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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

  • #81,141
  • Nov 29, 2010 6:08pm Nov 29, 2010 6:08pm
Quoting joelcf
Welcome to the world of offexchange margin fx trading. You are talking about an industry built on giving massive leverage to people with $50 accounts with the promise that 'trading the aussie is easy', and where the profits of many players are directly correlated with how much their clients lose.

Most people dont even realise that they dont actually have a broker.

I wont even bother starting on spreadbetting and CFDs.
Hello Joel, then I just have a simple question. Why are we here? Learning with FX and then progress to Futures, that would be the right thing to do, or what would you suggest?

I heard same things about FX in general before..I started in futures, options, stocks, bonds all but never Forex (because people say it's broker's way to rob you)... I found this thread, and only because I found this thread I am interested in Forex now..I thought there are some really serious people here, who really can make some consitent profit with forex and it is not just time killing addiction for them, like Nintendo or something like this. So I am just a little confused by your statement, really.

There are also videos on youtube (well I saw them in Russian) with complaints to law enforcment officials by some russian traders who say that when they were more than 70% in profit, some silver positions were opened on their platform withouth them even touching their PC, those positions were then several times closed re-opened so the balance fall below the initial deposit. Several people (traders) went to testify as witnesses. And they could not prove anything as the broker had the log of those trades done from that IP, etc... So this could really be the truth then...

I'm not a paranoid (maybe just a little) maybe I just didn't understand what you mean. You also said before you made over 100% in FX, can you share your broker? And why it is any better than FXCM, IBFX and others?

Oh sorry this post is little too long, just a little nervous before going for live account...
  • #81,142
  • Nov 29, 2010 6:46pm Nov 29, 2010 6:46pm
Quoting Pinbar
Lot of support and former reactionary bars at that area.

Also, is that BEOB at a swing high?
Agreed, PB; there's a significant PPZ there. That's why I'm watching closely to see if this can break through. And you're also right about it not being at a swing high. So not an A+ setup; maybe a B- ?

--Dave
  • #81,143
  • Nov 29, 2010 6:55pm Nov 29, 2010 6:55pm
Quoting g_j_hook@yah
hey Dave, nice analysis, i agree with your PPZs exactly! although as this pair moves a lot of pips i personally dont expect too much reaction from those which are in between RNs although of course i like to be aware of them....
Hey Jon,

Thanks for those thoughts! Glad to know you like my PPZs; I'm still pretty new at finding them. Thanks also for your points re divergence. I've not paid a lot of attention to it, to be honest; it's an interesting tool, but not one I know how to use or rely on yet. I agree completely that this is one to manage tightly. I'm in early demo stage; maybe in six months I'll look at this and pass!

--Dave
  • #81,144
  • Nov 29, 2010 6:55pm Nov 29, 2010 6:55pm
Quoting Oldice
Agreed, PB; there's a significant PPZ there. That's why I'm watching closely to see if this can break through. And you're also right about it not being at a swing high. So not an A+ setup; maybe a B- ?

--Dave
Yeah, Dave

I was much worse when I started, first I couldn't see any PA, then I was seeing it all over the place, except the place I needed to see it.
You have really good analytical skills, I am sure you will get past this stage quickly.

Did you notice Joel's comment about chasing a setup, in reply to your post. I know it is easy to think, oh this is only a demo, and I myself did it initially and took risky trades. In hindsight, I think it is a dangerous thing, and as they say, "Trade demo as you would live and live as you would demo".
That way, we don't compound bad habits.
  • #81,145
  • Nov 29, 2010 7:04pm Nov 29, 2010 7:04pm
Quoting Adilius07
Hello Joel, then I just have a simple question. Why are we here? Learning with FX and then progress to Futures, that would be the right thing to do, or what would you suggest?

I heard same things about FX in general before..I started in futures, options, stocks, bonds all but never Forex (because people say it's broker's way to rob you)... I found this thread, and only because I found this thread I am interested in Forex now..I thought there are some really serious people here, who really can make some consitent profit with forex and it...
FX, Futures, Stocks, poker, rock paper scissors, etc etc those are all simply vehicles in which to perform whatever action the user is looking to perform. Not one is easier then the other. Some people hop from one to another thinking that it must be the market. You simply need an edge and the ability to execute that edge.

What joel is referring to is that most people come to FX b/c of the ability to open up a small account with their extra money, then that ability to control much more money (leverage) then they should be. The get rich quick thing we hear. It is at the end of the day the ability to treat trading as the business it should be. So that either one day you can trade for profits, or that you don't lose your shirt going for it all. If it is the way you choose to do it, and that you(I use you meaning anyone) want to try to turn your thousand dollar account to a million. Then well you will become a statistic. For the few that get very lucky their are too many more. Better off playing the lotto.

Every vehicle has business that operate in a poor way. FX is a bit more uncharted territory but is slowly getting cleaned up. Again it comes to the end user to protect themselves and trade with someone they trust. When a fly by night broker opens up in some random unregulated country and people complain when they do shady things, who is really to blame? Both parties.

So what can you do? Take responsibility for where you place your money and how you trade your money. Due diligence is something that is in ones control. Of course many of us have been through the grinder and this is why we are here(but it never should be the full substitute for ones own research and diligence). To help those that come after us not feel so lost and hopeless. The amount of horror stories that run the log of problems(mostly bad traders blowing their money b/c of lack of education and false dreams) is very scary.

Hope that helps a bit
Mike
  • #81,146
  • Nov 29, 2010 7:08pm Nov 29, 2010 7:08pm
Quoting Pinbar

Did you notice Joel's comment about chasing a setup, in reply to your post. I know it is easy to think, oh this is only a demo, and I myself did it initially and took risky trades. In hindsight, I think it is a dangerous thing, and as they say, "Trade demo as you would live and live as you would demo".
That way, we don't compound bad habits.
Yeah, I just read this; great advice!!! Yet another bad habit to work on. I also noticed Mike saying he took 3-5 trades a month - man! I was taking 5-8 trades a week before I started reading this thread. Maybe that's why my demo account balance was consistently dropping? <<duh>>

--Dave
  • #81,147
  • Nov 29, 2010 7:10pm Nov 29, 2010 7:10pm
Quoting Adilius07
Hello Joel, then I just have a simple question. Why are we here? Learning with FX and then progress to Futures, that would be the right thing to do, or what would you suggest?
Not necessarily. Nothing wrong with trading fx per se, there are just alot of scammy brokers out there just looking to fleece vulnerable and disadvantaged traders for a couple of bucks.

How else are you going to turn a profit on a bunch of hundred dollar accounts trading microlots? You dont charge flat commission, and the money you make on the spread of an account that size is barely going to cover your morning coffee - but if you can dangle 100:1/500:1/etc leverage in front of someone with limited knowledge and dreams of buying a yacht and encourage them to gamble their whole account...

For those people, it's essentially Vegas - but without the strippers, free booze or Tyson's tiger. And what fun is that?

Quoting Adilius07
I heard same things about FX in general before..I started in futures, options, stocks, bonds all but never Forex (because people say it's broker's way to rob you)... I found this thread, and only because I found this thread I am interested in Forex now..I thought there are some really serious people here, who really can make some consitent profit with forex and it is not just time killing addiction for them, like Nintento or something like this. So I am just a little confused by your statement, really.
As I said, the problem is with shady brokers, not the instrument itself. My fault, I was probably a bit unclear.

Quoting Adilius07
There are also videos on youtube (well I saw them in Russian) with complaints to law enforcment officials by some russian traders who say that when they were more than 70% in profit, some silver positions were opened on their platform withouth them even touching their PC, those positions were then several times closed re-opened so the balance fall below the initial deposit. Several people (traders) went to testify as witnesses. And they could not prove anything as the broker had the log of those trades done from that IP, etc... So this could...
Good to see that churning is still alive and well, lol.

Quoting Adilius07
I'm not a paranoid (maybe just a little) maybe I just didn't understand what you mean. You also said before you made over 100% in FX, can you share your broker? And why it is any better than FXCM, IBFX and others?
Anytime people are trying to get money out of you, a little bit of paranoia is never a bad thing

I use Interactive Brokers, which isnt a real option for many people as they have some pretty high minimums that wont suit many people's account size or risk tolerances.

I have used Oanda, IBFX and MB Trading in the past and had no real problems with any of them. Couldnt handle Oanda's charting and order input system, and I think I just outgrew IBFX and MT4 - the spreads were a little too wide and the execution a little too slow and slippery for my liking. MB was good all around, just didnt suit me.

Quoting Adilius07
Oh sorry this post is little too long, just a little nervous before going for live account...
Not at all - you are smart to be cautious. I wish more people were.
When you have to shoot, shoot. Dont talk.
  • #81,148
  • Nov 29, 2010 7:12pm Nov 29, 2010 7:12pm
Quoting Oldice
Yeah, I just read this; great advice!!! Yet another bad habit to work on. I also noticed Mike saying he took 3-5 trades a month - man! I was taking 5-8 trades a week before I started reading this thread. Maybe that's why my demo account balance was consistently dropping? <<duh>>

--Dave

I am sure a lot of people in this forum have been there and done much worse.

5 trades a week doesn't sound as bad as 5 trades a day, somehow. LoL

There is no rush learn this, that is something I have resigned myself to.
  • #81,149
  • Nov 29, 2010 7:14pm Nov 29, 2010 7:14pm
Quoting mbqb11
You simply need an edge and the ability to execute that edge.
Says it all, really. Trading and life
When you have to shoot, shoot. Dont talk.
  • #81,150
  • Nov 29, 2010 7:20pm Nov 29, 2010 7:20pm
Quoting joelcf
I use Interactive Brokers, which isnt a real option for many people as they have some pretty high minimums that wont suit many people's account size or risk tolerances.
I used Tradestation when I was trading futures; never had a problem with it. My problems were entirely of my own making. Joel is right about the minimums - TS has a $5000 minimum for FX, I believe. But I'm coming to see that as a good thing. 1% of a $500 account is pretty much chewed up in the spread, so the idea of MM with an account of that size is pretty much a joke. Even 1% of a $5000 account isn't a lot of room to move. So perhaps TS and IB are trying to do us a favor by requiring account sizes that allow for good MM habits? (I mean, I doubt they are saints, but...)

--Dave
  • #81,151
  • Nov 29, 2010 7:30pm Nov 29, 2010 7:30pm
Quoting joelcf
Says it all, really. Trading and life
Thanks Joel, Mike. So for now I will worry about my edge and my edge only and as James suggests I will first go with a half (or even less) of what I have allocated for FX anyway... So ok, I panic too much sometimes, lol.

With my previous 2 accounts I can really say I never had a reason to be suspecious or anything, just lost, fairly (Thinkorswim and Mirus Futures) ... but receiving those trade confirmations from clearing house really was giving me a sense of security ( in a sense that if I make money they will be mine for real, lol) unfortunetaly my MA's cross system did not have any edge, haha... Ok this time I am not in hurry..

Thanks for reply
  • #81,152
  • Edited 7:50pm Nov 29, 2010 7:32pm | Edited 7:50pm
Quoting Oldice
I used Tradestation when I was trading futures; never had a problem with it.
Yeah, $5k plus $100/mo if you use them as a broker, unless you are hitting 10 roundtrip lots (or 100 minilots). Or about 250/mo if you dont use them to execute. Assuming they havent changed lately.

IB only has a $10k minimum account, but the minimum order size limits the number of people that would find them useful - 25-40k per order and 2.5% margin doesnt leave much room for a mini account.

I'm too poor for TS I'll leave that to Jim and George Soros, lol.

Quoting Oldice
So perhaps TS and IB are trying to do us a favor by requiring account sizes that allow for good MM habits? (I mean, I doubt they are saints, but...)
That's the difference between a broker that makes money from, well, broking and a 'broker' that makes money when you take a bad trade and blow your account.

Quoting Adilius07
With my previous 2 accounts I can really say I never had a reason to be suspecious or anything, just lost, fairly (Thinkorswim and Mirus Futures) ...
TOS are solid. I've used them as an option platform for years. Their fx range looks pretty comprehensive - I wish I could short Zlotys against the Forint!
When you have to shoot, shoot. Dont talk.
  • #81,153
  • Nov 29, 2010 7:47pm Nov 29, 2010 7:47pm
All the recent talk of MM and brokers and numbers of trades lately has me thinking. A thought for the newbies, I like a lot of people have a micro account and I have come to realize I am growing my account faster by not trading! When I started studying price action 1 1/2 years ago I thought I would be tearing em up by now, but I have become very picky[too picky I think].Yet the whole time I have been making weekly deposits in my account while I am studying so my balance keeps growing! Before long I will have some real $ amounts to trade with when I feel comfortable. I realize I won't turn $50 into $50000 overnight. I've been following along with the group lately and theres really good stuff here!

Poncho
" I can read the left side of the chart, the right side's a Bitch!
  • #81,154
  • Edited 10:29pm Nov 29, 2010 10:16pm | Edited 10:29pm
GU monthly is looking interesting.

Let's see how it closes today.

A nice bullish or bearish PB tomorrow would be nice.
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  • #81,155
  • Nov 29, 2010 10:16pm Nov 29, 2010 10:16pm
If one thinks about it, it is amazing what two trades per month on average can do.

Scott

Quoting poncho1
All the recent talk of MM and brokers and numbers of trades lately has me thinking. A thought for the newbies, I like a lot of people have a micro account and I have come to realize I am growing my account faster by not trading! When I started studying price action 1 1/2 years ago I thought I would be tearing em up by now, but I have become very picky[too picky I think].Yet the whole time I have been making weekly deposits in my account while I am studying so my balance keeps growing! Before long I will have some real $ amounts to trade with when...
  • #81,156
  • Nov 29, 2010 10:43pm Nov 29, 2010 10:43pm
EU monthly is also looking interesting and depending on how it closes, may shape our trading for the next month.
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  • #81,157
  • Nov 29, 2010 11:13pm Nov 29, 2010 11:13pm
It is a nice looking BEOB, however, the location is not good. I attached a chart of the PPZs I see and a fib.

I never place fibs on tiny swings like you did because the fib. levels are very close to each other.

You should look to take trades at solid support and resistance levels. Any other possible PPZ I saw was minor.

I would only place a short if price was at 1.7 or higher.

Scott

Quoting Pinbar
GU monthly is looking interesting.

Let's see how it closes today.

A nice bullish or bearish PB tomorrow would be nice.
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  • #81,158
  • Nov 30, 2010 12:47am Nov 30, 2010 12:47am
Quoting phpscott
It is a nice looking BEOB, however, the location is not good. I attached a chart of the PPZs I see and a fib.

I never place fibs on tiny swings like you did because the fib. levels are very close to each other.

You should look to take trades at solid support and resistance levels. Any other possible PPZ I saw was minor.

I would only place a short if price was at 1.7 or higher.

Scott

Thanks Scott.

Yes, I see what you mean.

Actually I am really just looking for a hint at the possible direction with this fibo and doing Jarroos thing with PPZ. I will certainly let PA show me the direction.

Thanks Scott.
  • #81,159
  • Nov 30, 2010 2:49am Nov 30, 2010 2:49am
a trade to consider
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  • #81,160
  • Nov 30, 2010 3:13am Nov 30, 2010 3:13am
Quoting Kika
a trade to consider
Yeah, this one looks perfect to me, I cannot find reasons to not take this tade really...
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