james16 Chart Thread

Quoting filler

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James16;

Thanks for teaching us your trading methods, it really has made a huge difference in the way I understand and read my forex charts now. Really appreciate it, keep it up!


Ok, maybe you have covered this already….if so then sorry for asking the question. If you have the perfect setup on your charts right before an important news announcement, would you still take that trade? Or would you wait until after the announcement (bearing in mind the spikes that may happen and take you out)?



I am currently practising your methods in the forex market on the 60min chart.



Thanks,



F

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Quoting dangerman

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Hello everyone. First let me say this is one great thread. I am a novice to forex and to trading. but I sure am learning a lot here. I have read MuddBuddha's Simple Forex System, and I bought two books from amazon ( Steve Nison' s Candlestick Course and John Person's Guide to Technical Trading Tactics). I am still reading them both, and will probably read them two or three more times. I'll probably have to read this thread two or three more times also, as a lot of it seems to be going over my head. I feel like a sponge thrown into a lake and trying to absorb it all.

Having said that my questions will probably seem simplistic at best, but here goes.

I laid out MuddBuddha's Simple Forex System on the USDCHF 1 hour chart. I had already missed when the ma's crossed back on the 31st, but I wasn't ready to trade yet anyway. (I downloaded MetaTrader 4 and am running a demo, so I'm just in it for the learning process at this point.) Does anyone use MetaTrader to trade live, by the way?

Any way if I am reading the chart correctly If you went short when the ma's crossed at approx. 1.2667, you would have a 367 pip gain with yesterdays close of 1.2300 (WOW). If I were trading a mini lot, would that anly be 36.7 pips because I am actually trading .1 lots?

I also set up pivot points for the Month, Week , and Day (Friday). I got the numbers by going to the monthly, weekly, and daily charts in metatrader and taking the high, low, and close of the time periiods. I don't know how accurate these numbers are. Is there anywhere on the net that you can download accurate numbers for these time periods for the major currencies?

I was looking at the chart and it seems like the range is bouncing around inside the trendline. My original thought was to wait until the price went down to one of the support levels produced by the pivot points and then go long, but then I thought wait dummy, you would be going against the major trend, which is down right now. So my thought now is to wait until Tuesday morning, look for a downward price action, and maybe a bearish candle signal then go in short, set my stops close, say 15 pips because the trend is approching support levels, then move my stops to break even and look for bullish candle signals at the support levels. The only problem with going short here is that the Parabolic Sar in on the bottom, so that would go against MuddBuddha's system. Any critique, Ideas, or suggestions to this plan would be greatly appreciated.

Also, what would be the best time Tuesday to start looking at the market? I am in the Eastern US time zone. This stinks in a way because when I get home from work I am into the (Asian Chop?) is that right? I am off the next couple of weeks though, so I hope to be able to get a feel for the markets and the charts I am using.

Attached is my chart. Sorry to be so long winded (it's the sponge thing). Any feedback is welcome and appreciated, I look forward to learning a lot more in these threads.

Jimmy

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Quoting dangerman

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Any way if I am reading the chart correctly If you went short when the ma's crossed at approx. 1.2667, you would have a 367 pip gain with yesterdays close of 1.2300 (WOW). If I were trading a mini lot, would that anly be 36.7 pips because I am actually trading .1 lots?

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Quote

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Unless you are somehow trading at 1/10 of a dollar, the 367 gain on a mini lot is in fact $ 367. If you were trading a real regular account (not a mini and not a demo) the gain would be $ 3670 from the move you described above.

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originally posted by traderone

Problem is the USDCHF only exchanges what , about 8 bucks per pip? The EURUSD and GBPUSD use a rate of $10 per pip on a standard account, but the other currencies like USDJPY and USDCHF are less than that.

Also, some brokers are changing this on their own now. I think that Alpari is using $7 for GBPUSD for some reason.

So, it's not always $10 per pip.

Quoting james16

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with the private forum development i havnt had much time to do anything.

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Quoting habeeb

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Jim,

If you played the pin bar, then you jumped the gun. Just want to know where you entered then? Top of today's bar?

Thanx

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Quoting pipmonster

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Hi Jim, nice move! Question for ya. When playing the daily pin bars what time do you need to be at the computer looking at the screen? I'm assuming right at the start of the trading day? 5:00 central?

Thanx Pipmon

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Quoting firehorse

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Hi James,
I would like to say to take things at your own pace. And although we would all like the private forum to be finished as soon as possible I do believe that none of us want it to be at the expense of your health and family life. What I said is probably obvious but I wanted to make the implicit to be explicit.

Thanks for keeping the project on the road even with everything else going on in your life.

Best regards
Alan

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Quoting james16

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thank you firehorse. let me give you an example of how my time has been going. last week on wednesday my wife asked me how much sleep i had had since sunday. i told her around 4 to 6 hours.

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Quoting james16

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she got pissed. i dont mess with the boss especially when shes pregnant.

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Quoting james16

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we HOPE to have the forum ready in 2 to 3 weeks. jim

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Quoting candy

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Gotta love those pin bars. I have to thank you James for all your inspiration, I think of you everytime I take one. I decided to ride the wave of GBP in two waves so as to take profit along the way, just in case GBP does what it always does…..turn on a dime! The first wave I took started yesterday morning and I got out last night with a tidy little profit. Was going to go to bed when I saw yet another opportunity for GBP to run southbound, so hopped on for another ride. I exited at 8066 for another nice piece of change. Wow what a ride!

James you must get some sleep. We need you in one piece for the new forum! candy

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