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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

  • #98,401
  • Jul 14, 2011 3:12am Jul 14, 2011 3:12am
Quoting Greenhaze
Hey Adi,

I want to share my aproach to risk management.
I am counting my risk using a formula: avarage of 20 day ATR = fixed amount of cash. This way i can count easily my maximum risk per pair. I treat SL like a disaster stop and most of the times i am cutting losses away from it.
Hi GH, I can uderstand when the physical SL is ATR(20) away from the price and is 2% (or whatever). But what do you mean by "fixed amount of cash"? If say ATR is 80 at the moment, what will be your risk?

EDIT: Maybe is like this. Your SL is ATR(20) away from the current price. Which is usually far from where I would put my SL (behind bar) and your stop could be 5% for example, but you rarely let it be hit and could exit if price close behind the bar, Something like that?
  • #98,402
  • Jul 14, 2011 3:52am Jul 14, 2011 3:52am
Quoting Adilius07
Sometimes I think that I can really spot the "sure trade" I enter it knowing it is an A+ and I of course win. But that win is usually 0.3% something (because I was out at where price was supposed to go) that 0.3% translates into something like 15$ and then I sit again waiting for another one.... I know that is how it is supposed to be, BUT with $15 gain per trade (or less) it is REALLY HARD to stay picky and my eye looks for more and more setups and finds some B something setups and my brain helps him to talk me into believing this is almost A+...
.....either that or you could learn to be patient!!, You didnt really expect to get rich with a 3 grand account did you??


jon
PATIENCE... DISCIPLINE
  • #98,403
  • Jul 14, 2011 3:52am Jul 14, 2011 3:52am
Quoting Adilius07
Hi GH, I can uderstand when the physical SL is ATR(20) away from the price and is 2% (or whatever). But what do you mean by "fixed amount of cash"? If say ATR is 80 at the moment, what will be your risk?
For example the avarage range for GU and EU is 140 pips. I have the fixed amount of money i am comfortable to see in 140 pip drawdown. That may be 50$ for me, 80$ for you or 200$ for somebody else depending on risk tollerance.
In case of 50$ that would be around 4000 in oanda units. Its more of a surfing on underlying trends for me hence sometimes i am decreasing/increasing my risk depending on my perception of the current market sentiment.

Example:
I was going to short the usdcad. My exposure for this pair is 7000 units if i am not exposed to usd elsewhere. I shorted 2000 on the break of beob, took small loss on 1000 when momentum wasnt there, keeping that 1000 i had my sell limit orders for 3000 units as a retracement entry above 0.9700 and now i am in with 4000 hoping to see sustained break of those daily lows.
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  • #98,404
  • Jul 14, 2011 3:57am Jul 14, 2011 3:57am
Quoting Greenhaze
For example the avarage range for GU and EU is 140 pips. I have the fixed amount of money i am comfortable to see in 140 pip drawdown. That may be 50$ for me, 80$ for you or 200$ for somebody else depending on risk tollerance.
In case of 50$ that would be around 4000 in oanda units. Its more of a surfing on underlying trends for me hence sometimes i am decreasing/increasing my risk depending on my perception of the current market sentiment.

Example:
I was going to short the usdcad. My exposure for this pair is 7000 units if i am not exposed to...
Ok, I think I got it. So for you 1R profit will be also ATR(20) or 140 pips in the example.
Interesting. Thank you for the explanation!
  • #98,405
  • Jul 14, 2011 3:59am Jul 14, 2011 3:59am
Small TF but i like the look of it....??1H BEOB on us/cad coming off a good level. A break below the .9577 level could be a start to some new lows??

jon
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PATIENCE... DISCIPLINE
  • #98,406
  • Edited 4:13am Jul 14, 2011 4:02am | Edited 4:13am
Quoting g_j_hook@yah
.....either that or you could learn to be patient!!, You didnt really expect to get rich with a 3 grand account did you??


jon
I don't expect to become rich doing this. All I want to to do is prove it is doable at all. If so, then I will be thinking how to make this an income some sort of income). And only then maybe $$$

Have you ever seen anyone succeeded in forex, I mean like statements etc? Me neither, just trust, some people say they are, and sound trustworthy, so I still believe it can be done...

So I m just searching the ways I can stop losing nothing else

EDIT: And also, 3K is 3K if I found a way, or you, or anyone esle it is pretty easy to make it 100K right? Not hard! Provided there is a way to make this money work and pay back some %. Just like with any other business project we invest from time to time...
  • #98,407
  • Jul 14, 2011 4:05am Jul 14, 2011 4:05am
i would like to see this pin reaching the yellow area..
1.42 fine PPZ..with a support confirmed with PA..
lets see..not really comfortable with poodle Pins
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  • #98,408
  • Jul 14, 2011 4:09am Jul 14, 2011 4:09am
Quoting Adilius07
Ok, I think I got it. So for you 1R profit will be also ATR(20) or 140 pips in the example.
Interesting. Thank you for the explanation!
Actually i dont perceive that as a 1R becouse it doesnt mean i will take the loss at 140pips on full position in this example. If i dont feel comfortable with position then i am decreasing the size or closing the whole trade but i wont allow it to go far away from my entry without intervention. Yesterday GU pb was very good example. I would cut the position if price would break 1.59 or hesitate to long at my entry level.
  • #98,409
  • Jul 14, 2011 4:11am Jul 14, 2011 4:11am
Quoting Greenhaze
Actually i dont perceive that as a 1R becouse it doesnt mean i will take the loss at 140pips on full position in this example. If i dont feel comfortable with position then i am decreasing the size or closing the whole trade but i wont allow it to go far away from my entry without intervention. Yesterday GU pb was very good example. I would cut the position if price would break 1.59 or hesitate to long at my entry levl.

Understood now, thank you very much GH
  • #98,410
  • Jul 14, 2011 4:18am Jul 14, 2011 4:18am
The next post I'll make will be my 2000 BRN post
  • #98,411
  • Jul 14, 2011 4:20am Jul 14, 2011 4:20am
bullish PB H4, but at the right location ?
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  • #98,412
  • Jul 14, 2011 4:26am Jul 14, 2011 4:26am
Quoting g_j_hook@yah
Small TF but i like the look of it....??1H BEOB on us/cad coming off a good level. A break below the .9577 level could be a start to some new lows??

jon
i was watching 4 hr rather..
i wanted BEOB breaking the 0.9571 level..great PPZ..
but sadly i dont see any BEOB..but js a guess this will break now..not sure
i hate it when i watch my favourite locations turning out to be nothing..
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  • #98,413
  • Jul 14, 2011 4:32am Jul 14, 2011 4:32am
Quoting Greenhaze
For example the avarage range for GU and EU is 140 pips. I have the fixed amount of money i am comfortable to see in 140 pip drawdown. That may be 50$ for me, 80$ for you or 200$ for somebody else depending on risk tollerance.
In case of 50$ that would be around 4000 in oanda units. Its more of a surfing on underlying trends for me hence sometimes i am decreasing/increasing my risk depending on my perception of the current market sentiment.

Example:
I was going to short the usdcad. My exposure for this pair is 7000 units if i am not exposed to...
Hi Greenhaze,

UCAD if break out day low PA to be at the next support 0.9000

cheers
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  • #98,414
  • Jul 14, 2011 4:43am Jul 14, 2011 4:43am
Quoting AvanishDemo
i would like to see this pin reaching the yellow area..
1.42 fine PPZ..with a support confirmed with PA..
lets see..not really comfortable with poodle Pins
be carefull here mate, thats not actually a pin bar, its more of an IPB, one of ghous' favourite BEARISH triggers....

Quote
i was watching 4 hr rather..
i wanted BEOB breaking the 0.9571 level..great PPZ..
but sadly i dont see any BEOB..but js a guess this will break now..not sure
i hate it when i watch my favourite locations turning out to be nothing..

i have a 4H BEOB on mine (alpari UK) but it has yet to close. it doesnt have a great close as yet though...not the momentum i was hoping for...

jon
PATIENCE... DISCIPLINE
  • #98,415
  • Jul 14, 2011 4:51am Jul 14, 2011 4:51am
Quoting g_j_hook@yah
be carefull here mate, thats not actually a pin bar, its more of an IPB, one of ghous' favourite BEARISH triggers....
jon
Hi Jon..
i did not take this PB..js watching it..

but i hav seen Mike talking abt such Pins..
i mean..he did said in one of his videos..that he waits for price breaking the PPZ n then would watch it acting as support confirmed with PA..even at swing highs..n dont really look for space..at such times..something like that..
here we have 1.42 RN..
maybe the PB is small..
watevr im glad that i did not take this...even if it works out..
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  • #98,416
  • Jul 14, 2011 4:54am Jul 14, 2011 4:54am
Quoting Adilius07
I don't expect to become rich doing this. All I want to to do is prove it is doable at all. If so, then I will be thinking how to make this an income some sort of income). And only then maybe $$$

Have you ever seen anyone succeeded in forex, I mean like statements etc? Me neither, just trust, some people say they are, and sound trustworthy, so I still believe it can be done...

So I m just searching the ways I can stop losing nothing else

EDIT: And also, 3K is 3K if I found a way, or you, or anyone esle it is pretty easy to make...
hey Adi i understand what your saying but i think you miss my point...
I was just wondering if the "solution" (to only making small money with your winners) is to increase the possition size??? it jus seems a dangerous road to go down. ??

jon
PATIENCE... DISCIPLINE
  • #98,417
  • Jul 14, 2011 4:59am Jul 14, 2011 4:59am
Quoting AvanishDemo
Hi Jon..
i did not take this PB..js watching it..

but i hav seen Mike talking abt such Pins..
i mean..he did said in one of his videos..that he waits for price breaking the PPZ n then would watch it acting as support confirmed with PA..even at swing highs..n dont really look for space..at such times..something like that..
here we have 1.42 RN..
maybe the PB is small..
watevr im glad that i did not take this...even if it works out..
to be honest im not sure that this is the type of setup he was refering to???
maybe he will enlighten us??

jon
PATIENCE... DISCIPLINE
  • #98,418
  • Jul 14, 2011 5:03am Jul 14, 2011 5:03am
Quoting g_j_hook@yah
hey Adi i understand what your saying but i think you miss my point...
I was just wondering if the "solution" (to only making small money with your winners) is to increase the possition size??? it jus seems a dangerous road to go down. ??

jon
I didn't mean to say that I need to be making more money. Sorry.

I meant to say I need to be more picky. And have a feeling that this all what I do makes sense.

So I thought what if to have a position size bigger it will make me more disciplined and if I have enough discipline it will also begin to make sense by making a few % per month at least. Like my bank savings account at least. If that happens that is already huge first step to succes.

My whole point was to how to make myself more picky, like super picky. That is if 80% is achievable... So I just think about all possibilities.. (but here too I can take one super trade a month and it will fail )

What else can be done, I don't know. OR again the other way is like Razorman suggest and some other traders too, just to increase Reward 2:1 or 3:1 I don't know and just be picky as usual...
  • #98,419
  • Edited 5:21am Jul 14, 2011 5:04am | Edited 5:21am
Quoting g_j_hook@yah
to be honest im not sure that this is the type of setup he was refering to???
maybe he will enlighten us??

jon
yeah right..Mike will come in..to spk abt it..
atleast that will clear my doubt...i might have misinterpreted
my weakness is PB setup..so m glad that im sticking to my own rule that i will go only for protruding big PBs at respective and appropriate swings..(thanks Mike )

EDIT: yeah got it the video name :1-19-09 webinar breakout excerpt
(USDCHF pair)
  • #98,420
  • Jul 14, 2011 5:13am Jul 14, 2011 5:13am
Jon, or I missed your point again? Can you please rephrase it a bit.
I sometimes have english problems still
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