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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

  • #30,541
  • May 20, 2009 6:19am May 20, 2009 6:19am
Quoting asen
Hi guys, can anyone confirm that the last 1hr GU bar is a Pinbar? Thank's
Hi Asen
I would not class this as a good pin bar set up...certainly the bar itself is a pinbar...but the close of the bar is below the low of the previous bar...which can then act as resistance...this does not say it will not work out just one of my rules...also the location of the bar itself is the most important factor to consider...on my chart the top of this bar is just below a daily ppz...so again trading into resistance...imho.
  • #30,542
  • May 20, 2009 6:21am May 20, 2009 6:21am
Hi all,

Can anyone share with me a calculator?? im fail in calculation. example , I play in demo 500USD, how much must i play for this amount?? My leverage is 1:100 and it is 0.05 = 50cents 0.10 = 1usd and so on. how much can i play with my 500 amount and how much pip can hold before MC??
  • #30,543
  • May 20, 2009 6:22am May 20, 2009 6:22am
thank's for the explaination guys
  • #30,544
  • May 20, 2009 6:35am May 20, 2009 6:35am
Divergnce as a tool for trading is quite new for me...so I was asking if this would be classed as divergence(short gold diagonal lines)...so making us look for the right set up to go long rather than short in this instance...or do i need to look at the MACD pattern over a longer period of bars (longer blue diagonal lines, which does not show divergence in this case)?
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  • #30,545
  • May 20, 2009 6:39am May 20, 2009 6:39am
Quoting aLLerGic
Hi all,

Can anyone share with me a calculator?? im fail in calculation. example , I play in demo 500USD, how much must i play for this amount?? My leverage is 1:100 and it is 0.05 = 50cents 0.10 = 1usd and so on. how much can i play with my 500 amount and how much pip can hold before MC??
This one is nice

http://www.mataf.net/en/tools/risk-m...osition-sizing
  • #30,546
  • May 20, 2009 6:49am May 20, 2009 6:49am
Quoting alter
This one is nice

http://www.mataf.net/en/tools/risk-m...osition-sizing

Thanks alter, but it looks like hard for me to understand it. Do u have a calculator in excel format??

Thanks
  • #30,547
  • May 20, 2009 7:10am May 20, 2009 7:10am
Quoting aLLerGic
Thanks alter, but it looks like hard for me to understand it. Do u have a calculator in excel format??

Thanks
Try the link below.

http://www.forexfactory.com/attachme...1&d=1217076238

http://www.forexfactory.com/attachme...9&d=1217076248
  • #30,548
  • May 20, 2009 7:24am May 20, 2009 7:24am
Jlr,

My most recent exit strategy went something like this: Risk 2% of account placing stop loss 10 pips above/below the pinbar/outside bar/etc while splitting the trade into 3 positions. At first major PPZ take profit on position #1 while moving stop loss on position #2 to break even plus/minus the profit taken from position #1. Stop loss of position #3 is set to BE at this point. This would provide a BE trade in a worst case scenario. Stop loss #3 is moved to just behind the PPZ where position #1 profit would be taken if position #2 is reaches its target (the next major PPZ). Profit target for position #3 is the next major PPZ after the target for position #2.

I borrowed many characteristics of this strategy from Josh. This has only been tried with a handful of trades, so I have no idea whether it is a valid exit strategy. That's one major reason why I need to backtest. Of course, no exit strategy can succeed without being picky and only taking the best setups.

Quoting Jlr
Great post, I can relate on many many accounts. Out of curiosity, which exit strategy have you been using? I'm still trying to fine tune mine. I thought I had it down, but after backtesting, my previous one was pretty horrible. Goes to show, still tons to learn, just have to keep plugging away. Certainly enjoying the challenge of this all.
  • #30,549
  • May 20, 2009 7:26am May 20, 2009 7:26am
Guys

Thanks for all the replies, much appreciated. Maybe I have to be more disciplined with my scanning of the charts. In the long term I want to take ONLY high probability setups and they do not seem to come along that often. However, I have made progress as I have gone a few weeks without taking a trade - in the past I would just have taken low probability setups and ended up losing. So at the very least I am learning patience!
PA is where its at!!
  • #30,550
  • May 20, 2009 7:29am May 20, 2009 7:29am
Quoting bertie123
Hi guys

Its been a while since I posted so I hope you are all doing well. I am now 1 month into my initial 3 month period on daily/weekly and have not taken 1 trade yet!!! Although I did miss acouple of good ones 2 weeks ago, there seems to have been very little in the way of A+ setups these last few weeks and I must confess to being a little bit frustrated!

Anyone else finding this lack of opportunities recently or am I missing something?
Good trading all,

berti
Most of the trades I've taken lately have been for quick profits , not A+ type trades, so you're not imagining the frustrating times. Keep up the waiting Bertie.

You may have to repeat the following action for a an unknown time...

If you're not seeing anything pack up for the day and drop in again tomorrow.

I am.
Bundy's status today: "Waiting..."
  • #30,551
  • May 20, 2009 7:38am May 20, 2009 7:38am
Quoting bertie123
Guys

Thanks for all the replies, much appreciated. Maybe I have to be more disciplined with my scanning of the charts. In the long term I want to take ONLY high probability setups and they do not seem to come along that often. However, I have made progress as I have gone a few weeks without taking a trade - in the past I would just have taken low probability setups and ended up losing. So at the very least I am learning patience!
It's ALWAYS better to stay out of a trade because you think there is something wrong with it than to take a trade despite knowing there is something wrong with it.
Additionally, a 'good setup' depends on your exit strategy. If you are planning to take profit at first ppz or after 30-50 pips, then yes, there have been several opportunities in May. If you are trying for 1R or more however, there have been only a few. It's not fair to say there have been a lot of good setups without also mentioning the exit strategy. Markmm partially alluded to this.

Or maybe I'm wrong,

Josh
  • #30,552
  • May 20, 2009 7:44am May 20, 2009 7:44am
Quoting bertie123
Guys

Thanks for all the replies, much appreciated. Maybe I have to be more disciplined with my scanning of the charts. In the long term I want to take ONLY high probability setups and they do not seem to come along that often. However, I have made progress as I have gone a few weeks without taking a trade - in the past I would just have taken low probability setups and ended up losing. So at the very least I am learning patience!
I think you are mixing up a high probability trade with good R:R trades. There are lots of high probability trades on the daily probably a few a week that will have a high probability of giving you profit. There are also one or two (if any) of high probability that will give you 500-2000 pips, if you are waiting for these then that's fine, however some of these ones that don't look A++ will turn round and give you a good run, if you have a good exit strategy you can catch that.
Economists have forecast 9 out of the last 5 recessions
  • #30,553
  • May 20, 2009 7:50am May 20, 2009 7:50am
Quoting Jduester
It's ALWAYS better to stay out of a trade because you think there is something wrong with it than to take a trade despite knowing there is something wrong with it.
Additionally, a 'good setup' depends on your exit strategy....
Right on Josh
Economists have forecast 9 out of the last 5 recessions
  • #30,554
  • May 20, 2009 7:56am May 20, 2009 7:56am
Quoting markmm
Right on Josh
I'd rather be out of a trade wishing I was in it than in a trade wishing I was out of it...

And no smarty pant comments about me always being out of it either!
  • #30,555
  • May 20, 2009 8:24am May 20, 2009 8:24am
Good am all,another way of finding good trades is marking those wk ppzs and find a pair thats trending and wait for it to pull back to that level and watch pa there then get in with the trend.If it doesnt pullback wait till it reaches a wk ppz usually a round number and let it prove to you support or resistance in your desired direction and enter there. Youll find s/l at these points can be very minimal 30pips has been my usual but watch pa.Good example is A/U I wanted it to pull back to7300 level watch pa and go long it didnt but look at 7700 right now one could watch pa there got in.I shorted U/C at 1.1800 because its an obvious major wk ppz pullback got in direction of recent trend and then added on at 1.1700 %3 my 1st entry had me almost covered so I never really had more than %1 at risk my tp 1.1500 hit this am, another obvious ppz.Just for the heck of it watch 1.1500 if it turns resistance looks like 1.1300 could happen. I agree there hasnt been alot of nice day bars but 4 those who have the time check these ppzs out its worth it cant tell you how much this has helped my trading and its not hard to do. Hope this helps somebody as much as its helped me!!
  • #30,556
  • May 20, 2009 8:46am May 20, 2009 8:46am
Looks like the morning news out of Canada wasnt well recieved wish Id got out of bed earlier
  • #30,557
  • May 20, 2009 9:02am May 20, 2009 9:02am
If it pullsback and this fib proves resistance could be short time actually the 50 fib is better some old days lows.
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  • #30,558
  • May 20, 2009 10:05am May 20, 2009 10:05am
Quoting PipGator

I believe I have had my second "Ahah Moment".

Muchas Gracias,

PipGator
Thanks for sharing Pip. Everyone has been in your shoes or will be in your shoes at some point. Any of us who now can pull profit from the market have had many many months/years of being sick to our stomach with tears in our eyes. Then you have times in the learning curve where you think you might be there, and then all of a sudden you find yourself back at the starting line. It is just part of it. Those that come out the other end realize that it was a journey worth taking good or bad, but don't wish the process on ANYONE.

Glad to see you have an aha moment, going back and following James' course of action.

Keep at it
Mike
  • #30,559
  • May 20, 2009 10:35am May 20, 2009 10:35am
Here are two pin bars in conjunction with to confirming RSI Negative Reversals. One starts the move to the downside, the second signals a continuation.
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  • #30,560
  • May 20, 2009 10:38am May 20, 2009 10:38am
Quoting PipGator
Jlr,

My most recent exit strategy went something like this: Risk 2% of account placing stop loss 10 pips above/below the pinbar/outside bar/etc while splitting the trade into 3 positions. At first major PPZ take profit on position #1 while moving stop loss on position #2 to break even plus/minus the profit taken from position #1. Stop loss of position #3 is set to BE at this point. This would provide a BE trade in a worst case scenario. Stop loss #3 is moved to just behind the PPZ where position #1 profit would be taken if position #2 is reaches...
I like that one, its a little confusing, but seems to work well. I agree, backtesting for yourself isn't such a bad idea. Never know what you will come across. I'm going to plug a few totally random types of exit strats this weekend, see if I can come up with anything. Should be fun at the very least, I actually really enjoy doing that stuff. I'm with you too on going back to demo, the way I see it, there is sooooo much time to trade. Rather just get it right, and save all of the stress. Last thing I want to do is knock myself out of the game, what a horrible waste that would be. Such a good thing going here, I plan to take advantage of it
Just out of curiousity, which trades did you have problems with? I only real noteable daily that has totally failed lately was that AUD/USD from my memory. I would think with your exit strat, you would have protected yourself in most situations. Perhaps my memory is just bad though. Personally, my biggest problem is the lower TFs. Its really pretty tough with a small account not to be tempted, but with my failures, I am QUICKLY getting over that lol. I may just instead of demoing, wait for the absolute best trades, total james style, at least until I am a lot more comfortable and confident. The big guy has proven to be right time and time again, I wish I would of just listened from the start. Best of luck
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