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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

  • #4,241
  • Jun 28, 2007 2:28pm Jun 28, 2007 2:28pm
Quoting razldazl
Hi all,
So last week I didnt take any PA trades at all, so I didnt count it in my positive weeks, but since it wasnt negative I think I should count it, dont you? That brings me to 6 weeks positive now, on demo J16 trades, no matter what happens now this week I cant lose what Ive made so Im counting it as +ve already Im feeling more comfortable and confident, and not worried about having losing trades, in fact I even closed one and forgot about it when I didnt feel good about the way it was going. And you know, without looking, I wouldnt even be able to tell you which one it was...hows that for cool! Thanks for all the help and feedback and the endless charts and setups, this is great everyone, thanks so much, Raz
Razl, congratulations on your profitable weeks.
I remember when you first started posting here. It was not that long ago and you have really come a long way. Keep going and concentrate on your exits.

And yes, I know, I shouldn't be here...

Wiz
  • #4,242
  • Jun 28, 2007 3:40pm Jun 28, 2007 3:40pm
Quoting the_wizard
Razl, congratulations on your profitable weeks.
I remember when you first started posting here. It was not that long ago and you have really come a long way. Keep going and concentrate on your exits.

And yes, I know, I shouldn't be here...

Wiz
I appreciate it.
Never say never.
  • #4,243
  • Jun 28, 2007 4:44pm Jun 28, 2007 4:44pm
Quoting moneybags
Hey Mamutot,

I'll give you some of my thoughts on this trade.
For me personally, a BUOB just on its own is not a strong enough signal to take a trade. There might be some people that will take a trade like that, but in my books it's not close to an A quality trade. If anything, a BUOB or BEOB are better to be played on a retracement or with further PA afterwards or even on a lower timeframe. Playing the break of a BUOB is not the best way to do it I believe.
Furthermore, this is on the 4 hour timeframe which makes the signal less strong than the Daily or Weekly BUOBs.

So that's more or less the initial view of the trade.
Now, since you were in this trade we'll look at what you could've done to save some pips. I think either way you would've ended up with a loss unless you had a fixed profit target of like 30 pips or moved your stop to Break Even (1.6057) after you were up 20 + pips.
But what I would've done in this case, is once that Sell Pin formed in the next bar, I would've moved my stop to just under the low of that Pin. Because once that Pin was broken, there was a good chance that the Price would've dropped. (which is what happened)

So those are my thoughts and views on this trade. I'm not saying they're right, but it's something to think about.

Hope that was helpfull too.

Tom

As i was reading your post i said to myself - he is right! just playing the BUOB isnt good enough - so i checked the chart again and then remembered - it also broke the 150 ema - so isnt that better that way - i didnt check it to be honest but i think it was also a BASE150 trade- i dont use the system right now but i do pay attention to it sometimes..

so what do you say about it..??

M
  • #4,244
  • Jun 28, 2007 6:06pm Jun 28, 2007 6:06pm
Nice route in to entry off second eye of daily pin?
Great inverted Head and shoulders which is the shape of a good pin bar set up
Attached Image
GOD IS NOT SHORT OF CASH
  • #4,245
  • Jun 28, 2007 6:33pm Jun 28, 2007 6:33pm
Quoting mamutot
As i was reading your post i said to myself - he is right! just playing the BUOB isnt good enough - so i checked the chart again and then remembered - it also broke the 150 ema - so isnt that better that way - i didnt check it to be honest but i think it was also a BASE150 trade- i dont use the system right now but i do pay attention to it sometimes..

so what do you say about it..??

M
A break of the 150 EMA still wouldn't be good enough for me M. That wasn't exactly a Base trade either.
You'll get tons of BUOB or BEOB on the 4H or 1H tfs. There not that reliable unless there's some good confluence or other factors (trend etc.) to go along.

Tom
  • #4,246
  • Jun 28, 2007 6:40pm Jun 28, 2007 6:40pm
Quoting Swami S
Nice route in to entry off second eye of daily pin?
Great inverted Head and shoulders which is the shape of a good pin bar set up


Raczekfx woulda had a field day with this pair
Attached Image
Trust price. Know yourself.
  • #4,247
  • Jun 28, 2007 10:45pm Jun 28, 2007 10:45pm
Quoting SeekingLight
Raczekfx woulda had a field day with this pair
Nah.. I rarely go below 4hr. Money seem to flow better on higher time frame ..
I like Mike's pins much better.
  • #4,248
  • Jun 28, 2007 10:53pm Jun 28, 2007 10:53pm
Nice job razldazl!!! Congrats, I'm hoping to follow in similar footsteps. I've only been trading this method for 3 weeks and my first week was a loser(my fault for jumping into trades without following the basics...overexcited I guess). But last week and this week have been profitable!
Keep up the good work Raz! Enjoy the weekend everyone, I think I'm done trading for this week!

Quoting razldazl
Hi all,
So last week I didnt take any PA trades at all, so I didnt count it in my positive weeks, but since it wasnt negative I think I should count it, dont you? That brings me to 6 weeks positive now, on demo J16 trades, no matter what happens now this week I cant lose what Ive made so Im counting it as +ve already Im feeling more comfortable and confident, and not worried about having losing trades, in fact I even closed one and forgot about it when I didnt feel good about the way it was going. And you know, without looking, I wouldnt even be able to tell you which one it was...hows that for cool! Thanks for all the help and feedback and the endless charts and setups, this is great everyone, thanks so much, Raz
  • #4,249
  • Jun 29, 2007 1:49am Jun 29, 2007 1:49am
Quoting Tw0eleven
Nice job razldazl!!! Congrats, I'm hoping to follow in similar footsteps. I've only been trading this method for 3 weeks and my first week was a loser(my fault for jumping into trades without following the basics...overexcited I guess). But last week and this week have been profitable!
Keep up the good work Raz! Enjoy the weekend everyone, I think I'm done trading for this week!
You know what? Ive been following this thread since March and tryng to spot trades and jotting them down ever since...but I began on demo and I wasnt profitable for a full month or longer, I couldnt break old habits of jumping in and out or taking off strat trades ..thats changing but it hasnt been easy. Keep up the good work 211, its going to be worth it in the end
take care, Raz
Never say never.
  • #4,250
  • Jun 29, 2007 2:57am Jun 29, 2007 2:57am
I see you guys mention that you love small pips stop loss - why is that..?? what difference does it make - i mean if i use a spreadshit to decide for me how many lots i should enter with - it will be the same $ los anyways - 2% of my account - so why is it you like small losses?
ENLIGHTEN ME!

mamutot - which is btw mamoths in hebrew..
  • #4,251
  • Jun 29, 2007 3:02am Jun 29, 2007 3:02am
Quoting mamutot
I see you guys mention that you love small pips stop loss - why is that..?? what difference does it make - i mean if i use a spreadshit to decide for me how many lots i should enter with - it will be the same $ los anyways - 2% of my account - so why is it you like small losses?
ENLIGHTEN ME!

mamutot - which is btw mamoths in hebrew..
You are right, it doesnt make any difference in terms of loss, BUT imagine entering with a much bigger size because your r:r is that much better, well you are obviously going to make a lot more profit out of the trade...I think this is what you mean? take care, Raz
Never say never.
  • #4,252
  • Jun 29, 2007 3:29am Jun 29, 2007 3:29am
Quoting razldazl
You are right, it doesnt make any difference in terms of loss, BUT imagine entering with a much bigger size because your r:r is that much better, well you are obviously going to make a lot more profit out of the trade...I think this is what you mean? take care, Raz
so what you are saying actually is that if i have 15 or 45 pips stop - it is the same in terms of losing money - but it is better to have the 15 in terms of r:r
' am i right?


sounds nice..

but here is another question- why should i care if my average profit is 20$ and my average loss is 35$ but i have 30 winners out of 40 trades..?? (average!)
i can go on like that and be very prfoitable - am i right?

that means that i trade the right way most of the time so why wont i take small profit?


thank you
  • #4,253
  • Jun 29, 2007 3:40am Jun 29, 2007 3:40am
10pip stp @1%risk=position size x
20pip stp @1% risk=position size x/2
basically smaller stop bigger position=more profit per pip on trade
GOD IS NOT SHORT OF CASH
  • #4,254
  • Jun 29, 2007 3:45am Jun 29, 2007 3:45am
Quoting mamutot
so what you are saying actually is that if i have 15 or 45 pips stop - it is the same in terms of losing money - but it is better to have the 15 in terms of r:r
' am i right?


sounds nice..

but here is another question- why should i care if my average profit is 20$ and my average loss is 35$ but i have 30 winners out of 40 trades..?? (average!)
i can go on like that and be very prfoitable - am i right?

that means that i trade the right way most of the time so why wont i take small profit?


thank you
Well, if you are only risking 15 pips on one trade you can afford to up your ante, so for example if your risk per trade is say 300 dollars, then you could put two full lots on that one, whereas if your sl is 60 pips, and your risk per trade is 300 dollars you could only afford to put 5 minis on the trade. So, if you took 30 pips profit for example, on the first trade you would make 20 x 30 = 600 dollars, wheras on the second one you would make .5 x 3 = 150 dollars.

On the second one yes its true if you are winning more than you are losing you can make money, but a lot of people try to make the most out of their winners ie let profits run, in case you have a bad run of losers...or just to make the most of a good thing.

Hope this helps, and maybe someone else can explain more clearly mammoth, take care, Raz
Never say never.
  • #4,255
  • Jun 29, 2007 3:50am Jun 29, 2007 3:50am
Quoting Swami S
10pip stp @1%risk=position size x
20pip stp @1% risk=position size x/2
basically smaller stop bigger position=more profit per pip on trade
Much better clearer explanation than mine Swami....
Never say never.
  • #4,256
  • Jun 29, 2007 8:56am Jun 29, 2007 8:56am
Well, I learned another valuable lesson this morning when I woke up and saw my charts! Two days ago I went long nzd/jpy, gbp/jpy, eur/jpy, usd/jpy, gbp/usd and eur/usd! I had set a weekly pip goal for myself of 200pips! I was able to take profit on all of my long trades and closed them yesterday to end up with 240pips for the week! Not wanting to be greedy, worrying about having it turn into a loser or getting stopped out was my reasoning for closing the trade! However, I have seen it posted here by a few wise traders that "you should have a reason to exit your trades" not just because you are scared of losing! And I guess that's what I did(still working on the mental part of trading). But had I let those trades run, I'd be up over 400 or 500pips now! Why do I mention this? Not because I'm upset about not getting all those pips, I just wanted to use it as another example for the newbies that: When you are patient and wait for those "good" setups...take the trade, Trust the trade, and let your profits run!!!!

My days of being scared, exiting too early for no reason for little profit, and using trailing stops are coming close to an end! This is by far the best method I have ever seen and tried. Thanks again to all who have posted on here!

Have a great weekend everyone! I won't get to trade next week, mini vacation. But look forward to coming back the week after for some more trading!
  • #4,257
  • Jun 29, 2007 9:26am Jun 29, 2007 9:26am
Quoting Tw0eleven
Why do I mention this? Not because I'm upset about not getting all those pips, I just wanted to use it as another example for the newbies that: When you are patient and wait for those "good" setups...take the trade, Trust the trade, and let your profits run!!!!

This is by far the best method I have ever seen and tried. Thanks again to all who have posted on here!
Had to quote the important part



Way to go 211! Have a great weekend and congratulations on the excellent trades
Trust price. Know yourself.
  • #4,258
  • Jun 29, 2007 9:36am Jun 29, 2007 9:36am
Great stuff 211.....have a good holiday....as you say letting the trade run is the hardest part !!
I guess it's the same for everyone, those Yen pins certainly provided some profits.
  • #4,259
  • Jun 29, 2007 9:53am Jun 29, 2007 9:53am
Hey TwoEleven,

You said it man. The part that Seeking quoted is right on.
Great post.

Letting your winners run is so important. It's made the biggest difference in my trading the last few months. It's very hard to get used to and sometimes when you have a trade that's up quite a bit come back to take away some of your profits it hurts. But in the long run it's worth it.

You don't need a high winning % to make money. If you only have 30% winners but the trades that won were Big winners, then you'll still end up way ahead.

All the best,
Tom
  • #4,260
  • Jun 29, 2007 10:58am Jun 29, 2007 10:58am
Thank you for your comments/feedback Seeking, mimas, Moneybags. I almost forget about the holiday next week. Happy 4th to all! I guess if I picked a week off for trading, next week is a pretty good one with the holiday, EUR and GBP interest rate statements and U.S. NFP. I think I'll try to avoid any whipsawing that may occur.

On another note, I'm still coming up with my own trading style and guidelines to follow and would like to ask the people of this thread their opinions.
Regarding when to enter trades on the break above/below bars or wait for a retracement...is there a preferred or more conservative method for entry on the DBLHC, DBHLC, TBH, TBL, BUOB, BEOB and Inside Bars?

My feelings is that it's best to wait for a break on a PB and an Inside bar. But wasn't sure if you limit your risk and get better trading results waiting for a retracement on the DBLHC, DBHLC, TBH, TBL, BUOB and BEOB bars?
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