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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

  • #12,561
  • Aug 14, 2008 2:19am Aug 14, 2008 2:19am
Quoting phpscott
Sounds like we have the same plan. I moved my SL closer but was not real convinced either. If it does make it through, plenty of room below.

Scott
i have my SL at 206.00 and so far Gj it is in no mood of going up, infact my major worry is the Ej pin bar, the look of it isn't nice for my short ideas, but then again having 400 banked already i have little to worry abt
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I believe . . .
  • #12,562
  • Aug 14, 2008 2:56am Aug 14, 2008 2:56am
a nice looking trade on Au today...

and another on the Nu...

Regards,
Ghous.
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I believe . . .
  • #12,563
  • Aug 14, 2008 3:02am Aug 14, 2008 3:02am
Quoting ghous
a nice looking trade on Au today...

and another on the Nu...

Regards,
Ghous.
Oh ya mon, the potential weekly pin bar on the AU would be grand if she plays out. If it does, 0.98 and beyond here we come
  • #12,564
  • Aug 14, 2008 4:08am Aug 14, 2008 4:08am
Quoting bundyraider
I'm glad Seeking added his view too. ...Mine's never conservative enough.
I noticed!

Quote
I don't totally agree about randomising the equity curve, though, Seeks.
Well if you vary risk, then you vary risk
I was just trying to reflect something Fiji-like

It's not that I don't think there are "hotter" trades than others, but
Quote
It can if done inappropriately, of course, but I find it very powerful using chosen risk percentages in certain situations.
.
you can do this with a simple trick as well. I just have started up a seperate subaccount for "dead certain surefire trades" to see how things would pan out if I used more risk on a smaller amount on better trades, and try to keep risk constant there as well.
This way my mainstay account remains seperate and when I feel I got a hot one, I can use normal risk on the normal account and go for it on the other one

I'm not saying you can't vary risk after knowing your trading intimately after how many years for you now? That many years.
I'm saying that initially the safest thing you can ever do is not trying to know what the market will or won't do THIS time around and simply treat each and every trade alike risk wise, that way ensuring the MM makes sense in the first place. That, at least, is how I've understood what I've read about it
Otherwise you'll simply create "tears" (as in rips, not as in saltwater eyes, although both could happen ) if you misjudge.
Trust price. Know yourself.
  • #12,565
  • Aug 14, 2008 5:19am Aug 14, 2008 5:19am
I see a lot of people talking about good pins but most (AU, etc.) are in a down trends right now. Here's (USD/JPY) one with the current trend at big ppz. Sorry if it's been posted already I didn't look too far back.
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  • #12,566
  • Aug 14, 2008 5:39am Aug 14, 2008 5:39am
Quoting peaches
hi jarroo, you where right this morning, I was fooled, I better waited for
the daily.

I hasn´t have much time, I watched 30 sec on the chart, entered,
set SL and TP and go to work.

But I don´t lost much, other crosses gave me

Good work from you here
I got fooled a bit too, my friend. The 4 hour IB that broke to the upside was my signal to exit my position not to enter long. I did a late re-entry short on a small position when Price broke the bottom of the IB.

When Price is trending strong its not a bad decision to take Bullish PA in an uptrend and Bearish PA in a down trend.

If the chart didn't say "4H" in the upper left corner, I'd swear it was textbook DIBS trade on the hourly with an add-on.

http://www.forexfactory.com/showpost...ostcount=12494
Indicators show the past. Price Action "Indicates" the future.
  • #12,567
  • Aug 14, 2008 5:49am Aug 14, 2008 5:49am
Quoting Betard
I see a lot of people talking about good pins but most (AU, etc.) are in a down trends right now. Here's (USD/JPY) one with the current trend at big ppz. Sorry if it's been posted already I didn't look too far back.
Not sure what time frame you're referring to, but the Aussie primary trend is clearly up.

Yes, I noticed the PB on the UJ. Good spot too, testing resistance turned support.
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  • #12,568
  • Aug 14, 2008 6:11am Aug 14, 2008 6:11am
Hey guys,
what do you say about daily pins :

AUD / USD
AUD / CHF
EUR / AUD
nzd/usd

I'm scared about correlation. Aud everywhere you see. Want to pick the best one,
  • #12,569
  • Aug 14, 2008 6:24am Aug 14, 2008 6:24am
Quoting NuckingFuts
Not sure what time frame you're referring to, but the Aussie primary trend is clearly up.

Yes, I noticed the PB on the UJ. Good spot too, testing resistance turned support.
Long term trend might be up but losing 10-15% in just a couple of weeks isn't exactly a bullish sign to me. Could be it's due for a bounce though.
  • #12,570
  • Aug 14, 2008 7:32am Aug 14, 2008 7:32am
Quoting Jankone
Hey guys,
what do you say about daily pins :

AUD / USD
AUD / CHF
EUR / AUD
nzd/usd

I'm scared about correlation. Aud everywhere you see. Want to pick the best one,
i am already long AU and NU, as for aud/chf and eur/aud, i don't trade either cuz they spike too much, besides they hardly trend, just whipsawing up and down...so y advice to you is to go for the Nu and Au and if you mm allows maybe go for aud/chf cuz that has just bounced off a strong ppz and looks a better setup...
I believe . . .
  • #12,571
  • Aug 14, 2008 7:44am Aug 14, 2008 7:44am
guyz i am on vaccation
I took the eur-jpy pin just b4 leaving
And i am already in eur-usd

Can some0ne plz p0st their dailies chartz

Can i be a biatch and ask them to be in japaneese candlestick -.-
  • #12,572
  • Aug 14, 2008 8:01am Aug 14, 2008 8:01am
Quoting NuckingFuts
Not sure what time frame you're referring to, but the Aussie primary trend is clearly up.
That's exactly the point - the trend is clearly up on M1 and clearly down on D1
One Chart is Worth Ten Thousand Words.
  • #12,573
  • Aug 14, 2008 8:08am Aug 14, 2008 8:08am
Quoting ezz
guyz i am on vaccation
I took the eur-jpy pin just b4 leaving
And i am already in eur-usd

Can some0ne plz p0st their dailies chartz

Can i be a biatch and ask them to be in japaneese candlestick -.-
E/U
E/J
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Indicators show the past. Price Action "Indicates" the future.
  • #12,574
  • Aug 14, 2008 8:11am Aug 14, 2008 8:11am
dblhc on the gbpusd h4. I was waiting for a PA setup on the gbpusd since that eurusd pin last night.
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  • #12,575
  • Aug 14, 2008 8:52am Aug 14, 2008 8:52am
Hi guys,

Another theme to my previous question of "discretionary risk" (which was answered so well by several people - thank you all A LOT):

If the trade is going well, would the following approach make sense (someone, I think Rob Booker, said that most people SELL parts of their position when the trend goes strong, but successful traders ADD to their positions in such cases):

Your 1-lot trade is $500 in profit. You could move SL to lock in $250 OR you could add another lot and move SL to BE.

What are your thoughts, please?
One Chart is Worth Ten Thousand Words.
  • #12,576
  • Aug 14, 2008 9:11am Aug 14, 2008 9:11am
Quoting boomswitch
dblhc on the gbpusd h4. I was waiting for a PA setup on the gbpusd since that eurusd pin last night.
These trades (e/u, g/u, etc.) are all against recent trend. Why go long GBP when it's at lowest point in 2 years?

I think the point with all these trades is to base the trend on the timeframe you are looking to trade. YES the monthly trend is up for AUS, EUR, etc. but the PA you are looking at is from the daily charts (where trend is down at the moment!). You guys are all trading the retraces right now, who knows how long or even if they'll last?
  • #12,577
  • Aug 14, 2008 9:31am Aug 14, 2008 9:31am
Quoting Forex007
Hi guys,

Another theme to my previous question of "discretionary risk" (which was answered so well by several people - thank you all A LOT):

If the trade is going well, would the following approach make sense (someone, I think Rob Booker, said that most people SELL parts of their position when the trend goes strong, but successful traders ADD to their positions in such cases):

Your 1-lot trade is $500 in profit. You could move SL to lock in $250 OR you could add another lot and move SL to BE.

What are your thoughts, please?

I use an "ADD ON" strategie, but only on long term(daily).
I start with a very small position (on a "pin nose" for examlpe) and if a trend develops and goes my way, I put more money into it.
But this is a little off topic from this thread.
Regards Chris.
  • #12,578
  • Aug 14, 2008 12:36pm Aug 14, 2008 12:36pm
Quoting speedarad
I use an "ADD ON" strategie, but only on long term(daily).
I start with a very small position (on a "pin nose" for examlpe) and if a trend develops and goes my way, I put more money into it.
But this is a little off topic from this thread.
Regards Chris.
this is actually a good strategy provided that you keep closing some positions too, because you don't want a lot of trades open by the time you think you need to be out, neither do you want to be flirting with too much per pip value earlier on, the best pips rest in the middle, catch these....
I believe . . .
  • #12,579
  • Aug 14, 2008 12:46pm Aug 14, 2008 12:46pm
Quoting ezz
guyz i am on vaccation
I took the eur-jpy pin just b4 leaving
And i am already in eur-usd

Can some0ne plz p0st their dailies chartz

Can i be a biatch and ask them to be in japaneese candlestick -.-
hey ezz, you could try www.netdania.com if you can't access your mt4 charts. just a suggestion
  • #12,580
  • Aug 14, 2008 1:00pm Aug 14, 2008 1:00pm
Quoting ghous
this is actually a good strategy provided that you keep closing some positions too
One could challenge that and say:
If you add positions and then go to close positions(i.e. not all at once), where's the point in having opened additional ones in the first place?
I.e. where's the net effect that makes it superior in returns vs the guy that only enters once, but rides the whole position to the same finishing point?

If you enter at say half the size and add on even to at some point reach 1.5 times the size of the other guy trading full position to the end, you still have a good chance of ending up with less real profit than the other guy simply because the average price moved(as not all entries move equally far) per average size isn't superior due to all the scaling in and out(pick some random numbers and play some scenarios through, you'll see what kind of increase in size you'd need just to "catch up" with a normal sized all-or-nothing approach).

But as said - imho this runs big risk of getting far too far off topic and is big enough a subject to even start it's own thread on. Opinions on this do differ wildly, just as trading styles do.
It's something everyone needs to find their own comfort with as for some it's more a psychological helper than a profit optimization, for some it's simply what's worked for them, etc pp. There might be an ideal on paper, but there isn't a one size fits all for trading/traders. Approaches vary.
Trust price. Know yourself.
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