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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

  • #7,061
  • Oct 16, 2007 4:21pm Oct 16, 2007 4:21pm
unlv tj

On oanda open a EUR/USD chart click BUY at the bottom of the chart. The market order dalog box opens. Type in 100,000 units and look at the lower part of the box and see 1 LOT= 10.00 USD. Lower down see Margin used 7087.00 To rich for me. Back in the units section backspace one of the zeros away and see 1 LOT = 1.00 USD, backspace another zero 1,000 units and see 1 LOT = 0.10 USD

When putting on a trade first figure your 1% risk

IE. Account $1,500 x .01 = $15 risk on this trade which calls for a 20 PIP stop loss $15 / 20 PIPS =0.75 which is 7500 units on oanda. You lose on this trade you lose $20

I learned most of this way of thinking from PeterFM click on the link in any of his posts he is a good friend to all of us newbies

I hope this is all correct good luck

Thank You PeterFM for all your posts
  • #7,062
  • Oct 16, 2007 7:32pm Oct 16, 2007 7:32pm
DBHLC on daily today.... another ride to the bottom of the temporary channel... ??? Another wave of the flag ???

The stop would have to be bigger than the possible gain... better to skip it...

Starting to get boring... !!
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  • #7,063
  • Oct 16, 2007 9:15pm Oct 16, 2007 9:15pm
Quoting PeterFM
How I understand it is if you wanted to trade a Standard lot ($100K) the broker requires you to put up a minimum amount of money as collateral to do the trade. I'll stick with XXXUSD pairs for now. If there was NO spread and you KNEW the EUR was going up, you could buy Eur (ie sell the dollar) and with that $1000 you could trade 1 Standard lot. So here the leverage would be 100:1 ($100,000 worth of Euros bought with only $1000 of cash). In practice you can't do that because of spreads, etc. So if you tried that and the Eur went down 1 pip you'd get a margin call.

What Brker leverage lets you do is pick the smallest fraction of a standard lot ($100K) that your account can trade with reasonable stops, and a reasonable amount of losses before you get that margin call.

So, going back to your point if you want to buy EUR (sell $) and you want to buy one micro lot ($1000) all you need to put up is $0.10 . If your average stop is 50 pips (50 X 0.10 = $5) and you have a $2000 account you'll see that you could make 400 losing trades before a margin call. If you had that many consecutive losers, you might want to consider a different career

you crack me up peter,
As allways though any new people to this thread should read peters (at the bottom of his post) & the other beginners sections of ff.
I think you will find many answers just in peter's trying to help section.
It helprd me
  • #7,064
  • Oct 16, 2007 11:18pm Oct 16, 2007 11:18pm
Quoting vest1
unlv tj

On oanda open a EUR/USD chart click BUY at the bottom of the chart. The market order dalog box opens. Type in 100,000 units and look at the lower part of the box and see 1 LOT= 10.00 USD. Lower down see Margin used 7087.00 To rich for me. Back in the units section backspace one of the zeros away and see 1 LOT = 1.00 USD, backspace another zero 1,000 units and see 1 LOT = 0.10 USD

When putting on a trade first figure your 1% risk

IE. Account $1,500 x .01 = $15 risk on this trade which calls for a 20 PIP stop loss $15 / 20 PIPS =0.75 which is 7500 units on oanda. You lose on this trade you lose $20

I learned most of this way of thinking from PeterFM click on the link in any of his posts he is a good friend to all of us newbies

I hope this is all correct good luck

Thank You PeterFM for all your posts
Thank you so much, this helped to start to clear it up.

I have read about leverage and the pip pricing structure, it just did not all come together. I have read Peter's thread, and it is GREAT. I did not want to even post on this forum, until I had a decent understanding of what I was doing (thus I read through this thread as well).

Oanda makes it easier, which seems to be fine, because I plan to trade with Oanda. I don't know what 7,500 units is, I am guessing it is 3/4 a Mini-Lot, but I can see that if I buy 7,500 units, each PIP is worth .75 USD. And that is really all the information I need to set my risk correct.

Thanks man!
  • #7,065
  • Oct 17, 2007 10:33am Oct 17, 2007 10:33am
Short at 4hr. pin, .8920
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  • #7,066
  • Oct 17, 2007 10:35am Oct 17, 2007 10:35am
Quoting HipsterPipster
Short at 4hr. pin, .8920
thats what i am thinking!!!



waiting for my 4h to close as a PB
  • #7,067
  • Oct 17, 2007 10:44am Oct 17, 2007 10:44am
Quoting mamutot
thats what i am thinking!!!



waiting for my 4h to close as a PB
I jumped the gun a little though, probably should wait.....
  • #7,068
  • Oct 17, 2007 10:47am Oct 17, 2007 10:47am
Quoting HipsterPipster
I jumped the gun a little though, probably should wait.....

where do you see it going if it does??
  • #7,069
  • Oct 17, 2007 10:53am Oct 17, 2007 10:53am
here is an observation - is it just luck or is it already thought off???
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  • #7,070
  • Oct 17, 2007 11:11am Oct 17, 2007 11:11am
This is not a good pin bar and the price channel is pretty sloppy. So beware.
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  • #7,071
  • Oct 17, 2007 11:36am Oct 17, 2007 11:36am
http://i22.tinypic.com/200r8kw.jpg


i see the resistance - will take a good look if it closes like that in my other charting program i use
  • #7,072
  • Oct 17, 2007 11:55am Oct 17, 2007 11:55am
more charts less chattin please?
I notice the James16 Charts thread is turning into a more general discussion. I hope we start posting more charts and do less talking.

Just being friendly here.....no fingers pointed
100% of traders are losers. Just that some win more than they lose!
  • #7,073
  • Oct 17, 2007 12:53pm Oct 17, 2007 12:53pm
Here is the chart of my trade. I entered at .8920. The blue box is my charted resistence area. I will watch price action for exit. As noted earlier, this pin is not that beautiful on my software but, none the less, price action. Dion
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  • #7,074
  • Oct 17, 2007 3:37pm Oct 17, 2007 3:37pm
I took the GBP/JPY short off the 1hr pin bar at 61 fib and S/R level.

When it broke down thorugh the S/R level on the attached chart I put my stop just above that.

...and then got taken out for +29.

Disappointing.
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  • #7,075
  • Oct 17, 2007 6:25pm Oct 17, 2007 6:25pm
Quoting the_wizard
I took the GBP/JPY short off the 1hr pin bar at 61 fib and S/R level.

When it broke down thorugh the S/R level on the attached chart I put my stop just above that.

...and then got taken out for +29.

Disappointing.
That was and probably still is a good trade. You just have to give it more space to breathe

With MACD close to 0 and price very close to an important EMA (200), you can expect multiple tests before the market will decide which way it will go.
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  • #7,076
  • Oct 18, 2007 9:45am Oct 18, 2007 9:45am
After a couple of losses trying to play the daily timeframe it's back to the hourly and two nice winners. First one was last nights short in the GBP/JPY. Here is the second one.

Look at the way price made a pin bar as it pulls back to the 10ema and see how the 21 and the 50 are starting to pull away from one another. This is a strong hint that price is going higher.

I closed this for 33 ticks (£165). A little bit premature but price did stall at the PPZ I had marked so I feel a bit better
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  • #7,077
  • Edited 9:49am Oct 18, 2007 9:46am | Edited 9:49am
nothing to say - just Visual Trading.
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  • #7,078
  • Oct 18, 2007 10:02am Oct 18, 2007 10:02am
Will this take a nosedive here?
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  • #7,079
  • Oct 18, 2007 10:07am Oct 18, 2007 10:07am
Quoting the_wizard
Will this take a nosedive here?
If I say no, will I get blamed for giving trading advice again?

The following is not advice but my view on commodities and USD correlation:

As long as the USD dives, I doubt oil will fall, simple as that.

As for PA:
Already invalidated the pin on my feed to the upside..nevermind, that was the daily PB. You're on the 1h again...same idea about USD though.
Trust price. Know yourself.
  • #7,080
  • Oct 18, 2007 10:14am Oct 18, 2007 10:14am
Quoting mamutot
nothing to say - just Visual Trading.
Look at the one hour.....I won't play it.... too much uncertainty with the underlying influences.
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