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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

  • #76,201
  • Oct 1, 2010 10:22am Oct 1, 2010 10:22am
Hi folks

I am not the best at maths so thats why I am asking this qn

My entry was 1.4142 with a SL at 1.40650. This is a 77 pip SL, right?

I put on a standard lot of 1 which is around 2.5 % ($125) of a $5000 a/c

I closed with a 41 pip profit ($400) This means if my SL had been hit I would have been down $800.

This cant be right. I only wanted to risk 2% or $100. What am I missing?

Anthony
  • #76,202
  • Oct 1, 2010 10:32am Oct 1, 2010 10:32am
Thank you Mike for the feedback. I understand what you say about swing high and swing low. Now I can see it wasn't an A+ pinbar.

I'm working with daily bars, but meanwhile, I'm practicing with lower TF, only because I can practice during the day

I'm so grateful to this thread, I'm learning a lot.
  • #76,203
  • Oct 1, 2010 10:35am Oct 1, 2010 10:35am
Quoting antgal23
Hi folks

I am not the best at maths so thats why I am asking this qn

My entry was 1.4142 with a SL at 1.40650. This is a 77 pip SL, right?

I put on a standard lot of 1 which is around 2.5 % ($125) of a $5000 a/c

I closed with a 41 pip profit ($400) This means if my SL had been hit I would have been down $800.

This cant be right. I only wanted to risk 2% or $100. What am I missing?

Anthony

Need to base your % off the pips. .0077 * 100,000 (1 lot) = $770.00

With $5000 @ 2% = $100 / .0077 = roughly 1.3 mini lots or (12987 k)

I think I got that all right
  • #76,204
  • Oct 1, 2010 10:37am Oct 1, 2010 10:37am
Quoting antgal23
Hi folks

I am not the best at maths so thats why I am asking this qn

My entry was 1.4142 with a SL at 1.40650. This is a 77 pip SL, right?

I put on a standard lot of 1 which is around 2.5 % ($125) of a $5000 a/c

I closed with a 41 pip profit ($400) This means if my SL had been hit I would have been down $800.

This cant be right. I only wanted to risk 2% or $100. What am I missing?

Anthony
Hey Anthony

Your lot size is too high

With a 77 pip stop loss and you want that to equal 2% or 100$ you would risk( I picked eur/aud as a guess not sure what pair you were trading)

Approx 13,000 units which would give you a loss of $100 and 41 pip profit would equal about $51 profit. So approx 1% gain
  • #76,205
  • Oct 1, 2010 10:38am Oct 1, 2010 10:38am
Quoting slade1986
Need to base your % off the pips. .0077 * 100,000 (1 lot) = $770.00

With $5000 @ 2% = $100 / .0077 = roughly 1.3 mini lots or (12987 k)

I think I got that all right
thanks slade
  • #76,206
  • Oct 1, 2010 10:43am Oct 1, 2010 10:43am
Quoting slade1986
Need to base your % off the pips. .0077 * 100,000 (1 lot) = $770.00

With $5000 @ 2% = $100 / .0077 = roughly 1.3 mini lots or (12987 k)

I think I got that all right
Thanks Slade1986

I did the maths with http://www.earnforex.com/position-size-calculator and it said to go with 0.088

how come?
  • #76,207
  • Oct 1, 2010 10:47am Oct 1, 2010 10:47am
Quoting antgal23
Thanks Slade1986

I did the maths with http://www.earnforex.com/position-size-calculator and it said to go with 0.088

how come?

Here's my results

Edit: Check out some of the attachments on here. I use one called Ultimate Spreadsheet. It keeps a log of all the trades I make and also has a position size calculation on it.
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  • #76,208
  • Oct 1, 2010 11:03am Oct 1, 2010 11:03am
Cheers Slade and Mike

yeah, a 0.3 lot sounds better

i think my web page was making calculations based on the AUD / USD pair and not on the one I needed, hence the confusion

thanks again
  • #76,209
  • Oct 1, 2010 11:48am Oct 1, 2010 11:48am
My TP was hit on the Eur/GBP Daily

I set my TP around the Round number 87, which is a clear PPZ zone.

I feel this one may have more room to run, but going into the weekend after a tough month, and now at resistance level I figured it was not worth the risk. If I were to keep this one in I would manage according to how the day closed.

As far as manging the trade it was fairly easy. at the close of yesterday I had moved my stop under the most recent BUOB.

The great things baout this trade where the BRN, and the Big bar engulfing several previous bars. These are great ares to look for price to break and then use the engulfed bars as support.

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  • #76,210
  • Oct 1, 2010 12:24pm Oct 1, 2010 12:24pm
Quoting dmc
My TP was hit on the Eur/GBP Daily

I set my TP around the Round number 87, which is a clear PPZ zone.

I feel this one may have more room to run, but going into the weekend after a tough month, and now at resistance level I figured it was not worth the risk. If I were to keep this one in I would manage according to how the day closed.

As far as manging the trade it was fairly easy. at the close of yesterday I had moved my stop under the most recent BUOB.

The great things baout this trade where the BRN, and the Big bar engulfing several previous...
  • #76,211
  • Oct 1, 2010 1:31pm Oct 1, 2010 1:31pm
Trend long > DBH TF Daily > Good break > enter long > Fast loss

what's wrong with it?

many thanks

best trading to all
Don't give up
  • #76,212
  • Oct 1, 2010 1:47pm Oct 1, 2010 1:47pm
Quoting geomink
Trend long > DBH TF Daily > Good break > enter long > Fast loss

what's wrong with it?

many thanks

best trading to all
Hey G

I don't see a good TBH here, but here would be my recommendations. If you are going to play those then you have to go for quick take profits in my view. You get your quick burst and get your stop to b/e 15-20 pips , not enough info to do more then that here,.

I think it is much easier for new traders to look for the obvious pins/outside bars at the prime locations. You will sit on your hands a lot but it will take away the finessing you need to do with these types of other patterns. IMO if you want to play multiple bar high breaks, look for times when you have 4+ highs/lows in a row.

Best
Mike
  • #76,213
  • Oct 1, 2010 2:08pm Oct 1, 2010 2:08pm
Quoting geomink
Trend long > DBH TF Daily > Good break > enter long > Fast loss

what's wrong with it?

many thanks

best trading to all
If i could add to what Mike said.....from what i see it did hit its FTA Prior R....see weekly chart...also >>>me personally i seldom buy runups at the high prior to Resist.
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  • #76,214
  • Oct 1, 2010 2:32pm Oct 1, 2010 2:32pm
Quoting bluetrader
NRGY Weekly BUOB off support (prior resistance). What are the odds price will hit 40.00?
.
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  • #76,215
  • Edited 3:57pm Oct 1, 2010 2:50pm | Edited 3:57pm
Hello Huys
The USD/CAD is on the lower end of the range and maybe we could see a breakout or it may just consolidate, or form a pinbar at lower part of the range.

Maybe it could be a good trade for next week. Like to get comments on this from senior members like Mike, Jaroo, Pinbar and many others.( I apologize if I am missing someone)

According to me there is a high likelihood of a continuation of the downtrend. It is like the classic trendline break(which is not there on the following chart), then consolidation and then move in the direction of the prior trend.

Please correct me if I am wrong.

Regards
Maarc
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  • #76,216
  • Edited 8:47pm Oct 1, 2010 6:28pm | Edited 8:47pm
Quoting maarc
Hello Huys
The USD/CAD is on the lower end of the range and maybe we could see a breakout or it may just consolidate, or form a pinbar at lower part of the range.

Maybe it could be a good trade for next week. Like to get comments on this from senior members like Mike, Jaroo, Pinbar and many others.( I apologize if I am missing someone)

According to me there is a high likelihood of a continuation of the downtrend. It is like the classic trendline break(which is not there on the following chart), then consolidation and then move in the direction...



Hi, Maarc and welcome to this Great thread.


Yes, you are wrong in as much as PINBAR is not a senior, just an earnest newbie.


I think this area is problematic, in as much as, a weekly bearish PB type bar just closed. It is not a valid bearish PB PA bar but it is a bearish bar by nature of the close. The close is sitting right on the RN. I think the area we are at on the daily with all those lows lining up is a possible flip area in the making. We want to see any bullish PA close above that area on the daily and any bearish PA come off it. Basically just wait for PA to show us where it wants to go.

I think you are on the ball with the bearish inclination. However, is there really that much room for it to move.

Hope this helps
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  • #76,217
  • Oct 1, 2010 8:27pm Oct 1, 2010 8:27pm
Quoting mbqb11
Hey C

I look for bigger more concrete patterns. TO me this is just a small box of consolidation /range not enough for me to personally trade off(doesn't mean you can't), I just try to be picky with everything

Best
Mike
Thank you for letting me know your view of consolidation. But when you say more concrete.. is it close to 20 bars or so ? I am just trying to get some quantitative aspect to start with.. though this alone may not drive the trade.
  • #76,218
  • Oct 1, 2010 8:46pm Oct 1, 2010 8:46pm
Quoting bluetrader
.
Very nice chart! Just love it..
  • #76,219
  • Oct 1, 2010 11:59pm Oct 1, 2010 11:59pm
Guys I took a trade ytd on a 4H chart, pretty careful with this. Few points why i went into this,

1) No traffic
2) Pin got rejected RN 131.00 PPZ (main factor)
3) A nice pin we had there on the 4H

TP triggered at FTA 132.00, entered trade on break of pin, stop loss few pips away from low of pin.

Still learning at this point in time, any comments much appreciated.

http://img121.imageshack.us/img121/9992/16482430.jpg

Uploaded with ImageShack.us
  • #76,220
  • Oct 2, 2010 1:56am Oct 2, 2010 1:56am
this could be interesting in the next week...
bmw on weekly.
pinbar closing below ppz/brn.
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