am Sep 21, 2007 8:45am
Quoting HipsterPipster
Yeah, they are in the business to make money. Relationships=trust=your wallet/purse.
You know hp I have often wondered how those guys can live with themselves, they must know the failure rate in this business yet the majority insist on making newbies trade with full lots on pretty small accounts, with high leverage...sad really
Never say never.
  • #6,236
  • Sep 21, 2007 9:14am Sep 21, 2007 9:14am
Thanks Seeking, yes, $>0. I also think that my rifle at times may be an automatic, if you get my drift! I did discredit the BUOB a little because I favor USD/JPY short. Raz, I don't know, some people are just out for the $, simple and crude as it is. Thanks for your responses.
  • #6,237
  • Sep 21, 2007 9:39am Sep 21, 2007 9:39am
If things dont change too much today SL & Tiki migh get another daily pin on the cad to play with. .
  • #6,238
  • Sep 21, 2007 9:48am Sep 21, 2007 9:48am
Quoting rustyjeff
If things dont change too much today SL & Tiki migh get another daily pin on the cad to play with. .
I'm not touching anything CAD !!!! Not a chance !!!
  • #6,239
  • Sep 21, 2007 9:50am Sep 21, 2007 9:50am
This is one of the principal reasons I love Oanda... trade as small or as big as i like... I think all those brokers that make you trade big $$$s per pip know that people with small accounts will easily lose their $$$s... I saw my little fxcm account blow away in two days !!! smallest order is 1$ a pip... geez !!!


Quoting HipsterPipster
I would love to open more than one position, but currently I am demoing 2500 with GFT and can't get any smaller on my lots, nore open more.
Ok, lets analyze this trade. Entered short at 231.04 break of Wed. IB Maybe got greedy, but was looking for it to continue dropping to around 229, but should have taken the 229.50.
  • #6,240
  • Sep 21, 2007 9:53am Sep 21, 2007 9:53am
If I don't beat up on myself, who will ?????? A good trade that goes bad is fair enough... but just to continue to make stupid mistakes over and over again... is unaccptable...!!! Forex is way harder than being the Production Manager at an adhesives company a few years back...


Quoting razldazl
Hey hp,
please dont call yourself an idiot...I really hate all this beating ourselves up. You learned and thats that. About GFT, how are they these days, I had them on my first account all those moons ago and I loved the platform but they were really BAD at the time. Might be because I traded the news on them but they were very very unreliable back then. Can you put in less than 2500 now? That was the minimum then, I would really find out what other people say though first before you put any money in there...they used to do things like put my order on špending, so you couldnt even put an sl or tp on it, and then let you in when the market was against youš...lovely things like that. Maybe they have changed though, so ask around, I would, take care, Raz
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