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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

  • #20,841
  • Feb 9, 2009 1:22pm Feb 9, 2009 1:22pm
Quoting ghous
I am watching it as a daily trendline breakout trade...The BUoB on the weekly is good but the 0.677 ppz just over it made me stay out of a pure break of a BUOB trade...It's on the watchlist

Regards,
Ghous.
Thanks, that's a great point of view
  • #20,842
  • Feb 9, 2009 1:23pm Feb 9, 2009 1:23pm
Quoting ghous
That's right but at the end of the day there is a difference between say "30 pip SL and a 60 pip tp" and a "300 pip SL and a 600 pip tp" it has a close link with your account size and risk appetite, risk/reward is'nt everything...
actually there is no difference, the only difference comes from those who don't understand position sizing and have the wrong account types for their account size(ie a mini account for a 500$ bankroll)

If the pair with a 300 pip sl and 600 pip take profit moves 2000 pips a day. Not different then the euro moving 100 pips a day and you are having a 30 pip sl 60 pip tp value. Just chop a zero off scenario one and you are right wehre you started.

It is all relative, and is a common mistake about spreads and all that.
  • #20,843
  • Feb 9, 2009 1:26pm Feb 9, 2009 1:26pm
Quoting mbqb11
actually there is no difference

If the pair with a 300 pip sl and 600 pip take profit moves 2000 pips a day. Not different then the euro moving 100 pips a day and you are having a 30 pip sl 60 pip tp value. Just chop a zero off scenario one and you are right wehre you started.

It is all relative, and is a common mistake about spreads and all that.
Agreed. That's actually a significant point, I noticed the hubhub about spreads when trading the various yen pairs, say EJ as opposed to GJ, etc.
Patience + Humility + Study = Success
  • #20,844
  • Feb 9, 2009 1:26pm Feb 9, 2009 1:26pm
Quoting mbqb11
actually there is no difference

If the pair with a 300 pip sl and 600 pip take profit moves 2000 pips a day. Not different then the euro moving 100 pips a day and you are having a 30 pip sl 60 pip tp value. Just chop a zero off scenario one and you are right wehre you started.

It is all relative, and is a common mistake about spreads and all that.
It's also the reason why the

"10 pips a day"

and "How many pips do you need to earn a month ?"

Threads are the worst garbage ever.
  • #20,845
  • Feb 9, 2009 1:26pm Feb 9, 2009 1:26pm
Quoting ghous
That's right but at the end of the day there is a difference between say "30 pip SL and a 60 pip tp" and a "300 pip SL and a 600 pip tp" it has a close link with your account size and risk appetite, risk/reward is'nt everything...
Unless I'm doing something wrong though,
USD/PLN pip value is only $2.85/standard lot ...

http://www.earnforex.com/pip_value_calculator.php

Best to only trade minor currencies during their market hours though for liquidity reasons. Maybe even only use the data from their open market hours.
Josh
  • #20,846
  • Feb 9, 2009 1:29pm Feb 9, 2009 1:29pm
Quoting Jigsaw
It's also the reason why the

"10 pips a day"

and "How many pips do you need to earn a month ?"

Threads are the worst garbage ever.
True. Isn't it about the percentage by which your account increases?
Patience + Humility + Study = Success
  • #20,847
  • Feb 9, 2009 1:33pm Feb 9, 2009 1:33pm
Quoting mbqb11
actually there is no difference, the only difference comes from those who don't understand position sizing and have the wrong account types for their account size(ie a mini account for a 500$ bankroll)

If the pair with a 300 pip sl and 600 pip take profit moves 2000 pips a day. Not different then the euro moving 100 pips a day and you are having a 30 pip sl 60 pip tp value. Just chop a zero off scenario one and you are right wehre you started.

It is all relative, and is a common mistake about spreads and all that.
Nice piece of info Mike...

thnx

Quote
Unless I'm doing something wrong though,
USD/PLN pip value is only $2.85/standard lot ...

http://www.earnforex.com/pip_value_calculator.php

Best to only trade minor currencies during their market hours though for liquidity reasons. Maybe even only use the data from their open market hours.
Josh

Josh,

It was just an example I was'nt particualrly pointing out to the usdpln...

Regards,
Ghous.
I believe . . .
  • #20,848
  • Feb 9, 2009 1:37pm Feb 9, 2009 1:37pm
Quoting DutchTrader
True. Isn't it about the percentage by which your account increases?
Indeed sir, Anyone that asks another trader "how many pips they are making" blah blah blah is not trading long enough to know that that question in itself is useless. A 300 pip SL weekly trade will have a different $/pip than a 50pip intraday trade.

I remember when I first started out I had loads of pretty tables drawn out of how many pips I had to make a month to earn x amount of money :nerd:0 .

oh lawd

You can be negative on pips and still be positive in terms of % increase in account size at the end of any given week or month, or year even.
  • #20,849
  • Feb 9, 2009 1:49pm Feb 9, 2009 1:49pm
Hi guys,

I see a AudCad weekly buob setup. would like to know your thoughts on couple questions:
1. looks like most of the buob setup are not at swing low/high. how is 'space' working on buobs?
2. when looking for confluence, do i want the bottom of the bar at ppz or the top of bar?
2. weekly bars are long, this one is over 600 pips. how to trade weekly bar in a small account?

thanks in advance
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  • #20,850
  • Feb 9, 2009 1:51pm Feb 9, 2009 1:51pm
I understand on the usd/pln Ghous...

By the way, just read your first post. You certainly have progressed in the last year. Keep up the great trades and keep up with teaching the newbies like me!

One of the best things I've found with this forum is how once newbies stay in the thread a year later (most are still here) to help the new newbies. Wizard, Ghous, mbqb11 (not sure he was ever a newbie?), Seeking, and others. I'm looking forward to being here a year from now, and passing on this info to the new newbies in 2010!


http://www.forexfactory.com/showpost...postcount=9144
  • #20,851
  • Feb 9, 2009 2:01pm Feb 9, 2009 2:01pm
Quoting ghous
ah well...You and Rac are unbelievable at times...lol!
why is that...? That's easy money (Jeff's exotic); even with a 100ps spread we'll get to 3.20 very soon...
  • #20,852
  • Feb 9, 2009 2:05pm Feb 9, 2009 2:05pm
Quoting ghous
That's right but at the end of the day there is a difference between say "30 pip SL and a 60 pip tp" and a "300 pip SL and a 600 pip tp" it has a close link with your account size and risk appetite, risk/reward is'nt everything...
In monetary terms, your risk per trade is fixed (say 1% of your a/c) IRRESPECTIVE of SL. So, if your SL is "Z" pips and your TP is "N x Z" pips, that "N" is all that matters. TP of 40pips with SL of 10pips is twice as profitable compared to TP of 100pip with SL of 50pips. In the first case, you RR is 4 (i.e. profit is 4% if you risked 1%), in the second case, your RR is 2 (and profit 2%). Even though you made 2.5 times more "pips" in the second case.

---

SL in pips terms determines your position size: e.g. for mini-lots that's "1% of your a/c" (in money) divided by SL (in pips). So, if you trade with $10,000 and for a particular trade your SL is 25 pips, your position size must be: $100 (1% of $10,000) / 25 = 4 mini-lots.
One Chart is Worth Ten Thousand Words.
  • #20,853
  • Feb 9, 2009 2:11pm Feb 9, 2009 2:11pm
Quoting Jigsaw
Indeed sir, Anyone that asks another trader "how many pips they are making" blah blah blah is not trading long enough to know that that question in itself is useless. A 300 pip SL weekly trade will have a different $/pip than a 50pip intraday trade.

I remember when I first started out I had loads of pretty tables drawn out of how many pips I had to make a month to earn x amount of money :nerd:0 .

oh lawd

You can be negative on pips and still be positive in terms of % increase in account size at the end of any given week or month, or year...
i remember doing the same hehe, but in the end 3% risk is 3% risk and 2/1 win to lose ratio is 2/1 win to lose ratio no matter how you look at it . the rest is just numbers
have to say though it is easier to bag say 50 pips than say 150 pips. Wether you can get in with a small enough stop to make it worth it is another question. not that it cant be done though.
PATIENCE... DISCIPLINE
  • #20,854
  • Feb 9, 2009 2:17pm Feb 9, 2009 2:17pm
Does the PF still have live Skype classroom sessions? Where James and others will share their screen? I just read that this was happening about a year ago.

Also wondered if there was still a daily chat session for guests. (thought I had read this, maybe not.) I still have to invest days into the guest session of the James 16 site...

just curious for now I guess.

Josh
  • #20,855
  • Feb 9, 2009 3:03pm Feb 9, 2009 3:03pm
Quoting raczekfx
why is that...? That's easy money (Jeff's exotic); even with a 100ps spread we'll get to 3.20 very soon...
Some say why? some say, why not?
Patience + Humility + Study = Success
  • #20,856
  • Feb 9, 2009 3:21pm Feb 9, 2009 3:21pm
Quoting Jduester
Does the PF still have live Skype classroom sessions? Where James and others will share their screen? I just read that this was happening about a year ago.

Also wondered if there was still a daily chat session for guests. (thought I had read this, maybe not.) I still have to invest days into the guest session of the James 16 site...

just curious for now I guess.

Josh
Hey all.....back after a wee rest

Hi Josh...the live sessions on the PF are still cranking along...you either watch them live and ask questions or download them to view later.

i think there are plans for a guest chatroom??....Jim and Mike will be able to answer that

And a few of us shoot the breeze via Skype and discuss trades also
  • #20,857
  • Edited 3:39pm Feb 9, 2009 3:26pm | Edited 3:39pm
Quoting tehuringa
Hey all.....back after a wee rest

Hi Josh...the live sessions on the PF are still cranking along...you either watch them live and ask questions or download them to view later.

i think there are plans for a guest chatroom??....Jim and Mike will be able to answer that

And a few of us shoot the breeze via Skype and discuss trades also
Welcome back Dave,

I often find that rests sort of gives my head a rest and allows me to trade better. . A fresh mind and all that
  • #20,858
  • Feb 9, 2009 3:32pm Feb 9, 2009 3:32pm
Quoting Jigsaw
Welcome back Dave,

I often find that rests sort of give my head a rest and allow me to trade better. . A fresh mind and all that
Cheer mate

You are so right....it's good stepping away every so often for a recharge
  • #20,859
  • Feb 9, 2009 3:58pm Feb 9, 2009 3:58pm
Quoting tehuringa
Cheer mate

You are so right....it's good stepping away every so often for a recharge

You clear out of the fire danger mate?
  • #20,860
  • Feb 9, 2009 4:30pm Feb 9, 2009 4:30pm
Ghous
Hello there.I am totally confused re your post 20796 the 4 hr pinbar. Is this not totally in traffic? No space !!!
Please clarify.

Ta Gerard
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