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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

  • #72,921
  • Aug 26, 2010 7:46am Aug 26, 2010 7:46am
Quoting xmzhang
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...
Do you monitor 4hr too? I think it was best seen there. What a PB. Is just I don't have it in my rules yet, and I don't know if I wanna go this way. So I just ignored that PB against me and remained at BE... but sure is it was strong 4HR PB....
  • #72,922
  • Aug 26, 2010 7:46am Aug 26, 2010 7:46am
I forgot to mention that the BEOB on the 1H-TF also ran into the 150 EMA http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #72,923
  • Aug 26, 2010 7:47am Aug 26, 2010 7:47am
Quoting weiqianjun
Hello, ghous,Can you tell me where the average line can download,Thank you
which avg line?

g.
I believe . . .
  • #72,924
  • Aug 26, 2010 7:56am Aug 26, 2010 7:56am
Quoting Adilius07
Do you monitor 4hr too? I think it was best seen there. What a PB. Is just I don't have it in my rules yet, and I don't know if I wanna go this way. So I just ignored that PB against me and remained at BE... but sure is it was strong 4HR PB....
Sorry I don't understand, which PB do you mean? Those 3 PB's in the 4H-TF at support or the one 8H-PB by combining two 4H-bars ?
Pipcrawler
  • #72,925
  • Aug 26, 2010 7:58am Aug 26, 2010 7:58am
Regarding all this talk about mm. I read jim's note on his private site's guest material list called 100pips. In this rather short piece he talks about a smart way to grow a small account quickly while keeping risk under control.

He describes a small target per pair per month, but if keeping in mind you trade a few pairs this all adds up. Go and have a look, if this method is kept in mind it, for me atleast, makes sense to take full positions off at first trouble/traffic/congestion levels and lock in small consistent profits.

I don't necessarily use this approach of certain goals per pair, I just take all the best signals I can and skip the average ones no matter the pair and keep in mind all the small wins add up. But this may help some of you. Here's the link: http://james16group.us/Guests/guestm...thread.php.htm

EDIT: Keep in mind I am talking about lower timeframes here.. Longer term timeframes are a different story in terms of profit taking at different levels, this does not however mean that this strategy cannot be applied on the longer timeframes, specifically daily and weekly..
Thank you j16!
  • #72,926
  • Aug 26, 2010 7:59am Aug 26, 2010 7:59am
Quoting xmzhang
Sorry I don't understand, which PB do you mean? Those 3 PB's in the 4H-TF at support or the 8H-PB by combining two 4H-bars ?
No, just open 4HR GBPCHF - the previous bar is bear PB. I thought to get out of my long position then it formed. But I don't have it in my rules.

So I just meant maybe it is also helpful to monitor 4HR not just 1HR, because in this particular case it was more clear for you (if you decide to monitor deaily setup on lower tf)
  • #72,927
  • Aug 26, 2010 8:05am Aug 26, 2010 8:05am
Quoting anderou
Regarding all this talk about mm. I read jim's note on his private site's guest material list called 100pips. In this rather short piece he talks about a smart way to grow a small account quickly while keeping risk under control.

He describes a small target per pair per month, but if keeping in mind you trade a few pairs this all adds up. Go and have a look, if this method is kept in mind it, for me atleast, makes sense to take full positions off at first trouble/traffic/congestion levels and lock in small consistent profits.

I don't necessarily...
With a 10,000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.Trading 6 pairs at 100 pips each for the month will grow your account to 16,000. Now why not try 50 pips or even 25. 25 equates into a 1500 profit. The main point is this. You can grow an account quickly and at the same time trade in a conservative manner. The best of both worlds.

The thing what I noticed is that on Daily it is rather impossible to have a conservative and tight SL like this. The conservative stop (behind PB) will be 100+ pips (if we take good big bar) and your FTA usually will be much much closer... that all brings us back to being more picky. But sometimes what we think are A+ would fail too, so the best would be to have RR positive... IMHO

EDIT: Positive RR is only either letting trade go, or thinking the ways to make SL smaller.... I think
  • #72,928
  • Aug 26, 2010 8:07am Aug 26, 2010 8:07am
Quoting ghous
which avg line?

g.
Attached Image

this avg line indicator
  • #72,929
  • Aug 26, 2010 8:10am Aug 26, 2010 8:10am
Quoting joelcf
How dare you suggest that people take responsibility for their own trading. Cant the internets just tell me how to make money with only 3 minutes investment of my own time?!
who has 3 minutes??? Don't want to take time away from my 6 minute ab program
  • #72,930
  • Aug 26, 2010 8:15am Aug 26, 2010 8:15am
Quoting xmzhang
He who asks a question is only a fool for five minutes he who does not ask a question remains a fool forever.


May the force be with you http://cdn.forexfactory.com/images/icons/icon10.gif
Nice one, I like it.



fxtsun
  • #72,931
  • Aug 26, 2010 8:23am Aug 26, 2010 8:23am
Quoting Adilius07
No, just open 4HR GBPCHF - the previous bar is bear PB. I thought to get out of my long position then it formed. But I don't have it in my rules.

So I just meant maybe it is also helpful to monitor 4HR not just 1HR, because in this particular case it was more clear for you (if you decide to monitor deaily setup on lower tf)
Oh yes I see. Well I do not use a 4H-TF to manage a trade on the daily TF, because by the time an PA confirmation on the 4H-TF has completed, usually your stop has been hit already. On a 1H-TF, waiting for a PA confirmation could mean closing your position before your stop actually gets hit. In the G-C trade this means that if price has reached the trouble area at 16054, you would have trailed your SL to a few pips below the 16000. The BEOB closed at about 16015 so instead of waiting for your SL to get hit you could preclose your position at 16015. Hope this clears up.http://cdn.forexfactory.com/images/icons/icon10.gif
Pipcrawler
  • #72,932
  • Aug 26, 2010 8:26am Aug 26, 2010 8:26am
Quoting Adilius07
With a 10,000 account risking 3 percent per trade with a 30 pip stop on your trades will allow you 10 mini lots.Trading 6 pairs at 100 pips each for the month will grow your account to 16,000. Now why not try 50 pips or even 25. 25 equates into a 1500 profit. The main point is this. You can grow an account quickly and at the same time trade in a conservative manner. The best of both worlds.

The thing what I noticed is that on Daily it is rather impossible to have a conservative and tight SL like this. The conservative stop...

This is absolutely true, what I sometimes like to do is take the trade on the daily, then check the 4hr and 1hr for hints in the pa that could suggest a reversal. I would then only use this lower timeframe pa to get out of the trade if it is very very convincing of a change and that price is maybe turning against me. Example being a tight range on let's say the 1 hour with one bar engulfing maybe 2 more (double inside bar) with a breakout against my position, then the new resistance holds. Something like that would make me atleast close half of or my whole position.

The fact stands, only take the best trades with multiple factors of confluence like BRN, PPZ, MA's, FIBS to name a few. Generally I feel comfortable with atleast 3 of these present to take the trade.
Thank you j16!
  • #72,933
  • Aug 26, 2010 8:26am Aug 26, 2010 8:26am
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%? 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....

Do you take full bar loses when it happens? Maybe the key is to look at your SL as a FTA also. If done that way in the past, go ahead and place your SL at the other end of the bar. But now look for the FTA going to your SL and place an alarm there. This will give you an opportunity to check the lower timeframes to see how price is acting to see if you think your FTA will hold or its time to bale. Just 1 option.
  • #72,934
  • Aug 26, 2010 8:27am Aug 26, 2010 8:27am
Quoting xmzhang
Oh yes I see. Well I do not use a 4H-TF to manage a trade on the daily TF, because by the time an PA confirmation on the 4H-TF has completed, usually your stop has been hit already. On a 1H-TF, waiting for a PA confirmation could mean closing your position before your stop actually gets hit. In the G-C trade this means that if price has reached the trouble area at 16054, you would have trailed your SL to a few pips below the 16000. The BEOB closed at about 16015 so instead of waiting for your SL to get hit you could preclose your position at 16015....
Understood
  • #72,935
  • Aug 26, 2010 8:31am Aug 26, 2010 8:31am
Quoting anderou
This is absolutely true, what I sometimes like to do is take the trade on the daily, then check the 4hr and 1hr for hints in the pa that could suggest a reversal. I would then only use this lower timeframe pa to get out of the trade if it is very very convincing of a change and that price is maybe turning against me. Example being a tight range on let's say the 1 hour with one bar engulfing maybe 2 more (double inside bar) with a breakout against my position, then the new resistance holds. Something like that would make me atleast close half of...
This is similar to what xmzhang does. I'm afraid to go that way for 2 reasons:
1) That style will require all of my time to manage a trade ( 1hr=24 times to check the PC?
2) If higher time frame setup is still valid you could mess it up by paying attention to lower TF. (higher is supperior right?)

Well again all this is just a matter of personal choice, I guess, for now I will try to stay with just 1 TF, if that will not produce any positive results I will experiment...
  • #72,936
  • Aug 26, 2010 8:37am Aug 26, 2010 8:37am
Quoting spookie94
Do you take full bar loses when it happens? Maybe the key is to look at your SL as a FTA also. If done that way in the past, go ahead and place your SL at the other end of the bar. But now look for the FTA going to your SL and place an alarm there. This will give you an opportunity to check the lower timeframes to see how price is acting to see if you think your FTA will hold or its time to bale. Just 1 option.
Yes Spookie this is exactly what I am working on right now. To get to the positive RR I was doing this:

- Place initial SL behind PB. If FTA is reached move it to BE. If FTA is not reached by the next bar close, move SL behind that bar... And at the same time I choose my target "pretty far" like 50% or next BRN, something like that..

Now I am thinking to go with this:

- Place initial SL behind left-eye. Exit at FTA. Sometime, when the price would form right-eye before triggering my order I will place my stop behind right-eye. Exit at FTA. If FTA is not reached within one bar, place SL to BE...

If anyone practiced this way, would be very interesting to hear any comments/critics. Thanks.
  • #72,937
  • Aug 26, 2010 8:47am Aug 26, 2010 8:47am
Quoting Adilius07
I will place my stop behind right-eye.
How about making that stop a 'trailing stop'?

I put the stop behind left-eye or below major s/r zone (whichever is comfortable), but always a trailing stop. It has been a good improvement on taking care of losses.
  • #72,938
  • Aug 26, 2010 8:50am Aug 26, 2010 8:50am
Quoting The Lord
How about making that stop a 'trailing stop'?

I put the stop behind left-eye or below major s/r zone (whichever is comfortable), but always a trailing stop. It has been a good improvement on taking care of losses.
I was thinking about trailing too. Is just I don't know the best way to implement it, see FTA's are usually reached very quickly (if setup was powerful) so if you don't take you profits there price may come back and even stop you out. Yes, trail is perfect when for example price reached FTA and now it just trades at that level, but man, as I see it Price would just bounce up and down within that bar, just like this example we have today on daily GBPCHF...
  • #72,939
  • Aug 26, 2010 8:53am Aug 26, 2010 8:53am
Quoting Adilius07
I was thinking about trailing too. Is just I don't know the best way to implement it, see FTA's are usually reached very quickly (if setup was powerful) so if you don't take you profits there price may come back and even stop you out. Yes, trail is perfect when for example price reached FTA and now it just trades at that level, but man, as I see it Price would just bounce up and down within that bar, just like this example we have today on daily GBPCHF...
No, I mean the following way.

Just use a trailing stop loss of the same pips you intend to put normally. Then when you are up some pips (say 30 pips), move to breakeven and everything is normally managed. No trailing after moving to breakeven. You can take profits in FTA. Its not trailing forever.
  • #72,940
  • Aug 26, 2010 8:55am Aug 26, 2010 8:55am
is this a potential inverse h & s confirming last day pinbar?
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