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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

  • #4,421
  • Jul 9, 2007 7:54am Jul 9, 2007 7:54am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
Merlin I ve got a question for you that really bothers me....

I enter a trade acording my entry rules and trying to aplly risk-reward (1:2) ratio when exiting my trade.but when exiting I use partial exits and acording my rule I take 70-80% of my position when I reach 20pips thaen i leave rest of it to ride possible biger move( I exit that one on rollover of my EMA...) My average stop is from 15-25pips...My system is from 55-70% acurate...

My problem is...how to aplly this 2:1 risk-reward rule in my system...do I have to go for biger reward or tighten my stop-loss(thats not o.k.-it is quite tight...)

I hope that you understan what I was trying to ask you...
Thanks in advance.....
  • #4,422
  • Jul 9, 2007 8:01am Jul 9, 2007 8:01am
Beautiful head and shoulders formation.

DBHLC at the neckline leaving it looking very vulnerable.

If you are just looking at forex you are limiting yourself in a major way.

There are some markets out there that PA works so well with that you will wonder why you trade forex at all.
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  • #4,423
  • Jul 9, 2007 8:02am Jul 9, 2007 8:02am
Quoting dado26
Merlin I ve got a question for you that really bothers me....

I enter a trade acording my entry rules and trying to aplly risk-reward (1:2) ratio when exiting my trade.but when exiting I use partial exits and acording my rule I take 70-80% of my position when I reach 20pips thaen i leave rest of it to ride possible biger move( I exit that one on rollover of my EMA...) My average stop is from 15-25pips...My system is from 55-70% acurate...

My problem is...how to aplly this 2:1 risk-reward rule in my system...do I have to go for biger reward or tighten my stop-loss(thats not o.k.-it is quite tight...)

I hope that you understan what I was trying to ask you...
Thanks in advance.....
Hey Dado,

I think you might have posted this question in the wrong thread.
Merlin doesn't come around here much and this is a thread for James16 Price Action discussion.

You might want to post this question in the Q&A forum.

Tom
  • #4,424
  • Jul 9, 2007 8:08am Jul 9, 2007 8:08am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
Quote
Hey Dado,

I think you might have posted this question in the wrong thread.
Merlin doesn't come around here much and this is a thread for James16 Price Action discussion.

You might want to post this question in the Q&A forum.

Tom

TOM...thank you.I will do that.
  • #4,425
  • Jul 9, 2007 8:11am Jul 9, 2007 8:11am
Quoting dado26
TOM...thank you.I will do that.
No problemo.
  • #4,426
  • Jul 9, 2007 8:53am Jul 9, 2007 8:53am
  •  dado26
  • | Joined Mar 2007 | Status: Plan your trade and trade your plan | 180 Posts
do mybe you have some ideas...?
  • #4,427
  • Jul 9, 2007 8:59am Jul 9, 2007 8:59am
Quoting james16
well put tom, its this breakdown in discipline that puts the whammy on so many new traders. we all end up doing it. i still fight it to this day. its an evil little voice we must ignore.

jim
Hi Jim, I see all these comments regarding my inquiry to the move by the Wizard and I have to say that I have been in this game for a while and my money management is "in tact" meaning that I keep trading the same amount I am set for. Wizard's trade is a great one but as you all have commented, I would have stayed with my original trade. I think that we, the new guys in this forum, have enough trading experience and I don't believe that a new trader will be in such a forum in the first place ..... it is a little too advanced for such a trader. So, thanks for your comments but I wouldn't be too concerned about it.
This is a great forum and I hope that you will continue with this type of back and forth information which helps us all.
Thanks for creating this. Dan
  • #4,428
  • Jul 9, 2007 9:27am Jul 9, 2007 9:27am
Quoting dltvn
Hi Jim, I see all these comments regarding my inquiry to the move by the Wizard and I have to say that I have been in this game for a while and my money management is "in tact" meaning that I keep trading the same amount I am set for. Wizard's trade is a great one but as you all have commented, I would have stayed with my original trade. I think that we, the new guys in this forum, have enough trading experience and I don't believe that a new trader will be in such a forum in the first place ..... it is a little too advanced for such a trader. So, thanks for your comments but I wouldn't be too concerned about it.
This is a great forum and I hope that you will continue with this type of back and forth information which helps us all.
Thanks for creating this. Dan
Easy Dan,
Im sure Jims comments werent directed at you specifically, it was meant as a general cautionary post. You would be surprised how many new inexperienced traders there are around Dan, statistics have it that most people dont last even 3 months, so dont take it for granted that everyone passing through here is experienced, I would say its unlikely. Hats off to those who do get here in the early days though, I wish I had!
Take care, Raz
Never say never.
  • #4,429
  • Edited 9:48am Jul 9, 2007 9:35am | Edited 9:48am
Quoting dltvn
Wizard's trade is a great one but as you all have commented, I would have stayed with my original trade.
The traders that eventually make it in this business end up trading in a style that they are comfortable with, that fits their personality.

That's what we spend so long looking for.

Personally, I like to swing a big line but I do not have a huge bankroll. Rather than let this work against me, I have adapted my strategy.

What that means is that rather than going long on a break of a pin (as in the recent EUR/USD) trade and putting my stop at the other end of it, I will look for PA on a lower timeframe and wait for the chart to show me that its going to take off.

This means that I can often put on as much as 3 X my original size and capture the same size move. It also means that if the move doesn't take off at the point I think it will, I am out immediately.

But the beauty of this for me is that because of the extra size, I am being much more disciplined and patient in waiting for the perfect setup. I let many that work, pass me by.

I have started trading more and more like this in the last couple of weeks and since I have, I have started winning more and more. This is because I have found a way to trade that I feel suits me.
  • #4,430
  • Jul 9, 2007 9:41am Jul 9, 2007 9:41am
Quoting razldazl
Easy Dan,
Im sure Jims comments werent directed at you specifically, it was meant as a general cautionary post. You would be surprised how many new inexperienced traders there are around Dan, statistics have it that most people dont last even 3 months, so dont take it for granted that everyone passing through here is experienced, I would say its unlikely. Hats off to those who do get here in the early days though, I wish I had!
Take care, Raz
Thanks Raz, your comments are always welcomed. I didn't take anything personally, it just occurred to me that this is probably not a place for beginners but, maybe I am wrong. Thanks, Dan
  • #4,431
  • Jul 9, 2007 9:48am Jul 9, 2007 9:48am
Hi Guys,
I have been struggling all morning to find some action with the Majors but as I see it, it is a day of " wait and see " type of market. Is it just me????
I would like to hear your thoughts. Thanks, Dan
  • #4,432
  • Jul 9, 2007 9:51am Jul 9, 2007 9:51am
Quoting dltvn
Hi Guys,
I have been struggling all morning to find some action with the Majors but as I see it, it is a day of " wait and see " type of market. Is it just me????
I would like to hear your thoughts. Thanks, Dan
Just a quick moderator note....

When you press the triangle button at the top right of the post, it is not a reply, it is a report of a bad post by the inidvidual in that post... the reply button, with their quote included is at the lower right, labeled Quote

Thanks much
  • #4,433
  • Jul 9, 2007 9:54am Jul 9, 2007 9:54am
Hi Dan,
Same goes here a wait a see day......had a look at the pin on USD CHF but as has been said it seems to be in traffic to me so was a no go !!!
Stay Lucky Mimas.
  • #4,434
  • Jul 9, 2007 9:58am Jul 9, 2007 9:58am
Quoting smjones
Just a quick moderator note....

When you press the triangle button at the top right of the post, it is not a reply, it is a report of a bad post by the inidvidual in that post... the reply button, with their quote included is at the lower right, labeled Quote

Thanks much
Hi Scott,
Thanks for your note but I am still not sure of my why around this forum. I was trying to send an original note and first pressed the "triangle" and then repeated the same with the "post reply" on the left side of the screen. Is that the wrong way of doing it ? Dan
  • #4,435
  • Jul 9, 2007 10:01am Jul 9, 2007 10:01am
Quoting dltvn
Hi Scott,
Thanks for your note but I am still not sure of my why around this forum. I was trying to send an original note and first pressed the "triangle" and then repeated the same with the "post reply" on the left side of the screen. Is that the wrong way of doing it ? Dan
Yes, that is not quite correct. Just use the reply button on the left or the Quote button on the right, both on the bottom.

Only use the Triangle button to tell admin there is a problem with the post that contains the triangle button, such as spam, or arguements, or some other rule infraction...

Thanks again,
  • #4,436
  • Jul 9, 2007 10:09am Jul 9, 2007 10:09am
Quoting smjones
Yes, that is not quite correct. Just use the reply button on the left or the Quote button on the right, both on the bottom.

Only use the Triangle button to tell admin there is a problem with the post that contains the triangle button, such as spam, or arguements, or some other rule infraction...

Thanks again,
Thank you Scott!
  • #4,437
  • Jul 9, 2007 2:42pm Jul 9, 2007 2:42pm
[quote=the_wizard;1489408]The traders that eventually make it in this business end up trading in a style that they are comfortable with, that fits their personality.

That's what we spend so long looking for.

Hi Wizard,
Sorry for not answering your note earlier, I didn't see it for some strange reason. I do agree with what you are saying, as for me I am still searching for the right trading style. I have been doing it now for 3 yrs. and still in search for a successful way that will suit me. I envy you for already being there ....... my goal is to get there too no matter how long it's going to take me. I am more of the discipline type person, yet I find myself at times doing the " unthinkable " but for the most part I stay the course meaning I try to trade by the rules of Money Mgmt. especially since I don't have my own winning style yet.
I value all your notes Wizard and thanks again. Dan
  • #4,438
  • Jul 9, 2007 2:48pm Jul 9, 2007 2:48pm
Quoting mimas
Hi Dan,
Same goes here a wait a see day......had a look at the pin on USD CHF but as has been said it seems to be in traffic to me so was a no go !!!
Stay Lucky Mimas.
Hi Mimas, I have taken three very small positions on three pairs, short on the Eu/Us, long on the Us/Jpy and Gbp/Us. It has hardly moved today and I am in the wait and see mode with a very small risked money. I have the feeling that this could be the story for the whole week. Regards, Dan
  • #4,439
  • Jul 10, 2007 2:37am Jul 10, 2007 2:37am
Quoting dltvn
Hi Mimas, I have taken three very small positions on three pairs, short on the Eu/Us, long on the Us/Jpy and Gbp/Us. It has hardly moved today and I am in the wait and see mode with a very small risked money. I have the feeling that this could be the story for the whole week. Regards, Dan

Hi Dan,

GBP/USD had a good looking pin bar friday which would have triggered a long yesterday. I hope this works out for you

I am looking to time an entry short on NZD/USD, EUR/JPY and long USD/CAD.

Tom
  • #4,440
  • Jul 10, 2007 3:22am Jul 10, 2007 3:22am
Hi Dan,

Can I ask what Timeframe are you working off...?
I can see the pin on GBP/USD for PA, but what has made you jump on the EUR/USD, USD/JPY ?

Stay Lucky Mimas.
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