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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

  • #53,621
  • Feb 1, 2010 9:54pm Feb 1, 2010 9:54pm
Quoting mbqb11
Hey IM

Def not a guru here, just a student of the game too. The PDF is just someone who browsed this thread put together, very unofficial. You can find it by clicking the paper clip in the main area where this thread is located. But I would use this post much more so then that pdf

http://www.forexfactory.com/showpost...ostcount=23250

Again not a substitute for all the time and posts in this thread, but a good starting point courtesy of Josh!

Mike
Thanks Mike for sharing the post and appreciate your sharing your knowledge with newbies like me. I have started reading this thread and almost half way.Definitely collection of posts on the first page as well. I have also gone thru' most videos on the site. I think I have gotten the gist of it :-) but still more I get to read about this ( and practice it ) the better.

Quick Q: There was a recent reference to "free trade" ( same thing I see was suggested by James in one of his old videos) and moving stops to BE after 30 pips. I was interested in seeing if thats how most people manage their trade? Do you open 2 trades for every scenario? Do you enter at the break of the pin bar or after retracement? From your experience, which one works more often than not? Just curious.

cheers
  • #53,622
  • Feb 1, 2010 9:54pm Feb 1, 2010 9:54pm
Quoting Icehocey77
RBA didn't cut interest rates as had been expected.
yeah I saw that.... Hopefully U/CAD will still go.... neither one of my stop orders got hit yet.
Many choose unhappiness over uncertainty.
  • #53,623
  • Feb 1, 2010 10:07pm Feb 1, 2010 10:07pm
Quoting Imphilomath
Thanks Mike for sharing the post and appreciate your sharing your knowledge with newbies like me. I have started reading this thread and almost half way.Definitely collection of posts on the first page as well. I have also gone thru' most videos on the site. I think I have gotten the gist of it :-) but still more I get to read about this ( and practice it ) the better.

Quick Q: There was a recent reference to "free trade" ( same thing I see was suggested by James in one of his old videos) and moving stops to BE after 30 pips. I was interested...
Hey Imp

This is sort of like polling what is better chocolate or vanilla ice cream

The reality is they can all work if you develop a method for it. I personally always enter on the break of the bar and my stop above/below the bar. But my trade mgmt varies greatly from trade to trade. Depending on what the trade situation is. Many people here are quick to b/e or taking some of the table quick. Both can work depending on your style and personality. Both have advantages and disadvantages as well. For example a quick to b/e means a very high win rate, lots of b/e but your losses are going to be small or very rare larger loss, your winners are small with the occasional large runner. A more loose method is going to have more losers, and larger winners in general. So again trade offs are there and it really depends. I suggest starting with what seems comfortable and working from there as it is a long road

Just my views though
Mike
  • #53,624
  • Feb 1, 2010 10:10pm Feb 1, 2010 10:10pm
Quoting mbqb11
This is where my major concern comes in. Technically I define many of my PPZs around these numbers, so we would be trading right into it instead of away from. These you HAVE to watch like a hawk if you are going to trade them cause if it bounces there I would be biting my fingernails so I stay out on these

Mike
Thanks looks like one to avoid
Learning to be rigid in my rules & flexible in my expectations
  • #53,625
  • Feb 1, 2010 10:17pm Feb 1, 2010 10:17pm
Quoting Dan Gilbert
interesting developments on USDCAD and NZDUSD at the moment.... *sigh*
Yep its almost as if they know we are watching the pairs.
Learning to be rigid in my rules & flexible in my expectations
  • #53,626
  • Feb 1, 2010 10:22pm Feb 1, 2010 10:22pm
Quoting mbqb11
This is sort of like polling what is better chocolate or vanilla ice cream

The reality is they can all work if you develop a method for it. I personally always enter on the break of the bar and my stop above/below the bar. But my trade mgmt varies greatly from trade to trade. Depending on what the trade situation is. Many people here are quick to b/e or taking some of the table quick. Both can work depending on your style and personality. Both have advantages and disadvantages as well. For example a quick to b/e means a very high win rate, lots...
Heya Mike,

I was reading something by Rainmaker lately that I related to heaps. I think it was on the beliefs vs trading thread he started in May09.

In a nutshell, he was quoting SP, who said,
"What I want to do, and what I´ve found I´m good at doing, are 2 very different things."

If I may humbly add... I believe that we must find a way of speculation that we really enjoy... maximising enjoyment in speculation usually leads to the path of most comfort. And this, we can continue doing and compound our accounts.

It might not be the most net profitable system in the world, but like Jim likes to shift to BE @ +30 or take some off REAL quick, while you don't mind small losers but hold for huge huge runners... but it will be the most profitable system for the individual... and from there the individual can grow as a speculator and the system becomes more profitable.

My 2 pips is tt the path of most enjoyment is the path of profit maximisation as well... for the individual speculator (which is all that matters) and in the long haul after compounding is added in.

To seperate the system/method from the speculator, usually leads one down the path of "holy grail seeking".
What's important I feel, is how we express ourselves best in the market.
One Mind, Any Market
  • #53,627
  • Feb 1, 2010 11:18pm Feb 1, 2010 11:18pm
Quoting mbqb11
Hey Imp

This is sort of like polling what is better chocolate or vanilla ice cream

The reality is they can all work if you develop a method for it....
hahaha thanks Mike. Loved the chocolate Vanilla ice cream example. Things are simple to understand for me when ice cream is involved ( especially when we in Sydney are in summer :-) ).

I agree, this is something I need to learn by putting some trades in and see what I am comfortable with. Personally I am very risk averse person, so I am guessing moving stops after x number of pips makes more sense to me ( I am at least preserving capital).

Just to make sure I understand it correctly so I can try this trading plan ( to see if it works for me)

Entry : Open 2 orders after the break of pin bar/engulfing bar ( I plan to only concentrate on PB and engulfing bars for now) with SL on the other side of PB.Total combined risk of both orders = 1%

Exit : Close one order when it reaches +30pips ( I will have to play around with this number.
For second order, move SL to BE ( does that mean move SL to buying/selling price? or +/-30 from that price? Are we breaking even just this second order ( and lock 30 pips profit from first order) or both trades combined. I am not sure if I have articulated it correctly :0).

What do you think about AUDUSD? It has not taken strong resistance off and RBA did not move rates. Looks like a good sell if it breaks below that support line .8730. What are you thoughts?

cheers
  • #53,628
  • Feb 2, 2010 12:31am Feb 2, 2010 12:31am
Quoting Imphilomath
hahaha thanks Mike. Loved the chocolate Vanilla ice cream example. Things are simple to understand for me when ice cream is involved ( especially when we in Sydney are in summer :-) ).

I agree, this is something I need to learn by putting some trades in and see what I am comfortable with. Personally I am very risk averse person, so I am guessing moving stops after x number of pips makes more sense to me ( I am at least preserving capital).

Just to make sure I understand it correctly so I can try this trading plan ( to see if it works for me)

Entry...
Hey Imp

Yes you can do either or. There is no set rule of anything, so at this point it is about experimenting and testing too see what might work for you. I personally never take partial profits, some people always do. There is just such a large amount of different ways to do things, so you have to kinda just jump in (on demo of course ).

As for aud/usd, there are really no signals in terms of PA analysis to really go by, so to me that is too much of a blind short base don short term strength. Wait for the good bars you can't go wrong that way.

Best
Mike
  • #53,629
  • Feb 2, 2010 1:05am Feb 2, 2010 1:05am
I thought I'd ask you, given that I had recently watched your webinar on pin bars. Many thanks for your reply.

Quoting mbqb11
Hey Ez

You are going to get different views depending on the type of trader, but since you asked for me that is about a D pin. Just small, not a great close, not in a lot of space, not too much going for it for me.

Best
Mike
What you do is a reflection of you....what I do is a reflection of me.
  • #53,630
  • Feb 2, 2010 1:08am Feb 2, 2010 1:08am
It just occur to me after reading "free trade" post by Jaroo that I could have gotten the understanding of moving stops to BE wrong all this while.

When one says 'move stops to BE', does this means moving the stop to entry price or does it mean moving to a point negative 'x' pips away from current price where half the position is closed with profit x pips.

Please could someone clarify that which of the two understanding is correct?

Thanks!

CY
Quoting Imphilomath
Thanks Mike for sharing the post and appreciate your sharing your knowledge with newbies like me. I have started reading this thread and almost half way.Definitely collection of posts on the first page as well. I have also gone thru' most videos on the site. I think I have gotten the gist of it :-) but still more I get to read about this ( and practice it ) the better.

Quick Q: There was a recent reference to "free trade" ( same thing I see was suggested by James in one of his old videos) and moving stops to BE after 30 pips. I was interested...
  • #53,631
  • Feb 2, 2010 1:12am Feb 2, 2010 1:12am
Quoting ertorque
It just occur to me after reading "free trade" post by Jaroo that I could have gotten the understanding of moving stops to BE wrong all this while.

When one says 'move stops to BE', does this means moving the stop to entry price or does it mean moving to a point negative 'x' pips away from current price where half the position is closed with profit x pips.

Please could someone clarify that which of the two understanding is correct?

Thanks!

CY

Hey Cy,

It could be both. Meaning some people move stops to entry price, some who bank pips from half position move it to the avg price that would put them at net 0$ breakeven, others to entry price b/e insuring some profit.

Best
Mike
  • #53,632
  • Feb 2, 2010 1:19am Feb 2, 2010 1:19am
Quoting mbqb11
Hey Cy,

It could be both. Meaning some people move stops to entry price, some who bank pips from half position move it to the avg price that would put them at net 0$ breakeven, others to entry price b/e insuring some profit.

Best
Mike
Hey Mike,

I realised as soon as I submitted my post that you have replied IMP on exactly the same question as I had.
Still u did not ask me to refer to that reply but gave me a clear explanation. You are a good person!

CY
  • #53,633
  • Feb 2, 2010 1:38am Feb 2, 2010 1:38am
Possible 2 matching lows higher close forming on eur/usd 4 hours
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 31 KB
  • #53,634
  • Feb 2, 2010 1:48am Feb 2, 2010 1:48am
Cad Daily BEOB.

Looks some of you may be in this one. Not a bad break at all.
Attached Image (click to enlarge)
Click to Enlarge Name: cad01.gif Size: 34 KB
Indicators show the past. Price Action "Indicates" the future.
  • #53,635
  • Feb 2, 2010 1:55am Feb 2, 2010 1:55am
Quoting jarroo
Cad Daily BEOB.

Looks some of you may be in this one. Not a bad break at all.
I'm in the boat, NZD didn't break so far.
  • #53,636
  • Feb 2, 2010 2:08am Feb 2, 2010 2:08am
Quoting mbqb11
Hey Cy,

It could be both. Meaning some people move stops to entry price, some who bank pips from half position move it to the avg price that would put them at net 0$ breakeven, others to entry price b/e insuring some profit.

Best
Mike

Thanks Mike I should have been more clearer. Some free trades can have money is the bank. Meaning 1st half in the bank, 2nd half at break even.
Indicators show the past. Price Action "Indicates" the future.
  • #53,637
  • Feb 2, 2010 2:22am Feb 2, 2010 2:22am
How come in the basic literature about trading, they mostly say that a hammer is a reversal bar, but J16 does not mention this type of candle? come to think of it, i've not come across a lot of threads in FF that talk about hammers as reversal bars.
  • #53,638
  • Feb 2, 2010 2:26am Feb 2, 2010 2:26am
Quoting mbqb11
This is where my major concern comes in. Technically I define many of my PPZs around these numbers, so we would be trading right into it instead of away from. These you HAVE to watch like a hawk if you are going to trade them cause if it bounces there I would be biting my fingernails so I stay out on these

Mike
Hi Mike - I know you were not impressed earlier with weekly pin on GBP/CAD
but I wondered whether a break of a pin on or hard through a BRN would be valid (1.7000 in this case). This was coming off a clear trend line and continuation of major down trend. Confluence of PA and major trend line just look quite powerful to me.

thanks

Jeremy
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad2.gif Size: 10 KB
  • #53,639
  • Feb 2, 2010 2:33am Feb 2, 2010 2:33am
Quoting jspeakman
Hi Mike - I know you were not impressed earlier with weekly pin on GBP/CAD
but I wondered whether a break of a pin on or hard through a BRN would be valid (1.7000 in this case). This was coming off a clear trend line and continuation of major down trend. Confluence of PA and major trend line just look quite powerful to me.

thanks

Jeremy
Hey Jeremy

Don't let me discourage you from your analysis. As you have noticed it really all comes back to what fits YOUR trading criteria. So when I say something it isn't from the perspective that someone else is wrong, simply based on how I see things. For me it just is too small of a bar not at a great swing point with a poor close. If it works or not isn't really of concern for me, more that something fits my criteria before pulling the trigger.

Hope that makes sense
Mike
  • #53,640
  • Feb 2, 2010 2:42am Feb 2, 2010 2:42am
Quoting mbqb11
Hey Jeremy

Don't let me discourage you from your analysis. As you have noticed it really all comes back to what fits YOUR trading criteria. So when I say something it isn't from the perspective that someone else is wrong, simply based on how I see things. For me it just is too small of a bar not at a great swing point with a poor close. If it works or not isn't really of concern for me, more that something fits my criteria before pulling the trigger.

Hope that makes sense
Mike
Thanks Mike - would be very grateful if you could explain your 2 bar exit strategy mentioned earlier - must have missed that somewhere.

Jeremy
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