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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

  • #34,901
  • Jun 25, 2009 4:23am Jun 25, 2009 4:23am
Quoting LasVahGoose
I think it really matters what stage in your trading development you are in, but I will agree that TOO MUCH of anything isn't a good idea....
I agree here as well. There is a line between working hard and overworking. Getting enough sleep and oversleeping. Sacrificing now to reach your goals later.
As for me, at this point, I like the idea of spending most of my awake time learning and developing my trading. I have seen huge improvement since January, when I joined this thread (which is a testament and thank you to all of you guys that post ). But I would still be reading 34000+ posts if I only spent 6-8 hours a day on it. Then all the other stuff (backtesting, exit testing, reading books, practicing marking charts with PPZ, etc)...
My wife and I follow Dave Ramsey's saying, "Live like no one else today so that you can live like no one else tomorrow." ie, Save now and work hard now, so that you can live and give [time and resources] later.
But we also understand the importance of living and giving in the now. Again, there must be a balance. When I start to feel burnt out, I take a 1/2 day off and go do something outside. That is what this career affords us. Keeping a journal with your thoughts was mentioned this morning and I think it's a great idea. It helps you document how you are feeling. That way you can respond and make changes if necessary... whether you feel like you are working too hard or not hard enough to reach your [written, detailed, measurable] goals.

I like that exit strategy idea Jarroo. I've tested something similar (-0.5R as initial stop) and it proved very profitable. Think I posted it somewhere.

Have a good one guys/gals and remember to don't work too hard. Just hard/smart enough.

Josh
  • #34,902
  • Jun 25, 2009 4:23am Jun 25, 2009 4:23am
Quoting james16
i know you have seen tia before.

its a true honor to have the owner of faulty towers among us.

one of my all time heroes.
so a fish called forex? cool. i have heard that most celebs need an escape from their craft, so i feel priviledged that he has chosen to hang out w/ us. cool to see how great/knowledgeable of a trader he is too.
  • #34,903
  • Jun 25, 2009 4:26am Jun 25, 2009 4:26am
Quoting StoragePro
I'd debate that. It is kind of simplistic. I won't articulate it well, but I think it is about cutting risk. Jarroo said it first - the great setups are the ones that go. I'd have to think through how to say it, but the pithy saying above is largely crap. IMHO. (No flames please, I need to explain myself later) But in short, cutting risk will do the above for you. It is a different way of looking at it. The above is a result. What is the process?
Okay, you are about to get flamed... Just kidding.

Isn't cutting your loss by definition cutting your risk? Honestly, what is the difference? If you ask me (and you didn't) it means the same thing.

cutting loss = cutting risk
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,904
  • Jun 25, 2009 4:37am Jun 25, 2009 4:37am
Ok went long on both the AUDJPY and GBPJPY daily pins from a few days ago.

got both TP for a total of ~230 pips. Obviously happy with this.

However not to long on in the trade it became apparent I was effectively trading the same trade - both trades went up and down at the same times etc so the trade was based around the JPY strength/weakness as opposed to the AUD or GBP...

I addition both pins and previous patterns were similar.

I was wondering what do folks do in this senario?

Play both (as I did)

pick one (which ever looks best)

?

Just a wee bit concerned as if we look at this as one trade its obvious to me I have effectively blown my % risk out of the window and doubled it...

Thoughts on all of the above!?

Cheers

Fat Tom
  • #34,905
  • Jun 25, 2009 4:46am Jun 25, 2009 4:46am
Quoting fat_tom
Ok went long on both the AUDJPY and GBPJPY daily pins from a few days ago.

got both TP for a total of ~230 pips....

One option for example if you risk 1% per trade you can put .5% on each trade if they are highly correlated.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #34,906
  • Jun 25, 2009 4:54am Jun 25, 2009 4:54am
Quoting fat_tom
Ok went long on both the AUDJPY and GBPJPY daily pins from a few days ago.

got both TP for a total of ~230 pips. Obviously happy with this.....
Another option is to take your TP on one and get the other to BE+ a few quickly without setting a TP for it. It may just keep running for you and if not, so what.
Ghost Rider - WWTBMD?
  • #34,907
  • Jun 25, 2009 5:03am Jun 25, 2009 5:03am
Quoting LasVahGoose
Isn't cutting your loss by definition cutting your risk? Honestly, what is the difference? If you ask me (and you didn't) it means the same thing.

cutting loss = cutting risk

To me it's really just about how you see it. For example, to me, there is a small difference.

Cutting loss means you're in a trade that isn't going your way and is not likely to so you kill it before it hits your SL rather than allowing it to run hoping it will go your way.

Cutting risk means a smaller position size over the same trade thus risking less to you SL.
Ghost Rider - WWTBMD?
  • #34,908
  • Jun 25, 2009 5:10am Jun 25, 2009 5:10am
Quoting fat_tom
got both TP for a total of ~230 pips. Obviously happy with this.
Fat Tom

Hi Fat Tom,

Firstly I'm very newbie to all this so apologies if these questions are very simple !

I also noticed these daily pins on the two pairs you traded. I decided not to take them due to 'traffic' above the daily pins and thought it may struggle to get through them.

Obviously the trade worked out. I was wondering if you had to rate the pin (when you took it) what would it be - B, B+, A+ etc

As trying to work out whats a good trade and an ok trade !

Wot were the pros and cons of taking the trade in your opinion ??

I think I ponder about trades too much and fear pulling the trigger - even though I have a demo account.

Any help for a newbie would be wonderful

Thanks
Mr Hog
  • #34,909
  • Jun 25, 2009 5:21am Jun 25, 2009 5:21am
Quoting joebryce
I don't build bombs but I assume they have altimeter or some other air pressure/timing triggers.
I recall from my Physics classes at school, that the formula of a free-falling objects stipulates that the speed of fall would be the same for each bomb as they all have the same weight (and shape - so the "friction" is the same too), Since they are dropped one by one, that's how the keep falling.
One Chart is Worth Ten Thousand Words.
  • #34,910
  • Jun 25, 2009 5:26am Jun 25, 2009 5:26am
Quoting fat_tom
Ok went long on both the AUDJPY and GBPJPY daily pins from a few days ago.

got both TP for a total of ~230 pips....
Hi Tom,

You're right to notice the strong correlation on the yen pairs and it's pretty much true that they all work together.

Like anything else in trading it's how you manage it. I risk 1% per trade, so if I did take two then it'd still only be 2%. If you're risking 2% a trade then it's 4% which could be more of a cause for concern. I am usually aware of this on yen pins and pick the best one. But I can and do sometimes take two, depending on the setup and the quality of the PA. I certainly wouldn't take 4 or 5 even if the PA was absolutely golden.

More important in my opinion is recognising the quality of the PA, whether we are in traffic etc, and then deciding where my stops are going to break even and where I am taking profit.

Hope that helps
  • #34,911
  • Jun 25, 2009 5:36am Jun 25, 2009 5:36am
Quoting g_j_hook@yah
this just cracks me up everytime i see it!!
As James Bond put it in one of his movies, that encounter with Bob was brief, but intense.
One Chart is Worth Ten Thousand Words.
  • #34,912
  • Jun 25, 2009 5:36am Jun 25, 2009 5:36am
Quoting misterhog
Hi Fat Tom,

Firstly I'm very newbie to all this so apologies if these questions are very simple !

I also noticed these daily pins on the two pairs you traded. I decided not to take them due to 'traffic' above the daily pins and thought it may struggle to get through them.

Obviously the trade worked out. I was wondering if you had to rate the pin (when you took it) what would it be - B, B+, A+ etc

As trying to work out whats a good trade and an ok trade !

Wot were the pros and cons of taking the trade in your opinion ??

I think...
Hey Mister Hog,

Welcome to the thread. I'm so glad to see you getting involved and asking questions. It really is the best way to learn.

I struggled and still struggle with fear of pulling the trigger. I think you're a member of PF aren't you? I would check out Fiji's psychology section for this. It's awesome. In my case, fear of pulling the trigger is simply fear of being wrong. And then I run a chain of events from there...."If I am wrong, then I'l lose money. If am wrong repeatedly I will fail, my dream will be over, I'll lose my capital, I'll go bankrupt, I'll lose my house". And on and on. No wonder it got scary! Of course being wrong is absolutely part of trading. There have been and will be many losses but over time the edge plays out. Only time builds confidence. One thing that helped me was to have two demo accounts. The extra one was for speculative trades, borderline PA and what the heck trades. It kept me away from that fearful paralysis place where I wait for days and am scared when the trade came along. I didn't place too much stock in the results of that account, it just became a way to practice pulling the trigger. And occasionally things graduated from there to back and forward testing.

These were definitely trafficky pins. I'm not a great fan of grading trades because I think it all depends on how you manage them. But that said, these weren't A+ trades. However a better way of saying it is that these weren't buy and hold pins. There was a lot of traffic to the left and so there was a chance they were going to reveres quickly. So you adapt your strategy accordingly and go for a quick take profit or at the very least get your stops to break even quick. MAnaged that way they were perfectly playable.

I think at the start it's best to wait for pins at clear swing high or swing low points and in tons of space. They don't always work but there is a higher probability of them working and further to run when they do. They are also easier to manage. Each one can easily run to take profit 1 or 2 times your stop size.

Remember, two or three of those a month and you're at 4 or 5 times your percentage risk. More trading isn't necessarily profitable trading.

Good luck and feel free to ask us if you need anything!
  • #34,913
  • Jun 25, 2009 5:37am Jun 25, 2009 5:37am
Quoting Ryanmcd
That works well too, Something funny I did. I would use BB and when price would ride the BB I would take every inside bar as well as every bar that made a new high I would add into that trade on a new high per 5min bar. You did not get them all the time but on news days well I make a month of work in about 30min lol. I will post that up sometime later on.
Ryan, IBs are clear, but what exactly do you do with the bars which made new Highs - do you enter on the open of the next bar, or wait for a RT?
One Chart is Worth Ten Thousand Words.
  • #34,914
  • Jun 25, 2009 5:38am Jun 25, 2009 5:38am
Jarroo, thanks for sharing that idea about an alternative SL!
One Chart is Worth Ten Thousand Words.
  • #34,915
  • Jun 25, 2009 5:44am Jun 25, 2009 5:44am
Here is a trade on going for me on the audjpy 4hrs.

Targets for me are the 2 purple lines.

Any comments?

Pinbar wasnt that great but was at a nice spot.
Attached Image (click to enlarge)
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  • #34,916
  • Jun 25, 2009 5:44am Jun 25, 2009 5:44am
Quoting misterhog
Hi Fat Tom,

Firstly I'm very newbie to all this so apologies if these questions are very simple !

I also noticed these daily pins on the two pairs you traded. I decided not to take them due to 'traffic' above the daily pins and thought it may struggle to get through them.

Obviously the trade worked out. I was wondering if you had to rate the pin (when you took it) what would it be - B, B+, A+ etc

As trying to work out whats a good trade and an ok trade !

Wot were the pros and cons of taking the trade in your opinion ??

I think I ponder...

Mr Hog,

Just to state for the record I am a newbie as well and at this point trading on an extremely small account (~£0.06 a pip!!!)

I'm also not really profitable at the moment. Although I am slowly clawing my account back from the draw down I incurred before finding this thread!!! (Thanks to James and the crew here!!)

I have attached a couple of graphs with my PPZ and thus my TP areas (ignoring bottom blue line on GBPJPY graph). Note the AUDJPY on is on a 4hr timeframe but I do however trade only daily PA at the moment but the 4 Hr shows the PPZ a little better and I do dip down to this to confirm or look at these points in a little more detail.

Neither of the pins I think would be classed as A pinbars although the pins where ok in size/shape I think the location always limited the potential. I thnik they where viable trades but where never gonna be runners. I'm thinking B trade. I would be interested to know other more experienced traders opinions on these trades as well

I was tempted to move the SL up on the AUDJPY close to the TP level to see if it was going anywhere but as I'm going on Holiday today I decided just to let it just hit TP!..

To open this out to everyone did anyone else take these trades? and if so what where your opinions on them!!

cheers

Fat Tom (In going on Holiday in 3 hours mode..)

(left is AUDJPYH4 - Right is GBPJPYD1)
Attached Images
  • #34,917
  • Jun 25, 2009 5:52am Jun 25, 2009 5:52am
Yeh rh sorry if it seems daunting! It's the same advice handed out to all newcombers to the thread. No doubt it's certainly a big task, the thread is moving so fast these days.
Keep on keeping on.
Don't forget there's plenty of people here to answer questions too.

Cheers, Gov

Quoting rh674
Hello Gov. I was taking your advice and started to read from page 1, now I'm on page 17. Quite slow.

Well, feeling a bit....how come I posted several in a raw...
  • #34,918
  • Jun 25, 2009 5:58am Jun 25, 2009 5:58am
Hi Jarroo,

I liked the idea of your secret stop loss and I will test it.

I have one question: How do you know your position size?

I mean, If you have a stop order, don't you need to be adjusting your position size constantly (for example on your second chart)? . If you enter with a market order I believe you have to calculate your position size several times until the bar breaks the setup bar, am I right?

Hope you understand my questions.

Ty in advance,
Miguel


Quoting jarroo
I've gone through the same exact process myself, TN.

Being very picky with your trades, "This is Critical", areas of trouble, Stop Loss placement above/below a given A+ setup is the best place, etc. . .

All that being said. Here's a secret stop loss placement that I use and have been testing. So, don't tell anyone.

Place your stop loss above/below the bar (candle) that breaks the setup. It must on the same time frame that the setup was given.

So on the Aud/Usd & Gbp/Chf 4 hour PBs, the stop loss after the break would be placed...
  • #34,919
  • Jun 25, 2009 6:03am Jun 25, 2009 6:03am
nice break out. lets see where it is going
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  • #34,920
  • Jun 25, 2009 6:08am Jun 25, 2009 6:08am
Quoting TiaForex
Remember, two or three of those a month and you're at 4 or 5 times your percentage risk. More trading isn't necessarily profitable trading.
That's a great line for me to remember. Thank you for that.
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