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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

  • #13,821
  • Edited 4:54pm Sep 22, 2008 4:33pm | Edited 4:54pm
Quoting jarroo
Here's how I managed this Euro trade from last week. Sorry I couldn't post charts at the time. I really don't like posting trades without charts to show the reasons behind it. But this was a very high probability trade.

The Daily Pin Bar of 9-18-08 with the trend entered after the break 1.4270.
Price broke on the next bar , hard and fast which is a great sign that Price will continue.(This is a high qualifier for all PA set-ups).

On my mind is the Support level at 1.4070ish, Weekly Pin Bar (in the opposite direction) and the Daily Trendline.

I then move down to the 4 hour charts and see if any PA formations ( and S/R levels) will give me a hint if this short off the PB will continue. Price runs into the Daily trendline and possible reverse spinning top at that trendline.

I take half off for 83 pips (1.4187) and move my stoploss to break even. Price moves up and stops me out on the other half at break even.

I try to never let a winner turn in to a loser. If Price moved down 60 pips and then started heading back to my entry I would probably have closed the trade at 0 to -10 pips. Even if it goes back in my direction right after I close the trade and it has done this many times. lol. But to has also kept me out a losses that would have run a lot larger.
ok, so you got 1/2 your position at 1/3 your risk aprox, which made it 1/6 R/R (I think you scale out your SL though). So you seldom get 2% SL'ed
do you have any strict rules about this R/R thing?
Well I guess my question is, do you build your equity up by adding little chuncks of less than 1% and rarelly losing?
it's all in my brain but I just can't put it in words. I hope you understand what Im trying to say.
  • #13,822
  • Sep 22, 2008 4:36pm Sep 22, 2008 4:36pm
Quoting raczekfx
dic.
I'm in this trade since pb #3. Took some off before close on Friday. Stop just below Fri bar low.
Hi raczek,
This was definitely a great trade on GY and still has a long way to go IMO. Would you care to tell me how did you know not to rush in with the first PB on Daily, but you entered only at the 3rd one?
thanx.
Market can stay irrational longer than you can stay solvent.
  • #13,823
  • Sep 22, 2008 4:46pm Sep 22, 2008 4:46pm
Quoting judith
would you mind posting them please.
I'd love to have a peek, too, Ryan
(Can't get enough examples of what you consider good / working entries to see how you see it)

If you've got the time, would you please also just attach your .tpl (template) for the EURUSD chart with which you trade the stuff?
Just makes for swifter reproduction here and I'm such a lazy bone in that regard

If not I'll try and piece it together from the previous posts, I wrote down the BB and MA settings somewhere.
Trust price. Know yourself.
  • #13,824
  • Sep 22, 2008 4:56pm Sep 22, 2008 4:56pm
could someone please direct me to a post outlining the current format for this system please, I am working my way through all the posts,but it will take a while.

Also direct me to Ryans methodolgy for it and his settings
  • #13,825
  • Sep 22, 2008 6:36pm Sep 22, 2008 6:36pm
Quoting judith
ok, so you got 1/2 your position at 1/3 your risk aprox, which made it 1/6 R/R (I think you scale out your SL though). So you seldom get 2% SL'ed
do you have any strict rules about this R/R thing?
Well I guess my question is, do you build your equity up by adding little chuncks of less than 1% and rarelly losing?
it's all in my brain but I just can't put it in words. I hope you understand what Im trying to say.
I don't have strict rules for R/R on Price Action set-ups. I do apply the R/R rules on a DIBS trade.

I build my equity up by limiting my losses and letting my trades run.
Yeah, I know, sounds simple but hard to do. But I gotten to a point where if Price is not moving in my direction after a set-up is triggered: I'm out.

Meaning if I can't move to break even or be in a "free trade" after a few bars; be it Daily Bars, 4 hour Bars or 1 hour Bars, I'll close the trade and take a small loss or a small gain.

My goal when entering a trade is this: position yourself or scale out to where you will not have a loss and still be in the trade (i.e, DIBS half at 1:1 or moving to break even.)

On some Weekly or Daily PA set-ups I'll position my stop losses to scale out of a failing trade but this is rare event and only if I feel the PA set-up is A++.

I concentrate on how I can reduce or eliminate my potential loss once a trade is triggered.
Sure, I look at target areas where Price my be heading but if I'm locked in for 30 pips and there is no way that I will lose, it makes life a lot easier.

I think I might have came close to answering your question. (Equity Building)


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #13,826
  • Sep 22, 2008 8:25pm Sep 22, 2008 8:25pm
Quoting SeekingLight
If you've got the time, would you please also just attach your .tpl (template) for the EURUSD chart with which you trade the stuff?
Seeking, you´re a laaaaazy guy!

Cheers
RM
Attached File(s)
File Type: tpl ryanmcd.tpl   2 KB | 864 downloads
  • #13,827
  • Sep 22, 2008 9:48pm Sep 22, 2008 9:48pm
Quoting FXBat
Hi raczek,
This was definitely a great trade on GY and still has a long way to go IMO. Would you care to tell me how did you know not to rush in with the first PB on Daily, but you entered only at the 3rd one?
thanx.
Cause it felt like catching a falling knife if I bought it before market close on Friday. There was no way of knowing how price would open on Sunday. It gaped right to a level were I'd start taking some profit (march 17 low). I thought about going short, but price collapsed before I could act. Second pin was perfect imho (we've just established lower band of a range), but I was going away for a couple of days and wouldn't be able to act accordingly. Third pin was just an and ice cream.....for every PA trader I know....
.. and that's the whole story.
  • #13,828
  • Sep 22, 2008 9:56pm Sep 22, 2008 9:56pm
Quoting Rainmaker
Seeking, you´re a laaaaazy guy!

Cheers
RM

Oh wow I have a .tpl now lol! Time to write a book and get my TV add going
Keep taking CT trades, I need more money
  • #13,829
  • Sep 22, 2008 10:02pm Sep 22, 2008 10:02pm
Enjoy
Attached Image (click to enlarge)
Click to Enlarge Name: eur-usd5min.jpg Size: 121 KB
Keep taking CT trades, I need more money
  • #13,830
  • Sep 22, 2008 10:07pm Sep 22, 2008 10:07pm
The key to this really is to KNOW if you are going to have a trending day or a slop day.


1. Slop day = sideways all day no trend.

Most of the time you get a run and you can grab the pullback, if I look at the charts and see no trend I will grab a CT trade or a trade once it runs through the BB or whatever. Once we have a day like that I will put some notes into it, this SU stuff is cake and you really can not lose.... Well this is if you go with the trend, just think about all the people that shorted this all day
Keep taking CT trades, I need more money
  • #13,831
  • Sep 22, 2008 10:13pm Sep 22, 2008 10:13pm
This is what you have to learn to trade... Class is in.


1. Post what trade you would take and why? How would you manage losers?

2. Mark up your chart and post it I will post what I see tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: slopday.jpg Size: 112 KB
Keep taking CT trades, I need more money
  • #13,832
  • Sep 22, 2008 10:14pm Sep 22, 2008 10:14pm
Big resistance coming up for Euro. It also has 1.5 level to contend with, and it's at 50% retrace from the all-time high. I'm watching for PA here for continuation of weekly move down.
Attached Image (click to enlarge)
Click to Enlarge Name: eu resistance.gif Size: 23 KB
  • #13,833
  • Sep 22, 2008 10:18pm Sep 22, 2008 10:18pm
Ya I do watch the daily sometimes
Attached Image (click to enlarge)
Click to Enlarge Name: daily.jpg Size: 90 KB
Keep taking CT trades, I need more money
  • #13,834
  • Sep 23, 2008 2:23am Sep 23, 2008 2:23am
Hey Ryan


Have marked a few trades on the chart. Only the short trades looked good to me. Profit could be taken at opposite BB. Is this how you would play them?

Losers would be managed by hard stop above the PA bars.

How many pips SL would you recommend on this TF?

thanks


Quoting Ryanmcd
This is what you have to learn to trade... Class is in.


1. Post what trade you would take and why? How would you manage losers?

2. Mark up your chart and post it I will post what I see tomorrow.
Attached Image (click to enlarge)
Click to Enlarge Name: slopday2.jpg Size: 66 KB
  • #13,835
  • Sep 23, 2008 3:12am Sep 23, 2008 3:12am
Quoting jarroo
I don't have strict rules for R/R on Price Action set-ups. I do apply the R/R rules on a DIBS trade.

I build my equity up by limiting my losses and letting my trades run.
Yeah, I know, sounds simple but hard to do. But I gotten to a point where if Price is not moving in my direction after a set-up is triggered: I'm out.

Meaning if I can't move to break even or be in a "free trade" after a few bars; be it Daily Bars, 4 hour Bars or 1 hour Bars, I'll close the trade and take a small loss or a small gain.

My goal when entering a trade is this: position yourself or scale out to where you will not have a loss and still be in the trade (i.e, DIBS half at 1:1 or moving to break even.)

On some Weekly or Daily PA set-ups I'll position my stop losses to scale out of a failing trade but this is rare event and only if I feel the PA set-up is A++.

I concentrate on how I can reduce or eliminate my potential loss once a trade is triggered.
Sure, I look at target areas where Price my be heading but if I'm locked in for 30 pips and there is no way that I will lose, it makes life a lot easier.

I think I might have came close to answering your question. (Equity Building)


Jim
Jaroo, I admire your concise style and simple wisdom. One could write (or read) 1000-page books on MM, but your post summarized key principles in a nice and easy-to-understand/remember/use way. Take care of your losses and the winners will take care of themselves (not really, as you do have to give the winner a chance too ). Well done! Thanks a lot!

There is an old trading saying: "I am right or I am out". That's how PA should be applied. PA gives a precise entry point; if the price doesn't move where it should, there is nothing to wait for.

Pring says in his books that after a PA set up price moves in the right direction within 5-6 bars max, if not - it's a failed setup.
One Chart is Worth Ten Thousand Words.
  • #13,836
  • Sep 23, 2008 3:15am Sep 23, 2008 3:15am
Quoting Ryanmcd
The key to this really is to KNOW if you are going to have a trending day or a slop day.


1. Slop day = sideways all day no trend.

Most of the time you get a run and you can grab the pullback, if I look at the charts and see no trend I will grab a CT trade or a trade once it runs through the BB or whatever. Once we have a day like that I will put some notes into it, this SU stuff is cake and you really can not lose.... Well this is if you go with the trend, just think about all the people that shorted this all day
What is SU?
One Chart is Worth Ten Thousand Words.
  • #13,837
  • Sep 23, 2008 5:04am Sep 23, 2008 5:04am
Very nice signal, 5min pin bar, daily pivot.. high winners setup %
God damn, I missed this one.

http://img297.imageshack.us/my.php?image=gbpusdkk2.gif
  • #13,838
  • Sep 23, 2008 5:49am Sep 23, 2008 5:49am
Quoting Forex007
What is SU?
SU = Solid Up
  • #13,839
  • Sep 23, 2008 7:11am Sep 23, 2008 7:11am
Quoting Ryanmcd
This is what you have to learn to trade... Class is in.


1. Post what trade you would take and why? How would you manage losers?

2. Mark up your chart and post it I will post what I see tomorrow.
Ok, Here's short I just took...well just hit profit target now while I'm writing. Bullish overbar during downtrend (LH,LL) bouncing off middle BB. S/L above the candle's high, profit target 1:1. Seems like good trade to me but I'm interested in feedback.
Attached Image (click to enlarge)
Click to Enlarge Name: eu m5.gif Size: 18 KB
  • #13,840
  • Sep 23, 2008 7:59am Sep 23, 2008 7:59am
Here's another I'm taking (short). I was aggressive and didn't wait for pin bar to break, just took trade at open of new bar. Still trying to decide whether to wait for breaks or just pull trigger right away. PB in downtrend at 21 ema, SL above candle, 1:1 R:R. I won't post any more of these because I don't want to clutter the thread.

Edit: Profit target hit $$.
Attached Image (click to enlarge)
Click to Enlarge Name: eu m5 2.gif Size: 18 KB
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