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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

  • #67,261
  • Jun 24, 2010 1:58pm Jun 24, 2010 1:58pm
Good evening,
I am finding markets very choppy. Have taken some small positions around ppz and pa on asmaller TF's, but am unable to hold any to make them into decent runners i.e. a couple of days or so... Not unless i have a large stop loss. humm... anyone else share this experience? I think I might try and stay out of mkts until they find some direction....
  • #67,262
  • Jun 24, 2010 2:03pm Jun 24, 2010 2:03pm
Any one can give me the link to the IBP setup/bar ?, I mean how to spot it, what's the pattern, where to enter, where to put the SL. Basically, what are the rules

Thank you in advance,
Yaniv
  • #67,263
  • Jun 24, 2010 2:17pm Jun 24, 2010 2:17pm
Quoting Jigsaw
I like this.

Loads of setups on that hourly for that hour, did you have a look at the other ones like EJ, CHFJPY and AUDJPY and what was your opinion on them relative to the other ones and if you looked at them all what made you pick this one ?

Jig.
Hey Jig,

I am not looking at a whole bunch o' yens but Ej came close, could not pull the trigger though as the BEOB didn't exactly appear to close at or below a distinct price pivot zone as in the case of Au.

Here's a chart.

g.
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I believe . . .
  • #67,264
  • Jun 24, 2010 2:20pm Jun 24, 2010 2:20pm
Quoting ghous
Loved the way this BEOB threatens the short term S/R flip.

g.
Stopped out at BE.

As Jig pointed out this one hit the FTA, and bounced off, I was expecting it to move a bit more than it did, but I'll take what the market gives.

g.
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I believe . . .
  • #67,265
  • Jun 24, 2010 2:39pm Jun 24, 2010 2:39pm
Quoting (Yaniv)
Any one can give me the link to the IBP setup/bar ?, I mean how to spot it, what's the pattern, where to enter, where to put the SL. Basically, what are the rules

Thank you in advance,
Yaniv
Here you go Yaniv,

http://www.forexfactory.com/showpost...ostcount=52647

g.
I believe . . .
  • #67,266
  • Jun 24, 2010 2:40pm Jun 24, 2010 2:40pm
Quoting ghous
Here you go Yaniv,

http://www.forexfactory.com/showpost...ostcount=52647

g.
thx g,

Will it be correct to say it's kinda like the hanging man pattern?

Thank you,
Yaniv
  • #67,267
  • Jun 24, 2010 2:42pm Jun 24, 2010 2:42pm
Quoting (Yaniv)
thx g,

Will it be correct to say it's kinda like the hanging man pattern?

Thank you,
Yaniv
yep
  • #67,268
  • Jun 24, 2010 2:43pm Jun 24, 2010 2:43pm
Quoting ghous
Here you go Yaniv,

http://www.forexfactory.com/showpost...ostcount=52647

g.
Hey g,

what do you think about that?

Yaniv
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  • #67,269
  • Jun 24, 2010 2:51pm Jun 24, 2010 2:51pm
Quoting (Yaniv)
Hey g,

what do you think about that?

Yaniv
Looks good Yaniv

g.
I believe . . .
  • #67,270
  • Jun 24, 2010 3:05pm Jun 24, 2010 3:05pm
Here's yesterdays trade with FTA hit refer to previous post.

However, here is a dilema and need some help.

I work a full time job and hard to monitor trades---this can be a good thing because it forces me to take IMO what I consider the very best trades. Also, bad if a trade goes bad to kill it (this has not happened enough) to be to concerned.

Often I only take profit at the first target area because I can't monitor my trades. Therefore, to move my stop(s) to break even or to hold multiple lots for 2nd target areas is difficult and therefore hard for me to get runners.

I believe Mike had written that he had backtested and it showed he did better getting out of most if not all his positions instead of moving stops under profitable positions----and I have kept this in mind.

My problem that I have noticed is that when I look back it appears that my profits would have been much greater if I had the ability to monitor and trail my positions by a bar or two.

This is frustrating ---I don't know what to do---I know trailing stops is an option but have done this with stocks and futures before and didn't have good success with it.

I am forever thankful to J16, all the seniors, and other people here ---without all of you I would not have the success that I am having!

Any suggestions, besides to quitting my job?
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  • #67,271
  • Jun 24, 2010 3:10pm Jun 24, 2010 3:10pm
Hey Atc

Just to clarify it was in regards to taking full vs partial profit. I found taking partial hurt my bottom line. So whatever I do be it trail/set at take profit it is always with my full position. Again this is only from my personal journey.

Best
Mike

Quoting Atc
Here's yesterdays trade with FTA hit refer to previous post.

However, here is a dilema and need some help.

I work a full time job and hard to monitor trades---this can be a good thing because it forces me to take IMO what I consider the very best trades....
  • #67,272
  • Jun 24, 2010 3:14pm Jun 24, 2010 3:14pm
Quoting mbqb11
Hey Atc

Just to clarify it was in regards to taking full vs partial profit. I found taking partial hurt my bottom line. So whatever I do be it trail/set at take profit it is always with my full position. Again this is only from my personal journey.

Best
Mike
Yes Mike I have most of the time taking full profit at first target area...because don't have the time to trail. Do you think this is a bad thing ? I know this is a trade management question, but am very seriously considering to up my lot size becasue I am missing the opportunity to trail for larger gains.

Thanks for quick reply,

Bill
  • #67,273
  • Jun 24, 2010 3:15pm Jun 24, 2010 3:15pm
Quoting Atc
Any suggestions, besides to quitting my job?
Perhaps you could divide your position into two with one having a conservative TP and the other a more aggressive TP. If the first one is hit, you could manage the second one at the end of the working day and shift the SL & TP according to your plan. I don't know if this is a possibility for you, but that's the way I'd do it. You can also vary the size of those two lots - maybe keeping the aggressive one smaller, or whatever suits you.
If you don't risk, you don't ever have to lose.
  • #67,274
  • Jun 24, 2010 3:18pm Jun 24, 2010 3:18pm
Quoting Atc
Here's yesterdays trade with FTA hit refer to previous post.

However, here is a dilema and need some help.

I work a full time job and hard to monitor trades---this can be a good thing because it forces me to take IMO what I consider the very best trades....
Never in a million years would I advise you to quit your job so you could manage trades well on the daily.

A lot of people including Dan a.k.a "Gids" at the pf trade with this method where they take full profit at the FTA. The best thing about such a method is that you eliminate discretion from your trading and let firm rules show you the way, if there's anything that will ensure that you trade without emotions it's got to be this "rules set in stone". You get to avoid situations like:

"Jeez, getting late for office! Oh wait Eu's at support what to do? I am going to kill this one it's hardly moving at all...but then darn it! I'll be going against my trade plan but then I never thought price would die out like that, I guess I'll just pull it off....UURRRGGGHHH!! No I still believe in this trade. I am going to let this liv...BLimey!!! Is that the time? Boss'll kill me"

Solid rules is one way you can make it in this business, not the only way for sure but amongst the best out there, and it's precisely why Mike's admired.

I see no problem with you taking trades off at the FTA, as you gain experience you'll learn how even less than A+ setups can be skinned for some decent cash to the FTA and then it all balances out in the end,

I would advice you to try this strategy out of pulling off trades at the FTA if you don't get the time to manage them as they unfold further.

g.
I believe . . .
  • #67,275
  • Jun 24, 2010 3:27pm Jun 24, 2010 3:27pm
Quoting ghous
A lot of people including Dan a.k.a "Gids" at the pf trade with this method where they take full profit at the FTA. The best thing about such a method is that you eliminate discretion from your trading and let firm rules show you the way, if there's anything that will ensure that you trade without emotions it's got to be this "rules set in stone".
Hmm... never thought about. My previous post seems really foolish compared to this. Atc, I hope you will ignore my post and trust the seniors.
If you don't risk, you don't ever have to lose.
  • #67,276
  • Jun 24, 2010 3:27pm Jun 24, 2010 3:27pm
Quoting Atc

This is frustrating ---I don't know what to do---I know trailing stops is an option but have done this with stocks and futures before and didn't have good success with it.


Any suggestions, besides to quitting my job?
I definitely wouldn't quit your job to be honest, not unless you have no dependants and have a large amount to trade with.

Why not either move stops on the daily timeframe only, and move them once a day.

Isn't there a swiss knife EA out there or a trade management EA that does stuff automatically like moving stops if certain conditions are met ?

Just some thoughts . . .
  • #67,277
  • Jun 24, 2010 3:33pm Jun 24, 2010 3:33pm
Really can't add too much more to what G said. I would track multie exits in real time along with your demo. Ones that are going to be doable to your lifestle and commitments. I have done extensive back/fwd/live data and tracking to arrive to the points I am at. There are many ways to do it. In fact some I have tracked have beenore profitable but that doesnt mean they are as acceptable and conducive to my life in reality. Test and track a bunch you might be surprised what you land on.

Mike
  • #67,278
  • Jun 24, 2010 3:35pm Jun 24, 2010 3:35pm
Thanks Bug, Ghous, Jigsaw, and Mike...it appears that taking profits at the FTA is not a bad thing____ and Bug---I will have to demo your suggestion ---to compare the results.

Also, as one can figure, sometimes it is difficult to move my stop to BE when it moves my way and sometimes this is good because as you know the trade often needs room to breath. On the other hand, I am somewhat confused by J16 videos and what I have read in the many posts to get my stop to BE how and when and even if I am capable to do so troubles me.

Bill
  • #67,279
  • Jun 24, 2010 3:41pm Jun 24, 2010 3:41pm
Quoting Atc
Thanks Bug, Ghous, Jigsaw, and Mike...it appears that taking profits at the FTA is not a bad thing____ and Bug---I will have to demo your suggestion ---to compare the results.

Also, as one can figure, sometimes it is difficult to move my stop to BE when it moves my way and sometimes this is good because as you know the trade often needs room to breath. On the other hand, I am somewhat confused by J16 videos and what I have read in the many posts to get my stop to BE how and when and even if I am capable to do so troubles me.

Bill
Only with time and lots of practice and demo do these questions become more clear. I wish it was easier to just say do this and that, but alas this thread would have ended on page 100 or so

Mike
  • #67,280
  • Jun 24, 2010 3:42pm Jun 24, 2010 3:42pm
Well it's comforting to know that others like Mike and Gids are taking FTA's.

I have in my memory from past experiences, and J16 vids that the "runners" are where you can make some big cash.
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