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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

  • #70,401
  • Aug 2, 2010 9:41pm Aug 2, 2010 9:41pm
Quoting Autumm
Hi Supreme,

I am looking towards testing out and finding which is comfortable for me. However what i am looking for are some guidelines which i can start off with and tweaking it to suit me.

From your comments i gather that if it is a A+ trade, i could probably use the end of the bar as the stoploss so as to give it a bigger room to run while a less than perfect trade could use a tighter stop. eg the eye of the bar?
Why would you want to take a less than perfect trade?

And, even if you did, you are just increasing the probability that you will be stopped out by using a shorter stop. I'd be more comfortable using a closer stop when the setup is higher quality, since you are infinitely more likely to get a jaoor-'hard break' of the bar, rather than retracement and loitering.
When you have to shoot, shoot. Dont talk.
  • #70,402
  • Aug 2, 2010 9:53pm Aug 2, 2010 9:53pm
Quoting joelcf
Why would you want to take a less than perfect trade?

And, even if you did, you are just increasing the probability that you will be stopped out by using a shorter stop. I'd be more comfortable using a closer stop when the setup is higher quality, since you are infinitely more likely to get a jaoor-'hard break' of the bar, rather than retracement and loitering.
i have seen many less than perfect trades(A+) do their thing by knowing where the FTA are and managing it appropriately and i would love to be able to trade them.

What u said made sense. Thanks
  • #70,403
  • Aug 2, 2010 10:00pm Aug 2, 2010 10:00pm
Quoting jarroo
Hey Adilius07.

I mainly use the free trade approach on setups that look good location-wise but the PA may not be the "best" . .small in size or structurely deficient or the traffic in front of it may be heavy or strong like a BRN or PPZ level, etc. A smart trader would say, "Well, that's a pass . .next". . .and I would agree with that decision. But some situatuion make sense to me and they will for you over time.

Let me explain better with an example . .

The Daily PB on the Eur/Chf. It had locational support from the top of the Daily consolidation...
Ive been using this approach also. Even though I may get stopped out more than I would like at least its not a loss. My question is do you have a set # of pips you go for before moving your SL, say 30 like James, or do you let it get to your FTA before you move your SL?
  • #70,404
  • Aug 2, 2010 10:08pm Aug 2, 2010 10:08pm
Quoting Autumm
i have seen many less than perfect trades(A+) do their thing by knowing where the FTA are and managing it appropriately and i would love to be able to trade them.
But does that make them less than perfect, or does it just make them a different kind of trade?

I separate 'potential runner' trades from 'hit FTA, take profit' trades and plan accordingly.... they are almost different species. The problems come when we try and view all trades as homogenous, which can lead to an approach where you have a quick CT trade but you end up 'giving it room' because that's your overall approach... and so a winner turns into a loser.

Also, I tend to overcomplicate things

But, as SC said, horses for courses and all that.
When you have to shoot, shoot. Dont talk.
  • #70,405
  • Aug 2, 2010 10:17pm Aug 2, 2010 10:17pm
Quoting Autumm
....
From your comments i gather that if it is a A+ trade...
Quoting Autumm
i have seen many less than perfect trades(A+) do their thing by knowing where the FTA are and managing it appropriately and i would love to be able to trade them.
...
nice post from joel...

sometimes A+ setups get big retracements before getting a big move. sometimes A+ setups get little to zero drawdown.

u can also apply "SL to BE" &/or jarroo's free trade approach (see my recent jarroo/joelcf post) in your risk management tests.

i hope u find what's right for u.

Quoting joelcf
...
But, as SC said, horses for courses and all that.
& chocolates for my mouth LOL
  • #70,406
  • Aug 2, 2010 11:59pm Aug 2, 2010 11:59pm
Quoting jarroo
This one was right out of the Mike Breakout textbook.

I quess the size could have been bigger to really remove all doubt.


Jim
In quite a slow environment its frustrating to miss this one ... i slept in

  • #70,407
  • Aug 3, 2010 12:02am Aug 3, 2010 12:02am
Let's watch this one or demo it. Bullish PB on the Daily Eur/Aud.

Not the biggest nor at a swing low. It has a PPZ level supporting it, 1.4350ish. Its head is at a PPZ level, 1.4450 and running into the 1.4500 BRN. Not the best setup . . an easy pass for the smart, picky trader. But let's see where it goes. A free trade to the 1.4500 would be my play but let's just watch it for now.


I'll be back later.
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Indicators show the past. Price Action "Indicates" the future.
  • #70,408
  • Aug 3, 2010 12:03am Aug 3, 2010 12:03am
Quoting pipmyride
In quite a slow environment its frustrating to miss this one ... i slept in

There's always more just around the corner, pmr.
Indicators show the past. Price Action "Indicates" the future.
  • #70,409
  • Aug 3, 2010 12:27am Aug 3, 2010 12:27am
Quoting jarroo
There's always more just around the corner, pmr.

But not like before 2007. Mostly chop on the dailies.
Esp. Those pins on E/U. Those were easy game right before the deleveraging of 2008 took place. Somehow we never really returned to those smooth trends.
  • #70,410
  • Aug 3, 2010 1:08am Aug 3, 2010 1:08am
Quoting fxterrapin
But not like before 2007. Mostly chop on the dailies.
Esp. Those pins on E/U. Those were easy game right before the deleveraging of 2008 took place. Somehow we never really returned to those smooth trends.
Financials have been slop since the GFC.
And Tech stocks have never trended the same since the crash of 2000.
And fx has been dead since the AFC of 1997.
And bonds have been choppy since October 1987.
And the Hunt brothers ruined commodities in 79.
And equities have been untradeable Black Thursday, 1929.
And there havent been any decent foreign markets since the South Sea Bubble in 1720.
And breakouts in the flower market were destroyed Tulip Wreck of 1637

(and, for the obscurists, I cant believe those government jerks took away the most profitable commodity market from us in the 1950s....)
When you have to shoot, shoot. Dont talk.
  • #70,411
  • Aug 3, 2010 1:17am Aug 3, 2010 1:17am
Quoting aserbfx
eur/aud on daily forming a pinbar. seems to close above the trendline.
stopp at be +1 now.
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meine augen sind die sterne
  • #70,412
  • Aug 3, 2010 1:30am Aug 3, 2010 1:30am
Quoting joelcf
(and, for the obscurists, I cant believe those government jerks took away the most profitable commodity market from us in the 1950s....)
Too obscure for me... any hints?
  • #70,413
  • Aug 3, 2010 1:33am Aug 3, 2010 1:33am
Quoting TheMaxx
Too obscure for me... any hints?
http://en.wikipedia.org/wiki/Onion_Futures_Act
When you have to shoot, shoot. Dont talk.
  • #70,414
  • Aug 3, 2010 1:38am Aug 3, 2010 1:38am
Quoting jarroo
IPB are ideal for the free trade approach. Instead of looking for the FTA to apply the free trade (which you could still do, of course) all you have to do is wait for Price to cover your small stop loss which IPB inherently have.

But since IPBs have this small stop loss buildt right in it, its easy just to move to breakeven with a full position. Although IPBs will tend to retest their Close (your entry) and their Highs. So a free trade can be taken to remove all doubt.
Jarroo, thanks a lot for reply. I would start carefully monitoring my charts for possible IPB's
  • #70,415
  • Aug 3, 2010 1:40am Aug 3, 2010 1:40am
Quoting jarroo
Let's watch this one or demo it. Bullish PB on the Daily Eur/Aud.

Not the biggest nor at a swing low. It has a PPZ level supporting it, 1.4350ish. Its head is at a PPZ level, 1.4450 and running into the 1.4500 BRN. Not the best setup . . an easy pass for the smart, picky trader. But let's see where it goes. A free trade to the 1.4500 would be my play but let's just watch it for now.


I'll be back later.
Snap!, I'm watching this one also Jarroo, and its similar on the GBP/AUD.

There is also a BUOB on the H1 on a small pullback, however its heading right into a BRN and some interesting resistance so I moved it to my virtual trading list to watch for a bit of fun.
In retrospect we learn. In perspective we earn.
  • #70,416
  • Aug 3, 2010 2:04am Aug 3, 2010 2:04am
Quoting joelcf
By 'not always', I think you mean 'very rarely, and are so subjective that you can only pick them in hindsight'



lol, how embarassing That could have been shortened to 'do whatever you are comfortable with, just have a plan'.

That post gave more info then that joel . . don't be embarassed . .lol . . that's why your post are so great . .. packed with info and fun to read.
Indicators show the past. Price Action "Indicates" the future.
  • #70,417
  • Edited 2:29am Aug 3, 2010 2:10am | Edited 2:29am
Quoting spookie94
Ive been using this approach also. Even though I may get stopped out more than I would like at least its not a loss. My question is do you have a set # of pips you go for before moving your SL, say 30 like James, or do you let it get to your FTA before you move your SL?

Depending on the setup, I don't have a set# of pips. .I like letting it get to the FTA or just short of it. Remember the FTA is an area or zone.

Due to James16's account size, he doesn't have to wait for the FTA . . bagging 30 pips is a good day.
Indicators show the past. Price Action "Indicates" the future.
  • #70,418
  • Aug 3, 2010 2:12am Aug 3, 2010 2:12am
Quoting fxterrapin
But not like before 2007. Mostly chop on the dailies.
Esp. Those pins on E/U. Those were easy game right before the deleveraging of 2008 took place. Somehow we never really returned to those smooth trends.
They look the same to me.
Indicators show the past. Price Action "Indicates" the future.
  • #70,419
  • Aug 3, 2010 2:14am Aug 3, 2010 2:14am
Quoting joelcf
Financials have been slop since the GFC.
And Tech stocks have never trended the same since the crash of 2000.
And fx has been dead since the AFC of 1997.
And bonds have been choppy since October 1987.
And the Hunt brothers ruined commodities in 79.
And equities have been untradeable Black Thursday, 1929.
And there havent been any decent foreign markets since the South Sea Bubble in 1720.
And breakouts in the flower market were destroyed Tulip Wreck of 1637

[size=1](and, for the obscurists, I cant believe those government jerks took away the...

I remember that Tulip market in this book I read years ago . . .

Extraordinary Popular Delusions and The Madness of Crowds by Charles MacKay
Indicators show the past. Price Action "Indicates" the future.
  • #70,420
  • Aug 3, 2010 2:16am Aug 3, 2010 2:16am
Quoting aserbfx
stopp at be +1 now.

Nice tight stop aserbfx.
Indicators show the past. Price Action "Indicates" the future.
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