james16 Chart Thread | Page 6075 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #121,481
  • Dec 5, 2012 3:29pm Dec 5, 2012 3:29pm
Quoting LamerTrader
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
Hey Stephen

We can enter on the close, a retracement, or a break. They all have benefits and drawbacks

A bar is not confirmed till it breaks(breaking meaning the low taken out in this case). For this reason I tend to the majority of the time wait for a break. But not always.

For example in this case it makes more sense to enter on the close since price is right at the BRN and either it should really drop or we would cut right out. As well as it being a tiny pinbar selling a break doesn't give us much room to work with. That is of course if we decide this one is good enough

Hope that helps
mike
  • #121,482
  • Dec 5, 2012 4:16pm Dec 5, 2012 4:16pm
Quoting Pinbar
Apart from the Damn 365 EMA. Muhhhhhhhh Haaaaaaa
eheheh
I quote you mate

and guess what? Your Daily EMA 365 and Mike H4 FTA fit together neatly...
Account deleted
  • #121,483
  • Dec 5, 2012 8:02pm Dec 5, 2012 8:02pm
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%...
Hey Ganesh,

Interesting...

how many "annual trends" did you test this strategy on?

g.
I believe . . .
  • #121,484
  • Dec 5, 2012 8:04pm Dec 5, 2012 8:04pm
Quoting long2339
Hey
What do you guys think?
hey there,

some nice pips there for you.. what was this short based on?

g.
I believe . . .
  • #121,485
  • Dec 5, 2012 8:43pm Dec 5, 2012 8:43pm
Is this the kind of pinbar that we are looking for?
I've missed it, but i wonder, where to set the stop loss, because of the long nose.

Attached Image (click to enlarge)
Click to Enlarge Name: Pinbar.gif Size: 21 KB
  • #121,486
  • Dec 5, 2012 8:47pm Dec 5, 2012 8:47pm
Quoting Totoro
Is this kind of pinbar what we are looking for?
I've missed it, but i wonder, where you should set your stop, because of the long nose?

Attachment
yes fantastic HUGE long nose

you can set the stop under the nose of the pinbar. That's the traditional way since a pinbar isn't failed till it breaks the other way. Remember it's all about position sizing and money mgmt. But in this case here if the left eye(see chart) doesn't hold likely this pin will fail. So for me moving your stop under this area makes a LOT of sense.

Great great chart though

Mike
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 27 KB
  • #121,487
  • Dec 6, 2012 12:26am Dec 6, 2012 12:26am
Quoting bullzeye
who cares about ema`s ...the location is good

Attachment
EUR/USD

my target is 1.3000, huge support area down there

Attached Image (click to enlarge)
Click to Enlarge Name: eurusd.gif Size: 37 KB
  • #121,488
  • Dec 6, 2012 12:36am Dec 6, 2012 12:36am
Quoting bullzeye
EUR/USD

my target is 1.3000, huge support area down there

Attachment
May i ask where your stop loss is / was? Am i tight that right after you saw the DHLC You made your trade?

Thanks,

Stephen
It's all psychology...
  • #121,489
  • Dec 6, 2012 12:57am Dec 6, 2012 12:57am
Quoting LamerTrader
May i ask where your stop loss is / was? Am i tight that right after you saw the DHLC You made your trade?

Thanks,

Stephen
Hey Lamer,

my entry was right after the H4 BEOB (see great Chart of Mike yesterday), my SL was above that one and now on BE...

trade well
  • #121,490
  • Dec 6, 2012 2:01am Dec 6, 2012 2:01am
Trade i took :
Attached Image (click to enlarge)
Click to Enlarge Name: 123.png Size: 82 KB
  • #121,491
  • Dec 6, 2012 2:15am Dec 6, 2012 2:15am
Quoting ghous
Hey Ganesh,

Interesting...

how many "annual trends" did you test this strategy on?

g.
Hi Ghous,
I tested this on only about three years of data – picked up random years for EU, GU and GJ.

Having re-read my post and the replies, I think a clarification is in order. I may have inadvertently advocated the system I posted. What I wanted to test was quite the opposite – What is the effect of money management on a very simple and mediocre system given similar risk exposure? I chose these entry rules as it was convenient for F12 backtesting.

So if we take the EU example I posted, we basically have the following two scenarios:
Scenario 1 – Stop and reverse without pyramiding with say 4 units with a 200 pip stop loss. The maximum risk in this case is 800 pips in terms of $.

Scenario 2 – Stop and reverse with pyramiding. This risk profile in this case works out like this:
1st leg – 800 pips (4X200 pips)
2nd leg – 1000 pips (4X100 + 3X200)
3rd leg – 500 pips (4X0 + 3X100 + 2X200)
4th leg – risk free (4X-100+3X0+2X100+1X200)

Scenario 1 resulted in about 40% annually and scenario 2 resulted in about 60%. On a risk adjusted basis this would mean about 48% for scenario 2.

Needless to say, money management will only work with systems that have positive expectancy. In this case for this particular year, this simplistic system worked for the chosen year so this money management had a positive effect on this. I am sure you would have experimented with all this - Some of this is quite new to me as I go through the learning curve..

I trade PA setups mostly on the weekly time frame - I think I have too much time on my hands in between so end up doing these crazy experiments

Cheers
Ganesh
  • #121,492
  • Dec 6, 2012 3:17am Dec 6, 2012 3:17am
Quoting ksganesh100
Hi Ghous,
I tested this on only about three years of data – picked up random years for EU, GU and GJ.

Having re-read my post and the replies, I think a clarification is in order. I may have inadvertently advocated the system I posted. What I wanted to test was quite the opposite – What is the effect of money management on a very simple and mediocre system given similar risk exposure? I chose these entry rules as it was convenient for F12 backtesting.

So if we take the EU example I posted, we basically have the following two scenarios:
Scenario...
Hey!
How do you test your theroies? Where do you get the data? Im just asking because soon I would like to test some theories as well, but i dont know where to start.
It's all psychology...
  • #121,493
  • Dec 6, 2012 3:27am Dec 6, 2012 3:27am
Quoting LamerTrader
Hey!
How do you test your theroies? Where do you get the data? Im just asking because soon I would like to test some theories as well, but i dont know where to start.
Hey LT,

You basically have a couple of options imho:

Option 1 - Use MT4 for manual backtesting. You can basically scroll back to wherever you like on a chart. Pressing F12 will take you forward one bar at a time. You can then look at this and note your buy/sell/stops on a spreadsheet. This is what I did in this case.

Option 2 - You have other softwares that you can use. Forextester is something a lot of people seem to like. It basically simulates the market in real time, so it is like seeing the market at 20x speed. I also like Amibroker where you can test more comprehensively than F12 in MT4. Creating a trading system in afl (which is Amibroker's coding language) comes easier to me than MT4 coding.

Regarding data, there are sources available on the net. Try googling for either FXDD 1 minute data or Alpari 1 minute data..

Hope this helps

Ganesh
  • #121,494
  • Dec 6, 2012 4:00am Dec 6, 2012 4:00am
EU could be about to move like one of Jarroo's Bham effects.

Let's see what it does
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 160 KB
Click to Enlarge Name: 2.jpg Size: 165 KB
  • #121,495
  • Dec 6, 2012 4:19am Dec 6, 2012 4:19am
GU is looking interesting
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 163 KB
Click to Enlarge Name: 2.jpg Size: 202 KB
  • #121,496
  • Dec 6, 2012 4:27am Dec 6, 2012 4:27am
Boxing up in the range
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 120 KB
Click to Enlarge Name: 2.jpg Size: 174 KB
  • #121,497
  • Dec 6, 2012 4:45am Dec 6, 2012 4:45am
Quoting Pinbar
EU could be about to move like one of Jarroo's Bham effects.

Let's see what it does

nihao Pinbar,

so, BEOB or BUOB, the shadow counts?
  • #121,498
  • Dec 6, 2012 4:53am Dec 6, 2012 4:53am
Quoting laoshi
nihao Pinbar,

so, BEOB or BUOB, the shadow counts?
Wanshanhao Laoshi.

How is life with you?
Damn cold in Harbin, -25C tonight.
The day is a little warmer with sunshine around -15C Haaaaa.
  • #121,499
  • Dec 6, 2012 4:57am Dec 6, 2012 4:57am
Quoting Pinbar
Wanshanhao Laoshi.

How is life with you?
Damn cold in Harbin, -25C tonight.
The day is a little warmer with sunshine around -15C Haaaaa.

everything's fine, still following this thread and your post everyday... crazy -25C

I'm 33C in Jakarta
  • #121,500
  • Dec 6, 2012 5:05am Dec 6, 2012 5:05am
H1 bars that don't trigger on the next bar are a pass for me, from now on.
Attached Image (click to enlarge)
Click to Enlarge Name: 1.jpg Size: 170 KB
249 traders viewing now