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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

  • #38,441
  • Jul 22, 2009 4:35pm Jul 22, 2009 4:35pm
Quoting pakiestra
Comparing to size traded by hedge funds, investment banks this private money changing hands is at the best miniscule.
Is like to pour a pint of beer into the river and then trying to take cup few meters down to taste it :-)
LOL so how does this period effect j16 style trading? What no one trades during August?
I hear and I forget. I see and I remember. I do and I understand.
  • #38,442
  • Jul 22, 2009 4:43pm Jul 22, 2009 4:43pm
hey ghous i wanted to comment on your post

http://www.forexfactory.com/showpost...ostcount=38387

i agree with you about the conflicting pbs and the bulls vs the bears going bacvk and forth. Im new to j16 so i am cautiously trying to keep my ideas while remaining open minded about what i am learning.

for me when i see alot of "tails" especialy in a ranging market situation but really any situation than I got to think the market is "messy" and there is no high probabilty present. the longer the legs the more whippy and the more unpredictable price is to me. so therefore unpredictable.

thanks to all the seniors who keep this thread great.

btw mike i noticed #2 was the crappy trader lol!!! #2 get it hehehe!!!

final thought to those who posted about missing setups coz they are tweaking there exit strat, i think tiaforex, for me it would be best to demo new ideas till they prove themselves valid. if your other trading/exits are working then i wouldn't change them on live accounts till you are comfortable with your revised methods.

thanks, john
  • #38,443
  • Edited 5:13pm Jul 22, 2009 4:56pm | Edited 5:13pm
Quoting mbqb11
agreed Greg
SP is 100% right too. Every broker has its good and the bads. Most traders I know have more then 1 broker for many reasons. Often to play off their strength and weakness, safety issues, etc

Mike
For example:

Right now MBT offers a 3-4 pip spread on the GY

IBFX offers an 8 pip spread....

That can make a big difference.....8 pips in....8 pips out....not too good to trade the news to gain 10-20 pips...

Actually...you will lose your shirt with IBFX (or other MM's) trading the news...Especially at NFP....Oooooheee....you want to lose your money? try using a MM at NFP (I know....with experience.....not fun....not fun at all...)...lol...I can laugh now....but as Jim put it, I was in "The Fetal Position" for most 1st Fridays of every month...

GregB
  • #38,444
  • Jul 22, 2009 5:00pm Jul 22, 2009 5:00pm
i wanted to also say publically that i am proud of myself. i had a successful usdjpy trade the other day and although it wasn't my first j16 trade, i did it all by myself and based on my own analysis which helped me to arrive at the thought of I don't want to "cheat" and just use others analysis. rather i would like to do my analysis, see what i see on the dailys and then visit here and read analysis this way i can analize why my analysis is different or similar and in this manner i can develop my own style while still basing it on the methods here.

thats all

btw i cashed my profits from that uj trade and im buying everybody a new car lol!!! kidding obviously

http://i27.tinypic.com/25a7wxt.jpg
  • #38,445
  • Jul 22, 2009 5:02pm Jul 22, 2009 5:02pm
Quoting batesmotel
For example:

Right now MBT offers a 3 pip spread on the GY

IBFX offers an 8 pip spread....

That can make a big difference.....8 pips in....8 pips out....not too good to trade the news to gain 10-20 pips...

GregB
You only pay the spread once, say the ask is 1.4005 and bid is 1.4002 you buy the ask and if you sold immediately you would sell at the bid so it would cost 3 pips.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,446
  • Jul 22, 2009 5:05pm Jul 22, 2009 5:05pm
Quoting tac
LOL so how does this period effect j16 style trading? What no one trades during August?
Is not like no one does trading. It's lower volume and liquidity which may cause either extended movements, have a look on the chart of EUR/USD and check how many pips the pair moved in the last 2 wks of December. This is possibilty one-so if you catch such a runner, good for you.
Possibility number two it causes price to swing quite a lot without direction so you have warning signs -like this one described by Ghous on the GBP/USD two opposite pin bars within 8 hrs. If you add it together PA makes a perfect doji candle/indecision bar which tells you the price is not decided where to go) so probably the best way to deal with it is to book early profits and be happy with BE trades if you get one.
  • #38,447
  • Jul 22, 2009 5:09pm Jul 22, 2009 5:09pm
Quoting pakiestra
Is not like no one does trading. It's lower volume and liquidity which may cause either extended movements, have a look on the chart of EUR/USD and check how many pips the pair moved in the last 2 wks of December. This is possibilty one-so if you catch such a runner, good for you.
Possibility number two it causes price to swing quite a lot without direction so you have warning signs -like this one described by Ghous on the GBP/USD two opposite pin bars within 8 hrs. If you add it...
Yeah I always get asked about my "summer trading". To be honest I still consider it business as usual. I trade good setups and manage my trades. If a month is slow for MY method, then it is slow. I don't over analyze. We have had summers that have more action then the rest of the year. Generally I might trade less just due to trying to enjoy life a bit more. But june has been my best month to date, and so far july my slowest, but such is trading. Just another "day" at the office so to speak

Mike
  • #38,448
  • Jul 22, 2009 5:21pm Jul 22, 2009 5:21pm
Quoting tac
You only pay the spread once, say the ask is 1.4005 and bid is 1.4002 you buy the ask and if you sold immediately you would sell at the bid so it would cost 3 pips.
Perhaps you're right...but I was under the impression that you pay the spread to buy....and you also pay the spread to sell...(open and close of a position)....But I'm open to correction on that, since I haven't paid as much attention to that as I should....

Any other expertise on that from the James16 flock?

GregB
  • #38,449
  • Jul 22, 2009 5:26pm Jul 22, 2009 5:26pm
Quoting mbqb11
Yeah I always get asked about my "summer trading". To be honest I still consider it business as usual. I trade good setups and manage my trades. If a month is slow for MY method, then it is slow. I don't over analyze. We have had summers that have more action then the rest of the year. Generally I might trade less just due to trying to enjoy life a bit more. But june has been my best month to date, and so far july my slowest, but such is trading. Just another "day" at the office so to speak

Mike
Heck, sometimes there are slow weeks as well where there are hardly any good-looking setups! To me personally, these are the most dangerous times because there is a tendency for me to "force trade" i.e. taking crappy trades. I am addressing this little problem of mine by looking at other markets such stocks (US Stocks). Will stick to daily timeframe, as my timezone would not allow me to trade intraday with US stocks.
  • #38,450
  • Jul 22, 2009 5:31pm Jul 22, 2009 5:31pm
Quoting batesmotel
Perhaps you're right...but I was under the impression that you pay the spread to buy....and you also pay the spread to sell...(open and close of a position)....But I'm open to correction on that, since I haven't paid as much attention to that as I should....

Any other expertise on that from the James16 flock?

GregB
Hey Greg

Yeah you only pay the spread once. In your demo account open and close some different positions, buys and sells. So you can see. then you can look at your transaction history to see it clearer.

Mike
  • #38,451
  • Jul 22, 2009 5:32pm Jul 22, 2009 5:32pm
Quoting ijay
Heck, sometimes there are slow weeks as well where there are hardly any good-looking setups! To me personally, these are the most dangerous times because there is a tendency for me to "force trade" i.e. taking crappy trades. I am addressing this little problem of mine by looking at other markets such stocks (US Stocks). Will stick to daily timeframe, as my timezone would not allow me to trade intraday with US stocks.
I honestly think it is the down times, or the desire to "trade" that is what prevents a lot of people from coming close to making it. They just get too antsy, feel the need to always be in a trade. I know there are going to be people reading this that know they are doing this, and they will continue to do it. Until they decide to stop beating themselves up. I am not saying their isn't a learning curve to get there, but those that have been around long enough know it

Mike
  • #38,452
  • Edited 5:48pm Jul 22, 2009 5:34pm | Edited 5:48pm
Quoting batesmotel
Perhaps you're right...but I was under the impression that you pay the spread to buy....and you also pay the spread to sell...(open and close of a position)....But I'm open to correction on that, since I haven't paid as much attention to that as I should....

Any other expertise on that from the James16 flock?

GregB
The spread is merely the difference between the bid and the ask price, or the price at which you can sell or buy a currency pair, respectively. When you sell at the bid price, closing your position is essentially buying back at the ask price, which is higher than the bid price by the spread. Hope this helps...
skype: ststroud. let's talk trading.
  • #38,453
  • Jul 22, 2009 5:50pm Jul 22, 2009 5:50pm
Quoting tyler812
The spread is merely the difference between the bid and the ask price, or the price at which you can sell or buy a currency pair, respectively. When you sell at the bid price, closing your position is essentially buying back at the ask price, which is higher than your entry price by the spread. Hope this helps...
But a complete position entails buying/selling to open your position.....then selling/buying to close your position....it is actually 2 separate orders...1 buy/sell and 1 sell/buy.

I must investigate further....

GregB
  • #38,454
  • Jul 22, 2009 5:55pm Jul 22, 2009 5:55pm
Quoting batesmotel
But a complete position entails buying/selling to open your position.....then selling/buying to close your position....it is actually 2 separate orders...1 buy/sell and 1 sell/buy.

I must investigate further....

GregB
No, when you go long you buy, when you go short you sell. Try not to think of the pair as two currencies, just think it as an instrument you can buy or sell.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,455
  • Jul 22, 2009 6:05pm Jul 22, 2009 6:05pm
Quoting pakiestra
Comparing to size traded by hedge funds, investment banks this private money changing hands is at the best miniscule.
Is like to pour a pint of beer into the river and then trying to take cup few meters down to taste it :-)
That was a good one. Into the bog 'o tricks it goes!
I'm pretty much done with all this ...
  • #38,456
  • Edited 7:03pm Jul 22, 2009 6:33pm | Edited 7:03pm
Quoting tac
No, when you go long you buy, when you go short you sell. Try not to think of the pair as two currencies, just think it as an instrument you can buy or sell.
Ok...I'll have to take you guy's word on it....

But When I use an ECN broker, I must put in 2 orders....if I want to go long, I buy say $10,000....that is 1 order.....then, when I want to close the position, I must put in a completely separate order....an order to sell $10,000....

So what you guys are telling me, is that my ecn broker only charges me spread on the 1st order and not the 2nd order....somehow, that makes no sense....

Anyways, I'll let it go for now....Plus, I just received my Amazon.ca order for "Martin Pring on Price Patterns"....I shall dive deep into this book tonight...

GregB
  • #38,457
  • Jul 22, 2009 6:50pm Jul 22, 2009 6:50pm
G....z

Putting J16ch thread in commercial bin is a 'low blow' on FF part.
It took me some time to find it again. I can't even see new j16 posts under 'Active Threads' .
Maybe it's just me...
Oh well, who cares, it will be new traders who will miss out.
Word 'commercial' was always big turn off for us.

Hope FF reconsiders.

happy trading.
R
  • #38,458
  • Edited 8:37pm Jul 22, 2009 6:58pm | Edited 8:37pm
Quoting TiaForex
So glad you posted this Jim. This was exactly how I played this. I thought "Not an A+ setup so play tight and go to break even at the previous highs." At the highs I went to break even minus 10 (because of the strength of the break I wanted to give it a little room) and then it stopped me out for a small loss before moving on to a 1:1 plus return. On my "Jarroo demo" account I had a similar result. Tighter stops but still the same approach and quick to break even.

But I felt a bit annoyed about it all day because of how it ran. This still...
Hey Aaron.

" . . Jarroo looked at that UJ and he didn't think "how could I have made money from that move?". He said "even though I didn't take this, I know that the way I trade I would most likely have been out for break even."

It is a diffferent way to look at a trade. Many see how much they can profit from a trade and I do look at potential targets, for sure.

But my main focus is "How can I minimize or eliminate the risk in a trade once it starts going in my direction". "Where are the turning points within the setup to protect me even more."

It is my opinion, that if more people looked at reducing or eliminating risk, they would be far better off.
Indicators show the past. Price Action "Indicates" the future.
  • #38,459
  • Jul 22, 2009 7:02pm Jul 22, 2009 7:02pm
yeh its a bit weird - the info here is NOT commercial ... it is free for us all to profit from

oh well - that debate will be ongoing
  • #38,460
  • Jul 22, 2009 7:23pm Jul 22, 2009 7:23pm
Question:

Ok....I knew this SOB CADJPY was heading north...there was a PERFECT Weekly BUOVB...BUT, the Englfing Bull Bar closed right on the the Monthly Resistance level and round number 85.00.

Can I take a Long in this scenario? GOD, I wanted to go long...but I refrained myself...I reckon it has approx. 423 pips worth of legs before encountering any major resistance...

Maybe it's not too late...or perhaps I can catch a limit buy if I get picked up at 85.00.

Comments would desperately help here.....

GregB
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