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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

  • #26,341
  • Apr 6, 2009 9:14pm Apr 6, 2009 9:14pm
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Quoting Forex007
Raczek, thanks A LOT for sharing that. Could you cast some light on the following, please:

1. Most of your positions were 10-12% of the a/c balance - was that purely on/for demo?
Those results are on demo, but they're a copy of one of my aggressive live account. I place live trades first then copy them on demo, so my live account has actually slightly better results. Less risk on live, but there are times, certain setups(ej weekly pin bar) I don't have problem with using up to 6-7%. I then don't have to trade for a week or so..

Quoting Forex007
2. Some of your trades were profitable, but RR was 0.05 to 0.1 - was that savvy trade management or mainly luck (that you exited earlier and the trade did not happen a big loser)?
I don't care much about RR (at certain level you won't either) If I don't see price doing what I expected it to do, I'm out. With time and practice you can almost tell if the floor is almost ready to fall off on you... just by watching it act. You then have to act quickly

Quoting Forex007
3. Is there any logic/methodology behind some trades having SL and TP, some just SL, some (many) - neither? Isn't it dangerous to have a "naked" position (without SL)?
Yes, I'm logical by nature. If I don't know what I'm doing, I don't do that at all.
50% times I have SL, other 50 I have opposite limit order waiting (hedging positions, especially in a ranging market). I prefer hedging over SL in consolidating markets. I may get stuck with a hedge for few days, but sooner or later I will work it out.
e.g. short gu trade on last friday.
Had a bad short trade @4760, but instead of sl i had limit buy gu @ 4790
Last night I closed my longs (5000 rejection) @4919 and added extra short lot. Closed all shorts tonight @4678 an hour or so ago. Both trades returned good profit, but It required some patience.
This chart is taken from my post in the pf earlier today...

hope this helps. If it doesn't, don't worry about it. Just follow j16 the way Jim, Mike and many others great traders explain it on this thread, until you find something that works for you.


Quoting krue
I was wondering if the trades were triggerred based on PA setup, I looked at his trades both the first and end of Mar., seems I could not find Jim16 setups in most cases(
Some were, some were not. Other were taken near ppz, and other like 1min trade on g/chf was based on tip I received.... I trade mostly around j16 method, but i don't follow it it to the letter. It's a zero sum business and you have to have some edge to be ahead of the crowd if you want to make a living out of it...

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Attached Image
  • #26,342
  • Apr 6, 2009 9:53pm Apr 6, 2009 9:53pm
Quoting raczekfx
.
Those results are on demo, but they're a copy of one of my aggressive live account. I place live trades first then copy them on demo, so my live account has actually slightly better results. Less risk on live, but there are times, certain setups(ej weekly pin bar) I don't have problem with using up to 6-7%. I then don't have to trade for a week or so..


[color=Navy]I don't care much about RR (at certain level you won't either) If I don't see price doing what I expected...
Hi Mark,

When you hedged your short with that buy limit you did'nt close the short from 4760 at all until the 5000 rejection? In fact if I am not misconstruing your words here you actually did'nt close the short till price made it's way below 147 which is you closed it at a profit, right?

I also wanted to corroborate...you hedge only when you know that when price goes against you it's not a big move but just a temporary delay in your master anticipations to show off their colors. For instance had there not been the 5000 round number and you would not have been sure if price will eventually make it's way down you would have gone with a SL right? because otherwise if price keeps moving up both the opposite hedging trades will have to be closed out with a net loss of exactly the amount your SL would have given you...

Regards,
Ghous.
I believe . . .
  • #26,343
  • Apr 6, 2009 9:57pm Apr 6, 2009 9:57pm
Quoting stoli7188
I'm sure some of you caught these, didn't read the new posts today but here's what I saw and took....
Some neat stuff there Stoli

Nice trades,

You see how important a part location plays in your setups, do yourself a favor and keep this Gj trade in mind for a looonggg time so next time when you see a perfect pin bar but on a poor location, you know exactly what you need to do

Regards,
Ghous.
I believe . . .
  • #26,344
  • Apr 6, 2009 10:04pm Apr 6, 2009 10:04pm
Quoting bundyraider
Because we would have preferred the close to be within the previous bars range.

Edit: Mike beat me. Teach me for not finishing the post off before taking my phone call. lol
Your sig Bundy....

It makes me sick

Why wouldn't you just let us know who you're talking abt, you're dragging all of us along
I believe . . .
  • #26,345
  • Apr 6, 2009 10:16pm Apr 6, 2009 10:16pm
first demo trade with PA. I'll trail behind the daily bar to 1.2965....
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WARNING: Don't follow me as I'm just learning
  • #26,346
  • Apr 6, 2009 10:19pm Apr 6, 2009 10:19pm
Quoting ghous
Hi Mark,

When you hedged your short with that buy limit you did'nt close the short from 4760 at all until the 5000 rejection? In fact if I am not misconstruing your words here you actually did'nt close the short till price made it's way below 147 which is you closed it at a profit, right?

I also wanted to corroborate...you hedge only when you know that when price goes against you it's not a big move but just a temporary delay in your master anticipations to show off their colors. For instance had there not been the 5000 round number and you would...
that's correct. top purple line was a part of my trading plan. bottom purple also belongs to it.. since I'm short again...
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  • #26,347
  • Apr 6, 2009 10:39pm Apr 6, 2009 10:39pm
Quoting raczekfx
that's correct. top purple line was a part of my trading plan. bottom purple also belongs to it.. since I'm short again...
Cool!
I believe . . .
  • #26,348
  • Edited Apr 7, 2009 12:05am Apr 6, 2009 11:48pm | Edited Apr 7, 2009 12:05am
Except for about 6 weeks out of the year I can only manipulate my trades during the late Sydney to mid Asian sessions and then again, just prior to the US session.
So that means most price action occurs when I can only watch or am sleeping. Of course not able to move SL to BE.

Some of the strategies I have thought of:
Use Fibs, MAs , PPZs as profit targets and stop placement areas
Use an arbitrary ratio... say 200 pip Tgt and 100 pip SL
Use no Tgt or SL ; use no Tgt but have a SL
Use some kind of calculation regarding the Ave Daily Range or ATR for Tgt and SL
Something else I have not thought of __________________

I would appreciate the 'Wisdom and Experience of the Thread' in helping me sort this out.

Thanks

Lou
  • #26,349
  • Apr 7, 2009 12:38am Apr 7, 2009 12:38am
Quoting Maklla
hello
my second post here but so many questions to ask dont know where to start! but first thanks again for all the hard work and explaining you guys it is the best thread off them all!! im looking at chf jpy weekly and daily chart and both have a pinbar is it valid?dont know how to post chart if somebody could explain!thank you!im from former yugoslavia so my english is not the best!

maklla

To post a chart:

If you’re a meta trader user just right click on the meta trader chart and go to “Save As Picture”.
Then “Select the image you would like to save:” Pick “Active chart” at “600 x 600 pixels” then click “OK”
Save anywhere you want i.e. Desktop.

Then when you enter to post comments go down to “Manage Attachments” click that.
Then click “Browse” to find your pic you want to attach, i.e. Desktop.
Click the pic you want and hit “Open”, Then hit “Upload”.
Wait for it to upload then close the “Manage Attachments” window. Then make sure you hit the “Submit Reply” button that is under the “Manage Attachments” button.
Done.
Indicators show the past. Price Action "Indicates" the future.
  • #26,350
  • Apr 7, 2009 2:10am Apr 7, 2009 2:10am
Quoting Lou
Except for about 6 weeks out of the year I can only manipulate my trades during the late Sydney to mid Asian sessions and then again, just prior to the US session.
.............................................................
Something else I have not thought of __________________

.....................................................

Thanks

Lou
I'm not wise, otherwise would be a millionaire by now....
but I use this EA to take the trade to b/e or any price .

have a great day
Attached File(s)
File Type: ex4 Swiss Army EA v1.51.ex4   29 KB | 546 downloads
  • #26,351
  • Apr 7, 2009 2:32am Apr 7, 2009 2:32am
Quoting Lou
Except for about 6 weeks out of the year I can only manipulate my trades during the late Sydney to mid Asian sessions and then again, just prior to the US session.
So that means most price action occurs when I can only watch or am sleeping....
Hi Lou

I have a similar problem. I live in NZ and I only look at charts in the evenings (7:00 pm NZT = 7:00 am GMT). My daily bars rollover at midnight Central Europe Time (GMT+1, Alpari broker), so the last fully formed daily bar is already 6 - 8 hours old when I look.

I'm OK moving stop-loss orders to manage open positions then but I feel the price action to enter on is old by the time I see it.

The attached chart is an example. I may not have taken the trade because it's against the trend and I'm not confident I could get break-even established quick enough, but the point is it's too late to enter.

Any ideas are welcome.

Cheers
Jellybean

P.S. How do you submit charts as thumbnails instead of attached images?
Attached Image
  • #26,352
  • Apr 7, 2009 3:13am Apr 7, 2009 3:13am
Quoting Jellybean
Hi Lou

I have a similar problem. I live in NZ and I only look at charts in the evenings (7:00 pm NZT = 7:00 am GMT). My daily bars rollover at midnight Central Europe Time (GMT+1, Alpari broker), so the last fully formed daily bar is already 6 - 8 hours old when I look.

I'm OK moving stop-loss orders to manage open positions then but I feel the price action to enter on is old by the time I see it.

The attached chart is an example. I may not have taken the trade because it's against the trend and I'm not confident I could get break-even established...
It's something you'll need to get used to Jellybean,

I get to check my daily charts at least 5 hours after the close, and so yes I'll miss a few setups too, I missed the Nu short today but I've stopped cribbing and whining over it,

If you want you could set alarms at the time your daily bar closes but you'll be disturbing your sleep so to say....I on the contrary don't feel the need for any such acts, It's fine if I get to miss a setup (an 8 hour sleep period is more important to me) I do end up taking "most" so it's not a problem for me.

Lou your's a different case,

By the look of you post you seem to be an intraday trader, and I've seen you around on BRV's thread too. I can understand how big a problem you're facing...

If you're a full time trader could you go on to adopt the Owl's nature? I know of a guy Shermantor (who's quite often around the FF threads, PA related ones specially) who stays up all night because he is a full time trader and hence he does it.

But If I were you and had a day job such that I could not afford to stay up all night I would look at 2 scenarios, the first one being a little unrealistic would be to think of moving....the other and what I would most probably have done would be to move away from intraday noise and tight stops and targets, to a more relaxed spacious daily chart environment...BRV method is a good ppz based PA system and should work just as well on the higher tfs I suppose, no? As for James16 stuff it's actually more reliable on the higher tfs

Regards,
Ghous.
I believe . . .
  • #26,353
  • Edited 3:28am Apr 7, 2009 3:14am | Edited 3:28am
Quoting ady27
I'm not wise, otherwise would be a millionaire by now....
but I use this EA to take the trade to b/e or any price .

have a great day
I am wondering how wisdom is related to millions...

Lol!
I believe . . .
  • #26,354
  • Apr 7, 2009 3:23am Apr 7, 2009 3:23am
Quoting Lou
Except for about 6 weeks out of the year I can only manipulate my trades during the late Sydney to mid Asian sessions and then again, just prior to the US session.
So that means most price action occurs when I can only watch or am sleeping. Of course not able to move SL to BE.

Some of the strategies I have thought of:
Use Fibs, MAs , PPZs as profit targets and stop placement areas
Use an arbitrary ratio... say 200 pip Tgt and 100 pip SL
Use no Tgt or SL ; use no Tgt but have a SL
Use some kind of calculation regarding the Ave Daily Range or ATR...
i can relate to this also,i had the same problem when i was working(got a couple of months of )my advise to you would be like mike said...stick to higher TFs.i got wippsawed all over trying to manage intraday trades from affar, TPs missed by 10 pips to find im stopped out at a loss when i get home as i wasnt there to take profits or change stops,spiked into loosing trades which i wouldnt be in if i was there to wait for the bar close..etc
dont be tempted mate,i had to get used to missing the moves.
PATIENCE... DISCIPLINE
  • #26,355
  • Apr 7, 2009 3:27am Apr 7, 2009 3:27am
Quoting g_j_hook@yah

i can relate to this also,i had the same problem when i was working(got a couple of months of )my advise to you would be like mike said...stick to higher TFs.i got wippsawed all over trying to manage intraday trades from affar, TPs missed by 10 pips to find im stopped out at a loss when i get home as i wasnt there to take profits or change stops,spiked into loosing trades which i wouldnt be in if i was there to wait for the bar close..etc
dont worry about missing trades yours will come.
yes,

Because the worst and for some the best part abt trading intraday is the need for keeping a tight check on price progression, anything under the daily IMO requires significant market watching...
I believe . . .
  • #26,356
  • Apr 7, 2009 3:39am Apr 7, 2009 3:39am
Still......while I play around with my chart colors
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I believe . . .
  • #26,357
  • Apr 7, 2009 4:04am Apr 7, 2009 4:04am
Pinbar and MACD clasic bulish divergence
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  • #26,358
  • Apr 7, 2009 4:28am Apr 7, 2009 4:28am
Quoting ghous
I am wondering how wisdom is related to millions...

Lol!
I have one possible answer Ghous.

If you seek, listen to, accept, and Practice Practice PRACTICE the "Wisdom" in this thread, you might just make millions..

Morning everyone..
Ghost Rider - WWTBMD?
  • #26,359
  • Apr 7, 2009 4:51am Apr 7, 2009 4:51am
a wise man would never want nor need millions
jus my 2 pips worth.
jon.
youve started something now ghous lol
PATIENCE... DISCIPLINE
  • #26,360
  • Apr 7, 2009 5:01am Apr 7, 2009 5:01am
Good point.

I guess it's all how you look at it though. For me, a wise man seeks to help others. Millions would allow the time and flexibility to reach many more "others"...
Ghost Rider - WWTBMD?
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