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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

  • #105,501
  • Jan 1, 2012 6:59pm Jan 1, 2012 6:59pm
Quoting Gpfx
Bit late, still recovering!



Having real trouble taking profit on good trades, getting stopped for BE a lot, or getting out early with small profit only to see the trade run. If I could refine this area a full bar loss would not have been so devastating!!

Live and learn

Chin Chin

GP

Mike's two bar trailing stop may help you to allow the winners to run and cut your losers short.
  • #105,502
  • Jan 1, 2012 11:02pm Jan 1, 2012 11:02pm
Quoting Pinbar
Mike's two bar trailing stop may help you to allow the winners to run and cut your losers short.
Hi Pinbar,

Would you please kindly help to specify a little bit detail on the two bar trailing stop method? looking for the trailing stop for a quite long time...thanks.

happy new year.
CK
----------------------------- Discipline makes the difference.
  • #105,503
  • Jan 2, 2012 1:16am Jan 2, 2012 1:16am
Quoting the_wizard
I wonder if any of you guys can help me?

Speaking of my friend. He is one of those people that really p*ss you off. Always has meticulous records of his in comings and outgoings. Knows exactly what sells and what doesn't. Knows the cheapest suppliers. Always seems to strike at the optimum time. He always harps on about patience and experience. You'd hate him if you met him. I don't even know why we are friends.

My friend was waiting and prepared and he bought everything he could get his hands on. I think he bought over 2,000. Everytime...
Hi Wiz;

First of all, a very happy new year to you and all the members of this forum; may it be a very prosperous year for all traders.

Second of all, this is by far the most elaborate and profound explanation of the famous "treat it like a business" phrase i have ever seen. I have been in this business for almost nine years now, and i am also a businesswoman (owner and manager of an international translation agency) and yet i always wondered how can one apply business principles to forex trading (may sound stupid but my IQ bids to differ ). So thank you and good trading.

Seb
  • #105,504
  • Jan 2, 2012 5:40am Jan 2, 2012 5:40am
Quoting CavinK
Hi Pinbar,

Would you please kindly help to specify a little bit detail on the two bar trailing stop method? looking for the trailing stop for a quite long time...thanks.

happy new year.
CK

Sure, here you go.

There was not enough space to go all the way down the chart but, you can see where we would have got taken out.

There is one exception to moving the SL, if we count back two bars and the 1st bar is higher than the 2nd bar back, we use the 1st bar instead of the second bar back.

Got a Damn power outage from 8 pm so I am fighting against the clock here.
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  • #105,505
  • Jan 2, 2012 8:52am Jan 2, 2012 8:52am
Quoting mbqb11
minor update. No stop loss change for me, but this area I do expect a reaction. Notice the box at the BRN. The scale of the box is small to me compared to the size move we are coming off. BUT the information we get here is still important. So while I want to hold it for a larger move I will watch and see what the market reaction is here/

For those of you who are new and just finding this thread understand how very simple we can get with this stuff. It's a great starting place. Simple side to side s/r as James says, and nice big clear bars....
new year and first stop loss update

gone ahead and locked in profit now using the last swing low and BRN of 8500. I would much rather us range b/w 9500-parity then where we are now.

Happy trading in 2012

Mike
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  • #105,506
  • Jan 2, 2012 2:48pm Jan 2, 2012 2:48pm
Quoting Pinbar
Sure, here you go.

There was not enough space to go all the way down the chart but, you can see where we would have got taken out.

There is one exception to moving the SL, if we count back two bars and the 1st bar is higher than the 2nd bar back, we use the 1st bar instead of the second bar back.

Got a Damn power outage from 8 pm so I am fighting against the clock here.
Thanks Pin, Mike,

This exit method may help me also.

I struggle with emotions when I am in a trade that is running in profit. I always have a final target where I calculate the price will eventually reach and it does very often after I have been stopped for BE or panicked and taken profit early through fear of getting stopped for BE again.

I almost find this more frustrating than getting stopped for a loss as least with a loss I am wrong and that is it, however getting stopped for BE or small profit when the trade goes on for much more really gets me. I know this is emotional trading and why the exit strategies are so important.

I am currently long on USDDKK from 21st Dec PB and at BE, price has already reacted of the FTA, my final target is 5.8310 but already panicking about getting stopped for BE before target is reached so will have a go with the 2 bar stop method.

When trailing the stop as described how many pips under the trailing bar should you place the stop? And should it reflect he volatility of the pair e.g. ATR?

GP
  • #105,507
  • Jan 2, 2012 3:03pm Jan 2, 2012 3:03pm
Quoting Pinbar
Sure, here you go.

There was not enough space to go all the way down the chart but, you can see where we would have got taken out.

There is one exception to moving the SL, if we count back two bars and the 1st bar is higher than the 2nd bar back, we use the 1st bar instead of the second bar back.

Got a Damn power outage from 8 pm so I am fighting against the clock here.
Mike, or Pin,

Also, when using this trailing stop method do you still move your stop to BE ASAP or simply trail as described, I assume with discretion?
  • #105,508
  • Jan 2, 2012 3:15pm Jan 2, 2012 3:15pm
[quote]
Quoting menomoo
Quoting jarroo
Merry Christmas and Happy New Year to everyone . .

Hi J,

I am Back!!!!

))
Great to see you Vito . .

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #105,509
  • Jan 2, 2012 3:21pm Jan 2, 2012 3:21pm
Quoting Pinbar
Mike's two bar trailing stop may help you to allow the winners to run and cut your losers short.

Thanks Pin,

Didnt see this post, just saw the one with examples and thought this could help me!!
  • #105,510
  • Jan 2, 2012 3:55pm Jan 2, 2012 3:55pm
Happy New Year to all the regulars!

I've decided to take a step to improve my trading given the turn of this year, as my performance hasn't been what I beleive it has the potential to be.

I have always thought a public journal would be good for decipline, and for others to offer their suggestions and opinions. So, I've opened up my own thread to keep a record of everything.

It's been a pleasure to be a regular viewer and (not so) regular contributor to this thread, and I will continue to be.

Please feel free to have a look at my journal

All the best for the new year,
SG
  • #105,511
  • Jan 2, 2012 4:00pm Jan 2, 2012 4:00pm
Quoting Gpfx
Mike, or Pin,

Also, when using this trailing stop method do you still move your stop to BE ASAP or simply trail as described, I assume with discretion?
Hey G

For me everything is a tool and not a one size fits all. So the two bar trailing stop method I developed but use it as one of my tools. Sometimes I might start with a 2bar trail then move to something else, sometimes I don't use it etc. Each situation I decide what is my best course of action and work from there. As new data is printed this game plan often does change. So discretion and understanding a situation is the most important to me as a whole.

Best
Mike
  • #105,512
  • Jan 2, 2012 4:02pm Jan 2, 2012 4:02pm
Quoting Gpfx
Thanks Pin, Mike,

This exit method may help me also.

I struggle with emotions when I am in a trade that is running in profit. I always have a final target where I calculate the price will eventually reach and it does very often after I have been stopped for BE or panicked and taken profit early through fear of getting stopped for BE again.
[color=black][font=Verdana]...
I use a buffer as I call it(just as with my entries). Generally its above/below the bar high/low respectfully a decent amount of pips. A higher volatility pair is more likely to get a larger buffer and opposite for a smaller volatility pair. That is in a way by default using a variation of ATR. Although for me like the above post its discretion and not any fixed number or fixed way

Best
Mike
  • #105,513
  • Jan 2, 2012 4:16pm Jan 2, 2012 4:16pm
Quoting mbqb11
Hey G

For me everything is a tool and not a one size fits all. So the two bar trailing stop method I developed but use it as one of my tools. Sometimes I might start with a 2bar trail then move to something else, sometimes I don't use it etc. Each situation I decide what is my best course of action and work from there. As new data is printed this game plan often does change. So discretion and understanding a situation is the most important to me as a whole.

Best
Mike
Thanks Mike,

I thought that this is the case and it is where experiance plays such a big part in knowing the better way to manage trades.

I hope to be able to post a few trade examples to get a feel as to how yourself and other experianced members would have managed the positions.

I will go over your posts as well for some examples.

Not tonight though early start in the morning for me,

Regards

G
  • #105,514
  • Jan 2, 2012 4:38pm Jan 2, 2012 4:38pm
very clear divergence going on.

trend is DOWN but divergence is strong.

the only thing missing is the all-important PA.
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  • #105,515
  • Jan 2, 2012 4:40pm Jan 2, 2012 4:40pm
Quoting biDc
very clear divergence going on.

trend is DOWN but divergence is strong.

the only thing missing is the all-important PA.
..and a level
  • #105,516
  • Edited 6:38pm Jan 2, 2012 5:51pm | Edited 6:38pm
There is also the fibo SL which I saw J16 use.

You will have to search for it, I posted it somewhere.

Even I could not find it so, I re did the basic charts
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  • #105,517
  • Jan 2, 2012 6:19pm Jan 2, 2012 6:19pm
Quoting Sgrb1
..and a level
Yep. Not on this pair. But look at usd/jpy, it has a clear cut support there.
  • #105,518
  • Jan 2, 2012 6:43pm Jan 2, 2012 6:43pm
Quoting Pinbar
Just going over Jarroo's stuff again and found a nice setup on EUR/CAD
Awesome charts Pinbar . .
Indicators show the past. Price Action "Indicates" the future.
  • #105,519
  • Jan 2, 2012 6:56pm Jan 2, 2012 6:56pm
Quoting jarroo
Awesome charts Pinbar . .
It is sinking in, little by little.

Actually, I am just watching it right now.
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  • #105,520
  • Jan 2, 2012 6:57pm Jan 2, 2012 6:57pm
Quoting Pinbar
Looks like we can use the lows on this one, instead of the close.

Let's see what it does when it gets there.

What better way to spend Xmas.

Nobody is interested in Xmas here in China anyway.
That's it Pinbar on the Eur/Aud . .strong Weekly LCS level . .PBT&CB on the Daily . . .BAM!! 1.2957 ..to the pip . .
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Indicators show the past. Price Action "Indicates" the future.
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