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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

  • #34,061
  • Edited 2:43pm Jun 20, 2009 2:29pm | Edited 2:43pm
Quoting TiaForex
Jim,

A few questions for you.

Aaron
Quoting PippingMama
Hello Jaroo,

The most thing concern me is:

Thanks again Jaroo.

Wow. Anything else you guys want to know about? Like my favorite color?

Just kidding, guys. lol Great questions, I'll try to answer them the best I can.

You style is clearly quite hands on once the trade breaks and not of the set and forget type (unless PA is A++, then I guess you can split the positions, set TPs and relax). So do you stay glued to your computer waiting for the break, or do you use alerts? Great setups are the goal to the trades I select, just like it should be for every one that trades this method. I do use alerts if I have multiple setups that I'm watching. But usually (because I'm picky) I don't have many alerts going at one time.

Which sessions do you watch and what do you do when it comes time to sleep? Do you pull the order or sleep with an alert? Sleep? Who sleeps? I'll sleep when I'm dead. I'm not at set and forget trader (yet), so in that sense I am hands on. If a great setup ocurrs while I'm asleep, I'll have to wait and catch the next one. lol Before and during the London session I watch the most.

How much pips will you give out in case you do not have time to move BE and price go back. Do you always have a maximum number of pips for stoploss for monitoring the break? Like 20 or 30 pips. Again depending on the setup and (as Tia mentioned) S/R levels within the formation itself, I will set my stop loss accordingly. Meaning that if a 300pip PB has an inner S/R level say 55 pips away (or left eye level) from the entry I'll use that level and adjust my position size. If Price breaks and hits my entry which is 6 to 8 to 10 pips away and starts running against me, I may stop out sooner say 20 to 30 pips or just let it stop out.

What if the potential support or resistence requires a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter what? Again depending on the setup. On A+ trades I will take the initial pips offered on the 1st half and place my stop loss on the 2nd half at the top/bottom of that given setup.

Also, are you getting pickier in trade selection recently? It seems that you're passing on more trades. If so what brought this change on?
lol Better results. Mike had said this many times, that the so-so trades between our A+ trades can make the differences of a profitable month or breakeven/ losing month.

And finally, when you're looking for 30-40 pip hard break moves, does the spread factor in? Yes, so a 40 pip break would reslut in a 37 pip move with a 3 pip spread.

I hope I came close to answering your questions, if not ask again.

This was fun,

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #34,062
  • Jun 20, 2009 2:38pm Jun 20, 2009 2:38pm
Quoting mea
Sorry, i only see a PB but not a trade or do I see this wrong?
You going to trade into S/R
The location is not good at all, i never ever would take this trade, but i am not a Pro either!
Sorry forgot to tell you why i would not take the trade!

Location
Trend
RR
and I took a quick look to the left

good trading
  • #34,063
  • Jun 20, 2009 2:55pm Jun 20, 2009 2:55pm
Quoting stewrigh
You guys have different settings. Kens is on default 12, 26, 9. Yours is 26, 12, 9

Best
Mike
Doh, should have spotted that.

So which one is better?? Mine is the default setting.[/quote]

THe universal default is 12, 26, 9 I would say stick to that

Best
Mike
  • #34,064
  • Jun 20, 2009 2:58pm Jun 20, 2009 2:58pm
Quoting jarroo

I hope I came close to answering your questions, if not ask again.

This was fun,

Jim
Perfect Jim. Thanks.

I think timezones play a huge role in this. For me my daily bar closes 11pm my time, and the Asian session, which happens while I sleep, is often quiet. So I need a strategy that allows me to sleep and wake before London open. I don't want to be micromanaging a trade that breaks in Asia. Trader comfort zone. As always. So many ways to make a living in these markets with this material.

Have a great Sunday.
  • #34,065
  • Jun 20, 2009 3:08pm Jun 20, 2009 3:08pm
Quoting TiaForex
Perfect Jim. Thanks.

I think timezones play a huge role in this. For me my daily bar closes 11pm my time, and Asia is often quiet. So I need a strategy that allows me to sleep and wake before London open. I don't want to be micromanaging a trade that breaks in Asia. Trader comfort zone. As always. So many ways to make a living in these markets with this material.

Have a great Sunday.
I would like to get to a point where I make one trade a year. lol.
I hear of some (whether true or not) who will place a 20 lot trade then shut down their computer and go out for a relaxing dinner. Now that's making a living. lol
Indicators show the past. Price Action "Indicates" the future.
  • #34,066
  • Jun 20, 2009 3:13pm Jun 20, 2009 3:13pm
A question concerning the G/U weekly pin for anyone who trades such setups, would you consider going short on a re-break of the pin? I would think pins should break fairly quickly by carrying over the momentum, but are there any situations where sellers would consider re-entering on another break of the pin? Even over two weeks later?
  • #34,067
  • Jun 20, 2009 4:14pm Jun 20, 2009 4:14pm


I'm still baby-sit my trades until I'm BE. lol


Quoting jarroo
I would like to get to a point where I make one trade a year. lol.
I hear of some (whether true or not) who will place a 20 lot trade then shut down their computer and go out for a relaxing dinner. Now that's making a living. lol
What does not kill me makes me stronger. Friedrich Nietzsche,
  • #34,068
  • Jun 20, 2009 5:20pm Jun 20, 2009 5:20pm
Hi!
A friend of mine asked for my opinion about copper, as he is long with a couple of mini contracts.
Just realized, not only that my friend shouldn't be long any more if price crosses 218, but also that this pattern is clearly (IMHO) tradeable, from 50% retracement down to 38%.
Any thoughts?
Thanks!
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Trading: the skill of avoiding trades
  • #34,069
  • Jun 20, 2009 5:31pm Jun 20, 2009 5:31pm
Hello Jarroo,

What to clarify some points on your style:

What if the potential support or resistence requires a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter what? Again depending on the setup. On A+ trades I will take the initial pips offered on the 1st half and place my stop loss on the 2nd half at the top/bottom of that given setup.

1. Base on your answer, do you mean you will kill 1st half of the position on the first stoploss point and still set the stoploss above or below the bottom of the pin bar for the 2nd half of the position IF IF this is the A+ setup you consider? If this is not the A+ trade, you will just kill whole position at the first stoploss point, right? Do I get it correctly?

2. That means you usually do not have a hard stop loss but each time but you will set your stoploss base on the actual setup, right? like right eye or left eye. Only if this is A+ trade, you will set your stoploss below or above the pin bar? correct?

3. I remeber your mentioned you take the GU 2Day pinbar and took the small loss on that one because it run against more than 100 pips before going green. How do you consider this 2day pin bar when you manage it? Do you think it is any A+ trade, and I want to know at which POINT you kill this trade when went agaist you. What is your initial stoploss point on this?


I know I have so many questions, but I really like the way you play out on the price action. I keep learning more and more from your post.

Again I do appreicate all your time reply me and other members. You are DA man!








[quote=jarroo;2817715]Wow. Anything else you guys want to know about? Like my favorite color?

Just kidding, guys. lol Great questions, I'll try to answer them the best I can.

You style is clearly quite hands on once the trade breaks and not of the set and forget type (unless PA is A++, then I guess you can split the positions, set TPs and relax). So do you stay glued to your computer waiting for the break, or do you use alerts? Great setups are the goal to the trades I select, just like it should be for every one that trades this method. I do use alerts if I have multiple setups that I'm watching. But usually (because I'm picky) I don't have many alerts going at one time.

Which sessions do you watch and what do you do when it comes time to sleep? Do you pull the order or sleep with an alert? Sleep? Who sleeps? I'll sleep when I'm dead. I'm not at set and forget trader (yet), so in that sense I am hands on. If a great setup ocurrs while I'm asleep, I'll have to wait and catch the next one. lol Before and during the London session I watch the most.

How much pips will you give out in case you do not have time to move BE and price go back. Do you always have a maximum number of pips for stoploss for monitoring the break? Like 20 or 30 pips. Again depending on the setup and (as Tia mentioned) S/R levels within the formation itself, I will set my stop loss accordingly. Meaning that if a 300pip PB has an inner S/R level say 55 pips away (or left eye level) from the entry I'll use that level and adjust my position size. If Price breaks and hits my entry which is 6 to 8 to 10 pips away and starts running against me, I may stop out sooner say 20 to 30 pips or just let it stop out.

What if the potential support or resistence requires a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter what? Again depending on the setup. On A+ trades I will take the initial pips offered on the 1st half and place my stop loss on the 2nd half at the top/bottom of that given setup.

Also, are you getting pickier in trade selection recently? It seems that you're passing on more trades. If so what brought this change on?
lol Better results. Mike had said this many times, that the so-so trades between our A+ trades can make the differences of a profitable month or breakeven/ losing month.

And finally, when you're looking for 30-40 pip hard break moves, does the spread factor in? Yes, so a 40 pip break would reslut in a 37 pip move with a 3 pip spread.

I hope I came close to answering your questions, if not ask again.

This was fun,

Jim[/quote
  • #34,070
  • Jun 20, 2009 6:30pm Jun 20, 2009 6:30pm
You all guys are right...That trade should be managed with Take profit or at least BE at that point, when PA hit that strong S/R from the past. I guess if trading weekly, switching to daily, mabey even 4hour, is needed to proper trade management.

Tnx for all responces.

Nice weekend everybody
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  • #34,071
  • Jun 20, 2009 7:08pm Jun 20, 2009 7:08pm
So I have been busy lately and missed the birthday party. Happy Birthday James16 Chart Thread! This is where my journey began and I am grateful.
  • #34,072
  • Edited Jun 21, 2009 12:26am Jun 20, 2009 11:20pm | Edited Jun 21, 2009 12:26am
Quoting PippingMama
Hello Jarroo,

What to clarify some points on your style:
What if the potential support or resistence requires a drawdown for over 30 pips, maybe 40 or 50 pips? Will you want to give it a try or you just cut the loss immediately no matter what? Again depending on the setup. On A+ trades I will take the initial pips offered on the 1st half and place my stop loss on the 2nd half at the top/bottom of that given setup.

1. Base on your answer, do you mean you will kill 1st half of the position on the first stoploss point and still set the stoploss above or below the bottom of the pin bar for the 2nd half of the position IF IF this is the A+ setup you consider? If this is not the A+ trade, you will just kill whole position at the first stoploss point, right? Do I get it correctly?

If its an A+ setup and the break is weak, I'll kill it at break even or for a small loss. If the break is strong and my 1st half gives say 100+ pips I may place my stop loss at the top/bottom of the setup. In all honesty, I rarely do this.
Case in point, the recent Weekly PB on the GBP/Usd the initial break gave up 130 pips of which I was able to grab 118 on the 1st half. I placed my stop loss on the 2nd half not at break even but -20 pips away from break even. My thinking was that if a retest would ocurr I would be safe. It was not.
I was not willing to take any more draw down then that, even though I believe this is an A++ setup which is currently in a heavy draw down.

2. That means you usually do not have a hard stop loss but each time you will set your stoploss base on the actual setup, right? like right eye or left eye. Yes Only if this is A+ trade, you will set your stoploss below or above the pin bar? correct? Yes, at times but its a rare occurrence.

3. I remeber your mentioned you take the GU 2Day pinbar and took the small loss on that one because it run against more than 100 pips before going green. How do you consider this 2day pin bar when you manage it? Do you think it is any A+ trade, and I want to know at which POINT you kill this trade when went agaist you. What is your initial stoploss point on this? Not sure I understand these questions. I will say this. A quality A+ PA setup has an inherit strong momentum factor built in it. It should give an initial strong and/or steady move for a fair amount of pips.
If this doesn't happen, there is something wrong (imo), be it traffic or seen/unseen S/R or something to cause the break to be weak. I don't ask why any more, I just manage what Price is telling me.
Because no one knows where Price will go.
Indicators show the past. Price Action "Indicates" the future.
  • #34,073
  • Jun 21, 2009 4:58am Jun 21, 2009 4:58am
Quoting clockwork71
...Fully accepting the risk of trading. If you cannot get past this, you will never make it. You need to accept the risk. If not, you will never be able to let a trade run, which is where your profit is...
CW
I agree totally. RyanMCD recently made reference to this. Plan your trade and trade your plan. Know where you might have problems with your trade. Think about how you will feel if the trade is 50%, 70%, etc against you. Are you trading with proper risk management? Know where you intend to take some profit. Know where and why you plan to move your stop loss. The more you have a plan, the less 'on the fly' you have to be. This is ESPECIALLY important for newbies.

Jarroo has a lot of experience with his strategy of trading, where he is able to responsibly handle more discretion on his trades. IMO, his strategy requires a lot of decision making after taking the trade, yet he still has a plan, as he's alluded to in the last few posts.

Trust me, I used to trade without much of a plan...Only since putting a plan for each trade on paper have I started to turn the ship around to see better results.

Josh
  • #34,074
  • Jun 21, 2009 8:16am Jun 21, 2009 8:16am
Quoting HipsterPipster
So I have been busy lately and missed the birthday party. Happy Birthday James16 Chart Thread! This is where my journey began and I am grateful.
You're not alone Hip.

I was far too busy to be posting on the thread. And when I can't be posting on such an important day you can expect the level of urgency of other things. lol!

I am free now. 21st of June. All exams all studies over...for a while...

Happy B'day James16 chart thread. May you never die. and special thanks to Ji...uh, oh...nuthin.

Anyways, I'll catch up with all of my old friends in a while,

gotta be going for Pak/Sri 20 20 worldcup final...I get a feeling we're bringing the cup home...time will tell...

See you ppl in a while.

Regards,
Ghous.
I believe . . .
  • #34,075
  • Jun 21, 2009 8:53am Jun 21, 2009 8:53am
Hallo Guys!

I have developed something that hopefully could be very useful for the majority of the traders ,who do not have the oportunity to spend the whole day in front of the charts waiting for the "good" PinBar to form. It is a semi-automated Expert Advisor. The term semi-automated means that the EA identifies and trades the PinBars fully automated, but the user should manually enter the important Price Zones (Pivot Price Zones) . The Expert would enter a position only then, if a PinBar has been established at those important levels.
I am very busy right now , but if you are interested, iŽll let you know more about it in the near future.

Have a nice weekend all of you!
  • #34,076
  • Jun 21, 2009 9:36am Jun 21, 2009 9:36am
Quoting masagor
Hallo Guys!

I have developed something that hopefully could be very useful for the majority of the traders ,who do not have the oportunity to spend the whole day in front of the charts waiting for the "good" PinBar to form. It is a semi-automated Expert Advisor. The term semi-automated means that the EA identifies and trades the PinBars fully automated, but the user should manually enter the important Price Zones (Pivot Price Zones) . The Expert would enter a position only then, if a PinBar has been established at those important levels.
I am...
Hi, this sounds interesting because it is frustrating missing out on a good pinbar at a good level due to being busy at work or whatever.

Would there be an option to sound an alarm rather than have the software automatically take the trade?

With regards to specifying the pivot levels, would it only work with horizontal lines(by the user entering a specific price level) or could you draw for example a descending trendline and have the alarm sound when a pin bar hits that?

Also, would there be an option for the user to adjust certain criteria for the pinbar to meet. For example having the open close be within the open/close of the previous open/close?

Or have the open/close length within a certain percentage of the overall length of the pinbar?

This ability might be useful as different people have different threshholds when it comes to the quality of pinbar they are willing accept.

Thanks.
  • #34,077
  • Jun 21, 2009 10:24am Jun 21, 2009 10:24am
Quoting bfd
Hi, this sounds interesting because it is frustrating missing out on a good pinbar at a good level due to being busy at work or whatever.

Would there be an option to sound an alarm rather than have the software...
hi bfd,

the feature with the sound alarm is still not available but i can insert it easly, it is not a problem.
Yes, there is an option, that the user could adjust the criteria for a "good" pinbar according to his experience and trading habits.
the Expert works only with horizontal lines because of the basic idea of the PPZ, but i could try to improve it and add the option of dynamic price levels.
thank you for your improving suggestios, i appreciate it.

i am thinking of sharing my ideas with you guys as i am very thankful for all the great stuff in this Thread.
so if there is an interest i will start a new thread about this Expert Advisor in near future.
cheers!
  • #34,078
  • Jun 21, 2009 10:36am Jun 21, 2009 10:36am
Quoting eswap0
Hi!
A friend of mine asked for my opinion about copper, as he is long with a couple of mini contracts.
Just realized, not only that my friend shouldn't be long any more if price crosses 218, but also that this pattern is clearly (IMHO) tradeable, from 50% retracement down to 38%.
Any thoughts?
Thanks!
Based on the chart in front of me (Is it really copper?? Your chart has little resemblance to mine) I see little reason for any trade based on PA out side of a blind bounce off of the 50% retrace. You can do this, but the risk is much higher than taking a trade based on price action. Your friend is rolling the dice and the odds are in favor of the house - no?
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I'm pretty much done with all this ...
  • #34,079
  • Jun 21, 2009 10:36am Jun 21, 2009 10:36am
Hi all,

My 1st post here.
I have followed this thread for some time.
Since its creation by Jim, and with the regular contributions from Jarro, Mike, Ghous etc, it has become a gold mine of quality PA analysis.
So much good stuff never felt the need nor inclination to contribute.
That said, just thought I'd post a poss setup, since we are at a critical stage on USD/JPY.
Potential change in trend with a nice short entry in the making.
PB now with Thursdays IB.
Big round number, 50% ret, supp and res level. Rejection from 150EMA.
Also in my consideration the false break of the IB and the top of the mother candle and the rejection from the 22EMA. (2 things learnt elsewhere)

I'm sure you all know this :-

HH-HL-LH-LL-LH-LL

Break below 94.00 completes the sequence.
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Never underestimate an idiot.
  • #34,080
  • Jun 21, 2009 11:44am Jun 21, 2009 11:44am
Last weeks bar is bearish, trend is down I didnt take Thursdays pin but was looking at this and if it gets a bounce off Wednesdays low if it gets there look at how its hung up at some 4hr support a retest of thurs pin low at 38.2 fib has nice 4hr resistance and a chance to get short with trend.
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