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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

  • #91,821
  • Mar 17, 2011 4:21am Mar 17, 2011 4:21am
Quoting aserbfx
sorry, i have no idea.
Thanks aser, and nor have I
  • #91,822
  • Mar 17, 2011 4:22am Mar 17, 2011 4:22am
Quoting geniusztc
come on ,my friend. it is my own bussiness. so ,no sorry. and i do not think your advice is wrong ,too .but ,you know ,this is forex market . and my account is ok up to now. need your more advice in the future . good luck .

cai
Thanks Cai for your patience.
This has really got me thinking about the lowest risk entry. It's a real shame the backtester won't allow you to swap between TFs. I'd love to test M15 entries from higher TF PA
  • #91,823
  • Mar 17, 2011 4:24am Mar 17, 2011 4:24am
Quoting grahamec
Mine seems to be ok
Thanks G
  • #91,824
  • Mar 17, 2011 4:42am Mar 17, 2011 4:42am
Quoting jeurre
yeah, that's why i have to go back to the basics, just don't now how to do it properly without sacrifying my edge.
Well looking at that equity curve, I don't think you really have an edge. Looks like you traded with 1 pip TP and 100 pip stoploss

But really, you shouldn't have blown your account in 10 trades. Did you suddenly change your trading size? Or did you just get unlucky and your super large stoplosses got hit?
Which is, well not really unlucky at all, it was bound to happen eventually.
  • #91,825
  • Mar 17, 2011 5:16am Mar 17, 2011 5:16am
too bad, I still don't have an edge, that seems true; if I had an edge, should not get into such a situation, I guess. thanks for pinpointing this out.


Quoting taub
Well looking at that equity curve, I don't think you really have an edge. Looks like you traded with 1 pip TP and 100 pip stoploss

But really, you shouldn't have blown your account in 10 trades. Did you suddenly change your trading size? Or did you just get unlucky and your super large stoplosses got hit?
Which is, well not really unlucky at all, it was bound to happen eventually.
  • #91,826
  • Mar 17, 2011 5:30am Mar 17, 2011 5:30am
Quoting Ifmyante
Thanks Cai for your patience.
This has really got me thinking about the lowest risk entry. It's a real shame the backtester won't allow you to swap between TFs. I'd love to test M15 entries from higher TF PA
You can do this with forex tester. I purchased as a Christmas gift to myself and love it. I'm going through some retrace backtesting of outside bars and pin bars at the moment, but plan do exactly what you're talking about when I am complete with that task. Except I'll be marking weekly levels and RN's and testing 4Hr entries.
  • #91,827
  • Mar 17, 2011 5:31am Mar 17, 2011 5:31am
Quoting Donkey
You can do this with forex tester. I purchased as a Christmas gift to myself and love it. I'm going through some retrace backtesting of outside bars and pin bars at the moment, but plan do exactly what you're talking about when I am complete with that task. Except I'll be marking weekly levels and RN's and testing 4Hr entries.
Now that I did not know!
I've just been using Vhands
Must look into it, thanks
  • #91,828
  • Mar 17, 2011 5:38am Mar 17, 2011 5:38am
Quoting Ifmyante
Now that I did not know!
I've just been using Vhands
Must look into it, thanks
No problem. It has helped me tremendously. If you'd like I can screenshot an example of what I plan to test and what it would look like and post it here. It would give me an excuse to play with charts. Might not get to it until weekend though.
  • #91,829
  • Mar 17, 2011 5:46am Mar 17, 2011 5:46am
Quoting Donkey
No problem. It has helped me tremendously. If you'd like I can screenshot an example of what I plan to test and what it would look like and post it here. It would give me an excuse to play with charts. Might not get to it until weekend though.
Yeah, go for it.

Meanwhile here's a nice EG IPB from a supply line doing its thang!

Edit: Still fighting the daemon Bias. I saw this and left it. I saw short but was still thinking long.
Lots of daemons to vanquish in this business, and all in the most dangerous arena - the mind!

Edit again: I did have the good sense though to exit my long at the end of the day!
Attached Image (click to enlarge)
Click to Enlarge Name: egd1.jpg Size: 118 KB
  • #91,830
  • Mar 17, 2011 6:07am Mar 17, 2011 6:07am
Quoting jeurre
aha, you are good comrade, this thing has to change, you agree or not
Hey J

By your curve it looks like your focus should be MM first. Understanding position sizing. I am guessing you were not properly positioned, or added to one bad losing position, or something. If you risk say 1% per trade, then ones curve should never get too far out of whack.

If you need help on where to find MM stuff let me know

Best
Mike
  • #91,831
  • Mar 17, 2011 6:26am Mar 17, 2011 6:26am
Hi Mike
When there has been such large and sudden moves in price as yesterday, how is it best to read price action when clearly some of the big price moves bear no relationship to "normal moves" and therefore give a false indication so to speak.
Regards Grahame
  • #91,832
  • Mar 17, 2011 6:26am Mar 17, 2011 6:26am
Quoting mbqb11
Hey J

By your curve it looks like your focus should be MM first. Understanding position sizing. I am guessing you were not properly positioned, or added to one bad losing position, or something. If you risk say 1% per trade, then ones curve should never get too far out of whack.

If you need help on where to find MM stuff let me know

Best
Mike
This is handy for the majors
Attached File(s)
File Type: xls standard position size.xls   31 KB | 1,184 downloads
  • #91,833
  • Mar 17, 2011 6:28am Mar 17, 2011 6:28am
Hi, Mike

Thanks a lot for your help, as always. I will pay my attention to position size as first priority.

On top of that, I think I need to develop my personality thing to fit into the PA style you guys are good at. as I mentioned in my earlier post, I usually have high fail rate trading PA, and as an odd thing, whenever I ignor PA, they worked out perfectly, this really puzzles me a lot


Salute

Jeurre



Quoting mbqb11
Hey J

By your curve it looks like your focus should be MM first. Understanding position sizing. I am guessing you were not properly positioned, or added to one bad losing position, or something. If you risk say 1% per trade, then ones curve should never get too far out of whack.

If you need help on where to find MM stuff let me know

Best
Mike
  • #91,834
  • Mar 17, 2011 6:31am Mar 17, 2011 6:31am
Quoting grahamec
Hi Mike
When there has been such large and sudden moves in price as yesterday, how is it best to read price action when clearly some of the big price moves bear no relationship to "normal moves" and therefore give a false indication so to speak.
Regards Grahame

Hey G

I still read things the same really. I am just aware of what pairs are in this different environment. But the chart is still a chart for me. For example we had the sharp move down and then a huge snap back. But the snap back couldn't close above the point where the sharp move down started. So for me the down move remains in tact till we get some stability. Other then that I just focus on the chart myself.

Best
Mike
  • #91,835
  • Mar 17, 2011 6:32am Mar 17, 2011 6:32am
Quoting jeurre
Hi, Mike

Thanks a lot for your help, as always. I will pay my attention to position size as first priority.

On top of that, I think I need to develop my personality thing to fit into the PA style you guys are good at. as I mentioned in my earlier post, I usually have high fail rate trading PA, and as an odd thing, whenever I ignor PA, they worked out perfectly, this really puzzles me a lot


Salute

Jeurre
Hey Jeurre

Post up some charts and we will see where you are struggling. It's something that takes times and most people who get it dedicate a very long time to learning and tweaking. PA used with S/R and other concepts in that genre can be deadly

Mike
  • #91,836
  • Mar 17, 2011 6:42am Mar 17, 2011 6:42am
Quoting mbqb11
Hey G

I still read things the same really. I am just aware of what pairs are in this different environment. But the chart is still a chart for me. For example we had the sharp move down and then a huge snap back. But the snap back couldn't close above the point where the sharp move down started. So for me the down move remains in tact till we get some stability. Other then that I just focus on the chart myself.

Best
Mike
Thanks Mike
Just to clarify on the usdjpy daily you would take yesterdays bar as just a large move down and keep looking for some price action in the days to come ?
Rgds
G
  • #91,837
  • Mar 17, 2011 6:44am Mar 17, 2011 6:44am
Hi, Mike

Just take an example on GJ, the Pin in aqua color looks great to me,but, it failed for unknown reason, whearas the small bearish pin in pink square isn't an ideal one, but, turns out to be a very powerful setup.

usually, I think I am not patient enough to wait for a PA setup well developed before jumping into trades, then, I missed out the good setups. once I determined to trade PA, simply don't know why usually I got a failed trade.

I post a chart where I traded the pin in aqua circle. maybe you can provide some insight that I didn't realise.

Thank you
Jeurre

Quoting mbqb11
Hey Jeurre

Post up some charts and we will see where you are struggling. It's something that takes times and most people who get it dedicate a very long time to learning and tweaking. PA used with S/R and other concepts in that genre can be deadly

Mike
Attached Image (click to enlarge)
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  • #91,838
  • Mar 17, 2011 6:46am Mar 17, 2011 6:46am
Quoting grahamec
Thanks Mike
Just to clarify on the usdjpy daily you would take yesterdays bar as just a large move down and keep looking for some price action in the days to come ?
Rgds
G
Hey G

Yes it was just that, a large move down. I am of course aware of the situation we are in(it's hard not to be). But now b/c of that large move down everything else automatically gets skewed on a chart so it will automatically come into play. Meaning I won't go taking some random small bar and there still has to be confluence and a setup. Those that get most hurt in these market conditions usually do two of the following things(there are more)

-Randomly jump on a side hoping to catch next big move
-trade some small bar randomly hoping to catch next big move

I am still waiting for confluence /story/great bars great locations

Best
Mike
  • #91,839
  • Mar 17, 2011 6:49am Mar 17, 2011 6:49am
Quoting jeurre
Hi, Mike

Just take an example on GJ, the Pin in aqua color looks great to me,but, it failed for unknown reason, whearas the small bearish pin in pink square isn't an ideal one, but, turns out to be a very powerful setup.

usually, I think I am not patient enough to wait for a PA setup well developed before jumping into trades, then, I missed out the good setups. once I determined to trade PA, simply don't know why usually I got a failed trade.

I post a chart where I traded the pin in aqua circle. maybe you can provide some insight that I didn't...
Hey J

Here were my views on this one and why i stayed out

http://www.forexfactory.com/showpost...ostcount=91670
http://www.forexfactory.com/showpost...ostcount=91683

Even if you still fired off on this one there should be two things you are asking yourself. Did I risk the proper amount per trade?(so one loss should NEVER ever ever come close to wiping you out - we all take losing trades). And was it worth taking a full bar loss over? Knowing the FTA is so close on any break that is a handful of pips are you going to take a full bar loss over a handful of pips?

Hope that helps
Mike
  • #91,840
  • Mar 17, 2011 6:50am Mar 17, 2011 6:50am
Hey Mike..lets say we got a very quality setup..are u waiting for markets to normal down or u still trade..wat im bit scared is dat since yesterday market is behaving wild..so im afraid if the market disrespect good setups..im bit confused over this..
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