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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

  • #45,301
  • Oct 5, 2009 11:38pm Oct 5, 2009 11:38pm
Quoting james16
chris i hope nothing but the best for you but i wont allow anyone to do what you are doing.
Dont know the full story of whats happened here - but what i do know is that Karma's a bitch ...
  • #45,302
  • Oct 5, 2009 11:42pm Oct 5, 2009 11:42pm
yes it is and i know about it personally.

thats why i try my best to do whats right even when no one is watching.

i dont always succeed but i try.

dealing with people that will do the wrong thing right in front of your eyes is hard for me to understand.

let it be known im trying very hard to do the right thing.

will i be allowed is the question.

jim

Quoting pipmyride
Dont know the full story of whats happened here - but what i do know is that Karma's a bitch ...
  • #45,303
  • Oct 5, 2009 11:47pm Oct 5, 2009 11:47pm
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Dr. C
  • #45,304
  • Oct 5, 2009 11:58pm Oct 5, 2009 11:58pm
Quoting cvcamper
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
Da ja vue . . . .but I didn't get to break even . . .ouch.
Indicators show the past. Price Action "Indicates" the future.
  • #45,305
  • Oct 6, 2009 12:20am Oct 6, 2009 12:20am
my gut flipped when i read this.

why?

i have many stories like this or much worse my friend.

it brought back some memories.

Quoting cvcamper
I had a limit sell in for what I thought was 1 lot.... I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....
  • #45,306
  • Oct 6, 2009 12:23am Oct 6, 2009 12:23am
This morning, I set my sell order on EUR AUD at 1.6690, TP at 1.6610 and 35pips stoploss through Oanda. When I check again, EUR AUD was at 1.6605. I thought I have bank some profits. But when I check on Oanda, instead of making some pips, my order got canceled due to BV (Boundary Violation). When I ask Mr.Google, it seems that this happen quite often with Oanda due to increase in spread, most of the time it is news related. In this case, interest rate announcement. Ever happen to you? ------- (Luckily, this is only on demo ). On to next trade.
  • #45,307
  • Oct 6, 2009 12:33am Oct 6, 2009 12:33am
Quoting esbatu
This morning, I set my sell order on EUR AUD at 1.6690, TP at 1.6610 and 35pips stoploss through Oanda. When I check again, EUR AUD was at 1.6605. I thought I have bank some profits. But when I check on Oanda, instead of making some pips, my order got canceled due to BV (Boundary Violation). When I ask Mr.Google, it seems that this happen quite often with Oanda due to increase in spread, most of the time it is news related. In this case, interest rate announcement. Ever happen to you? ------- (Luckily, this is only on demo ). On to next trade.
Hey esbatu

You have the ability to set your range(bounds) to whatever you desire. This is to help prevent a widened spread from getting you into a trade unwanted. You can set them to whatever you are comfortable with in Oanda Tools - User Preferences. All brokers give bounds in some form or another.

Best
Mike
  • #45,308
  • Oct 6, 2009 1:25am Oct 6, 2009 1:25am
Hi Mike, I know there are two ways we can set the bounds for our trade. One is the way you describe and the other way is to manually set the bounds in the ticket order. But I didn't fill anything in the bounds column on the ticket order and I also never enable bounds in the User Preferences. So I assume that the bounds were never activated and my trade should be executed.

Anyway, this is how Oanda describe the BV:SL
"BV:SL stands for Bounds Violation on a stop loss order. An order is cancelled with the message "Order Canceled (BV:SL)" if at the time of order execution the stop loss condition had already been met. This more likely to occur around the news announcements due to increased spreads and higher volatility in the market.
An order that would be stopped out at the time of execution would result in an immediate loss - an action we assume you do not want to take. To avoid this loss, the platform treats take profits and stop losses in the same way as upper and lower bounds and will cancel the order if either of these bounds is violated."

So from the definition above, I supposed my trade was canceled because at the time the price reach my sell target, the spread was more than 35pips which is more than my stoploss range. Can we check back the spread during that particular time? Or anyone can confirm that?
  • #45,309
  • Oct 6, 2009 2:10am Oct 6, 2009 2:10am
Bartimer mt4
Attached File(s)
File Type: mq4 BarTimer.mq4   3 KB | 464 downloads
File Type: ex4 BarTimer.ex4   3 KB | 417 downloads
  • #45,310
  • Oct 6, 2009 2:18am Oct 6, 2009 2:18am
Quoting cvcamper
I accidently a zero on the end of that... When I walked back to my computer my set draw down and stop loss was almost hit at and instead of 2%.... 20% of my account was almost gone.... Trade started to go my way, and I got out at BE as fast as possible.....

Oh yes. After a couple of glasses of wine at lunch. My lesson learnt.

I am new here so do not have the experience to give back, but I can say to everyone, Do not even think about opening your platform (or eBay) if you have even had a sniff of booze.

James16, The good will in this site is the cherry on the cake, a cake of fabulous information, which offers a tourniquet to people who can not afford to haemorrhage money (ie everyone) and for the patient, and disciplined even more. So wishing you well on your current issues. One thing a like about the markets is the karma, throughout. It can attract the greedy, but it is the greedy that it will chew up and spit out the fastest.

Kind Regards to all.
Jason
  • #45,311
  • Oct 6, 2009 2:23am Oct 6, 2009 2:23am
morning yawl..if it is where you are??
Quote
a nice looking 4h BEOB on the eu/us just breaking. i like the location which has prooved a flip point for this pair mant times recently, we have bearish divergence and confluence with the 50 ema and the fib retrace.

lets see if we get a hard break??
well that did nt work out as i hoped for!! maybe i was a bit bias to the downside?! BUT.. thanx to the good teaching here i was able to get out without too much damage


Quote
Sorry jon, I'm not at my regular charts (FxPro, IBFX, etc.) Maybe try a close and restart. __________________
Quote
jon,
this thread may help. see post #17 there too.
Thanx guys, i cant seem to fix the problem so i am going to download this platform and a couple of others see what happens then. im just glad it is not the broker i use to trade with.
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #45,312
  • Oct 6, 2009 2:26am Oct 6, 2009 2:26am
[quote=esbatu;3120352] Can we check back the spread during that particular time? Or anyone can confirm that?[/quote]

go to the resourses tab menu and you will find the spread statistics tab/link. i think you find them there.

by the way i have mine turned off and have never had any problems with my orders on my live account??
jon
PATIENCE... DISCIPLINE
  • #45,313
  • Oct 6, 2009 2:44am Oct 6, 2009 2:44am
Quoting g_j_hook@yah
morning...
well that did nt work out as i hoped for!! maybe i was a bit bias to the downside?! BUT.. thanx to the good teaching here i was able to get out without too much damage
....
hey jon,
to me eurusd has been biased to go higher since the 1.4480 low (Oct.2).
looking at your chart, u may have missed the MACD & RSI bull. divergence from that price onwards. & the 1.46 area (bull flag) corresponded with your MACD's traverse of the 0 level to the upside (& RSI looks like bouncing from 50 level).
j16 method saved u (from further damage)
  • #45,314
  • Oct 6, 2009 3:10am Oct 6, 2009 3:10am
Anyone think this BEOB is tradable - until at least the bottom ?
Attached Image (click to enlarge)
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  • #45,315
  • Oct 6, 2009 3:30am Oct 6, 2009 3:30am
Quoting pipmyride
Anyone think this BEOB is tradable - until at least the bottom ?
My feed has a pinbar on the 4 hr, 2hr 30 mins into the following bar.
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If you can wait and not be tired by waiting...
  • #45,316
  • Oct 6, 2009 3:32am Oct 6, 2009 3:32am
Quote
Anyone think this BEOB is tradable - until at least the bottom ?
pipmyride,
which MT4 is that? has the candle closed already?

no charts but...
imho, if we tread 1.5900-1.5930 with momentum, then there maybe a possibility for further downmove. if that happens, seems to me 1.5550-1.58, if at all, will be the next traffic area.
  • #45,317
  • Oct 6, 2009 3:41am Oct 6, 2009 3:41am
hi g_j_hook@yah,
I check on the spread statistic as you pointed out and it did confirm that the spread during that time was more than 30 pips. So Oanda canceled my trade because my stoploss was too tight and smaller than the spread. Anyway, I considered this no trade = BE trade. So it still a win in my book. Thanks for your help
  • #45,318
  • Oct 6, 2009 3:45am Oct 6, 2009 3:45am
Quoting supremeChaos
hey jon,
to me eurusd has been biased to go higher since the 1.4480 low (Oct.2).
looking at your chart, u may have missed the MACD & RSI bull. divergence from that price onwards. & the 1.46 area (bull flag) corresponded with your MACD's traverse of the 0 level to the upside (& RSI looks like bouncing from 50 level).
j16 method saved u (from further damage)
hi SupremeC,(dont u ever sleep??) yep i should have taken more notice of that flag/channel break but the problem for me was the boundary lines were untested and rather messy to take as a trade. now the BUOB on the 4h TF which effectivly ended my trade would have been a good entry had i been here and prepared.
cheers
jon
Attached Image (click to enlarge)
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PATIENCE... DISCIPLINE
  • #45,319
  • Oct 6, 2009 3:48am Oct 6, 2009 3:48am

Quoting esbatu
hi g_j_hook@yah,
I check on the spread statistic as you pointed out and it did confirm that the spread during that time was more than 30 pips. So Oanda canceled my trade because my stoploss was too tight and smaller than the spread. Anyway, I considered this no trade = BE trade. So it still a win in my book. Thanks for your help
PATIENCE... DISCIPLINE
  • #45,320
  • Oct 6, 2009 3:56am Oct 6, 2009 3:56am
Hi. I shorted the pinbar on G/U Daily last week (pin no.1), breakout pattern + round number. My target is around 1.5500 since this is a breakout trade. The original stoploss was placed above the pin. Yesterday another pinbar was formed, and I move my stoploss above it (pin no.2).
Today after my stoploss was hit the price shoot down. I wonder if my trade management was inappropriate? Please give me some comment. How would you manage it if you were in this trade. Thank you.
Attached Image (click to enlarge)
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