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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

  • #86,721
  • Jan 23, 2011 2:18am Jan 23, 2011 2:18am
Quoting billm
What is PBT&CA short for ?
Quoting g_j_hook@yah
=Price Breaks Through and Closes Above.
are u sure about that jon?
i thought it means
Price of Beans, Tomato & Chips Ahoy
  • #86,722
  • Jan 23, 2011 3:05am Jan 23, 2011 3:05am
One strong bar..
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  • #86,723
  • Jan 23, 2011 4:35am Jan 23, 2011 4:35am
Quoting jarroo
Hey AvanishD,
Looking on the Higher TFs is good way to find these consolidation areas which leads to finding good PPZ levels as you noted at the 1.5400.

Hey Mike . I think this pair thought the 1.5400 was the BRN instead of the 1.5500 .. . . .crazy crosses. lol
LOL sure looks like it
  • #86,724
  • Jan 23, 2011 6:08am Jan 23, 2011 6:08am
Quoting Pinbar
Yeah, I am in Japan but not Japanese.

Reminds me of the old talking heads song, "Once in a lifetime"
http://www.youtube.com/watch?v=-io-k...eature=related
Great track PB,

It's not of my generation but great nevertheless

I generally like most things progressive outside of the mainstream envelope, with narrative, regardless of era. Jose Gonzalez being a good example.

Maybe this track has some relevance? (No cliam to fame, but I did go to archtiecure school, as did Roger Waters and Nick Mason.)

http://video.google.com/videoplay?do...02812097730336
  • #86,725
  • Jan 23, 2011 8:10am Jan 23, 2011 8:10am
If this pair breaks the 1.60 level this week I like it to retest the 1.62 level. I'm gonna keep an eye on it and see if theres any momentum. Anybody agree?
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"Whether you think you can or can't, you're right." Henry Ford
  • #86,726
  • Jan 23, 2011 8:20am Jan 23, 2011 8:20am
  •  Jey
  • | Joined Jun 2009 | Status: Market Slave-Overworked/Underpipped | 283 Posts
Quoting Scot Pippin'
If this pair breaks the 1.60 level this week I like it to retest the 1.62 level. I'm gonna keep an eye on it and see if theres any momentum. Anybody agree?
Sounds logical.
I have seen the enemy, and it is me.
  • #86,727
  • Jan 23, 2011 8:43am Jan 23, 2011 8:43am
If you don't mind please. I know it might sound stupid...

But which leverage is preferable to use in Oanda? 10:1 or 50:1 ?
For me risking 1% the dollar amount stays the same but with different leverage the different margin is used. (less levarage more dollars margined for the trade).

So it is best to you most levarage? (so I will have more unmargined money?)
  • #86,728
  • Jan 23, 2011 9:00am Jan 23, 2011 9:00am
Quoting Adilius07
If you don't mind please....
But which leverage is preferable to use in Oanda? 10:1 or 50:1 ?...
u are only stupid if/when u dont ask questions &/or act knowledgeable.

like most of my replies,
i say use 'what works for u', 'what u are comfortable with'

leverage is a double-edged sword:
higher leverage = bigger potential profit, but bigger potential risk too

what u can do is try 10:1 & increment as u wish. find your own 'sweet spot'.

Good luck
  • #86,729
  • Jan 23, 2011 9:03am Jan 23, 2011 9:03am
Quoting jarroo
Hey AvanishD,
Looking on the Higher TFs is good way to find these consolidation areas which leads to finding good PPZ levels as you noted at the 1.5400.

Hey Mike . I think this pair thought the 1.5400 was the BRN instead of the 1.5500 .. . . .crazy crosses. lol
Great Stuff!
Thanks Guys..

But hey..is it good to expect a bearish action at 1.54/61.8 fib as 5 bars hav already tried to break dat 1.54 but all the 5 bars got closed below 1.54

OR

Will the force of 5 Bars that tried breaking 1.54 will lead to break of 1.54 and move up?

Good Trading!
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  • #86,730
  • Jan 23, 2011 9:04am Jan 23, 2011 9:04am
This is interesting. Just found this "technical strategy" by UBS Investments Bank. For USD/CHF. I just don't agree with it.
Do they really trade like that or is it just some BS, just to say something?

This is their reputation right, so they should have some solid method behind it...

I marked the levels they talk about in red
Entry - yellow
Stop - magenta
Target -Lime

Here's the strategy:

21 January 2011 г. 4:40:04
Author: Taso Anastasiou

 Thursday's strong bounce in USDCHF confirmed a short-term bullish engulfing reversal, indicating an end to the recent pullback from 0.9783, which is now viewed as a correction.
The bullish engulfing defines key support at 0.9520, the Jan. 19 low. This is likely to remain intact and allow for a recovery back to 0.9783, the Jan. 11 high, a break of which would open the way to 0.9914 - and further out, to 1.0066, the Dec. 1 high. The significance of the pattern is reinforced by a bullish daily momentum condition.

Strategy: We are long UDCHF at 0.9625, targeting 1.0050, with a stop at 0.9500.
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  • #86,731
  • Jan 23, 2011 9:08am Jan 23, 2011 9:08am
Quoting supremeChaos
u are only stupid if/when u dont ask questions &/or act knowledgeable.

like most of my replies,
i say use 'what works for u', 'what u are comfortable with'

leverage is a double-edged sword:
higher leverage = bigger potential profit, but bigger potential risk too

what u can do is try 10:1 & increment as u wish. find your own 'sweet spot'.

Good luck
Hey SC, thanks for reply!
But my loss is always limited to 1% so I just don't understand if that leverage should be considered at all..

What difference does it make now when my SL is 1%? No difference right?
Or there is still something hidden I don't understand with different leverage ratio...
  • #86,732
  • Jan 23, 2011 9:17am Jan 23, 2011 9:17am
Quoting Adilius07
This is interesting. Just found this "technical strategy" by UBS Investments Bank. For USD/CHF. I just don't agree with it.
Do they really trade like that or is it just some BS, just to say something?...
Looking at the chart i say that it could actually work. Pretty simple setup with good location and nice strong bullish bar. Everything lies in the Trade management process.
  • #86,733
  • Jan 23, 2011 9:21am Jan 23, 2011 9:21am
Quoting AvanishDemo
Great Stuff!
But hey..is it good to expect a bearish action at 1.54/61.8 fib as 5 bars hav already tried to break dat 1.54 but all the 5 bars got closed below 1.54
OR
Will the force of 5 Bars that tried breaking 1.54 will lead to break of 1.54 and move up?
Hello AvanishDemo,
i have no access to charts now.

anyway, if i remember correctly, my view here is this will break north.
but it's good that u have two perspectives (on what could happen). this way u are not surprised at the outcome
Quoting Adilius07
Hey SC, thanks for reply!
But my loss is always limited to 1% so I just don't understand if that leverage should be considered at all..
What difference does it make now when my SL is 1%? No difference right?
Or there is still something hidden I don't understand with different leverage ratio...
to be honest , im not the best one to answer money management-related questions.

anyway, leverage should be considered, imho.
think about it.

on a $10,000 account,
use
a. 50:1 leverage
b. 100:1
c. 200:1
risk 1% on each situation.
there is a difference, profit & loss-wise.
what if your account is $100, or $100,000, or $1M?

i hope others will chime in, in case my post dont make/make little sense. (it's almost midnight here, heheh)
  • #86,734
  • Jan 23, 2011 9:27am Jan 23, 2011 9:27am
Quoting AvanishDemo
Great Stuff!
Thanks Guys..

But hey..is it good to expect a bearish action at 1.54/61.8 fib as 5 bars hav already tried to break dat 1.54 but all the 5 bars got closed below 1.54

OR

Will the force of 5 Bars that tried breaking 1.54 will lead to break of 1.54 and move up?

Good Trading!
One way to find out would be to observe the price on H4 / H1 tf at the top of that range or just wait for daily close after breakout.
  • #86,735
  • Jan 23, 2011 9:31am Jan 23, 2011 9:31am
Quoting supremeChaos
Hello AvanishDemo,
i have no access to charts now.

anyway, if i remember correctly, my view here is this will break north.
but it's good that u have two perspectives (on what could happen). this way u are not surprised at the outcome

to be honest , im not the best one to answer money management-related questions.

anyway, leverage should be considered, imho.
think about it.

on a $10,000 account,
use
a. 50:1 leverage
b. 100:1
c. 200:1
risk 1% on each situation.
there is a difference, profit & loss-wise.
what if your account is $100, or...
I still don't understand that leverage thing too. I think that with stop-loss (which is calculated to be 1% exact) the different leverage doesn't matter.

But I need someone to confirm this.

By looking at the order ticket I see that in case of loss I lose the same $ amount for different levarage used. But for the trade itself more or less cash will be used with different leverage size... so I dont' know which is best to use $10 cash or $40 for the trade or who cares?
  • #86,736
  • Jan 23, 2011 9:59am Jan 23, 2011 9:59am
Quoting Adilius07
I still don't understand that leverage thing too. I think that with stop-loss (which is calculated to be 1% exact) the different leverage doesn't matter.

But I need someone to confirm this.

By looking at the order ticket I see that in case of loss I lose the same $ amount for different levarage used. But for the trade itself more or less cash will be used with different leverage size... so I dont' know which is best to use $10 cash or $40 for the trade or who cares?
Imo it makes no difference for You. If You use MM then You shouldnt bother with that. I would choose 50:1 and forget about it.
  • #86,737
  • Jan 23, 2011 10:01am Jan 23, 2011 10:01am
Quoting Adilius07
I still don't understand that leverage thing too. I think that with stop-loss (which is calculated to be 1% exact) the different leverage doesn't matter.

But I need someone to confirm this.

By looking at the order ticket I see that in case of loss I lose the same $ amount for different levarage used. But for the trade itself more or less cash will be used with different leverage size... so I dont' know which is best to use $10 cash or $40 for the trade or who cares?
hey Adi, leverage determines the amount you need to "put up" to enter the trade.
the difference between a 50-1 leverage and 10-1 leverage is simply that you will need to "put up" 5 times the dollars to trade the same set up on a 10-1 leverage than you would with a 50-1 leverage.(as that is what your broker will "lend you"..10 times your cost instead of 50 times)

e.g. 1000 dollar account. : pip value 1 dollar per lot

a set up which demands a 50 pip stop with a leverage of 100-1 would cost you 50 dollars

with a 50-1 leverage it would cost you 100 dollars

with a 10-1 leverage it would cost you 500 dollars...see the logic?

Of course you will still only be risking 1% of your account, but with a higher leverage you can afford to take the setups which have a stop loss distance much greater than you could with no or little leverage.(often the cost of a trade with little or no leverage will exceed your 1% risk rule, on some platforms as you can not trade small enough position sizes)The good thing about Oanda is that you can just scale down the size of the position to stay within your 1% rule as you can trade tiny amounts. (quantity of instrument)

hope this helps

jon
PATIENCE... DISCIPLINE
  • #86,738
  • Jan 23, 2011 10:10am Jan 23, 2011 10:10am
Quoting jarroo
Yeah jon, I think there was some momentum behind those BUOBs (no surprise with PA, right) but more so with the current trend on the 4 hour .


. . .but being at a swing high and running into such a strong higher TF Resistance level , 111.00 RN, etc. . . . It would be a tough trade to take without the understanding that quick reversal could take place.

Again the James16 . . "This is Critical" . . would apply perfectly here . .no way a full bar loss.

Jim
yeah i agree, thanx.
i took a small position on both and took action at that level on eu/yen. still in that but closed my gb/yen as i didnt like the low momentum.
lookin back i would still prefer the gb/yen set up though.(better bar and more room till the FTA)

jon
PATIENCE... DISCIPLINE
  • #86,739
  • Jan 23, 2011 10:11am Jan 23, 2011 10:11am
Quoting supremeChaos
are u sure about that jon?
i thought it means
Price of Beans, Tomato & Chips Ahoy
lol

Mmmmmm.... almost a full english breakfast there....lol

jon
PATIENCE... DISCIPLINE
  • #86,740
  • Jan 23, 2011 10:16am Jan 23, 2011 10:16am
Quoting AvanishDemo
Great Stuff!
Thanks Guys..

But hey..is it good to expect a bearish action at 1.54/61.8 fib as 5 bars hav already tried to break dat 1.54 but all the 5 bars got closed below 1.54

OR

Will the force of 5 Bars that tried breaking 1.54 will lead to break of 1.54 and move up?

Good Trading!
Obviously price can go either way but the more price knocks on the door the more chance it has of opening..
Still PA will no doubt show the way...

jon
PATIENCE... DISCIPLINE
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