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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

  • #135,721
  • Jul 7, 2015 9:05am Jul 7, 2015 9:05am
Quoting Guitarbloke
{quote} Correct. Ideally look for DBLHC at a swing low to go long, and DBHLC at a swing high to go short. Welcome back to trading Prasad.
Interesting GB. Hell I learned something new today Awesome.
  • #135,722
  • Jul 7, 2015 9:09am Jul 7, 2015 9:09am
Quoting MFirst
{quote} I will give you 2 exampels, and maybe you should rethink your opinion after that. Trader A (uses fixed amount - $200 to make the comparison fair - Account size $ 10,000): needs 50 Losing Traders to burn his account Trader B (uses the 2% rule - Account size $ 10,000): needs over 350 Losing Trades to burn his account I know, thinking about the loosing Trades is boring, so let's do the same think for 10 Winners in a Row. Let's use the same RR 1:3 like in your example. Trader A (uses fixed amount - $200 to make the comparison fair - Account...

Great example. Also there is one more important difference between using percentages and fixed amounts. Your trading account never becomes zero when you trade using percentages but with fixed amounts it can. In the worst case you still have an account and have to put more money into that to be able to trade. This is psychological as you are a trader till you have some money in your account.

Also with the percentage rule your ability to risk capital decreases with each losing trade and it happens naturally but with fixed risk capital it does not.
  • #135,723
  • Jul 7, 2015 9:27am Jul 7, 2015 9:27am
Quoting prasad99
{quote} Great example. Also there is one more important difference between using percentages and fixed amounts. Your trading account never becomes zero when you trade using percentages but with fixed amounts it can. In the worst case you still have an account and have to put more money into that to be able to trade. This is psychological as you are a trader till you have some money in your account. Also with the percentage rule your ability to risk capital decreases with each losing trade and it happens naturally but with fixed risk capital it does...
After reading Prasad's post and particularly Mike's I realised that the fixed percentage money management rule is the way J16 students are taught to trade. I did not know this and my intentions where never to upset the J16 applecart. I absolutely abhor the rule but I'm not here to learn about money management but rather to learn from James charts. So forgive me for unwittingly opposing the concept. I won't mention anything related to money management again.
  • #135,724
  • Jul 7, 2015 9:32am Jul 7, 2015 9:32am
Quoting incognito517
{quote} After reading Prasads post and particularly Mikes I realised that the fixed percentage money management rule is the way J16 students are taught to trade. I did not know this and my intentions where never to upset the J16 applecart. I absolutely abhor the rule but Im not here to learn about money management but rather to learn from James charts. So forgive me for unwittingly opposing the concept. I wont mention anything related to money management again.

I guess no one will argue with you in case you disagree with anyone in this thread...

There are many aspects in trading, none of which to avoid. charts, money management, whatever you wish to discuss is open for discussion.

Then, to reconcile everybody, maybe we can use a fixed amount of money, initially corresponding to x% of the account, for a given period of time, and then modify this fixed amount of money to keep it more or less in line with the previous %age. I guess trading 1.8% of the account for a few days / weeks instead of the 2% set in stone won't change much...
Slow & steady
  • #135,725
  • Jul 7, 2015 9:46am Jul 7, 2015 9:46am
Quoting patapouer
{quote} I guess no one will argue with you in case you disagree with anyone in this thread... There are many aspects in trading, none of which to avoid. charts, money management, whatever you wish to discuss is open for discussion. Then, to reconcile everybody, maybe we can use a fixed amount of money, initially corresponding to x% of the account, for a given period of time, and then modify this fixed amount of money to keep it more or less in line with the previous %age. I guess trading 1.8% of the account for a few days / weeks instead of the...
absolutely many ways to skin a cat in trading. That's what keeps the markets churning. As long as one is implementing a proven strategy with an edge no one can argue with it!

Keep it up guys
Mike
  • #135,726
  • Jul 7, 2015 10:09am Jul 7, 2015 10:09am
Plenty of setups today guys and gals. I hope you all made good pips today.

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  • #135,727
  • Jul 7, 2015 10:25am Jul 7, 2015 10:25am
Quoting patapouer
{quote} ...charts, money management, whatever you wish to discuss is open for discussion.
Hi Patapouer, thanks for your post and I agree fully.

Unfortunately that isnt true. If it was indeed open for discussion then it would have been discussed in a dignified manner. Which evidently was not the case. And it is very difficult to argue with the captains assistant while on his ship, you risk walking the plank. So its best I shut up about it. If you'd like to discuss it in another thread I'd be glad to.

But thanks for your meek spirited post.
Courtney
  • #135,728
  • Jul 7, 2015 10:27am Jul 7, 2015 10:27am
Quoting zamfir
Plenty of setups today guys and gals. I hope you all made good pips today. {image} {image} {image} {image}
Hi Zamfir, yes I bagged 130 pips. Only took 1 trade though, unfortunately. But it's been a good day nevertheless, thanks I'm sure you made a killing.
  • #135,729
  • Jul 7, 2015 10:55am Jul 7, 2015 10:55am
Quoting incognito517
{quote} Hey Mordin, It was a break of Friday's bearish engulfing candle. It turned on me after the entry was triggered yesterday but it found resistance and after I saw the massive iMoves down today on the 1 hour TF, I moved the stop to the session high. {image}
nice trade, Inco. Wanted to take it myself, but gave up after i saw yesterday's bullish candle
Market can stay irrational longer than you can stay solvent.
  • #135,730
  • Jul 7, 2015 10:56am Jul 7, 2015 10:56am
Quoting Guitarbloke
Today's trades update: GBP/JPY Short. 100 pips profit locked, letting trade run. Risk managed. GBP/USD Short. 2 orders set. 1st target hit. Profit taken. S/L now at BE. Letting it run. Risk managed. USD/JPY Short. Moved stop to BE. In profit. Letting it run. Risk managed. EUR/JPY. Short. Moved stop to BE. Target almost reached. Risk managed. EDIT: Target extended - strong momentum. Profits locked. All zero risk trades from here.
man, you are becoming a genius in trading I am one of your secret fans
Market can stay irrational longer than you can stay solvent.
  • #135,731
  • Jul 7, 2015 11:05am Jul 7, 2015 11:05am
Quoting incognito517
{quote} Hi Zamfir, yes I bagged 130 pips. Only took 1 trade though, unfortunately. But it's been a good day nevertheless, thanks I'm sure you made a killing.
  • #135,732
  • Jul 7, 2015 12:11pm Jul 7, 2015 12:11pm
Glad to hear you lot have had a good day trading. I am down on some pips but up on profits from today so not bad.

Off to drink lots of beer in the Berlin sun, stay cool guys and trade well.

Peace.
  • #135,733
  • Jul 7, 2015 12:37pm Jul 7, 2015 12:37pm
Thank you for your answer Courtney , now I do understand.


I have a general question, what calculator / mt4 script do you use to calculate position size? I use one script that automatically reads your account size, and you just have to type %risk, and SL pips, and it gives you the lot size, very easy to use. It turns out that it only works for forex. It fails to calculate on stocks, commodities, futures, indexes, etc.

Does anybody have an easy and confortable alternative?

Thanks!
Had to be me. Someone else might have gotten it wrong.
  • #135,734
  • Jul 7, 2015 12:54pm Jul 7, 2015 12:54pm
Quoting mordin
Thank you for your answer Courtney , now I do understand. I have a general question, what calculator / mt4 script do you use to calculate position size? I use one script that automatically reads your account size, and you just have to type %risk, and SL pips, and it gives you the lot size, very easy to use. It turns out that it only works for forex. It fails to calculate on stocks, commodities, futures, indexes, etc. Does anybody have an easy and confortable alternative? Thanks!
Hey M

As for FX we will have our own J16 FX position size calculator when the new site is up. I use the one over here for now
http://www.earnforex.com/position-size-calculator , downside is it doesn't pull in current market price for the relevant pair to get the calculation. Easy enough though

Stocks are easy because you are buying shares based on current market price. So you simply take the amount you are risking and divide it my the dollar stop loss. Example you are risking $2000 per trade and you will have a stop loss of 5$ simply divide 5/2000 and that's the amount of shares to buy/sell 400 shares in this case.

Futures are different because different futures carry different tick sizes. A simple one(I only trade a handful of futures) for example is the mini dow which trades at $5 a tick. Where a tick represents 1. So if price moves from 17500 to 17501 that's 5$ move.

You can find contract specs on the cbot site for individual markets. some markets are VERY big and costly so be aware

http://www.cmegroup.com/trading/products/

Hope that helps
mike
  • #135,735
  • Edited 2:28pm Jul 7, 2015 2:17pm | Edited 2:28pm
Total rookie question concerning the DBLHC pattern that I only just discovered. I understand from earlier posts that the lows of both bars need to be the same or within 2 pips of each other. But what is meant by higher close? Must the close of the second bar be higher than the first bar's real body or the first bar's high?

Also, can you confirm that the pattern below is indeed a DBLHC? Thanks.
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  • #135,736
  • Jul 7, 2015 2:26pm Jul 7, 2015 2:26pm
Quoting incognito517
Total rookie question concerning the DBLHC pattern that I only just discovered. I understand from earlier posts that the lows of both bars need to be the same or within 2 pips of each other. But what is meant by higher close? Must the close of the second bar be higher than the first bars close or the first bars high? Also, can you confirm that the pattern below is indeed a DBLHC? Thanks.{image}
hey Incognito

Yep the close must be above the previous bars high. So that looks like it's above the high and is indeed a DBLHC

Best
Mike
  • #135,737
  • Jul 7, 2015 2:29pm Jul 7, 2015 2:29pm
How much are you up for the year, Mike?
  • #135,738
  • Jul 7, 2015 2:36pm Jul 7, 2015 2:36pm
Quoting mbqb11
{quote} hey Incognito Yep the close must be above the previous bars high. So that looks like it's above the high and is indeed a DBLHC Best Mike
Ah I see. Thanks.
  • #135,739
  • Jul 7, 2015 2:40pm Jul 7, 2015 2:40pm
Quoting mbqb11
{quote} Hey M As for FX we will have our own J16 FX position size calculator when the new site is up. I use the one over here for now http://www.earnforex.com/position-size-calculator , downside is it doesn't pull in current market price for the relevant pair to get the calculation. Easy enough though Stocks are easy because you are buying shares based on current market price. So you simply take the amount you are risking and divide it my the dollar stop loss. Example you are risking $2000 per trade and you will have a stop loss of 5$...
Try this one, captures current price. That is what I am using

http://www.myfxbook.com/forex-calculators/position-size
  • #135,740
  • Jul 7, 2015 3:27pm Jul 7, 2015 3:27pm
Quoting contrails
{quote} Try this one, captures current price. That is what I am using http://www.myfxbook.com/forex-calculators/position-size
excellent even better, although ours will too

thanks C!
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