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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

  • #27,761
  • Apr 22, 2009 10:46am Apr 22, 2009 10:46am
Quoting Jigsaw
Oh lovely , now it decides to go down

Another victim reporting in

I was trying to get snazzy with a 1HR BEOB (The earlier one, not the one that is just after working lol) . . . Needless to say, -1%
LOL
  • #27,762
  • Apr 22, 2009 10:47am Apr 22, 2009 10:47am
Quoting bertie123
Guys

Did not take UC and EC pins because IMHO they were not A+ setups. Hope the trades work out for anyone who took them. I am patiently awaiting the next A+ setup which comes along.......whenever that may be. Trying to teach myself that trading is about mostly.....waiting.

Good trading to all,

berti
This is how you get there bertie. You wait, and wait, and wait some more. And when you see others trading something that doesn't fit your plan, you don't flinch.

Keep at it

Mike
  • #27,763
  • Apr 22, 2009 10:48am Apr 22, 2009 10:48am
Just to chime in on this subjects of aggressive stops....

It takes me a few seconds to scan a pair on the dailies to see if there is a bar. If there is, then I look for the locations and confluences. I don't really worry about too much else. (indicators, fundamentals don't mean much to me). This means I can check a lot instruments every night.

To those of you that are thinking about being aggressive and squeezing pips out of every trade, can I suggest possibly widening your remit to learn about futures, stock, indices.... in fact everything with a chart. My plan is to eventually trade all these, some on weekly only some weekly and daily.

That way, with all the extra opportunities, I can keep my entries simple. Entry on the breach, stop on the other side of the bar. It seems like it might be an easier and more stress free way of gaining the extra pips, than trying to squeeze them out of every forex trade with retrace entries.

Of course everyone trades differently so it's just an alternative point of view. Clockwork71's silent service thread is great for talking about price action setups on stocks as well.
  • #27,764
  • Apr 22, 2009 10:52am Apr 22, 2009 10:52am
Quoting layton
So what's consensus on the USD/CAD?
you're joking right....?

Running a business based on what others (not interested in your personal success) have to say, is not the best way to run a successful enterprise.

Have a look at a bigger picture and see what are your chances...
.
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  • #27,765
  • Apr 22, 2009 10:53am Apr 22, 2009 10:53am
Quoting bertie123
Guys

Did not take UC and EC pins because IMHO they were not A+ setups. Hope the trades work out for anyone who took them. I am patiently awaiting the next A+ setup which comes along.......whenever that may be. Trying to teach myself that trading is about mostly.....waiting.

Good trading to all,

berti
I agree with you, imho it was in no mans land, if it was up at 6350 area then it has PZ and 50 fib, it would have been A+ setup. See my chart.

I am only taking daily/weekly trades at the moment you need to be patient and markup all the pairs your broker gives. Im sure we will get A setups once a week min.

What do the guys think, how often do A-A+ setps occur over all the (not exoctic) pairs ?
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Economists have forecast 9 out of the last 5 recessions
  • #27,766
  • Apr 22, 2009 10:55am Apr 22, 2009 10:55am
Quoting adam777
Hi Jarroo

Tia mentioned not using aggressive stops. Do you place your stops bellow the eye of the pin or under the pin. ... if the question is too personal then I am sorry. I have seen everyone placing their stop differently.

On this pair, I tend to use 30 to 40 pip stops, be it on the hourly or weekly. On this 30 min trade, it was just below the left eye for about 26 pip. This was my maximum loss I would take on this trade. If Price didn't break as it did, I would have be out with a much smaller loss.

Most importantly, above all of this discussion, is that these PA setup are "A" catagory setups, in my view. The ideal is the A+ PA setup where stop losses don't even come into play most of the time. I tend to be more aggressive in catagorizing/measuring PA setups.
Indicators show the past. Price Action "Indicates" the future.
  • #27,767
  • Apr 22, 2009 10:57am Apr 22, 2009 10:57am
Quoting markmm
I agree with you, imho it was in no mans land, if it was up at 6350 area then it has PZ and 50 fib, it would have been A+ setup. See my chart.

I am only taking daily/weekly trades at the moment you need to be patient and markup all the pairs your broker gives. Im sure we will get A setups once a week min.

What do the guys think, how often do A-A+ setps occur over all the (not exoctic) pairs ?
Well it depends on how aggressive you are. Some people might trade more, take smaller take profits, get stops to b/e. For example someone that does that will have more daily/weekly trades then me. So I might have 2-5 a month, they might have 10-15.

Saying something is an A or A+ is up to the persons methods. I have different measuring scale and how I go about trading 4hr/1hr then I do daily/weekly. Only cause it is what I have ended up on as being most comfortable.

But the general answer is they are rare enough that if you are making 4-5 trades a day you are going to be over trading(this is in the classical PA sense of a A+ pinbar etc).

Best
Mike
  • #27,768
  • Apr 22, 2009 10:58am Apr 22, 2009 10:58am
Quoting TiaForex
Just to chime in on this subjects of aggressive stops....

It takes me a few seconds to scan a pair on the dailies to see if there is a bar. If there is, then I look for the locations and confluences. I don't really worry about too much else. (indicators, fundamentals don't mean much to me). This means I can check a lot instruments every night.

To those of you that are thinking about being aggressive and squeezing pips out of every trade, can I suggest possibly widening your remit to learn about futures, stock, indices.... in fact everything...
I agree with you, one of the things that tempts me into lower TFs ie 4 hr is more trading oppurtunites, however I would prefer to stick to daily/weekly as its easier to manage when you are working, and of course everything is more reliable. Is there a way we can access all these other markets through meta traders?
Economists have forecast 9 out of the last 5 recessions
  • #27,769
  • Apr 22, 2009 11:00am Apr 22, 2009 11:00am
Quoting Jigsaw
Oh lovely , now it decides to go down

Another victim reporting in

I was trying to get snazzy with a 1HR BEOB (The earlier one, not the one that is just after working lol) . . . Needless to say, -1%

Dude that David Caruso comic was hilarious.

LIR
  • #27,770
  • Apr 22, 2009 11:01am Apr 22, 2009 11:01am
Quoting markmm
I agree with you, one of the things that tempts me into lower TFs ie 4 hr is more trading oppurtunites, however I would prefer to stick to daily/weekly as its easier to manage when you are working, and of course everything is more reliable. Is there a way we can access all these other markets through meta traders?
FXpro offers charting for the most outside forex markets that I know of equities/futures. But only a handful of each, but still nice to keep an eye on if you are in demo phase
  • #27,771
  • Apr 22, 2009 11:03am Apr 22, 2009 11:03am
Quoting markmm
I agree with you, one of the things that tempts me into lower TFs ie 4 hr is more trading oppurtunites, however I would prefer to stick to daily/weekly as its easier to manage when you are working, and of course everything is more reliable. Is there a way we can access all these other markets through meta traders?
odl have a lot - indices/fx/commods/stocks
  • #27,772
  • Apr 22, 2009 11:03am Apr 22, 2009 11:03am
Quoting markmm
I agree with you, one of the things that tempts me into lower TFs ie 4 hr is more trading oppurtunites, however I would prefer to stick to daily/weekly as its easier to manage when you are working, and of course everything is more reliable. Is there a way we can access all these other markets through meta traders?
I access all markets through thinkorswim - their charting is the best imvho, my forex broker is Oanda
Money & Pain Respect the market, protect your capital, be patient
  • #27,773
  • Apr 22, 2009 11:17am Apr 22, 2009 11:17am
Quoting jarroo
On this pair, I tend to use 30 to 40 pip stops, be it on the hourly or weekly. On this 30 min trade, it was just below the left eye for about 26 pip. This was my maximum loss I would take on this trade. If Price didn't break as it did, I would have be out with a much smaller loss.

Most importantly, above all of this discussion, is that these PA setup are "A" catagory setups, in my view. The ideal is the A+ PA setup where stop losses don't even come into play most of the time. I tend to be more aggressive in catagorizing/measuring...
While it's "Question Jarroo day"...

When you say 26 pip stop, does your MM mean that you trade a fixed percentage of your account per trade? Or do you base it on say 1R for the full bar and then have your stop behind the second eye thus reducing the risk.

I'm genuinely curious as to how others manage it. As we know, a smaller stop means nothing if the percentage of the account risked is the same.
  • #27,774
  • Apr 22, 2009 11:24am Apr 22, 2009 11:24am
Quoting mbqb11
FXpro offers charting for the most outside forex markets that I know of equities/futures. But only a handful of each, but still nice to keep an eye on if you are in demo phase
Looking at it now, offers much more. Why do you say in demo? Would you not use it live?
Economists have forecast 9 out of the last 5 recessions
  • #27,775
  • Apr 22, 2009 11:28am Apr 22, 2009 11:28am
Quoting markmm
Looking at it now, offers much more. Why do you say in demo? Would you not use it live?
I know nothing about their live offerings, and just prefer to stick with bigger name non mt4 brokers. If you have specific broker questions I would rather chat via PM/email

I use them for my charting and trade with other brokers

Best
Mike
  • #27,776
  • Apr 22, 2009 11:31am Apr 22, 2009 11:31am
Quoting TiaForex
While it's "Question Jarroo day"...

When you say 26 pip stop, does your MM mean that you trade a fixed percentage of your account per trade? Or do you base it on say 1R for the full bar and then have your stop behind the second eye thus reducing the risk.

I'm genuinely curious as to how others manage it. As we know, a smaller stop means nothing if the percentage of the account risked is the same.
Higher time frames like the Daily and Weekly some times the 4 hour, I'll use full position of 2-3%. Lower time 1%, again depending how I measure the quailty of the setup. It's a fixed percentage of my account.
Indicators show the past. Price Action "Indicates" the future.
  • #27,777
  • Apr 22, 2009 11:31am Apr 22, 2009 11:31am
another trading plan drafted this morning..

1.break of a daily ppivot
2.retrace to rac's favorite
3.blind entry short
4.stop above 61fib and ppz confl
5.free trade now with some profit locked
6.tp? everyone knows, I posted in reply to hipcio few days ago

p.s. now that I think about it. it's somehow similar to what James was talking about in his BEST EVER webinar last night..., or perhaps I'm seeing things... quite possible..
.
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  • #27,778
  • Apr 22, 2009 11:42am Apr 22, 2009 11:42am
Quoting mbqb11
I know nothing about their live offerings, and just prefer to stick with bigger name non mt4 brokers. If you have specific broker questions I would rather chat via PM/email

I use them for my charting and trade with other brokers

Best
Mike
Ok thanks for the info, I will stick to forex until off demo mode then move onto other markets as I grow in confidence and proficency. I think its key for me to stay on daily/weekly.
Economists have forecast 9 out of the last 5 recessions
  • #27,779
  • Apr 22, 2009 12:04pm Apr 22, 2009 12:04pm
Let me add my 2 cents to this discussion...

I initially started by being very conservative and placing stops above the Pin or OB and entering ONLY if it breaks (which I still do). I did a back test of all my trades for the past 2-3 months with using a Stop of 50% of the size of the pin (this can line up approximately with the left eye) and enter only if the Pin breaks.

The results were an improvement of total profit because the smaller stop would increase my position size so it would increase the winners $ size. On the other hand the smaller stop will increase the frequency of the losers as expected. However as a total my $ winnings would have been bigger (offset by the larger winners), so this method could work. I'm planning on using a variation of this method with variable SL size depending on the trade.

Rubin.

Quoting TiaForex
This is exactly what I meant. Go back over my post and you'll see that I said that nothing in my testing shows anything to warrant an entry before the breach. That's just me. Rac is hugely profitable doing this.

What I meant was that entering after the breach, if you were minded to be aggressive (and I'm not) you could set your stop above the left eye. I'm pointing this out to show that there are ways to be aggressive and still wait for the breach.

Personally I want to keep things simple for now. And today it's saved my bacon.

Jim, would...
  • #27,780
  • Apr 22, 2009 12:14pm Apr 22, 2009 12:14pm
Quoting raczekfx
another trading plan drafted this morning..

1.break of a daily ppivot
2.retrace to rac's favorite
3.blind entry short
4.stop above 61fib and ppz confl
5.free trade now with some profit locked
6.tp? everyone knows, I posted in reply to hipcio few days ago

p.s. now that I think about it. it's somehow similar to what James was talking about in his BEST EVER webinar last night..., or perhaps I'm seeing things... quite possible..
.

looks a bit like this one..
still on holliday but happened to see this one .
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