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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

  • #37,561
  • Jul 15, 2009 4:51pm Jul 15, 2009 4:51pm
Quoting james16
so what do we have here? when you get good at it you have..

1. a simple method that allows you to make money in a sideways market.
2. a simple method that allows you to catch the runners when they happen and if you guessed wrong breakeven at worst.

when you have a large account combined with common sense and this material you can walk up with confidencer and sit down on that throne.

...............................................................................................

im enjoying the mountains very much and me being me ive been...
Thanks for the encouragement Jim....Good advise..

GregB
  • #37,562
  • Jul 15, 2009 4:57pm Jul 15, 2009 4:57pm
Quoting Bemac
Due to lack of response, my current conclusion = Perhaps not.

On the other hand, ghous has made No response since I posted this offer. perhaps, he is sleeping.
Why not just post your method on this one.

I remember looking at it way back but it might help those that have missed it and jog those of us who need to revisit it.

  • #37,563
  • Jul 15, 2009 5:01pm Jul 15, 2009 5:01pm
Quoting PeterFM
Why not just post your method on this one.

I remember looking at it way back but it might help those that have missed it and jog those of us who need to revisit it.

i second that!! this sounds interesting
jon
p.s. i love your signiture!! so true...so true

Quote
The greatest obstacle to discovery is not ignorance--it is the illusion of knowledge.
Daniel J. Boorstin
PATIENCE... DISCIPLINE
  • #37,564
  • Jul 15, 2009 5:05pm Jul 15, 2009 5:05pm
Hello Everyone,

Anyone like about the small 4h pin happen at good location on EJ?

Location is very nice, 61.8%, below 133 round number.

only Size is small.
Attached Image (click to enlarge)
Click to Enlarge Name: ej.jpg Size: 113 KB
  • #37,565
  • Jul 15, 2009 5:05pm Jul 15, 2009 5:05pm
Quoting james16
im thrilled for you man.

you have given me a chance to talk about something to everyone.

let what im about to say really sink in.

what im about to "say" is the key to the kingdom and im serious when i say that.
James,

Thanks very much for this insight

I believe I understand. To do well at this I need 2 things.

1) capability
2) Pot (no not that kind...)

my intention is thus...

double my tiny account. (£200)

Add £1000 to my account

double it again.

This hopefully will prove I have the capability. I expect it will take in the region of 2 years to achieve this (maybe more - thats ok theres no real time limit here).

Once I have done this I will find as much money as possible and then trade seriously.

eventually I will be able to give up the day job.

I originally started looking into currency trading for 2 main reasons -

1) money - well I say money but I mean freedom - freedom to not be reliant on an employeer/market forces etc for a living and freedom to work from whereever I want (within reason)
2) I am currently an IT consultant and believe that my job/role within the industry will not exist in 10-15 years time. I need alternatives. This is it.

So thats it.. in my favour time - Early 30's.. not in my favour? - money as with everyone no doubt!!

Thanks again for your advice - it is always invaluable to get an insight as to what the view from the top of the tree looks like as opposed to from standing at the bottom.

Fat Tom
  • #37,566
  • Jul 15, 2009 5:14pm Jul 15, 2009 5:14pm
Quoting g_j_hook@yah
lol, u miss my point SC, if i am risking 2% on one trade, i am not going to start risking 10% just so i can take some profits earlier. if i got in a trade and it started to trend my way (on whatever TF your looking at) then i want to capitalize on that by adding more when the PA allows. you dont need to be a master scaler to do that!! lol i just use the same kinds of pa that got me in in the first place.
if a trade goes 100 pips( with a 100 pip SL) in your favour and you take half off the table, price then needs to move another 100 pips in your...
I am doing very similar to you, g_j. I mean, regarding to adding...

I look for daily or 4h setups. If price doesnt break and start to retreat I go down to 1h and 15m tf respectively and look for PA only in the direction of the main setup. After enter the trade, If the market proves me correct and move my way, I will be looking to add if PA shows at retraces and place my stops in both positions below/above the second entry setup, reducing or even eliminating my risk, but now with the double of the initial position.
Off course, I only add if I see potential for price continue to move and I see an opportunity... Otherwise I close the trade or get stopped...

I never, but never, average down. I only add if the market proves my trade to be correct. My second position is never bigger than the first and I only enter if I can reduce my over all risk.

I am finding that adding to winners is a boost to R:R... It is very common to make 1:3,4 or 5

Regards,
Luso
  • #37,567
  • Jul 15, 2009 5:18pm Jul 15, 2009 5:18pm
Quoting PippingMama
Hello Everyone,

Anyone like about the small 4h pin happen at good location on EJ?

Location is very nice, 61.8%, below 133 round number.

only Size is small.
The size could be bigger but it looks good Pipping. Nice level of strong confluence.
Indicators show the past. Price Action "Indicates" the future.
  • #37,568
  • Jul 15, 2009 5:20pm Jul 15, 2009 5:20pm
Quoting g_j_hook@yah
i second that!! this sounds interesting
jon
p.s. i love your signiture!! so true...so true
But if you can understand it (and him ) I think it has a lot going for it. Just can't remember quite how it works.
  • #37,569
  • Jul 15, 2009 5:25pm Jul 15, 2009 5:25pm
Quoting g_j_hook@yah
nice one, i was going to make the comparison of trading big bucks to trading big %s. i know if i traded 25% risk i would trade differently than i do now! i would like to think that i would trade a large account the same as i do a small one as i dont like the idea of selling my account short after all the time it will take me to build it up in the first place. I doupt i will though. lol
One thing to bare in mind is that if that smaller % returns on a big account are enough to pay your wages why risk your buiseness capital more than nesesary??
cheers
Jon...
Absolutely Jon, I only risk this because I have to. I certainly don't "want" to. As my account grows, I will reduce the risk needed to keep living at the same level. (I'm not one of those who needs a mansion and a yacht). At some point (Forex Gods Willing...lol), I'll be at a point where the sane amount of 2% or 3% max risk per trade will do just fine.
Ghost Rider - WWTBMD?
  • #37,570
  • Jul 15, 2009 5:27pm Jul 15, 2009 5:27pm
Quoting PeterFM
Why not just post your method on this one.

I remember looking at it way back but it might help those that have missed it and jog those of us who need to revisit it.

I agree, whatcha got?
Ghost Rider - WWTBMD?
  • #37,571
  • Jul 15, 2009 5:40pm Jul 15, 2009 5:40pm
Quoting PippingMama
Hello Everyone,

Anyone like about the small 4h pin happen at good location on EJ?

Location is very nice, 61.8%, below 133 round number.

only Size is small.

See any obvious targets on this one Pipping?

Green circle has some traffic to fight through.
Attached Image (click to enlarge)
Click to Enlarge Name: ej4.gif Size: 25 KB
Indicators show the past. Price Action "Indicates" the future.
  • #37,572
  • Jul 15, 2009 5:40pm Jul 15, 2009 5:40pm
Quoting Bemac
Would you consider a TS that has a "Variable Pip"?

By that I mean Risking a %(percentage) of your gains.
I have been considering this. The 'working' new rule I am considering is after a trade is up 10-15+ R, I will not give back more than 20%.
  • #37,573
  • Jul 15, 2009 5:56pm Jul 15, 2009 5:56pm
Hello Jarroo,

I will use 132.5 be my first target to move BE.

What do you think? Are u in this trade?


Pipping





Quoting jarroo
See any obvious targets on this one Pipping?

Green circle has some traffic to fight through.
  • #37,574
  • Jul 15, 2009 6:02pm Jul 15, 2009 6:02pm
Quoting PippingMama
Hello Jarroo,

I will use 132.5 be my first target to move BE.

What do you think? Are u in this trade?


Pipping
Yes, I took a small position. 132.50 looks good for a 1st target.

Let's see if she runs.
Indicators show the past. Price Action "Indicates" the future.
  • #37,575
  • Edited 7:39pm Jul 15, 2009 6:03pm | Edited 7:39pm
A Past Blast....

Hi folks,
As some of you know I have, only recently, moved to a MetaTrader Platform.

Therefore, I am now without a few of the Tools I used to carry in my toolbox. {funny how learning a different language can, sometimes, make you feel lost.}

This is not something that you would be likely to use on a Scalping Method but moreso on one of those Trades that take off & you are up 50P before you know it.

Here's how it works. Let's use a Long Trade as an example.

I Buy EUR/USD @ 1.3500 & before I know it I'm UP 50P.
Q) Should I Grab the 50?
Q) Should I Wait & See?
Q) Should I Move SL to BE?
Q) Should I Set a Trailing Stop?

My Response: Set a Trailer.
A) Lock in 40P by Risking 20% of Your Maximum Gain.
50*0.2 = 10.
50-10 = 40 LOCK.
New Risk = 10P

Here's where it gets interesting.
Notice that in the above example I risked 10P of my 50P Profit.

What happens IF I am Not Stopped Out & my Profit runs to 80P?
Same thing. Risk 20% of Max Profit.
Max Profit = 80P
80*0.2 = 16
80-16 = 64 LOCK
New Risk = 16P

yeah yeah; cut'n paste but that's how simple it is.
What happens IF I am Not Stopped Out & my Profit runs to 160P?
Same thing. Risk 20% of Max Profit.
Max Profit = 160P
160*0.2 = 32
160-32 = 128 LOCK
New Risk = 32P
So: In these three, simple examples, Our Risk jumped From 10P to 32P...
But: Our Lock went from 40P to 128P

{Bemac glances toward the holy Gail with a 'what do you think' look in his eye.}

NOTICE:
My Risk is Rising on a Pip Scale.
My Lock is Also Rising.
My Chart has now moved from the 1Min to {perhaps} the 15Min.
If this keeps up I could be on the Daily Chart before tommorow.

I'm In a Trade.
I'm In a Trade that is going to Increase My Cargo no matter what happens from here.

**********************

ALL Credit for the construction of the resulting "Trade Manager" goes to "Caveman"

btw: I have used it in recent days on a scalp or two & it works fine when you adjust the TP & SL.

EDIT*
I think, after numerous attempts, I got it to attach correctly.
Attached File(s)
File Type: mq4 Bemac Trade Manager v0.1.mq4   8 KB | 717 downloads
  • #37,576
  • Jul 15, 2009 6:12pm Jul 15, 2009 6:12pm
Hello Jarroo,

Are you using the bar break stop or just some tight stoploss on this one?

I think I will take the bar bareak stop because it is above the 133 round number.

what do you think?



Pipping



Quoting jarroo
Yes, I took a small position. 132.50 looks good for a 1st target.

Let's see if she runs.
  • #37,577
  • Jul 15, 2009 6:16pm Jul 15, 2009 6:16pm
Hello Jarroo,

I also took the EU trade too, it is not triggered yet.

The blue line on my chart is the first TP area.

Thanks!

Pipping



Quoting jarroo
Yes, I took a small position. 132.50 looks good for a 1st target.

Let's see if she runs.
Attached Image (click to enlarge)
Click to Enlarge Name: eu.jpg Size: 128 KB
  • #37,578
  • Jul 15, 2009 6:28pm Jul 15, 2009 6:28pm
Quoting PippingMama
Hello Jarroo,

I also took the EU trade too, it is not triggered yet.

The blue line on my chart is the first TP area.

Thanks!

Pipping
Looks good Pipping I like your obvious target and/or trouble area.

Again , we like bolder more obvious PA setups then these. But you got the idea.
Indicators show the past. Price Action "Indicates" the future.
  • #37,579
  • Jul 15, 2009 6:30pm Jul 15, 2009 6:30pm
B all your stuff is seriously at the top of my list when I have some time to test stuff. But I swear there are not enough hours in a day anymore

Guys/Gals read everything B has ever posted, please.

Quoting Bemac
A Past Blast....

[color=Blue][i]Hi folks,
As some of you know I have, only recently, moved to a MetaTrader Platform.

Therefore, I am now without a few of the Tools I used to carry in my toolbox. {funny how learning a different language can, sometimes, make you feel lost.}

This is not something that you would be likely to use on a Scalping Method but moreso on one of those Trades that take off & you are up 50P before you know it.

Here's how it works. Let's use a Long Trade as an example.

I Buy EUR/USD @ 1.3500 & before I know it I'm UP 50P.
Q)...
  • #37,580
  • Jul 15, 2009 6:37pm Jul 15, 2009 6:37pm
Jarroo,

I am out for 18 pips for half of my position on the EJ. I should move my stop to 132.90 after it reach my first tp area. Even it took my stoploss, I can still at least BE or make tiny pips. But I don't have time to do the changes. Anyway, still a winner...

But I might miss a big move.

Pipping.





Quoting jarroo
Looks good Pipping I like your obvious target and/or trouble area.

Again , we like bolder more obvious PA setups then these. But you got the idea.
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