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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

  • #64,921
  • May 26, 2010 11:19pm May 26, 2010 11:19pm
Quoting Pinbar
I see. Even though I have no idea what that series was.


Quick PA question.


Often at a high or low, I see opposing PB or hammers, is this indicative of indecision and a power struggle going on?
I would say yes to that Pb. But I'm pretty sure the Bulls have the upper hand on the swissy.
Indicators show the past. Price Action "Indicates" the future.
  • #64,922
  • May 26, 2010 11:22pm May 26, 2010 11:22pm
Quoting ertorque
I am short on this one. Waiting to enter at the break of IB4 (or IB17 whatever ). TP = 128. Hopefully you are long on this because given the fact you are 80% wrong all the time as you unabashedly admitted, I've got a pretty good chance making some pips...............
lol.... I still catch the break (most of the time), I'm just wrong on my bias.... and my bias is short, so you'll probably be wrong
Many choose unhappiness over uncertainty.
  • #64,923
  • May 26, 2010 11:28pm May 26, 2010 11:28pm
Quoting supremeChaos
Pinbar,
in Oanda, u can trade as low as 1 unit. very flexible.
see here & here.

Oanda FAQs

Wow , you can trade a single US dollar!

Wouldn't the spread out way the profit? LOL

Thanks SC
  • #64,924
  • May 26, 2010 11:32pm May 26, 2010 11:32pm
Quoting Dan Gilbert
lol.... I still catch the break (most of the time), I'm just wrong on my bias.... and my bias is short, so you'll probably be wrong

Very Honest post Dan.

I also used to do that a great deal.
I would convince myself price was going to break LONG, it would mess around, look like it was breaking long, then go short, I would see an incredible setup in the other direction, and just watch it sail in the yonder without me aboard.

I did that time after time and sometimes I would even be in the trade in other direction telling myself, it will come around. It never comes around, we have to. LoL

PS:

Thanks for the confirmation Jarroo.

Where did you get that name from?
  • #64,925
  • May 26, 2010 11:32pm May 26, 2010 11:32pm
Quoting Pinbar
Wow , you can trade a single US dollar!

Wouldn't the spread out way the profit? LOL

Thanks SC
I trade on IBFX... I am shocked that we are able to trade such small increments to make the perfect sized position for your risk management technique.
Many choose unhappiness over uncertainty.
  • #64,926
  • May 26, 2010 11:34pm May 26, 2010 11:34pm
Quoting Pinbar
Very Honest post Dan.

I also used to do that a great deal.
I would convince myself price was going to break LONG, it would mess around, look like it was breaking long, then go short, I would see an incredible setup in the other direction, and just watch it sail in the yonder without me aboard.

I did that time after time and sometimes I would even be in the trade in other direction telling myself, it will come around. It never comes around, we have to. LoL
Well, all it took was for me to miss the freight train that usually results from I4Bs before i realized I shouldn't have a bias.

strip the macd's from your charts, and make your OWN bias
Many choose unhappiness over uncertainty.
  • #64,927
  • Edited 11:37pm May 26, 2010 11:36pm | Edited 11:37pm
Quoting Dan Gilbert
I trade on IBFX... I am shocked that we are able to trade such small increments to make the perfect sized position for your risk management technique.
Yeah I trade on a tiny live IBFX account for practice and whatnot. Trading @ 1 pip = $.01 makes it quite comfortable to learn and trade in a live environment.
  • #64,928
  • May 26, 2010 11:37pm May 26, 2010 11:37pm
Quoting Pinbar
Very Honest post Dan.

I also used to do that a great deal.
I would convince myself price was going to break LONG, it would mess around, look like it was breaking long, then go short, I would see an incredible setup in the other direction, and just watch it sail in the yonder without me aboard.

I did that time after time and sometimes I would even be in the trade in other direction telling myself, it will come around. It never comes around, we have to. LoL

PS:

Thanks for the confirmation Jarroo.

Where did you get that name from?
It was kind of random too. The "J" is my first name, the "a" is my last name, the 'r' is my middle name, the "oo" was suppose to be adding zeros to my name. lol
Indicators show the past. Price Action "Indicates" the future.
  • #64,929
  • May 26, 2010 11:38pm May 26, 2010 11:38pm
Quoting Dan Gilbert
I trade on IBFX... I am shocked that we are able to trade such small increments to make the perfect sized position for your risk management technique.

I considered IBFX but did not know anyone using them, so I closed one of my Japanese brokers accounts and opened a small $3,100 with FXDD for their 0.01 lots. Basically to test the broker and maybe be able to trade the daily with small lots. Seems ok, so far but the pairs are limited.

Just pondering if I should change to IBFX as a lot of people here seem to use them as their main broker.
  • #64,930
  • May 26, 2010 11:39pm May 26, 2010 11:39pm
Quoting XNAdam
Yeah I trade on a tiny live IBFX account for practice and whatnot. Trading @ 1 pip = $.01 makes it quite comfortable to learn and trade in a live environment.
Also, if you're trading a small account, you can position-size to the EXACT amount that you need to in order to succeed.
Many choose unhappiness over uncertainty.
  • #64,931
  • May 26, 2010 11:40pm May 26, 2010 11:40pm
Quoting jarroo
It was kind of random too. The "J" is my first name, the "a" is my last name, the 'r' is my middle name, the "oo" was suppose to be adding zeros to my name. lol
Want to swap names? LOL

Perhaps, PB would be more fitting for Jarroo than me.

Either that, or I could auction it. Only joking!!!
  • #64,932
  • May 26, 2010 11:43pm May 26, 2010 11:43pm
Quoting Pinbar
I considered IBFX but did not know anyone using them, so I closed one of my Japanese brokers accounts and opened a small $3,100 with FXDD for their 0.01 lots. Basically to test the broker and maybe be able to trade the daily with small lots. Seems ok, so far but the pairs are limited.

Just pondering if I should change to IBFX as a lot of people here seem to use them as their main broker.

Here's all the pairs that you can trade on a mini-account, and the current spreads from when I took this screen shot, about 10 seconds ago.

Also, a lot of people like Oanda, but there's no MT4 on Oanda....
Attached Image (click to enlarge)
Click to Enlarge Name: pairsandspreads.GIF Size: 32 KB
Many choose unhappiness over uncertainty.
  • #64,933
  • May 26, 2010 11:45pm May 26, 2010 11:45pm
Quoting Dan Gilbert
Also, if you're trading a small account, you can position-size to the EXACT amount that you need to in order to succeed.
Yeah, I think fijitrader had a bit to say about that. I wish I could remember where I read it. I think he mentioned something about asymmetrical leverage, and how it can make your account balance a bit wonky over the long run.

At any rate, the better granularity you can get with your positioning, the better. Absolutely.
  • #64,934
  • May 26, 2010 11:46pm May 26, 2010 11:46pm
Quoting XNAdam
Yeah, I think fijitrader had a bit to say about that. I wish I could remember where I read it. I think he mentioned something about asymmetrical leverage, and how it can make your account balance a bit wonky over the long run.

At any rate, the better granularity you can get with your positioning, the better. Absolutely.
yep and in the forex market there is just no excuse. Back in the day sure, you could only trade standards, then minis came out and it was like WHOA!, now you can trade less then a penny per pip Of course you need to be with a broker you are comfortable with

Caveat emptor
  • #64,935
  • May 27, 2010 12:16am May 27, 2010 12:16am
Quoting Dan Gilbert
Here's all the pairs that you can trade on a mini-account, and the current spreads from when I took this screen shot, about 10 seconds ago.

Also, a lot of people like Oanda, but there's no MT4 on Oanda....
FXDD list
Attached Image
  • #64,936
  • May 27, 2010 1:38am May 27, 2010 1:38am
Last post ever about PPZ. If Jarroo thinks they are looking sort of on the same page, as it were.

I am finding as many people advised, switching from bar chart to line chart is really helping me see the main flip areas and helping me to determine whether I need to draw the PPZ on the Monthly or if it is minor to wait till I reach the weekly to draw them.

Anyway, I just thought I would post this as a thanks to Jarroo and indeed all those who helped me understand the basics of PPZ.

Many thanks people and what a kind bunch of people who obviously never forgot the trouble they went through when starting out.

Now, I can draw the PPZ on cahrt in a couple of mins as opposed to the 20 mins it would take me previously and even then, I was not happy with them.
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  • #64,937
  • May 27, 2010 2:06am May 27, 2010 2:06am
Quoting Dan Gilbert
lol.... I still catch the break (most of the time), I'm just wrong on my bias.... and my bias is short, so you'll probably be wrong
lol, next time I'll asked you BEFORE I placed my pending order what your bias is. Price broke NORTH! in the opposite direction of your bias..............Guess you now have to up your i4b contrarion rate to 85% .
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  • #64,938
  • May 27, 2010 2:13am May 27, 2010 2:13am
Quoting ertorque
lol, next time I'll asked you BEFORE I placed my pending order what your bias is. Price broke NORTH! in the opposite direction of your bias..............Guess you now have to up your i4b contrarion rate to 85% .
lol I caught it, I'm already in a free trade. Let's see if it gets to target!
Many choose unhappiness over uncertainty.
  • #64,939
  • May 27, 2010 2:18am May 27, 2010 2:18am
Quoting Dan Gilbert
lol I caught it, I'm already in a free trade. Let's see if it gets to target!
Hey cool, me too

I have my first target at 132.00-ish. What's yours?
  • #64,940
  • May 27, 2010 2:22am May 27, 2010 2:22am
Quoting Dan Gilbert
lol I caught it, I'm already in a free trade. Let's see if it gets to target!
out at B/E... volatile markets are volatile!
Many choose unhappiness over uncertainty.
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