james16 Chart Thread

Quoting bundyraider

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Spread and the speed at which you will lose your account if you haven't got the skills yet.

I like your posts Ryan, I've been taking some notes myself , but you've also probably encouraged a group of newcomers to go back to intraday charts when they haven't even learnt to manage daily bars consistently well yet.
You know yourself how hard it is to fight you natural tendencies to want fast profits. We all know where that leads.

I have no problem with you posting your charts and tips etc here , they're handy, but Jim, Mike etc have put a lot of effort into keeping the focus here on the higher time frame charts where people can plan and enter their trades without the pressure of watching their screens all day. Besides, Jim's ran the group and this thread long enough now to know the best path for newcomers who are serious about making this work.

I hope this hasn't come off as an attack. I want you to stick around, but continuously pushing how easy the five minute chart is will send many down the wrong path before they are ready. You said yourself you didn't want to make this a debate about TFs.
For every person who can trade the 5 minute chart successfully there are a hell of a lot of people who will blow account after account trying to do the same.

Peace man,

Bundy

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Quoting mbqb11

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Hey Jason,

Speaking purely for myself, I see discretion as that extra edge that comes from screen time and experience. The rule based part of my trading is simply to keep me structured and on the right path. The rules aren't set in stone they are merely a framework from which I work off of. Some traders will be more discretionary others more rules based. I think it is something you build up with over time. Such as being comfortable making certain plays over others, recognizing when they occur and trading them. So yeah I do believe it comes down to the trader to develop the style that best fits you and works too.

Best,
Mike

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Quoting aSandman

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I know you guys don't know me from a man on the moon but I want to give back. It is one reason I started posting here after lurking for so many months. The other is want the companion ship of fellow traders.
While my ego would like to try and show off and say I know this or know that I don't really think that would serve anyone. Instead a humbling true story that might save someone some heartache just might.

I started trading in 2001 just after the bear market had really taken hold. I studied price charts for a few months and read a few books. I traded on paper and made a killing in paper profits. I then was ready (in my mind) to enter the market and make a killing!! This thing was so easy I could not believe my luck. Well I promptly opened a brokerage account with my life savings. Semi conductor stocks were the rockets back then I picked to make my fortune on. I even did the math over how many times my account would need to double before I was rich. WARNING here if you find yourself doing 2,4,8,16,32,64,128, ...etc on paper STOP. A trader I knew that blew out a few years later and gave me his books had these very numbers written on the inside flap on one of his books. A coinecedence?

I was now armed with money in an account, some pitiful trading skills and I had read after Mind, Money management, technique. Get these three things correct and you got it made. Opening day.....I open the 5 min charts....
I laugh to myself as I think of the stories of people freezing like a deer in the head lights. Well you guessed it, there was a killing all right and I was the one who got killed. I lost 8% of my account in one day. That,s huge!
That's my life savings I was thinking about as I lay down in the fetal position that night. I quickly did the math and knew I would loose it all in 2 weeks if I didn't make fast changes. I switched to the dailies, made rules about how many trades I could take in a week, how much risk I could take. I lost 30 percent over 6 months then climbed back up to neg 5% and pulled the plug. The game was much much more hard core than I gave it credit for. I knew I was no where ready yet. IF I had not switched instantly to daily or higher time frames and reduced my position size from 2 to 1 percent I would have blown out completely. We are all as unique as a blade of grass..... if you are new and trade off 5 min charts this story could be you or worse. The tale I just told was painful to me in the recollection but if it saves even one of you then it was worth it.

Do I like raynMCD's charts ? Yes! Do I trade off the 5 min with real money? HELL NO. Have I spent years and thousands upon thousands hours looking at charts, searching under every stone I could I find? yes. I have made indicators then indicators plotted on indicators ever falling down the dark web of complexity. I threw out the indicators a few years ago. You have to want to win to win. Ie your head has to be right. If you blow out an account it will make it much harder to get your head right.

Sorry to run on so long but I get in touch with a lot of emotion when I talk about the early days.

Jason

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Quoting tehuringa

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Some nice PB's forming on the dailys today but still an hour and a half from bar close.

EURJPY - looks very good.... at PPZ, plenty of space, nice long nose

GBPJPY - well it's ok....it's in a bit of chop but there is a double bottom in there.

NZDUSD - Not bad...in plenty of space...nose could be longer though.

USDCAD - could yet fail to form but not too bad....downfall is it is in a bit of chop but there is a double top and it does have some space.

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Quoting FXBat

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good call on all these pins, Tehuringa. I entered EU, GY and EY myself and they are doing just fine. Finally, PBs start to work again after this crazy downtrend, which hopefully lost its steam, since all majors are at vital turning points

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Quoting HipsterPipster

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Taking a long with the break of this pin.

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Quoting ghous

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Hi Hp, nice one you got there, i am not trading the pair but when i look at it i feel a trade on the activation of the pin bar shouldnt be safe enough, would'nt you want to wait for the 0.8 region to break significantly enough?? it seems some res around 0.8 is inevitable, as it is the weekly pin bar and the weekly chart still looks good for a drop, (though one couls say it's a simply a restest of the res line of the range before price contiues north) anyhow just be careful mate!

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Quoting HipsterPipster

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This cross is a very trendy pair and it moves very slow. Nice trade on the daily pin for a short.

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Quoting ghous

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oh! don't have this pair with my broker...what is sgd Hipster?

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Quoting SeekingLight

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I'm always worried about the "others following blindly" stuff or influencing folks. What would Hipster say for example if I told him I was currently mostly bearish on EURGBP! He'd cry, for sure!

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Quoting HipsterPipster

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Lustiger Bursche!

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