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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

  • #139,981
  • Dec 18, 2016 2:37pm Dec 18, 2016 2:37pm
GBPSGD at strong area for potential PA:

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  • #139,982
  • Dec 18, 2016 6:29pm Dec 18, 2016 6:29pm
Hi, folks.
Is it okay to trade exotics currencies?
Then, do you take the trade EUR/USD and GBP/USD on the same time? (I mean about correlation)
 
Thank you.
RIP RTM
  • #139,983
  • Dec 18, 2016 7:38pm Dec 18, 2016 7:38pm
Quoting hendzwoter
Hi, folks. Is it okay to trade exotics currencies? Then, do you take the trade EUR/USD and GBP/USD on the same time? (I mean about correlation) Thank you.
Check with your broker , but many exotics are totally good to trade ,just stick to the USD And EUR exotics imo otherwise the spreads really dig into your profits .


I'd really avoid taking the same direction in eurusd and gbpusd as you would basically be doubling up your risk as they are highly correlated ! It's best to have as many pairs as you can , often you will find similar setups occurring on similar pairs (eurusd and gbpusd for example ) , but you should filter and take the best one among the pairs .

I guess if you really wanted to trade both you could split your risk in half but I believe most in this thread would simply take one or the other.
  • #139,984
  • Dec 18, 2016 7:50pm Dec 18, 2016 7:50pm
Quoting Ir1sh
{quote} Check with your broker , but many exotics are totally good to trade ,just stick to the USD And EUR exotics imo otherwise the spreads really dig into your profits . I'd really avoid taking the same direction in eurusd and gbpusd as you would basically be doubling up your risk as they are highly correlated ! It's best to have as many pairs as you can , often you will find similar setups occurring on similar pairs (eurusd and gbpusd for example ) , but you should filter and take the best one among the pairs . I guess if you really wanted to...
How about correlation on stock? If the stocks is on the same sector, Is it has high correlation too?
RIP RTM
  • #139,985
  • Dec 18, 2016 7:54pm Dec 18, 2016 7:54pm
Quoting hendzwoter
{quote} How about correlation on stock? If the stocks is on the same sector, Is it has high correlation too?
Stocks can differ greatly-
One rule of thumb is stocks within the same sector , as you mentioned , are pretty highly correlated , though some stocks are pretty indifferent to others
  • #139,986
  • Dec 18, 2016 9:04pm Dec 18, 2016 9:04pm
Quoting Ir1sh
{quote} Stocks can differ greatly- One rule of thumb is stocks within the same sector , as you mentioned , are pretty highly correlated , though some stocks are pretty indifferent to others
Thank you Irish.
RIP RTM
  • #139,987
  • Dec 19, 2016 1:27am Dec 19, 2016 1:27am
Quoting Sumit
Thanks Mike Will surely try and keep up the pace with you guys.... CHF trade moved SL to 0.4 R {image}
moved SL to 1.0280 just abv day high as price near to pivot 1.0210, will take 50% @1.0215 & watch PA there for rest
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  • #139,988
  • Dec 19, 2016 4:31am Dec 19, 2016 4:31am
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Hi All
been reading this forum for some time now, enjoy the posts. All valuable information. Thought Id post a screenshot from a H4 chart CADJPY and was curious to see if this would be considered a DBLHC, the reason why I'm asking the question is that although not lower than the lows of the previous pin, it looks like a good bounce off 73.4 and closes above previous highs of 86.1, noting it did come back down and bounce of that level (86.1) in the next bar (nice retracement entry)
  • #139,989
  • Dec 19, 2016 7:31am Dec 19, 2016 7:31am
Quoting Sumit
{quote} moved SL to 1.0280 just abv day high as price near to pivot 1.0210, will take 50% @1.0215 & watch PA there for rest {image}
TSL hit @1.0280 +0.25R
  • #139,990
  • Dec 19, 2016 9:35am Dec 19, 2016 9:35am
Here was a pinbar trade posted on twitter. https://twitter.com/mbqb11/status/809522431811522570 Simple pinbar swing high, after multiple failures to break higher. Basically trading in a box

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  • #139,991
  • Dec 19, 2016 9:51am Dec 19, 2016 9:51am
Quoting mbqb11
Here was a pinbar trade posted on twitter. https://twitter.com/mbqb11/status/809522431811522570 Simple pinbar swing high, after multiple failures to break higher. Basically trading in a box {image} {image}
Managed to catch that one too, few posts back . Divergence and pin bar at swing high , simples!
  • #139,992
  • Dec 19, 2016 10:49am Dec 19, 2016 10:49am
Quoting Ir1sh
{quote} Managed to catch that one too, few posts back . Divergence and pin bar at swing high , simples!
awesome Irish, i'm going to jump back in here today and catch up with you all
  • #139,993
  • Dec 19, 2016 3:11pm Dec 19, 2016 3:11pm
Quoting crowie
{image} Hi All been reading this forum for some time now, enjoy the posts. All valuable information. Thought Id post a screenshot from a H4 chart CADJPY and was curious to see if this would be considered a DBLHC, the reason why I'm asking the question is that although not lower than the lows of the previous pin, it looks like a good bounce off 73.4 and closes above previous highs of 86.1, noting it did come back down and bounce of that level (86.1) in the next bar (nice retracement entry)

Hey Crowie

Welcome to the thread. Yep you are correct that is a DBLHC and price did give another retrace as they often do.

Glad to have you and best of luck!
Mike
  • #139,994
  • Dec 19, 2016 3:23pm Dec 19, 2016 3:23pm
Thanks Mike
  • #139,995
  • Dec 19, 2016 3:51pm Dec 19, 2016 3:51pm
Yikes , I missed this cracking pin bar on the nzdjpy weekly
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  • #139,996
  • Dec 19, 2016 6:39pm Dec 19, 2016 6:39pm
Hi,
Does demo account just same as real account on the execution?
I use FXCM for demo account, and my limit order didn't triggered. Even the price crossed it not just touched it. Will it happen on real account on the same brokerage?
Can you suggest me brokerage with good execution? I hope the minimum deposit not really big. And CFTC regulated.
 
Thanks.
RIP RTM
  • #139,997
  • Dec 19, 2016 6:57pm Dec 19, 2016 6:57pm
Quoting hendzwoter
Hi, Does demo account just same as real account on the execution? I use FXCM for demo account, and my limit order didn't triggered. Even the price crossed it not just touched it. Will it happen on real account on the same brokerage? Can you suggest me brokerage with good execution? I hope the minimum deposit not really big. And CFTC regulated. Â Thanks.
Hey Hendz

Demo and real will not be the same. For all intents it's a good place to learn, but nothing is the same as real trading.

One thing here though is if you had a limit BUY order, remember the order will execute at the ASK price. So perhaps the ask price didn't really hit your entry.

An example. Say you are trading a pair that has a 8 pt spread. You want to buy at 1.5000. So you go ahead and put a buy limit in there at 1.5000.

For price to actually execute your order though price must hit 1.4992. This is because on the buy side we execute at the ASK price which is the spread and hovering 8 pips above. So if you really want the bid price to execute at 1.5000 you must put your buy at 1.5008

Hope this helps,
Mike
  • #139,998
  • Edited 8:08pm Dec 19, 2016 7:05pm | Edited 8:08pm
Quoting mbqb11
{quote} Hey Hendz Demo and real will not be the same. For all intents it's a good place to learn, but nothing is the same as real trading. One thing here though is if you had a limit BUY order, remember the order will execute at the ASK price. So perhaps the ask price didn't really hit your entry. An example. Say you are trading a pair that has a 8 pt spread. You want to buy at 1.5000. So you go ahead and put a buy limit in there at 1.5000. For price to actually execute your order though price must hit 1.4992. This is because on the buy side we...
Thanks Mike, I will try.
I just make sure this.
Buy --> Limit+Spread, SL
Sell --> Limit, SL+Spread
Isn't it?
RIP RTM
  • #139,999
  • Edited 4:05am Dec 20, 2016 2:12am | Edited 4:05am
Quoting hendzwoter
{quote} Thanks Mike, I will try. I just make sure this. Buy --> Limit+Spread, SL Sell --> Limit, SL+Spread Isn't it?
Hey hendz, here's how it works .

regardless of whether you want to buy or sell , there are TWO ways you can do it .
1) buy or sell At MARKET (buying at the offer , selling at the bid ) =immediate fill

2)placing a buy limit order or sell limit order (buying at the bid, selling at the ask).=waiting

in the picture I attached ,imagine a stock . To the left are the people bidding for the stock , to the right are people offering to sell stock . So if you wanted to buy 15 shares Of this stock, like I said there are two ways of doing it .

1)if I buy at market , then I buy immediately ,and I 'lift the offer' and buy shares from those on the right hand side , so 10 shares at $11 , 3 shares at $12 and 2 shares at $13.


2) if I place a limit order , I am NOT filled immediately , but my bid joins a queue of other bidders on the left . so in this scenario if I wanted to bid 15 shares at $10, then 15 more shares would appear on the bid at $10 (total of 20 shares ). The limit order is then filled by someone else selling at market


hope that helps , just remember that you can either buy or sell AT MARKET (immediately) or by placing a limit order (waiting)


ps a reason you were not filled on your demo account could be that the price quoted was not the bid price or ask price but probably the midpoint between the two which is common
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  • #140,000
  • Dec 20, 2016 3:13am Dec 20, 2016 3:13am
Quoting Ir1sh
{quote} Hey hendz, here's how it works . regardless of whether you want to buy or sell , there are TWO ways you can do it . 1) buy or sell At MARKET (buying at the offer , selling at the bid ) =immediate fill 2)placing a buy limit order or sell limit order (buying at the bid, selling at the ask).=waiting in the picture I attached ,imagine a stock . To the left are the people bidding for the stock , to the right are people offering to sell stock . So if you wanted to buy 15 shares Of this stock, like I said there are two ways of doing it . 1)if I...
You make my head explode.
RIP RTM
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