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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

  • #69,141
  • Jul 20, 2010 4:38am Jul 20, 2010 4:38am
Quoting fx_heaven
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...

Fx_heaven, When I started I also did zoom to lower TF to choose the stop level which would allow me for smaller stops. But then here on this thread I read some suggestions to stay with one TF.

It is clear that the best stop level is behind the wick of PB - but yes it would be too big in many cases. Waiting until I have a PB that is small enough is not right neither (the bigger the better).

So, I guess if I want to manage my trades on the same timeframe I pick a setup, I have to fing a smaller pip value broker or increase my accoutn size...

Thanks Fx_Heaven!
  • #69,142
  • Jul 20, 2010 4:44am Jul 20, 2010 4:44am
1% risk per trade as 200pip (max risk) on a $3,000 account = $30 risk per trade

Hence pip value = $30 / 200pip = $0.15 / pip
WARNING: Don't follow me as I'm just learning
  • #69,143
  • Jul 20, 2010 4:47am Jul 20, 2010 4:47am
Quoting adam777
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?
hey Adam,

I do have a live account with ThinkorSwim for futures. Will check them out in regards to FX. Thanks.

MB Trading refused to open the account to me based on my country of residence. Don't know why is it so, the firm is too cool I guess for Asian countries

Oh but I need something like Oanda if I would invest 3K.
I liked FXPro, I demo trade it now. But they have $0.10 wich is not small enough for $3000 Account.
  • #69,144
  • Jul 20, 2010 4:48am Jul 20, 2010 4:48am
Quoting Adilius07
Fx_heaven, When I started I also did zoom to lower TF to choose the stop level which would allow me for smaller stops. But then here on this thread I read some suggestions to stay with one TF.

It is clear that the best stop level is behind the wick of PB - but yes it would be too big in many cases. Waiting until I have a PB that is small enough is not right neither (the bigger the better).

So, I guess if I want to manage my trades on the same timeframe I pick a setup, I have to fing a smaller pip value broker or increase my accoutn size...

Thanks...
Sure Adilius07, for simplicity stick to one time frame.

Again it depends on how long you have been trading and what you are comfortable with.

Smaller PIP values would be a simpler option indeed.
In retrospect we learn. In perspective we earn.
  • #69,145
  • Jul 20, 2010 4:49am Jul 20, 2010 4:49am
Quoting Adilius07
I am on this trade too! Just entered
Good luck to us !
Sure Adilius, its really melting down like butter
Respect a man, and he will do all the more.
  • #69,146
  • Jul 20, 2010 4:52am Jul 20, 2010 4:52am
Quoting ddinnov
I've got an order on for CAD/JPY...
FTA seems to be 83.50.

i checked H4- weekly...
i dont think that order will get triggered soon. it seems there's a downside bias right now.
just my view
  • #69,147
  • Jul 20, 2010 4:52am Jul 20, 2010 4:52am
Quoting ddinnov
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?
I understand your setup regarding the IB is totally right. As always, it depends not only in the PA but on the overall conclusiones (position, previous trend, etc.)
The difference is that you are entering (just above 83) when I am already quitting with half of my position. Your trade is safer, as takes extra confirmation about the change in the previous small trend.
I will probably get burned with IPB more times than you (here comes the importance of moving quickly to BE), but higher R:R should compensate this.
IMHO, it is something like blind entries: you should never let them lose a lot, cause many of them fail.
Just my point of view.
Trading: the skill of avoiding trades
  • #69,148
  • Edited 5:10am Jul 20, 2010 4:54am | Edited 5:10am
Quoting Adilius07
hey Adam,

I do have a live account with ThinkorSwim for futures. Will check them out in regards to FX. Thanks.

MB Trading refused to open the account to me based on my country of residence. Don't know why is it so, the firm is too cool I guess for Asian countries
usd$1 each way (min) or a % above that.
$1000 lots.
https://www.thinkorswim.com/tos/myAc...splayRates.tos

I'm looking at MB Trading as the commission is MUCH cheaper.
usd$2.95/$100K each way = ? $0.025/$1000 each way ?
http://www.mbtrading.com/commissions.aspx?page=Forex
WARNING: Don't follow me as I'm just learning
  • #69,149
  • Jul 20, 2010 4:57am Jul 20, 2010 4:57am
Quoting mihazupan1
The indicator will only appear in MACD box...
if Pinbar is using that same indicator...
then there must be an option that allows u to choose where to place the values (top left, top right, bottom left/right)
maybe u can try & PM him
  • #69,150
  • Jul 20, 2010 5:06am Jul 20, 2010 5:06am
Quoting supremeChaos
if Pinbar is using that same indicator...
then there must be an option that allows u to choose where to place the values (top left, top right, bottom left/right)
maybe u can try & PM him
Will play around a bit first to see if I can handle it myself

Thanks for your help
  • #69,151
  • Jul 20, 2010 5:06am Jul 20, 2010 5:06am
Quoting Adilius07
..I was also thinking that the only way to fix this is either bigger account or the smaller pip value.
.....
going bigger is not necessary IMHO.
u can save that extra money for now. it will be handy once u get better, or u might not need it by then..
agree with fx_heaven, better to look for an appropriate broker...

about trade mgmt,
better to stick with the conventional way first (stop below/above a PB) before venturing into more advanced trade mgmt.
  • #69,152
  • Jul 20, 2010 5:08am Jul 20, 2010 5:08am
Quoting urchman
Sure Adilius, its really melting down like butter

This method is just HOLY GRAIL I love J16
In a FREE TRADE now!!!
  • #69,153
  • Jul 20, 2010 5:10am Jul 20, 2010 5:10am
Quoting supremeChaos
going bigger is not necessary IMHO.
u can save that extra money for now. it will be handy once u get better, or u might not need it by then..
agree with fx_heaven, better to look for an appropriate broker...

about trade mgmt,
better to stick with the conventional way first (stop below/above a PB) before venturing into more advanced trade mgmt.
Supreme, yes will check out Oanda tonight! I didn't like the interface at first, but then I thought what's the difference I can monitor my setups on Thinkorswim or MT4 and execute on Oanda! If it is a solid broker then it is fine!
  • #69,154
  • Jul 20, 2010 5:12am Jul 20, 2010 5:12am
Quoting Adilius07
This method is just HOLY GRAIL I love J16
In a FREE TRADE now!!!
Looks nice yeah

But personally I don't think I'd have the balls to take that trade. Where do you target with that one? I'd go for somewhere around 111,42 S/R line.
  • #69,155
  • Jul 20, 2010 5:15am Jul 20, 2010 5:15am
Quoting ddinnov
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?
Hi there ddinnov!

As I have said the indices are tanking - the Dow and Footsie are tanking.

I have noticed that AUD/CHF, AUD/JPY and to a lesser extent the CAD pairs track the Dow.

Commodity currency verses "stable" low interest.
  • #69,156
  • Jul 20, 2010 5:15am Jul 20, 2010 5:15am
Quoting mihazupan1
Looks nice yeah

But personally I don't think I'd have the balls to take that trade. Where do you target with that one? I'd go for somewhere around 111,42 S/R line.
Yes, as I have the remaining part at BE I would just monitor how price behaves at S/R will try to stay as much as possible. 111,50 is S/R if it stalls there I would exit.
  • #69,157
  • Jul 20, 2010 5:41am Jul 20, 2010 5:41am
Quoting Pinbar
What feed was that on?

Al I have is this pretty non discript neutral bar on FXDD.
Hi Pindude! Curious... what are those MAs on your daily chart of NZDUSD you posted?
  • #69,158
  • Jul 20, 2010 5:47am Jul 20, 2010 5:47am
EUR/USD Daily

Last night (not on this thread) the issue of the pin bar on the EUR/USD came up.
Mike briefly discussed this and was very cautious as the first pin bar is small and really nothing to write home about.

Now we have three pin bars and they are getting more potent.
Each time 1.3 knocks price back.

Any thoughts.

Around 2813 looks like a reasonable target which is the top of the next bar down (from May)
Attached Image
  • #69,159
  • Jul 20, 2010 6:00am Jul 20, 2010 6:00am
six gun,
Mike's got a point.

on Daily, eurusd has made a nice upmove & is probably undergoing a breather/retracement towards low-1.2800/mid- to low-1.2700..(to achieve this, 1.2900 has to break convincingly)

price got tired & lacked the momentum to push through 1.3000.... for now
let's see.
  • #69,160
  • Jul 20, 2010 6:06am Jul 20, 2010 6:06am
Quoting jarroo
Welcome back ppfx.


Yeah I know . . . I talk too much.
haha, i think that everybody around here likes you talking, cause everytime you say something valuable which may save a beginner trader from losing money
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