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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

  • #38,261
  • Jul 21, 2009 2:05pm Jul 21, 2009 2:05pm
Quoting ghous
Was that a break or what??

I actually missed the entry altogether While responding to a pm.

lol

Great bars...great places...great trades,

...

just pulled in a pending order to see if any remains of bulls can take price back to the BEOB break point before going beyond 20 pips from the beob break (after I which as per my rules I pull of my order)...God I hate to chase.

Ghous.
hey Ghous,
How can we see GMT, Broker time, Spread...on chart?
  • #38,262
  • Jul 21, 2009 2:37pm Jul 21, 2009 2:37pm
Hey Ghous, mike and experienced traders

Disturb you again!

i am told You guys around here who is experienced here in money management said that we should manage our account risk for max. 3% each order on total acc. amount....but seems that it could be, at least for me personally. normally...when seeing a good set up..like a good pinbar....we need to stoploss at high/low of the pb that sometimes consumes around 100pips..or if i want to cut back stoploss and put it at the high/low of previous bar....i always failed.
I know you got the best way to manage risk...but for me it seems so hard to do so....
when i got three wins fot totall around 120pips...and just a failedpb...will be eating up all my profits...and if there is two or three pb failed......i got big loss.
may be i am not totally understanding the way to play pb or missing something....so if you would give me clear instruction to manage risk.
higlhy appreciate for you help.
regards,
fxngo
  • #38,263
  • Jul 21, 2009 2:41pm Jul 21, 2009 2:41pm
Quoting forexngo
Hey Ghous, mike and experienced traders

Disturb you again!

i am told You guys around here who is experienced here in money management said that we should manage our account risk for max. 3% each order on total acc. amount....but seems that it could be, at least for me personally. normally...when seeing a good set up..like a good pinbar....we need to stoploss at high/low of the pb that sometimes consumes around 100pips..or if i want to cut back stoploss and put it at the high/low of previous bar....i always failed.
I know you got the best...
Can you post some charts of your failed pin bars, your mm sounds OK, it maybe the setups you are choosing. Im assuming you risk 3% of your account per trade. Say you have $1000 that would be $30. So you would use that as your trade amount, just workout your stop loss and divide the $30 by the stop loss. Say it was 100 pips SL then it would make 30 cents per pip, or 0.03 lots (depending on the pair).
I hear and I forget. I see and I remember. I do and I understand.
  • #38,264
  • Jul 21, 2009 2:54pm Jul 21, 2009 2:54pm
Quoting tac
Can you post some charts of your failed pin bars, your mm sounds OK, it maybe the setups you are choosing. Im assuming you risk 3% of your account per trade. Say you have $1000 that would be $30. So you would use that as your trade amount, just workout your stop loss and divide the $30 by the stop loss. Say it was 100 pips SL then it would make 30 cents per pip, or 3000 units ot 0.03 lots.
Thanks Tac,
This is twoo charts that i have been setting up the short and it kicked me out...nearly two hundred pips for two orders of 1 lot/order......then i enter the orther orders again to see....how it is...

I assume that if i am claimed to collect the wrong set up?

Thank you
fxngo
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  • #38,265
  • Jul 21, 2009 2:56pm Jul 21, 2009 2:56pm
Quoting tac
Can you post some charts of your failed pin bars, your mm sounds OK, it maybe the setups you are choosing. Im assuming you risk 3% of your account per trade. Say you have $1000 that would be $30. So you would use that as your trade amount, just workout your stop loss and divide the $30 by the stop loss. Say it was 100 pips SL then it would make 30 cents per pip, or 0.03 lots (depending on the pair).
If i put stoploss two short for around 30pips....i am will be kicked out earlier
  • #38,266
  • Jul 21, 2009 3:09pm Jul 21, 2009 3:09pm
Quoting forexngo
If i put stoploss two short for around 30pips....i am will be kicked out earlier
if it will break the .900? i have cut loss for the sell @ .8915 that i don't know why i am selling...might be it broke the important ppz @.900
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  • #38,267
  • Jul 21, 2009 3:19pm Jul 21, 2009 3:19pm
I dont think you understood my bit about money management. Your stop should be above the pin bar nose by 10 pips plus spread if you are playing conservative and entry below the pin bar by the same.

So you need to work out how many pips that is from order to stop loss. Say its 150 pips. If your account is $10,000 then 3% will be $300. So you are going to risk $300 on that trade.

You then divide the $300 by the stop size 150 and that gives you the number of lots to play. ie 0.2 lots or $2 a pip.

If you are playing 1 full lot then either you have a large account or you are calculating your MM wrong. If you are trading with real money I would stop now and try and read up on Money Management and demo trade.

For me your first chart it wasn't a pin bar on my feed. I use FxPro for charting as their daily bar closes at NY close, I think its better to use a feed similar.

Also I would try and remove some of the lines from your charts like the floor trader pivots, and gird, that way you will see price action clearer and real PPZ.

Good Luck

Tac
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I hear and I forget. I see and I remember. I do and I understand.
  • #38,268
  • Jul 21, 2009 3:27pm Jul 21, 2009 3:27pm
Quoting tac
I dont think you understood my bit about money management....
Yes everything Tac said is right. There is always going to be that trade off. If you are taking lots of small winners, you are going to end up having a higher winrate. You will also end up with that occasional loss that is bigger then say a handful of your smaller winners. But you must trade through that. The problem is, most people end up trying to do too much. That is they take lots of these little winners, then they take a big loss. Try to make that loss up back not the way they were getting their wins, but with a larger winner. Then they take another and the hole begins to get bigger. This is where time experience, patience, discipline and all those good attributes come into play. The trader with that 90% win rate knows that hey it make take 5-6 winners now to make up that loss, but they also know that this is no problem with the way they attack the markets. If you are not comfortable with this then you have to decide if giving your trades room to run is a better option, then comes into play how picky you are being on your entries etc etc.

So I think what Tac said is a good starting place, find out if any of your mistakes seem to fit in with what is above, and really evaluate your trading. Lots of the problems I see are usually a form of something I mentioned above, and it simply takes demo and practice to work through and gain the experience and confidence in your trading.

off the the gym

Mike
  • #38,269
  • Jul 21, 2009 3:29pm Jul 21, 2009 3:29pm
Sorry missed the second chart, it was discussed last night here, check out posts around here (basically nose was not protruding/sticking out enough)
http://www.forexfactory.com/showthre...78#post2888078

Dont understand your last post bro, are you short from which bar?
I hear and I forget. I see and I remember. I do and I understand.
  • #38,270
  • Jul 21, 2009 3:41pm Jul 21, 2009 3:41pm
Quoting tac
I dont think you understood my bit about money management....
I got it! great great thanks, Tac!
you clear me the issues that i am facing to........
Yes, i am playing real money..........that why it hurts me for the STOPLOSS
i need i should start back with the money management issues.
you are pro.
regards,
fxngo
  • #38,271
  • Jul 21, 2009 3:53pm Jul 21, 2009 3:53pm
Eur/Jpy 1hr
The 2 day pin has retraced you could look at hourly for a smaller stop size entry. Sorry im just posting potential setups to help me learn also.
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I hear and I forget. I see and I remember. I do and I understand.
  • #38,272
  • Jul 21, 2009 3:59pm Jul 21, 2009 3:59pm
Quoting tac
Sorry missed the second chart, it was discussed last night here, check out posts around here (basically nose was not protruding/sticking out enough)
http://www.forexfactory.com/showthre...78#post2888078

Dont understand your last post bro, are you short from which bar?
oh...i mean if it will break the ppz 0.900 b/c i see the nice pb
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  • #38,273
  • Jul 21, 2009 4:01pm Jul 21, 2009 4:01pm
Quoting mbqb11
Yes everything Tac said is right....
Thank you Mike
Yes...i understood the problem NOW!
you guys make my day! i have burned my $$$ for ...silly things
regards.
dxngo
  • #38,274
  • Jul 21, 2009 4:03pm Jul 21, 2009 4:03pm
Quoting forexngo
oh...i mean if it will break the ppz 0.900 b/c i see the nice pb
Ah im not up to speed on those inside or inverted pb yet.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,275
  • Jul 21, 2009 4:11pm Jul 21, 2009 4:11pm
NZ/USD at weekly ppz.
looking for PA on daily for entry
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If you can wait and not be tired by waiting...
  • #38,276
  • Edited 4:28pm Jul 21, 2009 4:14pm | Edited 4:28pm
Looks like price is testing the 2.000 should be a great area for a price action setup. Could be a chance to get in at a real bottom! Ride it for 3000 pips . Just kidding.
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I hear and I forget. I see and I remember. I do and I understand.
  • #38,277
  • Jul 21, 2009 4:30pm Jul 21, 2009 4:30pm
Quoting tac
Eur/Jpy 1hr
The 2 day pin has retraced you could look at hourly for a smaller stop size entry. Sorry im just posting potential setups to help me learn also.
Just some you charts shooting my brain opened
i think NOW...i can play pb & managing money better than ever
keeping help people seems the God assigned all you guys here. LOL
  • #38,278
  • Jul 21, 2009 4:36pm Jul 21, 2009 4:36pm
Quoting forexngo
Just some you charts shooting my brain opened
i think NOW...i can play pb & managing money better than ever
keeping help people seems the God assigned all you guys here. LOL
No worries I am quite new to this although been looking at PA/SR for 3-4 months. Practice makes perfect.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,279
  • Jul 21, 2009 4:57pm Jul 21, 2009 4:57pm
Quoting tac
No worries I am quite new to this although been looking at PA/SR for 3-4 months. Practice makes perfect.
Nothing worth trading on my daily charts tonight guys. Got some good stuff on 4hr demo today, most of it already posted by others.

Took USD/JPY pin overnight but stopped out at B/E...Here was my trade:
Short with 1% at 94.05.
Initial stop at 1/2 bar height (94.45)
Stop to B/E after we broke 93.80.
Profit plan was at 93.25 (for 2R, or 2% gain)...

I've tested this exit strategy for a while, but this is the first live trade I've had with it... My strategy states to move to B/E at 1R (93.65)... which would have kept me in the trade. But as it broke 93.80, I was getting tired and decided to take all risk off the table (knowing the pin was small and I had a tight stop)...woke up and I was out.

No loss...Next...

Josh

(Disregard red lines)
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  • #38,280
  • Jul 21, 2009 4:58pm Jul 21, 2009 4:58pm
Quoting tac
No worries I am quite new to this although been looking at PA/SR for 3-4 months. Practice makes perfect.
Not worth considering be still awake until now (5AM local time)to be instructed...and finally, i have been identifying the issues that dealing with for months...but not yet completely understood.
Not dragging...but i have to thank to you all: J16, Clockwork, Mike, PeterFM, Ghous, G_J_Hook...etc....& for sure you included.LOL
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