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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

  • #95,101
  • May 10, 2011 12:41am May 10, 2011 12:41am
Quoting ddinnov

I lurve the smell of PPZ in the mornin!

Thanks mate

Smells like . . .Victory . .
Indicators show the past. Price Action "Indicates" the future.
  • #95,102
  • May 10, 2011 1:23am May 10, 2011 1:23am
Quoting jarroo
That was a nice bounce off the Monthly Support level, 1.6265ish. . .We'll see if this Support level is enough to push Price higher.

Nice charts ddinnov.
Jarroo,

My MA's are different to yours, are they exponential or is it the feed?
My 150MA was 16298 on weekly so there was for me another confluence in this area. (+the 1.6-16250) box on weekly.
  • #95,103
  • May 10, 2011 1:27am May 10, 2011 1:27am
Quoting Chelski
Jarroo,

My MA's are different to yours, are they exponential or is it the feed?
My 150MA was 16298 on weekly so there was for me another confluence in this area. (+the 1.6-16250) box on weekly.
Yes they are exponential at the Close. You may have a different Close of the Day then my feed which is FxPro.
Indicators show the past. Price Action "Indicates" the future.
  • #95,104
  • May 10, 2011 1:35am May 10, 2011 1:35am
Quoting Adilius07
I got into this Silver long trade.
Now is the hardest part, which I call "what should I do now..."

Still moved my SL to BE (although I wanted to have this month only set&forget...)

The reason to take this trade was Daily Location but entry was off H4 BUOB.
I just love the Space formed, but this huge sell off is scary too....

Will try to hold this trade until 40 at least.

Trade management is still #1 problem for me...
Maybe it will help you..

you can split your trade into 2 positions. e.g.: if you risk 1% then open 2 positions of 0.5% and 0.5%. Now set the TP on first one just below your first resistance which is 3990. Make a rule that after you do this the only option you have is to reduce SL. So 1st order will have TP second will be stopped by SL(in money or not)

As you already know more often than not price hits closest S/R. Take advantage.

Now if your 1st position hits TP.. you need just to reduce your SL by little and you will be in the money even though the second part will be stopped out.

You can also try having 0.7% and 0.3%.

I think you get the idea. Takes off lot of pressure. And then you don't have many options and trade management becomes easy.

good luck
  • #95,105
  • May 10, 2011 2:00am May 10, 2011 2:00am
Quoting jarroo
Yes they are exponential at the Close. You may have a different Close of the Day then my feed which is FxPro.
Thanks, i am with FX pro, i will check settings.
  • #95,106
  • May 10, 2011 2:01am May 10, 2011 2:01am
Quoting arsa
Maybe it will help you..

you can split your trade into 2 positions. e.g.: if you risk 1% then open 2 positions of 0.5% and 0.5%. Now set the TP on first one just below your first resistance which is 3990. Make a rule that after you do this the only option you have is to reduce SL. So 1st order will have TP second will be stopped by SL(in money or not)

As you already know more often than not price hits closest S/R. Take advantage.

Now if your 1st position hits TP.. you need just to reduce your SL by little and you will be in the money even though...

Hello Arsa,

Thanks for you post. Some time ago I was trying to use this concept of TM.
(Take half off let the rest ride in a free trade at BE or Net BE). I demoed various combinations. I didn't like it. Because although it seems as I am able to stay in a trade for longer, in fact the more I stay the less my profit is compared to single lot buy&sell.

Here is one example I was trying to accomplish. This is from the PM I sent to one of the Seniors. It's clear that if I hold my trade for 5R I will only get 2.75R of my original risk. So really why to hold for so long, when I can try to exit full lot at 2.75?

There could be other variations of course, but the bottom line is the same: risk is on the full lot, gain is only on the portion of it.

Here is my calculations and example, I hope it can help someone. Personally me decided to enter and exit with single lot, as I think this will be more profitable in the long run.

I want to use the Free Trade concept. This is how I plan to do it: Enter with 1% take 1/2 off at 0.5 R:R and move Initial SL to 1/2 of entry bar. So this gives me NET breakeven. Here is the pic.

http://i53.tinypic.com/2q3vx4z.jpg

I like this more than taking half off at 1:1 as my backtest show the trade can almost always move this much in my favor.

What worries me is this. I made the following spreadsheet and I see if I hold the trade then FIVE times my initial R will give me only 2.75R...

http://i51.tinypic.com/5y9dsh.jpg

In other words even if trades goes 500% of my setup bar's range I will make only 275% on my risked initial amount or 2.7% to account instead of 5% if I didn't sell that 1/2 of my postion.
  • #95,107
  • May 10, 2011 3:29am May 10, 2011 3:29am
Quoting Adilius07
Hello Arsa,

Thanks for you post. Some time ago I was trying to use this concept of TM.
(Take half off let the rest ride in a free trade at BE or Net BE). I demoed various combinations. I didn't like it. Because although it seems as I am able to stay in a trade for longer, in fact the more I stay the less my profit is...
Hmm..

in my eyes trader should NOT look to hypothetical Risk:Reward, but average loss to average win in relation to %win rate. These numbers do count


But in any case, do whats comfortable for you (as long as you make pips).

Happy Trading,
Art
  • #95,108
  • May 10, 2011 3:58am May 10, 2011 3:58am
Attached Image


Attached Image


pat
  • #95,109
  • May 10, 2011 5:08am May 10, 2011 5:08am
Hi Guys

waiting to see if daily pin on cable breaks. Just curious if anyone is applying a time limit on this - for example if it does not break today then don't take the trade? As Jarroo often says a high probability setup has good momentum? Any opinions welcome

Kal
  • #95,110
  • May 10, 2011 5:10am May 10, 2011 5:10am
Quoting mbqb11
cause it's mothers day coming up and I love my mom

Here is the nzd/usd video

http://www.mediafire.com/file/z5e2ds...4hr%20beob.wmv

enjoy the weekend and I only ask that you give your mothers/grandmothers out there a hug cause were lucky to have them
Hi Mike,

Would you be so kind as to put it up again?
I missed it as i was away.

Thank you very much sir.

Regards
  • #95,111
  • May 10, 2011 5:26am May 10, 2011 5:26am
Posted this chart a few pages back:
This is working out good so far.
Took 1/2 profit.
Moved stop to breakeven.
Entered over the high of that pinnish looking candle with the arrow under it.
Stop was initially under this candle.
http://2.bp.blogspot.com/-ARR7ONCnN8...%2B5-10-11.png
  • #95,112
  • May 10, 2011 5:50am May 10, 2011 5:50am
Quoting crusen
Posted this chart a few pages back:
This is working out good so far.
Took 1/2 profit.
Moved stop to breakeven.
Entered over the high of that pinnish looking candle with the arrow under it.
Stop was initially under this candle.
http://2.bp.blogspot.com/-ARR7ONCnN8...%2B5-10-11.png
Nice one crusen - whats your final target? The previous high?
  • #95,113
  • May 10, 2011 6:04am May 10, 2011 6:04am
Eyeing up this EURJPY for a long on break of the H4 BUOB. It's flushed 115BRN and 115.5 support, and with 50% fib, it's not the prettiest BUOB but the confluence is strong.

Currently retesting 115.50 on the lower timeframes, so we'll see how it fares from here..


Quoting Adilius07
I got into this Silver long trade...
Hey Adi, still holding your silver trade? That H4 BUOB through 38 should hopefully help it along

SG
Attached Image(s) (click to enlarge)
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  • #95,114
  • May 10, 2011 6:08am May 10, 2011 6:08am
eur/cad
possible touch trade at 1.3670.
Attached Image (click to enlarge)
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meine augen sind die sterne
  • #95,115
  • May 10, 2011 6:10am May 10, 2011 6:10am
Quoting Sgrb1
Eyeing up this EURJPY for a long on break of the H4 BUOB. It's flushed 115BRN and 115.5 support, and with 50% fib, it's not the prettiest BUOB but the confluence is strong.

Currently retesting 115.50 on the lower timeframes, so we'll see how it fares from here..




Hey Adi, still holding your silver trade? That H4 BUOB through 38 should hopefully help it along

SG
Hi SG,

yes holding at BE, thinking if I should move my SL behind that little H4 swing low point. but also that retracement was too shallow, so maybe there will be another (deeper) retrcement... so yeah for now just at BE closely monitoring it.
  • #95,116
  • May 10, 2011 6:40am May 10, 2011 6:40am
Quoting Kalbar
Nice one crusen - whats your final target? The previous high?
yes sir !
  • #95,117
  • May 10, 2011 7:13am May 10, 2011 7:13am
Already 1R on this one, but still holding.

Who said Silver is a bubble it is way too underpriced I believe
Attached Image (click to enlarge)
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  • #95,118
  • May 10, 2011 7:46am May 10, 2011 7:46am
lets see if you can hold out for 2R.
  • #95,119
  • May 10, 2011 7:48am May 10, 2011 7:48am
Quoting Razorman
lets see if you can hold out for 2R.
or 3R
  • #95,120
  • May 10, 2011 8:01am May 10, 2011 8:01am
we should have a competition to see who can hold longest.
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