james16 Chart Thread | Page 6681 | 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

  • #133,601
  • Jan 16, 2015 9:25am Jan 16, 2015 9:25am
Quoting mbqb11
... I personally use MULTIPLE brokers not only for their different goods and bads but for catastrophe type situations. By spreading my money i have much less of a chance to take a larger hit pending something bad goes down. I also since I take very few trades at any one time ever have the need to keep more then a small % in any one account. As long as I can cover margin on a handful of trades and a bit over. There is NO need to keep a hundred percent in an account. I am not taking high leveraged trades and trading ten-50 things at once. Keeping...

Sound advice mike. I was lucky to be not in any CHF trade last night, would have catastrophic for anyone in it. A huge wake up call for every trader to rethink their risk management.

Was wondering who were the big winners last night since so many millions were lost in those chf trades. The banks? hedge funds?
  • #133,602
  • Jan 16, 2015 9:31am Jan 16, 2015 9:31am
Quoting srt
{quote} The move today in the swissy is a perfect example of where options would be a much safer way to trade a market if you think there's a possibility of something like this happening. A few months ago I posted in the EURCHF thread that I was only looking to take short trades on eurchf after reading a couple articles in which they laid out the reasons why they thought it was very possible the peg got pulled. I agreed with the reasoning. I was called an "idiot" by the guru of the room for even thinking it was possible:-) You mention only being...
That "guru" is just an uneducated dumb-ass. If he read a bit he would know that these kind of artifical limits never ended well. Just as this time.
It's all psychology...
  • #133,603
  • Jan 16, 2015 10:33am Jan 16, 2015 10:33am
Quoting mbqb11
wow guys just wow I was a bit shocked that we didn't hear much broker news until so late in the day. Many have sent out emails that they are fine but it appears alpari (maybe others) did not make it out. That's very upsetting although not a complete shock. I truly hope that they kept their accounts segregated as they are supposed to. But we've witnessed brokers scamming before and I wouldn't be shocked if they didn't. If they complied and hopefully that means the FCA checks up on these brokers that they make follow these rules after the incidents...

Mike

I did not understand what you mean by stock accounts here...are these the bank accounts that tie up with our broker accounts. For example I have an account with OptionsXpress and they have my bank account information from which I transfer money into the broker account.

"For us people stock accounts are treated differently an insured under FDIC rules. This means I keep much more money in my stock/futures/FX accounts via these brokers. It frankly just makes sense."
  • #133,604
  • Jan 16, 2015 10:43am Jan 16, 2015 10:43am
Quoting Berserker
{quote} Thanks for that Mike - Ironic given my post above, but I've been hit as I am with Alapri! Didn't realise the seriousness of this Swiss crash, but I do now! Hoping I will get my money back - I've been in touch with the FCA and they are apparently in discussions with Alpari already, so hopefully things will be good. If not, it's a good lesson for me and I will definitely take on board and think about what you have written above. I've never traded with more than 1-2% in one trade and rarely have more than 1 or trades on at once. I've...

I ended up making small amounts of money in this CHF episode but it left a bad taste in my mouth. At one point when I am in a trade and made around 300 pips and I wanted to get out of this trade my broker refused to liquidate the trade. I got the message that trading has been suspended for this pair. Now that really is not acceptable to me. When the market goes against us they promptly apply the stop loss and take us out of the trade. Things should work in extreme situations. Everybody is a saint during normal times.

I did gamble during my school years in india and the mafia made it a point to pay when you win. They never went back when you win. So now this is supposed to be a serious business and organized stuff and the system does not work if there is a spike.

Oh well..the world is not perfect. Now you always make money when luck is on your side. I know a very old system of astrology through which I can check my luck factor. 5th house rules speculation and trading in astrology. You can improve your trading luck by improving your 5th house. But that is entirely another topic.
  • #133,605
  • Jan 16, 2015 11:32am Jan 16, 2015 11:32am
Quoting prasad99
{quote} Mike I did not understand what you mean by stock accounts here...are these the bank accounts that tie up with our broker accounts. For example I have an account with OptionsXpress and they have my bank account information from which I transfer money into the broker account. "For us people stock accounts are treated differently an insured under FDIC rules. This means I keep much more money in my stock/futures/FX accounts via these brokers. It frankly just makes sense."
Hey P

No options/futures/stocks in the US are regulated differently than the forex markets. While brokers are supposed to be segregating clients money it's different than a broker HAVING to insure your money up to certain requirements and/or providing more protection

For example optionsXpress has insurance and falls under what I was speaking about

"optionsXpress is a member of SIPC, the Securities Investor Protection Corporation, which protects against losses caused by the financial failure of the broker-dealer, but not against losses resulting from depreciation in a security’s value. Your optionsXpress accounts are protected by SIPC up to $500,000—including up to $250,000 for cash claims.
Additionally, on our own initiative and at no additional cost to you, optionsXpress has secured excess SIPC coverage offering your account additional account protection beyond the standard SIPC limits. optionsXpress†excess SIPC policy covers in the aggregate up to $100,000,000 subject to a maximum limit of $24,500,000 per customer, $900,000 of which may be cash."

It's always important to know your brokers policies but also understand some of the differences.

Hope that helps
Mike
  • #133,606
  • Jan 16, 2015 11:49am Jan 16, 2015 11:49am
Quoting mbqb11
{quote} Hey P No options/futures/stocks in the US are regulated differently than the forex markets. While brokers are supposed to be segregating clients money it's different than a broker HAVING to insure your money up to certain requirements and/or providing more protection For example optionsXpress has insurance and falls under what I was speaking about "optionsXpress is a member of SIPC, the Securities Investor Protection Corporation, which protects against losses caused by the financial failure of the broker-dealer, but not against losses resulting...

Mike

As always thanks for your input and that is clear to me now.
  • #133,607
  • Jan 17, 2015 3:02pm Jan 17, 2015 3:02pm
Does anybody trade this pair. I dont see much of movement on this pair but it is clear that HK central bank puts a bottom on this. If you see this chart it never goes below...7750 seems like the bank jumps in puts a base on this currency.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 59 KB
  • #133,608
  • Jan 17, 2015 3:22pm Jan 17, 2015 3:22pm
Quoting prasad99
Does anybody trade this pair. I dont see much of movement on this pair but it is clear that HK central bank puts a bottom on this. If you see this chart it never goes below...7750 seems like the bank jumps in puts a base on this currency. {image}
Just be careful here. This one has a peg to USD with low being 7.75 & high being 7.85.
Look what happened to EurChf thursday when the peg was pulled.
Good luck.
  • #133,609
  • Jan 17, 2015 3:40pm Jan 17, 2015 3:40pm
EURSEK - PA on Weekly
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 59 KB
  • #133,610
  • Jan 17, 2015 3:42pm Jan 17, 2015 3:42pm
Quoting srt
{quote} Just be careful here. This one has a peg to USD with low being 7.75 & high being 7.85. Look what happened to EurChf thursday when the peg was pulled. Good luck.

Thanks for the input , I was suspecting a peg on this one. I am not trading this chart but just was curious.
  • #133,611
  • Jan 17, 2015 6:28pm Jan 17, 2015 6:28pm
NOt a great one but a pin bar on DOW
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 115 KB
  • #133,612
  • Jan 17, 2015 8:37pm Jan 17, 2015 8:37pm
Quoting srt
{quote} Just be careful here. This one has a peg to USD with low being 7.75 & high being 7.85. Look what happened to EurChf thursday when the peg was pulled. Good luck.
While I don't think peg on HKD will be discontinued because HKD was pretty much always pegged to USD, central bank of Hong Kong can change exchange rates. Last time it was changed (gradually 100 pips per week) was in 2005. Still I don't see much room to take profit from. It is similar to EUR/CHF, price pretty much standing still and you can use HKD to hedge trades if you can't normally hedge on your broker. But I wouldn't trade on HKD/USD.
  • #133,613
  • Jan 18, 2015 12:24am Jan 18, 2015 12:24am
It is not easy to understand how the modern economy works. I do read all the time but still find it difficult. The SNB in order the keep the franc low maintained the peg by declaring they will float the francs by buying unlimited euro so as to maintain the peg. It seems like this worked well for 3 years and you can see it in the chart. It is all bank activity in the chart. Of late they started experiencing deflation. According to this article in NY times even safe banks and sound management of money can also become liabilities....I think something is fundamentally wrong if this true.


http://www.nytimes.com/2015/01/16/op...and-folly.html
  • #133,614
  • Jan 18, 2015 3:49am Jan 18, 2015 3:49am
Let me get this right!

Lets assume I have account with a broker with client protection that he or she cants lose more than initial deposit!

I have, lets say, 10k available for trading.
For cases like happens in last days, its better for me that i put only 1k on my trading account and manage that account like it was 10k
considering 2% risk per trade. That way i cant lose more than 1k in this ''events'' since other 9k is safely on my bank account.

If I put all my 10k available money in brokers account this events can hurt me way more than 1k right!

Does this make sense!?
  • #133,615
  • Jan 18, 2015 5:43am Jan 18, 2015 5:43am
Quoting gasgas
Let me get this right! Lets assume I have account with a broker with client protection that he or she cants lose more than initial deposit! I have, lets say, 10k available for trading. For cases like happens in last days, its better for me that i put only 1k on my trading account and manage that account like it was 10k considering 2% risk per trade. That way i cant lose more than 1k in this ''events'' since other 9k is safely on my bank account. If I put all my 10k available money in brokers account this events can hurt me way more than 1k right!...
I think that's the idea. You hold what you need for margin for your percentage risk in the broker account and the rest invested elsewhere, spread amongst other brokers, kept under your bed etc.

Key to this is finding brokers that guarantee you can't lose more than initial deposit. So far I have found IG, FxPro and FXCM do this ( I'm based in the UK ).
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #133,616
  • Jan 18, 2015 8:48am Jan 18, 2015 8:48am
Quoting Berserker
{quote} I think that's the idea. You hold what you need for margin for your percentage risk in the broker account and the rest invested elsewhere, spread amongst other brokers, kept under your bed etc. Key to this is finding brokers that guarantee you can't lose more than initial deposit. So far I have found IG, FxPro and FXCM do this ( I'm based in the UK ).
Agreed dude

Im with FxPro 2nd year now and im happy for now...seems they offer what i need.
  • #133,617
  • Jan 18, 2015 9:18am Jan 18, 2015 9:18am
breakout on german fdax.
all time high...
Attached Image (click to enlarge)
Click to Enlarge Name: #FDXH5Weekly.png Size: 28 KB
meine augen sind die sterne
  • #133,618
  • Jan 18, 2015 9:23am Jan 18, 2015 9:23am
eur/gbp on weekly and monthly.
looks ugly ...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURGBPWeekly.png Size: 30 KB
Click to Enlarge Name: EURGBPMonthly.png Size: 28 KB
meine augen sind die sterne
  • #133,619
  • Jan 18, 2015 1:16pm Jan 18, 2015 1:16pm
HI

I have an account in the CMC. I had two open positions on EURCHF. The first closed without slippage( 1.19980), other trade slipped few pips( original 1.19967- closed at 1.1898) before closed, but at that time balace wad +7k. After 12 hours, the CMC sent me correction, account balance went negative to -45k. Is it legal to adjust prices/trades after 12h? Is there anyone, who is in similar situation with CMC Markets?
  • #133,620
  • Jan 18, 2015 6:40pm Jan 18, 2015 6:40pm
So this week I will definitely not trade on CHF pairs for obvious reason. There is also important ECB meeting where three situations can happen:
- ECB will introduce big QE (~1 trilion EUR)
- ECB will introduce normal QE (~500 bilion EUR)
- ECB will not introduce QE at all yet.
Markets are suspecting normal or even big QE and it is mostly in the price already but I'm not so sure it will happen so I will not trade EUR pairs in before ECB meeting.

I see there is short time USD weakness, I will enter long on USD when I will see good price action.

Pairs I will be looking at:

AUD/JPY is near support/slopped resistance, I will look for break of support for ~150 pips.

Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYmicroDaily.png Size: 50 KB


AUD/USD: I will be looking for price action to enter short. There is one resistance I suspect. Next big support is 1200 pips lower(!)

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDmicroDaily.png Size: 44 KB
7

CAD/JPY: Very messy chart, I will look for some clear price action

Attached Image (click to enlarge)
Click to Enlarge Name: CADJPYmicroDaily.png Size: 49 KB


EUR/GBP: There was a clear break of support, I will look for retest.

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPmicroMonthly.png Size: 50 KB


EUR/JPY: price is near important support (lower one), will be looking for clear break.

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPYmicroDaily.png Size: 53 KB


EUR/USD: one of the weakest pair, I will always look for retrace to enter short since next important supports are 1.12 and 1.05.

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDmicroMonthly.png Size: 54 KB


GBP/AUD: Near important support.

Attached Image (click to enlarge)
Click to Enlarge Name: GBPAUDmicroDaily.png Size: 51 KB


GBP/JPY: price is retesting former support?

Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPYmicroDaily.png Size: 45 KB


GBP/USD: Maybe retest of important level 1.53?

Attached Image (click to enlarge)
Click to Enlarge Name: GBPUSDmicroDaily.png Size: 43 KB


NZD/CAD: I will wait for break of resistance to enter for 100 pips gain.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDCADmicroDaily.png Size: 60 KB
46 traders viewing now, 1 is registered:
Zojahamad