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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

  • #30,261
  • May 18, 2009 6:06am May 18, 2009 6:06am
Another assault of the minor PPZ at 0,7615...
Not so confident with this setup as i was when i entered; BUT.."be patient bakko, be patient..be patient!" Lets see what happens.
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  • #30,262
  • May 18, 2009 6:10am May 18, 2009 6:10am
Quoting advfntrader
was thinking of a strategy at the weekend related to pinbars, a good hourly pin will usually break hard for 10-20 pips, so basically this strategy involves going in big for 10 pips a day, 5 days a week. thats all you need to live nicely.

anyone tried this ?

probelm I see is that you need big account to practice proper risk/reward but if the pinbar breaks fast...
I use this strat a lot but only to add to my winning trades,for example if i'm say 150 pips to the good i will try and keep what i call my main trade open for as long as i can, but if 1 hr pin forms, i will open another trade going in a bit heavier and look to make between 15-30 pips,if it goes wrong you still have your main trade to let run.
  • #30,263
  • May 18, 2009 6:13am May 18, 2009 6:13am
Quoting bakko85
Another assault of the minor PPZ at 0,7615...
Not so confident with this setup as i was when i entered; BUT.."be patient bakko, be patient..be patient!" Lets see what happens.
Yeah I reduced my stop on this, its taking too long, I dont like being locked in a trade that isnt doing anything.
Economists have forecast 9 out of the last 5 recessions
  • #30,264
  • May 18, 2009 6:16am May 18, 2009 6:16am
Quoting bakko85
Another assault of the minor PPZ at 0,7615...
Not so confident with this setup as i was when i entered; BUT.."be patient bakko, be patient..be patient!" Lets see what happens.
take some karmo pills bro..patience is the name of the game!, can you handle it?....
Imanuel Parsifal
  • #30,265
  • May 18, 2009 6:32am May 18, 2009 6:32am
Quoting markmm
Yeah I reduced my stop on this, its taking too long, I dont like being locked in a trade that isnt doing anything.

Yep, I took this short last week @ 7490. As soon as it was 10 pips in profit I moved SL to BE because I didn't like the way it was moving. It stopped me out of course and I'm glad it did. Been watching it but made no further moves to get in.
Ghost Rider - WWTBMD?
  • #30,266
  • May 18, 2009 6:50am May 18, 2009 6:50am
Well not having patience sux ... i was hasty in closing this at congestion area but look at it go - thats 300 pips and counting ...
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  • #30,267
  • May 18, 2009 7:05am May 18, 2009 7:05am
Quoting markmm
Yeah I reduced my stop on this, its taking too long, I dont like being locked in a trade that isnt doing anything.
Now that I'm going no lower than the daily bars for a while (nothing aggressive for a while), I re-entered short AUDUSD before the weekend on the 10pip+spread break of the original beob and yes I'm stuck in that trade too. Considering that its a counter-trend trade worth only 90 or so pips to the next PPZ and above a a round number, I guess maybe thats why its going sideways.
WARNING: Don't follow me as I'm just learning
  • #30,268
  • May 18, 2009 7:14am May 18, 2009 7:14am
Quoting advfntrader
was thinking of a strategy at the weekend related to pinbars, a good hourly pin will usually break hard for 10-20 pips, so basically this strategy involves going in big for 10 pips a day, 5 days a week. thats all you need to live nicely.

anyone tried this ?

probelm I see is that you need big account to practice proper risk/reward but if the pinbar breaks fast...
Im sure you could build a good scalping system out of pin bars. I would backtest though. I intend to do some pin bar back testing on daily. I think that given enough pairs you can just trade daily pin bars and make a profit.

I dont know if there has even been a comprehensive test of pin bars on daily on all pairs for all time? Maybe a few of us hear could get together and split up the work to create a document. I think it has to be done with eyes rather than by computer. One idea is to have a central place (web site) to log them (size, date/time, location,nose size etc, results).
Economists have forecast 9 out of the last 5 recessions
  • #30,269
  • May 18, 2009 7:18am May 18, 2009 7:18am
Quoting pipmyride
Well not having patience sux ... i was hasty in closing this at congestion area but look at it go - thats 300 pips and counting ...
Practice some exit strats. I've been doing similar as you, pulling to early all the time, but this weekend I went over and tested a lot of different exit strats, and pulling all at tp1 (r:r1) seems to be the least effective. I've found 2 so far that would have been at least 3x as profitable (only was 100 trade test sample tho)
Josh has a nice pdf up somewhere about it. Really is good food for thought
  • #30,270
  • May 18, 2009 7:24am May 18, 2009 7:24am
Quoting Jlr
Practice some exit strats. I've been doing similar as you, pulling to early all the time, but this weekend I went over and tested a lot of different exit strats, and pulling all at tp1 seems to be the least effective. I've found 2 so far that would have been at least 3x as profitable (only was 100 trade test sample tho)
Never Exit! Let the Market make take you out.

I find trailing stops behind important pa bars or ppz a good way to stay in a trade and catch a move. All trades will behave differetly so having a rigid exit strategy means you will cut your profits.
Economists have forecast 9 out of the last 5 recessions
  • #30,271
  • May 18, 2009 7:29am May 18, 2009 7:29am
Quoting markmm
Never Exit! Let the Market make take you out.

I find trailing stops behind important pa bars or ppz a good way to stay in a trade and catch a move. All trades will behave differetly so having a rigid exit strategy means you will cut your profits.
I tested a similar one to that, and it was very nice. I found one that was a lot easier though, and literally produced the same profits.

I'm starting to look at more robotical means of trying to trade. I believe making decisions as you go only leads to more unwanted variance, unless you are really good. If you can find a completely rules based system that actually works, why not go with it? Your chances of failure will be very slim, as long as you use proper MM and follow your rules.
  • #30,272
  • May 18, 2009 7:29am May 18, 2009 7:29am
Quoting bakko85
Another assault of the minor PPZ at 0,7615...
Not so confident with this setup as i was when i entered; BUT.."be patient bakko, be patient..be patient!" Lets see what happens.

The bulls are making a big effort, to break that level. If they fail again itll be back down and maybe straight through. There is some big AUD news out later, it might cause a break one way or the other.
Economists have forecast 9 out of the last 5 recessions
  • #30,273
  • May 18, 2009 7:29am May 18, 2009 7:29am
Hey guys

Going to be a bit scarce for a while. Just accepted a new contract in Amsterdam starting tomorrow after being out of work for 5 months, so will need to concentrate on that for a while. So no more day trading, which is a shame as i was just getting the hang of it, but will hope to be able to at least trade dailies and weeklies. I will also be continuing my testing in the evenings as soon as i get a laptop.

Thanks to all of you who have helped my learning curve. I reckon this last 5 months will have been the most productive i could have hoped for and will stand me in an excellent position going forward.

Many pips to you all.

Simon
  • #30,274
  • May 18, 2009 7:32am May 18, 2009 7:32am
Quoting Jlr
I tested a similar one to that, and it was very nice. I found one that was a lot easier though, and literally produced the same profits.

I'm starting to look at more robotical means of trying to trade. I believe making decisions as you go only leads to more unwanted variance, unless you are really good. If you can find a completely rules based system that actually works, why not go with it? Your chances of failure will be very slim, as long as you use proper MM and follow your rules.
Yeah I agree with you, I was taking about the typical take profit at 100 pips or 1:1. something like 2 bar stop is a good mechanical one, but you can always override these when it makes sense. (i.e. a pin bar forms against your trade).
Economists have forecast 9 out of the last 5 recessions
  • #30,275
  • May 18, 2009 7:37am May 18, 2009 7:37am
Quoting simoncs
Hey guys

Going to be a bit scarce for a while. Just accepted a new contract in Amsterdam starting tomorrow after being out of work for 5 months, so will need to concentrate on that for a while. So no more day trading, which is a shame as i was just getting the hang of it, but will hope to be able to at least trade dailies and weeklies. I will also be continuing my testing in the evenings as soon as i get a laptop.

Thanks to all of you who have helped my learning curve. I reckon this last 5 months will have been the most productive i could...
You could always get a windows mobile phone and install MT4 on it.! Good luck, dailies are better anyway.
Economists have forecast 9 out of the last 5 recessions
  • #30,276
  • May 18, 2009 7:38am May 18, 2009 7:38am
is there such a system ? not that I know of !

Quoting Jlr
I tested a similar one to that, and it was very nice. I found one that was a lot easier though, and literally produced the same profits.

I'm starting to look at more robotical means of trying to trade. I believe making decisions as you go only leads to more unwanted variance, unless you are really good. If you can find a completely rules based system that actually works, why not go with it? Your chances of failure will be very slim, as long as you use proper MM and follow your rules.
  • #30,277
  • May 18, 2009 7:39am May 18, 2009 7:39am
Quoting markmm
Im sure you could build a good scalping system out of pin bars. I would backtest though....
Mas0n has been extensively testing pinbars and there's some of his ea's floating around to create pinbar dimension statistics. Maybe you'll find something useful:

http://www.forex-tsd.com/suggestions...r-trading.html
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WARNING: Don't follow me as I'm just learning
  • #30,278
  • May 18, 2009 7:45am May 18, 2009 7:45am
Quoting adam777
Mas0n has been extensively testing pinbars and there's some of his ea's floating around to create pinbar dimension statistics. Maybe you'll find something useful:

http://www.forex-tsd.com/suggestions...r-trading.html

Thanks for that, had a quick look but I would rather do my own testing.
Economists have forecast 9 out of the last 5 recessions
  • #30,279
  • May 18, 2009 7:47am May 18, 2009 7:47am
Quoting advfntrader
is there such a system ? not that I know of !
I'm just talking about a rules based profit target system, that doesn't involve any thought whatsoever. By deciding to stray from the plan, whether it be a 1hr pin against you, a 4hr etc, your increasing your chances of failure, if you know the trade you entered in the first place was profitable. If your good enough to where the decisions you make at that point are actually profitable, then more power to you. But if your like me, and miss trade after trade, I'll stick to the easy method.
  • #30,280
  • May 18, 2009 7:50am May 18, 2009 7:50am
Quoting Jlr
I'm just talking about a rules based profit target system, that doesn't involve any thought whatsoever. By deciding to stray from the plan, whether it be a 1hr pin against you, a 4hr etc, your increasing your chances of failure, if you know the trade you entered in the first place was profitable. If your good enough to where the decisions you make at that point are actually profitable, then more power to you. But if your like me, and miss trade after trade, I'll stick to the easy method.
So you are happy to enter on a pin bar, but when you see one the opposite way it somehow doesn't matter?? I don't follow your logic? I am talking about only looking at bars on the TF you traded from, i.e. you see a PB form on daily after entering on a daily PB.
Economists have forecast 9 out of the last 5 recessions
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