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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

  • #129,681
  • Jan 28, 2014 12:27am Jan 28, 2014 12:27am
Thank you! So I am not trading this one. I am glad I asked. Indeed, many reasons against. Now I see them. Thanks for reminding me of the traffic issue.
Let me say again that I very much apprerciate your help and I hope I am not posting too much.
Michal9
  • #129,682
  • Jan 28, 2014 12:31am Jan 28, 2014 12:31am
Quoting felixcattus
{quote} Well, well, well. The high of the 1/16 pin was 1.2749. The low of yesterday was 1.2748. Bounced literally to the pip. Not saying it can't still bust through that level but ... this is the stuff to keep a tight eye on. {image}
Indeed, to the pip! Ability to often spot a level where the price is likely to turn - how to turn this into a profitable trades?
You would not put a limit order at a likely reversal point, would you?
So we are using power zones as a filter to pass on trades that would have to bust through?
Michal9
  • #129,683
  • Jan 28, 2014 3:15am Jan 28, 2014 3:15am
Quoting michal9
Thank you! So I am not trading this one. I am glad I asked. Indeed, many reasons against. Now I see them. Thanks for reminding me of the traffic issue. Let me say again that I very much apprerciate your help and I hope I am not posting too much.
Thanks to michal9 and everyone who responded to his Question re. that trade. Found the analysis and breakdown as to why people wouldn't take the trade very interesting and useful.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,684
  • Jan 28, 2014 3:19am Jan 28, 2014 3:19am
I've noticed a lack of opportunity over the past few days on the pairs I watch. I'm starting to get itchy, which is bad as I don't want to be tempted into taking a trade that isn't a premium setup. I think I missed a shot on pinbar on the AUDNZD sunday night, but ho-hum, that happens.

I've found myself adding more pairs to my watchlist to try and find a price action signal - more bad news. What I need to be doing is just sit it out, a signal will be along, and I must remember that being out of the market is also a position
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,685
  • Jan 28, 2014 3:33am Jan 28, 2014 3:33am
Quoting Beserker
I've found myself adding more pairs to my watchlist to try and find a price action signal - more bad news. What I need to be doing is just sit it out, a signal will be along, and I must remember that being out of the market is also a position
Well, i guess you can add as many charts as you want to your watch list, as long as you keep sticking to your trading plan: increasing the number of possible opportunities is different from pulling the trigger on any bar that moves
Slow & steady
  • #129,686
  • Jan 28, 2014 3:42am Jan 28, 2014 3:42am
Quoting patapouer
{quote} Well, i guess you can add as many charts as you want to your watch list, as long as you keep sticking to your trading plan: increasing the number of possible opportunities is different from pulling the trigger on any bar that moves
True - I've just started reading Ghous's 'Mastering the Art of Trading' thread, and note he watches plenty of pairs. I guess my problem with adding more pairs is that I feel I am only doing it so I can find a signal and get into the market - ie I'm feeling a lack by not being in a position. Does that make sense?

Maybe I shouldn't be so hard on myself though - as long as I stick to the plan and don't go Jesse James crazy with the trigger, it's all good
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,687
  • Jan 28, 2014 3:57am Jan 28, 2014 3:57am
Hi,
just wanted to post 2 of my recent trades.

First was GBPCAD, it was DBHLC at major swing high with plenty of space, I was aiming for 1.8 BRN. Since this pair moved a lot these past few days I set wider protective barrier for my order, so my order was not triggered. It seems that it saved my skin.

Second trade is on EURTRY, there was a huge BEOB at major swing high, again plenty of space. My order got trigerred so this is trade I´m actually in right now. I hope we will get to 3.0 BRN and there I will watch what happens, I will reduce my risk or take profit depends on type of reaction we get there.

I will be more than happy for any opinions, comments or analysis you have on these trades. Please share.

Mav
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpcaddaily2.png Size: 37 KB
Click to Enlarge Name: eurtrydaily.png Size: 43 KB
  • #129,688
  • Jan 28, 2014 4:03am Jan 28, 2014 4:03am
Quoting Mav13
First was GBPCAD, it was DBHLC at major swing high with plenty of space, I was aiming for 1.8 BRN. Since this pair moved a lot these past few days I set wider protective barrier for my order, so my order was not triggered. It seems that it saved my skin.
My first thought on the GBPCAD would be that I was shorting against a very strong uptrend. I would be worried that the down bar of the DBHLC would have been the only retracement I was going to get before the trend resumed - which is how it's turned out.

Easy for me to say in hindsight of course!
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,689
  • Jan 28, 2014 4:11am Jan 28, 2014 4:11am
Quoting Mav13
Hi, just wanted to post 2 of my recent trades. First was GBPCAD, it was DBHLC at major swing high with plenty of space, I was aiming for 1.8 BRN. Since this pair moved a lot these past few days I set wider protective barrier for my order, so my order was not triggered. It seems that it saved my skin. Second trade is on EURTRY, there was a huge BEOB at major swing high, again plenty of space. My order got trigerred so this is trade I´m actually in right now. I hope we will get to 3.0 BRN and there I will watch what happens, I will reduce my risk...
Mav, thanks for sharing.

My observation for EUR/TRY, for this counter-trend short trade to work, it seems we need a central bank of Turkey intervention to be sucessfull (unless your take profit level is very close).

I have read somewhere that history teaches us that central banks interventions aimed at strengthening their currency (like in this case) are often unsucessfull, while interventions to weaken the currency usually are (it is easier for a central bank to print the money (like JPY and CHF did vs. sell their hard curency reserves (like TRY bank must do to try to stop this trend, or hike the interest rates which also has other negetive consequences).

Just an observation. I am not attempting to predict. And technically the BEOB is there, plain to see. I also see plenty of opportunities I missed to join this uptrend earlier on... hinsight is great ;-)
Michal9
  • #129,690
  • Jan 28, 2014 4:32am Jan 28, 2014 4:32am
Attached Image (click to enlarge)
Click to Enlarge Name: silver_w_280114.png Size: 52 KB


Best,
Jonas



PS: Bit offtopic:

Is there any tool,excel or indicator that tells me how much I am able to trade (in units) when I for example place a stoploss of 400 pips?
In other words: A tool that contains 4 variables 1. stoploss in pips, 2.account equity, 3.traded leverage, 4.margin of broker and If

Example:

I have 10.000 $ in my trading account and want to trade silver. I use a 1:100 leverage and want to set a 400 pip stoploss and risk 30% of my balance, how much units should I trade?

I know that I can do this calculation for myself, just searching for a tool that speeds up this procedure for me... just wondering...
Hero calls followed by margin calls...
  • #129,691
  • Jan 28, 2014 4:54am Jan 28, 2014 4:54am
AUDNZD has finally made it to the bottom (see monthly as attached)

Daily threw a nice PB but even though I am in this trade and in profit I am not sure its going to simply go back up again, this one could take a while to catch its breath so stops at BE and hoping it doesn't spike down again.
http://charts.mql5.com/3/711/audnzd-...-54760-png.png
On the daily is pb.
http://charts.mql5.com/3/711/audnzd-...-47490-png.png

8hr (and 4hr to some extent) gave tighter entry
http://charts.mql5.com/3/711/audnzd-...-35126-png.png

like i say I don't think it has finished its attack on the bottom yet which is a pain in the ... working out a suitable TP without closing (being out of) trade altogether.

PG
  • #129,692
  • Jan 28, 2014 4:56am Jan 28, 2014 4:56am
elephant, try this
PG
Attached File(s)
File Type: mq4 lot size calc.mq4   2 KB | 478 downloads
  • #129,693
  • Jan 28, 2014 4:57am Jan 28, 2014 4:57am
PhAnTi,

For a tool to set a position size, please find attached excel file I created some time ago.

You need to enter pip value manually (adjust every month or two), then place X in a clumn to indicate which pair you trade, then enter in green box the number of pips and your max target dollar risk per trade (or you can adjust a formula to use 2% equity).

This is a manual and somewhat cumbersome process, so, honestly, do not use it anymore but you may find it helpful. Additional feature I added to this file is that it recalculates back for you what will be a loss if you trade given number of lots and estimates what if you trade a little more / little less, and also what a profit will be if you enter the expected R. Just play with the forumulas, there is no rocket science there.

What I use today is just broker platform feature. With two brokers I use, not MT4, as I place an order and enter the SL level in pips / on chart, it will show me dollar loss based on numbner of lots, so I just play with number of lots (actually micro lots ;-) to adjust it so that my target dollar loss is met.

I hope it helps and if you have any further questions feel fee to also write me a private message.
Attached File(s)
File Type: xls lots.xls   21 KB | 484 downloads
Michal9
  • #129,694
  • Jan 28, 2014 5:28am Jan 28, 2014 5:28am
Just curious Mike, when James will be back and when the new page should be launched ? I know that you are saying it for 2 years that it will be soon but is there any official date ?
  • #129,695
  • Jan 28, 2014 5:44am Jan 28, 2014 5:44am
Quoting PhAnTi'
{image} Best, Jonas PS: Bit offtopic: Is there any tool,excel or indicator that tells me how much I am able to trade (in units) when I for example place a stoploss of 400 pips? In other words: A tool that contains 4 variables 1. stoploss in pips, 2.account equity, 3.traded leverage, 4.margin of broker and If Example: I have 10.000 $ in my trading account and want to trade silver. I use a 1:100 leverage and want to set a 400 pip stoploss and risk 30% of my balance, how much units should I trade? I know that I can do this calculation for myself, just...
Open demo on OANDA, there you see all this info when you open a trade. The tool is called Pip/Profit Calculator. You choose pair, open, SL and you see how much you risk per trade.
Lose small, win BIG
  • #129,696
  • Jan 28, 2014 6:23am Jan 28, 2014 6:23am
Quoting ProsteJa
{quote} Open demo on OANDA, there you see all this info when you open a trade. The tool is called Pip/Profit Calculator. You choose pair, open, SL and you see how much you risk per trade.
Hero calls followed by margin calls...
  • #129,697
  • Jan 28, 2014 8:39am Jan 28, 2014 8:39am
Quoting PhAnTi'
{image} Best, Jonas PS: Bit offtopic: Is there any tool,excel or indicator that tells me how much I am able to trade (in units) when I for example place a stoploss of 400 pips? In other words: A tool that contains 4 variables 1. stoploss in pips, 2.account equity, 3.traded leverage, 4.margin of broker and If Example: I have 10.000 $ in my trading account and want to trade silver. I use a 1:100 leverage and want to set a 400 pip stoploss and risk 30% of my balance, how much units should I trade? I know that I can do this calculation for myself, just...

Hallo PhAnti'

See this thread. I believe this is what you are looking for. This is what i use.

http://www.forexfactory.com/showthread.php?t=281772
"Taking Responsibility is The Cornerstone of A Winning Attitude"
  • #129,698
  • Jan 28, 2014 8:59am Jan 28, 2014 8:59am
Quoting Martin600
Just curious Mike, when James will be back and when the new page should be launched ? I know that you are saying it for 2 years that it will be soon but is there any official date ?
Hey M

No official date, but we are very far along. We are actually wrapping it up with the design team tomorrow. I am as excited as anyone will make teaching a lot easier for me. So hang in there

Best
Mike
  • #129,699
  • Jan 28, 2014 9:19am Jan 28, 2014 9:19am
Just a quick update on Usd/Cad, sold 1/3 at 1.1165 and the rest is at break-even. Recent highs needs to give way or we could start ranging/chopping. Obviously tomorrow will have an impact. Goal is to let this run if we breakout and tuck stops just under the breakout area.

N
  • #129,700
  • Jan 28, 2014 10:05am Jan 28, 2014 10:05am
Quoting pgtips
elephant, try this PG {file}
Thanks for sharing. Very nice and easy to use.
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