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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

  • #45,241
  • Oct 4, 2009 10:58pm Oct 4, 2009 10:58pm
Quoting jarroo
Took some off the talble at 143.87. Moved to break even. I love Mondays.
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!

I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
Dr. C
  • #45,242
  • Oct 4, 2009 11:15pm Oct 4, 2009 11:15pm
Was doing some reading over the weekend.

Came across this post by Seeking & Ryanmcd.

Just thought I'd share it again. Awesome stuff.

http://www.forexfactory.com/showpost...ostcount=13598
One Mind, Any Market
  • #45,243
  • Oct 4, 2009 11:15pm Oct 4, 2009 11:15pm
Question about moving your stops to breakeven. (And while I think it has a very obvious answer, I would like to make sure)

I am entering pinbars at 10 pips beyond the high or low (depending on the direction of the trade) Am I correct in this thinking?

When a trade goes our 20-30 pips profit and we want to pull half off and move to breakeven, should the breakeven be at the end of the pin, or what would actually put us breakeven at our trade. My thoughts are: breakeven is just that, breakeven, and your stop is now where you entered. You can not lose your banked profits, and you are in a free trade. The other side of the arguement could be that the end of the pin acts as s/r.


Thoughts?

Thanks

And sorry to see you leave SP, even tho I've only been here a month, I have learned from your posts. All the best in whatever you do.
  • #45,244
  • Oct 4, 2009 11:16pm Oct 4, 2009 11:16pm
Quoting rustyjeff
let me go a bit further since Mikey aint around....

It comes down to the Market... If you accept what the market gives you then fine.. If you want to tell the market how much percent you want to make each month, then good luck.

The market is an ever changing living organism.... why??? cause its made up of decisions of millions of people every day... & every day they can change their minds....

thats why Quants & robots will work for a while but then send all the profits to hell..

If you spend the time & practise price action as taught here...
hi rustyjeff
i find this post very inspiring. thank you for that. i have both backgrounds- been a college boy back in poland and a blue collar guy for several years here in us... the background doesn't really matter. i would even risk a statement that the schooling doesn't make you smarter but rather the opposite in most cases. btw i 've just applied for college in chicago. at least it will keep me from overtrading... and i am so struggling with that...
ps. contradictions is what we are.
ps.the path is long and bumpy but i hope i will stick to travelling it to the end = infinity
  • #45,245
  • Edited Oct 5, 2009 12:36am Oct 4, 2009 11:38pm | Edited Oct 5, 2009 12:36am
i think/wish you need/would (to) reconsider.

Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.

This may sound selfish to a degree, and I can assure you, it is. If a man cannot care for himself properly, in agreement with his own needs, how can he care for another? That would be damaging, and I won't do that to you or me.

I will likely pop in from time to time, and maybe send a PM or two.... and then again, likely...
  • #45,246
  • Oct 4, 2009 11:50pm Oct 4, 2009 11:50pm
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye....
thanks SP it was a pleasure to read you
  • #45,247
  • Edited 12:13am Oct 5, 2009 12:03am | Edited 12:13am
"A couple of thoughts for each of you.

Will you be able to become a trader, living by your wits in the market? Probably not. That is just a statement of fact. This is a difficult business, and a precious few can do it. Get used to this fact and you'll be better for it. The fact is that the vast majority of real traders out there are simply not going to help you either. They are either not equipped to, or simply refuse. You have found a few jewels here in the thread, and you should know who they are. If you do not, please pay attention.

Each of us can benefit from what is taught here whether you trade for a living, supplement your income, or just plain fail trying (that will be the majority - don't be fooled about this)."

smart trading is basically about balancing your chances on your bets. now if we know that around 95% of people will fail in trading than assumtion- for a new person - that "I" will make is a gamble, isn't it ?

and if i may add sth- finding a jewell in this thread is just a beggining of a trouble because than you have to find a way to make sth out of it ( like a ring for example ) and even worst to find a person to give it to it took me 26 years to find the one ...
so let's all be patient this is a lesson of a day
  • #45,248
  • Oct 5, 2009 12:20am Oct 5, 2009 12:20am
i am still hoping for gold and oil to drop down. so these are the areas i will look for pa on monday
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  • #45,249
  • Oct 5, 2009 12:39am Oct 5, 2009 12:39am
hey pav put those same two charts up again but put rsi on them.

put the 1st chart at rsi 14 and the second at rsi 6.

i want to see something but on your chart.

if you dont mind of course,

jim



Quoting pavulon2007
i am still hoping for gold and oil to drop down. so these are the areas i will look for pa on monday
  • #45,250
  • Oct 5, 2009 1:03am Oct 5, 2009 1:03am
Hey Jim

Not the exact same charts but same broker.


I'll take mine down once Pauvulon puts his up.

Hope you can find what you're looking for

Letitride
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  • #45,251
  • Oct 5, 2009 1:08am Oct 5, 2009 1:08am
now put the rsi6 on gold and tell me where the 50 and 61 fibs are on the oil chart.

oops - fib from low to high.

thanks,

jim

Quoting letitride
Hey Jim

Not the exact same charts but same broker.


I'll take mine down once Pauvulon puts his up.

Hope you can find what you're looking for

Letitride
  • #45,252
  • Oct 5, 2009 1:17am Oct 5, 2009 1:17am
Hey Jim

here you are

Letitride
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  • #45,253
  • Oct 5, 2009 1:26am Oct 5, 2009 1:26am
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye.....
Feels like your stay here was pretty short, but it was meaningful.
Hope u will lurk & post from time to time.
Good luck, God bless & thank you!


Quoting james16
i think/wish you need/would (to) reconsider.
I AGREE!!
  • #45,254
  • Oct 5, 2009 1:59am Oct 5, 2009 1:59am
a killer entry would be a spike or very quick move up to the 50 fib and a continued divergence with rsi.

a great place to throw a little risk dough at some cheap out of the money options with 4 to 6 months left.




Quoting letitride
Hey Jim

here you are

Letitride
  • #45,255
  • Oct 5, 2009 2:17am Oct 5, 2009 2:17am
Nice 5 minute entry at daily PPZ area with R1 pivot confluence

Always good starting the week with a winner :-)

This could run but no need to be greedy. Full take profit was at bottom of the range.

I will only trade thius low timeframe on the most liquid majors and then only if there is no news scheduled within 30 mins or so. This trade did meet alll the aformentioned criteria.

edit: sorry for poor quality chart. can't remember correct image size and too busy to search right now.
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  • #45,256
  • Edited 2:53am Oct 5, 2009 2:26am | Edited 2:53am
Quoting james16
a killer entry would be a spike or very quick move up to the 50 fib and a continued divergence with rsi.

a great place to throw a little risk dough at some cheap out of the money options with 4 to 6 months left.
Cheers Jim I'll keep an eye on it. Unfortunately I don't trade commodities or options but I can use Oil/Gold to help hint me in some of the commodity currencies.


Letitride
  • #45,257
  • Oct 5, 2009 2:53am Oct 5, 2009 2:53am
Quoting StoragePro
After about 4 years of looking in on the FF, I am saying goodbye. The last few months have been an interesting time for me. I, for a lack of a better term, went 'public', and I see very clearly I am better off in the shadows.
SP, I've learned much from you though I've only been around for a short time.

I do hope you will stick around. =)
One Mind, Any Market
  • #45,258
  • Oct 5, 2009 3:00am Oct 5, 2009 3:00am
Good for some pips or at least BE. Ignore my Trend lines not part of my confluence.
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  • #45,259
  • Edited 9:20am Oct 5, 2009 3:12am | Edited 9:20am
Quoting PippingMama
Hello Jarroo,

Good trade on the "geppy"!

2 questions regarding the stoploss:

1. Why you give no more than 35 pips for this? I know this setup should be manage tight but just want to know what is your logic when you just give only 35 pips stoploss. Mine stoploss is below 142.82.

2. In case of 35 pips stoploss, will this be around max of 3% of your account for this setup? Or you will lower your position size if you feel not very confident on the setup?

Thanks!


PippingM
1. On the Daily Gbp/Jpy PB the 143.00 was the logical tight stop loss placement. When I look for tight stop loss placements I want the charts to tell me where to place them. Round Numbers, S/R levels and PPZ levels near the break of the PA setup is what I look for using this approach. Your stop loss of 142.82 is very nice.

2. Yes, the percentage that I use is reflective of the quality of the setup.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #45,260
  • Edited 3:48am Oct 5, 2009 3:35am | Edited 3:48am
Quoting cvcamper
I cannot begin to tell you guys how much help you guys have been to me! Jaroo, Mike W, all the others who are posting thank you!

I am going to do what Mike W suggested and back test my trade managing, however for the moment, I am curious why you took some off at a 4 hr target when the setup is on daily jaroo? I understand the idea of always netting profit, however when I look at GBP/JPY right now I see golden 145
There were two different and unique trades on the Gbp/Jpy. Each trade were managed differently due to the time frame even though they are the same pair. The 1st targets were the same on these two. This is usually not the case as the 4 hour time frame targets are usually closer.

Low quality setups for counter trend trades will burn you very time if not managed carefully. Meaning , it could go to 145.00, but I'm not willing to endure draw down to get there.

This was not even close to a A+ setup. We need BIG Bars and Big Space and Big Round Numbers and Big PPZ levels for a counter trend setup to be effective.

So why did I take this one if it wasn't an A+ setup? Good question, the smart traders probably passed on this one. On lower quality setups at good location, I will look for the hard break as the decision point to keep or kill a trade.
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Indicators show the past. Price Action "Indicates" the future.
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