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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

  • #38,781
  • Jul 24, 2009 3:14am Jul 24, 2009 3:14am
Quoting Punky
Hi Jaz

Yes at my first take profit I took 50% off using the Updatestops money managment EA. You can set it when to move your stoploss, when to take profits up to 3 different positions and set your percentages on how much to take off and also set a trailling stop if you like. I found it somewhere on the FF site not sure where. I am not sure if I can post it here. If I am allowed I will if you like.

Punky
Thanks Punky, will look for it in the ether.
Cheers
A lawn mower is not an effective tool to pick-up dog poop!
  • #38,782
  • Jul 24, 2009 3:18am Jul 24, 2009 3:18am
Quoting mbqb11
a lot of pairs are getting a top heavy feel. From a h4 perspective we have some divergence, no clear signs on my charts(large bars), and coming up on a PPZ

The 1hr is showing more divergence and that is a BEOB, but again pretty small one, so not something to get carried away with in my opinion

Best
Mike
Mike ... or anyone else please: this trade was not A+ I know... but seemed like a gimmee.. it did work nicely but I wanted to understand how much of it was fluke and how much sense?? 45pips
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  • #38,783
  • Jul 24, 2009 3:18am Jul 24, 2009 3:18am
Quoting raczekfx
Never really read his posts and videos either here on in the pf, but if that's the case, that's not very nice...

I shared my intra day systems with a couple of guys from here, who are writing EAs to automate some of the manual procedures. These are solid money making methods and unbelivable simple. I asked them not to share it at this time, so I would probably not be happy if they did, but If later they decide to use EA comercially, to make few $, I wouldn't care less.
You ever thought about being a J16 instructor?
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #38,784
  • Jul 24, 2009 3:35am Jul 24, 2009 3:35am
Quoting salisa
Mike ... or anyone else please: this trade was not A+ I know... but seemed like a gimmee.. it did work nicely but I wanted to understand how much of it was fluke and how much sense?? 45pips
Not a flule salisa. PA can be a powerful thing, but on the hourly chart we need more confluences to give strength to our setup. Your BEOB (blue) is off a swing high and recent highs, which is good. Its not at the peak or top of the swing high but there none the less. Meaning its crowded by other bars (candles). Off a nice round number(78.00). No obvious divergence. A hard break is what I would look for next. Which was nice.

The green BEOB. At swing high, at a peak, divergence, round number (77.00). Nice hard break and next bar break. A better setup to look for.

Jim
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Indicators show the past. Price Action "Indicates" the future.
  • #38,785
  • Jul 24, 2009 3:38am Jul 24, 2009 3:38am
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.

I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread.

Although I'm not a great one for moving to BE either, I feel that you should be looking at the impact that partial profit taking may be having on your bottom line. If you're looking at this stuff correctly then you should have a clear idea in your minds, before you enter a trade, of where your stops and take profit targets are.

Obviously, there is a case for amending these as a trade develops but in essence if you've backed your judgement with, say, 10 lots to get to X.XXXX then that's what you should be aiming for. There's no point placing a 1% risk on a trade that has a 1:1 profit target and then taking a % off here and there and then letting the smallest part of your original investment run on to your target.

Just a thought.
  • #38,786
  • Jul 24, 2009 3:40am Jul 24, 2009 3:40am
Quoting supremeChaos
Thanks. is that a free chart software -- futureSource?

OMG. is that coffee chart going to go up or down? please advise me
yeah, web based charts - good for a sneaky chartcheck at work, and nice and quick (unlike the slowass quote.com ones).

http://www.futuresource.com/charts/premium.jsp

And I am heavily invested in that coffee chart.. at 4 triple lattes a day, i cant afford to see any bullish PA
When you have to shoot, shoot. Dont talk.
  • #38,787
  • Jul 24, 2009 3:41am Jul 24, 2009 3:41am
salisa,
That's no fluke as u have identified where price may want to go & have trouble at.
May not be A+ (that is a subjective matter), but looking exclusively at that chart, to me, nice space to the left & fairly good location (swing hi; but with many bars previous it).
Repeat, be consistent & u will grow confidence.
Have faith in your self this early!!!
  • #38,788
  • Jul 24, 2009 3:47am Jul 24, 2009 3:47am
Quoting PeterFM
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.

I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread.

Although I'm not a great one for moving to BE either, I feel that you should be looking at the impact that partial profit taking may be having on your bottom line. If you're looking at this stuff correctly then you should have a clear...
I'm working on this too, Peter. I have had trades like this year's Usd/Cad where I had 1450 pips with only 20% of my position.

I'm getting there slowly.
Indicators show the past. Price Action "Indicates" the future.
  • #38,789
  • Jul 24, 2009 3:54am Jul 24, 2009 3:54am
Quoting jarroo
Not a flule salisa. PA can be a powerful thing, but on the hourly chart we need more confluences to give strength to our setup. Your BEOB (blue) is off a swing high and recent highs, which is good. Its not at the peak or top of the swing high but there none the less. Meaning its crowded by other bars (candles). Off a nice round number(78.00). No obvious divergence. A hard break is what I would look for next. Which was nice.

The green BEOB. At swing high, at a peak, divergence, round number (77.00). Nice hard break and next bar break. A better...
That massive clear divergence is KILLER when you just wait it out for a nice PA bar.
  • #38,790
  • Jul 24, 2009 3:55am Jul 24, 2009 3:55am
Quoting jarroo
Not a flule salisa. PA can be a powerful thing, but on the hourly chart we need more confluences to give strength to our setup. Your BEOB (blue) is off a swing high and recent highs, which is good. Its not at the peak or top of the swing high but there none the less. Meaning its crowded by other bars (candles). Off a nice round number(78.00). No obvious divergence. A hard break is what I would look for next. Which was nice.

The green BEOB. At swing high, at a peak, divergence, round number (77.00). Nice hard break and next bar break. A better...
Jim and SC, really appreciate the comments - it: "really is this simple folks" especially when you put it the way you guys do! (don't worry I am not getting ahead of myself - I have a looonnng way to go!)
  • #38,791
  • Jul 24, 2009 3:58am Jul 24, 2009 3:58am
Quoting mbqb11
That massive clear divergence is KILLER when you just wait it out for a nice PA bar.
So not only do you plot ahead strong areas of heavy confluences (i.e. Round numbers, fibs, etc) but developed divergences while waiting for PA. Very Nice.
Indicators show the past. Price Action "Indicates" the future.
  • #38,792
  • Jul 24, 2009 4:04am Jul 24, 2009 4:04am
Quoting jarroo
So not only do you plot ahead strong areas of heavy confluences (i.e. Round numbers, fibs, etc) but developed divergences while waiting for PA. Very Nice.
Yeah I mean everyone knows my love for round numbers. But certain scenarios become great pa areas. When you have that massive divg + a double top scenario forming, it is nearly money in the bank if you wait for PA. The last BEOB on gbp/usd I got out at breakeven, b/c I took my chances for a larger move. But no way you could have taken a loss on that one.

I love the divergence where it is impossible for that oscillator to catch up before some sort of retrace.

Mike
  • #38,793
  • Jul 24, 2009 4:04am Jul 24, 2009 4:04am
Quoting PeterFM
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.
I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread......
yes, but u see, some/most traders currently dont have the luxury to let profits run to the moon/target often. what im saying is personal circumstances (not just emotions) are influencing the exits taken/employed . imho & based on experience...


Quoting joelcf
....And I am heavily invested in that coffee chart.. at 4 triple lattes a day, i cant afford to see any bullish PA
yes.... Let's hope & , or else, i'll always be , , or


Quoting jarroo
I'm working on this too, Peter. I have had trades like this year's Usd/Cad where I had 1450 pips with only 20% of my position.
I'm getting there slowly
woohooo, Jarroo!
awesome... Congrats!!
  • #38,794
  • Jul 24, 2009 4:08am Jul 24, 2009 4:08am
Quoting mbqb11
Yeah I mean everyone knows my love for round numbers. But certain scenarios become great pa areas. When you have that massive divg + a double top scenario forming, it is nearly money in the bank if you wait for PA. The last BEOB on gbp/usd I got out at breakeven, b/c I took my chances for a larger move. But no way you could have taken a loss on that one.

I love the divergence where it is impossible for that oscillator to catch up before some sort of retrace.

Mike
You mean this one Mike.
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Indicators show the past. Price Action "Indicates" the future.
  • #38,795
  • Jul 24, 2009 4:15am Jul 24, 2009 4:15am
Quoting jarroo
You mean this one Mike.
yes, I thought that might have been the "bigger" retrace coming. I was wrong, and stopped out at b/e. We look to be having another shot at it. Patience is the key here
  • #38,796
  • Jul 24, 2009 4:20am Jul 24, 2009 4:20am
Quoting PeterFM
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.

I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread.

Although I'm not a great one for moving to BE either, I feel that you should be looking at the impact that partial profit taking may be having on your bottom line. If you're looking at this stuff correctly then you should have a clear...
Similar to what others have found, my backtesting of live trades (as well as all demo daily/weekly trades) also supports taking full profits only. I tried scaling out of losing positions as well but found that fixed stops worked best. I did not explore trailing stops at all... except moving stops to b/e after 1R, for example...
I am a firm believer that to truly buy in to the idea of not taking partial profits one must prove it to themselves, through the number crunching and comparing results of multiple exit methods. You can see some of my previous posts for some examples of what methods I've tested...

Just my 2 and good post (as usual) Peter.

Took out 1.4R on the G/Chf pinbar from a few days ago. Missed my TP by 1 pip! Now does that make me unlucky? Gonna have to look at Rac's crystal ball again...that 1 pip would have made it 2R. Ah well... next

Josh
  • #38,797
  • Jul 24, 2009 4:21am Jul 24, 2009 4:21am
Quoting mbqb11
yes, I thought that might have been the "bigger" retrace coming. I was wrong, and stopped out at b/e. We look to be having another shot at it. Patience is the key here
You really don't take partial profits. Wow. lol.

But if that when down to test the year's lows you would have been the King. It starting to make sense to be Mike . . . and Peter.
Indicators show the past. Price Action "Indicates" the future.
  • #38,798
  • Jul 24, 2009 4:29am Jul 24, 2009 4:29am
Quoting jarroo
You really don't take partial profits. Wow. lol.

But if that when down to test the year's lows you would have been the King. It starting to make sense to be Mike . . . and Peter.
BE LIKE MIKE...sorry couldn't resist...

http://www.forexfactory.com/showpost...ostcount=24596

Josh
  • #38,799
  • Jul 24, 2009 4:37am Jul 24, 2009 4:37am
Quoting Jduester
BE LIKE MIKE...sorry couldn't resist...

http://www.forexfactory.com/showpost...ostcount=24596

Josh

I'll be singing that all day now. Which is not a bad thing. lol
Indicators show the past. Price Action "Indicates" the future.
  • #38,800
  • Jul 24, 2009 4:53am Jul 24, 2009 4:53am
Quoting PeterFM
Nearly every post I read from many of you newer guys all talk about taking profits off the table as a trade progresses.

I understand the emotions behind this and had exactly the same feelings two years ago when I asked this question in this thread.

Although I'm not a great one for moving to BE either, I feel that you should be looking at the impact that partial profit taking may be having on your bottom line. If you're looking at this stuff correctly then you should have a clear...
I've heard that before but taking partial profit has one major use for me,

For my avg setups at the first res/supp I like to take half off and move the SL for the remaining half in to the red so I end up BE at worst.

For example, If I go with 2 lots on Eu and take 1 off at +50 I can leave the other half at -50 so as to give the other half more space...

This can work well with the less then A+ setups and is great with my touch trades.

Ghous.
I believe . . .
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