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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

  • #37,541
  • Jul 15, 2009 3:27pm Jul 15, 2009 3:27pm
Quoting jarroo
Case study Eur/Gbp:

http://www.forexfactory.com/showpost...ostcount=32317

http://www.forexfactory.com/showpost...ostcount=32408

Let's see if the 1st case study will turn into a 2nd case study. Meaning a possible short at the PPZ round number 155.00, 61.8 and 150 ema.

http://www.forexfactory.com/showpost...ostcount=37302
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #37,542
  • Jul 15, 2009 3:28pm Jul 15, 2009 3:28pm
Quoting tac
I have never traded a large account so I am speculating, but I don't think psychologically you would feel the same about having $100 per pip vs $0.50 per pip on the table.
I've never traded a large account either but, if that $100 a pip was the same percentage of your account as the 50 cents, for me, it's no different at all.
Ghost Rider - WWTBMD?
  • #37,543
  • Jul 15, 2009 3:35pm Jul 15, 2009 3:35pm
Quoting albchr
I've never traded a large account either but, if that $100 a pip was the same percentage of your account as the 50 cents, for me, it's no different at all.

If I got say 300 pips from a trade with those pips, one would allow me to buy a nice meal, the other would allow me to buy a car. I see you point though, its all about the percentage of your account you can lose, still I think it would take time to adjust.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,544
  • Jul 15, 2009 3:36pm Jul 15, 2009 3:36pm
rossbennett,
Thanks...
don't worry, i'm not caught up with the account size issue.
i merely pointed out that i have small account (i hate admitting this when the big guys are in, specially the BIG guy , ) after saying an affirmation that letting profits run is a possibility & an ongoing truth for some/many of us.
All im saying (regards the account size issue) is u make an adjustment based on the account size, or in short trade accordingly.

fairly similar analogies would be:
if i trade $10 a pip, i can endure a 30-pip stop loss, while i would think more differently (adjust my trades, be more stricter, etc) if i trade $100 or $1000 a pip.
in poker (poker guys please stand up, if u agree lol) if i'm a super-stack or nearing one (i got huge amount of chips/play money), i can easily switch between playing good or (not-so) bad cards (of course, still depends on what type of poker player i am). but when i am short-stacked (i got very few chips, but im not the most short-stacked in the group), i need to play really good cards (on certain occasions, sometimes aggressively when u get good cards).
  • #37,545
  • Jul 15, 2009 3:40pm Jul 15, 2009 3:40pm
Mike & Chaos

thank you very much for your explanations, all clicked now

sohail786
  • #37,546
  • Jul 15, 2009 3:41pm Jul 15, 2009 3:41pm
Quoting albchr
I've never traded a large account either but, if that $100 a pip was the same percentage of your account as the 50 cents, for me, it's no different at all.

In theory you would say that but in reality I'm sure it will be different. Especially if the trade started going against you and you saw how much in $ your account is in the red. I would have thought with a small account you would trade maybe up to 5% per trade, but as your account increased and got huge like James's then I would have thought you would just trade with 0.5% because you wouldn't risk the same, for one, you wouldn't need to, and two, your sphincter wouldn't allow it.

Right now I'm trading with what I feel comfortable with, and will continue to do so, as long as my account continues to grow, I'm sticking to what feels right.
Just a boy playing with big bars.
  • #37,547
  • Jul 15, 2009 3:44pm Jul 15, 2009 3:44pm
Quoting g_j_hook@yah
this may sound strange but i am leaning more and more towards scaling IN when a trade has set off in my direction, maybe by going down a TF or adding more when the PA allows. Once i have my original SL at BE or better i would rather add to the position than take anything away....
no problem with scaling in, as long as a trader knows what he/she is doing & knows the correct reentry & stop areas.
imho, it would be better & easier to have the full position (2-10+ lots) up front then just scale out than
have 2-5 positions up front then scale in, unless u are master scaler (which then would really give good amount of pips). lol
  • #37,548
  • Jul 15, 2009 3:45pm Jul 15, 2009 3:45pm
Quoting tac
I have never traded a large account so I am speculating, but I don't think psychologically you would feel the same about having $100 per pip vs $0.50 per pip on the table.
I agree that psychologically it is very difficult, but you have to do your best to make the mental adjustment and realize at this stage (account building) your trading style shouldn't be any different having $100/pip or $0.50/pip. I know it's difficult, Jim constantly reiterates that having a small account is one of the hardest things and that is why so many traders fail.

Ross
  • #37,549
  • Jul 15, 2009 3:57pm Jul 15, 2009 3:57pm
Quoting Almfx
1.0864 - Entry
1.0742 - TP Hit

Happy Pipping Slurpee
Cool, buddy!
Live it or leave it!
  • #37,550
  • Jul 15, 2009 4:00pm Jul 15, 2009 4:00pm
Quoting rossbennett
I agree that psychologically it is very difficult, but you have to do your best to make the mental adjustment and realize at this stage (account building) your trading style shouldn't be any different having $100/pip or $0.50/pip. I know it's difficult, Jim constantly reiterates that having a small account is one of the hardest things and that is why so many traders fail.

Ross
I think the main thing with a bigger account is a 3% return a month will be more than enough to live on and you can be patient and take only the A+ set-ups on daily/weekly. Where as if you want to build your account quicker you might want to trade 4hr or 1hr to grow the account in a more swift fashion.
I hear and I forget. I see and I remember. I do and I understand.
  • #37,551
  • Jul 15, 2009 4:02pm Jul 15, 2009 4:02pm
Quoting jimboo
In theory you would say that but in reality I'm sure it will be different.
Well...lol...I can't speak for anyone but myself but, I live my life in reality, not theory. Yes, beyond a shadow of any doubt, I can say that for sure.

Right now the % I risk (due to need) is FAR greater than 1% or 5% per trade. But like Jim, I'll kill a trade fast if not going my way. The "fixed" stop I place is just a safety net in case I loose connection with my broker. Seldom if ever will I let it run all the way there. I get my stop to BE or BE+ a few VERY quickly. I get stopped out a lot but when that one comes along and runs....I make out great.
Ghost Rider - WWTBMD?
  • #37,552
  • Jul 15, 2009 4:08pm Jul 15, 2009 4:08pm
Quoting albchr
I've never traded a large account either but, if that $100 a pip was the same percentage of your account as the 50 cents, for me, it's no different at all.
in reality thou the % loss or gain is the same..in trading live believe me, it will be different..i wish it wasnt and i think it can only be that way if one sees the pips gained and not focusing on the amount made or lost....

not an easy thing to achieve at all..
  • #37,553
  • Jul 15, 2009 4:13pm Jul 15, 2009 4:13pm
Quoting jarroo
Let's see if the 1st case study will turn into a 2nd case study. Meaning a possible short at the PPZ round number 155.00, 61.8 and 150 ema.

http://www.forexfactory.com/showpost...ostcount=37302
hi Jarroo,

Do you have any special reason why to draw the fib from the 30/06 high and not from the 12/6 high?
If you draw from the 12/6 high the 61.8 level would be around 156.50...
regards,
Luso
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpyh4 15-7-09 fib line.gif Size: 15 KB
  • #37,554
  • Jul 15, 2009 4:15pm Jul 15, 2009 4:15pm
Quoting nAVIN2007
in reality thou the % loss or gain is the same..in trading live believe me, it will be different..i wish it wasnt and i think it can only be that way if one sees the pips gained and not focusing on the amount made or lost....

not an easy thing to achieve at all..

But...ummm...I am trading live...
Ghost Rider - WWTBMD?
  • #37,555
  • Jul 15, 2009 4:16pm Jul 15, 2009 4:16pm
Quoting albchr
But...ummm...I am trading live...
u have good pyschology then...
  • #37,556
  • Jul 15, 2009 4:24pm Jul 15, 2009 4:24pm
Quoting nAVIN2007
u have good pyschology then...
Yep.......Now I just need that GOOD account........LOL

But I won't kid myself (or anyone else) pulling that trigger for the first time was...ummm...a touch nerve wracking for sure.
Ghost Rider - WWTBMD?
  • #37,557
  • Jul 15, 2009 4:34pm Jul 15, 2009 4:34pm
Quoting Luso
hi Jarroo,

Do you have any special reason why to draw the fib from the 30/06 high and not from the 12/6 high?
If you draw from the 12/6 high the 61.8 level would be around 156.50...
regards,
Luso

The 30/6 was the last major swing high point on the Daily time frame.

Bullish PA may be tempting at the 155.00 PPZ level to reach the 160.00 which is also a PPZ level.
Indicators show the past. Price Action "Indicates" the future.
  • #37,558
  • Edited 5:19pm Jul 15, 2009 4:36pm | Edited 5:19pm
Quoting supremeChaos
no problem with scaling in, as long as a trader knows what he/she is doing & knows the correct reentry & stop areas.
imho, it would be better & easier to have the full position (2-10+ lots) up front then just scale out than
have 2-5 positions up front then scale in, unless u are master scaler (which then would really give good amount of pips). lol
lol, u miss my point SC, if i am risking 2% on one trade, i am not going to start risking 10% just so i can take some profits earlier. if i got in a trade and it started to trend my way (on whatever TF your looking at) then i want to capitalize on that by adding more when the PA allows. you dont need to be a master scaler to do that!! lol i just use the same kinds of pa that got me in in the first place.
if a trade goes 100 pips( with a 100 pip SL) in your favour and you take half off the table, price then needs to move another 100 pips in your favour to give you the amount you had when you closed half yes? so if it moves another 100 pips you have just made an extra 50% by price moving 200%
The way i see it this is just a lot of hard work and stress for not very nuch return, if i think price will reach my 2nd TP with as much conviction that i had that it would reach my first then why close any? i am starting to prefere to just put my stop really tight if i am worried it may reverse on me( 10=15 pips). At least that way if it does go further it will pay well and if it doesnt then no problem with a tight SL i wont be giving much back either.
imagine the first senario but you ADD to your possition at each TP rather than close some... i ll let u do the maths hehe
this is just the way i am seeing it atm
jon
PATIENCE... DISCIPLINE
  • #37,559
  • Jul 15, 2009 4:43pm Jul 15, 2009 4:43pm
Quoting albchr
Well...lol...I can't speak for anyone but myself but, I live my life in reality, not theory. Yes, beyond a shadow of any doubt, I can say that for sure.

Right now the % I risk (due to need) is FAR greater than 1% or 5% per trade. But like Jim, I'll kill a trade fast if not going my way. The "fixed" stop I place is just a safety net in case I loose connection with my broker. Seldom if ever will I let it run all the way there. I get my stop to BE or BE+ a few VERY quickly. I get stopped out a lot but when that one comes along and runs....I...
nice one, i was going to make the comparison of trading big bucks to trading big %s. i know if i traded 25% risk i would trade differently than i do now! i would like to think that i would trade a large account the same as i do a small one as i dont like the idea of selling my account short after all the time it will take me to build it up in the first place. I doupt i will though. lol
One thing to bare in mind is that if that smaller % returns on a big account are enough to pay your wages why risk your buiseness capital more than nesesary??
cheers
jon
PATIENCE... DISCIPLINE
  • #37,560
  • Edited 4:52pm Jul 15, 2009 4:48pm | Edited 4:52pm
Quoting Bemac
Would you consider a TS that has a "Variable Pip"?

By that I mean Risking a %(percentage) of your gains.
Due to lack of response, my current conclusion = Perhaps not.

On the other hand, ghous has made No response since I posted this offer. perhaps, he is sleeping.
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