james16 Chart Thread

Sure, sounds reasonable.
Personally I walked away with a small profit in GBP/CHF at 1.4830 level.
Watching for a new entry after a new lower low with stop below 1.4600.

If USD/CAD has a strong D1 close today, I will look for a correction long entry,
maybe around 1.3930.

Hi Kershey,
Thanks for the input. One question though: What is a "cross"?.... some sort of pattern i'm not aware of?
Cheers,
Bill

For me, a cross is a currency pair, which does not involve USD
and Im more careful with patterns there in comparison to majors.




https://en.wikipedia.org/wiki/Synthetic_currency_pair

We have put together a great new site that even the guest side will help you. PRICE ALERTS ON EVERY PAIR.
www.james16group.com

That was not what I thought cross was going to mean - I envisioned some fancy, in-depth, highly technical pattern or indicator lol.
I read through the Wikipedia article quickly just now and I understood maybe 20% of it - it seemed to contradict itself in parts but I have only brushed over it. By end of day (and maybe after a Coffee) I will endeavour to understand 100%. Thanks Kershey.

_________________________


Happy New Year to all. Just want to say "thank you" to all here at the J16 thread. Over the past six months you have all helped me improve my currency trading one way or another, where I think over the past 6 weeks or so i'm consistently at a win/loss ratio of 1:1 (the next few months will tell for sure). I am not yet trading the way i want to (day trading is not for me long term) but I am working towards my preferred trading style. As I improve, I have set myself some lofty goals for this year - my currency trading New Year Resolutions if you like. Does anyone else have some trading NY Resolutions?

Mine are:
1. To treat currency trading as a business, not a hobby. This is now my new business.
2. To have achieved on a metronomic, week in week out basis, a 5:1 win/loss ratio or better by December 22, 2016 (in other words keep my losses few and far between).
3. To improve my trade management to the point where, on average, my wins easily exceed my losses (in other words always keep my losses at a minimum without compromising trades).
There may be others that crop up over the year but they are the main goals.

"To hit a high target, first you must aim for it". So I just need to focus on picking the best trades and with the help of consistent study, the FF, the PF, my current and future experience, improving my universal awareness and the odd book or three (any suggestions are welcome), my currency trading knowledge will improve and move me towards my goals.

I'm posting my resolutions so as you can hold me accountable
Most grateful to you all. Let's have an awesome year!
Bill

EURAUD Profits locked.

AUD/JPY beob H4 in clear downtrend. Target 83.350. Entered a little later then i would have liked but still ok.

Sure, no problem Bill.


Meanwhile I traded a short in kiwi.
It was a fundamental based trade and the entry was after the market made a new low after the GDT Price Index release.
SL was slightly over the intraday high aroud 0.6760.

TP was maybe a bit to early, currently Im watching for longs at 0.6600

happy new year Bill good goals

Here is one on my watch list

beautiful boxing around the BRNs, and the midpoint being a perfect PPZ

Mike, what do you think, eu wants to go higher? We have nice last Buob(key support) and now compression of price. Before we had a break of edge box(1.15)

Did not expect such a strong move on Euro today... almost there.

EURAUD



EURCAD

Nice Move Zamfir..

Happy New year to All my friends here...

Hey K

it certainly could. What I like to do is focus on the outter edges of the boxes. Like this



Playing near the midpoint is trickier, and why i wouldn't have played that BUOB. If price can close above the high from 12/13 then it has a good chance to continue towards the top of the box

Best
Mike

Another Newbie question....

....is there a general "rule" as to where to place a take profit on a currency that is at a many year high? There's nothing to the left to go on (see chart). I entered USD/MXN on a BO of resistance and i'm about to move to BE but i have set my TP just below 17.75000 - but is this a BRN for this pair? What's the TA?

Any help is appreciated,
Bill

UPDATE: Took profit at 17.6800 as i have no idea what might happen here and the profit was to nice to refuse this time. Will be interesting to see what happens over the coming days/weeks.

all TP smashed and price still falling...............

AUD/JPY BEOB on the H4 in clear downtrend (again). Profit locked and on a 45 pip trailing stop and with a bit of luck will get to 82.250 TP.

UPDATE: Took profit at 82.500.

FTSE Daily

A picture speaks a thousand words.

You might be onto something there Danku if price closes below that level.

EUR/USD H4 BUOVB. profit locked in.

here was my first trade of the year, live trade idea sent to the group today via Text and Email. Fun tool we now have to help traders

nice 4hr beob at a swing high with divergence, and TL break