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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

  • #24,641
  • Mar 24, 2009 5:12am Mar 24, 2009 5:12am
Quoting pipmyride
James and others,

Do you really not think its better to trade smallest lots possible with a small account and prove there u could be positive for 3 months etc, or is it merely the fact that psychologically you think people wont stick to it ?

For me, on demo my mind just tells me to take trades i may not ordinarily take, regardless of how much i tell myself to be honest about it ...

I personally never learned on Demo, b/c that wasn't the way I was introduced to forex 7 years ago. But what I will say is that fiji trader said something about demo that changed my mind in my recommendations to others. It was about doing it on demo because this is challenging your own ego. If you can't fight that ego on a demo you won't be able to put your ego behind you with real money. It has to do with taking control of your ego now before it comes back to haunt you down the road. Fiji is just a plain genius

Mike
  • #24,642
  • Edited 4:57pm Mar 24, 2009 5:17am | Edited 4:57pm
Quoting alter
Nice trade. Just to make sure, your SL was on the others side of the PB {330pips}?
Check this 4 PB Usd/Jpy last week. Pretty good setup, Location PPZ, etc,.
What stands out to me is how it broke. Now that's hard and fast.

(a better look on the Hourly)
Attached Images
Indicators show the past. Price Action "Indicates" the future.
  • #24,643
  • Mar 24, 2009 5:28am Mar 24, 2009 5:28am
So if you take 47 pips and your SL is 30-40 PIPs your RRR is ok. Now, compare it with situation where you take 47 pips but your SL is 330 PIPs. It doesn't matter how much money is 1 pip worth. What matters is how the trade can affect your account in percentage.
For example if your risk was 1% , by taking yours 47 pips you are up 0.5% (half of the possition). On the other side with 330 pips SL you would be up only 0.09% on the same trade. So I think, this trade wouldn't be worth to take for someone, who places his SL on the other site of the entry bar.
alter

Quoting jarroo
Sorry, I forgot my initial stop loss placement. I usually place my stop losses very tight, 30 to 40 pips depending on the pair. My confirmation on a valid PA setup, (besides Location, PPZs and other confluences) is how Price break the trigger.

It must break the entry hard and steady to give me validity to my setup. I've talked about this many times. If Price touches my entry and then starts moving against me pretty hard, I'm out. I'll give it a little time to prove itself, but not much. I believe a quality PA setup is a high momentum setup as...
  • #24,644
  • Mar 24, 2009 5:29am Mar 24, 2009 5:29am
Quoting TiaForex
I don't share here much, but I read it religiously every day. I wanted to chime in with a couple of things that have been clicking for me.

I've been backtesting using a backtest program. Which means taking trades manually while the market replays as live. It's a great way to get experience under my belt and it means that I can take or pass on 40 weekly pinbars in a day, rather than waiting 3 years for them to appear in demo. I used to think backtesting was to find out if the system works, and hell why did I need that because I believed Jim. Now...
You know how I feel about his topic

Nice post Aaron thanks for sharing publicly
  • #24,645
  • Mar 24, 2009 5:32am Mar 24, 2009 5:32am
Hm, I had an order placed for this one but it didn't trigger on next 4 bars, how long do you wait?
On 1 hour chart isn't the PIN bar too small in compare to previous move{catching falling knife} ?

Quoting jarroo
Check this 4 PB Usd/Jpy last week. Pretty good setup, Location PPZ, etc,.
What stands out to be is how it broke. Now that's hard and fast.

(a better look on the Hourly)
  • #24,646
  • Mar 24, 2009 5:36am Mar 24, 2009 5:36am
I think this is similar setup on CHFJPY H8, PIN short. What do you think?
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  • #24,647
  • Mar 24, 2009 5:38am Mar 24, 2009 5:38am
Quoting alter
Hm, I had an order placed for this one but it didn't trigger on next 4 bars, how long do you wait?
On 1 hour chart isn't the PIN bar too small in compare to previous move{catching falling knife} ?
The best situation is the next bar break. But I'm finding that the initial break, no matter how many bars away, can prove fruitful. It depends on the time frame as well.
Indicators show the past. Price Action "Indicates" the future.
  • #24,648
  • Mar 24, 2009 5:40am Mar 24, 2009 5:40am
GJ and GU H4 pins (GU is also outside currently) with another setting up now, anyone ?
  • #24,649
  • Mar 24, 2009 5:47am Mar 24, 2009 5:47am
Quoting alter
I think this is similar setup on CHFJPY H8, PIN short. What do you think?
Its at a great location. I would see how it breaks the 87.00. Keep your stop loss tight. At such a great location, Daily PA would be a better setup to wait for.
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Indicators show the past. Price Action "Indicates" the future.
  • #24,650
  • Mar 24, 2009 5:51am Mar 24, 2009 5:51am
when i work out pip value, i use this sum.

(value of 1 pip) X (size of stop loss in pips) = 2% of my account.

e.g. if 1 pip is equal to £10

if i have £2000 in my account, and am only willing to risk 2% of my account....
2% is £40.
i want to enter a trade with a stop loss of 50pips, then:
£10 (value of 1 pip) X 50(pip stop loss) = £40
therefore 500 = 40

so the size of my lot for this trade must be 40/500 or 0.08. This way i risk 2% of my account, and no more.
Obviously if you trading more lots the value of each pip increases, the same applies.

thoughts....?? i know i used to risk far to much before, wanting to get rich quick, which is a fast way to lose everything.
  • #24,651
  • Mar 24, 2009 5:52am Mar 24, 2009 5:52am
Great posts today everyone. Gotta go. I wish there was more hours in a day.

Later,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #24,652
  • Mar 24, 2009 5:55am Mar 24, 2009 5:55am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
This pair seems highly correlated, I am watching closely how it will end up its closure. Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: ej potential pinbar daily mar.24.09.gif Size: 11 KB
  • #24,653
  • Mar 24, 2009 6:08am Mar 24, 2009 6:08am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting krue
This pair seems highly correlated, I am watching closely how it will end up its closure. Cheers
4h pin on my charts has already broke short, also there is still a gap on my 4h (130 area), just not sure how valid the 4h pin is.
best option might be to wait for the daily to close and not second guess this.

thought i add to this, i use Mataf correlation charts, AJ, UJ, Ej and GJ are all highly corelated on 1h 4h and daily charts, so will be interesting to watch this space.
  • #24,654
  • Mar 24, 2009 6:08am Mar 24, 2009 6:08am
Quoting Jlr
Does anyone know where I can get future charts for MT4 platform? Have been using fxpro future charts, but they seem to have stopped working, and it doesn't appear to be anything I did for a change Ty in advance
Jil,
Try Broco. Huge list there. I don't know if there are options as I'm not a part of that game.
Have fun.
  • #24,655
  • Mar 24, 2009 6:20am Mar 24, 2009 6:20am
Quoting TiaForex
I've been backtesting using a backtest program. Which means taking trades manually while the market replays as live. It's a great way to get experience under my belt and it means that I can take or pass on 40 weekly pinbars in a day, rather than waiting 3 years for them to appear in demo. I used to think backtesting was to find out if the system works, and hell why did I need that because I believed Jim. Now I realise it's about more than that. It's about testing the real system....me. Honing my bar selection criteria, working on my exits, dealing...
Will 2nd this - I have also been doing a load of back testing with Forextester. I have a whole bunch of different types of trades that i am testing on different pairs. Not only have i had the chance to test PA bars but it has also given me more insight into different PPZ's for different pairs. eg some pairs like.00 some like .50 some stall every 100pips some 200 etc. It gives me the chance to get a feel for the pair itself which i think is very important.
The other good thing i have found is that it has been a useful distraction and kept me from watching my charts all day, thus preventing me from getting into stupid trades (well apart from 1 this morning)
  • #24,656
  • Mar 24, 2009 6:22am Mar 24, 2009 6:22am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
Hi, MPP, nice to have your comment, I am currently only watching daily setup as per James' recommendation,so, probably will react to this pair tomorrow. have a nice trade !

Quoting MPP
4h pin on my charts has already broke short, also there is still a gap on my 4h (130 area), just not sure how valid the 4h pin is.
best option might be to wait for the daily to close and not second guess this.

thought i add to this, i use Mataf correlation charts, AJ, UJ, Ej and GJ are all highly corelated on 1h 4h and daily charts, so will be interesting to watch this space.
  • #24,657
  • Mar 24, 2009 6:37am Mar 24, 2009 6:37am
I was also stopped out at BE on this pair. I went to BE at +50 pips...now awaiting the next opportunity.
"Whether you think you can or can't, you're right." Henry Ford
  • #24,658
  • Mar 24, 2009 7:29am Mar 24, 2009 7:29am
Quoting jarroo
Sure alter.

As you know I only took 42 pips on the 1st half and break even on the 2nd half.

Chart 1- the PB presented on the 2 Day chart.

Chart 2 - the 4 hour chart to show how I got 42 pips and stopped out at break even on the 2nd half. My entry was 96.71. Price moved up about 63 pips, I didn't think 97.00 would hold because of the previous Lows so I grabbed 42 pips and moved to breakeven. Price came down and stopped me out.
Hallo Jaroo i have a question for you.....Do you enter with the two positions at the same time or you split the entries at different conditions?
i hope you understand my question.

Thank you.
Patience is essential
  • #24,659
  • Mar 24, 2009 8:21am Mar 24, 2009 8:21am
Damn, had an almost (off by 2 pips) DBHLC on the EURUSD 4H (1+ GMT) I missed out on.

Hope someone caught this.
  • #24,660
  • Mar 24, 2009 8:50am Mar 24, 2009 8:50am
  •  krue
  • | Joined Mar 2008 | Status: finger scares cat, power of illusio | 410 Posts
This pair probably still has the steam going up, I won't feel surprised to see it breakout the congestion area before falling down to its place where it is supposed to be??? what ever it is, I should not hope for anything out of it. we will see. have nice trade.
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