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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

  • #72,201
  • Aug 19, 2010 9:39am Aug 19, 2010 9:39am
Quoting Jonnyislost
I hope you mean you lost 70% of a full bar loss and not 70% of your equity on that trade

Yeah I just closed at 1.6215, running into heavy traffic now

J
Good work J
  • #72,202
  • Aug 19, 2010 9:42am Aug 19, 2010 9:42am
Quoting Chris P
It took me a while to get to grips with this, so don't worry, you're heading in the right direction. Being more picky is definitely the first stage. Give yourself a set number of bullets for the month and see if you can stick to that. Overtrading can be your worst enemy.

I've also found that I don't take trades where the first point of resistance is less than 0.3R away. I need to be able to get my stop to BE comfortably, otherwise I just leave it. There's always trading opportunities around the corner - the markets aren't going anywhere!

Best,
Chris...
Thanks Chris, yes I think being more picky is one and most important and also the most difficult thing for me to learn. If I would be able to do that I should be able to stop lossing.

I was thinking that even 4-5 trades per month can make a good growth to my account if I am being picky.. and if I pick the good ones
  • #72,203
  • Aug 19, 2010 9:52am Aug 19, 2010 9:52am
Quoting Jonnyislost
I hope you mean you lost 70% of a full bar loss and not 70% of your equity on that trade
lol.....

Mike has a new risk management structure
Many choose unhappiness over uncertainty.
  • #72,204
  • Aug 19, 2010 9:55am Aug 19, 2010 9:55am
Quoting Adilius07
Thanks Chris, yes I think being more picky is one and most important and also the most difficult thing for me to learn. If I would be able to do that I should be able to stop lossing.

I was thinking that even 4-5 trades per month can make a good growth to my account if I am being picky.. and if I pick the good ones
You'll definitely be able to stick to 4-5 trades per month, just by trading the daily charts. That way you're giving yourself the best possible chance of success. As James says in the 1st post, trade this only on daily and weekly charts until you're profitable for 3 months in a row. It works.
  • #72,205
  • Aug 19, 2010 9:55am Aug 19, 2010 9:55am
Quoting Dan Gilbert
lol.....

Mike has a new risk management structure
Probably part of his new ebook; How to turn $1 into $1000000000 in 4 weeks
  • #72,206
  • Aug 19, 2010 9:56am Aug 19, 2010 9:56am
Quoting Adilius07

Still thinking of what could be done, probably the best is:
1) More picky
2) Do not enter the trades where FTA is closer than SL
Those 2 will get you there for sure ...
  • #72,207
  • Aug 19, 2010 9:58am Aug 19, 2010 9:58am
Quoting Adilius07
Thanks Chris, yes I think being more picky is one and most important and also the most difficult thing for me to learn.
One day you will have lost a crap load of money and think .. hmm i'd be better off NOT trading .. so being picky sounds logical .. thats when the lightbulb goes off
  • #72,208
  • Aug 19, 2010 10:06am Aug 19, 2010 10:06am
Just got back, Anyone trade this?
Daily is almost an engulfing candle yesterday too and rejection of 9000.
Attached Image (click to enlarge)
Click to Enlarge Name: aud.gif Size: 16 KB
  • #72,209
  • Aug 19, 2010 10:12am Aug 19, 2010 10:12am
A bit offtopic question:

Has anyone of you been using MT5? I'm about to change my broker and I can choose between MT4 and MT5 platform. I'm leaning towards MT5. Are MT4 indicators compatible with MT5 as well? Looking at the indicator extention (mq4) I'd say it's not but might be wrong.
  • #72,210
  • Aug 19, 2010 10:12am Aug 19, 2010 10:12am
Quoting pipmyride
One day you will have lost a crap load of money and think .. hmm i'd be better off NOT trading .. so being picky sounds logical .. thats when the lightbulb goes off
Totally agree with this pmr. With, I hope, the following newbie exception:

Quote
One day you will have lost a crap load of demo money and think .. hmm i'd be better off NOT trading.
  • #72,211
  • Aug 19, 2010 10:16am Aug 19, 2010 10:16am
Quoting mihazupan1
A bit offtopic question:

Has anyone of you been using MT5? I'm about to change my broker and I can choose between MT4 and MT5 platform. I'm leaning towards MT5. Are MT4 indicators compatible with MT5 as well? Looking at the indicator extention (mq4) I'd say it's not but might be wrong.
They are not compatible miha... Fortunately, for j16's stuff, they're not necessary.

That being said, I did convert a round number line indicator and clock countdown. PM me if you need these.

Now only if I had 1GB of memory to start MT5 up, I'd be all set.


-- Danny
  • #72,212
  • Aug 19, 2010 10:21am Aug 19, 2010 10:21am
Quoting pipmyride
100% correct but who actually does this ?

And for that matter, who can quantify they have a 90% win rate ? Those that do can do whatever they like
Yes, the scenario painted above seems like some kind of an elusive thing.
So I tell myself somewhat a more conservative (and doable hopefully) picture:

0.35R risk reward
85% win rate
2.5 trade per week --> 130 per year

This works out to be:
winning amount per year = .85 x 130 x 0.35R = 38.7R
losing amount per year = .15 x 130 x R = 19.5R
Net win per year = 19.2R per year

If R=1%, return per year = 19.2%
If R=1.5%, return per year = 28.8% and so on proportionally.

I will be happy with this kind of performance.
  • #72,213
  • Aug 19, 2010 10:57am Aug 19, 2010 10:57am
Quoting bluetrader
They are not compatible miha... Fortunately, for j16's stuff, they're not necessary.

That being said, I did convert a round number line indicator and clock countdown. PM me if you need these.

Now only if I had 1GB of memory to start MT5 up, I'd be all set.

-- Danny
Does it take that much memory? :O

I'm actually using only price and spread indicators for now. How did you convert them?
  • #72,214
  • Aug 19, 2010 11:04am Aug 19, 2010 11:04am
Quoting mihazupan1
Does it take that much memory?
MT5 currently takes up 10-15 Mb per chart (w/ no indicators)... so you need that much free memory times the number of charts you typically have open.

Quoting mihazupan1
How did you convert them?
By hand.
  • #72,215
  • Aug 19, 2010 11:38am Aug 19, 2010 11:38am
Quoting bluetrader
MT5 currently takes up 10-15 Mb per chart (w/ no indicators)... so you need that much free memory times the number of charts you typically have open.

By hand.
I've just seen that MT5 is only available for demo trading and will stay on MT4 until MT5 will be available for both types of accounts.

Thanks anyway
  • #72,216
  • Aug 19, 2010 11:41am Aug 19, 2010 11:41am
Quoting mihazupan1
I've just seen that MT5 is only available for demo trading and will stay on MT4 until MT5 will be available for both types of accounts.

Thanks anyway
Do you know if it is possible to move chart window to the next monitor in MT5?
It is not an option now, I hate MT4 for that. I have 4 monitors and only ONE is working for trading lol.
  • #72,217
  • Aug 19, 2010 11:50am Aug 19, 2010 11:50am
Quoting Adilius07
Do you know if it is possible to move chart window to the next monitor in MT5?
It is not an option now, I hate MT4 for that. I have 4 monitors and only ONE is working for trading lol.
Sorry but I have no idea about that.
  • #72,218
  • Aug 19, 2010 12:02pm Aug 19, 2010 12:02pm
Lovely bullish pinbar at a swing low on AUD/USD 1H.
  • #72,219
  • Aug 19, 2010 12:03pm Aug 19, 2010 12:03pm
Quoting ts63
Lovely bullish pinbar at a swing low on AUD/USD 1H.
Lovely !!?!
OMG be careful man
  • #72,220
  • Aug 19, 2010 12:19pm Aug 19, 2010 12:19pm
Quoting ts63
Lovely bullish pinbar at a swing low on AUD/USD 1H.
very small pin which doesn't protrude much. would stay away.
meine augen sind die sterne
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