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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

  • #84,981
  • Edited 2:51am Jan 9, 2011 2:36am | Edited 2:51am
GBP/CHF location is looking interesting.

EDIT: Sort of a seeking light TL there, don't worry about it folks.
If it is good enough for SL, it sure is good enough for me.

And I am thinking of these areas like a soccer pitch recently, we are now approaching the midfield area.
Who is going to take the ball and run with it here, the Bear team or the Bull team.
The Bear team have their defenders just above this area to tackle any would be bulls.

All we have to do is wait for the best team to take the ball and let the referee show us his flag as to which way the ball is going to go.

We don't want to get caught in any offside traps.


And to think, I don't even like soccer!


LOL.....I am losing it.
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  • #84,982
  • Jan 9, 2011 3:02am Jan 9, 2011 3:02am
Can someone take a look and suggest a room for improvement?
I dont want to be overloaded with information i'm drawing on my charts...and want to ensure ppz is correctly drawn...

thanks for the comments
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  • #84,983
  • Jan 9, 2011 3:32am Jan 9, 2011 3:32am
usd/dkk weekly dblhc as a breakout of the rectangle.
strong close at week-highs.
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meine augen sind die sterne
  • #84,984
  • Jan 9, 2011 3:55am Jan 9, 2011 3:55am
Quoting aserbfx
usd/dkk weekly dblhc as a breakout of the rectangle.
strong close at week-highs.
Hey Aser, this pair is the same as EUR/USD but "mirrored"...
  • #84,985
  • Jan 9, 2011 4:06am Jan 9, 2011 4:06am
Quoting Adilius07
Hey Aser, this pair is the same as EUR/USD but "mirrored"...
yes, you are right...
didn't thought about that when looking at the chart. thx
meine augen sind die sterne
  • #84,986
  • Jan 9, 2011 4:08am Jan 9, 2011 4:08am
srcl with a big dbhlc. closing below the last three weekly bars.
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meine augen sind die sterne
  • #84,987
  • Jan 9, 2011 4:26am Jan 9, 2011 4:26am
iv not seen these mentioned yet..
gold weekly BEOB coming off a BRN with divergence.
silver weekly BEOB from a BRN with divergence and a break of a long established TL.

jon
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PATIENCE... DISCIPLINE
  • #84,988
  • Jan 9, 2011 4:33am Jan 9, 2011 4:33am
Quoting aserbfx
yes, you are right...
didn't thought about that when looking at the chart. thx
it's because the DKK is pegged to the EUR...
  • #84,989
  • Jan 9, 2011 4:33am Jan 9, 2011 4:33am
the thing i like about gold is the fact that it didnt make a new high with the last push up, this is a show of the bulls weakness and is usually indicative of price closing the divergence with the indis.??

jon
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PATIENCE... DISCIPLINE
  • #84,990
  • Jan 9, 2011 5:38am Jan 9, 2011 5:38am
Quoting aserbfx
dbhlc on e/g weekly.
fta is about 150 pips away.
if you consider a full bar loss on this, it would result in a bad r:r.
any comments...
I think trading on retrace to the 0.85 would be a good idea but the DBHLC is not on swing high
  • #84,991
  • Jan 9, 2011 6:58am Jan 9, 2011 6:58am
Guys I have a big Problem. Take a look at my EURUSD chart. This are my PPZ lines which i found. Now my problem is that i cant differ between important and not important PPZ lines. Every time i see a good PA with great shape and location i find every time many PPZ near the PA.

Could anyone take a look and say me if i plotted the lines right please ;-)
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  • #84,992
  • Edited 8:06am Jan 9, 2011 7:51am | Edited 8:06am
Quoting john225
Guys I have a big Problem. Take a look at my EURUSD chart. This are my PPZ lines which i found. Now my problem is that i cant differ between important and not important PPZ lines. Every time i see a good PA with great shape and location i find every time many PPZ near the PA.

Could anyone take a look and say me if i plotted the lines right please ;-)
hi John, your PPZs look fine, check my chart for where i would plot them along with the RNs. The thing we need to remember is that they are zones not just one price. on the weekly TF these zones can be a couple of hundred pips wide depending on the pair.
hope this helps

jon

p.s one way to see if you have the PPZ drawn in correctly is to just go down to lower TFs and see how price reacted to your levels. You can then refine the area marked on the daily/4h if necessary. This is when i would draw in any patterns or any minor levels.As you can see it wasnt needed on this chart, i only added the minor PPZ at 134.50 and the triangle.
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PATIENCE... DISCIPLINE
  • #84,993
  • Edited 8:31am Jan 9, 2011 7:59am | Edited 8:31am
Sorry for off topic. But I know a lot of you use the Oanda platform. I cannot understand this unit thing of their. I see there is "auto position size adjustment" so can I make it automatically use 1% of total acc. value???

What is the simple formula to calculate this units? I read so much info still don't get it...

Thanks for any help with this.

Like for example. AUD/NZD setup, acc. balance is $3230, My SL is 43 pips. So how many units can I buy with 1% risk? damn how come there is no one readable example on their website
  • #84,994
  • Jan 9, 2011 8:18am Jan 9, 2011 8:18am
One thing to bare in mind with PPZs is that, i personally, generally take the most recent bar highs/lows near to or within a broader PPZ as my level when trading.For e.g on my eu/us chart i have a PPZ covering 129-130 but if you notice the bar highs at 129 i would be looking at that price as a possible problem area since price has broke down from 130.After that we have 127.5 which has been a flip area previously but plotting this area would just mess up the chart so i leave it out.

jon
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PATIENCE... DISCIPLINE
  • #84,995
  • Jan 9, 2011 8:31am Jan 9, 2011 8:31am
Quoting Adilius07
Sorry for off topic. But I know a lot of you use the Oanda platform. I cannot understand this unit thing of their. I see there is "auto position size adjustment" so can I make it automatically use 1% of total acc. value???

What is the simple formula to calculate this units? I read so much info still don't get it...

Thanks for any help with this.

Like for example. AUD/NZD setup, acc. balance is $3230, My SL is 43 pips. So how many units can I buy with 1% risk? damn how come there is no one readable example on their website
hi Adi, lol, this can get confusing no!? One good thing about oanda is that it will show you exactly what the risk/cost of the trade will be in the order box.
Try this http://fxtrade.oanda.com/account/units-calculator
basically you need to know how much one unit will cost if the SL is hit and divide your risk into that to give max number of units.

jon
PATIENCE... DISCIPLINE
  • #84,996
  • Jan 9, 2011 8:37am Jan 9, 2011 8:37am
Quoting g_j_hook@yah
hi Adi, lol, this can get confusing no!? One good thing about oanda is that it will show you exactly what the risk/cost of the trade will be in the order box.
Try this http://fxtrade.oanda.com/account/units-calculator
basically you need to know how much one unit will cost if the SL is hit and divide your risk into that to give max number of units.

jon
This is exactly what I can't understand.

I see, nice, it is visible the total Stop loss in dollars, so I can verify my calculation each time. But how to do this calculation, you know the formula?
What shall I devide by what to get this?

Also there is this window, I guess it could be all set automatically to use only 1% of my acc. balance? can't get it to work, it puts some stupid unit amount which is not 1% for sure

OMG, do I have to read whole manual to understand this thing? I hate it already
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  • #84,997
  • Jan 9, 2011 9:11am Jan 9, 2011 9:11am
Quoting Adilius07
This is exactly what I can't understand.

I see, nice, it is visible the total Stop loss in dollars, so I can verify my calculation each time. But how to do this calculation, you know the formula?
What shall I devide by what to get this?

Also there is this window, I guess it could be all set automatically to use only 1% of my acc. balance? can't get it to work, it puts some stupid unit amount which is not 1% for sure

OMG, do I have to read whole manual to understand this thing? I hate it already
i am not sure bout that option, it looks good to me.??
1% of $3230 = 32.30 (move decimal back 2 zeros to divide by 100)
we need to know the pip value for the pair you want to trade, so imagine a full mini lot pip value of 1 dollar per pip.
a 43 pip loss would = 43 dollars.
32.50 divided by 43.00 = .7558
position size therefore =
10000(number of units in a mini lot) x 0.7558 = 7558 units.
Remember though that this is on a margin of 100/1 and oandas is only 50/1 so the amount needs to be halved,
7558 /2 = 3779 units

jon

check this out
http://www.investopedia.com/articles...ition-size.asp

EDIT: lol... im not sure iv made this any easier for you here!
EDIT: when i think about it a fixed % position size would be pointless as the SL size will be different every trade??
PATIENCE... DISCIPLINE
  • #84,998
  • Jan 9, 2011 9:49am Jan 9, 2011 9:49am
:whew
Quoting g_j_hook@yah
i am not sure bout that option, it looks good to me.??
1% of $3230 = 32.30 (move decimal back 2 zeros to divide by 100)
we need to know the pip value for the pair you want to trade, so imagine a full mini lot pip value of 1 dollar per pip.
a 43 pip loss would = 43 dollars.
32.50 divided by 43.00 = .7558
position size therefore =
10000(number of units in a mini lot) x 0.7558 = 7558 units.
Remember though that this is on a margin of 100/1 and oandas is only 50/1 so the amount needs to be halved,
7558 /2 = 3779 units

jon

check this...
looks like we all need a PHD in maths
  • #84,999
  • Jan 9, 2011 9:57am Jan 9, 2011 9:57am
Quoting g_j_hook@yah
i am not sure bout that option, it looks good to me.??
1% of $3230 = 32.30 (move decimal back 2 zeros to divide by 100)
we need to know the pip value for the pair you want to trade, so imagine a full mini lot pip value of 1 dollar per pip.
a 43 pip loss would = 43 dollars.
32.50 divided by 43.00 = .7558
position size therefore =
10000(number of units in a mini lot) x 0.7558 = 7558 units.
Remember though that this is on a margin of 100/1 and oandas is only 50/1 so the amount needs to be halved,
7558 /2 = 3779 units

jon

check this out...

Hold on please, I'm thinking. I can feel you really explained everything here.. Thanks!! Will be back after I understand this.
  • #85,000
  • Jan 9, 2011 9:59am Jan 9, 2011 9:59am
Quoting Tedge UK
:whew
looks like we all need a PHD in maths
lol, there must be a number of ways to do this but there is loads of free position size calculators out there, just google it.
i generally calculate my position size once, round off the number of units i can afford, and use the same amount until there is a significant change to my account. Most pairs are close enough to not bother me doing the maths on every trade or every pair. An avereage or acceptable amount on 70cents a pip and the same for 100cents a pip is close enough for my account size. You could even use the most expensive pair and then every pair with a lower pip value would be an additional saving on the risk. Im sure we would want to be accurate on every trade with a large account though! so we do need to understand how this works.
Investopedia seems to have a pretty clear and understandable explanation.

jon
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