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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

  • #97,521
  • Jun 29, 2011 4:49am Jun 29, 2011 4:49am
Quoting Panthera
It looks like that except losing one trade does not mean the next 2 will be proftable....
It is not guaranteed....unforunately...
Monika
Sorry, I meant that after losing one trade trader need to do at least two profitable trades just in order to cover losses of the first one (with the ratio less than 1:1).
  • #97,522
  • Jun 29, 2011 4:53am Jun 29, 2011 4:53am
Quoting 5.25
Nice move up from a semi PB. PBT&CA. I wonder if a break of this IB can get to 1.3865?

Edit: Hovering just under 1.3700
Hi 5.25, so that IB is a signal to go long then? I'm not to familiar with these.

Any reason why you would be looking to buy the eur over the aud at the moment? I would rather short this pair.
Free speech is an oxymoron
  • #97,523
  • Jun 29, 2011 4:58am Jun 29, 2011 4:58am
Oh ok, I see what you mean...sorry...

It may right but, I think if you really concentrate on the place and PA and find good setup you do not look that much the R/R separately.

Bc good place and good PA together will mean good R/R (space to go) too.
And biger loses (full bar) must be very rare.

This is just my opinion....

M
  • #97,524
  • Jun 29, 2011 5:05am Jun 29, 2011 5:05am
Hi Guys

Another good J16 PA trade with 100pips: out at what I saw as the FTA with 2%.
We MUST listen to the seniors here who tell us to be patient and wait for only the really good setups - it pays off.

My report card for this month:

5 trades taken; 3 winners; 1 loser; 1 breakeven. The loser was an ill-thought out gamble so a lesson learned there.

Also failed to pull the trigger on 2/3 good setups that worked well so still have work to do there.

Overall a mixed bag but a 9% gain on account(micro) and good, slow but steady progress. Just what I am looking for. All thanks to J16 and his merry band. All it takes is one good trade a week.

Good trading all,

Kalbar
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  • #97,525
  • Jun 29, 2011 5:12am Jun 29, 2011 5:12am
Quoting Kalbar
Hi Guys

Another good J16 PA trade with 100pips: out at what I saw as the FTA with 2%.
We MUST listen to the seniors here who tell us to be patient and wait for only the really good setups - it pays off.

My report card for this month:

5 trades taken; 3 winners; 1 loser; 1 breakeven. The loser was an ill-thought out gamble so a lesson learned there.

Also failed to pull the trigger on 2/3 good setups that worked well so still have work to do there.

Overall a mixed bag but a 9% gain on account(micro) and good, slow but steady progress. Just...
Nice Job, bud
----------------------------- Discipline makes the difference.
  • #97,526
  • Jun 29, 2011 5:17am Jun 29, 2011 5:17am
Quoting CavinK
Nice Job, bud
Hey Cav

Thanks man - what i love about this great thread is the support and encouragement we all givereceive from each other. No other place like it in the field of fx learning!

Kal
  • #97,527
  • Jun 29, 2011 5:20am Jun 29, 2011 5:20am
Does anyone know how I can stop getting emails to tell me of new replies on this thread? I don't want these emails as I check the thread on a regular basis. I have already emailed FF, but no reply.
  • #97,528
  • Jun 29, 2011 5:38am Jun 29, 2011 5:38am
So I end my first month (22 working days) with a total of 62 trades, win-to-loss ratio 70:30. 12 percent up. All trades based on intraday PA, indicators and chart patterns. Avg. pips per trade around 30 to 40.

I think I might be overtrading..

I see most traders here are very conservative with their trade count. But I do see alot more PA setups. True they might not all be A+. But I notice that in the small TF charts PA setups can be useful for an upcoming scalping opportunity, where as the larger TF's are very good for riding the trend.

Does anyone share these thoughts?
  • #97,529
  • Edited 6:44am Jun 29, 2011 5:39am | Edited 6:44am
Quoting jarroo
I'm watcing it too Pinbar . .

Looks like the 1.6 could not hold as Support . .looks like it has good potential to turn into Resistance. some bearish PA on the daily or even the 4 hour would be nice.
I hear you Jarroo.

Don't like the look of this neutral looking BUEOB.
I very much doubt it can be trusted.
Too bad as it looks like a great area.

EDIT: Yeah, I am also looking at the monthly.
Bmac & Swami are teaching me the ropes of Bemac's Brilliant Box.
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  • #97,530
  • Jun 29, 2011 5:40am Jun 29, 2011 5:40am
posted daily chart yesterday, on it a DBLHC and PB. Today i entered at BUOB at h1, there is also one on h4? Those BUOB arent book examples, so is the close on the h4 too low but they are there. Trade at be targetting 1.2039.
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  • #97,531
  • Jun 29, 2011 5:51am Jun 29, 2011 5:51am
Quoting Kalbar
Hi Guys

Another good J16 PA trade with 100pips: out at what I saw as the FTA with 2%.
We MUST listen to the seniors here who tell us to be patient and wait for only the really good setups - it pays off.

My report card for this month:

5 trades taken; 3 winners; 1 loser; 1 breakeven. The loser was an ill-thought out gamble so a lesson learned there.

Also failed to pull the trigger on 2/3 good setups that worked well so still have work to do there.

Overall a mixed bag but a 9% gain on account(micro) and good, slow but steady progress. Just...
well done Kal, nice work
Free speech is an oxymoron
  • #97,532
  • Jun 29, 2011 5:55am Jun 29, 2011 5:55am
Well done, Kalbar!

How much do you risk per trade? And what is the total exposure, or how many trades do you allow yourself to have open at the same time?

Thanks
Andreas



Quoting Kalbar
Hi Guys

Another good J16 PA trade with 100pips: out at what I saw as the FTA with 2%.
We MUST listen to the seniors here who tell us to be patient and wait for only the really good setups - it pays off.

My report card for this month:

5 trades taken; 3 winners; 1 loser; 1 breakeven. The loser was an ill-thought out gamble so a lesson learned there.

Also failed to pull the trigger on 2/3 good setups that worked well so still have work to do there.

Overall a mixed bag but a 9% gain on account(micro) and good, slow but steady progress. Just...
  • #97,533
  • Jun 29, 2011 6:10am Jun 29, 2011 6:10am
Quoting Atc
eur/nzd

Update from yesterdays daily (5pm est)

IMO ....An add on for this trade was the gap from sunday
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  • #97,534
  • Jun 29, 2011 6:11am Jun 29, 2011 6:11am
Quoting goldfish3
So I end my first month (22 working days) with a total of 62 trades,...
I think I might be overtrading.....
Does anyone share these thoughts?
only u can answer that.
do u feel bad about your performance?
any bad emotions, stress, etc?

trade higher timeframes, get comfortable & good at it : this is the constant guideline in this thread specifically to avoid &/or reduce the number of trader 'casualties'.
but if u feel u are past that stage, & know what u are doing, u can do this in any timeframe, with whatever instrument.
of course, u are responsible for every & any decision that u make.

i think u may have found your trading style/rhythm.. Keep it up!
  • #97,535
  • Jun 29, 2011 6:25am Jun 29, 2011 6:25am
Sometimes it happens that these true beauties appear, and it always happens that I miss them

Hope someone traded it!
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  • #97,536
  • Jun 29, 2011 6:59am Jun 29, 2011 6:59am
Quoting AndreasF
Well done, Kalbar!

How much do you risk per trade? And what is the total exposure, or how many trades do you allow yourself to have open at the same time?

Thanks
Andreas
Hey Andreas

I normally risk max of 2% per trade(micro) and only have 1 trade on at a time but would consider 2 at a time if really good A+ setups. A couple of weeks back I had 2 good winners but I also spotted another couple of good setups that worked well but I failed to pull the trigger - if I had it could have been a stellar week! So maybe I am not comfortable with more than 1 or 2 trades on at same time.
Sometimes I am still hesitating at good setups and maybe being too conservative but I think its good strategy for me at the moment when I am building confidence in myself and the method. The way I see it is I want really solid foundations and then hopefully my confidence will grow.

Due to this method I am definitely becoming more disciplined and patient though there is the occasional lapse into old bad habits.

This approach suits me at the moment so sticking with it.

Best

Kal
  • #97,537
  • Jun 29, 2011 6:59am Jun 29, 2011 6:59am
Anyone looking at EURCHF? It is returning to previous s/r area. I know I have missed previous similar trades because it didn't trade up to the entry that I had set.
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  • #97,538
  • Jun 29, 2011 7:02am Jun 29, 2011 7:02am
I took this PB yesterday on the USDCHF. It was at an all time low and bouncing off BRN of .8300. I know there was very little space up to the trend line but i was willing to watch it closely. PA was weak through most of the Asian session and I ended up moving my stop up very tight after the 2nd candle expired. I got stopped out but as you can see, price broke through this morning. What would have been a better way to play this? Place entry on a break of the Trend Line?

Thanks.
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  • #97,539
  • Jun 29, 2011 7:02am Jun 29, 2011 7:02am
Quoting bizkam
Hello, I have few questions about this method:

1. Risk / Reward is usually less than 1:1 or near it.
- Is it ok? Losing of one trade means that next two must be profitable.

2. Brokers offer different GMT offset time: GMT 0 / +1 / +2 / +3 - this means that H4 candles will look different.
- Is there any preference?

Any ideas will be appreciated!
Thanks!
1. you can take less trades; truth to be said, if you're patient enough r/r can be way over 1:1 on truly good setups(I'm nowhere near that patient, but on the other hand I greatly vary the % I risk per trade - on poorer setups I risk even as little as 10% of what I risk on a good setup and I generally scale in when I'm not very sure and I always remind myself I'm in a not so good setup so I'm extra careful).

2. I use GMT and EST charts.

That being said, it's not about finding a shape on your chart, is about finding a certain setup. You look an abrupt advance to a potential support/resistance and an abrupt rejection from said zone with a good room to run in the rejection direction.

It's not necessarily a pinbar. It can be a pinbar on someone else's feed and a full bar up, followed by a full bar down on your feed. It's not very relevant - it's the action that matters. How it's drawn is less relevant(though obviously it helps - if many people see that shape, since it's very well known, many ppl. will start pushing the same direction you do, leading to a self fulfilling prophecy - and frankly this game is mostly about self fulfilling prophecies).
  • #97,540
  • Jun 29, 2011 7:25am Jun 29, 2011 7:25am
Quoting Mebius
I took this PB yesterday on the USDCHF. It was at an all time low and bouncing off BRN of .8300. I know there was very little space up to the trend line but i was willing to watch it closely...
the TL is barely visible (i think u used a dark color).

Placing an entry on a break of that Trend Line would be 1 way of doing it. (actually, if u look closely, the break of the TL corresponds to the (simultaneous) break of the PB.)

u were right, the PB lacked space around it. that might have been 1 of the reasons why it didnt break on the subsequent bar (this happens quite often -- the break happens after a few bars)

more ideas:
some remove their entry orders once the subsequent bar doesnt trigger their orders.
some avoid trading the quiet sessions like late NY & Asian sessions (which u did trade in this case).

ultimately, u will have to decide what suits u.
hope that helps
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