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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

  • #4,501
  • Jul 12, 2007 3:18am Jul 12, 2007 3:18am
Quoting the_wizard
Hi,

I went short at 1.0533 and have a stop at 1.0617 (84 pips away)

My strategy is to wait for the end of day and alter the stop then. I will not move it intraday no matter what happens.

A more conservative approach would be to take some money off the table early on and then ride the rest of the move. Depending on how it reacts at that level - 1.0500 may be a good place to do it and then move your stop to BE.
Thanks Wiz,
My stop is is also at 1.0617 - so it is nice to know that I am in good company there.
Where I am more uncertain is on the profits side - how far
is it reasonable to expect the ride from a good PB to continue?
This is such a long thread I can't remember all I have read, but think that somebody said they expect 2 to 3 times the size of the nose. Does that seem reasonable to you?

I am thinking of taking some profit on half my position well before that, but if I move my Sl to BE on the other half then am I just inviting a premature stop-out?
  • #4,502
  • Jul 12, 2007 3:39am Jul 12, 2007 3:39am
Quoting ianf0ster
'What does everyone think about the daily pin on USD/CAD?' ... the Wizard

Hi Wiz,
I am new to this thread. The Pin looks very good to me - it went up throught the 13dma in a similar way to the good one back on 11th May.
The major down trend is awesome, so I am in.

My only problem is with a TP and a SL.

I have read that James16 starts to take money off after 20-30 pips - that seems a rather poor profit for an 80+ pip risk. (Assuming you set SL above end of Pin and only entered upon break of Pin).

Any thoughts anyone?
I have been taking all daily PINs for almost two months. I set the first take profit at the first support & resistance level, often 20-40 pips away & then trail the stop on the remainder at the previous days high or low (with only a couple of minor exceptions).

For trades in the direction of the trend, 83% of them have hit the first target & 67% of them have continued far enough for the second lot to be closed in profit (when they hit trailing stop).

For trades against the trend, the equivalent figures are 67% & 33%.

For any one trade (such as the USDCAD PIN), you cant tell what will happen. But over time, these stats will swing the odds in your favour.
  • #4,503
  • Jul 12, 2007 4:01am Jul 12, 2007 4:01am
Quoting ianf0ster
Thanks Wiz,
My stop is is also at 1.0617 - so it is nice to know that I am in good company there.
Where I am more uncertain is on the profits side - how far
is it reasonable to expect the ride from a good PB to continue?
This is such a long thread I can't remember all I have read, but think that somebody said they expect 2 to 3 times the size of the nose. Does that seem reasonable to you?

I am thinking of taking some profit on half my position well before that, but if I move my Sl to BE on the other half then am I just inviting a premature stop-out?
How far a pin can go is a difficult question to answer. I don't like to set targets on markets - I like to try and ride the wave. What I really get a thrill out of nowadays is seeing how long I can stay in a move because the easiest way to make a lot of money in the market is by building a position.

Once a move takes off I like to move my stop to a point where I am WRONG if it is hit. That means I put it behind a S/R level or a key Ema such as the 21 or the 50.

This is just my opinion but I would say that the strategy of taking some off at first target (s/r etc) and then moving to BE works well when you take a trade against the trend.

I did trial a system a while back that trailed a stop just behind the previous session low. This caught some great moves. Having said that I still think key levels - pivots, ma's etc work better.

Don't necessarily take my advice though - I go for the one thing that most people tell traders not too - home runs.
  • #4,504
  • Jul 12, 2007 7:13am Jul 12, 2007 7:13am
Quoting ianf0ster
'What does everyone think about the daily pin on USD/CAD?' ... the Wizard

Hi Wiz,
I am new to this thread. The Pin looks very good to me - it went up throught the 13dma in a similar way to the good one back on 11th May.
The major down trend is awesome, so I am in.

My only problem is with a TP and a SL.

I have read that James16 starts to take money off after 20-30 pips - that seems a rather poor profit for an 80+ pip risk. (Assuming you set SL above end of Pin and only entered upon break of Pin).

Any thoughts anyone?
Hi ianfOster,
A few hours late but I just wanted to add something, personally I don't like using Trailing Stops, from my experience most of the times it will stop you while later the trend continues. For this reason I try to set my stops at a particular spot and manually move it with time. As for where to put a stop, there is enough said about it and it seems that each one of us has its own "formula" for this. lol, Dan
  • #4,505
  • Jul 12, 2007 7:35am Jul 12, 2007 7:35am
that cad pinbar is really working out. 19 pips on eurcad and 50 on usdcad so far
100% of traders are losers. Just that some win more than they lose!
  • #4,506
  • Jul 12, 2007 7:51am Jul 12, 2007 7:51am
Yeah, a lot of that highway has been finished already in Texas. Kansas City will apparently be the hub. Anyway, go CAD. I'm also short off of that pin bar!

Quoting sublimeonskunk
Hey Hoss, Happy to know there is someone else out there who can talk about this. It is scary all these currencies are coming to parity or easily converted levels. Plus, Bush needs something. Look it up. USD to CAD 1 to 1. USD/Cad to Peso 10 to 1. There are also some big players buying up all the land where that highway would theoretically go. I think its got to happen. Then again, what do I know.
Life is too short to have anything but delusional notions about yourself.
  • #4,507
  • Jul 12, 2007 7:55am Jul 12, 2007 7:55am
LOL Is there anybody that isn't short this pin bar?!

Well, taking it was easy but let's play a little game and see who can make the most pips out of it? Just for fun...

The winner can tell the rest their exit strategy...
  • #4,508
  • Jul 12, 2007 8:07am Jul 12, 2007 8:07am
USDJPY H4 period check it out guys. possible setup? not perfect but, i mean....
100% of traders are losers. Just that some win more than they lose!
  • #4,509
  • Jul 12, 2007 8:16am Jul 12, 2007 8:16am
Quoting the_wizard
LOL Is there anybody that isn't short this pin bar?!

Well, taking it was easy but let's play a little game and see who can make the most pips out of it? Just for fun...

The winner can tell the rest their exit strategy...
Just for fun? lol.

I want to hear the exit strat also
100% of traders are losers. Just that some win more than they lose!
  • #4,510
  • Jul 12, 2007 8:18am Jul 12, 2007 8:18am
Quoting Mr demark
USDJPY H4 period check it out guys. possible setup? not perfect but, i mean....
Hi Mr. D. I have been eying this PB for quite sometime now too and I am not sure if this is a PB for retracement going up again and moving back into the up channel it was in for a long time or a beginning of a correction for an up trend that lasted for a long time now. The weakness of the $US may be working the down side of this move ........ what do you think?
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  • #4,511
  • Jul 12, 2007 8:19am Jul 12, 2007 8:19am
exactly. This is where fundamental retards technicals
100% of traders are losers. Just that some win more than they lose!
  • #4,512
  • Jul 12, 2007 8:24am Jul 12, 2007 8:24am
Quoting the_wizard
LOL Is there anybody that isn't short this pin bar?!

Well, taking it was easy but let's play a little game and see who can make the most pips out of it? Just for fun...

The winner can tell the rest their exit strategy...
Wizard, game is on but, I have an unfair advantage since, it seems that I opened a short position before most of you ...... I was in it since yesterday morning. Shall we create some " handicap " to even the playing field? lol, Dan
  • #4,513
  • Jul 12, 2007 8:25am Jul 12, 2007 8:25am
I went with the short also on the USDCAD pin. Everyone has different experiences trading the same setups, my new comfort zone with this pair is definitely trading with the longer trend. I would have missed this one since I had stopped looking at the USDCAD, so thanks for the pips to all who were discussing this pair here.
Redefining Reality
  • #4,514
  • Jul 12, 2007 8:30am Jul 12, 2007 8:30am
Quoting Mr demark
exactly. This is where fundamental retards technicals
could you be a little more specific on this ?
  • #4,515
  • Jul 12, 2007 8:35am Jul 12, 2007 8:35am
Hi Guys, does anybody has a feel or an idea on what is going on with the
Eur/Usd ? whould love to hear your input which as always is greatly helpful and very appreciated ! Thanks, Dan
  • #4,516
  • Jul 12, 2007 8:37am Jul 12, 2007 8:37am
Great, I live in K.C. Now I'll have to stock up on peso's and loonies and become an exchange bank. Don't forget to try the BBQ while here! hehe

Quoting hoss
Yeah, a lot of that highway has been finished already in Texas. Kansas City will apparently be the hub. Anyway, go CAD. I'm also short off of that pin bar!
  • #4,517
  • Jul 12, 2007 8:38am Jul 12, 2007 8:38am
Quoting dltvn
Wizard, game is on but, I have an unfair advantage since, it seems that I opened a short position before most of you ...... I was in it since yesterday morning. Shall we create some " handicap " to even the playing field? lol, Dan
The bottom of the pin is 1.0534 on my charts. Let's say to make it fair for everyone, you can start counting from the entry price you got underneath that. I got 1.0533 so that is where I will count from.

Also, if you take half your position size off at a certain point, then you have to cut the pips gained after than in half. If you find a good place to double up, then you can double the pips gained after.

I know no one will take this seriously, but as a precaution, DON'T: it's only some fun.
  • #4,518
  • Jul 12, 2007 8:41am Jul 12, 2007 8:41am
My exit strategy is TP's. One lot for 55pips at the 127% Fib level and one lot for 100pips around the 161%Fib level(which is near the low on July 7). I entered one lot on the 4hr PB break yesterday and the second lot was entered on the Daily PB break last night. We'll see where it gets me!

Quoting the_wizard
LOL Is there anybody that isn't short this pin bar?!

Well, taking it was easy but let's play a little game and see who can make the most pips out of it? Just for fun...

The winner can tell the rest their exit strategy...
  • #4,519
  • Jul 12, 2007 8:44am Jul 12, 2007 8:44am
Quoting the_wizard
The bottom of the pin is 1.0534 on my charts. Let's say to make it fair for everyone, you can start counting from the entry price you got underneath that. I got 1.0533 so that is where I will count from.

Also, if you take half your position size off at a certain point, then you have to cut the pips gained after than in half. If you find a good place to double up, then you can double the pips gained after.

I know no one will take this seriously, but as a precaution, DON'T: it's only some fun.
my entry was 1.0558 and that is above the bottom of the pin ....... how do I treat that ? I think that the best way to start is to count from the bottom of the pin ie 1.0533 is that fair ? the rest of the terms are ok too. lol, Dan
  • #4,520
  • Jul 12, 2007 8:46am Jul 12, 2007 8:46am
Went long u/j yesterday at 122.11( +30 currently). Also went long on eur/jpy earlier today off a PB on 4hr chart(currently +10). Demo trades on these, since I was very confident...but they seem to be doing well so far. Goodluck if you get in too!

Quoting Mr demark
USDJPY H4 period check it out guys. possible setup? not perfect but, i mean....
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