• Home
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • User/Email: Password:
  • 7:47pm
Menu
  • Forums
  • Trades
  • News
  • Calendar
  • Market
  • Brokers
  • Login
  • Join
  • 7:47pm
Sister Sites
  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

  • Commercial Content
  • /
  • Reply to Thread
  • Subscribe

james16 Chart Thread

  • Last Post
  •  
  • 1 13051306Page 130713081309 7162
  • 1 Page 1307 7162
  •  
  • Post #26,121
  • Quote
  • Apr 4, 2009 12:34pm Apr 4, 2009 12:34pm
  •  jarroo
  • Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Quoting bakko85
Disliked
Attached below there is also a chart about the PIN on Eur/chf, glad to read your opinion, i really don't know what to do and how to give it a value (A? B? C?)
Ignored
So they are not the "Best" setups that we look for, are they "Good" setups?

Hard to say.

One rule of thumb (for me) is that Price Action can also be used to gauge the trend. Meaning that if we see Bullish PA in uptrend and Bearish PA in a downtrend could mean that the trend is continuing.

So trading these PA setup formations can be risky and should be managed very carefully.
Indicators show the past. Price Action "Indicates" the future.
  • Post #26,122
  • Quote
  • Apr 4, 2009 12:41pm Apr 4, 2009 12:41pm
  •  Jduester
  • | Joined Jan 2009 | Status: Member | 1,036 Posts
Quoting Jduester
Disliked
Exits all come down to a few things.
1. See above quote.
2. Test a bunch of different exit strategies and see which generate the best profit for least risk....
Ignored
Ok, as some of you know I have been testing various exit strategies. I've attached the results. I ended up testing 13 unique strategies. I know this post is going to be longer than I wanted it, but I think everything I write here is necessary to fully explain my rationale. Sorry to bore you if that is the case.

A few notes:
- I have placed 31 trades in Feb/March, so that was my sample size...quite small, but I felt enough to point me in the right direction.
- 26/31 trades reached the first PPZ, 83.9%.
- In many cases, the first PPZ was very close to 0.5R (1/2 of stop loss). I have used 0.5R in many of my potential exit strategies.
- You will note from the excel sheet that my actual results from the trades I took were the worst of all that I tested. This is encouraging. I was using parts of a few of these strategies for my exiting on trades for Feb/March. It shows that by using a specific, written strategy (any of them), I could improve my results.
- You will also note that the % gain on my account doesn't match what I have previously posted. The three reasons for this is 1) I was using 3% risk for trades in February, 2) I was using a different broker in February that didn't allow me to use nanolots (so I was often trading less than my ideal risk and unable to break up orders) and 3) the results assume a constant risk of 2%, NOT compounded based on previous results. I did this to simplify the calculations...

This took a lot of work. I was hoping to do it in about 6-8hours, but it ended up taking closer to 25 hours. However, I learned a lot about my trading in that time. Testing these over each trade I took meant that I was going over each trade many times. This really helped me in terms of what I did right and what I did wrong.

I would highly recommend this exercise to anyone that is searching for an exit strategy. DO NOT USE MY RESULTS. My trades will be different than your trades. You're tendencies will be different from mine.

So what's next? Conclusion?

I have highlighted a few of the strategies in the excel sheet. I will be looking more into those. I will choose one to test for April, with the anticipation to use it for starting to trade live in May (small account).

I will choose the exit strategy with the following phrase in mind, originally posted by Jarroo:

Novice traders continually monitor, analyze and alter their trades to maximize their profits.
Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses.

http://www.forexfactory.com/showpost...ostcount=10101

I can't end this post without again thanking James16 for starting this thread and for really caring about the future of us newbies. People like that don't come around everyday and I truly appreciate all your words of wisdom in this thread. Of course, I should also thank all the other posters here. Words can't describe where my trading was 6 months ago compared to where it is now, thanks to a confidence enhancement, vision, goal-setting, discipline, prayer, and guidance from you all. AKA, Treat it Like a Business. Long way to go, but a long way traveled already.

Ok, it's all wrapped up. Good day all.

Josh
Attached Files
File Type: xls Josh_Exit Strategy Testing Results.xls   15 KB | 3,532 downloads
File Type: doc Exit Strategy Testing.doc   28 KB | 3,881 downloads
1
  • Post #26,123
  • Quote
  • Apr 4, 2009 12:55pm Apr 4, 2009 12:55pm
  •  bakko85
  • | Joined Feb 2009 | Status: James16 PA fan | 161 Posts
Quoting jarroo
Disliked
So they are not the "Best" setups that we look for, are they "Good" setups?

Hard to say.

One rule of thumb (for me) is that Price Action can also be used to gauge the trend. Meaning that if we see Bullish PA in uptrend and Bearish PA in a downtrend could mean that the trend is continuing.

So trading these PA setup formations can be risky and should be managed very carefully.
Ignored
Thanks Jarroo! I agree with you, the location is poor and i'll stay out these trades.
I'll wait for better setup!
  • Post #26,124
  • Quote
  • Apr 4, 2009 1:00pm Apr 4, 2009 1:00pm
  •  jarroo
  • Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Quoting bakko85
Disliked
Thanks Jarroo! I agree with you, the location is poor and i'll stay out these trades.
I'll wait for better setup!
Ignored
I liked your words, "penalty kick without a goalkeeper". That's what an A+ trade is like.
Indicators show the past. Price Action "Indicates" the future.
  • Post #26,125
  • Quote
  • Edited at 1:16pm Apr 4, 2009 1:03pm | Edited at 1:16pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Quoting Jduester
Disliked
I've attached the results. I ended up testing 13 unique strategies.
Josh
Ignored
Nice work, I hope that one day I can write things down like this, but I haven't figured out why I don't do it (well I kind of know...).

What caught my attention is the that Total Return on taking Full Profit on 1:1R on methods 12 & 13 and they are pretty much the simplest way to manage the trade (as far as a lot of calculation).

I'd be curious to see how this all plays out after 50, 100, 200 trades. You plan to keeping this going? Imagine the information you'd have after an entire year of data. Man, I need to get off my hind end and start a spreadsheet with some ideas. I think you may have motivated me. Thank you brother.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • Post #26,126
  • Quote
  • Apr 4, 2009 1:03pm Apr 4, 2009 1:03pm
  •  jarroo
  • Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Quoting Jduester
Disliked
Ok, as some of you know I have been testing various exit strategies. I've attached the results. I ended up testing 13 unique strategies. I know this post is going to be longer than I wanted it, but I think everything I write here is necessary to fully explain my rationale. Sorry to bore you if that is the case.

A few notes:
- I have placed 31 trades in Feb/March, so that was my sample size...quite small, but I felt enough to point me in the right direction.
- 26/31 trades reached the first PPZ, 83.9%.
- In many cases, the first PPZ was very...
Ignored
Great work Josh.
Indicators show the past. Price Action "Indicates" the future.
  • Post #26,127
  • Quote
  • Apr 4, 2009 1:12pm Apr 4, 2009 1:12pm
  •  jlmac27
  • | Joined Jan 2008 | Status: Member | 492 Posts
[quote=Jduester;2651145]Ok, as some of you know I have been testing various exit strategies. I've attached the results. I ended up testing 13 unique strategies. I know this post is going to be longer than I wanted it, but I think everything I write here is necessary to fully explain my rationale. Sorry to bore you if that is the case.




Great job Josh
  • Post #26,128
  • Quote
  • Apr 4, 2009 1:48pm Apr 4, 2009 1:48pm
  •  artov
  • | Joined Sep 2008 | Status: Member | 567 Posts
Quoting raczekfx
Disliked
I'll take it as a good joke.

Happy trading.
Ignored
You get it But my compliments about your results are no joke, very nice they are!
  • Post #26,129
  • Quote
  • Apr 4, 2009 1:54pm Apr 4, 2009 1:54pm
  •  PippingMama
  • | Joined Aug 2008 | Status: Member | 131 Posts
Hello everyone,

I am looking for advice on whether to take this GBPCAD daily pin bar trade, it gives me few good reason to take it but I still want some advice from experience trader.

Reason to take this trade:

1. It bounce off 150EMA twice..
2. Double top (two day pin bar top)
3. 38.3% fib level. (very strong RET at this area)

If I set a selling stop at the pin bar low, my first target is 1.8, do u guys think if it is reasonable and a trade that is considerable to take it?


Any help will be appreciate!
Attached Image (click to enlarge)
Click to Enlarge

Name: gbpcad.gif
Size: 23 KB
  • Post #26,130
  • Quote
  • Apr 4, 2009 1:56pm Apr 4, 2009 1:56pm
  •  ikki
  • | Joined Oct 2008 | Status: lone wolf | 398 Posts
Excellent Josh, !!!

Quoting Jduester
Disliked
Ok, as some of you know I have been testing various exit strategies. ,.....

Josh
Ignored
What does not kill me makes me stronger. Friedrich Nietzsche,
  • Post #26,131
  • Quote
  • Apr 4, 2009 1:56pm Apr 4, 2009 1:56pm
  •  Jduester
  • | Joined Jan 2009 | Status: Member | 1,036 Posts
Quoting LasVahGoose
Disliked
Nice work, I hope that one day I can write things down like this, but I haven't figured out why I don't do it (well I kind of know...).

What caught my attention is the that Total Return on taking Full Profit on 1:1R on methods 12 & 13 and they are pretty much the simplest way to manage the trade (as far as a lot of calculation).

I'd be curious to see how this all plays out after 50, 100, 200 trades....
Ignored
I will be continuing to test some of the exits for a while. It is interesting to note #12 and 13. Very simple to manage. #12 limits risk after 0.5R, which is nice too.

Thanks for your comments, Josh
  • Post #26,132
  • Quote
  • Apr 4, 2009 2:12pm Apr 4, 2009 2:12pm
  •  PippingMama
  • | Joined Aug 2008 | Status: Member | 131 Posts
Quoting bakko85
Disliked
Ok, here is my post with personal ideas for the week.

We've tons of weekly BUOB on the yen crosses; what do you think about them? I don't think they are all tradeble, i personally like that on Eur/jpy.

I see also a well formed BUOB on Aud/usd (weekly), off an important PPZ. But on my chart i've also a PPZ at about 0,73 (just above the high of the buob) and the buob is not at a swing low.

Attached below there is also a chart about the PIN on Eur/chf, glad to read your opinion, i really don't know what to do and how to give it a value (A?...
Ignored

Hello bakkos85,

It might not be a good cherry to pick since there are so many RET at top of the pin bar entry (if we use classic) and the stoploss is wider than the potential profit. You should check the daily chart since the 200EMA was quite a strong floating RET before. If you pick it, try to move the stoploss to breakeven if there is profit.

It is just my opinion.

Thanks!


Pipiingmama
  • Post #26,133
  • Quote
  • Edited at 3:07pm Apr 4, 2009 2:56pm | Edited at 3:07pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Quoting PippingMama
Disliked
Hello everyone,
I am looking for advice on whether to take this GBPCAD daily pin bar trade, it gives me few good reason to take it but I still want some advice from experience trader.
Reason to take this trade:
1. It bounce off 150EMA twice..
2. Double top (two day pin bar top)
3. 38.3% fib level. (very strong RET at this area)
If I set a selling stop at the pin bar low, my first target is 1.8, do u guys think if it is reasonable and a trade that is considerable to take it?
Any help will be appreciate!
Ignored
I'm still learning, but I like this chart (never look at it before). I noticed we have 1.83 Round Number and PPZ area (Pin pierced it) and 1.76 Round Number looks like strong support. You can also see price bouncing in this area. It is a pretty good range if it keeps going from top to bottom (700 pip range). You can see that almost all the similar PinISH (not all are pins, but they all basically stop at the 1.83) previously broke back down to 1.76. NOW that doesn't mean it will do it again this time, but if it was me I'd trail and target the 1.76 area.
Attached Image (click to enlarge)
Click to Enlarge

Name: 2009-02-22-gc-d1.gif
Size: 29 KB
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • Post #26,134
  • Quote
  • Apr 4, 2009 7:00pm Apr 4, 2009 7:00pm
  •  mbqb11
  • | Commercial Member | Joined Aug 2006 | 12,004 Posts
Quoting LasVahGoose
Disliked
I'm still learning, but I like this chart (never look at it before)....
Ignored
Of course just my conservative take, but this pair has been choppy for awhile now which means bouncing is not unlikely. So with a pair that is as volatile as gbp/cad can be plus a generally higher spread. You gotta be careful trading into the area you are. Also this second bar is NOT a pin(has a higher low and a lower low), so it is more of a beraish outside bar with a bad close). I never try to talk people in or out of a trade, just giving it from my viewpoint. Summary = get stop to b/e asap if you do venture into one that looks like this. I would never trade a situation like this personally.

Hope you all are having a good weekend

Mike
Attached Image (click to enlarge)
Click to Enlarge

Name: a3.gif
Size: 12 KB
  • Post #26,135
  • Quote
  • Apr 4, 2009 7:21pm Apr 4, 2009 7:21pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Quoting mbqb11
Disliked
Summary = get stop to b/e asap if you do venture into one that looks like this. I would never trade a situation like this personally
Mike
Ignored
Amazing how a few lines can change the whole picture. It does seem less attractive of a trade.

Thank You.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • Post #26,136
  • Quote
  • Apr 4, 2009 8:55pm Apr 4, 2009 8:55pm
  •  goldbird22
  • | Joined Dec 2008 | Status: Member | 40 Posts
How do you get the big price number in your charts?



[quote=LasVahGoose;2651274]I'm still learning, but I like this chart (never look at it before). I noticed we have 1.83 Round Number and PPZ area (Pin pierced it) and 1.76 Round Number looks like strong support.
Attached Image
  • Post #26,137
  • Quote
  • Apr 4, 2009 9:24pm Apr 4, 2009 9:24pm
  •  LasVahGoose
  • Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
[quote=goldbird22;2651449]How do you get the big price number in your charts?

Here ya go.
Attached Files
File Type: ex4 Magnified Market Price.ex4   3 KB | 493 downloads
File Type: mq4 Magnified Market Price.mq4   2 KB | 536 downloads
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • Post #26,138
  • Quote
  • Apr 4, 2009 9:39pm Apr 4, 2009 9:39pm
  •  goldbird22
  • | Joined Dec 2008 | Status: Member | 40 Posts
thank you

quote=LasVahGoose;2651463]
Quoting goldbird22
Disliked
How do you get the big price number in your charts?

Here ya go.
Ignored
  • Post #26,139
  • Quote
  • Apr 4, 2009 11:31pm Apr 4, 2009 11:31pm
  •  joebryce
  • | Joined Dec 2007 | Status: Member | 191 Posts
Quoting raczekfx
Disliked
it's simple..
people get brainwashed everyday by ads, TVs, useless news stations, which only feed fear and chaos into people's brains (or what's left of them). These days it's so easy to manipulate people, it's really scary. If it was mandatory for citizens to 'unplug' their brains for 15 min every day and spend this time on either meditation, concentration or simply relaxation, guess what would be the turn out at the poll stations.....

It would be ZERO. No one in their right mind would go to the polls, because people would see right through those...
Ignored


Genius
  • Post #26,140
  • Quote
  • Apr 5, 2009 12:29am Apr 5, 2009 12:29am
  •  ghous
  • Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Quoting Jduester
Disliked
Ok, as some of you know I have been testing various exit strategies....
Ignored
You're oozing diligence Josh

WIsh you all the best!

Regards,
Ghous.
Attached Image (click to enlarge)
Click to Enlarge

Name: award_brilliant_line.jpg
Size: 121 KB
I believe . . .
  • Commercial Content
  • /
  • james16 Chart Thread
  • Reply to Thread
    • 1 13051306Page 130713081309 7162
    • 1 Page 1307 7162
0 traders viewing now
  • More
Top of Page
  • Facebook
  • Twitter
About FF
  • Mission
  • Products
  • User Guide
  • Media Kit
  • Blog
  • Contact
FF Products
  • Forums
  • Trades
  • Calendar
  • News
  • Market
  • Brokers
  • Trade Explorer
FF Website
  • Homepage
  • Search
  • Members
  • Report a Bug
Follow FF
  • Facebook
  • Twitter

FF Sister Sites:

  • Metals Mine
  • Energy EXCH
  • Crypto Craft

Forex Factory® is a brand of Fair Economy, Inc.

Terms of Service / ©2021