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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

  • #46,741
  • Oct 23, 2009 1:48pm Oct 23, 2009 1:48pm
Quoting mbqb11
Hey TJ

Why is the bar to large for your stop? Are you position sizing properly. My stop was initially above the bar as it always is

-Mike
I use Oanda, so position size is not a problem for me. I recommend Oanda to anyone starting out or with a small account.

Just seems using a full bar stop, you either get a small R:R or you move you stop quickly once in profit, which doesn't make sense either.

A small R:R is fine, if you win a high, high % of the time. My experience is, even the best set ups (which I wouldn't consider this to be one) return no profit or a loss at least 20 to 25% of the time. Which is a GREAT % win, but not when you are a R:R of 1:10.
  • #46,742
  • Oct 23, 2009 1:54pm Oct 23, 2009 1:54pm
Quoting unlv_tj
I use Oanda, so position size is not a problem for me. I recommend Oanda to anyone starting out or with a small account.

Just seems using a full bar stop, you either get a small R:R or you move you stop quickly once in profit, which doesn't make sense either.

A small R:R is fine, if you win a high, high % of the time. My experience is, even the best set ups (which I wouldn't consider this to be one) return no profit or a loss at least 20 to 25% of the time. Which is a GREAT % win, but not when you are a R:R of 1:10.
I don't have a set R:R each trade is different some offer up a little and I am fine, some 2r etc. With time you learn what works for you. I am still in both of these trades which have given 100+ pips each already.

I always start with my stop above the bar, it is where I am comfortable

Have a great weekend
Mike
  • #46,743
  • Oct 23, 2009 2:00pm Oct 23, 2009 2:00pm
... for doing so, living 5 years in this country.
Quoting james16
there is a very wealthy poster here that i will let remain anonymous that gave up his british citizenship for these reasons.

now lives in the carribean and pays virtually no tax.

as he puts it.

"my country left me long before i left it"
I know I should just shut up and be happy and not complaint. However the staggering amount of waste of public funds just can't be ignored.
I know for sure it's a huge waste. I was living in area where local chavs (CHAV = Council Housing and Vulgar) didn't spend a day at legal payed job, were laughing at people like me, leaving their 1 yo babies alone to get a bottle of booze or rock of cocaine, organising open sex parties over weekend. That is all funded from taxpayers money.
I just wonder is there any way to stop it ?
  • #46,744
  • Oct 23, 2009 2:11pm Oct 23, 2009 2:11pm
  •  kean
  • | Joined Sep 2008 | Status: James16group Lifetime Member | 92 Posts
Quoting benji533
I use divergence as a confluence factor for CT trades. But I do not base any trade on it. Never.

Not all my trades are PA based, so it's a bit hard to say. I have been trading and practicing so much different styles of trading in the last months, that I just look at a chart and see something interesting happening. That allows me to take only the A+++ trades according to my book.

But basically, I use div at entries. My exits are, again, different every time, based on different factors I look at. But basically div has nothing to do with exits...
Hi Benji,
Can you tell me why you prefer to use the rsi for divergence over the macd?
Also, why have you adjusted the rsi setting to 6 from the default 14? I was thinking that, as Ryan uses this setting, that it may be more suited to the really short 5m time frames.
I am looking to use the rsi for divergence but on the Daily charts and wanted some feedback regarding the best settings for this timeframe.
Regards, Kean
  • #46,745
  • Oct 23, 2009 2:13pm Oct 23, 2009 2:13pm
Quoting mbqb11
I don't have a set R:R each trade is different some offer up a little and I am fine, some 2r etc. With time you learn what works for you. I am still in both of these trades which have given 100+ pips each already.

I always start with my stop above the bar, it is where I am comfortable

Have a great weekend
Mike
Thank you Mike.

Is your stop now at BE?

Did you move your stop to BE at a certain point or number of pips in profit?
  • #46,746
  • Oct 23, 2009 2:16pm Oct 23, 2009 2:16pm
Quoting unlv_tj
Thank you Mike.

Is your stop now at BE?

Did you move your stop to BE at a certain point or number of pips in profit?
Hey tj

My stops are only slightly reduced. There is no way I will take close to a full bar loss, but I am waiting to see how things play out a bit more. Basically will begin to trail down sunday/monday

Mike
  • #46,747
  • Oct 23, 2009 2:32pm Oct 23, 2009 2:32pm
Quoting FX_Serg
I'm in on gbpaud. It was retesting round number and it turned to be 50% fib of previous move (not the big one). Probably going to leave trades open for the weekend...hope it'll be a runner

That PB fulfilled itself by hitting its 1st target. A successfull Pin Bar. It is at this point that a trader must decide how to protect himself.

15 min time frame? . . . Higher Time Frames Rule.


Jim

(I got a lot of reading to do to catch up. . . . . lol)


http://i37.tinypic.com/nys844.gif
Indicators show the past. Price Action "Indicates" the future.
  • #46,748
  • Oct 23, 2009 2:36pm Oct 23, 2009 2:36pm
Quoting mbqb11
Hey tj

My stops are only slightly reduced. There is no way I will take close to a full bar loss, but I am waiting to see how things play out a bit more. Basically will begin to trail down sunday/monday

Mike
Very intersting, thank you.

I guess for me, since I can't be around my computer all day, I would like to have an initial TP and SL, and then go from there.

The freedom to follow your trades must be very beneficial.
  • #46,749
  • Oct 23, 2009 2:44pm Oct 23, 2009 2:44pm
Quoting kean
Hi Benji,
Can you tell me why you prefer to use the rsi for divergence over the macd?
Also, why have you adjusted the rsi setting to 6 from the default 14? I was thinking that, as Ryan uses this setting, that it may be more suited to the really short 5m time frames.
I am looking to use the rsi for divergence but on the Daily charts and wanted some feedback regarding the best settings for this timeframe.
Regards, Kean
Hey Kean, check the second part of this post: http://www.forexfactory.com/showpost...ostcount=44763

I didn't test it separately on each TF, but I'm 100% sure it doesn't matter. A chart is a chart

Ben
  • #46,750
  • Oct 23, 2009 2:48pm Oct 23, 2009 2:48pm
Quoting dhh
mike,
both you and j16 talked about something like this before when we have clear same/close highs in short time range, it may be good idea to consider trading the breakout(instead of wait for broke out, then trade re-test).

is this a good chart for this approach? since those highs are just below 152, i'm thinking maybe a buy stop of 152.10, and initial stop below pin indicated on chart.

i'm not trading this, just want to see if my thinking along the right way. can you check and comment? thx.
Quoting mbqb11
Yep you are quite correct Dhh. When you get such similar highs in such a small timeframe usually a break of those = a burst out to clear the orderflow. But on such a small timeframe like this, I would be very very cautious to try to hold to long as it could snap back(the larger the timeframe the more likely a sustained breakout will occur).

Mike
mike,
decided to add this to my experience on demo. the trade was triggered as plan, moved stop to below the bar broke, and went to bed.

there was no visible profit target on the 1h chart, so i switched to daily and saw the closest ppz which is around 153, used this for order.

thought i would post update and see if you think it was managed properly?
thx.
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  • #46,751
  • Oct 23, 2009 3:24pm Oct 23, 2009 3:24pm
Quoting dhh
mike,
decided to add this to my experience on demo. the trade was triggered as plan, moved stop to below the bar broke, and went to bed.

there was no visible profit target on the 1h chart, so i switched to daily and saw the closest ppz which is around 153, used this for order.

thought i would post update and see if you think it was managed properly?
thx.
awesome job man. Often like I was seeing you get that burst, and then a sharp move back. We got a realll sharp move back

Well done!

Mike
  • #46,752
  • Oct 23, 2009 3:29pm Oct 23, 2009 3:29pm
with rsi settings i did have it on 6 but then changed it to 4. there is hardly any difference except maybe it has a little more movement in it. its alot easier to spot div on a low setting rsi than the stock 14 as u can pick the peaks easier.
  • #46,753
  • Oct 23, 2009 4:56pm Oct 23, 2009 4:56pm
just a quicky before bed..remember these charts??
well no suprises here then.... and we are left with this good looking pin (at first glance as iv just got in) to ride it back down again!!!

you gotta love this thread!!!!!!!

jon
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PATIENCE... DISCIPLINE
  • #46,754
  • Oct 23, 2009 5:00pm Oct 23, 2009 5:00pm
.........
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PATIENCE... DISCIPLINE
  • #46,755
  • Edited 6:27pm Oct 23, 2009 5:54pm | Edited 6:27pm
edit*

My question was answered.
"Whether you think you can or can't, you're right." Henry Ford
  • #46,756
  • Oct 23, 2009 6:10pm Oct 23, 2009 6:10pm
It's nice in here. I've learned everything in here from j16 and Ryanmcd.
Thanks again.
Great trades guys.

I trade with style like this on my forum.
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  • #46,757
  • Oct 23, 2009 7:40pm Oct 23, 2009 7:40pm
Quoting g_j_hook@yah
remember this chart??(weekly) well we now have a daily IB which if breaks to the downside could give us a nice entry for the weekly bar??
any comments welcome
cheers
jon
I sure do remember jon. Classic.
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Indicators show the past. Price Action "Indicates" the future.
  • #46,758
  • Oct 23, 2009 10:29pm Oct 23, 2009 10:29pm
Hey fellas, what are we doing about USDJPY at this juncture? wait for 50% retracement/pin? wait for pin now, and short?

My theory is the 92.00 line will get cracked, and a pin will form at the 50% fibo line, and I'll short it right there ... One can dream....

Here's the daily UJ.... 92.00 PPZ, divergence....

http://i380.photobucket.com/albums/o...brah32/j16.gif
Many choose unhappiness over uncertainty.
  • #46,759
  • Oct 23, 2009 11:26pm Oct 23, 2009 11:26pm
Quoting james16
there is a very wealthy poster here that i will let remain anonymous that gave up his british citizenship for these reasons.

now lives in the carribean and pays virtually no tax.

as he puts it.

"my country left me long before i left it"

Nevis & St Kitts is the best place to live tax free... but yanks cant do it unless they give up their citizenship....

I have traveled all over the world & lived in many countries so I have my eye on a few tax havens. to retire in... but anything can change....
  • #46,760
  • Oct 24, 2009 5:49am Oct 24, 2009 5:49am
Hello to everyone,

This is my first ever use of a forum so I hope I 'm posting the right way.

This is my background:

I traded FTSE100 for about a year. Small account lost about 20%. Did not worry me from the financial point of view because my first aim was to learn. I stopped when I realised I wasn't getting anywhere! Howver my mind was all the time made up to go back, learn more and succeed in trading.

My biggest problem is that I am in a very demanding job which does not leave much space for anything. Which is the reason why I looked at trading as a possible way to come out. I even feel guilty trying to learn to trade!

Anyone one of you who can relate to this? Any inspiring thoughts or personal experiences to share?
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