james16 Chart Thread

hi guys, may i know what the term "BE" means sometimes used by james in this thread, please.

Hi A,

It means breakeven, e.g. if james or anyone says they moved their stop to BE, it means they are in a risk free trade, as their risk will now be 0%.

Kind Regards
Sanil

hey guys somebody know where Bones is? i miss his cool charts ...

Did not quite work out as expected but, it did give an H4 BUEOB, an H1 PB

Interesting

Hello,

One question, take a look at chart, best, Rosa.

GU worked out well at this weekly interim level.

Not an A+ trade but I think a retrace to one of these HCR flippers is pretty likely before a potential continuation of the BUOB. Something I'm watching, no plans to trade it.

I went long on EUR/AUD on today's candle because:

- Price broke above yesterday's high.
- Price had broke through a PPZ and is now using it as support.
- No close below BRN 1.2400.
- Upwards trendline forming
- Space to run if price moves up, with a target at 1.3000.

It looked like I had enough criteria to enter long, but I feel like I'm missing something. Any thoughts?

I have been a trader for a few years, but mainly very short term day trading, seldom holding longer than 1 or 2 hour......missed a lot of really good positions doing it that way but fear kept me out of the overnight markets after taking a few beatings.

I am determined to overcome my reluctance to take a longer term approach to trading so after reading hundreds of posts and charts and taking a few awesome trades the past couple of weeks (mini lots...not confident enough so will do it this way for next 3 months) I am convinced I am on the right track.

Really appreciate all this site has to offer, and all the contributors and the seasoned professionals who could be doing other things with their time than training and guiding newer members. Hats off to you all!

One thing I must comment on though is a bit of confusion about charts. I trade with Oanda mt4 based on Midnight NY time....had to do some head scratching to figure why my charts where different than most of the postings. Yes support and resistance levels where very close, but moving averages and candles (bars) could be quite different...examples below.

So, to those just viewing charts for the first time try to set up a demo account at an GMT (UMT) broker based mt4 platform and you will then have a much easier time seeing what is being taught.

Just my 2 cents worth (or 2 pips if you prefer) Happy trading...

meshka, are you still in your EUR/AUD trade? I'm down 55 pips right now and am not sure if I want to hold it any longer and take a full stop loss.

usd cad at resistance. check the pinbars on M15 near the resistance.

It was just the target take profit area.
But, that is not the target area, the standard TP is set to 100 pips in my MT4 platform, I just made it one hundred pips initially, then altered it to the target area I want to set it at.

Hey Jaroo,

Is this the kind of "rounded retest" that Wizzard is talking about on the H1? Does it provide a higher chance of success when price acts like this when retesting the PBT level?

Thanks

Last evening I entered short on Gold. Big mistake...
I had been watching Gold for a long time and wanted to catch the reversal of it...
I entered the trade because I felt I was missing the trade, I was stressed and did it in a hurry. I often feel like this and ofcourse again it came back on me! Never enter trades in a hurry.
I think I have learned it now.
This is just demo trading so it is a good learning opportunity.
I think many beginners does this... I didnt see the obvious mistakes when I enterd the trade.
I see them now... And I learn from it. I am glad it didnt go my way because then I would not have seen the mistakes.

anyone looking at GBPAUD? Inside bar after touch of resistance.

Hi Johan,

I think every trader in this group has done this at least once, i'm convinced of that!! The good thing is that you're making your mistakes on demo and also know where and why you have gone wrong.

You learn more from your mistakes than you do from your winning trades.

Kind Regards
Sanil

no I closed it after this previous pinbarish daily candle close for few pips... almost at BE. will wait to see what will happen next. I closed half position GBPUSD for 80 pips or so yesterday, NZDJPY closed at BE also, still running EURGBP but it sits in drawdown for ~ 20 pips at moment. so... no huge profit

Hi all,
Mike can i please ask you what was your swap on usdchf pin weekly trade from august 2011 if you compare it with profit (for example swap/profit was 1:20 ... ) thank you

Stopped out at BE for the last third, at the daily level.
Friday is a bad day for longs.

Good decision. I should have done the same. Stopped out of that one for 102 pips.