james16 Chart Thread | Page 2923 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #58,441
  • Edited 8:40am Mar 17, 2010 8:01am | Edited 8:40am
Quoting benji533
Money is bullshit.
Money means nothing in itself. It's what a person does with money that makes a difference between being good and being evil. Look at Buffett, Gates, Kamprad, Jobs etc - are they evil or bad (as human beings)? Just think how many poor AND evil people are out there...

Money itself should not be the goal of one's life, for sure; but all those good things you can do with (a lot of) money are good motivators. Don't be afraid of money as such. There is nothing wrong with being paid WELL for what you do (well).

It's like a knife: it can be used as a sword (to kill), or a scalpel (to heal). Is knife "bullshit"?
One Chart is Worth Ten Thousand Words.
  • #58,442
  • Mar 17, 2010 8:07am Mar 17, 2010 8:07am
Quoting joelcf



...
What didn't you like about Covel?

Have you read Al Brooks "Reading Price Charts Bar By Bar?"
What about Crabel?

I'm probably going to do some reading in the near term too. Just curious I guess, and I know you have read most of the great books around!



Josh
  • #58,443
  • Mar 17, 2010 8:09am Mar 17, 2010 8:09am
Quoting Jduester
What didn't you like about Covel?
You've really unleashed the forces of hell with this question....

For what it's worth, I really like Brooks. Appallingly laid out, near unreadable charts, and not a writer, but man....the information is really good.
  • #58,444
  • Edited 8:13am Mar 17, 2010 8:09am | Edited 8:13am
joelcf

You where asking about a book earlier. I forgot about this one. Might not be very instructive "maybe yes maybe no" but it is a fun read for a trader. "Millionaire Traders" by Kathy Lien and Boris Schlossberg. LOL
  • #58,445
  • Mar 17, 2010 8:14am Mar 17, 2010 8:14am
Quoting mbqb11
Hey Whizz

This has to do with broker closing times. There can be a separate close for each of the 4hrs thus aggregating the price into a different look.

Mike

Oh yeah that's true.. Almost forgot.


Quoting TiaForex
You've really unleashed the forces of hell with this question....
LOL.. Yeah bomb blast is coming.
  • #58,446
  • Mar 17, 2010 8:22am Mar 17, 2010 8:22am
Quoting lovejoy80
TP hit for a 98 pips profit and more importantly 2.4R.

A couple of 'continuation' bars I took today

1. GBP / CHF - 4H BUOB - taken some off at first trouble area and the rest at BE

2. EUR / GBP - 4H BEOB and 1HR breakout and retrace of TL (Nasir outlined this one earlier). Again some taken off at 1st trouble area and the rest at BE.
How is it going dude.
.
  • #58,447
  • Mar 17, 2010 8:24am Mar 17, 2010 8:24am
Quoting TiaForex
You've really unleashed the forces of hell with this question....

For what it's worth, I really like Brooks. Appallingly laid out, near unreadable charts, and not a writer, but man....the information is really good.

Quote
LOL.. Yeah bomb blast is coming.


  • #58,448
  • Mar 17, 2010 8:31am Mar 17, 2010 8:31am
Quoting ljr
Hi Mp

I am with IG in the UK. You don't pay the whole spread every night. I think it is only a % but could vary with different pairs/instruments.
That wont be the spread - what you are seeing there is interest charges.

If you are taking a full lot of AUDUSD, for instance - you are selling USD92k and buying AUD100k. But to sell that USD92k, you need to hand your broker $92,000.

but thanks to the wonders of 100:1 leverage, you only need to put up 1% of that $92k - the broker lends you the rest. Just like a standard loan. And, just like a standard loan, they include a margin on the cost of funding. I think its generally about 25-30 points per side (although some will only charge it on the short side).

The USD borrowing rate they use is usually LIBOR*, which is 0.25%. Add in your basis spread, and they are charging you, say, 0.5% on $92k - about $1.26 a day.

most brokerages will charge you LIBOR, which is the interbank lending rate, or 3month tbills as a proxy for the riskfree rate. not sure about IG.

On the other side, you are buying $100k worth of AUD. Current RBA overnight cash is 4%. Take off the basis spread, and you are earning 3.75% - so $100,000 x .0375 x 1/365 = AUD10.27.. converting that back at .9200 gives you USD $9.45.

The difference between what you pay ($1.26) and what you earn ($9.45) is the amount they credit or charge you in interest each day... $8.19. Congrats, you just ran your own little carry trade!

(also, if you trade mini contracts, the tom/next spread they charge is generally alot larger - pretty sure its about 80bps for IG)

(double also: keep in mind that on wednesday, you will pay/receive triple to cover the weekend)

Obviously, stuff like broker spreads and funding charges will vary from broker to broker - but that's the rough version.
When you have to shoot, shoot. Dont talk.
  • #58,449
  • Mar 17, 2010 8:40am Mar 17, 2010 8:40am
Quoting jarroo
The best way I have found to find my PPZ levels (where Support and Resistance levels meet; flip zones.), is to start on the Weekly time frame and mark them there.

Then go to the Daily time frame and fine tune them (if needed) to Round Numbers or the .50 depending on the pair. On the Daily you will find other PPZ levels not seen on the Weekly. These are important levels as well, but the weekly levels are stronger.
Hi Jarroo,

Thanks for your comments, i will try out your method of finding PPZ on my next few trade.....
  • #58,450
  • Mar 17, 2010 8:47am Mar 17, 2010 8:47am
Quoting takingthepip
EUR/CAD H4 BEOB:

1. Large Size
2. At Swing High
3. With trend
4. Off PPZ/BRN 1.4000

First trouble area recent lows, then RN 1.3900

Happy St. Patrick's Day!



- TTP -
That worked out quite nice. Strong move down. Half taken off and stop on remainder moved to high of current H4 candle.



...
Attached Image (click to enlarge)
Click to Enlarge Name: eurcadh4.GIF Size: 21 KB
  • #58,451
  • Edited 9:47am Mar 17, 2010 8:48am | Edited 9:47am
Quoting Jduester
Have you read Al Brooks "Reading Price Charts Bar By Bar?"
Yes, yes I have - got thoroughly shafted importing it from the UK, but it is a great book. Although, as Aaron said, Al seems to have hired a retarded monkey as an editor. There are a couple of reviews in the PF, and everyone seems to see it in a similar way.

Quoting TiaForex
You've really unleashed the forces of hell with this question....
haha, I guess I deserve that. I'm not angry anymore, I swear!

The entire book is basically a schill for 'trend following'. Using poor arguments, cherry picked results and a healthy dose of turtle worship, he pretty much spends a couple hundred pages trying to convince you that 'the trend is your friend'. Oh, and conveniently leaves out any kind of details on how one would meet, date and perhaps go back to your hotel room with said 'trend'.

Conveniently, though, he also has a much more expensive book for sale called 'the complete turtle trader'! And a website where you can sign up for all kinds of 'the trend is king' goodness!

At least when I ramble about vague concepts and throw around baseless assertions I dont make people pay for it

re:Crabel, I have read about him in a Laurence Connors book, but never any of his stuff. And I am firmly on Team Victor, so it sounds good.
But HOLY HELL I am not paying that much. Or even this much.

Quoting bapxyz
You where asking about a book earlier. I forgot about this one. Might not be very instructive "maybe yes maybe no" but it is a fun read for a trader. "Millionaire Traders" by Kathy Lien and Boris Schlossberg. LOL
I kinda like Kathy's analysis, and read/watch it pretty much daily, but man her trading books are basic. I paged through 'High Probability Trading Setups' or something similar, and talk about generic advice.

Never let a winner turn into a loser
Never risk more than 2% per trade
Logic Wins, Impulse Kills

Well, if you were a beginner, you might get some value. If you are in this thread though, you already know all that stuff...and then some.


Quoting jspeakman
Thanks for this - very interesting and helpful. (any tips on books btw?)
For PA-related reading, Pring on Price Patterns and the aforementioned Al Brooks book are everything one needs (well, outside this thread).

You could probably throw in John J Murphy's Technical Analysis of the Financial Markets, Nison's first candlestick book or Schwager on Futures if you want a bit more to read, but the first two are solid.

If you more mean on the 'why is the funny line bouncing all over the chart?!' side of things, Trading and Exchanges by Harris is amazing - it even gets endorsements from Mike and... Darkstar! It's suprisingly readable, too. Alot of practical info. If you want to go deeper than that, though, I hope you enjoy spending your free time with some heavy quantitative math and continuous time finance. Ugh.
When you have to shoot, shoot. Dont talk.
  • #58,452
  • Mar 17, 2010 8:50am Mar 17, 2010 8:50am
Quoting joelcf

If you more mean on the 'why is the funny line bouncing all over the chart?!' side of things, Trading and Exchanges by Harris is amazing - it even gets endorsements from Mike and... Darkstar! It's suprisingly readable, too.
I haven't even got around to reading this yet but I have heard good things
  • #58,453
  • Mar 17, 2010 9:10am Mar 17, 2010 9:10am
Would reading and referencing the Al Brooks book "Reading Price Charts Bar By Bar" compliment the tuition and practices in this thread?
"I made all my money by selling too soon"
  • #58,454
  • Mar 17, 2010 9:18am Mar 17, 2010 9:18am
Quoting takingthepip


That worked out quite nice. Strong move down. Half taken off and stop on remainder moved to high of current H4 candle.



...
Nice...I had seen this setup earlier but didnt set an alert and it had broken hard by the time I re-checked my chart...nice easy trade that one.
  • #58,455
  • Mar 17, 2010 9:18am Mar 17, 2010 9:18am
Quoting Bleek
ZERO tax on spread betting is nice but I just don't trust the operators, they're charts seem suspect and massaged, in fact check the T's and C's of most spread betting firms and they'll admit, in very small print, to manipulation of price!
i used ig index, but that was way back before i discovered j16. didn't like the charting as its all on line. main gripe was that on most fx pairs you have to keep your stop a certain distance away from current price i.e 30, 40 pips even more sometimes. This is a problem if you are a quick to b/e trader.

not sure if they still have these limitations or if there are other spread betting co.s that are better.
  • #58,456
  • Mar 17, 2010 9:29am Mar 17, 2010 9:29am
Quoting faizal82
i used ig index, but that was way back before i discovered j16. didn't like the charting as its all on line. main gripe was that on most fx pairs you have to keep your stop a certain distance away from current price i.e 30, 40 pips even more sometimes. This is a problem if you are a quick to b/e trader.

not sure if they still have these limitations or if there are other spread betting co.s that are better.
I tried IG back in the day and noticed quite a bit of shift in their prices compared to ECN feeds, naughty, but again they cover themselves in the small print! Scary.

I typically use a 30-40 pip stop anyway but I'd still avoid a spread bet!
"I made all my money by selling too soon"
  • #58,457
  • Mar 17, 2010 9:33am Mar 17, 2010 9:33am
Quoting lovejoy80
Nice...I had seen this setup earlier but didnt set an alert and it had broken hard by the time I re-checked my chart...nice easy trade that one.
Sorry you missed that one Lovejoy. I had a pending order set and went to lunch, otherwise I could easily have missed it myself. I'm going to try to hang on to the remainder on this one. I've got a mighty 1 microlot riding on it!

(in demo still ... )

- TTP -
  • #58,458
  • Edited 11:19am Mar 17, 2010 9:38am | Edited 11:19am
Hi guys, it's been a while since i have posted and i have been practicing on the 4 hr and daily charts with mixed success. (mostly on OVBs)

I recently spotted a pending trade. A possible Pinocchio bar spotted, but it looks ambiguous.

Here is the screenshot:

http://i801.photobucket.com/albums/y...g?t=1268842755

Does that qualify as a signal?

thanks for any help..
  • #58,459
  • Mar 17, 2010 9:52am Mar 17, 2010 9:52am
Quoting takingthepip


That worked out quite nice. Strong move down. Half taken off and stop on remainder moved to high of current H4 candle.



...
hmmm!!! another so so bar....be careful with this next time takingthepip...it worked now but will it work next time, not trying to be anti-anything but ....
look at the beob that formed on the 12th and compare to yours, i actually took that one and came out with a be with it started playing around 1.3910 area.(closed it manually)
looking at urs, it would be about 20pips before 1st trouble area of 1.3910
you could also try zooming out one more time
im just trying to help, dont take it the wrong way man
cheers
squeezy
Simplicity is the key to success
  • #58,460
  • Mar 17, 2010 9:52am Mar 17, 2010 9:52am
Quoting benji533
I can be a moron kid which never graduated high school but make more money than a talking head which have learned tens of years, carrying degrees in economics, knowing exactly how the market works etc. He can be the best analysist ever, with X1000 more knowledge than me on how the market works.
Jim Cramer would probably argue with that. And win by a margin of around $57,999,000.
When you have to shoot, shoot. Dont talk.
46 traders viewing now, 1 is registered:
Zojahamad