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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

  • #133,161
  • Nov 27, 2014 2:48pm Nov 27, 2014 2:48pm
Quoting zamfir
AUD pairs also moving today... EUR/AUD {image} AUD/CHF {image}
Zamfir

You are able to use inside bars really good.
  • #133,162
  • Nov 28, 2014 3:19am Nov 28, 2014 3:19am
Quoting Adhavan
Hi All, I found nice setup in AUDJPY pair, waiting for PIN Bar... {image}
Hi Ad,
I have been watching it too. Where did you get in exactly? On the opening of the new bar or did you wait until the pinbar was broken? The price hasn't moved much since the pinbar. I had this dilemma before on which Mike commented:
Quoting mbqb11
{quote} Hey Verbal ...
  • #133,163
  • Nov 28, 2014 4:07am Nov 28, 2014 4:07am
Gold weekly chart showing support area.
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4Hr pin on same support.
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Keeping it Simple
  • #133,164
  • Nov 28, 2014 4:22am Nov 28, 2014 4:22am
If today closes like this, we'd have ourselves a pin to work with.
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Keeping it Simple
  • #133,165
  • Nov 28, 2014 5:05am Nov 28, 2014 5:05am
Quoting mbqb11
an example of what i'd like to happen This area can hold as resistance as it has(many have shorted at that previous support). Personally i'd be at breakeven if I did. I'd actually rather us say hold here today then close back above this area and then buy. {image}


Hi Mike,

please share your thoughts how did you know it is not a retracement and one should not sell here. As it really looks like 100% classic pattern

Thank you
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  • #133,166
  • Nov 28, 2014 6:24am Nov 28, 2014 6:24am
my watch list:

placed pending short at 149/149.50/150.00 stops at 150.70 aiming for 145 and lower

also note that the supply ahead hasnt been tested so far.

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Best,

JB
Hero calls followed by margin calls...
  • #133,167
  • Nov 28, 2014 6:37am Nov 28, 2014 6:37am
Can we get a push this time...BE for now.


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  • #133,168
  • Nov 28, 2014 6:49am Nov 28, 2014 6:49am
Quoting Verbal
{quote} Hi Ad, I have been watching it too. Where did you get in exactly? On the opening of the new bar or did you wait until the pinbar was broken? The price hasn't moved much since the pinbar. I had this dilemma before on which Mike commented: {quote}
Hi Verbal,

The Pin bar not formed exactly as I expected.. I will get in when the price closed above 101.036 as u mentioned
Quote
wait until the pinbar was broken

Adhav
  • #133,169
  • Nov 28, 2014 10:48am Nov 28, 2014 10:48am
Quoting zamfir
Can we get a push this time...BE for now. {image}
perhaps you should put your TP to 5.80 hahahaha
  • #133,170
  • Nov 28, 2014 11:29am Nov 28, 2014 11:29am
My JPY pairs finally moved to lock in some profits.

GBP/JPY

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USD/JPY

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NZD/JPY

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Have a nice weekend everyone!
  • #133,171
  • Nov 28, 2014 4:28pm Nov 28, 2014 4:28pm
I'd like to ask for one piece of advice, please.

I followed a trading system for the past 3 months. With discipline. Everyday. Every trade is in my journal, with a daily update, a screenshot at the moment of order entry and a trade exit.

Trend following channel breakouts on daily timeframe. I placed a buy stop above 55 days high (sell stop below 55 days low), if ADX (55) was raising. Stop loss last bar. Exit on ADX turn down from above 40, or on a 20 days low.

My result is 1% loss on balance and 2% profit on equity, as per myfxbook, after taking 55 trades with 0.25% - 0.5% risk per trade.
Interesting coincidence: 2% profit was generated today, on a couple of large moves.

I need to decide what to do next:
1. drop this system because I was unable to make money trading it, balance is negative, equity is positive but equity curve did not look good.
2. keep trading this system becasue this edge likely requires even higher sample of trades to play out, and after all 2% profit on a 0.5% risk is like 4R.
3. improve the system and my quality of executing it and keep trading it, as certainly some of my mistakes degraded the result and, if eliminated, outcomes will improve.

Please share your insights. I will appreciate it a lot. Either here or in my journal.

Thanks a lot in advance for your time. You can just quickly scan through last few days, or pick any period.

What's in it for you? If you were wondering what is the performance of the mechanical trend following Turles-like system, check it out.
Last 3 months every day is recorded there accross all top markets, with my trades on charts ;-)

I am also ging to do my homework, and a journal review, looking for patterns, improvement opportunities, but I really felt like asking others for input, criticism, ideas. Thanks a lot! I will really appreciate it.

I traded it everyday, mechanically, for 3 months, as a step to hopefully become consistently profitable, and the result is... 1% loss... and I guess I'd appreciate some guidance here. Thank you so much.

Have a nice weekend :-) (attaching myfxbook screenshot and one of 50+ trades as an example of my system: channel breakouts trend following).
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Michal9
  • #133,172
  • Nov 28, 2014 5:49pm Nov 28, 2014 5:49pm
Quoting michal9
I'd like to ask for one piece of advice, please. I followed a trading system for the past 3 months. With discipline. Everyday. Every trade is in my journal, with a daily update, a screenshot at the moment of order entry and a trade exit. Trend following channel breakouts on daily timeframe. I placed a buy stop above 55 days high (sell stop below 55 days low), if ADX (55) was raising. Stop loss last bar. Exit on ADX turn down from above 40, or on a 20 days low. My result is 1% loss...
For my experience... Drop it. I tried a lot of systems and only pure price action + fundamental works in longer timeline.
  • #133,173
  • Nov 28, 2014 6:36pm Nov 28, 2014 6:36pm
On the watchlist for next week.

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  • #133,174
  • Nov 28, 2014 7:03pm Nov 28, 2014 7:03pm
Quoting michal9
I'd like to ask for one piece of advice, please. I followed a trading system for the past 3 months. With discipline. Everyday. Every trade is in my journal, with a daily update, a screenshot at the moment of order entry and a trade exit. Trend following channel breakouts on daily timeframe. I placed a buy stop above 55 days high (sell stop below 55 days low), if ADX (55) was raising. Stop loss last bar. Exit on ADX turn down from above 40, or on a 20 days low. My result is 1% loss...
Just briefly reviewing some of your trades & statistics, I'd suggest trying a new method or change the money management part (change R:R to 1:3, 1:4 ?). Your win rate is about 50% so no more "edge" than a coin flip so you'd need a R:R better than 1:1 to make money.
Just my opinion not criticism.
Good luck.
  • #133,175
  • Nov 29, 2014 1:31am Nov 29, 2014 1:31am
Thanks for all inputs, I appreciate them a lot, thant's what I wanted ;-)
To respect and stick to james16 method on this thread, please reply in my journal, if I may suggest. Thanks again, I am looking forward to get more opinions.
Michal9
  • #133,176
  • Nov 29, 2014 3:47am Nov 29, 2014 3:47am
Quoting michal9
I'd like to ask for one piece of advice, please. I followed a trading system for the past 3 months. With discipline. Everyday. Every trade is in my journal, with a daily update, a screenshot at the moment of order entry and a trade exit. Trend following channel breakouts on daily timeframe. I placed a buy stop above 55 days high (sell stop below 55 days low), if ADX (55) was raising. Stop loss last bar. Exit on ADX turn down from above 40, or on a 20 days low. My result is 1% loss...
Hi michal,

first of all thank you very much for your post.

Quote
I followed a trading system for the past 3 months.
Quote
With discipline. Everyday. Every trade is in my journal, with a daily update, a screenshot at the moment of order entry and a trade exit.
​

As I can see, you made the very first and very important step. You defined entry and exit rules (developed a trading system) and sticked to it every day, every trade.


Quote
My result is 1% loss on balance and 2% profit on equity
Quote
, as per myfxbook, after taking 55 trades with 0.25% - 0.5% risk per trade.
Interesting coincidence: 2% profit was generated today, on a couple of large moves.
​

You also used a common risk- and moneymanagement.


Quote
I need to decide what to do next:
Quote
1. drop this system because I was unable to make money trading it, balance is negative, equity is positive but equity curve did not look good.
2. keep trading this system becasue this edge likely requires even higher sample of trades to play out, and after all 2% profit on a 0.5% risk is like 4R.
3. improve the system and my quality of executing it and keep trading it, as certainly some of my mistakes degraded the result and, if eliminated, outcomes will improve.
​

So what to do next. Imho a samplesize off 55 trades is enough to say, that your system, as you use it, doesnt work.
So you should try to adapt it or develop a new one.

In regard to myfxbook you lost 286 pips within 55 trades. Doesnt matter if your average trade is a 1:1,1:2 or 1:6 risk/reward one, in the end net pips matter.

Talking for me, I use a plain chart and trade flip/pole levels in the major trends direction. Buying low and selling high will give you the necessary edge in the long run to master this business.


Maybe you can get some helpful insights of how I actually trade by reading my free e-book:

http://www.forexfactory.com/showthread.php?t=380676

or check out some of my charts:

http://www.forexfactory.com/search.p...rchid=12930288

anyway there are hundreds of working trading systems. You have to make your own experiences, and at some point, there will be s.th like a ''click-effect'' and you start to make consistently pips.


Actually it isnt that difficult...

Example:

Plot a plain chart and check out whats the major trend and where you would buy and sell. Then wait for price to approach to your areas and place the trade.
Here are some cable charts.

1. So tell me whats the major trend direcction, bearish or bullish?
2. Where would you place a long trade and where a short trade? Where would the target and stop be?

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Take care.

Best,
JB
Hero calls followed by margin calls...
  • #133,177
  • Nov 29, 2014 7:48am Nov 29, 2014 7:48am
this is what I call a very major pole area. These areas offer the best trades for me. I always wait for price to approach such areas.

zoom out and check the charts for such levels, they work and work and work...

Attached Image (click to enlarge)
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Hero calls followed by margin calls...
  • #133,178
  • Nov 29, 2014 9:13am Nov 29, 2014 9:13am
Hello I have a question to Mike on what you are trading broker? well, or at any broker trades james16 ???
  • #133,179
  • Nov 29, 2014 8:08pm Nov 29, 2014 8:08pm
quick question guys. am i drawing my fibs correctly and in the correct direction? should the 0% level be on the swing high when in a downtrend or should that be that 100%? basically, should the 100% be where the 0% is in the attached pic or vice versa? not quite sure which way to chart fib.
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  • #133,180
  • Nov 30, 2014 2:24am Nov 30, 2014 2:24am
Quoting mmb91
quick question guys. am i drawing my fibs correctly and in the correct direction? should the 0% level be on the swing high when in a downtrend or should that be that 100%? basically, should the 100% be where the 0% is in the attached pic or vice versa? not quite sure which way to chart fib. {image}
www.babypips.com
Hero calls followed by margin calls...
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