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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

  • #89,141
  • Feb 15, 2011 7:53pm Feb 15, 2011 7:53pm
Quoting jarroo
......will Price hit your 1st target and you move to B/E then Price stops you out and then it goes to the moon? Oh yes, that will happen believe me . . . lol.

But when you catch a runner when it doesn't stop you out at B/E it just makes you smile ..

Jim
Glad to have read this Jim. I've been beating myself up with this little setup

Tomek
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  • #89,142
  • Feb 15, 2011 7:55pm Feb 15, 2011 7:55pm
Quoting 5.25
Glad to have read this Jim. I've been beating myself up with this little setup

Tomek
it is always like this. Pinbar uploaded a video with a nice way to trail. Have you seen it?
  • #89,143
  • Feb 15, 2011 8:08pm Feb 15, 2011 8:08pm
Quoting Adilius07
it is always like this. Pinbar uploaded a video with a nice way to trail. Have you seen it?
Can't say I have. If it's a recent post I'll find it. I'm catching up on lost FF time.

If anything, it has showed that the methodology works despite virtually breaking even.

In hindsight, the SL was at quite a key S/R level till it did an Armstrong on me.
  • #89,144
  • Feb 15, 2011 8:13pm Feb 15, 2011 8:13pm
Quoting 5.25
Can't say I have. If it's a recent post I'll find it. I'm catching up on lost FF time.

If anything, it has showed that the methodology works despite virtually breaking even.

In hindsight, the SL was at quite a key S/R level till it did an Armstrong on me.
It does work indeed. I am a true believer now. Had some tough time finding my own faults, but I think I found them.

Here is the video
http://www.forexfactory.com/showpost...ostcount=89106
  • #89,145
  • Feb 15, 2011 8:36pm Feb 15, 2011 8:36pm
Quoting AvanishDemo
nope..i didn't take it yaar..
i will watch more few of IB setups,will Question u n once confident will trade it...
n ya dat 0.9650 did worked out well..seems like u closed the trade..
me? No I didn't take it, like I mentioned I could not pull the trigger on this one, but it obviously had a great 'ring' to it. Probably size (too large) was the issue anyways...

Notice what pric did once it hit the 9650 region. Yea, it held as support and we did not get a close below. today's daily bar wants to give it a second push, and we are sort of retesting the area. What does that tell you about the long orders placed at this level? We at least know that the first bounce was weak and could not build on the initial momentum (in which case we would have gotten a close really high on yesterday's bar)

A lot of people have these concerns regarding trade management. We know our FTAs and major trouble areas have to be incorporated in our trade management decisions. For a trader who isn't taking full profit at the FTA and is 'hoping to see' his trade become a runner, its these little hints that you gather from price action and behavior that can give you a heads up on where price is likely to go and if holding on to the trade is viable.

The information we have so far on this tells us that price still has a good chance of making it through the 9650 and if it does, we break into a ear to ear smile, the 9650 should then act as resistance.

g.
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I believe . . .
  • #89,146
  • Feb 15, 2011 9:26pm Feb 15, 2011 9:26pm
Does any one has issue with EA on Oanda MT4 demo ? I was on a trade on CADCHF. I set the EA to closed 50% on reaching 55 pips in the direction of the trade and 30 pips to BE.

Neither it made the trade to BE nor it closed 50% after reaching 55 pips.

I manually made the trade to BE.. but I didn't close 50% of the trade yet manually.

Please see the pic. it says 0 pips to take profit but never executed the trade. I don't see any thing wrong on "experts" tab also.

Does any one has this problem ?
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  • #89,147
  • Feb 15, 2011 9:30pm Feb 15, 2011 9:30pm
Quoting cprao
Does any one has issue with EA on Oanda MT4 demo ? I was on a trade on CADCHF. I set the EA to closed 50% on reaching 55 pips in the direction of the trade and 30 pips to BE.

Neither it made the trade to BE nor it closed 50% after reaching 55 pips.

I manually made the trade to BE.. but I didn't close 50% of the trade yet manually.

Please see the pic. it says 0 pips to take profit but never executed the trade. I don't see any thing wrong on "experts" tab also.

Does any one has this problem ?
May I have a copy of that EA? I am using MB Tradings MT4 platform.. I can test it and make use of it also

Pat.
  • #89,148
  • Feb 15, 2011 9:52pm Feb 15, 2011 9:52pm
Do we really have an extra "edge" by using BE?
  • #89,149
  • Feb 15, 2011 9:57pm Feb 15, 2011 9:57pm
Quoting cprao
Does any one has issue with EA on Oanda MT4 demo ? ...
Oanda has MT4?! My prayers have been answered.
  • #89,150
  • Feb 15, 2011 9:58pm Feb 15, 2011 9:58pm
Quoting Adilius07
Do we really have an extra "edge" by using BE?
what do you mean Adil?
  • #89,151
  • Feb 15, 2011 9:58pm Feb 15, 2011 9:58pm
Quoting bluetrader
Oanda has MT4?! My prayers have been answered.
Minimum lot size is 0.10, let's pray more
  • #89,152
  • Feb 15, 2011 10:00pm Feb 15, 2011 10:00pm
Quoting Patrick.
what do you mean Adil?
Hi Patrick, I mean... I was doing some testing on major pairs for last 10 years. Using different variations (different ways to manage trade and I always had some kind of BE) and today I discovered that without using any BE my results are much much better actually....
  • #89,153
  • Feb 15, 2011 10:01pm Feb 15, 2011 10:01pm
Quoting Adilius07
Minimum lot size is 0.10, let's pray more


  • #89,154
  • Feb 15, 2011 10:02pm Feb 15, 2011 10:02pm
Quoting Adilius07
Hi Patrick, I mean... I was doing some testing on major pairs for last 10 years. Using different variations (different ways to manage trade and I always had some kind of BE) and today I discovered that without using any BE my results are much much better actually....
interesting fact!
  • #89,155
  • Feb 15, 2011 10:06pm Feb 15, 2011 10:06pm
Quoting Patrick.
May I have a copy of that EA? I am using MB Tradings MT4 platform.. I can test it and make use of it also

Pat.
Here you go..
http://www.forexfactory.com/showpost...ostcount=47845
  • #89,156
  • Feb 15, 2011 10:07pm Feb 15, 2011 10:07pm
Quoting jarroo
Yes that is a brute . lol. . .I'll watching Kiss-man.
Yea a few false starts with my shorts ate a couple of percent out of my account Jim. Once the turn happened at 3861 I quickly recovered. I have pretty much made euro my baby. Easiest PA for me and also you really get a feel for an instrument's essential nature when you spend 4 hrs a day watching it. I hope that I can give some better advised opinions to our group here by looking mostly at one cross. Best to you buddy!

K.I.S.S.
  • #89,157
  • Feb 15, 2011 10:08pm Feb 15, 2011 10:08pm
Quoting Patrick.
interesting fact!
Many times James mentioned the need of BE.

But it is more psychological thing he meant I think. He was using words like:

- "You can't have profit and then see how trade stops you out for a loss, it will crash you mentally..." or

-"When your 30 pips equal to 5K profit you will have no problems moving to BE..."

.... not exact words but this idea...

So... maybe this is psychological concern only? and if one can "deal" with it then BE is not necessary? I mean if one is super picky (like Mike) maybe he can leave a trade and wait for it to hit it's target without any BE that may kill the trade prematurely?....

  • #89,158
  • Feb 15, 2011 10:29pm Feb 15, 2011 10:29pm
Quoting Adilius07
Many times James mentioned the need of BE.

But it is more psychological thing he meant I think. He was using words like:

- "You can't have profit and then see how trade stops you out for a loss, it will crash you mentally..." or

-"When your 30 pips equal to 5K profit you will have no problems moving to BE..."

.... not exact words but this idea...

So... maybe this is psychological concern only? and if one can "deal" with it then BE is not necessary? I mean if one is super picky (like Mike) maybe he can leave a trade and wait for it to...
Hi Adilius,

James also places those same BE trades in the win column. When you break even you are neither better off or worse off. This can be a significant edge when you consider the fact that +90% of traders are losers.

Because I am trading a small account the 2% doesn't seem that big but can you imagine if you are trading a bigger account and your up $5,000- $10,000 and you watch it go into the red. Psychologically not a lot of people can handle that kind of loss with the bigger account. I guess this physcholgical aspect can come into play depending on your account size, as I said for a few penny's it may seem insignificant to BE but may not be the same for those bigger accounts.

If you do not BE you might not be culling the trade prematurely but you are also not limiting your losses. Isn't our first priority here to protect our capital base. For me this is my first concern, first I need to learn to protect my capital. If I have achieved that then I will eventually see the green.

Just some thoughts.....

Harry
  • #89,159
  • Feb 15, 2011 10:45pm Feb 15, 2011 10:45pm
Quoting vasmiza
Hi Adilius,

James also places those same BE trades in the win column. When you break even you are neither better off or worse off. This can be a significant edge when you consider the fact that +90% of traders are losers.

Because I am trading a small account the 2% doesn't seem that big but can you imagine if you are trading a bigger account and your up $5,000- $10,000 and you watch it go into the red. Psychologically not a lot of people can handle that kind of loss with the bigger account. I guess this physcholgical aspect can come into play...
Hi Vas, thanks for reply, good points! However if you really think "protecting capital" is good of course, I want to do the same thing. I'm not too greedy. But just imaging for a minute this chain of trades: BE,BE,BE,BE,STOP,BE,BE - did you protected it? Yes, have you succeeded in it? No. Of course out of those BE some could have been losers, if so then you are truely did good, but if those were potential winners and you just cut them off you did not succeeded that much..you lost.

There is much more thinking to do for me, I also want to protect myself and my capital, that is why so much thinking is going on in my head
  • #89,160
  • Feb 15, 2011 10:56pm Feb 15, 2011 10:56pm
Quoting Adilius07
Many times James mentioned the need of BE.

But it is more psychological thing he meant I think. He was using words like:

- "You can't have profit and then see how trade stops you out for a loss, it will crash you mentally..." or

-"When your 30 pips equal to 5K profit you will have no problems moving to BE..."

.... not exact words but this idea...

So... maybe this is psychological concern only? and if one can "deal" with it then BE is not necessary? I mean if one is super picky (like Mike) maybe he can leave a trade and wait for it to...
Woooooooooo

Hey Adi, Don't go skydiving without a parachute.

I think Jim means to use a physical SL not a mental one.
A mental SL has no point as you can't watch a trade 24 hours a day.
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