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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

  • #32,421
  • Jun 5, 2009 3:03pm Jun 5, 2009 3:03pm
actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven.

this covers 3 areas.

1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.

2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.

3. BREAKEVEN LEVEL ALERT - a conservative area where im as certain as possible where price will reach and give me the CHOICE/CHANCE at a free trade and a possible runner.

As i have told you guys many times in the past breakevens in my world are wins.





Quoting Marco
Hey Jim,

got a question to that chart and your trade in the USD/CAD.

If I got it right you traded it like this:

- You went long at a break of the high of the pinbar and set your SL below the pinbar. You had then an inital risk of around 15k.
- Trade came back quickly you couldn't move to breakeven or take profits
- You took a 30 pip SL, or 3k as you said because as you say you couldn't take more risk/drawdown/losses which I understand because 3k is already a lot of money.

Now my question is why don't you set your stoploss at those 30 pips...
  • #32,422
  • Jun 5, 2009 3:07pm Jun 5, 2009 3:07pm
Quoting markmm
Simple yet powerful and importantly profitable. Thanks from saving us all from indicator hell.
Absolutely.

I just noticed something on Jim's son chart. This should be fun.

Jim said out of the 9 Outside Bars (BUOB,BEOB) he only took 6 of them.

I wonder why he didn't take the other 3?

Does anybody know why?

http://www.forexfactory.com/showpost...ostcount=32296

(Sorry I cant post charts right now)
Indicators show the past. Price Action "Indicates" the future.
  • #32,423
  • Jun 5, 2009 3:11pm Jun 5, 2009 3:11pm
thanks krue,

jim

Quoting krue
you are definitely a hero, kids are blind to what they have. that's where they start growing up. very glad to see you are a super dad.
  • #32,424
  • Jun 5, 2009 3:13pm Jun 5, 2009 3:13pm
nice g,

jim

Quoting g_j_hook@yah
gb/chf...closed @ +160ish. ( happy that i put the 1.5% back in my sub acc. lol)Im now flat for the weekend.
BEER!!!!!!
then on to those weekly bars.
have good weekend yawl
jon
  • #32,425
  • Jun 5, 2009 3:15pm Jun 5, 2009 3:15pm
this is a good post and describes my style very well. perhaps the best short explanation of my trading style ive seen posted here.

no doubt go knows me from many hours of reading this thread.

my "style" came about from one long 8 year nightmare....losing over and over with a "small" account because the dollar amounts win or lose didnt MEAN anything to me. those small accounts eventually added up to a healthy 6 figure amount lost.


when the money , wins and losses, became huge to me mentally my trading turned around. obviously it helped to have 8 years of experience to go with it.

jim





Quoting gorubin
Hi Marco,

I had these same questions so I'm glad you brought them up.

From what I understand from reading this thread for many months Jim's style could best be characterized as a manual trailing stop that is even initially very tight. What this produces is many B/E trades because a lot of trades do move 30-50 pips so you're automatically at B/E and this could be a lot of trades. The ones that move to 150 you automatically have a large profit which you never let escape or turn into a loss. The minority of your trades will be the -30. So there...
  • #32,426
  • Jun 5, 2009 3:22pm Jun 5, 2009 3:22pm
Quoting james16
actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven.

this covers 3 areas.

1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.

2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.

3. BREAKEVEN LEVEL ALERT...
I had a trade this week where I was up 110 pips had a trailing stop of 100. I finished with 17 pips. I hate this, it was a good trade, but im going to start taking profit at the first destination (last few lows or highs). Price usually gets to it and this is where your high probabilty lies getting to that first s/r, after that it may go further or may retrace.
Economists have forecast 9 out of the last 5 recessions
  • #32,427
  • Jun 5, 2009 3:24pm Jun 5, 2009 3:24pm
hi guys! after a lot of reading through the posts and my own setup and analisys i managed to enter 2 trades last night, one on eur/usd and another on usd/cad. maybe beginers luck...but managed to enter playing s/r suports plus bar analisys on daily TF. right now i'm +217pips on eur/usd and +208 on usd/cad.... i attatched my charts... what you guys think of it?
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  • #32,428
  • Jun 5, 2009 3:25pm Jun 5, 2009 3:25pm
yes i agree with hip.

very nice example of trading off of a well defined pivot.

Quoting HipsterPipster
Great job Ghous.
  • #32,429
  • Jun 5, 2009 3:27pm Jun 5, 2009 3:27pm
LOL. yes he would and he has his 100 pips banked.

jim

Quoting jarroo
Just thought I'd update this one. I'm sure Jim's son would say "sure that makes sense. "
  • #32,430
  • Jun 5, 2009 3:30pm Jun 5, 2009 3:30pm
Quoting james16
actually what i usually do is set the full bar stop, place an alert at 25 to 35 pips in case of a quick reversal and an alert where i intend to go breakeven.

this covers 3 areas.

1. FULL BAR STOP - a potential/possible catastrophe scenario with the full bar stop.

2. QUICK REVERSAL ALERT - a CHOICE/CHANCE with the alert set at aprox 30 pips to MANIPULATE the full bar stop or get out with a very "small" loss. I WANT CONTROL OVER THE TRADE. I DONT WANT THE TRADE TO CONTROL ME.

3. BREAKEVEN LEVEL ALERT - a conservative...
This is a good post and describes my style very well.
Indicators show the past. Price Action "Indicates" the future.
  • #32,431
  • Jun 5, 2009 3:31pm Jun 5, 2009 3:31pm
Quoting markmm
I had a trade this week where I was up 110 pips had a trailing stop of 100. I finished with 17 pips. I hate this, it was a good trade, but im going to start taking profit at the first destination (last few lows or highs). Price usually gets to it and this is where your high probabilty lies getting to that first s/r, after that it may go further or may retrace.
Haha! I 've been there Markmm. It took me a while to figure out how to take profit as the price moves. I'll probably tweak my management as I gain more experience. Truly frustrating when you have a great trade turn into a small gain. Depending on how your broker platform works, you might decide that taking a fraction of your position off the table is best or you might open more than one position and close each as targets are acheived.

K.I.S.S.
  • #32,432
  • Jun 5, 2009 3:31pm Jun 5, 2009 3:31pm
Quoting timf1979
hi guys! after a lot of reading through the posts and my own setup and analisys i managed to enter 2 trades last night, one on eur/usd and another on usd/cad. maybe beginers luck...but managed to enter playing s/r suports plus bar analisys on daily TF. right now i'm +217pips on eur/usd and +208 on usd/cad.... i attatched my charts... what you guys think of it?
Great results so far, really excellent. Make sure you have an exit stategy and lock in those profits when you can. The charts though look a bit full, but with results like those then you are fine.
Economists have forecast 9 out of the last 5 recessions
  • #32,433
  • Jun 5, 2009 3:33pm Jun 5, 2009 3:33pm
Quoting KissFan
Haha! I 've been there Markmm. It took me a while to figure out how to take profit as the price moves. I'll probably tweak my management as I gain more experience. Truly frustrating when you have a great trade turn into a small gain. Depending on how your broker platform works, you might decide that taking a fraction of your position off the table is best or you might open more than one position and close each as targets are acheived.

K.I.S.S.
Thanks KISS, good advice, im definatley moving to BE, and taking profit at first area of S/R.
Economists have forecast 9 out of the last 5 recessions
  • #32,434
  • Jun 5, 2009 3:34pm Jun 5, 2009 3:34pm
Quoting timf1979
hi guys! after a lot of reading through the posts and my own setup and analisys i managed to enter 2 trades last night, one on eur/usd and another on usd/cad. maybe beginers luck...but managed to enter playing s/r suports plus bar analisys on daily TF. right now i'm +217pips on eur/usd and +208 on usd/cad.... i attatched my charts... what you guys think of it?
Congrats timf1979!

I would say it's not beginners luck but well thought out PA entry and trade management that inflated your balance. What a way to end the week. Stay patient!

K.I.S.S.
  • #32,435
  • Jun 5, 2009 3:36pm Jun 5, 2009 3:36pm
Quoting markmm
Great results so far, really excellent. Make sure you have an exit stategy and lock in those profits when you can. The charts though look a bit full, but with results like those then you are fine.
Well indeed a bit full mainly because of my pivots+s/r indis. as far as profits locks i took half already. and the reast is BE.
I still have to finish my reading through the posts on the thread...i'm more than halfway already. but loving this strategie.... the future indeed is in the PA not on indis....
  • #32,436
  • Jun 5, 2009 3:37pm Jun 5, 2009 3:37pm
Quoting james16
LOL. yes he would and he has his 100 pips banked.

jim
That's great. I'm sure he wasn't wondering why it reversed. He knew exactly why. Just like all of us here.
Indicators show the past. Price Action "Indicates" the future.
  • #32,437
  • Jun 5, 2009 3:37pm Jun 5, 2009 3:37pm
Quoting KissFan
Congrats timf1979!

I would say it's not beginners luck but well thought out PA entry and trade management that inflated your balance. What a way to end the week. Stay patient!

K.I.S.S.
Thanks for all the support KissFan! indeed a good way to end the week!.
  • #32,438
  • Jun 5, 2009 3:40pm Jun 5, 2009 3:40pm
This is chart pattern that I want to share. My english it's not well, so this is the link that describe the pattern. http://stockcharts.com/school/doku.p...nd_run_reversa

This is the same pattern that I posted today (USD/JPY).

happy weekend!
Attached Image(s) (click to enlarge)
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What does not kill me makes me stronger. Friedrich Nietzsche,
  • #32,439
  • Jun 5, 2009 3:42pm Jun 5, 2009 3:42pm
Quoting markmm
Thanks KISS, good advice, im definatley moving to BE, and taking profit at first area of S/R.
If you are trading daily, you might also use some fib levels that overlap a 150ema/365ema or round number to watch carefully for a reversal. Price will not always traverse from one PPZ to another. This is how I tried trading for a while. Last summer I stood pat while a GJ trade of 700 pips profit reversed and stopped me out at BE because "it was supposed to go all the way to the next PPZ". I'll pull some profit off the table before I bet that price will hit the next PPZ and I'll do my level best to find those areas.

K.I.S.S.
  • #32,440
  • Jun 5, 2009 3:42pm Jun 5, 2009 3:42pm
Quoting james16
nice g,

jim
thanx....to you
jon
PATIENCE... DISCIPLINE
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