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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

  • #115,521
  • Aug 14, 2012 3:55pm Aug 14, 2012 3:55pm
Quoting 0421
oki, and when i enter on "close" of the PBT&CA bar what about SL? we put higher our stop loss?? or it's still on the same level?

THX.
Basically at the same level . .below the Low of the Bar that PBT&CA.

. . .but you can use a tighter S/L if there are other levels below your entry that make sense . .Like a PPZ level thats below your entry, or a HCR level thats below your entry, etc.
Indicators show the past. Price Action "Indicates" the future.
  • #115,522
  • Aug 14, 2012 4:13pm Aug 14, 2012 4:13pm
Quoting jarroo
Looking good 0421, on the EurNzd.. .

Don't worry about the spread on you entry . .you can also use a "buffer" on your entry of 5 to 10 pips to get in earlier.

If the setup is very strong and into some nice Open Space, you can also enter on the "Close" of the PBT&CA bar.
Hello again, Jarroo:

I have a question concerning something that i realized from your charts and that resumes one of the problems Im strugling with at the moment. I am really addicted to the idea that we should always trade with a stop placement that can gives us a nice R:R ratio. If, for example, our STOP is at 50 pips we should be looking for a 100 Pip gain. The problem Im facing now is that with the setups I think that can be interesting enough to get into at the DAILY CHARTS, the STOP can have a distance of 100 pip or even more (that if you place the stop under or above the candle of PBT). Unfortunately, with a STOP that far away from the entry I can't have enough confidence to look forward a gain of 1:2 ratio as that is impossible to garantee, specialy if you tight your STOP really fast (something I really enjoy doing). So I get frozen by my fear to get into the trade. so the question is:

What is more importante, the R:R ratio or the money management of total risk for trade<1/2%?

Hope the question makes sence!

Im sorry if Im confusing you guys with my issues.

Thank you very much for everything, Jarroo!
Cheers

PS - I think this is one of the problems that gets me out of good trades and gets me in to really bad ones
  • #115,523
  • Aug 14, 2012 4:26pm Aug 14, 2012 4:26pm
Quoting gasgas
Oh good, ty for answer Jim. Was curious if u take signals like this.

I actually didn't like it much, that HCR level was tested and broken few times making me lose confidence on it to hold. And overall Eur/xxx crosses showing buy strength. Plus NO space, as u said

Regards
You want all of your A+ criteria to be met, giving the trade the best chance to succeed . .does that sound familiar . ? Its right out of the mouths of James16 and Mike (mbqb11), they are a big influence in how I trade. . .hell, its 95% their stuff ... .

That Resistance level on the EurJpy did offer up some pips on its first time back to the level. I used the previous LCS levels . .which were different then yours . .charts.
Attached Image(s) (click to enlarge)
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Indicators show the past. Price Action "Indicates" the future.
  • #115,524
  • Aug 14, 2012 4:31pm Aug 14, 2012 4:31pm
Quoting 0421
what do You think about this trade?? we have PBT&CA.

chart:



and second:



THX.
0421 . .are you using "Active chart (as is)" when you save and post your charts?
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Indicators show the past. Price Action "Indicates" the future.
  • #115,525
  • Aug 14, 2012 4:36pm Aug 14, 2012 4:36pm
Quoting jarroo
0421 . .are you using "Active chart (as is)" whenyou save and post your charts?
yes you can't see it?
  • #115,526
  • Aug 14, 2012 4:38pm Aug 14, 2012 4:38pm
Quoting 0421
yes you can't see it?

Yes I can see them . .and so does my neighbors . . .hmmm . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,527
  • Aug 14, 2012 4:42pm Aug 14, 2012 4:42pm
Quoting jarroo
Yes I can see them . .and so does my neighbors . . .hmmm . .
do i have change something?
  • #115,528
  • Aug 14, 2012 4:42pm Aug 14, 2012 4:42pm
Mike, what your rewiew on AUD/CHF? Do u see a possible reversal signal here if we have good bearish PA protruding below 1.02 area?
(BEOB on my chart means gipothetical)
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If not up, then down, otherwise sideways :-)
  • #115,529
  • Aug 14, 2012 4:47pm Aug 14, 2012 4:47pm
Quoting 0421
do i have change something?
Your charts are over sized on the thread . .I don't know why . .maybe its me . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,530
  • Edited 5:08pm Aug 14, 2012 4:51pm | Edited 5:08pm
Quoting MrShort
Hello again, Jarroo:

I have a question concerning something that i realized from your charts and that resumes one of the problems Im strugling with at the moment. I am really addicted to the idea that we should always trade with a stop placement that can gives us a nice R:R ratio. If, for example, our STOP is at 50 pips we should be looking for a 100 Pip gain. The problem Im facing now is that with the setups I think that can be interesting enough to get into at the DAILY CHARTS, the STOP can have a distance of 100 pip or even more (that if you...
I'm not "R:R" guy . .I'm a "find a great setup and see if she runs" guy.

Here are some great posts on the subject . .

Quoting mbqb11
R:R is all relative to the win rate and overall trader stats. I never pay attention to R:R.

Here is a post from the PF

Q: Risk:Reward, Don't we have to have at least 2 times our Reward?

A: This is one of the biggest myths of trading. That is you always hear "Make sure you get 2r(that is 2 times) whatever your risk is. Or 4r or some random number. The short answer is this is NOT true. Do many traders do this? Yes they do and that is FINE, but it is not something you must do. One must know ALL the numbers to know the true story of the trader. You could gain .5r and win 85% of the time and be VERY VERY well profitable.

Many traders do NOT know their Risk:Reward going into a trade. This is completely fine as that one trade is meaningless. It is all your trades combined that make you up as a trader. Of course when you eventually run your numbers you will get an avg win %, and an avg Rmultiple(that is how much you avg win per trade). Those are the numbers that count. But, when I go into a trade I don't always have a set take profit for example so I might come out with 2 times my risk, or I might come out with .25r my risk.

This is a very common cause for concern for many, but it is very possible to be a winning trader with a 90% win rate and very small wins(way under 1R) and it is also possible to be a losing trader with a 90% winrate(if your losses are on avg bigger then your avg wins). It is also possible to be a 20% winrate trader and be profitable and vice versa.

The summary is that don't always believe what you read when you hear people say you MUST gain more then you risk. This isn't true. Also remember just b/c your initial risk might be 1% and you have a target of a certain amount, doesn't mean it has to be all or none. You can eliminate risk on a trade as you move along too. So losses don't have to be full amounts as well. Trading gives you the ability to be very flexible and find what works for YOU.

Mike
Quoting james16
And off to post 1 we go. Mike is right. RR is a bunch of BS. Dont let anyone tell you different.

Trying to play the RR game is just another account killer for new traders.

I CANT TELL YOU HOW MANY EMAILS I HAVE THAT GO LIKE THIS....

'Jim almost all my trades based on what ive learned from the group and thread make it to a profit point i expected but since its a poor R/R ratio i leave them on to reach a respectable R/R RATIO and end up losing. Ive always been taught that risk/reward ratios are critical."

WELL YOU WERE TAUGHT WRONG!!!!!

STOP IT...
Indicators show the past. Price Action "Indicates" the future.
  • #115,531
  • Aug 14, 2012 4:55pm Aug 14, 2012 4:55pm
Quoting jarroo
Your charts are over sized on the thread . .I don't know why . .maybe its me . .
http://i46.tinypic.com/1sf4fa.jpg
  • #115,532
  • Aug 14, 2012 5:00pm Aug 14, 2012 5:00pm
That looks a lot better, 0421 ..thanks
Indicators show the past. Price Action "Indicates" the future.
  • #115,533
  • Aug 14, 2012 5:14pm Aug 14, 2012 5:14pm
Quoting mbqb11
updated chart
Classic . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,534
  • Aug 14, 2012 5:18pm Aug 14, 2012 5:18pm
Quoting 0421
what do You think about this trade?? we have PBT&CA.

THX.
http://i50.tinypic.com/veni8i.jpg

http://i45.tinypic.com/2zspgdd.jpg

now it's oki??

and what about this charts??

THX.
  • #115,535
  • Aug 14, 2012 5:18pm Aug 14, 2012 5:18pm
Quoting rafstraszek
EURNZD and AUDCHF are going very nice.
First sth about 80 pips, second 100 pips.

AUDCHF was my first PBT trade by gap, not normal close - so i was feeling a little insecure. And it was also nice to see, that Chanya also was looking at this trade

EURNZD was standard, I think - I like this hcr/lcs lvl very much.

EURCAD kick me out at little profit, but i see now, that it is turning back, after hitting hcr/lcs (and my sl).

cheers
Very nice rafstraszek . .
Indicators show the past. Price Action "Indicates" the future.
  • #115,536
  • Aug 14, 2012 5:18pm Aug 14, 2012 5:18pm
I wish EUR USD was some real living person and I could spank it ...
Human
  • #115,537
  • Aug 14, 2012 5:22pm Aug 14, 2012 5:22pm
Quoting 0421



now it's oki??

and what about this charts??

THX.
Are you using the "Manage Attachments" when you post your charts?
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Indicators show the past. Price Action "Indicates" the future.
  • #115,538
  • Aug 14, 2012 5:32pm Aug 14, 2012 5:32pm
Quoting utiq
Thanks Jarroo, we'll see how it works

Looking good, utiq . .. . .
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Indicators show the past. Price Action "Indicates" the future.
  • #115,539
  • Aug 14, 2012 5:34pm Aug 14, 2012 5:34pm
Quoting jarroo
You want all of your A+ criteria to be met, giving the trade the best chance to succeed . .does that sound familiar . ? Its right out of the mouths of James16 and Mike (mbqb11), they are a big influence in how I trade. . .hell, its 95% their stuff ... .
I hear ya...thanks a bunch

Regards
  • #115,540
  • Aug 14, 2012 5:34pm Aug 14, 2012 5:34pm
Quoting dan89
Hey Jarroo, do you mean 4hr sigs on Weekly HCR levels and 1hr on Daily ? Or just daily on both as mentioned above in the quote ?

Generally, I like the 4 Hour Close (4 Hour Signature) at Weekly levels on all pairs and with the "crazy crosses" on the Daily and Weekly levels.

Ideally, we always want a Daily Signature at Daily levels and a Weekly Signature at Weekly levels. But these lower TF Signatures can give us hint or indication of its potential success.

Jim
Indicators show the past. Price Action "Indicates" the future.
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