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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

  • #129,501
  • Jan 10, 2014 4:22pm Jan 10, 2014 4:22pm
Quoting raitchev
{quote} both TP's hit for about 3.5% gain in total
  • #129,502
  • Jan 11, 2014 11:20am Jan 11, 2014 11:20am
Quoting dobe_r_man
{quote} Not to jump in here uninvited, but the longer you trade the more you will realize part of the path to profitable trading is knowing which trades to avoid. While you can be right or profit from subpar set-ups in the short term - over time if you review your past trades you will find out they cost you. I manage accounts for clients and not taking trades often is a great decision. Just my 2 cents.... Nathan

I second that.....
  • #129,503
  • Jan 11, 2014 11:16pm Jan 11, 2014 11:16pm
Quoting ghous
{quote} wicked! Great find Kosmiczny Did you take it? g.
Thanks Ghous
I didn't take it because I don't trade futures, yet.
But we have some good PA at significant support and divergence showing as well.
Although the strength of recent bearish move makes me think we may see only a minor correction, before a continued move down.
It will be interesting to see what happens. I'll be keeping an eye on it

k
  • #129,504
  • Jan 12, 2014 7:04am Jan 12, 2014 7:04am
i need something like:
gbpx jpyx (similar usdx ,eurx)
knows someone one broker who offer this charts?
  • #129,505
  • Jan 12, 2014 2:55pm Jan 12, 2014 2:55pm
Quoting corcodel
i need something like: gbpx jpyx (similar usdx ,eurx) knows someone one broker who offer this charts?
I found MT4 indicator that calculates dollar index here (on this forum)
I believe that with some programming skills, copy paste and edit ;-), you could create versions for other currency baskets. Bonus: you could choose your own weights.

There are also a currency index chart here(external link, broker), with different currencies.
Michal9
  • #129,506
  • Jan 12, 2014 6:12pm Jan 12, 2014 6:12pm
Nice quick little trade....
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  • #129,507
  • Jan 12, 2014 6:30pm Jan 12, 2014 6:30pm
Quoting slade1986
Nice quick little trade.... {image}
Perfect where is price going James would be proud of that one



Mike
  • #129,508
  • Jan 12, 2014 8:56pm Jan 12, 2014 8:56pm
Quoting michal9
{quote} I found MT4 indicator that calculates dollar index here (on this forum) I believe that with some programming skills, copy paste and edit ;-), you could create versions for other currency baskets. Bonus: you could choose your own weights. There are also a currency index chart here(external link, broker), with different currencies.

thanks....
  • #129,509
  • Jan 13, 2014 1:17am Jan 13, 2014 1:17am
Nice trade. SL moved to BE.
Attached Image (click to enlarge)
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Pinbar on daily chart.
Lose small, win BIG
  • #129,510
  • Jan 13, 2014 2:07am Jan 13, 2014 2:07am
Quoting slade1986
Nice quick little trade.... {image}
Very nice indeed, congratulations on the trade.

One thing I cannot help but see... R ratio again... it looks like your stop was above the high of the BEOB bar (which I agree was the right place).

The profit you took (also in the right place, in fact exactly where the price stalled), in pips, looks ~3 times smaller than a loss would be.

So a loss like this (if it was a loss) erases 3 winning trades.
So it requires high %winners to be profitable on a larger sample of trades (it is arithmetic, not an opinion :-)

I more and more think (an opinion shift on my end) that this can be a long term winning approach.

Becasue trades like this are really very high probability. You could say "if it breaks the low of the BEOB, moving to the next PPZ is almost cretain".
And it is fantastic for the psyche to win more often.

I am tempted to try this approach, too, on D1 bars (I also trade SD zones on H1 end-of-day and in this method I use ~2R TP).
Michal9
  • #129,511
  • Jan 13, 2014 6:33am Jan 13, 2014 6:33am
Quoting michal9
{quote} Very nice indeed, congratulations on the trade. One thing I cannot help but see... R ratio again... it looks like your stop was above the high of the BEOB bar (which I agree was the right place). The profit you took (also in the right place, in fact exactly where the price stalled), in pips, looks ~3 times smaller than a loss would be. So a loss like this (if it was a loss) erases 3 winning trades. So it requires high %winners to be profitable on a larger sample of trades (it is arithmetic, not an opinion :-) I more and more think (an opinion...
Don't fall into the pit of the high RR seekers. The set ups we trade here are high probability so RR does not really matter at all. High RR is important for automated strategies where you just need to play out the odds. We don't trade odds here. We trade the obvious, the facts - PA and s/r.

Plus, don't assume that you will take a full bar loss. Stops should be moved as soon as the first trouble area is reached. Or as the fellow trader did - just take profit. There are pretty much no excuses for full bar losses, which is one more reason not to wary too much the low RR.

Cheers.
Twitter @raitchev
  • #129,512
  • Jan 13, 2014 6:44am Jan 13, 2014 6:44am
Quoting habeeb
Thought I'd post a chart of a very popular system. Bollinger Bands with Stochastics. Pin Bar off the bottom BB and a 50fibo. Also, positive divergence on Stochastics. {image}
Hah ! Just reading back over old posts (yet again cos you always find something you missed on previous re-reads) and found this earlier post by habeeb.
It simply remind me of RYANMCD after reading some of his old posts. Just shows we never stop learning, even whilst going back over old posts.
every Saint has a past. Every Sinner has a Future
  • #129,513
  • Jan 13, 2014 6:47am Jan 13, 2014 6:47am
Quoting michal9
{quote} Very nice indeed, congratulations on the trade. One thing I cannot help but see... R ratio again... it looks like your stop was above the high of the BEOB bar (which I agree was the right place). The profit you took (also in the right place, in fact exactly where the price stalled), in pips, looks ~3 times smaller than a loss would be. So a loss like this (if it was a loss) erases 3 winning trades. So it requires high %winners to be profitable on a larger sample of trades (it is arithmetic, not an opinion :-) I more and more think (an opinion...

Hey M


Do you remember this post though? What can we do with our stop? http://www.forexfactory.com/showthre...61#post7192361


While Slade might not of moved his stop one could have easily moved their sop above the high of today's bar right away giving them a higher reward to their risk in the end

Best
Mike
  • #129,514
  • Jan 13, 2014 6:50am Jan 13, 2014 6:50am
Quoting ghous
{quote} Hey F, I think a lot of people who prefer to follow the longer term MAs also use the 150 EMA. And this answers your second question too - this is exactly why it works. I find it to be specially useful when price returns to it following a pull back to a major trend, i.e as part of the BASE context. g.

Hi mate ,

Thanks.
  • #129,515
  • Jan 13, 2014 7:14am Jan 13, 2014 7:14am
Quoting turnip15
{quote} Hah ! Just reading back over old posts (yet again cos you always find something you missed on previous re-reads) and found this earlier post by habeeb. It simply remind me of RYANMCD after reading some of his old posts. Just shows we never stop learning, even whilst going back over old posts.
Yup. Remember Jankone? He's running Ryan's system in the "trading systems" section.

g.
I believe . . .
  • #129,516
  • Jan 13, 2014 4:29pm Jan 13, 2014 4:29pm
Quoting mbqb11
{quote} Hey M Do you remember this post though? What can we do with our stop? http://www.forexfactory.com/showthre...61#post7192361 While Slade might not of moved his stop one could have easily moved their sop above the high of today's bar right away giving them a higher reward to their risk in the end Best Mike

Yes Mike, I planned on moving my stop after I finished working out on the Eliptical. Only thing was, it closed before I finished.

Here's another trade in equities. Missed the close by 1 cent on Friday. Closed today though.
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  • #129,517
  • Jan 13, 2014 7:31pm Jan 13, 2014 7:31pm
Quoting slade1986
{quote} Yes Mike, I planned on moving my stop after I finished working out on the Eliptical. Only thing was, it closed before I finished. Here's another trade in equities. Missed the close by 1 cent on Friday. Closed today though. {image}
  • #129,518
  • Jan 13, 2014 8:29pm Jan 13, 2014 8:29pm
  •  BlazG
  • | Joined Jul 2012 | Status: Trading with Family Savings | 19 Posts
Hi guys!

How do you treat low volume sunday bars? Do you look at them as regular bars, ignore them or combine them with monday (or friday?) bars?


Blaz
  • #129,519
  • Jan 13, 2014 8:43pm Jan 13, 2014 8:43pm
Quoting BlazG
Hi guys! How do you treat low volume sunday bars? Do you look at them as regular bars, ignore them or combine them with monday (or friday?) bars? Blaz
Hey Blaz

James ignores them, I personally use a broker that combines them with the monday bar. So sunday open is like your monday open on my charts

Best
Mike
  • #129,520
  • Jan 14, 2014 5:52am Jan 14, 2014 5:52am
Mike,

How does volume get used? I've not seen any mention of it, but I haven't read all the posts on this thread yet.

If volume is used to some extent, then I assume for forex it would be tick volume?

Thanks
Paul
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