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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

  • #36,301
  • Jul 5, 2009 7:21am Jul 5, 2009 7:21am
Quoting Matiasfx
"As you think, so shall you be" and "Whether You Think You Can or Can't, You're Right".

Matty
Precisely!!
Ghost Rider - WWTBMD?
  • #36,302
  • Jul 5, 2009 7:50am Jul 5, 2009 7:50am
Quoting albchr
OK, perhaps I'm a bit thick here. (Trust me, it's possible) but...

How is the platform, any platform, going to pull the trigger on a trade, immediately go put a 5 pip trailer on it, open the modify order box and place a 15 pip fixed stop and open the close box so I can sit there with my finger on the button waiting to kill it if it's not going my way instantly before it hits that 15 pip stop? Or, if it goes my way enough to trigger that 5 pip trailer and set me to BE, change it to a 25 or 35 pip trailer instantly? All in a matter of seconds....
Hi Chris, I understand that you must be furious to the NFA because of the new rules that looks like it would be so much of a hassle to trade with fast-paced speed that you're used to.

I was at first shocked by those rules too, but after I read and read what the more experience peoples would say about it, I became much more relieved.
Sure I haven't tried this myself because I use an offshore broker, but I trust bundy's judgements and might I suggest you to try and trade like you're used to but with a much smaller position, so if anything wasn't familiar, you won't lose so many, maybe a cent or two if you trade with 1-2 units in Oanda, and you'll get the advantage to feel the live experience of the new rules.
True, the only problem will be the leverage thing, it will be a burden to put more funds on the brokerage's account.

I'm currently demoing oanda's platform too, I like them because of the granularity and low spread, only downside is the swap, fxopen has a no-swap account, but if you trade intraday like you do, it won't be a problem I think.

I'll let you know if something's out of the ordinary.

Best of wishes for your family, They're lucky to have a Dad like you
  • #36,303
  • Jul 5, 2009 7:53am Jul 5, 2009 7:53am
Quoting albchr
Precisely!!
That's about right, I got a pm from matty about the books, real nice guy

I got a lot of good examples from this thread
  • #36,304
  • Jul 5, 2009 7:57am Jul 5, 2009 7:57am
swap is no big deal with oanda, like annualized 3% or less a yr of what you borrowed. it's pretty cheap borrowed money.

Quoting marcelnyo
True, the only problem will be the leverage thing, it will be a burden to put more funds on the brokerage's account.

I'm currently demoing oanda's platform too, I like them because of the granularity and low spread, only downside is the swap, fxopen has a no-swap account, but if you trade intraday like you do, it won't be a problem I think.
  • #36,305
  • Jul 5, 2009 8:21am Jul 5, 2009 8:21am
Quoting marcelnyo
Hi Chris, I understand that you must be furious to the NFA .....

but with a much smaller position, so if anything wasn't familiar, you won't lose so many, maybe a cent or two......

True, the only problem will be the leverage thing,

Best of wishes for your family, They're lucky to have a Dad like you
Hey buddy,

Not furious but frustrated for sure.

I really wish I could go with a smaller position size but being under the gun now, time is of the essence. As I have been learning over these past 9 - 10 months. I have calculated time and time again what I need, what I have to start with and what I have to do to get there. Heaven knows I don't know everything and perhaps there is another/better way to accomplish the task at hand but, finding and honing it into a workable style will take time. Perhaps as much or more time than it took me to develope the style I use now. I simply have no more time to do this. I've been living off my savings while learning and they are now completely gone. Perhaps when I get ahead of the bills (and I will) and also grow the account to at least 3 or 4 times what I started with, Then I can investigate a "new" approach. In fact, it has always been my plan that once far enough ahead, I will incrementally reduce my risk to a more.....SANE....level. Believe me, I don't want to trade like this forever. I simply have to now.

Yeah, the leverage thing will make it more difficult for sure. In fact, twice as hard for now. I'd be tickled pink to trade at 10:1 if I could and when I get far enough ahead, I probably will. But in all that calculating above, 200:1 is what I need to make it all happen up front.

A Dad like me? I pray you're right my friend but being without a paycheck since November 07, even though it's due to a disability, I honestly feel as though I've let them down BIG time. Perhaps this is the wrong way of seeing it but I can't help the feeling that as of now, I'm just doing my best to make up for that.
Ghost Rider - WWTBMD?
  • #36,306
  • Jul 5, 2009 8:44am Jul 5, 2009 8:44am
Quoting albchr

Can you even manually close a trade anymore? From what I read on the NFA site, the only way to close it is with an opposing order. So If I'm walking through my office and I see I'm in profit and just feel like closing the trade, from my understanding, I have to place another opposing order to do so and hope it hope it hits. I can't just "close" the trade instantly.
As I understand it they are just making it work more like futures. If you are long 1 mini lot of EUR/USD you would just put in a sell order for 1 mini lot of EUR/USD as a market order in order to close your position right away. If you had stops or target orders in you would need to cancel those.
  • #36,307
  • Jul 5, 2009 10:24am Jul 5, 2009 10:24am
hi Tia/all. thanks for the advice, I read diallist's calc on risk/award on pf's guest area.... it make sense.

then I made a money management calculator to see the effect of position size, t/p, s/l... it's interesting, if you're interested pls try it see if there is any bug and let me know.

Quoting billye
thanks for very detail & patient answers! Tia, 4% a month,
observe all m-m rules,
stay with 2% acc stop/loss on every order, never over-leverage with a bigger position than acc,
I am not sure you understand money management properly. If the most you risk is 2% (for example) then the most you lose will be 2% of your account.
here is how to use it... and 1 example
fill in yellow fields,
acc size=10k$, position size=10k$, avg win ratio of trades taken=84%,
t/p=100pips, s/l=-200pips, how many trades take a year=50, position holding duration=5 day,
swap/roll-over rate=3%, acc leverage=100:1, margin call%=50%

calculator will auto calc the results
per deal win=100$, per deal loss=-200$, per deal risk award=0.5%acc, per deal drawdown=-2%
total gain=4200$, total loss=-1600$, total spread cost=-200$, total swap cost=-300$, annual net income=2100$, or 21% of acc
max consecutive loss allowed=50, max consecutive loss (blow up) chance=0.00%

you can adjust the position size, win ratio, t/p, s/l to see effect of total return and risk of blow up. any problem pls let me know

http://static.forexfactory.com/forex...3&d=1246806489
Attached File(s)
File Type: xls money_managementl_calc_V0.1_template.xls   16 KB | 706 downloads
  • #36,308
  • Jul 5, 2009 10:48am Jul 5, 2009 10:48am
Quoting james16
go take a look at the cad now. it broke up like a rocket, i have personally purchased courses for several thousand dollars that cant touch what i have provided here. in at the close of the tblhc at 1.2120, currently at 1.2298, up about 180 pips now, trailing my stop. jim
Hi!
It is my first post here so welcome all. I really appreciate threads like this, I learn loads of stuff.

My question is about trade made by James 3 years ago The chart first:
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad_26.07.2009_tblhc.gif Size: 14 KB


I perfectly understand the entry, A++ trade indeed. But what about stop loss?
1. You entered on 1.2120
2. Price goes up... you virtually gain about 90 pips.
3. Then price goes down to 1.2120 (first question mark bar) and even lower 1.2110 (second question mark)

So what about the rule: "never let your winner trade turn to a looser"?

Because as far as I understand you kept the trade all the time (even if it was a loser for a moment) and then you report, that you are at about 1.2298 and trailing your stops. How come?

I would really be appreciated for any explanation, because I want to understand it more
  • #36,309
  • Jul 5, 2009 11:21am Jul 5, 2009 11:21am
Quoting marcelnyo
That's about right, I got a pm from matty about the books, real nice guy

I got a lot of good examples from this thread
Yes, Matt is very nice guy and also very spiritual (nothing to do with religion)
He can really help you great deal with your self development skills. We had similar paths...
  • #36,310
  • Jul 5, 2009 11:23am Jul 5, 2009 11:23am
Publius keep practicing
Attached Image
  • #36,311
  • Jul 5, 2009 11:31am Jul 5, 2009 11:31am
Quoting 4X=0
Publius keep practicing
Thanks But is this chart anyhow connected with SL I was talking about? Maybe I missed something?
  • #36,312
  • Jul 5, 2009 11:36am Jul 5, 2009 11:36am
Quoting Publius
Thanks But is this chart anyhow connected with SL I was talking about? Maybe I missed something?
Hello Publius! Welcome to the thread.
Your SL must just below the TBL or below the PPZ(strong level with many bars have problem passing thru) of it exist.
You must bring up your SL to Break-even after the price hits your first prefered level. Thanks
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,313
  • Jul 5, 2009 12:28pm Jul 5, 2009 12:28pm
Quoting Publius
Hi!
It is my first post here so welcome all. I really appreciate threads like this, I learn loads of stuff.

My question is about trade made by James 3 years ago The chart first:
Attachment

I...
Could be a different SL strategy That Jim used for this particular trade.

As you will read on you will understand that this is not a system but a method that can be implemented into several systems of entry, exit and trade management.

The conventional way just like Alm said is to keep your SL below the three lows and move it to at least BE at a resistance level taking some off the table if possible.

Welcome to the thread anyways, enjoy your stay.

Regards,
Ghous.
I believe . . .
  • #36,314
  • Jul 5, 2009 2:27pm Jul 5, 2009 2:27pm
Almfx & ghous: thank you for help. I catch the idea of the method, just thought that I missed something
I'd like to force myself to learn harder about all this method, so I'd like to post some charts from time to time, I hope it would be stimulating for discussion.
I'm not able to read whole thread (who is???), but I'd like to read first 50 pages as James advised.

Thanks again and keep posting
  • #36,315
  • Jul 5, 2009 9:53pm Jul 5, 2009 9:53pm
Quoting Publius
Almfx & ghous: thank you for help. I catch the idea of the method, just thought that I missed something
I'd like to force myself to learn harder about all this method, so I'd like to post some charts from time to time, I hope it would be stimulating for discussion.
I'm not able to read whole thread (who is???), but I'd like to read first 50 pages as James advised.

Thanks again and keep posting
Looking forward to a few of your useful anaylsis.
I believe . . .
  • #36,316
  • Jul 5, 2009 11:38pm Jul 5, 2009 11:38pm
Looks like every pair that has JPY in it is a Pinbar lol, going to take a shot at a few of these
Keep taking CT trades, I need more money
  • #36,317
  • Jul 5, 2009 11:41pm Jul 5, 2009 11:41pm
Too many of the pb
4hr and 1hr!

the concern is, GJ working against it's weekly bearish PB
"""" --- -- - << ..:: ALM ::.. >> - -- --- """"
  • #36,318
  • Jul 5, 2009 11:43pm Jul 5, 2009 11:43pm
Quoting Ryanmcd
Looks like every pair that has JPY in it is a Pinbar lol, going to take a shot at a few of these
Yup,

BTW,

There is a pin drop silence here today...What's up?
I believe . . .
  • #36,319
  • Jul 5, 2009 11:43pm Jul 5, 2009 11:43pm
  •  LSs
  • | Joined Jan 2009 | Status: I switched to the smarter side | 84 Posts
Quoting Ryanmcd
Looks like every pair that has JPY in it is a Pinbar lol, going to take a shot at a few of these
Yip, I was observing all of these too... GBPJPY is sweet on the 155.00 location right? Put in some RSI and you get an Overbought location.

The only thing which stands in my way is that we're going against the trend, am i correct?


LSs
  • #36,320
  • Jul 5, 2009 11:55pm Jul 5, 2009 11:55pm
Quoting Almfx
Too many of the pb
4hr and 1hr!

the concern is, GJ working against it's weekly bearish PB
Should'nt be a concern Alm.

We have a good difference of 419 hours in between.

And anyways it's not the best of Pbs on the weekly so it really is not an issue.
I believe . . .
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