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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

  • #59,921
  • Apr 4, 2010 11:05am Apr 4, 2010 11:05am
but each tick means quite alot in a futures contract... most futures trader have tight stoplosses like 1-2 points away??? they seem to cut loss when the market have moved against them by a few tick... so im wondering if the pinbar strategy is to be used on a lower timeframes in futures..
  • #59,922
  • Apr 4, 2010 11:10am Apr 4, 2010 11:10am
Quoting PrymeTyme
Hi All


just want to let ya all know that James16 is on Facebook now

http://www.facebook.com/group.php?gid=323457032636

would be cool to meet some and get connected a lil more..

take care
4,000 pages on FF and 1 post and 5 members on FB.
Strange!!!
  • #59,923
  • Apr 4, 2010 11:26am Apr 4, 2010 11:26am
Quoting nasir.khan
4,000 pages on FF and 1 post and 5 members on FB.
Strange!!!
Not strange at all.

People like their relative anonymity here. That's my guess anyways.
  • #59,924
  • Apr 4, 2010 12:13pm Apr 4, 2010 12:13pm
Quoting ertorque
I myself have been thinking a lot lately about what would be a 'reasonable' profit from trading the higher TF according to the methods that are taught here.
For example let's assume the following:
1) Risking 2% every trade
2) Trade only setups that has reward:risk greater or equal to 0.5 (I know this is not practical as many traders here would sometimes go as low as 0.25 but just to set a reference here)
3) Win rate = 80%
4) 10 trades per month...
CY
Hey CY,
im not the best to give an insight about this but..

u may be overanalyzing it &
i think your 4 points above will not be achieved by most people;
since everyone is unique..
some will risk 1%/others above 2%,
some will care about R:R, others wont,
win rate may be +/-80%,
& trades per month will vary

also, (like i told Scotty2Cues in his thread) it would be best to concern yourself more about trading well (or learning to trade well) than focus on how many pips u can make.
  • #59,925
  • Apr 4, 2010 12:23pm Apr 4, 2010 12:23pm
Quoting supremeChaos
Hey CY,
im not the best to give an insight about this but..

u may be overanalyzing it &
i think your 4 points above will not be achieved by most people;
since everyone is unique..
some will risk 1%/others above 2%,
some will care about R:R, others wont,
win rate may be +/-80%,
& trades per month will vary

also, (like i told Scotty2Cues in his thread) it would be best to concern yourself more about trading well (or learning to trade well) than focus on how many pips u can make.
yep supreme is right here, focusing on the what can be is time wasted IMO. You have to learn to develop your style and these things will take care of themselves. Depending on the individual 2% a month could be amazing, or 10% could be considered amazing, and everything in b/w and around. But IMO that leads to more distracting then good(for the trader that is not profitable). Someone could be trading and making 3-4% a month, and say "this isn't enough for me" so they start over trading, or increasing risk etc. Instead of realizing the true strength and power of what this will do for your account. Too many variables and I could think of reasons to find someone on every curve of those variables.

Happy holidays all
Mike
  • #59,926
  • Apr 4, 2010 12:24pm Apr 4, 2010 12:24pm
Quoting benji533
So sorry to anyone that got offended and to you Mike because I have posted this in your face.
Happy Easter to you.

Ben
dude you couldn't offend me if you tried
  • #59,927
  • Apr 4, 2010 12:27pm Apr 4, 2010 12:27pm
Quoting smallkuku
i know this is a forex thread.. but i know james16 trades futures as well... does he trade them on the daily and 4/hr timeframe?? i understand futures trader trade by the tick... so most of them trade the less than 5mins chart..
Hey Small

Yes James trades them from the tick(I forget the exact number 2000 maybe) all the way to the weekly timeframe. It still comes down to position sizing depending on the contract. Obviously some markets take a lot more money account size wise compared to the forex market which has the most flexibility for granularity.

Best
Mike
  • #59,928
  • Apr 4, 2010 12:39pm Apr 4, 2010 12:39pm
Hi Mike,

What do you think of the weekly USD CHF chart?
Would you say it is a valid pin bar off valid support (Fibs and RN)?

Thanks

P
  • #59,929
  • Apr 4, 2010 12:43pm Apr 4, 2010 12:43pm
Quoting PeterPan
Hi Mike,

What do you think of the weekly USD CHF chart?
Would you say it is a valid pin bar off valid support (Fibs and RN)?

Thanks

P
Hey P

This one has a more neutral bar look(with the open and close towards the middle) to me then a real true pin(even though this is yes still a pinbar). The support is nice, but the bar is too sloppy for me. It is in a lot of traffic(see video just posted) meaning that if someone does take this that previous weeks high is the first trouble area and could give this trade trouble.

Let me know if that makes sense
Mike
  • #59,930
  • Apr 4, 2010 12:50pm Apr 4, 2010 12:50pm
Thanks, Mike.

I thought you'd say that!

P
  • #59,931
  • Apr 4, 2010 1:48pm Apr 4, 2010 1:48pm
Quoting supremeChaos
Hey CY,
im not the best to give an insight about this but..

u may be overanalyzing it &
i think your 4 points above will not be achieved by most people;
since everyone is unique..
some will risk 1%/others above 2%,
some will care about R:R, others wont,
win rate may be +/-80%,
& trades per month will vary

also, (like i told Scotty2Cues in his thread) it would be best to concern yourself more about trading well (or learning to trade well) than focus on how many pips u can make.
+1
skfx once told this in a very interesting way and i just could forget it. Here is his post: click
  • #59,932
  • Apr 4, 2010 2:51pm Apr 4, 2010 2:51pm
Quoting 4X=0
nah it's cool, i thought it was funny
Cool
Quoting mbqb11
dude you couldn't offend me if you tried
lol didn't really thought otherwise
Quoting ppfx
thanks for revealing the simbol name... lol i was really wondering which pair is that, cause on friday when the markets closed i was viewing all the pair i have on my FxPro to see how the markets closed on the weeklies and dailies and i think i would remember a BEOB that big so i checked it again now and it seems i dont have it on my FxPro.... not that i would take it i was just curious...
Yea you don't have that on FXPro. I have just tried opening all the MT4s I had on my computer and found that on the first one I have downloaded in Hebrew there is a list of 170 things to trade. I can't find which broker it is though. All I see in the "about" is MetaQuotes software corp.

I spent another few hours today looking for a new broker. I looked further into it and found what I am looking for is CFDs. Looking second time at aplri they seem quite good offering 29 FX pairs, gold, silver and 92 CFDs. Only problem they do not offer the CFDs on their micro account. But I will keep looking.

Being all last week at home, I spent much time scanning trough my new list of things to trade, plus period converting them from 1D-7D charts and still finished missing this trade below. I had being managing 4 trades last week only on daily and higher (ohh one 10H). Man 4 trades a week is A LOT for me. I must become Picker! but no loses none the less.
Now who says you can't grow an account on high time frame only? I swear I can't see the difference between the chart below and the EURUSD, besides it moves only 8 hours a day - which I prefer much better.
Attached Image (click to enlarge)
Click to Enlarge Name: 55598p9999999999999999989999999999999i9899999999999999999999.gif Size: 13 KB
  • #59,933
  • Apr 4, 2010 3:21pm Apr 4, 2010 3:21pm
Hey Benji,

Thank you so much for all of your posts. If you get a chance check out broco trader. They have TONS of CFDs along with tons of other charts. Make sure you right click the little market watch box and click "show all".

Take care,

Donnie
  • #59,934
  • Apr 4, 2010 4:05pm Apr 4, 2010 4:05pm
Quoting uraceulose
Hey Benji,

Thank you so much for all of your posts. If you get a chance check out broco trader. They have TONS of CFDs along with tons of other charts. Make sure you right click the little market watch box and click "show all".

Take care,

Donnie
WOW - 278 things in their watch list. I would definitely look into it deeper.
They allow micro lots but their spreads are pretty much wiled I think: http://www.brocompany.com/trading-pl...ader/forex-bt/

Basically all the broker listed here are offering CFDs as well: http://www.earnforex.com/forex-brokers-cfd/

My only concern is that I am trying to stick to the major brokers. I am quite dumb when it comes to brokers and their dirty tricks. I don't have the time and willingness to deal with fishy brokers if something happens. And I have never heard about broco trader before.
Do you have any experience with them? or anyone else for that matter? I would need a proper research before I do anything.

Thanks for sharing mate! I appreciate that.

Ben
  • #59,935
  • Apr 4, 2010 4:13pm Apr 4, 2010 4:13pm
Quoting benji533
WOW - 278 things in their watch list. I would definitely look into it deeper.
They allow micro lots but their spreads are pretty much wiled I think: http://www.brocompany.com/trading-pl...ader/forex-bt/

Basically all the broker listed here are offering CFDs as well: http://www.earnforex.com/forex-brokers-cfd/

My only concern is that I am trying to stick to the major brokers. I am quite dumb when it comes to brokers and their dirty tricks. I don't have the time and willingness to deal with fishy brokers if something...

Ben,

I personally DO NOT use broco for my live trading at all. I haven't heard any good/bad info about them either. I too am very weary when choosing a broker and it's tough to find one with a lot of choices like broco. Right now I'm on oanda but they would not work for what you're trying to do, they pretty much only have currency pairs.

I'd look around in the broker section a little bit and just see if there are any comments or complaints about them whatsoever. Then google their name as they key word along with scam or something to that effect. This is what I've done in the past when choosing mine.

As you know though, there is tons of great advice from members here and I'm sure there's a few guys that have used broco in the past.

Take care and no problem,

Donnie
  • #59,936
  • Apr 4, 2010 4:31pm Apr 4, 2010 4:31pm
Quoting uraceulose
Ben,

I personally DO NOT use broco for my live trading at all....
Hey Donnie,

Thanks for the advice. Sounds good.
By the way I am currently with Oanda as well.

Again I would do more research, and thanks for sharing buddy

Take care
Ben
  • #59,937
  • Apr 4, 2010 5:20pm Apr 4, 2010 5:20pm
Quoting benji533
WOW - 278 things in their watch list. I would definitely look into it deeper.
They allow micro lots but their spreads are pretty much wiled I think: http://www.brocompany.com/trading-pl...ader/forex-bt/

Basically all the broker listed here are offering CFDs as well: http://www.earnforex.com/forex-brokers-cfd/

My only concern is that I am trying to stick to the major brokers. I am quite dumb when it comes to brokers and their dirty tricks. I don't have the time and willingness to deal with fishy brokers if something...
i usually check the brokers here: link and here is the review of broco: link
  • #59,938
  • Apr 4, 2010 5:23pm Apr 4, 2010 5:23pm
Quoting ppfx
i usually check the brokers here: link and here is the review of broco: link
Be careful with ForexPeaceArmy. They are apparently themselves not the most honest operation from what I've read.

Benji,
Other brokers to have a look at might be odl securities and GFT. The issue with both is their lot sizes.
  • #59,939
  • Apr 4, 2010 5:26pm Apr 4, 2010 5:26pm
Quoting o990l6mh
Be careful with ForexPeaceArmy. They are apparently themselves not the most honest operation from what I've read.
i am curious. what's wrong with forex peace army? just a question ...
thx
meine augen sind die sterne
  • #59,940
  • Apr 4, 2010 5:33pm Apr 4, 2010 5:33pm
Quoting aserbfx
i am curious. what's wrong with forex peace army? just a question ...
thx
The site owner, Felix Homogratus, apparently he runs some sort of service himself and guess if it get's the highest rating and guess if negative posts on it are removed?

There's a lot to read about this person, it's a while since I came across it, but I found this link which might hint that there's more than meets the eye:

http://blogs.albawaba.com/forexadvisor

I'm not saying that it's a scam, I'm just saying - be careful.
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