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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

  • #69,121
  • Jul 20, 2010 3:22am Jul 20, 2010 3:22am
slow thread lately...that's abnormal

Thanks to Sir pips4life...
here's his indicator collection thread. several indicators are seen & used here in this thread.
  • #69,122
  • Jul 20, 2010 3:29am Jul 20, 2010 3:29am
Quoting supremeChaos
slow thread lately...that's abnormal

Thanks to Sir pips4life...
here's his indicator collection thread. several indicators are seen & used here in this thread.
Are you reading my mind?

I was just looking around the forum for some indicators from the charts people post here and now I see this

Thanks
  • #69,123
  • Jul 20, 2010 3:31am Jul 20, 2010 3:31am
Just want to share a thought about Money Management that came to me this morning.
Imagine you are taking bets with a coin which you have improved, and gives you a probability of 45/55 of getting heads/tails.
We all would agree this can be a tricky but profitable system in long term.
The question is: would you play all of your fortune at the first bet?
At last, trading is not different to this game: we all are trying to get odds in our favor (by chosing best setups), but we must preserve our capital.
Sorry if redundant, needed to share it.
Trading: the skill of avoiding trades
  • #69,124
  • Jul 20, 2010 3:34am Jul 20, 2010 3:34am
mihazupan1,
yes i'm a mind reader
be careful bro.

just ask. people here are always accommodating.http://cdn.forexfactory.com/images/s...im/winking.gif
  • #69,125
  • Jul 20, 2010 3:37am Jul 20, 2010 3:37am
Quoting supremeChaos
mihazupan1,
yes i'm a mind reader
be careful bro.
I knew you were suspicious

I'm still looking for a price & spread indicator (something that Pinbar has in his chart). Can anyone help me?
  • #69,126
  • Edited 3:51am Jul 20, 2010 3:40am | Edited 3:51am
Quoting eswap0
Just want to share a thought about Money Management that came to me this morning.
Imagine you are taking bets with a coin which you have improved, and gives you a probability of 45/55 of getting heads/tails.
We all would agree this can be a tricky but profitable system in long term.
The question is: would you play all of your fortune at the first bet?
At last, trading is not different to this game: we all are trying to get odds in our favor (by chosing best setups), but we must preserve our capital.
Sorry if redundant, needed to share it.
eswap0 this principal is never redundant.

In my book capital preservation IS the NO1 rule and our jobs is to minimise the risk and maximise the opportunity.

Charts and price action are like maps or chart to the the best waters for sailing so that we can avoid the rocks and stick to deep calm pleasurable waters.

Why expose yourself to turbulent water that can potentially kill you ?
In retrospect we learn. In perspective we earn.
  • #69,127
  • Jul 20, 2010 3:46am Jul 20, 2010 3:46am
Quoting The Lord
Looks great..
Hello The Lord,
looking at Daily, we seem to be in a range.
that's a pretty small pin
& heading straight or is exactly at a PPZ (see your 132.46 current price horizontal line)
if price can break 132.00, then there might be a chance price revisits 130.50 - 131 area & possibly beyond.
  • #69,128
  • Jul 20, 2010 3:49am Jul 20, 2010 3:49am
Quoting mihazupan1
I'm still looking for a price & spread indicator (something that Pinbar has in his chart). Can anyone help me?
must be the Spread indicator here.

most indicators used & shown in posted charts here, i think, can be found in the Attachments section (click the paperclip icon on the top right of every page)
  • #69,129
  • Jul 20, 2010 4:02am Jul 20, 2010 4:02am
Hello, Traders!

May I ask this question regarding stop/trade management again.
As I have learned from the thread me as a newbie should start trading:

1) higher time frames (daily)
2) pick nice PB, the wider wick the better
3) risk no more than 3% on a trade
4) start with small account

As it is seen on the daily charts, good PinBar would have a range of 100 pip and many times much more than that, many times daily range would be 200P.

If I set my initial stop loss behind the wick of good PinBar and set my entry on a breakout of this PinBar (conservative way) I am automatically VIOLATE my 3% risk from total account. (I need to start small right)

For example I have $3000 Account. 3% would be 90 pips. Good Pinbar would have 200 pips range. My smallest possible pip value is $1.

What to do? Yes the rules sound good, but they conflict with each other. Either I must have a much bigger account in order to not violate 3% per trade. Or I have to risk 7-10% which is the violation of rules too.

  • #69,130
  • Edited 4:17am Jul 20, 2010 4:06am | Edited 4:17am
Quoting supremeChaos
must be the Spread indicator here.

most indicators used & shown in posted charts here, i think, can be found in the Attachments section (click the paperclip icon on the top right of every page)
Thanks for your help

I have problems installing these indicators. It won't show them on my main chart. It only shows them on MACD section and if I remove MACD they won't show anywhere.
  • #69,131
  • Jul 20, 2010 4:17am Jul 20, 2010 4:17am
I'm looking at the H4 bar mentioned earlier which completes in just under an hour on my feed. It is a retest of yesterday's break of 1.05.
Gone to a better place
  • #69,132
  • Jul 20, 2010 4:22am Jul 20, 2010 4:22am
Quoting mihazupan1
...
I have problems installing these indicators...
can u post a chart showing this problem?
  • #69,133
  • Jul 20, 2010 4:29am Jul 20, 2010 4:29am
Quoting eswap0
I am starting to like IPB setups: quick moving to BE, quick taking partial profits, quick leaving a part for what might happen, and (what I specially consider) high R:R.
And, as always, paying high attention to location.
Thanks Ghous!
I've got an order on for CAD/JPY. I saw it as an IB as opposed to an IBP though. Although in the short term price is making lower lows/highs I zoomed out and drew an ascending trend line which it looks like it may have bounced off if it is valid. I missed the IBP trade but I'm not doing those (yet) so I set my buy stop above 83 (83.15) targeting 83.90 where I'll take half off and move the rest to B/E and target 85.00

Opinions anyone?
Attached Image (click to enlarge)
Click to Enlarge Name: cadjpyib.jpg Size: 85 KB
Attached Image
Anything can happen.
  • #69,134
  • Jul 20, 2010 4:30am Jul 20, 2010 4:30am
Quoting Adilius07
...
May I ask this question regarding stop/trade management again.
As I have learned from the thread me as a newbie should start trading:
....
3) risk no more than 3% on a trade
4) start with small account
.....
My smallest possible pip value is $1.....
im not the best to answer this...
but i'll try.

if u are just starting out, it would be best to risk 0.5 - 2%.
also, find a broker that allows u
-to trade $0.01 (instead of $1 as the smallest)
-to trade fractional/smaller lots (example, Oanda lets u trade 1 unit up; in comparison, a mini lot is 10,000 units)

Hope this helps
  • #69,135
  • Jul 20, 2010 4:30am Jul 20, 2010 4:30am
Hello all,
Good 2 be back on the world's no.1 fx thread.... Hope EJ plays out well.....PEACE 2 U ALL!
Attached Image
Respect a man, and he will do all the more.
  • #69,136
  • Jul 20, 2010 4:33am Jul 20, 2010 4:33am
Quoting supremeChaos
im not the best to answer this...
but i'll try.

if u are just starting out, it would be best to risk 0.5 - 2%.
also, find a broker that allows u
-to trade $0.01 (instead of $1 as the smallest)
-to trade fractional/smaller lots (example, Oanda lets u trade 1 unit up; in comparison, a mini lot is 10,000 units)

Hope this helps
Thanks Supreme, I was also thinking that the only way to fix this is either bigger account or the smaller pip value.

Also, was just wondering if I can fix this by trade management?

I.e placing initial stop not behind the wick but behind left eye? Oh maybe this is not good idea...many times we have a retracement....
  • #69,137
  • Jul 20, 2010 4:33am Jul 20, 2010 4:33am
Quoting Adilius07
Hello, Traders!

May I ask this question regarding stop/trade management again.
As I have learned from the thread me as a newbie should start trading:

1) higher time frames (daily)
2) pick nice PB, the wider wick the better
3) risk no more than 3% on a trade
4) start with small account

As it is seen on the daily charts, good PinBar would have a range of 100 pip and many times much more than that, many times daily range would be 200P.

If I set my initial stop loss behind the wick of good PinBar and set my entry on a breakout of this PinBar...
Hello Adilius07,

What you risk per trade is what you are personally comfortable with and what delivers you the results you want based on your own performance.

If you are new then keep your risk low until you are confident about your trades and can increase your risk.

The best option is to find a small move which compliments that bigger move.

I took a GBP/CAD trade - which I'm still in by the way (but may exit my second position depending on what happens) originally based on the PB on the daily around the 15500 level.

If I used this PB then my entry would have been 15640 and stop loss 15400 which is pretty big - 260 PIPS.

Most moves on larger time frames will pull back, so you should get another chance to enter on a lower time frame or be prepared to let it go if you do not get another opportunity.

In the case of the GBP/CAD I zoomed into the H4 and H1 and looked to pick up a signal which supported the BULLISH move. This happened to be a DBLHC on the H1 off the 15700 - this time my entry was 15660 and my stop loss 15580 which is 80 PIPS, significantly smaller for the same move!!

Hope that helps.
In retrospect we learn. In perspective we earn.
  • #69,138
  • Jul 20, 2010 4:34am Jul 20, 2010 4:34am
Quoting urchman
Hello all,
Good 2 be back on the world's no.1 fx thread.... Hope EJ plays out well.....PEACE 2 U ALL!
I am on this trade too! Just entered
Good luck to us !
  • #69,139
  • Jul 20, 2010 4:37am Jul 20, 2010 4:37am
Quoting Adilius07
Hello, Traders!

May I ask this question regarding stop/trade management again.
As I have learned from the thread me as a newbie should start trading:

1) higher time frames (daily)
2) pick nice PB, the wider wick the better
3) risk no more than 3% on a trade
4) start with small account

As it is seen on the daily charts, good PinBar would have a range of 100 pip and many times much more than that, many times daily range would be 200P.

If I set my initial stop loss behind the wick of good PinBar and set my entry on a breakout of this...
Controlling:

$100,000 .... $10/pip .... Interactive brokers?
$10,000 .... $1/pip .... Think or Swim?
$1,000 .... $0.10/pip .... MB Trading?
$100 .... $0.01/pip .... Oanda?
WARNING: Don't follow me as I'm just learning
  • #69,140
  • Jul 20, 2010 4:38am Jul 20, 2010 4:38am
Quoting supremeChaos
can u post a chart showing this problem?
The indicator will only appear in MACD box. When I delete MACD indicator it won't appear anywhere but in Indicators List.

Attached Image (click to enlarge)
Click to Enlarge Name: indicator.gif Size: 25 KB


I have found another one which I prefer the most so far. The only problem is that I can't move it to the top right corner. I doubt that anyone had as much problems with indicators as I do
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