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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

  • #129,941
  • Feb 14, 2014 5:19am Feb 14, 2014 5:19am
Quoting Berserker
Been in GBPJPY since beginning of the week - seen some good pip gains, but have a small return as I had small position due to massive SL on weekly. Everything going well until last night when I started messin'... On the four hour chart, it's been stepping up nicely, so thought I'd double my position when it broke the current box. I set my buy stop and stop loss just above my current stop loss, so I would be left with some profit if everything went south. Within the next hour, price raced through my buy stop, then whipsawed to take out my SL. That'll...
Hey B,

Just remember that a good setup doesn't really know what time it is. The markets lately have been pretty active even in the Asian sessions and as I said, time of the day shouldn't put you down from going for a trade that is valid. The only time I would be careful and weary of the time is when trading late on a Friday as that leaves you vulnerable to gap plays when the market opens next week.

You made a good point about keeping it simple and leaving the scaling in and out of trades for a little later when you get a good grasp of PA. What scaling in and out does is, it makes your position size vary depending on how much confidence you have in the way the market is currently moving. That is really good when you are seasoned trader and know that you're watching charts as is, without the emotions attached. Earlier on however, it can lead to a lot of inconsistency as almost every bar that prints, you either feel good or bad about the trade you are in. It does call for a lot of research and practice which is best left till you have gotten good with the basics.

Just my opinion of course.

g.
I believe . . .
  • #129,942
  • Feb 14, 2014 5:52am Feb 14, 2014 5:52am
Quoting ghous
. Earlier on however, it can lead to a lot of inconsistency as almost every bar that prints, you either feel good or bad about the trade you are in.
Spot on Ghous! Last night, looking at my trade I was thinking 'this is great, it just keeps trucking, let's pile it on!". Then I woke up this morning, saw the reversal and loss, and ended up calling myself all sorts of names over my cornflakes! Emotions ahoy.

Thanks for your reply, much appreciated.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,943
  • Feb 14, 2014 5:55am Feb 14, 2014 5:55am
Quoting pgtips
That's the trouble with the weekly charts, there were a couple of good ones this week but you see smaller return
I have to keep reminding myself that I'm in the weekly for the long haul. If I hit my target, I will have a good return, but can't see it getting there for another few weeks. Just have to keep away from any more stupid moves, keep from messin' with the trade.

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,944
  • Feb 14, 2014 7:37am Feb 14, 2014 7:37am
Q: In MT4, is there a way I can make a shortcut/button for horizontal lines with different styles???

I use different style horizontal lines for various things and I'm forever changing line colour/style and desperately need a shortcut..... Any help greatly appreciated!
  • #129,945
  • Feb 14, 2014 8:43am Feb 14, 2014 8:43am
Quoting MUNkeyRO
Q: In MT4, is there a way I can make a shortcut/button for horizontal lines with different styles??? I use different style horizontal lines for various things and I'm forever changing line colour/style and desperately need a shortcut..... Any help greatly appreciated!
I don't think MT4 has a built in shortcut to enable you to do that (and I have thought wrong before) but it seems like you could have someone code a simple indicator for you.

g.
I believe . . .
  • #129,946
  • Edited 9:35am Feb 14, 2014 9:18am | Edited 9:35am
Quoting Berserker
On the four hour chart, it's been stepping up nicely, so thought I'd double my position when it broke the current box.
Personally, I would rely on PA to scale into a position from a lower time frame, so that you have momentum (and a higher probability trade) on your side.

Otherwise, why take the risk?

BTW: I have not attempted scaling in on a lower time frame. So, it is just my opinion FWIW.
Forex is for the lifestyle.
  • #129,947
  • Feb 14, 2014 9:43am Feb 14, 2014 9:43am
Quoting ghous
{quote} I don't think MT4 has a built in shortcut to enable you to do that (and I have thought wrong before) but it seems like you could have someone code a simple indicator for you. g.
Thanks Ghous I'll look into it
  • #129,948
  • Feb 14, 2014 11:48am Feb 14, 2014 11:48am
Quoting Donaciello
{quote} Have you considered taking your trading out of MT4? Most brokers offer quite sophisticated trading tools, order-types and additional info. Made this transition myself some 5 months ago and I'm very pleased with it so far.
I know that there are some great proprietary platforms out there. I used GFT years ago, before I got back into forex (courtesy of this thread). It was a real pleasure to use that platform, as opposed to MT4. GFT no longer accepts retail clients.

It took me awhile to adapt to MT4. For a platform that is ubiquitous, it has some significant flaws. My hunch is that it is similar to Firefox, where you get the basics and can then add stuff that you need. Then again, I consider pip value in an order entry box fairly basic. The one good thing about MT4 is that you can readily switch brokers because so many of them use it, without much of a learning curve.

The proprietary Oanda platform used for demo accounts is decent, but you must log back into the platform every time you close your laptop. What a nightmare. It might be alright for desktop use. MT4 automatically reconnects after about ten seconds.

If you do not mind, may I ask the name of your broker and which platform you use? Can you set up an EST price feed? I am currently with FXDD, because they use an EST price feed. No problems so far. FXDD also grants you a five percent bonus when you establish a live account (with certain restrictions).
Forex is for the lifestyle.
  • #129,949
  • Feb 14, 2014 1:02pm Feb 14, 2014 1:02pm
Quoting Tail Gunner
{quote}(...) If you do not mind, may I ask the name of your broker and which platform you use? Can you set up an EST price feed? I am currently with FXDD, because they use an EST price feed. No problems so far. FXDD also grants you a five percent bonus when you establish a live account (with certain restrictions).

The broker I use now is Oanda demo for trading, and I use the MT4 from an FxPro demo-account.
Ever since I found out about the PIP/Profit-calculator and 1 unit order sizes, I could hardly think of how one should scale risk on MT4 (i.e. std. lots).
I use their proprietary platform FxTrade Practice by the way.
A live account is in place as well, but I'll wait for my performance to be consistently well above break even, before I fund it.

How do you scale risk now? what microsize fits the max. risk best? and if so, how would you go about positions that require larger stops?
It might be worth a demo to use Oanda (or similar broker) for the sole purpose of Weekly/Monthly trade though, as that would largely cancel out the disadvantage you meantion about the logging in. (you now only have to do this 1 - 4 times /month).

I'm currently in positions taken from monthly charts and the order sizes go as low as 24 units. (100Euro acc.)


Good luck trading!

w
It's a sport, an artform and a science.
  • #129,950
  • Feb 14, 2014 3:27pm Feb 14, 2014 3:27pm
Quoting Donaciello
How do you scale risk now? what microsize fits the max. risk best? and if so, how would you go about positions that require larger stops?
I simply avoid exceeding my maximum risk exposure. For example, if I had a $10,000 account and my risk factor per trade is two percent, then I never risk more than $200 per trade. I find that my per trade risk averages between 1.5 and two percent. If a particular trade risks somewhat more than two percent (which does not happen too often), then I either look for a better entry that still works, make sure that it is an A+ trade, or pass on the trade.

I know that this is not the best method to grow your account because your account is not compounded as quickly. In a perfect world, you always use the very same dollar risk per trade (e.g., $200) so that your account is compounded more quickly. Right now, I trade the same number of lots on every trade and just ensure that I do not exceed my maximum risk exposure. This applies to trades on the daily chart.

I will begin trading monthly PBs on my demo account and I will use a position size calculator. I have never used micro lots.
Forex is for the lifestyle.
  • #129,951
  • Feb 15, 2014 2:10am Feb 15, 2014 2:10am
Quoting Tail Gunner
{quote} Personally, I would rely on PA to scale into a position from a lower time frame, so that you have momentum (and a higher probability trade) on your side. Otherwise, why take the risk? BTW: I have not attempted scaling in on a lower time frame. So, it is just my opinion FWIW.
Your opinion is always welcome, you've been at this game a lot longer than me Yeah, I dont think there was too much wrong with my method. But I suspect that my emotion is getting the best of me, and that I should stick with the simple things at the moment - like keeping an account in profit. Still a beginner, but I can see how easy it is to lose money by getting carried away.Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,952
  • Feb 15, 2014 3:32am Feb 15, 2014 3:32am
german fpe on weekly.
looking good for a breakout next week. strong close.
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meine augen sind die sterne
  • #129,953
  • Edited 2:51pm Feb 15, 2014 2:01pm | Edited 2:51pm
After the Friday close, it became a price action wasteland! Unless you trade equities like aserbfx, I suppose.

I was so bored that I downloaded Metatrader 5 and looked over the 6H, 8H, and 12H charts. Nothing there, either. I have heard good things about price action on the 8H and 12H charts, so I had been meaning to do that for awhile anyhow. If anyone is interested, here is the web link:

http://www.metaquotes.net/en/metatrader5

Although the web link is for the MetaQuotes software site, the demo platform ends up opening under FXCM. I have not used them before, but they do use the New York close. You just right-click on the time frame tab and add whatever TF charts you want to use. They only offer fourteen currency pairs, but that still results in 42 more charts to review for PA (at 6H, 8H, and 12H). That sure beats the temptation of slumming through the lower TFs without the necessary skills.

My philosophy is that reviewing more pairs and more higher TF charts keeps you from over-trading on the wrong type of trades (lower TF and lower quality) by providing more higher-quality opportunities.
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Forex is for the lifestyle.
  • #129,954
  • Feb 16, 2014 3:58am Feb 16, 2014 3:58am
BEOB on PEP. Looking for a breakout next week.
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If not up, then down, otherwise sideways :-)
  • #129,955
  • Feb 16, 2014 4:46am Feb 16, 2014 4:46am
Quoting MUNkeyRO
Q: In MT4, is there a way I can make a shortcut/button for horizontal lines with different styles??? I use different style horizontal lines for various things and I'm forever changing line colour/style and desperately need a shortcut..... Any help greatly appreciated!
Hi,
Scripts are best suited for that kind of purpose. For scripts you can also create "Hotkeys".
There are some in MQL community. e.g. this one
http://codebase.mql4.com/6721

BR Rami
  • #129,956
  • Feb 16, 2014 9:05am Feb 16, 2014 9:05am
I have a question about equities.
I trade leveraged CFDS usually the margin is 5% or 10%. I watch only weekly charts.
If I buy CFD shares (stop loss is the size of a big weekly bar) and then the company is bankrupted can I lose a lot more than my stop loss? Can the next day have a huge gap near 0? Or the stock exchange like NYSE or Nasdaq have a maximum limit that price can fall in a day and if that limit is reached price can't fall more than that in that day?
  • #129,957
  • Feb 16, 2014 9:09am Feb 16, 2014 9:09am
Quoting Tail Gunner
After the Friday close, it became a price action wasteland! Unless you trade equities like aserbfx, I suppose. I was so bored that I downloaded Metatrader 5 and looked over the 6H, 8H, and 12H charts. Nothing there, either. I have heard good things about price action on the 8H and 12H charts, so I had been meaning to do that for awhile anyhow. If anyone is interested, here is the web link: http://www.metaquotes.net/en/metatrader5 Although the web link is for the MetaQuotes software site, the demo platform ends up opening under FXCM. I...
I'm not sure if it's good to use unstandard TF. I remember a Ghous post where he said he doesn't use unstandard TF because most traders don't watch them.
  • #129,958
  • Edited 9:32am Feb 16, 2014 9:19am | Edited 9:32am
Quoting str8
{quote} I'm not sure if it's good to use unstandard TF. I remember a Ghous post where he said he doesn't use unstandard TF because most traders don't watch them.
That is a good point, because PA trades are based on market sentiment, i.e., other traders watching their charts. I will need to demo those trades first.

Thank you for the input. The last thing that I want to do is change a method that is working for me into one that is not.
Forex is for the lifestyle.
  • #129,959
  • Feb 16, 2014 9:22am Feb 16, 2014 9:22am
hello traders!
as I can see this is opportunity for sell:
punched levels and trends, consolidation top broken
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  • #129,960
  • Feb 16, 2014 12:14pm Feb 16, 2014 12:14pm
Quoting str8
{quote} I'm not sure if it's good to use unstandard TF. I remember a Ghous post where he said he doesn't use unstandard TF because most traders don't watch them.
Yeah I don't use those novel TFs introduced by MT5 or for that matter combine my time frames to create hybrid 2D, 3D, 2W etc. TFs. Not that PA doesn't work on these time frames as regardless of the time frame you're on you're only just seeing one version of chopped up price action. Most of the dynamics that we study here are pretty much time frame independent so its not like price might somehow respect a PPZ on 4H better than on 8H.

That said, it does make sense to still stick to time frames that have been around for some time for the simple reason that more people will be watching price bars/candles on these time frames than on the more exotic ones. Also for me, combining time frames felt more like getting off on a tangent where I was trying to re-arrange price the best way possible for a decent bar setup to pop up.

This might change as we go down in time though. The more "exotic" time frames gaining popularity with MT5 kicking in and taking over MT4 would change the way we think about these time frames. As of now though, I prefer to "go with the flow"

g.
I believe . . .
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