james16 Chart Thread

Post# 23,241
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Mar 6, 2009 11:44am

dkmb92
Joined Jul 2008 | 200 Posts | Status: Member

Quoting Jduester

OR we could just post a chart to better illustrate what we are talking about...

wkly usd lfx

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Post# 23,242
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Mar 6, 2009 11:47am

raczekfx
The Path | 2,688 Posts | Joined Oct 2005

Quoting Chris P

and slightly larger TF...
.

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Post# 23,243
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Mar 6, 2009 11:58am

dkmb92
Joined Jul 2008 | 200 Posts | Status: Member

Quoting dkmb92

wkly usd lfx

thx to jig & ghous for introducing this to us.

Post# 23,244
Quote
Mar 6, 2009 12:01pm

raczekfx
The Path | 2,688 Posts | Joined Oct 2005

Quoting ikki

6530 , seems like a magic number, will see....

6800 and then 7200 are mine. Give it a month.

Post# 23,245
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Mar 6, 2009 12:08pm

raczekfx
The Path | 2,688 Posts | Joined Oct 2005

pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today

It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.

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Post# 23,246
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Mar 6, 2009 12:17pm

ikki
Joined Oct 2008 | 394 Posts | Status: lone wolf

Ohh.. yes. ready stop+BE

Quoting raczekfx

pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today
It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.

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What does not kill me makes me stronger. Friedrich Nietzsche,

Post# 23,247
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Mar 6, 2009 12:26pm

Chris P
Joined Jan 2009 | 222 Posts | Status: pip sniffer

Quoting raczekfx

and slightly larger TF...
.

Absolutely

Took half off at the previous bars lows, stop is now sitting a few pips behind entry levels to see if it holds the retest.

Appreciate your thoughts Mark. You have great insight on s/r levels. Thanks.

Post# 23,248
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Mar 6, 2009 12:51pm

jlmac27
Joined Jan 2008 | 426 Posts | Status: Member

Quoting raczekfx

.

rac,
Two quick Questions. I seen a post you posted and looked like a good one.When I got back to read it it was gone???Also How do you get that window up on MT4,to "select all"?all charts....

Post# 23,249
Quote
Mar 6, 2009 12:56pm

Jduester
Joined Jan 2009 | 1,027 Posts | Status: Member

You’ll have more setups, since more bars will close each day. But you’ll be tempted to take many more of these setups, most of which will not be A+ candidates. Taking more trades does not make you a better trader. Taking better trades makes you a better trader.
You’ll be able to enter a trend earlier. True, and experienced traders do use this method of entry… But refer to #1 – not all the PA setups you’ll see are valid. In fact, the reliability of a price action setup falls as we use lower timeframes.
You need less of a pip run before you would meet your profit (because you’re stop would be closer). This also works against you, since you will need less of a run to be stopped out.

Reasons for new traders to stick to the daily/weekly charts

They are more reliable, because they incorporate more data/bar.
You will have more time to analyze the patterns and not feel rushed.
http://www.forexfactory.com/showpost...ostcount=11090 As Bundy points out, you use PPZ from daily/weekly timeframes for trading intraday charts. So you might as well master this method on these longer timeframes first.

Conclusion on timeframes: I think most new traders want to use intraday charts to 1) Get rich quicker, 2) Take more trades, 3) Learn faster. These are all wrong theories. Trading is not a get rich quick scheme. As mentioned, taking more trades will not help you learn better and won’t be better for your bottom line. At some point, you have to learn to ONLY take the best setups. It’ll be easier if you do this right from the start. LEARN to only take the best trades. Guess although I’m not a master trader, I am a full advocate of using Day/Week charts to learn.

Favorite Quotes/memories

Wizard getting struck by lightning
Be a sniper, using a rifle, not a shotgun. (Not taking every set up is one of the most important things to moving forward and becoming successful. Pick and choose A+ setups only.)
Jaroo’s famous saying: “Novice traders continually monitor, analyze and alter their trades to maximize their profits. Professional traders continually monitor, analyze and alter their trades to reduce/minimize their risk and reduce losses. It's all about avoiding loses. Work on that and the profits will take care of themselves. Post 10101
Mike’s Words of Wisdom in post 13812 and 14395, “It is usually what we end up doing in between all the A+ setups that usually lead to breakeven or negative trading.”
Post 16179, Forex007, “BEVOB, Bearish Vertical Outside Bar. Hmm, do we get many horizontal or diagonal bars?”
Rusty Jeff has been stung, sliced, and bitten. He swims AT sharks. This guy is crazy. But then again, James16 raises snakes, so maybe this group is crazy J
Post 18710. Rusty Jeff explaining that looking at charts plastered with indicators is like wearing glasses covered in Vaseline.
The Raczefx Equation: PA + psychology + strong desire to learn and succeed + long TF = $ in your account
The Ghous Equation: PA(location + shape) + with the trend + S/R confluence =
Ryanmcd post 14187 explaining to trade with the trend. I’ll let you read it. Had a good laugh. http://www.forexfactory.com/showpost...ostcount=14187

Complaints/Suggestions for this thread

Use the subject/title line to note the pair and timeframe you are referencing in your post/chart.
Wait for the bar in question to close before posting it. Often the PA isn’t there when the bar closes.
Make your charts the correct size to make reading the thread much easier.

Thanks to James16 for starting this thread. Thanks to all the posters who have made it the textbook to learn, with thousands of examples, answers to every question, insight on money management and trading styles, and lots of encouragement along the way. I have learned so much about trading in the last 2 months, all from simply reading, studying, reviewing, and applying the principles in this thread. Keep it up everybody, we've really got something amazing here

Josh

Attached Files

Pin bars-introduction.pdf 175 KB | 11,108 downloads

Pin bars-advanced.pdf 113 KB | 9,114 downloads

PA short summary.doc 29 KB | 12,086 downloads

Post# 23,250
Quote
Mar 6, 2009 1:01pm

Jlr
Joined Jan 2009 | 641 Posts | Status: Member

^
awesome Josh

Post# 23,251
Quote
Mar 6, 2009 1:05pm

dkmb92
Joined Jul 2008 | 200 Posts | Status: Member

from here on out, all newbies should be referred to post# 23250 on page# 1550. you the man josh, thanku for all the hard work you put into this. your reward & compensation will be in your trading

Post# 23,252
Quote
Mar 6, 2009 1:06pm

Chris P
Joined Jan 2009 | 222 Posts | Status: pip sniffer

Wow, great work Josh! Not so much for providing this info for newbies, but for the great way in which you have obviously understood this and broken it down into a well referenced library. Just showing that there's no substitute for actually putting in the hours. Hence your comparatively quick progression.

Congrats

Post# 23,253
Quote
Mar 6, 2009 1:24pm

ghous
Joined Jan 2008 | 4,545 Posts | Status: <<--(-$-)-->>

Quoting Jduester

This summary is in no way intended to replace reading the whole thread.

It’s simply a single post where we can draw on information quickly. New members can find most of their answers to questions by simply looking through these posts and attachments. Sorry this is so long, but I think it’s pretty thorough, and I think necessary with over 23200 posts and counting.

What is it you want?
http://www.forexfactory.com/showpost...postcount=3196
http://www.forexfactory.com/showpost...postcount=5781
http://www.forexfactory.com/showpost...postcount=6912
http://www.forexfactory.com/showpost...ostcount=11639
http://www.forexfactory.com/showpost...ostcount=12411
http://www.forexfactory.com/showpost...ostcount=13429
http://www.forexfactory.com/showpost...ostcount=14895
http://www.forexfactory.com/showpost...ostcount=22559
http://www.forexfactory.com/showpost...ostcount=16023
http://www.forexfactory.com/showpost...ostcount=16067
http://www.forexfactory.com/showpost...ostcount=16435
http://www.forexfactory.com/showpost...ostcount=17986
http://www.forexfactory.com/showpost...ostcount=18857...

Spectacular stuff Josh

We have to admit that as the thread is growing it's getting increasingly difficult for newbies to go through an essential first task of going through the entire thread.

That's a great summary Josh should be of great help to everyone!

God Bless you! :

Regards,
Ghous.

Post# 23,254
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Mar 6, 2009 1:35pm

jlmac27
Joined Jan 2008 | 426 Posts | Status: Member

good job Josh!

Post# 23,255
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Mar 6, 2009 1:36pm

LasVahGoose
Joined Nov 2007 | 3,172 Posts | Status: Conscious Incompetence

Has this ever happened to anyone...

For split second I almost had an Ah Ha! Moment where I thought I saw the whole trading thing and it slipped away. It was very strange feeling...
Anyways, I'm still in a trading funk that I can't seem to snap out of, but for micro second there I thought I had it figured out...

Not giving up yet, but I sure do what to chuck my computer through the wall.

Don't wish it were easier, wish you were better. ~ Jim Rohn

Post# 23,256
Quote
Mar 6, 2009 1:39pm

unlv_tj
Joined Oct 2007 | 867 Posts | Status: Member

Just a question, and it sort of high lights where I have been struggling lately.

I see that some took the 1 Hour Pinbar trade long on the EURUSD just a few hours ago (previous posts on it).

I was tempted to take it, but I am staying off the 1 hour unless we hit a major support/resistence area. I got burned earlier this week on a pinbar on minor S/R on the AUDUSD.

Anyway, I had the minor S/R drawn and passed on the trade.

The high of the pinbar is 1.2682. So it would have to get to 1.2683 to even break the pin bar.

Yet the high since this time (as of the time of this post) is 1.2693, which is only 10 pips of profit.

Yet, I read that many already took profit and set to break even.

Are many of you trading a pin bar after it forms, regardless of if it breaks or not?

Thanks for your help!

T.J.

Post# 23,257
Quote
Mar 6, 2009 1:39pm

LasVahGoose
Joined Nov 2007 | 3,172 Posts | Status: Conscious Incompetence

Quoting Jduester

This summary is in no way intended to replace reading the whole thread.

Good job, bro.

Don't wish it were easier, wish you were better. ~ Jim Rohn

Post# 23,258
Quote
Mar 6, 2009 1:41pm

ghous
Joined Jan 2008 | 4,545 Posts | Status: <<--(-$-)-->>

Quoting LasVahGoose

Has this ever happened to anyone...

For split second I almost had an Ah Ha! Moment where I thought I saw the whole trading thing and it slipped away. It was very strange feeling...
Anyways, I'm still in a trading funk that I can't seem to snap out of, but for micro second there I thought I had it figured out...

Not giving up yet, but I sure do what to chuck my computer through the wall.

Come again?

lol!

Post# 23,259
Quote
Mar 6, 2009 1:47pm | Edited at 1:48pm – New Low as I was typing

Fx_Genius
Joined Dec 2007 | 2,781 Posts | Status: Member

Might want to keep an eye on the DOW. If it breaks 6500 (Low: 6,500.70) might cause huge action. Last time this low.. 1996. Just my thoughts.

Post# 23,260
Quote
Mar 6, 2009 1:53pm

ghous
Joined Jan 2008 | 4,545 Posts | Status: <<--(-$-)-->>

Quoting unlv_tj

Just a question, and it sort of high lights where I have been struggling lately.

I see that some took the 1 Hour Pinbar trade long on the EURUSD just a few hours ago (previous posts on it).

I was tempted to take it, but I am staying off the 1 hour unless we hit a major support/resistence area. I got burned earlier this week on a pinbar on minor S/R on the AUDUSD.

Anyway, I had the minor S/R drawn and passed on the trade.

The high of the pinbar is 1.2682. So it would have to get to 1.2683 to even break the pin bar.

Yet the high since this...

Hi Unlv, Long time Bro.

You're not required to take a trade off the close of a pin bar, specially on the 1H.

ppl trade differently you see, so for those who booked those 10 pips they must have been worth something. For my money setups like these don't carry much weight atall, there was clearly a lack of space (the first tp will have to be extremely close to your entry, hence the lack of space.) plus an entry so late on an N.F.P Friday on the 1H tf all of it just does'nt fit into the equation.

It's great to see that you instead of falling for ppl's words here on this thread followed what you believed was correct. IMO nothing else displays more confidence

Welldone!

Regards,
Ghous.

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