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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

  • #135,701
  • Jul 7, 2015 4:11am Jul 7, 2015 4:11am
Quoting zamfir
Today i m going to share another strategy/trade plan for those who like to wait and aim for a higher R/R.

Hello zamfir,
what do you think regarding this possible EUR/SEK short,
when the market makes a new low ?
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  • #135,702
  • Jul 7, 2015 4:14am Jul 7, 2015 4:14am
Quoting Bladerunn3r
Anyone had any luck today?... {image}
Yeah! Come on you Sterling, PLUMMET!!!
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  • #135,703
  • Jul 7, 2015 4:22am Jul 7, 2015 4:22am
Short GBP/JPY. I start to like that pair.
Test of 191.00 box with 30M pin.
Not so much space, but strong downward rally
and the GBP data today convinced me to enter at
a new intraday low around 190.60.
Took it out at 190.25 box around RR 1:1.
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  • #135,704
  • Jul 7, 2015 4:24am Jul 7, 2015 4:24am
Quoting incognito517
{quote} Hello Adhavan, I'm not about to give you any advice but just something to think about. I often read people talk about risking 2% per trade, and it's usually broker educational sites that push this propaganda. I can understand why they would want us to follow this MM rule, because it would increase our longevity in the market, meaning more spreads and commissions for them. But does it benefit you and I in the least way? Let's compare two traders, one that uses the 2% per trade rule and one that uses a fixed amount per trade. Both traders...
I will give you 2 exampels, and maybe you should rethink your opinion after that.

Trader A (uses fixed amount - $200 to make the comparison fair - Account size $ 10,000):
needs 50 Losing Traders to burn his account

Trader B (uses the 2% rule - Account size $ 10,000):
needs over 350 Losing Trades to burn his account

I know, thinking about the loosing Trades is boring, so let's do the same think for 10 Winners in a Row.
Let's use the same RR 1:3 like in your example.

Trader A (uses fixed amount - $200 to make the comparison fair - Account size $ 10,000):
10 Winners in a row make + 6.000$

Trader B (uses the 2% rule - Account size $ 10,000):
10 Winners in a row make + 7.908$

Please believe me, and don't use fix amounts!
  • #135,705
  • Jul 7, 2015 4:32am Jul 7, 2015 4:32am
Quoting incognito517
{quote} Yeah! Come on you Sterling, PLUMMET!!! {image}
Nice one, good luck. Thinking you might get a short retrace to the old support but hopefully it just rockets down.

I had that area marked down too, you have a break of support and a TL break. Its due to hit the 200 SMA before your TP.

Fingers crossed for you.
  • #135,706
  • Jul 7, 2015 5:10am Jul 7, 2015 5:10am
Quoting incognito517
{quote} Yeah! Come on you Sterling, PLUMMET!!! {image}
hey Courtney! Could you explain what was your reason to enter? Not seeing it very clear.

Thanks!
Had to be me. Someone else might have gotten it wrong.
  • #135,707
  • Jul 7, 2015 5:30am Jul 7, 2015 5:30am
Quoting Kershey
Short GBP/JPY. I start to like that pair. Test of 191.00 box with 30M pin. Not so much space, but strong downward rally and the GBP data today convinced me to enter at a new intraday low around 190.60. Took it out at 190.25 box around RR 1:1. {image}
Did you let this trade run Kershey? Good job on your TP anyway. I'm in on this one too on a H4 IB.

I'm short GBP/USD too Inco. I took the H4 BEOVB.

Don't know where the term 'tight arse tuesdays' comes from, 'cause the pips are flowing today and i'll take whilst the market giveth! GB
'Fail to plan, plan to fail'
  • #135,708
  • Jul 7, 2015 5:32am Jul 7, 2015 5:32am
Quoting Kershey
{quote} Hello zamfir, what do you think regarding this possible EUR/SEK short, when the market makes a new low ? {image}
Good setup kershey. easy 1:1.
  • #135,709
  • Jul 7, 2015 5:54am Jul 7, 2015 5:54am
Quoting MFirst
{quote} I will give you 2 exampels, and maybe you should rethink your opinion after that. Trader A (uses fixed amount - $200 to make the comparison fair - Account size $ 10,000): needs 50 Losing Traders to burn his account Trader B (uses the 2% rule - Account size $ 10,000): needs over 350 Losing Trades to burn his account I know, thinking about the loosing Trades is boring, so let's do the same think for 10 Winners in a Row. Let's use the same RR 1:3 like in your example. Trader A (uses fixed amount - $200 to make the comparison fair - Account...
Hi MFirst, thanks for sharing your views on the subject but I respectfully disagree .

“Trader A... needs 50 Losing Traders to burn his account.” NO! He would need 50 CONSECUTIVE losing trades to burn his account. (1 win wipes out 3 loses) And if you lose 50 CONSECUTIVE trades then you really ought to quit trading and look for a 9 to 5 instead.

“Trader B... needs over 350 trades to burn his account.” And this is precisely my point. Your broker would love that.

No, I do not find talking about losses boring. I lose, we all do. And that is why I prefer the fixed amount approach to the fixed percentage approach because it gives me a better chance of recovery from a drawdown.

As for the 10 trades winning steak comparison. I used $200 so that it would be fair to Trader A while demonstrating a drawdown scenario. Trader B is not bound by his broker and guru’s philosophies. He will risk the amount he’s comfortable losing on a trade. And that amount would obviously increase along with his equity in a winning streak, whereas in your comparison only Trader A’s amount increased. So your comparison is flawed. But I’m not going to argue over it because in all honestly neither is right nor wrong. It’s depends on the individual’s risk appetite and personality I suppose. So if you feel you’re better off with the fixed percentage approach then I wish you well and hope it works for you. I dislike it though and prefer the other.
  • #135,710
  • Jul 7, 2015 6:08am Jul 7, 2015 6:08am
Quoting mordin
{quote} hey Courtney! Could you explain what was your reason to enter? Not seeing it very clear. Thanks!
Hey Mordin, It was a break of Friday's bearish engulfing candle. It turned on me after the entry was triggered yesterday but it found resistance and after I saw the massive iMoves down today on the 1 hour TF, I moved the stop to the session high.
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  • #135,711
  • Edited 7:39am Jul 7, 2015 6:40am | Edited 7:39am
Today's trades update:

GBP/JPY Short. 100 pips profit locked, letting trade run. Risk managed.

GBP/USD Short. 2 orders set. 1st target hit. Profit taken. S/L now at BE. Letting it run. Risk managed.

USD/JPY Short. Moved stop to BE. In profit. Letting it run. Risk managed.

EUR/JPY. Short. Moved stop to BE. Target almost reached. Risk managed. EDIT: Target extended - strong momentum. Profits locked.

All zero risk trades from here.
'Fail to plan, plan to fail'
  • #135,712
  • Jul 7, 2015 6:43am Jul 7, 2015 6:43am
Quoting Guitarbloke
{quote} Did you let this trade run Kershey? Good job on your TP anyway. I'm in on this one too on a H4 IB.
Well, took profit around RR 1:1. But when I see it now it would have been RR 1:4.
Unfortunately I neglected the strong 4H close.
But in principle thats what Iam looking for, a potential runner like this.
Hope your H4 IB worked out with better RR.
  • #135,713
  • Jul 7, 2015 7:05am Jul 7, 2015 7:05am
Quoting Kershey
{quote} Well, took profit around RR 1:1. But when I see it now it would have been RR 1:4. Unfortunately I neglected the strong 4H close. But in principle thats what Iam looking for, a potential runner like this. Hope your H4 IB worked out with better RR.
Yes, my trade is 3R at the moment. locked in 1.5 R. Good to see you getting on some winners.
'Fail to plan, plan to fail'
  • #135,714
  • Jul 7, 2015 7:07am Jul 7, 2015 7:07am
Quoting guitarbloke
today's trades update: Gbp/jpy short. 100 pips profit locked, letting trade run. Risk managed. Gbp/usd short. 2 orders set. 1st target hit. Profit taken. S/l now at be. Letting it run. Risk managed. Usd/jpy short. Moved stop to be. In profit. Letting it run. Risk managed. Eur/jpy. Short. Moved stop to be. Target almost reached. Risk managed. All zero risk trades from here.
woo-hoo! ♪～(◔◡◔ิ)人(╹◡╹๑)～♪
  • #135,715
  • Jul 7, 2015 7:35am Jul 7, 2015 7:35am
Quoting incognito517
{quote} woo-hoo! ♪～(◔◡◔ิ)人(╹◡╹๑)～♪
Thank you Mam. Your GBP/USD is looking gooood too. Good trading Inco.
'Fail to plan, plan to fail'
  • #135,716
  • Jul 7, 2015 8:29am Jul 7, 2015 8:29am
Quoting MFirst
{quote} I will give you 2 exampels, and maybe you should rethink your opinion after that. Trader A (uses fixed amount - $200 to make the comparison fair - Account size $ 10,000): needs 50 Losing Traders to burn his account Trader B (uses the 2% rule - Account size $ 10,000): needs over 350 Losing Trades to burn his account I know, thinking about the loosing Trades is boring, so let's do the same think for 10 Winners in a Row. Let's use the same RR 1:3 like in your example. Trader A (uses fixed amount - $200 to make the comparison fair - Account...
YES YES YES this is SUPER important and accurate. Compounding is a traders best friend both for when we win and to help us scale back when we lose

Great post MF and please take note folks

Mike
  • #135,717
  • Jul 7, 2015 8:38am Jul 7, 2015 8:38am
Quoting Guitarbloke
{quote} Thank you Mam. Your GBP/USD is looking gooood too. Good trading Inco.
Thanks my friend.

Also, I noticed DMD shared a "Double bar low higher close" bull setup. So I scampered to the start of this thread and yeah it was there in James' charts. Honestly? I never knew such a signal existed. And I suppose the DBHLC is its bearish sibling? I really ought to go through this thread thoroughly. Nice!
  • #135,718
  • Jul 7, 2015 8:48am Jul 7, 2015 8:48am
Having been away from trading for a while and took one blind trade on the paper account. AUD /JPY the price is racing towards the big round number 90 and it also seems to be a major support. Went short with a trailing stop loss. I am generally cautious taking serious trades as far as JPY is concerned.

the price has turned against my trade but lucky me the spread is only 2.2
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  • #135,719
  • Jul 7, 2015 8:52am Jul 7, 2015 8:52am
Quoting mbqb11
{quote} YES YES YES this is SUPER important and accurate. Compounding is a traders best friend both for when we win and to help us scale back when we lose Great post MF and please take note folks Mike
Hi Mike, I am a firm believer in the powers of compounding. Can you share with us how MF's "fixed percent per trade" is even relevant to compounding? As a trader risking a fixed amount could do quite the same.
  • #135,720
  • Jul 7, 2015 8:53am Jul 7, 2015 8:53am
Quoting incognito517
{quote} Thanks my friend. Also, I noticed DMD shared a "Double bar low higher close" bull setup. So I scampered to the start of this thread and yeah it was there in James' charts. Honestly? I never knew such a signal existed. And I suppose the DBHLC is its bearish sibling? I really ought to go through this thread thoroughly. Nice!
Correct. Ideally look for DBLHC at a swing low to go long, and DBHLC at a swing high to go short.

Welcome back to trading Prasad.
'Fail to plan, plan to fail'
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