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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

  • #121,461
  • Dec 5, 2012 8:11am Dec 5, 2012 8:11am
Quoting LamerTrader
Do you guys think, we might will have something here?
According to the weekly chart if it breaks we got some free space ahead of us.
Hey Lamer

Yes a few of us are watching as price squeezes into the former swing high. This could show a fading momentum and is a good place for price to breakout. Of course it could break up too but I have my eye on a potential breakout short by the divergence on the 4hr chart and running that into a possible double top. Of course price could breakout long too and the resistance turn to support. 8150 good area to watch as well as the squeeze happening


Best
Mike
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  • #121,462
  • Dec 5, 2012 8:54am Dec 5, 2012 8:54am
Quoting mbqb11
Hey COT

I trade in all market conditions. Ranging, trending, etc. For me the story is most important and part of that story is understanding the market environment you are in. Most people trade tight choppy markets and simply let their trades get stopped out and chopped to death. I prefer to decipher how much room I think a trade has to run and how much is in the way of letting that run. Thus I can decide how quickly to take profits/get to breakeven/ or move my stops to reduce risk

Hope that helps
Mike
Ok thats makes sense, I've heard you talking about the story in each setup before...I just didn't realise that the story could be used to take profits earlier or let them run...thanks for clearing that.

You've been a great help as always!
  • #121,463
  • Dec 5, 2012 8:57am Dec 5, 2012 8:57am
never forgot the big chart----usd index
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A chart helps those who can read it.
  • #121,464
  • Dec 5, 2012 9:50am Dec 5, 2012 9:50am
Quoting ghous

Look at weekly and monthly candles there are more bold candles(less wicks and long bodies) than other type of candles.This means that once trend is formed in any week or month it will follow through out that week or month.Think about this.

I am still wondering what your system is. I'll be pretty shocked if you're pyramiding based only on big bullish/bearish bars.

Price won't necessarily move strongly in one direction because that's the direction it wants to take for the longer term. Very often, it will rapidly move only to hit...
Your statements echo my sentiments Ghous. When I see a chart like oath posted with successfully stacked trades I am of course intrigued and giving the benefit of the doubt I was hopeful there was more to the method than just jumping on the trend train. Perhaps there is and Oath will reveal it to us. It was a nice chart
  • #121,465
  • Dec 5, 2012 12:09pm Dec 5, 2012 12:09pm
Quoting daveone
I basically have the same target. My TP is at 1.2852. Well, i might just stop staring at the charts and make myself go crazy about it.
I'm with you mates
my pending order has been triggered at 13:50 broker TF,6hrs ago
and I agree with you,I don't think it will go far away
my TP 1.2899

http://mytradesontheblog.files.wordp...-activated.gif
Account deleted
  • #121,466
  • Dec 5, 2012 12:23pm Dec 5, 2012 12:23pm
Quoting C-12
Yup can be quite stressful. How about managing all these positions.
OMG looks like you overtrading bro
  • #121,467
  • Dec 5, 2012 12:27pm Dec 5, 2012 12:27pm
Quoting bullzeye
OMG looks like you overtrading bro
Nah, most of those are now closed out at BE, some still running but the positions are small.
  • #121,468
  • Dec 5, 2012 12:48pm Dec 5, 2012 12:48pm
Quoting Winston Reed
Your statements echo my sentiments Ghous. When I see a chart like oath posted with successfully stacked trades I am of course intrigued and giving the benefit of the doubt I was hopeful there was more to the method than just jumping on the trend train. Perhaps there is and Oath will reveal it to us. It was a nice chart
Hey Winston, Ghous the boss

Very interesting..

Reminds me of an experiment I tried a few days back. Pyramiding works brilliantly as long one gives it time to work (200+ bars or more). Consider this - you could have made around 60% annual return just trading EU in 2012 based on a mechanical pyramiding strategy..

Entry:
Enter 40% of total position when price penetrates a round number in the direction of the penetration (e.g. entry at 1.6)
For every subsequent penetration (e.g. 1.61), enter additional positions - 30%, 20%, 10% and so on.

Stop loss:
200 pips trailing once penetration occurs from point of penetration (e.g. stop of 1.58 once 1.6 is breached, 1.59 once 1.61 is breached and so on..)

Stop and reverse when stop is hit.

Money management - around 5% (this can obviously be split into 1% across 5 currency pairs. Larger % position would mean a bigger drawdown)

Sorry if I rambled off-topic. I know this is in no way related to price action et al. Pyramiding gets me very excited as it is so core to successful trading - cut your losers and let your winners ride.

I sometimes take it to extremes (if a concept is good, it should work no matter how ridiculously simple the entry and exit rules are)

Ganesh
  • #121,469
  • Dec 5, 2012 12:57pm Dec 5, 2012 12:57pm
Quoting ksganesh100
Hey Winston, Ghous the boss

Very interesting..

Reminds me of an experiment I tried a few days back. Pyramiding works brilliantly as long one gives it time to work (200+ bars or more). Consider this - you could have made around 60% annual return just trading EU in 2012 based on a mechanical pyramiding strategy..

Entry:
Enter 40% of total position when price penetrates a round number in the direction of the penetration (e.g. entry at 1.6)
For every subsequent penetration (e.g. 1.61), enter additional positions - 30%, 20%, 10% and so on.

[b]Stop...
Sounds sexy in hindsight. A ranging market is likely to take that 60% in hurry.
  • #121,470
  • Dec 5, 2012 1:14pm Dec 5, 2012 1:14pm
Quoting Winston Reed
Sounds sexy in hindsight. A ranging market is likely to take that 60% in hurry.
Precisely my point as well - Basically giving it enough time across multiple non correlated currencies would mean when the trends do develop, the pyramiding has a multiplying effect.

Did not want to go up against you and Ghous who are much more experienced than me - just wanted to make a point in favour of pyramiding which has a positive effect on the strong points of a system (trends in this case) and a neutral effect on the weak points (choppy markets).

Flip the concept on its head and fade every price move when it gets to a 20-day high and you have a pyramid that works the opposite way - every time there is a sustained rally, it loses and when the market consolidates it makes money.

Cheers,
Ganesh
  • #121,471
  • Dec 5, 2012 1:22pm Dec 5, 2012 1:22pm
Quoting ksganesh100
Hey Winston, Ghous the boss

Very interesting..

Reminds me of an experiment I tried a few days back. Pyramiding works brilliantly as long one gives it time to work (200+ bars or more). Consider this - you could have made around 60% annual return just trading EU in 2012 based on a mechanical pyramiding strategy..

Entry:
Enter 40% of total position when price penetrates a round number in the direction of the penetration (e.g. entry at 1.6)
For every subsequent penetration (e.g. 1.61), enter additional positions - 30%, 20%, 10%...

I think most of us have played with similar types of ideas. Then market conditions change and these types of systems can eat it. That's not to say it cant be profitable in the long run but every system/method has a flaw that can hurt it even if it has an edge. One way to test your method is multiple pairs, or at the least many many years to experience variations in market conditions. The curve fit lure is what gets most mechanical methods since the markets are constantly changing. I always think a solid method can be applied to MOST trading environments/markets/securities(of course assuming they are from the start right for the method). In other words Robustness

All cliches sound good on paper but it's only in the details if they work. Many cliches DO have merit to them like cut losers let winners run. I do that, but it has nothing to do with pyramids. I think of it as managing my risk first and letting profits take care of themselves. But someone can cut losers and let winners try to run and lose as is evident of course as well.

Good stuff to play around and think about though we all do it/done it. Just make sure to test thoroughly and find the leaks in any method(that goes for discretionary to mechanical). It helps when things don't go as planned to understand why and trade through. I myself have created a couple of mechanical(or nearly) methods that work but some of the drawbacks made me ditch them not even necessarily in terms of anything with PnL

Mike
  • #121,472
  • Dec 5, 2012 1:28pm Dec 5, 2012 1:28pm
Quoting mbqb11

Good stuff to play around and think about though we all do it/done it. Just make sure to test thoroughly and find the leaks in any method(that goes for discretionary to mechanical). It helps when things don't go as planned to understand why and trade through. I myself have created a couple of mechanical(or nearly) methods that work but some of the drawbacks made me ditch them not even necessarily in terms of anything with PnL

Mike
Thanks Mike - Really appreciate your input. I know you are a spreadsheet junkie and have a ruthless 'test test test' mentality.

Back to my spreadsheets

Ganesh
  • #121,473
  • Dec 5, 2012 2:34pm Dec 5, 2012 2:34pm
Quoting bullzeye
GBP/NZD

messy sideways market ...this one broke the TL with a H4 BEOB, before we saw a pin and a doji

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GBP/NZD

maybe a sustained breakout of this choppy sideways stuff

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  • #121,474
  • Dec 5, 2012 2:54pm Dec 5, 2012 2:54pm
here was a nice J16 style trade

Beob swing high.
breaking massive steep TL
Price running into a very strong area of resistance
FTA hit no problem not necessarily a sell and hold
Risk is minimal because of what?
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  • #121,475
  • Dec 5, 2012 3:12pm Dec 5, 2012 3:12pm
Quoting mbqb11
here was a nice J16 style trade

Risk is minimal because of what?
i see many impatient hands of diligent students raise up

BTW this was a perfect one
  • #121,476
  • Dec 5, 2012 3:39pm Dec 5, 2012 3:39pm
Quoting bullzeye
i see many impatient hands of diligent students raise up

BTW this was a perfect one
Apart from the Damn 365 EMA. Muhhhhhhhh Haaaaaaa
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  • #121,477
  • Dec 5, 2012 3:51pm Dec 5, 2012 3:51pm
Quoting Pinbar
Apart from the Damn 365 EMA. Muhhhhhhhh Haaaaaaa
  • #121,478
  • Dec 5, 2012 4:13pm Dec 5, 2012 4:13pm
Thanks for the fast feedback, Mike.

I just got a quick question: When would you enter a trade? (I know this cant be answered generally, but still) For example I have these two charts from Daily EURCAD. Do you enter right after the eye was formed, or do you wait for a confirmation on the price movement?

Thanks,
Stephen
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It's all psychology...
  • #121,479
  • Dec 5, 2012 4:17pm Dec 5, 2012 4:17pm
And another question: Do you guys have any experience in writing forex trading programmes? Or any suggestions where to look around, who to ask?
Thanks.
It's all psychology...
  • #121,480
  • Dec 5, 2012 4:25pm Dec 5, 2012 4:25pm
Hey
What do you guys think?
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