james16 Chart Thread | Page 3058 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #61,141
  • Apr 18, 2010 4:54pm Apr 18, 2010 4:54pm
Hi Mike

This is really interesting stuff.

I try (when appropriate) to liquidate half my position at the first trouble area. The second half really depends on the individual trade sometimes I will set a limit order to take profit at the second trouble area or let it run and manage my SL to try and catch a runner.

Are you saying that you always just go to the FTA and close? Would that mean that you don't bother trying to catch a runner? I can see it would certainly make life easier for me to do just that. It is a real surprise that taking full profit at the FTA gives you more profit than just taking half and letting the rest run. Did you come to any conclusions about the reason for that?

Thanks for raising what for me is a real important issue.
Quoting mbqb11
Hey Scotty

It is no bother brother!

I do not take partial profits as I don't believe in it really. Reason being I used to and was profitable, then I decided to go back all my old trades and if I simply took Full profit at the first area I was taking half off i would have done better with that alone. This really was eye opening for me that I may have been over complicating(which I felt I was) and from that day forward it was all or none. Too me it simplified things even more so and it is what makes sense. You certainly can do it both or many...
  • #61,142
  • Apr 18, 2010 4:58pm Apr 18, 2010 4:58pm
Quoting shauns1966
Hi Mike

This is really interesting stuff.

I try (when appropriate) to liquidate half my position at the first trouble area....
Hey Shaun

Let me clarify a bit here. What I mean by closing full profit at first area. Was whatever first area I designated to take half off(not necessarily the FTA at the time) I went back and reviewed as if I took FULL profit at that time. As a side note though, I collected the data along with my regular trading which uses a variety of exits(anywhere from trailing, to a set take profit, to move to b/e etc etc) taking full profit at the first trouble are. So I collected the data as I did all my trades last year. My win rate was over 90% and my ROI would go down, but at say 3% risk per trade the ROI would have been just over 60% compounded. So just goes to show how many ways one can skin this thing. Comfortablility is a very important thing in trading otherwise you will not have the confidence to execute day in and out. At least this is what I learned

Hope that clears it up
Mike
  • #61,143
  • Apr 18, 2010 5:05pm Apr 18, 2010 5:05pm
Thanks Mike that's really helpful.


Quoting mbqb11
Hey Shaun

Let me clarify a bit here. What I mean by closing full profit at first area. Was whatever first area I designated to take half off(not necessarily the FTA at the time) I went back and reviewed as if I took FULL profit at that time. As a side note though, I collected the data along with my regular trading which uses a variety of exits(anywhere from trailing, to a set take profit, to move to b/e etc etc) taking full profit at the first trouble are. So I collected the data as I did all my trades last year. My win rate was over 90% and my...
  • #61,144
  • Apr 18, 2010 5:30pm Apr 18, 2010 5:30pm
nice jon, your charts convey good message to understand the price action. how do you plot the open lines? is it an EA, or you do it manually?

jeurre

Quoting g_j_hook@yah
heres a couple of classic pinbar trades that worked out well. 1h TF,not for everyone. i have noted on the chart my views on this trade. the great thing about getting a nice run like this is that you get the chance to turn your scalp into a longer term trade fairly easily.

jon
  • #61,145
  • Apr 18, 2010 5:34pm Apr 18, 2010 5:34pm
I see, thanks for the explanation

Quoting nasir.khan
This one i call a breakout and P&V trades are lying out in the Peaks and Valleys thread.

I only use peaks and valleys while adding in a trend trade but not much for reversal trades. On the other hand Breakout could be both a trend trade or a CT.
  • #61,146
  • Apr 18, 2010 5:41pm Apr 18, 2010 5:41pm
hey,bundyraider, can you illustrate your points a bit with charts? thank you

Quoting bundyraider
I wouldn't enter a trade as a direct result of that bar anymore. It's too late , as you pointed out.

Once you've already had the momentum the first time, your odds decrease a lot for getting a successful run again.

If you're too late and miss out, just move on.

You're looking to take advantage of one of two things...

One.... is momentum from that bar the moment it does it's thing. (wether you catch a retracement entry or whatever). The best set up bars are large and close right at the extreme , or not far from it. The buying/selling pressure...
  • #61,147
  • Edited 6:36pm Apr 18, 2010 5:50pm | Edited 6:36pm
this PB any good?

upper blue rectangle is daily support, can i ignore this on the weekly?
lower rectangle is weekly PPZ (i think)

Why i like: 1) huge downtrend
2) 2nd eye high lower than 1st eye high


Why i dislike:
1) traffic to the left although this signals continuation of downtrend?
2) tail not long
3) open and close of PB not close enough

Does the huge DT outweigh all the negatives, I wouldnt consider trading this if it were an UT.

Thinking of putting sell order on break of PB

thanks
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 27 KB
  • #61,148
  • Apr 18, 2010 5:54pm Apr 18, 2010 5:54pm
Quoting jeurre
nice jon, your charts convey good message to understand the price action. how do you plot the open lines? is it an EA, or you do it manually?

jeurre

just use a colour you can easily ignore when you want to...lol

jon
Attached File(s)
File Type: mq4 daily_open_line.mq4   2 KB | 411 downloads
File Type: ex4 daily_open_line.ex4   2 KB | 340 downloads
PATIENCE... DISCIPLINE
  • #61,149
  • Apr 18, 2010 6:10pm Apr 18, 2010 6:10pm
cool

Quoting g_j_hook@yah
just use a colour you can easily ignore when you want to...lol

jon
  • #61,150
  • Apr 18, 2010 6:25pm Apr 18, 2010 6:25pm
Quoting Scotty2Cues
this PB any good?


2) 3rd eye high lower than 1st eye high


thanks
What do you mean by this statment ? Which candle (s) are you referring to in relative to bullish PIN bar (04/03) ?
  • #61,151
  • Apr 18, 2010 6:27pm Apr 18, 2010 6:27pm
Hi guys

Anyone considering this BUOB on U/C weekly? Off of BRN and at a swing low. PPz not far away but some potential for partial profits at first trouble area?
Attached Image (click to enlarge)
Click to Enlarge Name: vt180410.jpg Size: 131 KB
PA is where its at!!
  • #61,152
  • Apr 18, 2010 6:30pm Apr 18, 2010 6:30pm
Quoting cprao
What do you mean by this statment ? Which candle (s) are you referring to in relative to bullish PIN bar (04/03) ?
isnt the PB with the red arrow above it a bearish PB?
the high of the bar (to the right of the nose) is lower than the high of the bar (to the left of the nose)
  • #61,153
  • Apr 18, 2010 6:32pm Apr 18, 2010 6:32pm
Quoting Scotty2Cues
this PB any good?

upper blue rectangle is daily support, can i ignore this on the weekly?
lower rectangle is weekly PPZ (i think)

Why i like: 1) huge downtrend
2) 3rd eye high lower than 1st eye high


Why i dislike:
1) traffic to the left although this signals continuation of downtrend?
2) tail not long
3) open and close of PB not close enough

Does the huge DT outweigh all the negatives, I wouldnt consider trading this if it were an UT.

Thinking of putting sell order on break of PB

thanks
Scotty that Pin bar is from the week before last. This PA has already played itself out. It would be risky to trade this now. its anybody's guess as to where price will go now.
  • #61,154
  • Apr 18, 2010 6:35pm Apr 18, 2010 6:35pm
Quoting ljr
Scotty that Pin bar is from the week before last. This PA has already played itself out. It would be risky to trade this now. its anybody's guess as to where price will go now.
Ok. I thought another way to play PBs was on the bar after the close of the 2nd eye?

Just realised it should be 2nd eye not 3rd. confusing with 3rd bar. too much wine
  • #61,155
  • Apr 18, 2010 6:43pm Apr 18, 2010 6:43pm
Quoting Scotty2Cues
Ok. I thought another way to play PBs was on the bar after the close of the 2nd eye?

Just realised it should be 2nd eye not 3rd. confusing with 3rd bar. too much wine
No i don't think anybody does that in these parts.... Some may wait for the break then retrace up to say 50 fib or look for PA on a lower timeframe but the main J16 way is simply on the break of the pin bar.
  • #61,156
  • Apr 18, 2010 6:43pm Apr 18, 2010 6:43pm
Quoting Scotty2Cues
isnt the PB with the red arrow above it a bearish PB?
the high of the bar (to the right of the nose) is lower than the high of the bar (to the left of the nose)
Ok. I think I am confused or my chart is differrent than your chart.
Attached Image (click to enlarge)
Click to Enlarge Name: Weekly -USDCHF-04-18-2010.gif Size: 60 KB
  • #61,157
  • Apr 18, 2010 6:59pm Apr 18, 2010 6:59pm
Quoting mbqb11
Hey Scotty

It is no bother brother!

I do not take partial profits as I don't believe in it really. Reason being I used to and was profitable, then I decided to go back all my old trades and if I simply took Full profit at the first area I was taking half off i would have done better with that alone. This really was eye opening for me that I may have been over complicating(which I felt I was) and from that day forward it was all or none. Too me it simplified things even more so and it is what makes sense. You certainly can do it both or many...
I'm realizing this too, Mike. My data is showing the same thing. Sure, you can catch a runner with a partial every now and then, but in terms of profitability it does make sense.
Indicators show the past. Price Action "Indicates" the future.
  • #61,158
  • Apr 18, 2010 7:11pm Apr 18, 2010 7:11pm
Quoting jarroo
I'm realizing this too, Mike. My data is showing the same thing. Sure, you can catch a runner with a partial every now and then, but in terms of profitability it does make sense.
on my more recent trades, I have been noticing this too.......................................................................... everyone on board for trying something new?

seriously though, are we?
Many choose unhappiness over uncertainty.
  • #61,159
  • Apr 18, 2010 7:32pm Apr 18, 2010 7:32pm
Quoting Dan Gilbert
on my more recent trades, I have been noticing this too.......................................................................... everyone on board for trying something new?

seriously though, are we?
Don't get me wrong, I still like protecting myself and reducing my risk, via half off, move to B/E, free trading, etc. Some setups just makes sense to take a full profit like countertrend trades, the dreaded so-so setups, etc. What it comes down to is picking the best setups, it sure make trading alot easier.
Indicators show the past. Price Action "Indicates" the future.
  • #61,160
  • Apr 18, 2010 7:40pm Apr 18, 2010 7:40pm
Quoting jarroo
Don't get me wrong, I still like protecting myself and reducing my risk, via half off, move to B/E, free trading, etc. Some setups just makes sense to take a full profit like countertrend trades, the dreaded so-so setups, etc. What it comes down to is picking the best setups, it sure make trading alot easier.
all my shotgun demo trades would have been better to take full, my chfjpy would have been better to take full, my GBPCHF would have been better to take full.... instead I only got 1/3 on most of those, the rest @ b/e

Just sayin'
Many choose unhappiness over uncertainty.
52 traders viewing now