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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

  • #125,301
  • May 9, 2013 4:51pm May 9, 2013 4:51pm
Quoting si mcc
{quote} Hi Mike, thanks for your patience! I do recall the acronym now, feeling a little embarrassed it was in post2. Finding it hard to absorb all the new info, I'm going to have to start taking some notes I can easily refer back to. If you could point me in the direction of some good posts on money management I would really appreciate it. Thanks for your help so far, it's making me look at charts (and trading) in a whole new light. You have the patience of a saint.
No problem Si, it's a lot to take in. Just take it slowly

Here are some good easy posts on position sizing. It's quite simple once you learn it
http://www.forexfactory.com/showthre...ney+management

Best
Mike
  • #125,302
  • May 9, 2013 6:23pm May 9, 2013 6:23pm
Just browsing through charts and noticed the pinbar from yesterday on the EUR/CHF that would have been a bad loss after today's BUOB. Had I looked through charts yesterday I probably would have entered based on a pinbar that was also a TBH that closed below 1.23. Also thought that this would a good short based on Jarroo's method. I guess that maybe wasn't enough confluence. Could anyone give reason's why they wouldn't have taken this trade.
Walt
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  • #125,303
  • May 9, 2013 6:30pm May 9, 2013 6:30pm
Checking a different feed, I see things differently and may not have taken the trade. Invalid pin that closes above BRN. But regardless, many people trade using brokers that don't have a 5:00 close.

Walt
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  • #125,304
  • May 9, 2013 6:59pm May 9, 2013 6:59pm
AUDCAD both daily and weekly charts to show the bigger picture.

Daily shows a bearish outside bar, (complete with price closing in the lower 25% of the bar,) price just having broken through a PPZ with room below to run, (Space??). A long wick shows the sellers defending their positions, making this a potential continuation trade. The yellow lines show potential trouble zones.... Seniors, lets get the ideas flowing!!

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  • #125,305
  • May 10, 2013 2:12am May 10, 2013 2:12am
Quoting mbqb11
{quote} No problem Si, it's a lot to take in. Just take it slowly Here are some good easy posts on position sizing. It's quite simple once you learn it http://www.forexfactory.com/showthre...ney+management Best Mike
Hi Mike, thanks for the link. Lots of good info in there that will keep me busy over the weekend. I use a spread betting account (tax free in the UK) for trading so just getting my head around the differences in terms of the lots. I would calculate my risk as:

Account Size = £10,000 account
Risk = 2% (£200)
Stop = 100 pips
£ per pip = £2

So I'm guessing I would be trading 2x mini lots = 20,000
20,000/10,000 = 2:1 leverage?
  • #125,306
  • May 10, 2013 2:30am May 10, 2013 2:30am
Quoting si mcc
{quote} Hi Mike, thanks for the link. Lots of good info in there that will keep me busy over the weekend. I use a spread betting account (tax free in the UK) for trading so just getting my head around the differences in terms of the lots. I would calculate my risk as: Account Size = £10,000 account Risk = 2% (£200) Stop = 100 pips £ per pip = £2 So I'm guessing I would be trading 2x mini lots = 20,000 20,000/10,000 = 2:1 leverage?
This might help for position sizing.
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File Type: mq4 PositionSizeCalculator.mq4   10 KB | 429 downloads
  • #125,307
  • May 10, 2013 2:58am May 10, 2013 2:58am
Quoting pip_la
{quote} This might help for position sizing. {file}
Hi pip_la, thanks for calc. I can't open that as its for a metatrader platform?
  • #125,308
  • May 10, 2013 3:00am May 10, 2013 3:00am
Quoting si mcc
{quote} Hi pip_la, thanks for calc. I can't open that as its for a metatrader platform?
Hey Si,

It is for MT4, sorry! I just assume everyone is using Meta Trader!
  • #125,309
  • May 10, 2013 3:01am May 10, 2013 3:01am
Quoting pip_la
{quote} Hey Si, It is for MT4, sorry! I just assume everyone is using Meta Trader!
Thats ok! It's the thought that counts
  • #125,310
  • May 10, 2013 3:10am May 10, 2013 3:10am
Quoting si mcc
{quote} Hi Mike, thanks for the link. Lots of good info in there that will keep me busy over the weekend. I use a spread betting account (tax free in the UK) for trading so just getting my head around the differences in terms of the lots. I would calculate my risk as: Account Size = £10,000 account Risk = 2% (£200) Stop = 100 pips £ per pip = £2 So I'm guessing I would be trading 2x mini lots = 20,000 20,000/10,000 = 2:1 leverage?

Are you talking about a live account or demo?
  • #125,311
  • May 10, 2013 3:18am May 10, 2013 3:18am
Quoting Pinbar
{quote} Are you talking about a live account or demo?
This ones a demo account, wish I had £10,000 spare for a live!
  • #125,312
  • May 10, 2013 5:25am May 10, 2013 5:25am
Quoting Pinbar
{quote} I know that was your question and, that was the answer I gave you. Did you not understand it? My question is, for what reasons did you enter long there? I don't see any bullish PA to speak of.


BUOB Daily
Order in touch trading 4h after closing above 1.8280
  • #125,313
  • May 10, 2013 5:43am May 10, 2013 5:43am
Hi, I am a newbie here, joined the forum 2 days back.

Quick question, did anybody take long positions for two bar low on GBPCHF daily chart. I missed it. Would have been in profit if i had taken.

If you think they are not correct entry points to take a position, please correct me.

Thanks in advance.
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  • #125,314
  • May 10, 2013 8:15am May 10, 2013 8:15am
Hello Everyone,

I'm new to this thread and just ran across it last week. Been trying to study as much as possible as I really really like what I'm presented with here:
serious and competent senior members who teach a very good methodology and very serious and ambitioned junior members (newbies).

Will try to post some nice examples that I'm seeing here every once in a while and would always love to get some feedback from whoever. No one knows all and everyone can improve. Let's all work together to achieve constant improvement. The money will automatically follow.

Regards,

T4S
  • #125,315
  • May 10, 2013 9:56am May 10, 2013 9:56am
Quoting bwaltner
Just browsing through charts and noticed the pinbar from yesterday on the EUR/CHF that would have been a bad loss after today's BUOB. Had I looked through charts yesterday I probably would have entered based on a pinbar that was also a TBH that closed below 1.23. Also thought that this would a good short based on Jarroo's method. I guess that maybe wasn't enough confluence. Could anyone give reason's why they wouldn't have taken this trade. Walt {image}
1. Pin isn't at a swing high
2. Overhead traffic to the left
3. Yes - that BRN
others may add additional points
every Saint has a past. Every Sinner has a Future
  • #125,316
  • May 10, 2013 9:58am May 10, 2013 9:58am
Quoting timo4sho
Hello Everyone, I'm new to this thread and just ran across it last week. Been trying to study as much as possible as I really really like what I'm presented with here: serious and competent senior members who teach a very good methodology and very serious and ambitioned junior members (newbies). Will try to post some nice examples that I'm seeing here every once in a while and would always love to get some feedback from whoever. No one knows all and everyone can improve. Let's all work together to achieve constant improvement. The money will automatically...
People will always be pleased to help. But - help us by putting down your thoughts first rather than posting a bald question such as "here is a chart -what do you think guys.?"
every Saint has a past. Every Sinner has a Future
  • #125,317
  • May 10, 2013 10:25am May 10, 2013 10:25am
Quoting bwaltner
Just browsing through charts and noticed the pinbar from yesterday on the EUR/CHF that would have been a bad loss after today's BUOB. Had I looked through charts yesterday I probably would have entered based on a pinbar that was also a TBH that closed below 1.23. Also thought that this would a good short based on Jarroo's method. I guess that maybe wasn't enough confluence. Could anyone give reason's why they wouldn't have taken this trade. Walt {image}
I don't think this pair is a good one to trade. After Swiss Bank floured swiss to euro at 1.20. this pair has very little with technical analysys. Its chaotic.
If not up, then down, otherwise sideways :-)
  • #125,318
  • May 10, 2013 11:07am May 10, 2013 11:07am
Quoting bwaltner
Just browsing through charts and noticed the pinbar from yesterday on the EUR/CHF that would have been a bad loss after today's BUOB. Had I looked through charts yesterday I probably would have entered based on a pinbar that was also a TBH that closed below 1.23. Also thought that this would a good short based on Jarroo's method. I guess that maybe wasn't enough confluence. Could anyone give reason's why they wouldn't have taken this trade. Walt {image}
Hey BW

A few things can keep you out of a bar like this. Now my feed is 5pm but I am basing it off your other one. Notice firstly if you zoom out you'll get a better perspective of this bar. Notice how it sits down LOW on the previous bar so that the tail of the pin barely protrudes away from the previous bar high. That's you first warning sign. Now the bigger warning sign is the tight box we are in and the lack of space. This is just like the gbp/chf I posted a few back as well as the nzd/usd I followed up with to someone else. This helps keep me out of a lot of bad trades.

Let me know if this makes sense
Mike
  • #125,319
  • May 10, 2013 11:21am May 10, 2013 11:21am
Quoting si mcc
{quote} Hi Mike, thanks for the link. Lots of good info in there that will keep me busy over the weekend. I use a spread betting account (tax free in the UK) for trading so just getting my head around the differences in terms of the lots. I would calculate my risk as: Account Size = £10,000 account Risk = 2% (£200) Stop = 100 pips £ per pip = £2 So I'm guessing I would be trading 2x mini lots = 20,000 20,000/10,000 = 2:1 leverage?
Hey Si

Honestly don't even worry about your leverage. If you go through that thread we have two kinds of leverage. Broker leverage and true leverage. The thing is when you risk a fixed amount like your above example that all gets taken care of. The most important thing is to make sure to get your $ per pip X stop loss to equal your risk amount.

It's that simple!

Best
Mike
  • #125,320
  • May 10, 2013 11:33am May 10, 2013 11:33am
Quoting si mcc
{quote} Thats ok! It's the thought that counts
there are plenty of useful easy to use position sizing tools on the internet. Here is one I even use from time to time.

http://www.earnforex.com/position-size-calculator
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