james16 Chart Thread | Page 5134 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #102,661
  • Oct 5, 2011 12:42pm Oct 5, 2011 12:42pm
Quoting bolo
Hi guys

Just wanted to ask (forgive me still quite new). Whet you "take some money off the table" in your profitable trade how do you do that?

I'm using MT4 with Oanda and I have not got the option to take partial profit when I click modify order. Trying to for ex sell 0.25 in lot size when my 0.5 is in profit but geting the reply that Hedging is prohibited. Any other option available to me is to close trade completeley. Am I doing sth wrong here?

Many thanks
Hey Bolo

I don't use the mt4 but it should work the same as Java. You can't hedge but it should trigger an opposite order as a market order and reduce your position.

Ex you are long 200,000 units and you want to close half. If you open a market sell order for 100,000 units it should then leave your remaining position open for 100K units. If you are long say 200k units, and want to take half off at a particular price, by putting a sell limit at that price for 100k units it should reach that price then reduce your open long in half.

Give it a shot on demo

Best
Mike
  • #102,662
  • Oct 5, 2011 12:49pm Oct 5, 2011 12:49pm
Quoting bolo
Hi guys

Just wanted to ask (forgive me still quite new). Whet you "take some money off the table" in your profitable trade how do you do that?

I'm using MT4 with Oanda and I have not got the option to take partial profit when I click modify order. Trying to for ex sell 0.25 in lot size when my 0.5 is in profit but geting the reply that Hedging is prohibited. Any other option available to me is to close trade completeley. Am I doing sth wrong here?

Many thanks
The other option from what Mike suggested, which is what I do, is to place 2 individual orders.

So if you've worked out that your max risk per trade is .6, then just place 2 individual orders for .3 each.
I know my platform only allows whole numbers for lots, so .1,.2,.3 or 1, 2, 3 etc etc. It doesn't allow half lots, so that would be .15, .25 etc, so you'd need to adjust your position sizing accordingly.
  • #102,663
  • Oct 5, 2011 12:58pm Oct 5, 2011 12:58pm
there's the 1st target hit on USDCAD fascist. Told you to be patient and it'll work out

Just trade management time now.
  • #102,664
  • Oct 5, 2011 1:01pm Oct 5, 2011 1:01pm
This PB on USDCAD worked out well, full profit on FTA of bar low.
Attached Image (click to enlarge)
Click to Enlarge Name: usdcad pb d1 win.gif Size: 18 KB
  • #102,665
  • Oct 5, 2011 1:01pm Oct 5, 2011 1:01pm
Quoting picon1
there's the 1st target hit on USDCAD fascist. Told you to be patient and it'll work out

Just trade management time now.
yeah man. took partial profits..my second TP is 400 area, seems a pretty strong support area.

i only open 2 minis..so taking partial profit leaves me with one mini left. kinda debating whether to aim further or TP conservatively at the next support level.
  • #102,666
  • Oct 5, 2011 1:08pm Oct 5, 2011 1:08pm
Quoting Dan-FX
This PB on USDCAD worked out well, full profit on FTA of bar low.
1.0385 is the previous reistance .
Attached Image
A chart helps those who can read it.
  • #102,667
  • Oct 5, 2011 1:22pm Oct 5, 2011 1:22pm
Quoting bolo
Hi guys

Just wanted to ask (forgive me still quite new). Whet you "take some money off the table" in your profitable trade how do you do that?

I'm using MT4 with Oanda and I have not got the option to take partial profit when I click modify order. Trying to for ex sell 0.25 in lot size when my 0.5 is in profit but geting the reply that Hedging is prohibited. Any other option available to me is to close trade completeley. Am I doing sth wrong here?

Many thanks
I learned this on Monday. You right click on your trade in the trade tab, select "close order", a window pops up. Then you change your lot size to half, click the yellow area at the bottom "close # ... by market". This way you take partial profit by market.

Thanks for asking 'coz I learned how to close by limit order from Mike. This way you may be able to get some rebate if you trade with MB Trading. Also I suggest you do what picon recommended: have two orders in the first place.

Be careful about OANDA (which I'm also demo-ing). Yesterday I took partial profit by market, then tried to modify the other half and no matter how hard I tried I always got "off quotes" message. OANDA's customer service was polite but I was told to contact MT4 'coz they don't support it. When I did a similar test on MB Trading's MT4, it worked instantly. OANDA + MT4 is probably the worst combination: it disconnects very often, and it often takes a long time to process your orders. I'll need to switch when I go alive.

Sorry for going off topic. USDCAD pin bar worked great, thank you fascist!
  • #102,668
  • Oct 5, 2011 1:25pm Oct 5, 2011 1:25pm
Quoting screenname
Sorry for going off topic. USDCAD pin bar worked great, thank you fascist!
woah, don't thank me. thank the maker of this thread (james16) and all those successful traders here who help us!

its late here..i ought to go to bed. let the profits run.
  • #102,669
  • Oct 5, 2011 1:47pm Oct 5, 2011 1:47pm
Took 4 trades today all on pins all on Demo. Entry talk is in my Journal.

GBP/AUD Sell £3pp@ 1.6094 Closed 2/3 for 75pips 1/3 still running at BE
USD/CAD Sell £3pp@ 1.0497 Closed 2/3 for 102pips 1/3 still running 19 pips locked
AUD/USD Buy £2@ 0.9597 Closed 1/2 for 60pips 1/2 still running BE
AUD/JPY Buy £2@ 73.79 Closed 1/2 for 33pips 1/2 still running BE

Took profit off at areas I thought would come back on and now gonna let the rest run its course for tonight and evaluate in the morning if stops not hit.

Was great to read comments throughout the day on Picon1 and Fascist intended management. Thanks guys and also Mike and obv J16. Trying to get the hang of this stuff and still feel 2 of these entries were risky and prob should not have taken them but I am still trying to learn the patience element.

Gonna update my journal tonight on why I took profits off and where I did.
  • #102,670
  • Oct 5, 2011 2:01pm Oct 5, 2011 2:01pm
Quoting Martynp
Took 4 trades today all on pins all on Demo. Entry talk is in my Journal.

GBP/AUD Sell £3pp@ 1.6094 Closed 2/3 for 75pips 1/3 still running at BE
USD/CAD Sell £3pp@ 1.0497 Closed 2/3 for 102pips 1/3 still running 19 pips locked
AUD/USD Buy £2@ 0.9597 Closed 1/2 for 60pips 1/2 still running BE
AUD/JPY Buy £2@ 73.79 Closed 1/2 for 33pips 1/2 still running BE

Took profit off at areas I thought would come back on and now gonna let the rest run its course for tonight and evaluate in the morning if stops not hit.

Was...
Good job buddy

Like fascist said earlier though, thanks must go to James16 and the senior members of his strategy for continued support and input. I'm not new to trading or PA, but I am still new to the James16 methods.

When it comes to trade management, it's a case of each to their own. Depends on your style, but I feel I'm positioned nicely on the remaining portions of my trade coming into a big couple of days news wise.
  • #102,671
  • Edited 2:20pm Oct 5, 2011 2:07pm | Edited 2:20pm
Quoting Martynp
Took 4 trades today all on pins all on Demo. Entry talk is in my Journal.

USD/CAD Sell £3pp@ 1.0497 Closed 2/3 for 102pips 1/3 still running 19 pips locked
Congratulations Martynp. You closed USD/CAD at 1.0395? On my feed it only went down to 1.04181.
  • #102,672
  • Oct 5, 2011 2:22pm Oct 5, 2011 2:22pm
Quoting AvanishDemo
Hmm..interesting level UC approaching...
n that was a nice sharp move..
Attached Image (click to enlarge)
Click to Enlarge Name: uc.gif Size: 20 KB
  • #102,673
  • Oct 5, 2011 2:31pm Oct 5, 2011 2:31pm
Perfect Fibo.
No PA yet though.
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-10-05-212808_705x663_scrot.png Size: 20 KB
Trading: the skill of avoiding trades
  • #102,674
  • Oct 5, 2011 2:33pm Oct 5, 2011 2:33pm
Quoting screenname
Congratulations Martynp. You closed USD/CAD at 1.0395? On my feed it only went down to 1.04181.
No I didn't. I think I cocked up the calculation on what pips I took as I closed 2/3 of my position at 2 separate times. Looking back at them now they are slightly misleading for the USD/CAD and GBP/AUD.

For the USD/CAD I closed 1/3 at 1.0460 first time (a little hastily, was getting nervous of actually having some profit.) and then and another 1/3 at 1.0432 for the 2nd third. Add the 2 lots of pips together comes to 102 pips.

Me being a newb and not knowing how to express pips earned when 2 lots have been closed at different times. sry for confusion.
  • #102,675
  • Oct 5, 2011 3:26pm Oct 5, 2011 3:26pm
Thanks for all your help guys. I am experiencing the same with MT4 with Oanda as you've just described on demo. Anybody knows if it's that bad on live with Oanda as well?

Quoting screenname
I learned this on Monday. You right click on your trade in the trade tab, select "close order", a window pops up. Then you change your lot size to half, click the yellow area at the bottom "close # ... by market". This way you take partial profit by market.

Thanks for asking 'coz I learned how to close by limit order from Mike. This way you may be able to get some rebate if you trade with MB Trading. Also I suggest you do what picon recommended: have two orders in the first place.

Be careful about OANDA (which I'm also demo-ing). Yesterday...
  • #102,676
  • Oct 5, 2011 3:35pm Oct 5, 2011 3:35pm
Does anyone have a pip calculator for position size they wouldn't mind sharing?
Excel or any program. Thank you
  • #102,677
  • Oct 5, 2011 3:39pm Oct 5, 2011 3:39pm
Quoting ashag28
Does anyone have a pip calculator for position size they wouldn't mind sharing?
Excel or any program. Thank you
Hey ashag

You could use something like this
http://www.forexcalc.com/

I prefer to use the pip/profit calculator with Oanda, it's real easy.


Best
Mike
  • #102,678
  • Oct 5, 2011 3:39pm Oct 5, 2011 3:39pm
http://www.currensys.com/FreeForex.php - really nice small tool - very helpfull.

Quoting ashag28
Does anyone have a pip calculator for position size they wouldn't mind sharing?
Excel or any program. Thank you
  • #102,679
  • Oct 5, 2011 3:55pm Oct 5, 2011 3:55pm
Hey mbqb11,

Thanks for your answer on Sunday bars. I am going to ignore them now.

Do you trade the NFP. Meaning do we take a Pinbar before the day and a Pinbar that occurs on the NFP day

Thanks,
Amar
  • #102,680
  • Oct 5, 2011 3:56pm Oct 5, 2011 3:56pm
Quoting TheFutureAce
Hey mbqb11,

Thanks for your answer on Sunday bars. I am going to ignore them now.

Do you trade the NFP. Meaning do we take a Pinbar before the day and a Pinbar that occurs on the NFP day

Thanks,
Amar
Hey Amar

I sure do, I just make sure to have bounds on my orders going into the NFP so I don't get slipped too bad(or any time for that matter really)

If a trade is good I take it no matter the day

Best
Mike
41 traders viewing now