james16 Chart Thread

Quoting charlies

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USDCHF (+ 227 pips locked in) trailing stop at daily highs
Oanda shows a spike to 91 last night, giving an opposing PIN at the end of two rallies of equal length. However, other brokers show the daily high around 70 so no PIN.

GBPJPY (+137 pips locked in), trailing stop

EURCHF monthly short - cancelled

AUDUSD met first target after a long wait, trailing stop
Opposing PIN in direction of trend at support

USDCAD (with trend, but no supporting factors) not triggered &

EURUSD (50% fib) triggered long overnight

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Quoting Miguel

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I am sorry but i have to say this here and offtopic: Ademac you're signature is one of the more powerfull things i have read. AMAZING words from Theodore Roosevelt.


"It is far better to dare mighty things, to win glorious triumphs, even though checkered by failure, than to take rank with those poor spirits who neither enjoy much nor suffer much, because they live in the grey twilight that knows not victory, nor defeat." Theodore Roosevelt

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Quoting ademac

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Interesting approach given that the bar you've singled out is a Sunday bar. Personally i just incorporate Sunday bars into my Monday bar. I took the first PIN bar in the classic style with a 5 pip buffer and as the trade has progressed i am moving my stop to 10 pips + Spread behind previous days high. My risk is now down to just 0.36%, All going well in another day or two it will be no risk at all

Enjoy Ademac

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Quoting dfstone32

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Here's some weekend food for thought. I'm in a psychological dilemma. I read this thread, pretty much the only thread I read on FF, excepting the articles and really appreciate the hard work that the veterans here put in to coach us newbies.

The dilemma is three fold:

1.) There seems to be a misconception here that the Pin Bar is somehow related to price action. A pin bar is no different than any other chart formation, candlestick pattern or indicator. It provides a trader with signal that something may happen. It shows how "price acted" over a determined period of time. Trading a PB is really trading a chart formation Pure and Simple.
A pin bar is related to price action. It IS price action. Reading candlesticks is PA. The idea is finding a certain type of formation in a high probability situation. nothing can predict the future. Trading forex is not about predicting the future. You are right it is trading price, but why is this a bad thing. We all trade our beliefs of the market, plain and simple.


2.) The second part has to do with objectivity. The problem is I see no reasonable way with multiple datafeeds from multiple brokers to objectively determine what is or isn't a PB by simply looking at a daily chart supplied by our market maker. My prefered way of determining O,H,L,C would depend on the currency pair and markets that are involved most with that currency. EURUSD: 2AM EST-4PM EST, EURJPY: 8PM EST - 10AM EST, and determine my own daily open/high/low/close, Any broker platforms allow this kind of customized chart creation
Every broker that is set on a different timezone is just showing the same thing. Price is price period. Sure it may look a bit different, on different feeds, but when we are viewing charts it is just a box through which we peer into the markets. So my pinbar may look like a different set of bars on your charts, but the fact remains price is the same. You can connect any amount of bars you want to find a so called pinbar. Go ahead give it a try.

If you want choose a broker like tradestation where you can set your candle times(almost positive you can). The conclusion I and many others have come to is that over time it just evens out. So I may get a pinbar this week, and you get one next week. Just play it as you see it. Once again, we trade our beliefs. You have beliefs that by applying these times to price it will help you be more successful. Is there anything wrong with that, no. But it is just your beliefs.

3.) The third has to do with this vague concept of Fib. Confluence. I suggest that while it sounds reasonable to draw two Fib. trends on the chart and look to see where lines overlap or are very close in reality what time periods do we use. Last weeks H/L, Last months, Last years. It is very hard for me to take all my opinions about what should happen and lock them away, because they rarely manifest.
This depends on how you draw them. If you try to make up reasons on every chart why some trade will work, it is going to be tough to make money. I have been there, done that. If you look for the most practical places to be drawing fibs, TLs, intersecting with MAs...where OTHERS should be doing the same, you have a much better shot. You don't need anything to trade price action. Once you can read it well enough, you can gauge what a proper retracement is, or where price is likely to turn around etc etc. I will say that, no matter how much you read about PA, you still need to learn to apply it properly. This isn't an easy thing to do trading. The fact is it is going to take a lot of demoing, backtesting, live trading to get to a point where you are going to make consistent money. Is it possible tho? Yeah it is.

Fib. looks great when first layed out on a chart. But 61.8, 50, 38.1 aren't really that far apart anyway, you might as well say that retacement occurs to around half before resuming a trend larger trend, give or take a hundred or so pips
Like before you can eye these things up when you see enough charts. But the fact is fibs are used all over the world. It is a very common tool used by other chartist, so being aware of what others are looking at can help factor into your decisions. When it comes down to it I look for price action in the right place. Then I look to find contributing reasons why I should or shouldn't take a trade. Then once I make my decision to take the trade, I implement the correct position size, and the rest isn't up to me. I then implement my exit strategy, rinse and repeat. Each individual trade has absolutely zero meaning to me.

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Quoting mbqb11

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Hey dfstone,

Thought I would chime in with my view on your questions/comments.

Again all, these are MY VIEWs(MY BELIEFS). Don't take anything personal and I am not trying to offend anyone

Have a good weekend,
Mike
(answers below in bold)

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Quoting Trader_V

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I am short the this pair based on the Daily PB bouncing at multiple areas of confluence. I had 6 reasons to take this trade. Bounce off of linger term 38.2 FIB and shorter term 50.0 FIB, Bounce off of uper Bollinger Band (this is part of my system not what is explained in this thread). bounce off of 2 of the EMA's and last but not least a clean PB formation.

Currently up +53 stop is at the top of the current bar. Let's see where she goes.

Steve

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Quoting young_09

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Hi

I am interested in joining PF. I have one very important question. What is maximum draw down of all systems available in PF? How much could I lose in pips in a row if I follow all rules of all systems and money management?

Is it possible to earn 200 pips a month consistently by following James16 systems?

I will appreciate advice from senior pf members.

Thanks

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Quoting Melinni

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Hey Trader_V!
I'm also short on this pair. I could see the trade +59. I didn't do anything since my TP was a little farther but didn't move the Stop Loss. Now i'm down 55. I can't believe this keeps happening...

Just wanted to share.

Fabian

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Quoting Trader_V

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Ok so you are observing PB and picking out some decent ones. But here are my 2 cents on what you have pointed out. I don't have my charts in front of me so I am going soley off what I can see on yours.

As you have indicated PB 1 on your chart was a valid PB and just looking at what you have on the chart I can only assume that there is some other type of confluence in that price area )a past area of resistance or a Fib level or something).

PB2 I would have discounted heavily based on the fact that it occured in traffic. Meaning that it does not stand alone like PB1. Same goes for PB3.

Remember you are looking for PB's that occur at swing highs and lows not ones that occur in the mix. Now that being said you will always find some examples of PB that happen in traffic that continue the trend. I personally do not trade these bars by themselves but use them as confirmation of other types of price action.

Also if you take a look at the previous swing low that lead to PB 1 you will notice that it is also a PB that occured at a swing low. It spiked down and then was followed by bullish bars.

There are some other things I would like to point out on this chart as well but I have to wait until I can get in front of my charts to create the explanations.

Keep looking practicing and posting. And in no time you will be pointing out good trade after good trade.

Steve

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Quoting young_09

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Thanks for prompt reply. Are there trade recommendation on the basis of their systems by them in PF so I can compare my trades with them?

Secondly, can I apply these systems in any stock market?

Thanks a lot.

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