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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

  • #72,901
  • Aug 26, 2010 5:42am Aug 26, 2010 5:42am
Quoting ghous
Higher time frame PA rules Atc, but I for one like to keep my time frames separate, which means that normally higher time frame PA isn't an intra day trade maker/breaker for me, unless we have something A-plussy going on at the highers.

Most of the xxx/CHF bars have probably done their thing - including CAD/CHF. It was a small pin bar against a huge trend and to make it to the point where we have the 4H pin bar is in my opinion quite a job for this bar. (asking for it to hit those 2 bar lows at 9844 is in my opinion a little too much to ask for...
Hello, ghous,Can you tell me where the average line can download,Thank you
  • #72,902
  • Edited 5:52am Aug 26, 2010 5:42am | Edited 5:52am
Stopped @BE on this GBPCHF Daily PB trade....

EDIT: If I only had my stop behind LEFT eye and calculated my posiztion size accrodingly and took the profit at FTA on a full position.... this trade would've been a killer..
Oh... ehh.. still thinking what is the best trade management for me to apply. Closer stops - bigger profits (better RR) but they will happen more....
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  • #72,903
  • Aug 26, 2010 5:58am Aug 26, 2010 5:58am
Quoting Adilius07
Stopped @BE on this GBPCHF Daily PB trade....

EDIT: If I only had my stop behind LEFT eye and calculated my posiztion size accrodingly and took the profit at FTA on a full position.... this trade would've been a killer..
Oh... ehh.. still thinking what is the best trade management for me to apply. Closer stops - bigger profits (better RR) but they will happen more....
i used to focus on bigger profits too and couldnt get my account to grow. the change for me and what would have made this trade successful for you is to enter the trade and focus on multiple targets as follows:

1st trouble area 50% profit to be taken
stop at minimum be or trailed behind PPZ as price breaks through
trail stop behind price structure if price allows.


was a nice setup though
  • #72,904
  • Aug 26, 2010 6:06am Aug 26, 2010 6:06am
Quoting Bollocks
i used to focus on bigger profits too and couldnt get my account to grow. the change for me and what would have made this trade successful for you is to enter the trade and focus on multiple targets as follows:

1st trouble area 50% profit to be taken
stop at minimum be or trailed behind PPZ as price breaks through
trail stop behind price structure if price allows.


was a nice setup though
Yes, Bullocks, I started with the idea of free trade. Taking profit (1/2) at first FTA and setting my SL to BE. That showed me that my % of winners would be very high but I would still loose in the long run. Just thinking that I risk 2% always to make 0,3-0,9%? I loved the idea at first but quit it... I think the best for me would be to take full profit. But where? I really think RR counts, as I saw having 80% winners and still losing 1% of total account is just doesn't feel right to me. So I think, seriously to have my SL smaller and exit on FTA. Smaller (in pips) SL would let me have good RR - as FTA should be "bigger" than my SL (Like in my previous example). I need to do some thinking...
  • #72,905
  • Aug 26, 2010 6:09am Aug 26, 2010 6:09am
Quoting Bollocks
i used to focus on bigger profits too and couldnt get my account to grow. the change for me and what would have made this trade successful for you is to enter the trade and focus on multiple targets as follows:

1st trouble area 50% profit to be taken
stop at minimum be or trailed behind PPZ as price breaks through
trail stop behind price structure if price allows.


was a nice setup though
"i feel that taking it all at the first target could reward more since most of my trades get stopped out with only half the position closed out for profit. maybe i need to refine that %."

This is exactly what I feel now
  • #72,906
  • Aug 26, 2010 6:17am Aug 26, 2010 6:17am
Quoting Adilius07
"i feel that taking it all at the first target could reward more since most of my trades get stopped out with only half the position closed out for profit. maybe i need to refine that %."

This is exactly what I feel now
I think there is no difference whether you take all profits at first target or leave half position only after that. On the former one, there will be several small profits (mostly lesser than 50 pips), but on the second case, there will be few small profits and some large profits (sometimes few hundred pips). So, in the end, the gain is almost the same.

Ya, switching between these two strategies might lead to nowhere.
  • #72,907
  • Aug 26, 2010 6:20am Aug 26, 2010 6:20am
Quoting Adilius07
Stopped @BE on this GBPCHF Daily PB trade....
Hmm. You got stopped out. The trend is very strong..

I also traded the same pair, but rather sold it in 4-hour timeframe. Still running in good profits. Moved to breakeven..
  • #72,908
  • Aug 26, 2010 6:20am Aug 26, 2010 6:20am
Quoting The Lord
I think there is no difference whether you take all profits at first target or leave half position only after that. On the former one, there will be several small profits (mostly lesser than 50 pips), but on the second case, there will be few small profits and some large profits (sometimes few hundred pips). So, in the end, the gain is almost the same.

Ya, switching between these two strategies might lead to nowhere.
LOL, I agree. But psychologically first one is easier to handle for a newbie like me I think! It is just scary to imagine what if I have series of small profits+be (second case) waiting for that big swing and when it finally happens I was just sitting aside thinking it was not a decent setup at all
  • #72,909
  • Aug 26, 2010 6:30am Aug 26, 2010 6:30am
Quoting Adilius07
LOL, I agree. But psychologically first one is easier to handle for a newbie like me I think! It is just scary to imagine what if I have series of small profits+be (second case) waiting for that big swing and when it finally happens I was just sitting aside thinking it was not a decent setup at all
Yeah, its a personal preference. MM is different with different folks..
  • #72,910
  • Aug 26, 2010 6:55am Aug 26, 2010 6:55am
Quoting Bollocks
actually if you run the statistics on this in 2 separate accounts you will find the multiple profits will increase your account more than total profits.

assuming a 60% win rate and a 1:1 RR over a series of 10 trades. and assuming the account that takes multiple profits has 1 runner which rewards 3 times your risk (an average runner). you will achieve more capital gain on the multiple profit method than total profit method. I realise that win rate is random and that the sequence of win to loss cannot be addressed in such a small sample size but...
Your statistics is pretty sound sir. But, I have seen guys trailing their profits with 1400 pips in the bag (Reference: Clockwork's 'Silent Service Method'). They are weekly trades. Intraday trading is quite different.

Personally, I don't feel any difference. I trade all timeframes, from minute 30 to weekly and that is what I feel.
  • #72,911
  • Aug 26, 2010 7:04am Aug 26, 2010 7:04am
Quoting Adilius07
Yes, Bullocks, I started with the idea of free trade. Taking profit (1/2) at first FTA and setting my SL to BE. That showed me that my % of winners would be very high but I would still loose in the long run. Just thinking that I risk 2% always to make 0,3-0,9%?...
If you want to take half of your potential profit off I think you need to be reducing risk along the way as well.

Otherwise those full R losses will take a huge bite out of your profits.
  • #72,912
  • Aug 26, 2010 7:04am Aug 26, 2010 7:04am
Quoting The Lord
Your statistics is pretty sound sir. But, I have seen guys trailing their profits with 1400 pips in the bag (Reference: Clockwork's 'Silent Service Method'). They are weekly trades. Intraday trading is quite different.

Personally, I don't feel any difference. I trade all timeframes, from minute 30 to weekly and that is what I feel.
oh boy i would love to nail a trade that large one day maybe
  • #72,913
  • Aug 26, 2010 7:15am Aug 26, 2010 7:15am
Quoting Adilius07
Stopped @BE on this GBPCHF Daily PB trade....

EDIT: If I only had my stop behind LEFT eye and calculated my posiztion size accrodingly and took the profit at FTA on a full position.... this trade would've been a killer..
Oh... ehh.. still thinking what is the best trade management for me to apply. Closer stops - bigger profits (better RR) but they will happen more....
Hi,

I also took this trade. I simply used the 1.6000 BRN as the target, set my limit order and woke up with 68 pip profit this morning. Takes a lot of the stress away by identifying clear targets and limit orders IMO.

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #72,914
  • Aug 26, 2010 7:19am Aug 26, 2010 7:19am
Quoting packhorse
Hi,

I also took this trade. I simply used the 1.6000 BRN as the target, set my limit order and woke up with 68 pip profit this morning. Takes a lot of the stress away by identifying clear targets and limit orders IMO.

Regards

Glynn
Yes I might do the same. Just go for smal but "sure" profits
  • #72,915
  • Aug 26, 2010 7:21am Aug 26, 2010 7:21am
Quoting packhorse
Hi,

I also took this trade. I simply used the 1.6000 BRN as the target, set my limit order and woke up with 68 pip profit this morning. Takes a lot of the stress away by identifying clear targets and limit orders IMO.

Regards

Glynn

Glynn, may I ask, where was your SL?
  • #72,916
  • Aug 26, 2010 7:25am Aug 26, 2010 7:25am
Quoting Adilius07
Yes I might do the same. Just go for smal but "sure" profits
I can really recommend it. Almost "set and forget". I can go to work or go to bed and just let the trade do the business. My trading has improved greatly this way. Sorry if I sound a bit patronising, that is not my intention.

All the best,

Glynn
"Fail to prepare, prepare to fail."
  • #72,917
  • Edited 9:03am Aug 26, 2010 7:32am | Edited 9:03am
Good afternoon Jarroo, Mike,
I want to analyse the daily PB trade of the G-C today mentioned by some of the members today and share some thoughts of me with you. This PB was at solid support at 15850-ish, its shape was small (compared to the previous red bars) and was also countertrend against a high momentum downtrend. The question is if we despite of those cons took this PB trade anyway, how should we have managed this (risky) trade ? Managing a trade means to me switching to lower TF and observe PA at potential trouble areas. In this trade FTA would at the BRN 16000, after that we have trouble area's at two previous bar lows at 16015 and 16054. Since this is a trade on the daily TF, I like to use the 1H-TF to manage the trade and observe PA. On the 1H-TF attachement you see that price reached BRN 16000 3 bars after the break of the PB via a high momentum bullish bar and closed above the BRN 16000. At this point we should and must move to BE or take some profit off the table. Price stalled, via a indecision bar, right at the second obstacle, the bar low at 16015. Price only took a breather before smashing this level via a high momentum bullish bar and shooting straight to the third obstacle at the next bar low at 16054. At this point we do not have any PA confirmation at the troubled area's that price was going to stall or reverse, so we remain bullish and stay in the trade. After reaching the third trouble area, price takes another breather, nothing wrong with this, we're still bullish. But after the next bar we see that sentiment has changed and price generates a BEOB of the 16045. This would be for me the trigger to close our remaining positions. You could even enter a short trade when price breaks the BEOB. I know this is quite a long story, but let me know if this is a correct way to manage a trade.

May the force be with you.
Pipcrawler
  • #72,918
  • Aug 26, 2010 7:34am Aug 26, 2010 7:34am
Ps. I'll send the attachements later, the server of forexfactory is at the moment overloaded.http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #72,919
  • Aug 26, 2010 7:42am Aug 26, 2010 7:42am
Quoting xmzhang
Ps. I'll send the attachements later, the server of forexfactory is at the moment overloaded.http://cdn.forexfactory.com/images/icons/icon10.gif
I was just going to say why don't post some charts for us to enjoy....
  • #72,920
  • Aug 26, 2010 7:42am Aug 26, 2010 7:42am
The attachements of the G-C daily PB-trade
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Pipcrawler
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