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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

Quoting MrWeiss
No comment Just wana post something what is looking smart Weekly close above 1.10 & a nice pinbar into the small support area 1.09 - 1.10. I hope someone has good argument against this trade plan. It looks almost to good for a trade opportunity. Enjoy your weekend & Cheers {image}
Its very dangerous to play this one long. You did see the lvl 1.1029 as important lvl right, but price didnt close above this lvl. Its not a pin bar. So this one I assume is more likely a trade of least resistance, means that absorbed orders below that pushed price higher now doesnt disturb the price to get lower, as the wick close of the barr tells us that buyers didnt come into play. Lets see.
If not up, then down, otherwise sideways :-)
Quoting michal7
{quote} There are just 3 kinds of setups for me. 1, Those that I don't take. 2, A+++. 3, The rest. This is in "the rest" category obviously. I handle these with just 3 rules: 1, lower my risk fast 2, go to BE fast 3, take my profits fast What I write here is very different from what I planned to do before going live(I made few post about my strategy and backtests) but with real money on the table feelings kick in hard and I had to adjust.
Although not A+++ trade it's going as expected. Some profit taken (1/2 closed) and almost BE on the rest.
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  • #129,863
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  • Edited 4:41am Feb 10, 2014 4:27am | Edited 4:41am
Quoting michal7
{quote} Although not A+++ trade it's going as expected. Some profit taken (1/2 closed) and almost BE on the rest. {image}
I've moved to BE on this. I haven't got into taking partial profits, so will be interesting to see how this pans out with someone in the same trade taking Partials.

My exit strategy is still a bit chaotic - I haven't really found my flow, so to speak. I tend to move to BE when I see a positive bit of momentum ( like this morning ), and then tail my stops once price gets over significant S/R areas on the daily and 4H charts. The part of this I'm not happy with is crossing the time zones...
We are what we repeatedly do. Excellence, then, is not an act, but a habit
GPBJPY - Weekly - Long.
I took this last night at open. Long pin bar of a S/R that goes back to '96 ( not sure if this is good or bad ). Also rejects upward trendline. Don't think I see much 'traffic' either, seems to be at the end of a short swing low.

I do notice on the monthly that we are right on a 38% fib retracement from the last high - low swing. So there's a danger of price meandering here for a while and/or reversing on me. Also ,the close of the pinbar was 7 pips below the low of the previous bar - so not a perfect pinbar. I am assuming that 7 pips is negligible on a weekly though. So a few reasons that don't make this an A+ setup - but I do like the rejection of two good lines and long nose.

My first weekly trade, an exercise in patience and long drawdowns! I have adjusted my position right down to a quarter of what I normally hold due to stop being +400 pips.

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We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting Berserker
{quote} I've moved to BE on this. I haven't got into taking partial profits, so will be interesting to see how this pans out with someone in the same trade taking Partials. My exit strategy is still a bit chaotic - I haven't really found my flow, so to speak. I tend to move to BE when I see a positive bit of momentum ( like this morning ), and then tail my stops once price gets over significant S/R areas on the daily and 4H charts. The part of this I'm not happy with is crossing the time zones...
Trade management is the hardest part, at least for me. One needs to find something that works mathematically and also fits personality well.
Before going live my plan was also to keep full positions and let the setup play out(so it was either full loss or profit around 2R or BE if price reached around 1R and turned back) I did lot of backtesting and it got me best results. I also got some confidence. However after opening live account it was really hard for me to look at drawdowns or to look at price reaching FTA and then turning back without me taking some profit. So to keep me calm and not very nervous I turned to partial profits (1/2 at FTA, rest trail or 1/4 next S/R and remaining 1/4 trail). I also tend to move my SL fast to BE (or near BE) most of the time(except when setup is really good). But one needs to try and find what works for her/him.
Quoting michal7
{quote} Trade management is the hardest part, at least for me. One needs to find something that works mathematically and also fits personality well. Before going live my plan was also to keep full positions and let the setup play out(so it was either full loss or profit around 2R or BE if price reached around 1R and turned back) I did lot of backtesting and it got me best results. I also got some confidence. However after opening live account it was really hard for me to look at drawdowns or to look at price reaching FTA and then turning back without...
What you are saying here is similar to something James16 was saying on one of his videos - that watching profit turn into nothing or a loss is pretty hard to do, especially when you start having large accounts. I imagine on £10 or £100 per pip it's pretty painful watching 40 pips turn to zero on you. Your experience of finding it hard once you go live bears this out.

I guess I just keep experimenting and I'll find a method I'm comfortable with. Demoing with partial profits is something I need to to try at some point.

Thanks.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting michal7
{quote} Although not A+++ trade it's going as expected. Some profit taken (1/2 closed) and almost BE on the rest. {image}
Yes, nice little trade.
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Quoting michal7
{quote} Although not A+++ trade it's going as expected. Some profit taken (1/2 closed) and almost BE on the rest. {image}
Way to go M
Quoting Berserker
{quote} I imagine on £10 or £100 per pip it's pretty painful watching 40 pips turn to zero on you. Your experience of finding it hard once you go live bears this out.
I'm far from £10 per pip, actually I'm under £1 per pip for most of my trades (depending on SL-size of the bar) but it's still hard for me to look at 60 pips profit which might be €50 and watch it to go to -€100. It's not fortune but €50 or €100 is not just price of one coffee so it's hard for me even with these amounts. But I'm still able to give it a little room if setup is good. If my trades are €50 or €100 per pip I'd be probably killing it like james after -30 pips if not sooner(but I'll see, hopefully).
Quoting michal7
{quote} Trade management is the hardest part, at least for me. One needs to find something that works mathematically and also fits personality well. Before going live my plan was also to keep full positions and let the setup play out(so it was either full loss or profit around 2R or BE if price reached around 1R and turned back) I did lot of backtesting and it got me best results. I also got some confidence. However after opening live account it was really hard for me to look at drawdowns or to look at price reaching FTA and then turning back without...
Interesting. I had the very same problem, but I used a different approach. I began trading the James16 style of setting a SL at BE as quickly as possible and then taking a quick profit at TP1 and then letting the trade run to TP2. But I kept getting stopped out of many trades at BE -- trades that ultimately became quite profitable. So, I experimented with simply letting the trade run and, like you, I found the results far more profitable. An important caveat: When I say I "let the trade run" that does not mean that I would not try to exit a trade that turned bad at BE or at a small loss after a major retracement below my entry price, but that happened infrequently.

Like you, I had some misgivings about going live with the same risk exposure, but instead of changing my trading style I simply reduced the size of my live account (and my trades) to twenty percent. That way, I maintain my trading psychology, but at a reduced capital risk. After three months of trading without a monthly loss, I will then go to a full-size account. And if I do experience any monthly losses, I will chalk it up to the cost of continuing forex education -- at a discount rate of twenty percent! I hope that this helps any traders making the transition from a demo to a live account.
Forex is for the lifestyle.
Quoting michal7
{quote} Although not A+++ trade it's going as expected. Some profit taken (1/2 closed) and almost BE on the rest. {image}
So, I got stopped out overnight for BE. James16 calls all trades that BE wins, but it still hurts seeing a profit of 40 pips go to 0, and this is only demo ! So this trade was a case for taking partial profits...
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,872
  • Quote
  • Edited 2:11am Feb 11, 2014 1:49am | Edited 2:11am
Quoting Berserker
{quote} So, I got stopped out overnight for BE. James16 calls all trades that BE wins, but it still hurts seeing a profit of 40 pips go to 0, and this is only demo ! So this trade was a case for taking partial profits...
Where did you enter the trade? Like Michal, I entered at 1.5220, but I then exited at 1.5280 for a full profit. As I already explained, I like the "meat-in-the-middle," because I do not like to challenge round numbers.

Typically, I enter past the round number, but far enough in that I avoid a high probability of a retracement back to the PB. For me, that usually means at the 20 or 80 level, plus-or-minus five pips depending on the particular circumstances.

BTW: This was my first live trade.
Forex is for the lifestyle.
Quoting Berserker
GPBJPY - Weekly - Long. I took this last night at open. Long pin bar of a S/R that goes back to '96 ( not sure if this is good or bad ). Also rejects upward trendline. Don't think I see much 'traffic' either, seems to be at the end of a short swing low. I do notice on the monthly that we are right on a 38% fib retracement from the last high - low swing. So there's a danger of price meandering here for a while and/or reversing on me. Also ,the close of the pinbar was 7 pips below the low of the previous bar - so not a perfect pinbar. I am assuming...

you should re-adjust your trendline...
Hero calls followed by margin calls...
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Hero calls followed by margin calls...
could s.o. catch the 3.500 pip bounce on german DAX at 9000.00 barrier?

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Hero calls followed by margin calls...
Quoting Berserker
{quote} So, I got stopped out overnight for BE. James16 calls all trades that BE wins, but it still hurts seeing a profit of 40 pips go to 0, and this is only demo ! So this trade was a case for taking partial profits...
Same here, got stopped out on second half for little loss. But yesterday I took profit so overall I made a small profit on this trade.
Quoting PhAnTi'
{image}
If I am not wrong. this went/will went north
-milkeyway
Quoting Tail Gunner
{quote} Where did you enter the trade? Like Michal, I entered at 1.5220, but I then exited at 1.5280 for a full profit. As I already explained, I like the "meat-in-the-middle," because I do not like to challenge round numbers. Typically, I enter past the round number, but far enough in that I avoid a high probability of a retracement back to the PB. For me, that usually means at the 20 or 80 level, plus-or-minus five pips depending on the particular circumstances. BTW: This was my first live trade.
Congrats on your first live trade! Well done - Start as you mean to go on!

Ok, to crunch the numbers, I entered at 1.5205, which was a good few pips past the top of the pinbar to allow for spread and to confirm the move. Looking now, I see that the trade actually went 1.5316, which would have been over a hundred pips profit, but i was only in this at half my usual position, so would have only see £50 profit, so I should have said around £40-£50 profit, instead of 40 pips. Apologies if this confused anyone, I had been awake for about 5 minutes

I've never heard of your method before - this riding in the middle and avoiding the BNRs. I like to capture larger moves of a 100pips+ (of course, what I like and what I get are two different things!), but this method seems to work for you, and it certainly has on this trade! I will start demoing partial profits though, as this profit going to zero has happened a few times, and if it stings on demo, it's going to sting more on live when real cash is down.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting PhAnTi'
{quote} you should re-adjust your trendline...
Where do you see me going wrong? Thanks.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
Quoting michal7
{quote} Same here, got stopped out on second half for little loss. But yesterday I took profit so overall I made a small profit on this trade.
Small question re. mechanics of partial profits. Do you open two positions at half your normal size, and then close one when you reach FTA?

Cheers
We are what we repeatedly do. Excellence, then, is not an act, but a habit
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