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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

  • #68,121
  • Jul 7, 2010 8:19pm Jul 7, 2010 8:19pm
Pros:

 

  1. With the trend
  2. BUOB on retracement within the trend
  3. Broke through Daily PPZ 17.60
  4. Swing Low, though not absolute
  5. Bar size is ok in relative to immediate bars

Cons:
Big bearish bar on 07/01
Not completely surpassed previous three bars

Comments ? One of the challenge I have is - what should be the FTA.. See the pic..

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  • #68,122
  • Jul 7, 2010 8:23pm Jul 7, 2010 8:23pm
Quoting cprao
Pros:

 

  1. With the trend
  2. BUOB on retracement within the trend
  3. Broke through Daily PPZ 17.60
  4. Swing Low, though not absolute
  5. Bar size is ok in relative to immediate bars

Cons:
Big bearish bar on 07/01
Not completely surpassed previous three bars

Comments ? One of the challenge I have is - what should be the FTA.. See the pic..

Hey C

Due to the lack of size and location(heavy traffic), IMO we have to look to the first areas as potential FTA. That is the first area that could bounce price, which I marked directly above the high of the buob. Then all the way up do to the heavy traffic we have problem areas. If it can get some legs under it maybe it makes it to 18.50 more major area. But by the location and size of the bar it can be a real tricky one to manage

Just my views though
Mike
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  • #68,123
  • Jul 7, 2010 8:31pm Jul 7, 2010 8:31pm
Quoting mbqb11
Hey C

Due to the lack of size and location(heavy traffic), IMO we have to look to the first areas as potential FTA. That is the first area that could bounce price, which I marked directly above the high of the buob. Then all the way up do to the heavy traffic we have problem areas. If it can get some legs under it maybe it makes it to 18.50 more major area. But by the location and size of the bar it can be a real tricky one to manage

Just my views though
Mike
Mike, As always- your views are appreciated.

I believe you are pointing 6/24 low as the first FTA.. I am with you.
Then what is the blue line on your chart ? Is that 2nd FTA (06./29 low)before hitting (if at all) 18.50 ?

I am on FXDD.
  • #68,124
  • Jul 7, 2010 8:42pm Jul 7, 2010 8:42pm
Quoting cprao
Mike, As always- your views are appreciated.

I believe you are pointing 6/24 low as the first FTA.. I am with you.
Then what is the blue line on your chart ? Is that 2nd FTA (06./29 low)before hitting (if at all) 18.50 ?

I am on FXDD.
yep you got it. On my chart where i marked the 2 arrows would be very FTA, next blue line and then the more major area would be 18.5

Mike
  • #68,125
  • Jul 7, 2010 8:45pm Jul 7, 2010 8:45pm
Quoting jarroo
Interesting where Price retraced before breaking the BUOB. Right at the still valid small PB.

I love when they retrace to the level(s) they're suppose to (lol) before they break.
Jaroo, if retracing to previous low/high is a good confirmation, how do we need to trade this one ?

1) Should we wait for the retracement before placing an order ?

2) I believe, you still recommends to place the order 10 pips above/below the hig/low of BUOB/BEOB. (Conventional method)

3) how far should it retrace ? Is there a way we can determine it if there are more than one bar in the left at differrent lows/highs.
In AUD/USD case, it retaced to 07/01 pin bar high. What if it only retraced to 07/05 bar high.. would that not be considered as a confirmation retracement ? I am getting confused with the retracement .. how to determine the confirmation ?

Jarroo, Would appreciate your thought process on this one.
  • #68,126
  • Jul 7, 2010 8:48pm Jul 7, 2010 8:48pm
Quoting mbqb11
yep you got it. On my chart where i marked the 2 arrows would be very FTA, next blue line and then the more major area would be 18.5

Mike
At least, I am glad that I am with you so far. My biggest problem now seems to be

1) Identfying FTA's /Trade management.
2) Understanding retracements for BEOB/BUOB for confirmation trends..

Hope I will get over this soon.
  • #68,127
  • Jul 7, 2010 10:08pm Jul 7, 2010 10:08pm
Quoting Cyrus
MAN. QUITE WRONG WASN'T I?
In 20/20, should have noticed the across the board BUOB (or BEOB) on the dailies for commodity currencies.... but I still don't quite see a proper reason for short EURAUD on a fundie basis, other than betting on a return of risk appetite which shoves AUD higher.

Learn learn... I honestly still wonder about the fundie-technical picture... guess it's saved my ass more times than I'd been right and my obsession is with capital preservation first...
Cyrus,

The Aussie Trade Balance figures released on Tuesday were 3.1 times higher than the forecasted figures. A positive variation of over 300% strentghened the currency considerably. At that time I was in AJ & AU trdes on short with about 150 pips gain each and SL at BE on demo trade. Immediately after the figures were released the currency gained momentum and I got stopped out. The AUD pairs they have reversed after the announcement.
After I got stopped out I checked the figures and put 2 and 2 together to find out the reason for the sudden strong move. However, with some more thinking I should have capitalised on this huge positive variation. This is first time I am seeing such a huge variation and will keep this in mind when trading in future.
Tha is my 2 cents worth. Seniors pls free feel to agree / shoot down my analysis and / or give yours.

Cheers
Novice 198
  • #68,128
  • Jul 7, 2010 10:11pm Jul 7, 2010 10:11pm
picture...
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Many choose unhappiness over uncertainty.
  • #68,129
  • Jul 7, 2010 10:19pm Jul 7, 2010 10:19pm
Seniors, in your opinion, what is the minimum % a person should risk if they have a small account. Talking $1000 or less.
  • #68,130
  • Jul 7, 2010 10:21pm Jul 7, 2010 10:21pm
Quoting spookie94
Seniors, in your opinion, what is the minimum % a person should risk if they have a small account. Talking $1000 or less.
I am not a senior but, you may be better off thinking about maximum risk rather than minimum.

$1,000 US 1%Risk=$10 IMHO
  • #68,131
  • Jul 7, 2010 10:27pm Jul 7, 2010 10:27pm
Quoting Pinbar
I am not a senior but, you may be better off thinking about maximum risk rather than minimum.

$1,000 US 1%Risk=$10 IMHO
I am also not senior. However,I would agree with Pinbar.
  • #68,132
  • Jul 7, 2010 10:29pm Jul 7, 2010 10:29pm
picture #2
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Many choose unhappiness over uncertainty.
  • #68,133
  • Jul 7, 2010 10:34pm Jul 7, 2010 10:34pm
Quoting Dan Gilbert
picture #2
  • #68,134
  • Jul 7, 2010 10:39pm Jul 7, 2010 10:39pm
Quoting MktScape
Hi Guys,
I'll apprecaite if someone can chip in on an potential issue i am facing while trying to use the J16 Trade Manager. I ahve been able to install and activiate it and its monitoring the trades as well. However, what it is not doing is closing the partial positions.

After the number of pips are reached it pops up a Order window which remains opens. I am not sure what is causing this ....can anyone guide me in this regard.

Thanks in advance.
Hi Guys,
As per per earlier post ... i just wanted to add the screen shot of the order window which pops up when the target is reached but the partial position isnt closed.

Any ideas as to what could be done to fix this problem?
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  • #68,135
  • Jul 7, 2010 10:46pm Jul 7, 2010 10:46pm
Quoting Pinbar
I am not a senior but, you may be better off thinking about maximum risk rather than minimum.

$1,000 US 1%Risk=$10 IMHO
Here's what I'm trying to get at: I placed a trade today, and due to the size of my SL I used 1% risk. It reached my FTA. I only traded 1 lot so I had to close out all of the position. If I used 2% I could of closed half and let the other half go another 100+ pips. If I were to now on use 2% should I always use at least 2%? Should you try to always use the same amount?
Just trying to get the most bang for my pennies without being stupid about it.
  • #68,136
  • Jul 7, 2010 10:59pm Jul 7, 2010 10:59pm
Quoting spookie94
Here's what I'm trying to get at: I placed a trade today, and due to the size of my SL I used 1% risk. It reached my FTA. I only traded 1 lot so I had to close out all of the position. If I used 2% I could of closed half and let the other half go another 100+ pips. If I were to now on use 2% should I always use at least 2%? Should you try to always use the same amount?
Just trying to get the most bang for my pennies without being stupid about it.
Hey Spookie

Your first thing is that you are associating risk % with lot size in a 1:1 type basis. You should be with a broker that you can trade 1% of your account and it can be spread over 10 pips or 500 pips. This will give you more flexibility if you want to do things such as take 1/2 off. if you have to bump up to 2% to accomplish this my guess is that you are not using a proper broker account type. 1000$ account should be on a nano lot broker(1 penny per pip). The better granularity(ability to match your risk and position size exact) the better you can take advantage of compounding.

As for what ones risk should be that is always going to come back to the trader and their risk tolerance/profile.

If a trader has notoriously traded at 1% risk and returned on average 40% for the year and had drawdowns of say 20% for the year. If that trader wants to increase their ROI you have to realize you in turn increase your max drawdown potentials(you double everything). So now that trader based on historical data will go to 80% roi and a 40% max DD. Most people only look at how much they can make, as opposed to what they can lose. I always get taken aback by people who just start out trading at 2%, 3%, 4% risk per trade without knowing their methods. In my view the way to know what your risk should be is by knowing your methods in and out. This only comes from time. So it is also in my view that new traders should never be risking over 1% per trade. This will at least give people a chance to hang in there to begin to understand their methods. Then after significant data one can begin to adjust numbers in a more appropriate way. Slow and steady wins this race.

Hope this helps
Mike
  • #68,137
  • Jul 7, 2010 11:02pm Jul 7, 2010 11:02pm
Quoting spookie94
Seniors, in your opinion, what is the minimum % a person should risk if they have a small account. Talking $1000 or less.
there is no minimum, just maximums
Many choose unhappiness over uncertainty.
  • #68,138
  • Jul 7, 2010 11:20pm Jul 7, 2010 11:20pm
There have been some examples of breakout trades lately (Mike) and this GU seems to have the ingredients to a possible breakout trade.
Highs are within 1 or 2 pip of each other.

Care to comments anyone, bad or good either way is ok?
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  • #68,139
  • Jul 7, 2010 11:22pm Jul 7, 2010 11:22pm
Quoting mbqb11
Hey Spookie

Your first thing is that you are associating risk % with lot size in a 1:1 type basis. You should be with a broker that you can trade 1% of your account and it can be spread over 10 pips or 500 pips. This will give you more flexibility if you want to do things such as take 1/2 off. if you have to bump up to 2% to accomplish this my guess is that you are not using a proper broker account type. 1000$ account should be on a nano lot broker(1 penny per pip). The better granularity(ability to match your risk and position size exact) the...
Thanks Mike,
I thought a micro acct was small enough for a $1000 account. Do you have any thoughts on a good broker that has nano accts?
  • #68,140
  • Jul 7, 2010 11:23pm Jul 7, 2010 11:23pm
Quoting ertorque
There have been some examples of breakout trades lately (Mike) and this GU seems to have the ingredients to a possible breakout trade.
Highs are within 1 or 2 pip of each other.

Care to comments anyone, bad or good either way is ok?
yep sure looks like it's poised for one E
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