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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

  • #59,941
  • Apr 4, 2010 5:34pm Apr 4, 2010 5:34pm
i have a question for you guys. hope you dont mind if i ask here. i just saw that dukascopy has lowered his minimum deposit to 1000$ (previously 10,000$) and the minimum position size to 1000$ (previously 100,000$) (link). it seems to be a very good broker (ECN, good feedback from forexpeacearmy,...) the only bad thing is that they only have a beta tested MT4 platform (link) , but hey also oanda does not have the MT4 platform ... so what i want you to ask is if anyone has an open account there and how it is? i saw that the feedback is good but i trust you guys most i was thinking maybe i could open an account with them in near future... previously they had too high criteria for me but now it seems quite reasonable...
what do you think guys?

thanks in advance and happy Easter,
ppfx
  • #59,942
  • Apr 4, 2010 5:37pm Apr 4, 2010 5:37pm
Quoting benji533
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

I thought you were using Oanda?

I don't know why I thought that, I just kinda think I remember you mentioning it.

I have been using IBFX and they have been superb.

I am trading a mini-account there so I'm restricted to fewer pairs for live trading. (and I think mini accounts may pay a slightly higher spread, I'm not positive though)

The spreads are "fair", not "great". But I can say that I feel extremely comfortable in trading with them so far. No funny business (yet).
Many choose unhappiness over uncertainty.
  • #59,943
  • Apr 4, 2010 5:37pm Apr 4, 2010 5:37pm
Quoting o990l6mh
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.
ok, i see. i thought that it was a site "for traders from traders". apparently it is not really...
meine augen sind die sterne
  • #59,944
  • Apr 4, 2010 5:39pm Apr 4, 2010 5:39pm
Quoting o990l6mh
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.
wow thanks for posting that i totaly trusted that site cause in the past a good trader showed me that site... seems that you really cant trust nobody so sad...
  • #59,945
  • Apr 4, 2010 5:41pm Apr 4, 2010 5:41pm
Quoting Dan Gilbert
I thought you were using Oanda?

I don't know why I thought that, I just kinda think I remember you mentioning it.

I have been using IBFX and they have been superb.

I am trading a mini-account there so I'm restricted to fewer pairs for live trading. (and I think mini accounts may pay a slightly higher spread, I'm not positive though)

The spreads are "fair", not "great". But I can say that I feel extremely comfortable in trading with them so far. No funny business (yet).
he is with oanda

Quote
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 http://cdn.forexfactory.com/images/s.../yim/happy.gif

Take care
Ben
  • #59,946
  • Apr 4, 2010 9:01pm Apr 4, 2010 9:01pm
Quoting ddinnov
Hi all,

Is anyone watching cable for a short down to 1.5000 in keeping with a reverse H&S on the daily chart?

Then a possible move up after that? I see last month's candle isn't a perfect pin bar but is it any kind of strong indication of an end to the downtrend?
Quoting ppfx
Hi!
Im watching it too. Im waiting the break of 1.5350 , after the break i will probably enter the trade, cause on the left is not much traffic so it should be a smooth ride to 1.5580 which is the first trouble area imo. If it breaks of course and if everything goes according to plans. There are lot of if so... will see

ppfx
I like it too, not for the size obviously, but its off a nice BRN, 1.5000 and
strong confuenced area, monthly PPZ and retracement level 61.8 fib.

Also like that the left eye is a weekly PPZ level. If Price retrace down to this level, it will give a good indication if the down trend or a retest of the 1.5 will be respected or not.

1.5350 is a key level before the break. If it breaks, I like to see it turn into support too ppfx.
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Indicators show the past. Price Action "Indicates" the future.
  • #59,947
  • Apr 4, 2010 9:16pm Apr 4, 2010 9:16pm
Quoting mbqb11
Nicely done here LJ

The key I am always thinking no matter what type of bar or location is to always be trading AWAY from the PPZ rather then into them. That has saved me the most over the years. Makes it much more difficult to manage into them.

Best
Mike
This should be an "Ah-Ha" moment for many people. It was for me. It is at the heart of James16's "This is Critical".

" . . .always be trading AWAY from the PPZ ( Confluenced areas, BRNs, etc.) rather then into them."

Indicators show the past. Price Action "Indicates" the future.
  • #59,948
  • Apr 4, 2010 10:24pm Apr 4, 2010 10:24pm
Quoting benji533
WOW - 278 things in their watch list. I would definitely look into it deeper....
Hello Ben, others,
i dug up my old posts.
here are some links u might find useful.
here, here
(if i get other useful info about brokers like broco, in my other PC... i'll get back to u)

aside from
WHC/Broco, check out GCI & GTL MT4 for many other instruments
  • #59,949
  • Apr 5, 2010 1:37am Apr 5, 2010 1:37am
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.
Quoting mbqb11
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...
Thanks guys......points taken.
Just trying to see if 10% per month is a realistic target for someone who trades longer TF and risks no more than 2~3% per trade.
To me, 10% is not under those circumstances but then again I would be very happy with just 3% monthly (which is more realistic give and take all those variables that comes into the equation as pointed out by SChaos).

I guess what I want to say is that trading forex is not a getrichquick kinda thing and no newbie should be fooled into believing it is one..........

CY
  • #59,950
  • Apr 5, 2010 3:42am Apr 5, 2010 3:42am
it's 'a bit' quiet due to the holidays...

(Hope james16 & the thread readers wont mind... i'll spice it up a bit)
let me just point out 1 of the things i often see in the threads. & hopefully some of you will learn

Misuse of Than & then
http://www.elearnenglishlanguage.com.../thanthen.html

related links
http://www.elearnenglishlanguage.com...ficulties.html
http://dictionary.reference.com/word...mmonlyconfused

:nerd:
  • #59,951
  • Apr 5, 2010 4:21am Apr 5, 2010 4:21am
Quoting supremeChaos
it's 'a bit' quiet due to the holidays...

(Hope james16 & the thread readers wont mind... i'll spice it up a bit)
let me just point out 1 of the things i often see in the threads. & hopefully some of you will learn

Misuse of Than & then
http://www.elearnenglishlanguage.com.../thanthen.html

related links
http://www.elearnenglishlanguage.com...ficulties.html
http://dictionary.reference.com/word...mmonlyconfused

:nerd:
Thanks Sc.

Btw my English is a thousand times better now cause of FF.

I just noticed that in past 1-2 months i have also started to think in English too.
.
  • #59,952
  • Apr 5, 2010 4:47am Apr 5, 2010 4:47am
Quoting nasir.khan
...
Btw my English is a thousand times better now cause of FF.
I just noticed that in past 1-2 months i have also started to think in English too.. .
Isn't that amazing?
we learn about Trading, & we learn about English too.
and we learn about a multitude of other things.

Multitasking
  • #59,953
  • Apr 5, 2010 5:06am Apr 5, 2010 5:06am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting nasir.khan
Thanks Sc.

just noticed that in past 1-2 months i have also started to think in English too.
.
Pubs Beer and football (plus government handouts) - i'd learn a different language while you still can. lol
  • #59,954
  • Apr 5, 2010 5:17am Apr 5, 2010 5:17am
MPP,
what do u mean?
nice to have u back here, Sir
(btw, new avatar huh)
  • #59,955
  • Apr 5, 2010 5:28am Apr 5, 2010 5:28am
to bad i closed my UC trade already ...

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  • #59,956
  • Apr 5, 2010 5:31am Apr 5, 2010 5:31am
Quoting jarroo
I like it too, not for the size obviously, but its off a nice BRN, 1.5000 and
strong confuenced area, monthly PPZ and retracement level 61.8 fib.

Also like that the left eye is a weekly PPZ level. If Price retrace down to this level, it will give a good indication if the down trend or a retest of the 1.5 will be respected or not.

1.5350 is a key level before the break. If it breaks, I like to see it turn into support too ppfx.
wow nice to have a senior on board maybe you could push the price up so that it will break the 1.5350
  • #59,957
  • Apr 5, 2010 5:48am Apr 5, 2010 5:48am
Quoting ppfx
to bad i closed my UC trade already ...

Attachment Attachment
I just added another.......
.
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  • #59,958
  • Apr 5, 2010 6:00am Apr 5, 2010 6:00am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting supremeChaos
MPP,
what do u mean?
nice to have u back here, Sir
(btw, new avatar huh)
Felt a change was due.

to spek english propa like, u gotta talk footy and drop as many lettas from a word as poss, then come up with something the rest of the english don't get. - then you've passed the english test lol - for honours you need to do it after a few pints
  • #59,959
  • Apr 5, 2010 6:14am Apr 5, 2010 6:14am
Quoting MPP
...
to spek english propa like, u gotta talk footy and drop as many lettas from a word as poss, then come up with something the rest of the english don't get. - then you've passed the english test lol - for honours you need to do it after a few pints
i didnt understand that fully, but that was nyahahah hilarious
  • #59,960
  • Edited 8:16am Apr 5, 2010 7:25am | Edited 8:16am
Quoting o990l6mh
Benji,
Other brokers to have a look at might be odl securities and GFT. The issue with both is their lot sizes.
ok that becomes crazy. 340 CFDs, 43 FX pairs , silver, gold, gas and some oils.

Basically CFDs are not traded by lots. I have used that because it is converted in lots when using MT4, but it is way different.

It is calculated by single CFDs shares. The minimum margin allowed by brokers I have seen is usually between 5% - 10%.

For example, alpri allows a minimum position size of 100 CDFs per trade. Lets say I want to to open a position on the #IBM chart.
The current level is 130$, so 100 shares equal to 13,000$. that is my position size. Because alpri allows 5% margin, the actual amount I risk is dollars is only 650$. That is the minimum I can risk per trade on this specific stock on aplri. So if I want to risk only 1% of my account, I need a size account of at least 65,000$.

Now looking at ODL, they say on their site that they allow trading as low as 1 CFD per trade with 10% margin. If we use the example of #IBM, that means 10% of 130$ is only 13$. So I need an account size of at least 1300$.

But it looks wired to me that they allow low as 1CFD per trade. So I am going to contact them for the sake of clearing things up a bit and if someone is interested in what I find you can always PM me.
By the way, their trading platform is MT4. Now if they do not allow micro lots fro forex I will remain trading forex with Oanda and have 2 accounts. no problem.

Thanks mac and all the others that tried to help ppfx, Dan, supreme etc thanks all.


Ben
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