james16 Chart Thread | Page 2932 | 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

  • #58,621
  • Mar 18, 2010 12:36pm Mar 18, 2010 12:36pm
Quoting takingthepip
Well, I'm taking the plunge over the next few days and have started the process for opening a live account. I've been doing well with the James16 free material but have trouble focusing while I'm only on demo. Have managed breakeven/slightly profitable for 5 months now so the next step is to trade microlots live to see if I can maintain that performance with real money. Of course, I'll be aiming to constantly improve.

A huge thanks to James, Jaroo, Mike and all of the other contributors on this great thread, there are far too many good people...
Uh-Oh!! My application for a live account has just been approved.



- TTP -
  • #58,622
  • Mar 18, 2010 12:37pm Mar 18, 2010 12:37pm
Quoting m_cat12
Thank you so much for your post 4X=0. I truly appreciate you taking the time to respond. Trading the ES can be a bit frustrating on the lower tick charts...especially for a beginner trader. I've been thinking about FX for a long time and I feel that its time to make the jump. This thread and the teachings (and people) have given me even more reason to make the switch. If it will help me to refine the J16 techniques, and allows me to post on this thread more frequently, then I'll be a happy trader.

Thanks again and take care,
Dont give up on the ES just yet, it has many advantages over forex and PA works just as well even on a 5 minute chart. If youre interested I can post some examples.
  • #58,623
  • Mar 18, 2010 12:39pm Mar 18, 2010 12:39pm
Quoting lovejoy80
I'm trying to learn some more advanced techniques in my trading ... and analyse the charts in more depth witha view to spotting trend changes and adding additional positions as a trend develops.

I'm half decent and trading PA at coinfluenced areas on the daily, 4H and 1H time frames but found upon review that I exit winning positions too often and miss further opportunities to add my original position and vreat some nice %R returns. (also trying to learn the Rac, Trigger, Nasir style of trading too but this will take longer!)

I've got three positions...
Dont you just love the SNB...CHF pairs drop like a stone when they announce that interest rates will increase and basically they will leave the exchange rate to market forces and no more intervention...that truly f*cked up my GBP / CHF trades!
  • #58,624
  • Mar 18, 2010 12:42pm Mar 18, 2010 12:42pm
Quoting Mp1983
Hi Guys,

I had a buy order on the GBP / USD set at 15220 and I can see from IG's charts that price went to this level at around 3pm however my order did not get filled! Price has subsequently gone 30 pips in my anticipated direction since!

Can I get IG to somehow manually fill my order at that price?

This along with yesterdays discussion on rolling contracts is starting to annoy me now!!

Thanks,

MP.

you should be able to use a limit order for that..

regarding the rollover it isn't as bad as it seems.
ok so your trade gets closed and opened again at rollover, and yes it costs you (much like you get on standard fx), and yes your Pnl is reflected according to the new position. but is this really so bad! i would like to understand why you finding SB so annoying?
  • #58,625
  • Mar 18, 2010 1:04pm Mar 18, 2010 1:04pm
Quoting Bollocks
you should be able to use a limit order for that..

regarding the rollover it isn't as bad as it seems.
ok so your trade gets closed and opened again at rollover, and yes it costs you (much like you get on standard fx), and yes your Pnl is reflected according to the new position. but is this really so bad! i would like to understand why you finding SB so annoying?
Hi, I actually did set a buy limit order but it did not get filled even though price had hit my order to open level!

In relation to the rollover, well its because on sideways markets or markets where there is little movement in any direction the constant hit of a spread cant take substantial profits off the table.

  • #58,626
  • Mar 18, 2010 1:21pm Mar 18, 2010 1:21pm
Quoting Mp1983
Hi, I actually did set a buy limit order but it did not get filled even though price had hit my order to open level!

In relation to the rollover, well its because on sideways markets or markets where there is little movement in any direction the constant hit of a spread cant take substantial profits off the table.

ok well that is odd regarding the limit order since the whole point of it is for that very purpose.

dont ig claim to apply 1 pip to the rollover. lets say for 5hits and giggles its 4 pips.. you still looking at a tax free profit outcome and even if it chews 10% off the profits it is better than paying tax.
i am looking into moving my operations to ig from an ecn in the usa. now although i havent opened any positions with them yet i still think all these small caveats are not bad considering.
  • #58,627
  • Mar 18, 2010 2:31pm Mar 18, 2010 2:31pm
That was my first H4 trade but it was a loser

I thinks I may be getting a bit ahead of myself just like actos mentioned.
I've also tried to incorporate overnight range breakouts to add to positions. Initially this went well, but recently had a string of losers .... I figure the DIBS approach may be better, what do you guys think?

Quoting jarroo
How does this PB look? What do you guys think?
  • #58,628
  • Mar 18, 2010 3:15pm Mar 18, 2010 3:15pm
Sorry, I forgot to add my chart as my feed may be different from others (Alpari UK).

I entered the break of the huge pin 123.70 (allowing for buffer) but as soon as my price got hit it stalled and I was taken out at my stop loss.

PS how do you guys put arrows and comments into your charts?


Cheers,


Stef

Quoting Pinnocchio_S
That was my first H4 trade but it was a loser

I thinks I may be getting a bit ahead of myself just like actos mentioned.
I've also tried to incorporate overnight range breakouts to add to positions. Initially this went well, but recently had a string of losers .... I figure the DIBS approach may be better, what do you guys think?
Attached Image
  • #58,629
  • Mar 18, 2010 3:55pm Mar 18, 2010 3:55pm
Quoting Bollocks
ok well that is odd regarding the limit order since the whole point of it is for that very purpose.

dont ig claim to apply 1 pip to the rollover. lets say for 5hits and giggles its 4 pips.. you still looking at a tax free profit outcome and even if it chews 10% off the profits it is better than paying tax.
i am looking into moving my operations to ig from an ecn in the usa. now although i havent opened any positions with them yet i still think all these small caveats are not bad considering.
1 pip? Not in my account. They simply close your position and open a new one at whatever the prevailing market price is, the spread is not discounted at all.

  • #58,630
  • Mar 18, 2010 4:05pm Mar 18, 2010 4:05pm
Quoting Pinnocchio_S
Sorry, I forgot to add my chart as my feed may be different from others (Alpari UK).

I entered the break of the huge pin 123.70 (allowing for buffer) but as soon as my price got hit it stalled and I was taken out at my stop loss.

PS how do you guys put arrows and comments into your charts?


Cheers,


Stef
Maybe the line chart would say you more.(chart 1) The ppz area was at 123.70 thats why the price stalled there.

And if you look at the daily you'll see that the trend is down. The price hit the 125.00 three times and the last one was a pinbar. The size of that pinbar wasnt so big but the location was good (BRN, PPZ). (chart 2)

Attached Image (click to enlarge)
Click to Enlarge Name: ej.png Size: 55 KB
Attached Image (click to enlarge)
Click to Enlarge Name: ej 2.png Size: 57 KB


edit: almost forgot ... i usually use Paint for editing the image cause its easy and quick so i add the arrows and comments there
Attached Image (click to enlarge)
Click to Enlarge Name: paint.png Size: 72 KB
  • #58,631
  • Mar 18, 2010 4:17pm Mar 18, 2010 4:17pm
Quoting Pinnocchio_S
That was my first H4 trade but it was a loser

I thinks I may be getting a bit ahead of myself just like actos mentioned.
I've also tried to incorporate overnight range breakouts to add to positions. Initially this went well, but recently had a string of losers .... I figure the DIBS approach may be better, what do you guys think?
You must always look at the higer timeframes and you must remember that the higer timeframe has priority. In this case the daily had priority over h4 ...

I usually use lower timeframes to help me out to enter in a trade
  • #58,632
  • Mar 18, 2010 4:21pm Mar 18, 2010 4:21pm
Thanks, should have highlighted that potential problem area!

I will try to incorporate those paint editing features in future.

Thanks again

Quoting ppfx
Maybe the line chart would say you more.(chart 1) The ppz area was at 123.70 thats why the price stalled there.

And if you look at the daily you'll see that the trend is down. The price hit the 125.00 three times and the last one was a pinbar. The size of that pinbar wasnt so big but the location was good (BRN, PPZ). (chart 2)

Attachment Attachment

edit: almost forgot ... i usually use Paint for editing the image cause its easy and quick so i add the arrows and comments there
Attachment
  • #58,633
  • Mar 18, 2010 5:02pm Mar 18, 2010 5:02pm
Quoting Mp1983
1 pip? Not in my account. They simply close your position and open a new one at whatever the prevailing market price is, the spread is not discounted at all.

Don't know if the following is helpful, its from IG's dealing handbook. I certainly don't pay the whole spread for each rollover only what is specified here:

However, if you want to keep your bet open
you can roll your bet over to the following day
by setting the Daily Autoroll flag. This involves
closing the old bet and opening a new one.
For rolled bets, the position is closed at the
middle of the IG price, and reopened with a
rollover adjustment. For details on how this
rollover adjustment is calculated, see note (a)
in the Notes to Spot Forex Information Table

in the Dealing Handbook............

Notes to Spot Forex Information Table

a) Rollovers: The client may, at any time before 19.30 on the day of the bet,
instruct that a Spot Forex bet be rolled to the following trading day. If a rollover
instruction is given, the bet will be closed at the middle of the IG price at 20.00. A
new bet of equal size and direction will then be opened for the following day at
the same price, but with a rollover adjustment.
The rollover adjustment comprises two parts:
i) a market interest adjustment. This is set by the underlying market and
represents the interest you either pay or receive to hold a forex transaction
overnight. Whether this is to your benefit or not depends on which currency
you are buying and which you are selling in your currency pair. If the currency
you have bought has the higher rate of interest, the adjustment will be to your
benefit; if the currency you have bought has the lower rate of interest, it will not.
For current interest rates on forex pairs (called Tom/Next levels), please contact
our dealing desk.
ii) a rollover charge of 0.0055% of the closing price x bet size. This equates to an
annual rollover charge of approximately 2%.
For weekend rolls, you will be subject to the market interest adjustment for the
three day period, but the rollover charge will only be applied once.
If you choose to roll a Spot Forex bet that has an existing Stop and/or Limit order,
then the Stop and/or Limit will be attached to the next day’s rolled bet at the
same level as before.
b) If no rollover instruction is received, Spot forex bets will expire at the middle of
the 20.00 price for the rate concerned plus or minus half the IG spread.
c) Spreads are subject to variation, especially in volatile market conditions.
Spreads are aligned with the underlying market, moving between fixed
minimum and maximum levels.
d) On Controlled Risk bets the Controlled Risk premium is charged on the
opening price. It is either added to the offer price or subtracted from the bid price
on opening. Controlled Risk bets close at the normal IG closing price.
e) Normal dealing hours are from 21.00 London time on Sunday until 22.00
London time on Friday.
f ) On certain markets, different deposit rates apply depending on the type of
account you hold. Where there are two deposit factors listed, the lower figure

applies to the Plus Account and the higher figure to the Select Account.
  • #58,634
  • Edited 6:16pm Mar 18, 2010 5:40pm | Edited 6:16pm
Quoting Bollocks
you still looking at a tax free profit outcome and even if it chews 10% off the profits it is better than paying tax.
i am looking into moving my operations to ig from an ecn in the usa. now although i havent opened any positions with them yet i still think all these small caveats are not bad considering.
Only capital gains are taxfree (in the UK) - if your job is spread betting (forex or otherwise), the income will still be taxable.

Anyways, I would seriously reconsider. Between the basis spread on the interest rates (esp for mini accounts), the larger spread you get hit with, the propensity for random spikes to appear, the slippage in and out of positions, the 'controlled risk'/'guaranteed stop loss' premium, and just the general shadiness of it all, you will be lucky to come out ahead at all. Stick with a reputable broker.

*edit* also, there seems to be a ton of confusion about the tom/next procedure and rollover, but basically you should not be paying a bid/ask spread on rollover. It isnt done at market rates, no actual transaction takes place. RCL and ROP are synthetic transactions and have no spread. The difference between the two is the interest rate differential, minus the basis spread that your shady broker is adding.

It isnt like a futures roll where you actually sell one contract and buy the next, and therefore will pay a spread.

(then again, there are alot of shady forex merchants out there, so it would suprise me if some do charge you a spread that they never incur)
When you have to shoot, shoot. Dont talk.
  • #58,635
  • Mar 18, 2010 5:43pm Mar 18, 2010 5:43pm
Quoting 89tick
Dont give up on the ES just yet, it has many advantages over forex and PA works just as well even on a 5 minute chart. If youre interested I can post some examples.
Yes- post some examples
every Saint has a past. Every Sinner has a Future
  • #58,636
  • Mar 18, 2010 8:20pm Mar 18, 2010 8:20pm
Quoting Pinnocchio_S
I entered the break of the huge pin 123.70 (allowing for buffer) but as soon as my price got hit it stalled and I was taken out at my stop loss.

PS how do you guys put arrows and comments into your charts?


Cheers,


Stef
Sounds like your stop loss was pretty tight. (but not sure) Looks like you managed very well in my book. Although the PB had some good qualities, you know it wasn't the best PA setup, right?

The 4 hour PB is still valid.
Indicators show the past. Price Action "Indicates" the future.
  • #58,637
  • Mar 18, 2010 8:30pm Mar 18, 2010 8:30pm
Quoting ppfx
Maybe the line chart would say you more.(chart 1) The ppz area was at 123.70 thats why the price stalled there.

And if you look at the daily you'll see that the trend is down. The price hit the 125.00 three times and the last one was a pinbar. The size of that pinbar wasnt so big but the location was good (BRN, PPZ). (chart 2)
Quoting ppfx
You must always look at the higer timeframes and you must remember that the higer timeframe has priority. In this case the daily had priority over h4 ...

I usually use lower timeframes to help me out to enter in a trade

Excellent ppfx.

The Daily told a bigger and better story that should have made the 4 hour PB an easier pass.

Nice job.
Indicators show the past. Price Action "Indicates" the future.
  • #58,638
  • Mar 18, 2010 8:52pm Mar 18, 2010 8:52pm
One to watch, IMO
Attached Image (click to enlarge)
Click to Enlarge Name: CADCHFDaily.png Size: 40 KB
  • #58,639
  • Mar 18, 2010 9:09pm Mar 18, 2010 9:09pm
Quoting 4X=0
One to watch, IMO
Not to bad .. the size would need to be a lot bigger to reverse the strong uptrend that we are in.

The traffic is heavy, mainly the RN (1.0400) and PPZ level. Price breaking hard through this level and then retracing with some bearish PA would be something to watch. Also to watch, bullish PA at this level to continue with the up trend.
Attached Image (click to enlarge)
Click to Enlarge Name: dailycadchz.gif Size: 21 KB
Indicators show the past. Price Action "Indicates" the future.
  • #58,640
  • Edited 1:04am Mar 19, 2010 12:28am | Edited 1:04am
Quoting joelcf
Only capital gains are taxfree (in the UK) - if your job is spread betting (forex or otherwise), the income will still be taxable.

Anyways, I would seriously reconsider. Between the basis spread on the interest rates (esp for mini accounts), the larger spread you get hit with, the propensity for random spikes to appear, the slippage in and out of positions, the 'controlled risk'/'guaranteed stop loss' premium, and just the general shadiness of it all, you will be lucky to come out ahead at all. Stick with a reputable broker.

*edit* also,...
well the higher spread is insignificant in my opinion. random spikes are in standard fx accounts as well, slippage also in standard fx, guaranteed stop loss, well that is more than likely just a money spinner for new traders. i have done extensive research on this and have found that your order is hit 99% of the time. like normal markets you can get slippage but its a rare thing and the tax free side offsets this. as for shadiness i doubt the large guys deal in such ways simply because it would drive business away. they want consistent account holders because they can 1) shadow the trades and 2) consistently earn the spread. the reputation spread betting has is largely due to the 95% of losers out there. they blame the tools but not their own doings. show me one example of an ex employee of these firms coming out with evidence or even stories of dodgy dealings. you wont find one because all the hype about SB is largely due to the masses of losers

regarding the tax you are wrong. if it were the case you would get professional gamblers paying income tax and the government would have to allow some kind of loss offsetting too which they will not do because its gambling and 95% lose and that wouldcould cost them large sums.
i am a member of traderstax.co.uk, see below
42 traders viewing now