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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

  • #77,641
  • Oct 17, 2010 10:26pm Oct 17, 2010 10:26pm
Quoting 4X=0
i was comparing the two trades, each risking the same amount of money.

and also, 200 is way less than the 800.

here is another way to look at it.

both accounts begin at $10,000 and 2% risk

trading the 1hr pin and taking 200 pips = 5.2%
trading the 1hr pin and taking 856 pips = 22%

my trade of 80 pips = 22%

not to mention im out of the trade.

800 pips would take weeks.



Not sure what you are talking about here, you mentioned that you are 80 pips in profit, not 800.

So, the H1 PB would now be in 200 pips profit.
How do you work that out?

It may help if you post a chart with your entry on it.
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  • #77,642
  • Oct 17, 2010 10:37pm Oct 17, 2010 10:37pm
yes and that red line is my initial stop loss.
  • #77,643
  • Oct 17, 2010 10:42pm Oct 17, 2010 10:42pm
Quoting 4X=0
yes and that red line is my initial stop loss.
Not sure I follow? Did you risk a higher percentage? Or kept adding to your trade?
  • #77,644
  • Oct 17, 2010 10:45pm Oct 17, 2010 10:45pm
Quoting 4X=0
yes and that red line is my initial stop loss.

Right, now I am totally confused as to what you are talking about. LoL


That H1 PB is 120 pips above your entry.


Either way, I would watch this area we are at now for a possible reversal.
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  • #77,645
  • Oct 17, 2010 10:46pm Oct 17, 2010 10:46pm
no guys, i posted the entire trade already, entry and exit. it was just one trade. and same risk percentage, 2%, as i stated
  • #77,646
  • Oct 17, 2010 10:50pm Oct 17, 2010 10:50pm
Quoting 4X=0
someone who took the EU 1hr pinbar short would need to hold for 856 pips to make the same $$$ i just did on 80 pips

thought id point that out for absolutely no reason at all
I saw the PB and it looked good, but I had already missed the setup.

However, placing the trade on Monday after the fact took more experience than I currently have.

I saw a weak BEOB and decided to stay out of it and watch it pull back down to get back into the trade maybe with the current uptrend.

Maybe someone can shed more light on this.
  • #77,647
  • Oct 17, 2010 10:54pm Oct 17, 2010 10:54pm
Quoting spookie94
Not sure I follow? Did you risk a higher percentage? Or kept adding to your trade?
Here is a more direct way of explaining...

10,000 * 2% = $200

200/75 pip stoploss on the 1hr pin = 2.6 (this would be minis)

where as

200/7 pip max stoploss for me = 28.5 (this is also minis)

28.5 * 80 pips = $2,280

where as

1.3 * 879 pips = $2,280

and if that isnt good enuf for you, don't forget that my trade is closed and has been for a while. 879 pips would take much longer to gain
  • #77,648
  • Oct 17, 2010 11:08pm Oct 17, 2010 11:08pm
Quoting 4X=0
Here is a more direct way of explaining...

10,000 * 2% = $200

200/75 pip stoploss on the 1hr pin = 2.6 (this would be minis)

where as

200/7 pip max stoploss for me = 28.5 (this is also minis)

28.5 * 80 pips = $2,280

where as

1.3 * 879 pips = $2,280

and if that isnt good enuf for you, don't forget that my trade is closed and has been for a while. 879 pips would take much longer to gain

Ok, next time just tell us you had an extremely small SL. Remember its early in the week, many of us don't have or forex caps on yet .
  • #77,649
  • Oct 17, 2010 11:13pm Oct 17, 2010 11:13pm
Quoting spookie94
Ok, next time just tell us you had an extremely small SL. Remember its early in the week, many of us don't have or forex caps on yet .
another point is what would happen if i held for 800 pips? i think my account would explode

sorry guys, i forget not everyone has seen oanda charts
  • #77,650
  • Oct 17, 2010 11:28pm Oct 17, 2010 11:28pm
Scanned the charts, saw this and entered when price was at the 61.8 Fib retracement level of Friday's bearish pin bar.

The PB showed rejection of the daily trend line and the 1.62 round number.

My entry was a little before the close of the Sunday bar, so it ain't a valid pin bar.

My main doubt is the fact that we're at or near historic lows for this pair.

Thoughts anyone?
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  • #77,651
  • Oct 17, 2010 11:29pm Oct 17, 2010 11:29pm
Learning from James' #2 #3 posts on Two Consecutive Matching Low, sign of break out?

Am I learning the right thing here?

Trade 1:
0.2 unit on micro lot, Entry: 81.38, SL: 81.73, TP: 80.85, plan to take 1/2 near 81.85, will move the SL to BE, then trial the SL afterward.

http://1.bp.blogspot.com/_0b6cSta63s...1010170732.gif

Trade 2:
0.2 unit on micro lot, Entry: 129.48, SL: 130.32, TP: 128.61, plan to take 1/2 near 128.61, will move the SL to BE, then trial the SL afterward for the rest of 1/2.

http://1.bp.blogspot.com/_0b6cSta63s...1010171217.gif
  • #77,652
  • Oct 17, 2010 11:37pm Oct 17, 2010 11:37pm
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting mbqb11
Divergence is nothing more then when price is going one way and the oscillator is going the other way....
Thanks Mike. Once again Mike has risen to his usual wonderful explanation.
I have seen the enemy, and it is me.
  • #77,653
  • Oct 17, 2010 11:39pm Oct 17, 2010 11:39pm
Quoting leelar
Learning from James' #2 #3 posts on Two Consecutive Matching Low, sign of break out?

Am I learning the right thing here?

Trade 1:
0.2 unit on micro lot, Entry: 81.38, SL: 81.73, TP: 80.85, plan to take 1/2 near 81.85, will move the SL to BE, then trial the SL afterward.



Trade 2:
0.2 unit on micro lot, Entry: 129.48, SL: 130.32, TP: 128.61, plan to take 1/2 near 128.61, will move the SL to BE, then trial the SL afterward for the rest of 1/2.
Hey Leelar

You would want to sell under those two matching lows if you want to play them as a continuation. Think of it like a breakout play. Until those break they are actually support. Once they break the idea is that, that support now gives way.

Best
Mike
  • #77,654
  • Oct 17, 2010 11:42pm Oct 17, 2010 11:42pm
Quoting dabbledave
Scanned the charts, saw this and entered when price was at the 61.8 Fib retracement level of Friday's bearish pin bar.

The PB showed rejection of the daily trend line and the 1.62 round number.

My entry was a little before the close of the Sunday bar, so it ain't a valid pin bar.

My main doubt is the fact that we're at or near historic lows for this pair.

Thoughts anyone?
Hey Dave

Yep you are correct. That is what makes playing these bars as continuations trickier(meaning it is at a swing low where we really want this to move higher and create "space" at a swing high). Now I actually think your retracement is the best type of way to play this particular scenario(b/c of the lack of room to the downside if you played a straight break), so you have to go ahead and accept that risk if this is the type trades that meet your criteria. Tricky playing at these lows though I agree. Sort of caught in between.

have a great week
Mike
  • #77,655
  • Oct 18, 2010 12:00am Oct 18, 2010 12:00am
Quoting Pinbar
Wow........Adi. Sounds like you need to take a deep breath.
I know that feeling.

I really don't understand the importance of taking many trades.
The more we take, the more spread we pay and greater the exposure to the market of our equity. What is wrong with a few trades and within those trades the occasional runner, which may even be held for months?

Isn't that we should be aiming for?
Hello Pinbar, lol, yeah reading that thing I wrote yesterday makes me ...
Loosing my patience sometimes I guess. That will not happen again. Will regain control...The problem is that I got the funds, all set to make a live shot, but I keep myself out of real trading until I gain some real confidence and complete Post#1 Minimum Requitements...
  • #77,656
  • Oct 18, 2010 12:05am Oct 18, 2010 12:05am
Quoting mbqb11
Divergence is nothing more then when price is going one way and the oscillator is going the other way....
Thank you Mike and Jey for your replies. Yes, the PA is superb anyway. The dive is a "hint" that is all...

But I still didn't understand. Has it to be precisely two consequitive lows/highs, or some minor lows/high within two major swings in price and oscilator could be disregarded?
  • #77,657
  • Oct 18, 2010 12:27am Oct 18, 2010 12:27am
Quoting Adilius07
Hello Pinbar, lol, yeah reading that thing I wrote yesterday makes me ...
Loosing my patience sometimes I guess. That will not happen again. Will regain control...The problem is that I got the funds, all set to make a live shot, but I keep myself out of real trading until I gain some real confidence and complete Post#1 Minimum Requitements...
I know the feeling Adi and I am also in the same situation with having already opened a live account.

I don't feel comfortable trading it after all the study I have done this last month over at J16 PF, I now realize I need much more study and practice.

I really want to start to trade the account but as jim says, if you can't be profitable on demo. there is no way you can do it live.
I was profitable on demo but was maybe lucky and traded a little too much at one go.
  • #77,658
  • Oct 18, 2010 12:33am Oct 18, 2010 12:33am
Quoting mbqb11

Tricky playing at these lows though I agree. Sort of caught in between.
Appreciate your feedback, Mike. So it's certainly not an A+ set-up. I need to be more discerning. It's a demo trade, so I'll see how it plays out.

Cheers

D
  • #77,659
  • Oct 18, 2010 12:37am Oct 18, 2010 12:37am
Quoting Adilius07
...
But I still didn't understand. Has it to be precisely two consecutive lows/highs, or some minor lows/high within two major swings in price and oscilator could be disregarded?
i remember that post/chart.

personally i consider a presence of divergence even if it forms from non-consecutive swing high/lows.(that chart as an example)
i dont always play by the rules.

u have to test it out yourself, see what u are comfortable with.
  • #77,660
  • Oct 18, 2010 12:39am Oct 18, 2010 12:39am
Quoting 4X=0
879 pips would take much longer to gain
since no seniors comment on this. I would like to. Your comment contradicts with the definition of patience. For a beginner like me, trading on the daily, even if I cheats and drop down to 4 hr timeframe for micro-management doesn't allow a 7 pip stop loss, that's a broker spread in some pairs.
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