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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

  • #101,021
  • Edited 11:00am Aug 28, 2011 9:42am | Edited 11:00am
Quoting sh5467
You can download a custom bar indicator, however I am not sure it will help looking at 2 day bars. At the end of the day you can play around with the bars until you find a set up that fits. You have to ask yourself what other market participants are going to be using 2 day bars. My gut feeling is that you would be better not trading and wait for a A+ set up on a daily or weekly bar. Don't get me wrong I am equally guilty of doing what you are doing. During last week when there weren't many set ups I started shifting my charts down to H4 bars, this...
I second that. However I think maybe not those super exotic pairs but Stocks? Weekly TF will give AT LEAST one setup per week if you go through WHOLE U.S. Market.

But how much $ do we need to be able to trade stocks so the commisions will not eat whole profit? How much do we need at the minumin to be able to trade Weekly TF for the most liquid U.S. Stocks?

If anyone, Senior or not, has some experience and will share and give any advice - that will be awesome. Mike is now following stocks too, so maybe he could share something...

I had just one trade in August, I'm afraid I've become too picky... need more instruments or this boredom will kill me....

EDIT: Also, I heard that for some stocks I would have to "reserve" a stock if I want to short it, not all stocks if many are easily shortable. So this maybe a problem too?
  • #101,022
  • Aug 28, 2011 10:23am Aug 28, 2011 10:23am
Quoting Adilius07
I second that. However I think maybe not those super exotic pairs but Stocks? Weekly TF will give AT LEAST one setup per week if you go through WHOLE U.S. Market.

But how much $ do we need to be able to trade stocks so the commisions will not eat whole profit? How much do we need at the minumin to be able to trade Weekly TF for the most liquid U.S. Stocks?

If anyone, Senior or not, has some experience and will share and give any advice - that will be awesome. Mike is now following stocks too, so maybe he could share something...

I had just one...
the question is rather: how much money do you need per month for your living?
besides this, as i often wrote here: interactive brokers charges 0.005 usd per share (min. 1 usd).
meine augen sind die sterne
  • #101,023
  • Aug 28, 2011 10:29am Aug 28, 2011 10:29am
Quoting aserbfx
the question is rather: how much money do you need per month for your living?
besides this, as i often wrote here: interactive brokers charges 0.005 usd per share (min. 1 usd).
Is it doable to trade stocks with 5K? I mean if I trade weekly TF my stop could be really big, would I be able to maintain 1-2% risk? Of course if I buy 5 Shares of MSFT it's ok. But isn't there some additional commisions if I buy such "odd" small amount of shares?

I have an account with Thinkorswim. But never traded stocks themselves on it.

Oh and 2K per month income for me here is ok
  • #101,024
  • Aug 28, 2011 10:30am Aug 28, 2011 10:30am
Quoting Adilius07
Is it doable to trade stocks with 5K? I mean if I trade weekly TF my stop could be really big, would I be able to maintain 1-2% risk? Of course if I buy 5 Shares of MSFT it's ok. But isn't there some additional commisions if I but such "odd" small amount of shares?

I have an account with Thinkorswim. But never traded stocks themselves on it.

Oh and 2K per month income for me here is ok
eur or usd?
meine augen sind die sterne
  • #101,025
  • Aug 28, 2011 10:31am Aug 28, 2011 10:31am
Quoting aserbfx
eur or usd?
Sorry, USD yes.
  • #101,026
  • Aug 28, 2011 10:32am Aug 28, 2011 10:32am
Quoting aserbfx
the question is rather: how much money do you need per month for your living?
besides this, as i often wrote here: interactive brokers charges 0.005 usd per share (min. 1 usd).
Hi Aserbfx,

Sorry I dont follow. Adilius07 was asking how much money is needed for it to be feasible to trade US stocks. IB do have very low charges but you will need to deposit $25,000 if you dont want to be caught by PDT rules, I guess if you are trading the weekly bars you will not exceed 5 trades per week!

How would the amount of money you need to live change the instruments you plan to trade?

You can also trade US stocks using the usual suspects like IGindex and smart live markets et al, as long as you stick the long time frames daily bars and above I think the spreads will be acceptable but clearly a broker like IB is going to tiny spreads with DMA.

Personally I am looking to trade daily PBs but I also look at weekly charts.

Happy trading.
  • #101,027
  • Aug 28, 2011 10:36am Aug 28, 2011 10:36am
Quoting sh5467
Hi Aserbfx,

Sorry I dont follow. Adilius07 was asking how much money is needed for it to be feasible to trade US stocks. IB do have very low charges but you will need to deposit $25,000 if you dont want to be caught by PDT rules, I guess if you are trading the weekly bars you will not exceed 5 trades per week!

How would the amount of money you need to live change the instruments you plan to trade?

You can also trade US stocks using the usual suspects like IGindex and smart live markets et al, as long as you stick the long time frames daily bars...
oh, yes. forgot this. but i think it says: not more than 5 intraday-trades per week.
meine augen sind die sterne
  • #101,028
  • Aug 28, 2011 12:20pm Aug 28, 2011 12:20pm
Quoting Alan1
Hi guys,

Ive just this minute completed reading the entire thread. However Im still not quite sure what it is about. Could someone please fill me in on what they think the main points are. Thnx.
1) Trading
2) Spending the time to learn to do it well

Ryan
  • #101,029
  • Edited 12:34pm Aug 28, 2011 12:23pm | Edited 12:34pm
Quoting Alan1
Hi guys,

Ive just this minute completed reading the entire thread. However Im still not quite sure what it is about. Could someone please fill me in on what they think the main points are. Thnx.
Simply, specific price action on important S/R zones.
EDIT: To be honest, I tried to read this thread and to trade James16 system aprox. a year ago but I gave it up and started to trade SonicR, THV etc... After couple of months I came back to this system and I found it very useful.
We, our opinions and views change in time.
Follow my trading on Twitter and FB: @pumlitch
  • #101,030
  • Edited 12:42pm Aug 28, 2011 12:27pm | Edited 12:42pm
Quoting aserbfx
gbp/sgd with a prinbar on friday. not a strong close. let's see if the high break on monday.
Will be interesting to see there is also a bit of a s/r area that I see there as well. I marked it with the blue line. I would venture to say that it will be able to make it through, but who knows (I don't, and that is all I know )

*edit* Might help if I remembered to post up my chart.

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Ryan
  • #101,031
  • Aug 28, 2011 12:28pm Aug 28, 2011 12:28pm
Quoting Pumlitch
Simply, specific price action on important S/R zones.
yep thats it put simply, and i tell you what, it will open your eyes completely to trading, someone once told me to keep it simple, i thought no way its got to be hard but nope, just follow the price action around important zones and jump in for the ride, SIMPLES!
  • #101,032
  • Aug 28, 2011 12:33pm Aug 28, 2011 12:33pm
Quoting aserbfx
but that is what it is all about: read, see, learn.

about a year ago notorious bemac wrote about the settings of macd and i thought: "wow", why didn't i see that before?

next time i learn something from you...

ich sehe die sterne bei tag...
Sounds good to me! I had to plug that last line into Google translator. "I see the stars at day". Cool.

I am here for no other reason than to learn with an open mind. As I do so I also try my best to share that which I have learned as well. I know that you are doing the same, and that is what I love most about the J16 thread. It really is great.

Ryan
  • #101,033
  • Aug 28, 2011 12:38pm Aug 28, 2011 12:38pm
Quoting deankenny21
true, but price on that pair did exactly as planned was a good 150 odd pips away from parity, i managed to pull aroun 40-50 pips one most my position and then stopped on the rest for BE.
We all have our different trade styles that we like. I would not take something that close to parity, but that is just my trade style. Glad to see that it worked out in your favor.

Ryan
  • #101,034
  • Aug 28, 2011 12:41pm Aug 28, 2011 12:41pm
Quoting Pinbar
Hmm, poor looking daily PB on GU, because the open is nearly half way down the bar but, I like the location.

Can it hit the HCR in this daily consolidation.
Definitely an interesting area. I only have one full S/R line on my charts and it bounced right off of it on Friday.

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Ryan
  • #101,035
  • Aug 28, 2011 1:06pm Aug 28, 2011 1:06pm
Quoting Adilius07
I second that. However I think maybe not those super exotic pairs but Stocks? Weekly TF will give AT LEAST one setup per week if you go through WHOLE U.S. Market.

But how much $ do we need to be able to trade stocks so the commisions will not eat whole profit? How much do we need at the minumin to be able to trade Weekly TF for the most liquid U.S. Stocks?

If anyone, Senior or not, has some experience and will share and give any advice - that will be awesome. Mike is now following stocks too, so maybe he could share something...
Remember that August is typically an off month for trading. Especially when everyone believes that the world is coming to an end...

There are companies that allow you to buy and sell stock at a lower comission. I believe places like Think or Swim offer $5 on each side. Then it is up to you to decide how much is too much being spent on commission.

If you were to trade a $1,000 position remember that this would be more like your margin used in a typical (forex) account. The actual risk is in what you place on the table as the total amount you are willing to give up in the event the trade does not go as planned. So if the trades was a buy of a $100 stock and you bought 10 shares and your SL was @ $90 then you would be looking at a risk of $100 and commission of $10. I don't see that as too out of line. You can sign up for true margin on stocks as well. I believe that it is 2:1 on stocks in the states now. Been a while since I have traded stocks on margin.

One other interesting item to know about US stocks is there is a limit to how many times you can trade in and out of one particular stock if you don't have $25k in your account. Seems to be a foolish rule that, go figure, is to save fools from losing their money. Doesn't our government know all the fools are all in 400:1 leverage forex accounts these days?

Quoting Adilius07
I had just one trade in August, I'm afraid I've become too picky... need more instruments or this boredom will kill me....
It seems like you say this as though it is a negative. I see this an amazing positive! You realized that the opportunities needed for you to enter a trade were not present and as a result did not enter them. Sounds like a good month to me. This is definitely a game of averages and the number of trades per month is no different. At the end of it all I would take one great trade as opposed to 5 mediocre ones...

Quoting Adilius07
EDIT: Also, I heard that for some stocks I would have to "reserve" a stock if I want to short it, not all stocks if many are easily shortable. So this maybe a problem too?
I am not 100% sure on this, but I believe that this is only the case with options. Someone else may be able to better clarify this.

Ryan
  • #101,036
  • Edited 2:08pm Aug 28, 2011 1:43pm | Edited 2:08pm
There were some good, high probability setups in august but one had to keep an eye on lower tfs. This one looks very interesting for number of reasons.
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  • #101,037
  • Aug 28, 2011 1:48pm Aug 28, 2011 1:48pm
Quoting gungriffin
Remember that August is typically an off month for trading. Especially when everyone believes that the world is coming to an end...

There are companies that allow you to buy and sell stock at a lower comission. I believe places like Think or Swim offer $5 on each side. Then it is up to you to decide how much is too much being spent on commission.

If you were to trade a $1,000 position remember that this would be more like your margin used in a typical (forex) account. The actual risk is in what you place on the table as the total amount you...
Thank you very much Ryan! I am on the Thinkorswim website and yes looks like it is $5 per trade. So in-out will be $10. My main worry was that I cannot buy less than 100 shares and if I do my commisions would be sky high, I don't know why I was thinking so, looks like any size is $5 period.

So maybe it's fine to trade stocks. One great advantage is that I have thousands of instruments to look for best setup- which increases my chances of picking the best trade (theoretically).
  • #101,038
  • Aug 28, 2011 1:58pm Aug 28, 2011 1:58pm
Quoting Adilius07
Thank you very much Ryan! I am on the Thinkorswim website and yes looks like it is $5 per trade. So in-out will be $10. My main worry was that I cannot buy less than 100 shares and if I do my commisions would be sky high, I don't know why I was thinking so, looks like any size is $5 period.

So maybe it's fine to trade stocks. One great advantage is that I have thousands of instruments to look for best setup- which increases my chances of picking the best trade (theoretically).
There we go! I would say just as with working with any adjustments to your system be sure to forward test with demo. I am thinking about getting into some other items as well. My mind works best when it is kept busy and not left to it's own devices Having more to look at woul definitely help.

Ryan
  • #101,039
  • Aug 28, 2011 2:00pm Aug 28, 2011 2:00pm
Quoting gungriffin
There we go! I would say just as with working with any adjustments to your system be sure to forward test with demo. I am thinking about getting into some other items as well. My mind works best when it is kept busy and not left to it's own devices Having more to look at woul definitely help.

Ryan
No more demo.
I will trade live until i end up on the street or on the Miami beach!
  • #101,040
  • Aug 28, 2011 2:03pm Aug 28, 2011 2:03pm
Quoting Adilius07
No more demo.
I will trade live until i end up on the street or on the Miami beach!
What ever floats your boat We all have our different ways.
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