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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

  • #119,741
  • Oct 16, 2012 6:07am Oct 16, 2012 6:07am
Quoting Mav13
Hi bullzeye, I was thinking about this trade too but I didnīt take it because of the support just below this BEOB (youīve marked this with red line). May I ask why did you think the price will go through this support and took the trade?
hey Mav, the red line that you see is just the ask-line of my broker. I see next support much lower, which also my TP area
  • #119,742
  • Oct 16, 2012 6:19am Oct 16, 2012 6:19am
Quoting giggles
Hey guys,

Newbie here.

Any of you have been profitable in forex trading without using leverage? Or is it that without using leverage it would take one ages to have good percentage returns (say 5% per month).

Thanks
Leverage only benefits you if you are already a winner.

If you have a 10x true leverage, you will win 10 times more than you did using a 1:1 leverage.
If you are a losing trader, you will lose 10 times more than you lost as a 1:1 leverage.

In the hands of a winning trader, leverage is a blessing.
In the hands of a losing trader, leverage is a killer.

GL
I don't need easy. I just need possible.
  • #119,743
  • Oct 16, 2012 6:27am Oct 16, 2012 6:27am
Quoting giggles
Hey guys,

Newbie here.

Any of you have been profitable in forex trading without using leverage? Or is it that without using leverage it would take one ages to have good percentage returns (say 5% per month).

Thanks
Hey,
you definitely don't need to use all the offered leverage, but it definitely helps especially when trading small moves in terms of pips. Once you know how to properly calculate your positions, i don't think you will think of leverage at all
This is how i do it:
- let's say my risk i am apt to take is equal to $1000.
- i measure entry to stop loss distance in pips. Let's say in this example it is 100pips.
- let's say i am trading the eur/usd where pip value is 1.0 e.g. 1pip with 1lot = $10. You should put an indicator or you can calculate every time the pip value for different crosses. This is very important.
so here it is :
i take my risk $1000, divide to the risked pips 100(including pipettes 1000, this is if you are trading full lots, if mini lots then don't include pipettes), then divide to the pip value depending what pair i am trading, so - $1000/1000pips=1lot then 1lot/1 pip value= 1lot. So i need to put a 1lot position.
It may seem a little confusing at the beginning, but it's very simple actually. If you are not good at maths, just experiment and remember it mechanically
  • #119,744
  • Oct 16, 2012 6:38am Oct 16, 2012 6:38am
Quoting bullzeye
hey Mav, the red line that you see is just the ask-line of my broker. I see next support much lower, which also my TP area
Hi bullzeye, thanks for your response. Yeah, now I understand. I īve attached my chart with ppz (red line) and arrows, I saw that price had problems here previously so I didnīt enter. Thanks again for your response.

Mav
Attached Image (click to enlarge)
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  • #119,745
  • Oct 16, 2012 7:32am Oct 16, 2012 7:32am
  •  sg_1988
  • | Joined Dec 2011 | Status: Cause I'm P*ssed Off For Greatness | 70 Posts
Great buob off the 150/365 ema's and 50 fib confluence, took half profit at 1 and moved stop to b/e and trailed stop to take full profit at 2

Kind Regards
Sanil
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  • #119,746
  • Oct 16, 2012 7:35am Oct 16, 2012 7:35am
Quoting bullzeye
USD/CHF

excellent pivot zone, resistance comes in to play, BRN 0.9400, falling TL , bearish divergence and a bearish pin...do you need more confluence?

Attachment
USD/CHF

took the whole profit here...

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  • #119,747
  • Oct 16, 2012 7:38am Oct 16, 2012 7:38am
Quoting bullzeye
USD/SEK

took this one after the BEOB was forming...if i was an advanced trader i would take a touch entry of the falling TL much higher

Attachment
USD/SEK

closed the trade...

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  • #119,748
  • Oct 16, 2012 7:44am Oct 16, 2012 7:44am
CAD/CHF

a PPZ area that worth to watch...

Attached Image (click to enlarge)
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  • #119,749
  • Oct 16, 2012 7:46am Oct 16, 2012 7:46am
AUD/CHF

i get impatient and closed this one already...

Attached Image (click to enlarge)
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  • #119,750
  • Oct 16, 2012 7:50am Oct 16, 2012 7:50am
Quoting bullzeye
CAD/CHF

a PPZ area that worth to watch...

Attachment
I would be very surprised if this area does not react!
It's a great bullish touch trade imo
  • #119,751
  • Oct 16, 2012 7:55am Oct 16, 2012 7:55am
Here what i mean:
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  • #119,752
  • Oct 16, 2012 8:04am Oct 16, 2012 8:04am
Quoting Rust
Here what i mean:
Attachment
you ont wait for pinbar?
  • #119,753
  • Oct 16, 2012 8:14am Oct 16, 2012 8:14am
Quoting bullzeye
by digging in the thread i have discovered another awesome post from james one year ago. Extraordinary and remarkable like the other stuff from him :

[b][i]PA makes it easier especially for beginners but there are several ways to skin a cat.

the key to all of this is to treat it like a real business and earn your stripes thru demo.

you demo for 3 to 6 months with consecutive wins before you go live.

by doing that you at least have some kind of a chance at success.

no one makes it in this business because frankly they...
amen to that
  • #119,754
  • Oct 16, 2012 8:15am Oct 16, 2012 8:15am
Quoting giggles
Hey guys,

Newbie here.

Any of you have been profitable in forex trading without using leverage? Or is it that without using leverage it would take one ages to have good percentage returns (say 5% per month).

Thanks
Hey Giggles

Leverage for most of us plays the role of ONLY how much money we need to set aside on margin. If we risk a fixed % per trade then really that is the only role of leverage. For most people this will save their rear ends because they abuse leverage on the above.

If you don't understand let me know

Best
Mike
  • #119,755
  • Oct 16, 2012 8:36am Oct 16, 2012 8:36am
Quoting laoshi
you ont wait for pinbar?
Not this time. I traded the PA confirmation for a better price.
  • #119,756
  • Oct 16, 2012 8:39am Oct 16, 2012 8:39am
Quoting Rust
Here what i mean:
Attachment
yes very strong area. Wouldn't mind seeing a pullback off this area and then some bearish PA for a larger overall story

Here's a chart I emailed the group for a bigger view
Attached Image (click to enlarge)
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  • #119,757
  • Oct 16, 2012 8:59am Oct 16, 2012 8:59am
Strong support at weekly TL+BRN(1.000).
BUOB at daily+ divergence.
Let go to ride this trend...
Attached Image(s) (click to enlarge)
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  • #119,758
  • Oct 16, 2012 9:48am Oct 16, 2012 9:48am
Quoting adriaticFX
Strong support at weekly TL+BRN(1.000).
BUOB at daily+ divergence.
Let go to ride this trend...
Nice. Good buy.
Thoughts are things
  • #119,759
  • Oct 16, 2012 10:31am Oct 16, 2012 10:31am
Quoting bullzeye
USD/CHF

took the whole profit here...

Attachment
Bullzeye,well done on that trade, beautiful confluernce although my data doesnt show a nice brearish bar as yours does, Nonetheless and that aside-may i ask how you entered this trade originally ? it seems from the chart showing the trade entry and close that you entered on a retrace of that original beareish pinbar before the break?is this correct ?
is that how you usually enter?
The reason i ask (and its really an open question to all memebers here ) is that such an entry can enhance ones profits considerably if and when MR Market cooperates, Personally i ve been testing different entry methods and i feel that an entry on the break of teh signal bar with a stop above the 61.8 fib retrace of that bar is pretty reliable,,,,
What have the other members here found in this regard ?
Thanks
brian
  • #119,760
  • Oct 16, 2012 10:46am Oct 16, 2012 10:46am
Mike, what software you use for those chart drawings? I noticed you use them also in your videos.

Thanks!
I don't need easy. I just need possible.
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