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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

  • #97,941
  • Jul 6, 2011 8:56am Jul 6, 2011 8:56am
Quoting deankenny21
my first week trading James16 style

i have 3 open trades
all from daily

sell usd chf +69 pips
sell eur jpy +146 pips
sell nzd usd - 14 pips

ive never had so many positive pips showing before
but now im currently paranoid they reverse etcetc and go down, theres me thinking its hard getting in a good trade, wow its just as hard figouring a way out lol.

PS: i have took partial profits on both the usd chf and eur jpy
but i have a micro account, so the minimum lot i can do is 0.01 which is 10cents a pip average.

So for my risk i can trade...
Don't worry about look at my weekly BUEOB trade I entered at the pullback to the previous bar high. LOL
There is no order on this screenshot as I am on my other computer but, my SL is just below the BRN.
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  • #97,942
  • Jul 6, 2011 8:56am Jul 6, 2011 8:56am
Quoting Pinbar
It all makes me think, I don't know what to think.

There again, I have just come back from my first night out alone in Harbin, full of beer a goodies, the total of which cost me about $5.00 USD. My good wife, is in Japan sorting some stuff out there.

This kind of night out, really makes one think about Everything.
Head up Pinbar!

These are our lives's challenges, that make us to become even strongers!
Nothing personal,just business
  • #97,943
  • Jul 6, 2011 8:59am Jul 6, 2011 8:59am
Quoting fxgroup
Head up Pinbar!

These are our lives's challenges, that make us to become even strongers!
Yeah, actually, I am considering placing another buy stop at the BRN. LOL

I think at $5.00 a night out, I can afford it while my wife is in Japan with my credit card, spending more than that on a two way bus fare. LOL
  • #97,944
  • Jul 6, 2011 9:00am Jul 6, 2011 9:00am
Quoting Pinbar
Don't worry about look at my weekly BUEOB trade I entered at the pullback to the previous bar high. LOL
There is no order on this screenshot as I am on my other computer but, my SL is just below the BRN.
Woah!! i would never have enough room in my account to attempt J16 on a weekly chart, what is your stop loss on that in pips?
  • #97,945
  • Jul 6, 2011 9:05am Jul 6, 2011 9:05am
Quoting deankenny21
Woah!! i would never have enough room in my account to attempt J16 on a weekly chart, what is your stop loss on that in pips?
Hey Dean

Your last post and this makes me have to chime a bit in here.

Firstly I see you have to be trading live, of course it's not my decision for anyone but have you looked at post one james16 minimum requirements about starting on demo? This is VERY important to me and others here who have been for awhile. There is no need to put real money on the line while learning initially . Building a proper foundation is crucial to long term success.

Another thing is in regards to the above comment. You should always have a broker that allows you the flexibility in position sizing. Your stop loss determines your position size NOT the other way around. So for example if I risk 2% per trade. That 2% can be on a 50 pt stop loss, or it could be on a 500 pt stop loss. Please be sure to check out some money mgmt material located here

http://www.forexfactory.com/showthre...light=beginner

This is crucial and should become second nature

Hope this helps
Mike
  • #97,946
  • Jul 6, 2011 9:08am Jul 6, 2011 9:08am
Quoting deankenny21
Woah!! i would never have enough room in my account to attempt J16 on a weekly chart, what is your stop loss on that in pips?
It is 1.3 % of my account as the position size is minimal.
  • #97,947
  • Jul 6, 2011 9:23am Jul 6, 2011 9:23am
Quoting mbqb11
Hey Dean

Your last post and this makes me have to chime a bit in here.

Firstly I see you have to be trading live, of course it's not my decision for anyone but have you looked at post one james16 minimum requirements about starting on demo? This is VERY important to me and others here who have been for awhile. There is no need to put real money on the line while learning initially . Building a proper foundation is crucial to long term success.

Another thing is in regards to the above comment. You should always have a broker that allows you...
Yes i fully understand, i think i may have been misleading in how i worded my post. My account is about 580 dollars in size. 1% is 5.80 so 2% is 11.60.

and as my rule never risk more than 11.60
all the trades i mentioned if were to hit my sl would be less that 11.
if i had a trade that required sl of double this then of couse my position size would be halved. I hope that clears up my understanding is pretty much on track with SL determines postion size not profit taking etc.

Also as for demo and live, a while ago i did a demo for 4 months, consistently profitable, 70% hit rate at around 1 to 1 risk reward sometimes 1 to 2. So i was doing good, so i decided to open a micro account with $1000. $ months later it was half that size at 500. I could put a trade on the demo no problem but when it got to live i would hesitate even though all my rules were in place and correct. When i lost on my live account i would be angry, and then do the opposite and overtrade, i was all over the place. Went back on demo and guess what i was winning again.

So i asked a few FX professionals about this. They said they see this over and over again.

The way to master your emotions, is to train them, and you cant train them on demo, i dont care what anyone says you just cant.
So the guy said to me try this, get your micro account to $500 and trade minimum lots that a 1 or 2% risk would allow. So when i lose i only lost around $5 not going to make me bankrupt but still enough to hit me in the face and try to put me right. Greed, 4 winners in a row so i would look for a trade that only looked half good only to lose. Slowly i was to overcome these things, because with my live account i was FEELING those emotions, so i could try to train them. I understand the demo concept of course. But in my case the micro account trading cents a pip has really done it for me. Never has anything sorted my emotions out so fast.
I hope this also clears up why im trading live, i prefer to call it DEMO-LIVE.
Because if i was trading a real live account, it would be minimum of $5000
  • #97,948
  • Jul 6, 2011 9:39am Jul 6, 2011 9:39am
well said, i went through the same thing. it takes time and practice to get the emotional side sorted out.
  • #97,949
  • Jul 6, 2011 9:42am Jul 6, 2011 9:42am
Don't recall where I got this, but it's a useful tool. Enter your balance, risk, stoploss you've established on the trade e.t.c. and it calculates the max lots you can trade. Remember this is per account, not per trade or pair!
Attached File(s)
File Type: xls Risk Position Size Calc.xls   8 KB | 482 downloads
  • #97,950
  • Jul 6, 2011 9:53am Jul 6, 2011 9:53am
PA to stalk...
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  • #97,951
  • Jul 6, 2011 9:55am Jul 6, 2011 9:55am
Quoting Pinbar
It is 1.3 % of my account as the position size is minimal.
Personally, I have great respect for Pinbar because he had the balls to call a trade BEFORE it happened. It's not "giving somebody a fish" (although we all need nourishment to trade, don't we?), but he believed in what he said and he executed the trade and told us about it.

Personally, I too have gone long on eur/chf and eur/usd very recently. I waited a little longer because I didn't like what price was doing this morning and it was a down day today.

We shall all now see who is right and who is wrong in the coming days, won't we?

KR
  • #97,952
  • Jul 6, 2011 10:10am Jul 6, 2011 10:10am
Well, my fingers are itching to take this Pinbar. any comments from the seniors
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  • #97,953
  • Jul 6, 2011 10:10am Jul 6, 2011 10:10am
Quoting deankenny21
Yes i fully understand, i think i may have been misleading in how i worded my post. My account is about 580 dollars in size. 1% is 5.80 so 2% is 11.60.

and as my rule never risk more than 11.60
all the trades i mentioned if were to hit my sl would be less that 11.
if i had a trade that required sl of double this then of couse my position size would be halved. I hope that clears up my understanding is pretty much on track with SL determines postion size not profit taking etc.

Also as for demo and live, a while ago i did a demo for 4...
Hey Dean,

I don't mean any offense towards you, you seem like a really cool guy, but Mike and Jim are about as "Fx professional" as you can hope to get around here (or in general). If they are telling you to demo first, there is a good reason for it. I am not suggesting you blindly take their advice. I spent a lot of time thinking about it before I went back to demo and had to justify the reasons for myself. In my mind, the demo phase is there to work out the kinks and ensure you understand what an A+ trade is. The next "half account" phase is there to master the emotional side. IMO, I don't think it is wise to tackle both phases at the same time.

I went down a very similar path as yours, unfortunately I blew a lot more money then you did. I am wondering if you have analyzed what the cause of your drawdown was. I ask because mine was overtrading and revenge trading. It seems like you have a similar penchant to overtrade. This method (done properly) off the daily and weekly charts is not going to result in a trade a day imo. I had to put forth a lot of effort last month to justify the 3 trades that I took and I felt I was stretching a bit.

Of course, to each his own. You do what you feel is right, I just wanted to throw my advice out there.

Best of luck

Jacob
  • #97,954
  • Jul 6, 2011 10:22am Jul 6, 2011 10:22am
Quoting Khurr@m
Well, my fingers are itching to take this Pinbar. any comments from the seniors
I am taking this trade. Its off of those previous supports turned resistance and its a decent looking pinbar. Just waiting on the close now.
  • #97,955
  • Jul 6, 2011 10:25am Jul 6, 2011 10:25am
Quoting Khurr@m
Well, my fingers are itching to take this Pinbar. any comments from the seniors
I reviewed it on my chart. The 4H is looking mightly nice. I'd definitely play it.
Mr. Trend
  • #97,956
  • Jul 6, 2011 10:35am Jul 6, 2011 10:35am
Quoting thermobee
I am taking this trade. Its off of those previous supports turned resistance and its a decent looking pinbar. Just waiting on the close now.
I would suggest the weekly is on your side also, isn't it?

Looks like USD will be making new lows, before "they" take us down (stocks / commodities) towards the end of the year. Please also review monthly trend lines.

By the way, this US budget is just a smoke screen. There is no limit to America's budget deficit. They will just double up on the derivatives (e.g. interest rate swaps) from 300 trillion to 600 trillion to 900 trillion until the system collapses in on itself.

More quantitative inflation to follow.

KR
  • #97,957
  • Jul 6, 2011 10:40am Jul 6, 2011 10:40am
Any feedback on this eur-chf chart?
Weekly DBLHC.
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  • #97,958
  • Jul 6, 2011 10:45am Jul 6, 2011 10:45am
PLEASE!
  • #97,959
  • Jul 6, 2011 11:02am Jul 6, 2011 11:02am
Quoting Knight Rider
I would suggest the weekly is on your side also, isn't it?

Looks like USD will be making new lows, before "they" take us down (stocks / commodities) towards the end of the year. Please also review monthly trend lines.

By the way, this US budget is just a smoke screen. There is no limit to America's budget deficit. They will just double up on the derivatives (e.g. interest rate swaps) from 300 trillion to 600 trillion to 900 trillion until the system collapses in on itself.

More quantitative inflation to follow.

KR
Exactly! So its like playing the weekly, except you waited till the pullback, which btw is perfect 61.8%.

I couldnt agree more about the US as a whole. I live in Canada and have watch them destroy themselves for years now. I am generally very bearish on the dollar, but of course you have to wait for the proper price action signals
  • #97,960
  • Jul 6, 2011 11:03am Jul 6, 2011 11:03am
Quoting torontobboy2
Any feedback on this eur-chf chart?
Weekly DBLHC.
Wait for the pullback to be over. Look for a price action signal on the daily off of support. At least thats my plan for this one.
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