james16 Chart Thread | Page 1314 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

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

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #26,261
  • Apr 6, 2009 10:37am Apr 6, 2009 10:37am
Quoting mbqb11
Yeah If you find yourself "moving" the fib levels till they line up to make something work, that is a slippery slope. Trust me there.

Here is one of the obvious and main fib points

I also drew blue boxes at less major swing high points. IMO these are not worth using because of how small these swing highs are(you can see this when zoomed out). Now does that mean you can't use them. Of course not. I can't tell anyone that. I just think sticking to the obvious ones is not only the best, but the easiest. Simple always wins in my book.

Hope...
Thanks Mike it does. That is where I originally had it and I suspected moving it down was not the best answer but seeing others draw them in all kinds of places I had to wonder.

OK, so now...hehe I'm in this trade on the EU. It "was" a .4 lot but I sold half of it for $150 and moved my SL to BE +10. On this daily chart it would seem that's it's right on a SR I drew, the 150 EMA and just above the 38 fib (as I have it drawn). This seems to me to be a likely spot to consider getting out but I'm holding to see where the 4H closes. Me thinks it's gonna bounce here.
Attached Image (click to enlarge)
Click to Enlarge Name: eu daily.gif Size: 16 KB
Ghost Rider - WWTBMD?
  • #26,262
  • Apr 6, 2009 10:46am Apr 6, 2009 10:46am
Quoting Jduester
I've now completed backtesting to practice trade. I've attached my results. Main points of note:
- Trading WITH the Trend was more successful
- Trading at a SWING HIGH/LOW was more successful
- Trading with a PA formation was more successful
- Trading WITH confluence was more successful
- Weekly trades were more successful than Daily trades

Many more conclusions could be deduced. This exercise proved to me that if I look for the above, I can be successful about 85% of my trades.

I have not backtested pinbars on all timeframes yet (See above...
Great stuff Josh!
That's great commitment and work you put in. Very nice.

My only question is what kind of exit strategy did you apply to the backtesting?

Tom
  • #26,263
  • Apr 6, 2009 10:59am Apr 6, 2009 10:59am
As so many of you have responded to me, replying to all would take most of the day...LOL

I just want to convey my heart felt thanks to all of you for the words of wisdom, warnings and advice. Truly they are all deserving of a personal thanks and my utmost gratitude.

I could go on and on but honestly, there aren't enough words to adequately describe the level of welcome I feel here. Suffice it to say this is the first place I come to in the morning and I stay all day!!

You're ALL the best!!
Ghost Rider - WWTBMD?
  • #26,264
  • Apr 6, 2009 11:20am Apr 6, 2009 11:20am
Quoting albchr
As so many of you have responded to me, replying to all would take most of the day...LOL

I just want to convey my heart felt thanks to all of you for the words of wisdom, warnings and advice. Truly they are all deserving of a personal thanks and my utmost gratitude.

I could go on and on but honestly, there aren't enough words to adequately describe the level of welcome I feel here. Suffice it to say this is the first place I come to in the morning and I stay all day!!

You're ALL the best!!
So you finally do realize you won't be alone down the path to financial freedom,

Just remember that we're all here to help you and quite frankly I think you did a great job in typing all those huge posts to put your true self in front of everybody, yuo can set great examples for newbies just like Josh did by showing some extraordinary commitment to his Job.

Keep it up and feel free to discuss any problems you may have

Regards,
Ghous.
I believe . . .
  • #26,265
  • Apr 6, 2009 11:36am Apr 6, 2009 11:36am
Quoting moneybags
Great stuff Josh!
That's great commitment and work you put in. Very nice.

My only question is what kind of exit strategy did you apply to the backtesting?

Tom
Tom,
That is a great question. I tried to make the exit strategy as simple as possible, yet still realistic and practical. My entries were 12 pip past the PA and stop loss 10 pips past the other end of PA... I considered it a profitable trade if:
- Trade was 70-100pip or more in profit (depending on Day/Week/size of S/L/ and PPZ) OR
- Trade was 0.5 of my stop loss in profit OR
- If a trade moved to the next PPZ, it was considered a profitable trade.

Trade was a B/E if it was 60-100pip in profit (Depending on Day/Week again) and didn't reach the first PPZ. B/E and profitable trades were considered winning trades (which seems normal on this thread).

This was a little discretion in this testing because I had not finalized my trading plan exit strategy at the time. However, I feel that the results are valid based on the large sample size and on the strategy I have adopted. The exit strategy I have chosen is not exactly what I have backtested, but is similar, where I take some profit, then move stop up to/near B/E.

Exit strategies were tested on all my demo trades from Feb/March and is explained in post 26123.

Josh
  • #26,266
  • Apr 6, 2009 12:21pm Apr 6, 2009 12:21pm
geez dont tempt me. lol

jim

Quoting marcelnyo
Hi Jim,

Try moving to Indonesia and you'll save that 6 figures a year you should've paid to the IRS. I think you'll love our tax policy not to mention how you can pay a lawyer to cut it even lower
  • #26,267
  • Apr 6, 2009 12:24pm Apr 6, 2009 12:24pm
Quoting Jduester
I've now completed backtesting to practice trade....
Josh, you're an inspiration brother. This is exactly what we should all be doing.
  • #26,268
  • Apr 6, 2009 12:26pm Apr 6, 2009 12:26pm
man i enjoyed this. post one stuff because i think it make new people "think"

jim

Quoting Jduester
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...
  • #26,269
  • Apr 6, 2009 12:26pm Apr 6, 2009 12:26pm
I don't have much ways to thank you for what i am learning in this forum.
I want to share with you what i 've found during my research.....

http://www.4shared.com/dir/4237974/381084a3/Forex.html

I hope some of this books will be interesting for you.
Patience is essential
  • #26,270
  • Apr 6, 2009 12:34pm Apr 6, 2009 12:34pm
NzdUsd

Looking like a good trade to look for...I am waiting for a better close untill then I wont take take it....I rather miss a good trade and then miss my capital...

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 23 KB
  • #26,271
  • Apr 6, 2009 12:38pm Apr 6, 2009 12:38pm
Quoting billye
Jduester: I like the conclusions... does this fit everyone or for your own strategy only?
I STRONGLY RECOMMEND ALL NEW TRADERS TO THIS METHOD DO THEIR OWN DUE DILIGENCE IN TESTING THIS METHOD. DO NOT TAKE MY RESULTS TO BE YOUR OWN...

We all trade differently, have different risk comfort zones, will trade different timeframes, etc.

Josh
  • #26,272
  • Apr 6, 2009 12:41pm Apr 6, 2009 12:41pm
If this thing closes like this I will sell it like no tomorrow...first line I will move to break even. Second line move stop up to protect profits and third line I win ...

Attached Image (click to enlarge)
Click to Enlarge Name: nzdusd.gif Size: 23 KB
  • #26,273
  • Edited 1:04pm Apr 6, 2009 12:49pm | Edited 1:04pm
Quoting Jduester
I STRONGLY RECOMMEND ALL NEW TRADERS TO THIS METHOD DO THEIR OWN DUE DILIGENCE IN TESTING THIS METHOD. DO NOT TAKE MY RESULTS TO BE YOUR OWN...

We all trade differently, have different risk comfort zones, will trade different timeframes, etc.

Josh
thanks josh...
btw I also find that you summarized all FAQ and I found 10 posts discussing trading daily lines or intraday... I will read it through 1st before asking more Q.
  • #26,274
  • Apr 6, 2009 1:15pm Apr 6, 2009 1:15pm
please allow me this. i know some hate it when i do this but i mean no harm.

this is not my thread this is our thread and i try to keep that in mind.

i just sat with tears streaming down my nearly 50 year old face while the texas rangers had opening day ceremonies.

3 men walked from the dugout to the mound with a huge flag in the oufield.

a navy seal from just down the road that was the only one out of 16 to make it back alive from his unit.

a former president that now lives less than 30 miles from me that is a human being just like the rest of us and did what he felt was best.

nolan ryan who is as big as the alamo in this state and thats sayin something.

Josh Hamilton with tears streaming down his cheeks did me in.

a standing ovation for all 3. not a boo in the crowd.

im a patriot and im a texan and i would gladly give my life defending either one.

thanks for allowing me,

jim
  • #26,275
  • Apr 6, 2009 1:17pm Apr 6, 2009 1:17pm
Quoting james16
please allow me this. i know some hate it when i do this but i mean no harm.

this is not my thread this is our thread and i try to keep that in mind.

i just sat with tears streaming down my nearly 50 year old face while the texas rangers had opening day ceremonies.

3 men walked from the dugout to the mound with a huge flag in the oufield.

a navy seal from just down the road that was the only one out of 16 to make it back alive from his unit.

a former president that now lives less than 30 miles from me that is a human being just...
Greatest country in the world that has allowed me from the age I was 14 to pursue every dream imaginable. I get teary eyed when I listen to Ray Charles singin' "America the Beautiful". I served this country once, and would do so again in a heartbeat.
Patience + Humility + Study = Success
  • #26,276
  • Apr 6, 2009 1:18pm Apr 6, 2009 1:18pm
Quoting PeterFM
This would be major swing high/low. This is a daily chart, but the same principle would apply to shorter time-frames.
You can see on this chart there is a minor swing change just below the swing high. It just means the point when the price makes a noticeable change from one trend direction to the opposite direction.
Hope this helps

Peter
I received a private message asking what I meant by a swing high or swing low in some of my posts. After doing a quick search for a good example/definition, I think Peter provided a great one. Click on the above link to see.

"It just means the point when the price makes a noticeable change from one trend direction to the opposite direction."

Josh
  • #26,277
  • Apr 6, 2009 1:27pm Apr 6, 2009 1:27pm
Quoting james16
please allow me this. i know some hate it when i do this but i mean no harm.

this is not my thread this is our thread and i try to keep that in mind.

i just sat with tears streaming down my nearly 50 year old face while the texas rangers had opening day ceremonies.

3 men walked from the dugout to the mound with a huge flag in the oufield.

a navy seal from just down the road that was the only one out of 16 to make it back alive from his unit.

a former president that now lives less than 30 miles from me that is a human being just like the...
I can't imagine why anyone would frown on this. This is what we should all jump up and cheer about. I'd question the integrity of anyone who didn't.

God bless us all. God Bless America.
Ghost Rider - WWTBMD?
  • #26,278
  • Apr 6, 2009 1:35pm Apr 6, 2009 1:35pm
your just flat out a damn cool guy dutch.

i dont know how else to put it.

Quoting DutchTrader
Greatest country in the world that has allowed me from the age I was 14 to pursue every dream imaginable. I get teary eyed when I listen to Ray Charles singin' "America the Beautiful". I served this country once, and would do so again in a heartbeat.
  • #26,279
  • Apr 6, 2009 1:41pm Apr 6, 2009 1:41pm
i get some crazy stuff alb,

trust me i will get a few this time also.

your my kinda guy.



Quoting albchr
I can't imagine why anyone would frown on this. This is what we should all jump up and cheer about. I'd question the integrity of anyone who didn't.

God bless us all. God Bless America.
  • #26,280
  • Apr 6, 2009 1:52pm Apr 6, 2009 1:52pm
James a great post , from a truly giving man. I served from 72 til 77 . i enlisted after the war had turned ugly, the only one in my neighborhood to do so. I felt it was my duty. Looking back i now know y i enlisted . because of my love for this beautiful country an its hard working people .Not for those in Washington who are selling us down the river . I worry for our country an dont want to see it destroyed. Sorry for the rant . My bags are packed but dont know where to go. Thanks to all on this thread what a great group f people
54 traders viewing now