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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

  • #84,581
  • Jan 5, 2011 8:57am Jan 5, 2011 8:57am
Quoting chriskins
Hi,
In order to develop a trade plan I will backtest daily and weekly pinbars. I am doing this to test different exit strategies and to give me confidence in my plan. Any tips?
Create a good spreadsheet so once you do it once you have all the data. Even if you decide to create ten exit and ten entry plans. It is tedious as hell and your eyes will bleed, but I have spent and greatly appreciate that time I spent doing that. It was a big part of my process personally.

GOod luck

Mike
  • #84,582
  • Jan 5, 2011 9:42am Jan 5, 2011 9:42am
Quoting jarroo
I had birdcages too, Steve . . .
Wow......I am totally flabbergasted!

It is really hard to imagine Jarroo drawing birdcages.

Actually come to think of it, it is also hard to remember me doing it and that, was not in the so far distant past. It is really interesting how we bang our heads against the wall for so long, then for reason, little by little we don't bang our heads on it quite so much. I find learning to trade a very self reflective and rewarding experience.

I guess it is just one of the things we have to go through.

Thanks Jarroo.
  • #84,583
  • Jan 5, 2011 9:44am Jan 5, 2011 9:44am
Quoting Adilius07
Oh, it just not as cool joke
Yes it's nice too, here I can just immediately see when the session is over and what sessions overlap...

I just forget to do it sometimes, living in Asian time and virtually in the US/greenwich/etc time is tough... gets all messed up
Of course you can, the colors on the clock change when the market is not open.
  • #84,584
  • Jan 5, 2011 10:04am Jan 5, 2011 10:04am
Hi
I took this trade (sell position) on daily. But it didn't even give me a chance for break even.
Attached Image (click to enlarge)
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  • #84,585
  • Jan 5, 2011 10:22am Jan 5, 2011 10:22am
Quoting Adilius07
Btw, found this a few days ago. It gives a nice visual representaion of the current trading session and diff. times. Red line is current session.
Just a small freeware, can click it when you want. Nothing fancy.
If anyone interested here you.
Cool, thanks for that. looks like another thing I'll have up on my screen at all times

Quote
but I have spent and greatly appreciate that time I spent doing that. It was a big part of my process personally.

GOod luck http://cdn.forexfactory.com/images/s.../yim/happy.gif

Mike
we appreciate your willingness to share with us bro. thanks.
Many choose unhappiness over uncertainty.
  • #84,586
  • Jan 5, 2011 10:41am Jan 5, 2011 10:41am
Quoting DaveI
Hi
I took this trade (sell position) on daily. But it didn't even give me a chance for break even.
Hi Dave,

Those type of bars are indecision bars, is when the market doesnt know which way to go.

If you see on the image..

Blue line you can see a very big bearish bar and then a big bullish bar... that shows that there are enough buyers to stop the bearish move at that area..

Green line we can see again that we had a very strong down trend which stopped/went sideways at that exact area, which again tells us that something is going on at that area.

1. PA = Indecision bar / close in the middle... not a Pinbar or BEOB
2. PPZ = Below we had a strong PPZ area.

Hope this helps..

Os.
Attached Image (click to enlarge)
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Trade Smart
  • #84,587
  • Jan 5, 2011 10:43am Jan 5, 2011 10:43am
Quoting aserbfx
i like to shoot myself.
disney closed at dayhigh on good volume. i am sure that this will not come back to retest the 38 usd.
yes, no retest today. even opened with a gap-up and already hitting the 40 usd. a beautiful breakout happened (without me ).
meine augen sind die sterne
  • #84,588
  • Jan 5, 2011 10:51am Jan 5, 2011 10:51am
Quoting aserbfx
yes, no retest today. even opened with a gap-up and already hitting the 40 usd. a beautiful breakout happened (without me ).

lol..without me either bud... we had a kinda BEOB on Home depot.. did you had a look at it ?

Os.
Trade Smart
  • #84,589
  • Jan 5, 2011 11:05am Jan 5, 2011 11:05am
Quoting Osman
lol..without me either bud... we had a kinda BEOB on Home depot.. did you had a look at it ?

Os.
yes, but i am afraid of this because of the overall bullish move. i have to admit that it looks interesting, though.

this is for tommorow:
bayer on daily.
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meine augen sind die sterne
  • #84,590
  • Jan 5, 2011 11:06am Jan 5, 2011 11:06am
Quoting aserbfx
yes, but i am afraid of this because of the overall bullish move. i have to admit that it looks interesting, though.

this is for tommorow:
bayer on daily.
Small pin for a strong down move, imo.. it could be profit taking.
Around 52.50 would be a better location, what do you think ?

Os.
Trade Smart
  • #84,591
  • Jan 5, 2011 11:07am Jan 5, 2011 11:07am
what is imo and imho?
  • #84,592
  • Jan 5, 2011 11:15am Jan 5, 2011 11:15am
Quoting Osman
Small pin for a strong down move, imo.. it could be profit taking.
Around 52.50 would be a better location, what do you think ?

Os.
yes, this will be ideal area.
meine augen sind die sterne
  • #84,593
  • Jan 5, 2011 11:22am Jan 5, 2011 11:22am
Quoting torontobboy2
what is imo and imho?
imo = In My Opinion
imho = In My Humble Opinion
  • #84,594
  • Jan 5, 2011 12:10pm Jan 5, 2011 12:10pm
Even some of the "Not so good" setups work out...

Broke the 81.50 area, retested and then took off. Only in the "Where is price going" mode, though.
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  • #84,595
  • Jan 5, 2011 12:17pm Jan 5, 2011 12:17pm
Quoting slade1986
Even some of the "Not so good" setups work out...

Broke the 81.50 area, retested and then took off. Only in the "Where is price going" mode, though.

Yep. I "almost" took that one, but asked myself if this was the only trade you get would you take it?" and decided to pass. The good thing is that we're at 83 now, which I see as an important level and nice spot to watch for PA.
  • #84,596
  • Jan 5, 2011 12:21pm Jan 5, 2011 12:21pm
nj
resistance + 50% fib.
tight stopp required.
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meine augen sind die sterne
  • #84,597
  • Jan 5, 2011 12:22pm Jan 5, 2011 12:22pm
Anyone here have any comments or experience with TDFX (Tadawul FX)?

Thanks,

Slade
  • #84,598
  • Jan 5, 2011 12:40pm Jan 5, 2011 12:40pm
Quoting leelar
ghous, that is amazing video, especially for new comer like myself. I am watching about 10 pairs, but missed this one. What I am happy about it is it gives hugh confidence to me because it is the similar thought process I am having lately learning from this thread.

next time, can you cover the SL and R/R a bit?

At this point of my learning process, I struggle to see SL and R/R goes opposite direction. take your video as example, the SL I would put is far larger than the target of the low of the box that you described. It violates the R/R ratio....
Great question.

here you go.

Inserted Video


g.
I believe . . .
  • #84,599
  • Jan 5, 2011 12:55pm Jan 5, 2011 12:55pm
Quoting ghous
Great question.

here you go.

http://www.youtube.com/watch?v=KHANmCrLIqM

g.
Well, as you may know I'm not in totally agrement with james's approach, and I'm a contrarian

but have to say that I myself do don't think in term of RR, like you said, when taking a trade although in majority of cases is greater than 1:3.


appreciate your efforts for making the video and for your willingness to help the newbie

all the best!
  • #84,600
  • Jan 5, 2011 12:55pm Jan 5, 2011 12:55pm
Quoting ghous
Great question.

here you go.

http://www.youtube.com/watch?v=KHANmCrLIqM

g.
Nice Job Ghous

Risk Reward is a much larger topic then we must have XYZ. It means more as a whole and not necessarily on a per trade basis.

You can win 90% of the time and be profitable
You can win 90% of the time and be a loser
You can win 20% of the time and be profitable
You can win 20% of the time and be a loser

The story is much larger then that. Just like all pinbars are not created equal.

Is it wrong to have fixed R:R? Nope. Is it wrong to not have fixed R:R? Nope.

Trading is very individualistic in this sense and it has to make sense to the trader or it will never work. It's about making money, and being consistent.

Thanks for the video Ghous

Mike
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