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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

  • #57,101
  • Mar 3, 2010 4:36pm Mar 3, 2010 4:36pm
Isn't it better where she breaks the very next bar?

Quoting michal7
I set sell stop order yesterday at 1.0335 and will go break even at 1.0305 if it breaks. It was A+ setup for me.

What do you think? Pros/cons ?

My analysis:

+beautiful pin bar
+Big Round Number 1.0500
+50% fib
+(some, not very good)divergence
+S/R area
+1 year extreme

-first trouble area close but enough time to go break even

Plan:
1, go short at 1.0335
2, take half off at 1.0305
3, go break even(-10pips to allow room for pullback) at 1.0305
4, watch how it goes then, I'll be watching 1.0200 and 1.0070

Cheers,
Mikey
  • #57,102
  • Mar 3, 2010 4:37pm Mar 3, 2010 4:37pm
Quoting joelcf
(also, I believe there are some tax advantages for UK residents? So there might be a lower concentration of dodgy players there if people have a legitimate reason to use them.)
yeah trading through cdf#s / spread betting is tax free for us over here (uk)but it's a different trading experience and not one for the faint hearted, it offers itself to daytrading only oh and don't even think about trading on a big news day!

apart from that it's all good lol

regards

ic
  • #57,103
  • Mar 3, 2010 4:45pm Mar 3, 2010 4:45pm
Quoting giotto
Hey gang,

so I would like to share some of my bad trades as well, so you can avoid it next time hopefully same as me.



1. trade CADJPY: 4hr, PIN, 61.8 fibo touch, nice position, clear SL lvl just above pre-PIN bar and little above PPZ @ 86.15, [email protected]. After trade was triggered, market has moved immediately to 85.65 PPZ lvl. 1/3 of trade was closed and rest was put to BE. On the next bar I have managed to close another 1/3 when bar was making LL. Last 1/3 of trade was closed@BE.

Retrospectively trade was picked on nice place and managed...

Great post giotto. Great illustration of why we pass on setups and why we take'em.
Indicators show the past. Price Action "Indicates" the future.
  • #57,104
  • Mar 3, 2010 4:48pm Mar 3, 2010 4:48pm
your my brotha from anotha motha.



Quoting tubguy
What about me!!!!!! LOL
  • #57,105
  • Mar 3, 2010 4:51pm Mar 3, 2010 4:51pm
Quoting Jlr
This is a fact. I closed out a small lot maybe a few months back, after a quick 60 pip spike in my favor from cash rate decision, and I was given the exit as if the spike never happened. Even went through CS and they went through my logs and confirmed that I exited before the spike. Was the biggest BS I've ever been apart of in my short time in the currency world. Other then that though, haven't seen anything I thought was off. Just thought I'd bump your post because I am still pissed about it
I was joking about the slippage issue. I'm pretty impressed with Oandas backend handling systems. They're only passing on the condition of the market at news time.

Every time I've gotten steamed up about a trade 'I was screwed over with' I've looked at the position logs and order logs and so on and found an error on my part. ...Little things like forgetting I had a take profit set, or inputting a wrong number based on another pair's chart and so on. If you get caught out at news time, it'd be for a legit reason IMO.

Oanda's charting platform is ordinary on features (That's where MT4 is the solution). It's FAST though. None of this slow motion crap you get with the IBFX etc feeds. Oanda passes through what's happening 'right now'. I actually like that too... You know it's the real market (with adjusted spread)
Bundy's status today: "Waiting..."
  • #57,106
  • Mar 3, 2010 4:52pm Mar 3, 2010 4:52pm
i see you down there mike.
  • #57,107
  • Mar 3, 2010 4:53pm Mar 3, 2010 4:53pm
4 years and 41 posts.

come on man.
  • #57,108
  • Mar 3, 2010 4:53pm Mar 3, 2010 4:53pm
Quoting Jlr
CFD's don't have any holding periods, like stocks do. You can also trade off leverage, without being hit with a 7 percent interest fee per year (or whatever it is).
*edit* duh, you probably mean tax. I know we have some stupid holding period rules here for capgains. not sure what they are there, but I would assume that they are instrument agnostic- we get the same tax rate whether dealing in stocks, futures, CFDs (unless they are tax free because the Government considers them gambling products) or alaskan malamutes.

As for interest, if you are trading stocks, then the CFD house will charge you interest on your position. Usually around OCR/LIBOR +300bps (and naturally, they pay OCR -300bps on shorts), depending on the instrument. What's really insidious though is how they calcuate the interest. With a margin loan, you pay interest on the amount you originally borrowed. With a CFD, you pay interest on the entire position.

Say you enter a $10k position with $1k. They charge you interest on $10k, rather than the $9k you borrowed. Kinda sucky, but whatever.

The best part is what happens when your dodgy penny stock shoots through the roof and becomes a ten bagger. Now you have a $100k position. Congrats! You are rich(ish)! Your friendly CFD broker will now be charging you interest on the entire $100k. Even though you only borrowed $9k.

Pretty sure this is what the kids call 'fail'


Quoting Jlr
Do you know of any MT4 brokers who you trust to provide fair data? Right now I'm looking at Alpari. I don't see anything crazy in the last few months, but before that, there are definiately some worrisome spikes almost all over the place (oopsy, your referring to CFD futures, probably no holding times)
I have used IBFX for ages, never had a problem. MB Trading and FXCM seem to have pretty good reps around here too.
When you have to shoot, shoot. Dont talk.
  • #57,109
  • Mar 3, 2010 4:54pm Mar 3, 2010 4:54pm
he was freakin born here and 31 posts.

COME ON MAN.
  • #57,110
  • Mar 3, 2010 4:55pm Mar 3, 2010 4:55pm
Quoting james16
i see you down there mike.
haha What's happenin brother?! How's everything going down in the great state of Texas?

I think I'd be the french fry anyway?! Normally, I'd take that as an insult haha
I dream, therefore I become.
  • #57,111
  • Mar 3, 2010 4:59pm Mar 3, 2010 4:59pm
well the progressives havnt taken over here yet so its still ok. i thank god every night for that.

no insult old buddy. a compliment.



Quoting mike w
haha What's happenin brother?! How's everything going down in the great state of Texas?

I think I'd be the french fry anyway?! Normally, I'd take that as an insult haha
  • #57,112
  • Mar 3, 2010 5:03pm Mar 3, 2010 5:03pm
old tj.

i love kansas. spent a lot of time outside of independemce on an old farm fishing until my arm fell off.

those days are over sadly.
  • #57,113
  • Mar 3, 2010 5:07pm Mar 3, 2010 5:07pm
Quoting joelcf
*edit* duh, you probably mean tax. I know we have some stupid holding period rules here for capgains. not sure what they are there, but I would assume that they are instrument agnostic- we get the same tax rate whether dealing in stocks, futures, or alaskan malamutes.

As for interest, if you are trading stocks, then the CFD house will charge you interest on your position. Usually around OCR/LIBOR +300bps (and naturally, they pay OCR -300bps on shorts), depending on the instrument. What's really insidious though is how they calcuate the...
Does sound fail indeed. What I meant was the holding periods before the cash can be reinvested. For instance, you sell abc stock, you have to wait 3 days before the funds are available for use again. Lets say you have a smallish account (me!), and want to play a fade trade with a tight stop, not only may you not have proper funds to leverage yourself properly at 1 percent, but lets say you do and use up all of your funds, your next trade must be 3 days away! I just hate the restrictions like that. The interest thing does suck indeed, what mostly scares me though are price discrepancy's between feed and reality. If thats the case, then I definiately will not bother. What I wonder though, aren't most currency brokers bucketshops though anyway? Don't they have similar discrepancy's? I don't see what the major difference is besides the interest.
  • #57,114
  • Mar 3, 2010 5:09pm Mar 3, 2010 5:09pm
Quoting james16
well the progressives havnt taken over here yet so its still ok. i thank god every night for that.

no insult old buddy. a compliment.

That's good to hear brother, without a doubt!

BTW, tell me you were being serious about meeting Chuck Norris when he was in the Walker series...such a badass. haha

I actually watched one of those shows a few weeks ago for the first time and I doubt I've ever seen cornier acting other than maybe a seagal movie lol It was actually fun to watch.

I know it was no insult my man hah Sarcasm doesn't cross too good on the net... I still gotta figure that one out!
I dream, therefore I become.
  • #57,115
  • Mar 3, 2010 5:11pm Mar 3, 2010 5:11pm
Quoting bundyraider
I was joking about the slippage issue. I'm pretty impressed with Oandas backend handling systems. They're only passing on the condition of the market at news time.

Every time I've gotten steamed up about a trade 'I was screwed over with' I've looked at the position logs and order logs and so on and found an error on my part....
Wasn't sure hehe. For me it was a real problem. Price shot up literally 60 pips within 5 seconds or less, and I was about 5 pips short of my TP, and said cool whatever, I'll just close it out now (all thought up in literally a split second). When I closed it though, I got the exact price that was there before the huge spike. Maybe their servers were lagging or something? I don't know, just rubbed me the wrong way. Other then that Oanda had really been better then I expected.
  • #57,116
  • Mar 3, 2010 5:16pm Mar 3, 2010 5:16pm
Quoting james16
old tj.

i love kansas. spent a lot of time outside of independemce on an old farm fishing until my arm fell off.

those days are over sadly.
Hey James!

I don't post here much, I feel anything I can add has already been added. I do get to save a lot of great information on this thread. The help shared here is beyond amazing.

I have been at this all about 2 and 1/2 years. Started with Phil Nel's system, and just couldn't get it to work with my pyschology. This thread makes perfect sense to me, pyschology wise. But I am still breaking even. I take profits WAY too quickly, I gotta learn. When I know I can pyschologically do this, then I will join the PF to learn the more advanced stuff.

I am 31 and a perfectionist, so I have a lot to prove to myself, before I can go much further.

I will not give up though, because I cannot stand to keep working for someone else. I am to the point I would like to just work fast food, just like on the movie "American Beauty".

Anyway, I am in snobby Johnson County, Kansas. I don't like it here, but it is where I will be for a while. I have never been to Independence, Kansas, but I have heard of it. I actually grew up in North Missouri, so I know Missouri a lot better.

I just hope we can stop this progressive movement in the USA until this November. And then maybe we can be saved for a few more years at least.
  • #57,117
  • Mar 3, 2010 5:35pm Mar 3, 2010 5:35pm
Quoting james16
he was freakin born here and 31 posts.

COME ON MAN.
haha...sorry man, they cut out all my posts from beau's forum and the old pf! what else can i say? it's all in here already! and BAM, with this i just increased my post count by 3.2%. not bad for a day's work!
  • #57,118
  • Mar 3, 2010 5:38pm Mar 3, 2010 5:38pm
Quoting diggsnoob
haha...sorry man, they cut out all my posts from beau's forum and the old pf! what else can i say? it's all in here already!
Thought it didn't add up. That makes sense now. lol
Bundy's status today: "Waiting..."
  • #57,119
  • Mar 3, 2010 5:50pm Mar 3, 2010 5:50pm
Quoting james16
Me and mike were seperated at birth but he was kept in suspended animatioin until i was around 20 or so.

nice job brother.

jim
I swear every time I fall asleep Jim goes off! LOL

Separated yankees fan at birth is what he means
  • #57,120
  • Mar 3, 2010 5:54pm Mar 3, 2010 5:54pm
Quoting jarroo
Gotta wait for the Week close to confirm the formation. Still to early.

But your eyeing that right locational sweet spot. 1.5000 BRN, PPZ and 61.8 fib.
Ascending trend line also another factor on weekly timeframe to give it the old A status...if she forms that is.
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