james16 Chart Thread | Page 151 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Where can I learn more about Price Action like those in James16 charts? 9 replies

Attachments: james16 Chart Thread
Exit Attachments

james16 Chart Thread

  • #3,001
  • Mar 20, 2007 11:43pm Mar 20, 2007 11:43pm
Thanks Pip Squeak.

Quoting Pip Squeak
Hi Ramesh.

I've attached a decent fib guide to help get you started.
Hope this helps.

Best wishes,
Pip Squeak
  • #3,002
  • Mar 21, 2007 10:32am Mar 21, 2007 10:32am
GBPUSD put in a pin bar at 62% retrace of recent fall & at previous resistance area:
Attached Image
  • #3,003
  • Mar 21, 2007 2:06pm Mar 21, 2007 2:06pm
Quoting charlies
GBPUSD put in a pin bar at 62% retrace of recent fall & at previous resistance area:





Hey Charlies,

I wouldn't short this one just yet. Check out the Daily chart and you'll see that this is probably a patch of consolidation. The weekly chart indicates that it will break out and continue with the upward trend. I should also note that I've never traded anything, and have only been demoing for a very short amount of time, so please take what I'm saying with a grain of salt. With that said, I'd sit this one out untill it breaks, and shows some PA.

Take care,
Pip Squeak
Attached Images
  • #3,004
  • Mar 21, 2007 2:20pm Mar 21, 2007 2:20pm
Here is what the GBP/USD is working off of on the daily,

A few inside bars, the one of the 150(blue ema) is a great trae to be holding, some resistance to get passed here,
Attached Image
  • #3,005
  • Mar 21, 2007 2:20pm Mar 21, 2007 2:20pm
this is what the weekly chart is looking like,

still working off a pinbar on support
Attached Image
  • #3,006
  • Mar 21, 2007 4:00pm Mar 21, 2007 4:00pm
Well i finally decided to open myself up a live account with $1000 bucks the other day, was all set and placed my first couple of trades which won and got me up to 1050, easy peazy this trading game..... NOT!! now on my 3rd day and am currently down to $800.... this is me going against everything i have been reading on this brilliant thread and demo'ing for the last couple of months, i found myself adding more and more indicators to my charts and have paid for it big time. Need to set my focus back to trading just price action and from the higher timeframes! The broker im with i can only open 0.10 lots which is a buck a pip, this is where the damage is coming from, should i get the money out and go with someone like OANDA who i can put around 50cents a pip on? The sooner i get signed up for the PF the better me thinks, any update on when the new site will be up and running?

Thats enough ranting for now!!

Mike
  • #3,007
  • Mar 21, 2007 4:28pm Mar 21, 2007 4:28pm
Quoting MIG
Well i finally decided to open myself up a live account with $1000 bucks the other day, was all set and placed my first couple of trades which won and got me up to 1050, easy peazy this trading game..... NOT!! now on my 3rd day and am currently down to $800.... this is me going against everything i have been reading on this brilliant thread and demo'ing for the last couple of months, i found myself adding more and more indicators to my charts and have paid for it big time. Need to set my focus back to trading just price action and from the higher timeframes! The broker im with i can only open 0.10 lots which is a buck a pip, this is where the damage is coming from, should i get the money out and go with someone like OANDA who i can put around 50cents a pip on? The sooner i get signed up for the PF the better me thinks, any update on when the new site will be up and running?

Thats enough ranting for now!!

Mike
Hey Mike,

Just to add my 2 cents here, I would stop trading live immediately if you need to re-focus and change your methods back to the basics. No point on re-adjusting your trading on the fly with real money cuz it could get ugly.
Secondly, I would definitely switch brokers to be able to trade micro lots (1 pip= 10 cents) Because with $1000, if you can only trade mini lots it's too much risk per trade.
Lastly, don't let these loses get you down. It was a lesson, and if it helps you re-focus and progress then it was a valuable one. (I've been there enough times...)
Larger timeframes and PA is the way to go. No need to pile on the indicators.

I don't have any info on when the new site for the PF will be up & running. Maybe someone can give an update.

Good luck and never quit.

Tom
  • #3,008
  • Mar 21, 2007 4:42pm Mar 21, 2007 4:42pm
Quoting moneybags
Hey Mike,

Just to add my 2 cents here, I would stop trading live immediately if you need to re-focus and change your methods back to the basics. No point on re-adjusting your trading on the fly with real money cuz it could get ugly.
Secondly, I would definitely switch brokers to be able to trade micro lots (1 pip= 10 cents) Because with $1000, if you can only trade mini lots it's too much risk per trade.
Lastly, don't let these loses get you down. It was a lesson, and if it helps you re-focus and progress then it was a valuable one. (I've been there enough times...)
Larger timeframes and PA is the way to go. No need to pile on the indicators.

I don't have any info on when the new site for the PF will be up & running. Maybe someone can give an update.

Good luck and never quit.

Tom
This is very good advice please listen. You need to either demo trade for 4-6 months to prove to yourself you have the discipline to follow all your rules. This involves money mgmt. You are trading to large compared to your account size.

I highly recommend you switch brokers to Oanda, because of their position granularity. This will allow you to trade for less then pennies, but still get the real experience. You can loses hundreds of points and its only a few bucks. Money Mgmt is key to success in the markets.

Don't try to rush things, take everything slow(before you damage your pockets and psyche). Remember this isn't a race, it's a marathon.

Best of luck,
Mike
  • #3,009
  • Mar 21, 2007 4:46pm Mar 21, 2007 4:46pm
Thanks for reply Tom, i think i will get my funds out of Northfinance as soon as possible and get them transfered over to a micro lots broker. I was all mentaly set to go with this and its kinda put things back into perspective, kept going lower and lower down the time frames looking for a quick buck which i never did when demo'ing!! Thats it, only as low as the 4hr chart from now on, if i find myself going any lower then im gonna kick my own ass and take out my funds as iv obviously still got alot of learning to do!!

Mike
  • #3,010
  • Mar 21, 2007 5:11pm Mar 21, 2007 5:11pm
Hi Mike,

Just looking at your chart above with the weekly pin bar...I was under the impression that pin bars needed to have equal "eyes" (in this case, lows) in order to qualify. In your chart it looks like the right eye is much lower where it bounces off the trend line.
I might have got this wrong. P.S Does anyone know the direct link to the forum on Pin bars? I can't seem to find it but I remember a very useful pdf.
Cheers,
Tom
  • #3,011
  • Mar 21, 2007 5:11pm Mar 21, 2007 5:11pm
Quoting MIG
Thanks for reply Tom, i think i will get my funds out of Northfinance as soon as possible and get them transfered over to a micro lots broker. I was all mentaly set to go with this and its kinda put things back into perspective, kept going lower and lower down the time frames looking for a quick buck which i never did when demo'ing!! Thats it, only as low as the 4hr chart from now on, if i find myself going any lower then im gonna kick my own ass and take out my funds as iv obviously still got alot of learning to do!!

Mike

Just in case you are wondering, I use Oanda for live trades and just use Interbankfx for my charting on their demo account.

It's pretty much pip for pip with a couple of seconds either way. It's actually quite interesting to see the demo sometimes jump the gun and give a couple seconds of notice at crucial or important areas. Sometimes Oanda pops first but all in all it's really pretty close and I haven't had any issues yet. It's been about 6 months I've been doing it.
  • #3,012
  • Mar 21, 2007 5:12pm Mar 21, 2007 5:12pm
Quoting the_wizard
Hi Mike,

Just looking at your chart above with the weekly pin bar...I was under the impression that pin bars needed to have equal "eyes" (in this case, lows) in order to qualify. In your chart it looks like the right eye is much lower where it bounces off the trend line.
I might have got this wrong. P.S Does anyone know the direct link to the forum on Pin bars? I can't seem to find it but I remember a very useful pdf.
Cheers,
Tom

Don't worry about the right eye, the focus is on the left eye.

lemme get you the link of the pdfs
http://forexfactory.com/showpost.php...postcount=2783
http://forexfactory.com/showpost.php...postcount=2788

Mike
  • #3,013
  • Mar 21, 2007 5:19pm Mar 21, 2007 5:19pm
here is the daily usd/jpy

we have an I4B that has formed on the 365 and is squeezed b/w the 200 also. You can play a break either way.
Attached Image
  • #3,014
  • Mar 21, 2007 5:53pm Mar 21, 2007 5:53pm
Mike,
Thanks for this. I'll have a good read.
I've had a huge loss today and have come very close to blowing another account so I am hurting a lot at the moment.
I just want to say something to those that may be new to this forum and maybe still new to trading. I feel that James has helped me so much that I want to give something back. I am not a good trader yet but for what it's worth I will tell you what I have learnt. It is all I can give right now.
I left work five months ago with the intention of trading for a living. Looking back now, I had no plan and was severely undercapitalised but I was stubborn and believed I could do it.
I managed to last just over two months before wiping out.
Going back to the charts, I came up with a strategy - a forex trend following system involving MA retracement that seemed in my backtesting to have incredible results. I borrowed a £1,000 off someone in my family to trade it whilst still needing desperately to pay the bills.
I took each signal blindly. Some looked frankly awful but I found they still made me money. After a few weeks I had made several hundred pounds but the signals weren't coming so fast. I could get a week without one so I moved into commodities. I thought surely a good system should hold up in all markets. Well, I got badly whipsawed and as I started to lose I started to take more risk - as the money dwindled away I was getting worried. One trade I took 25% risk and lost over £350 in 40 minutes. Well, soon enough, I came back down to below my starting capital. Now I became really afraid. In a moment of madness, I got in a position based on my system, over-leveraged myself again and then panicked when it went against me. I then kept moving my stop away. I couldn't face taking another loser after so many in a row but also I couldn't take the pain of losing so much money and being forced to admit that it was the wrong time for me to embark on my trading career and I needed to go back to work.
Well, I was short the US indexes. My original exit point would have left me with around £700 in my account. After being finally stopped out today because I had no margin, I am left with just over £200.
Looking back at the trades I did, I realise that I would take a position based on a basic signal but would have nothing else to confirm it.
Now I have Jim's words going round and round in my head: "Succesful traders hide in the bushes with a rifle - they don't stand in the open with a shotgun".
As it would happen, I was reading an interview from Market Wizards last night which I would like to quote you:
"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably also one that is sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading" - Mark Weinstein
What does this mean to me in light of this forum? It means, a dblhc doesn't mean get long - it means: check your daily and weekly fibs, check your trend lines, check your pivot points. Try and time the entry nicely - don't be afraid to let the trade pass you by because you waited. There will be other opportunities.
I think that with this realisation and a good break from this, I may be, hopefully, on the verge of turning a corner.
I'm sorry this post has been so long - it's been cathartic but just incase I've bored you all here is a chart for everyone.
Simple PA led to good chances in this market - I wish I had seen them as they occured!
Good luck and thanks for reading.
Tom
Attached Image
  • #3,015
  • Edited 6:47pm Mar 21, 2007 6:26pm | Edited 6:47pm
Let me share something with you wiz. When I read a post like yours I literally feel physically ill. Many people have been where your at but very few have been there as many times as I have. I literally get flashbacks and if my wife should happen to see me soon after reading one like yours she doesn't even have to ask, she knows. She knows it's not me anymore because I never risk enough to do that to myself but she knows I just read one. She has seen the look of despair and disappointment on my face many times and I get that same look when I read a post like yours. People say that I have a way of relating, that I seem like a real person to them. I have often pondered those statements. I guess the reason it's true is because I will probably spend the rest of the evening wondering what I could do to help you and I guess the reason I will do that is because I've been there and I know how damn much it hurts. E-mail me as I have a question for you.

jim

Quoting the_wizard
Mike,
Thanks for this. I'll have a good read.
I've had a huge loss today and have come very close to blowing another account so I am hurting a lot at the moment.
I just want to say something to those that may be new to this forum and maybe still new to trading. I feel that James has helped me so much that I want to give something back. I am not a good trader yet but for what it's worth I will tell you what I have learnt. It is all I can give right now.
I left work five months ago with the intention of trading for a living. Looking back now, I had no plan and was severely undercapitalised but I was stubborn and believed I could do it.
I managed to last just over two months before wiping out.
Going back to the charts, I came up with a strategy - a forex trend following system involving MA retracement that seemed in my backtesting to have incredible results. I borrowed a £1,000 off someone in my family to trade it whilst still needing desperately to pay the bills.
I took each signal blindly. Some looked frankly awful but I found they still made me money. After a few weeks I had made several hundred pounds but the signals weren't coming so fast. I could get a week without one so I moved into commodities. I thought surely a good system should hold up in all markets. Well, I got badly whipsawed and as I started to lose I started to take more risk - as the money dwindled away I was getting worried. One trade I took 25% risk and lost over £350 in 40 minutes. Well, soon enough, I came back down to below my starting capital. Now I became really afraid. In a moment of madness, I got in a position based on my system, over-leveraged myself again and then panicked when it went against me. I then kept moving my stop away. I couldn't face taking another loser after so many in a row but also I couldn't take the pain of losing so much money and being forced to admit that it was the wrong time for me to embark on my trading career and I needed to go back to work.
Well, I was short the US indexes. My original exit point would have left me with around £700 in my account. After being finally stopped out today because I had no margin, I am left with just over £200.
Looking back at the trades I did, I realise that I would take a position based on a basic signal but would have nothing else to confirm it.
Now I have Jim's words going round and round in my head: "Succesful traders hide in the bushes with a rifle - they don't stand in the open with a shotgun".
As it would happen, I was reading an interview from Market Wizards last night which I would like to quote you:
"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably also one that is sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading" - Mark Weinstein
What does this mean to me in light of this forum? It means, a dblhc doesn't mean get long - it means: check your daily and weekly fibs, check your trend lines, check your pivot points. Try and time the entry nicely - don't be afraid to let the trade pass you by because you waited. There will be other opportunities.
I think that with this realisation and a good break from this, I may be, hopefully, on the verge of turning a corner.
I'm sorry this post has been so long - it's been cathartic but just incase I've bored you all here is a chart for everyone.
Simple PA led to good chances in this market - I wish I had seen them as they occured!
Good luck and thanks for reading.
Tom
  • #3,016
  • Mar 21, 2007 6:50pm Mar 21, 2007 6:50pm
Is the pip differential to large to play for a DBLHLC on this one?
Attached Image
Life is too short to have anything but delusional notions about yourself.
  • #3,017
  • Mar 21, 2007 7:01pm Mar 21, 2007 7:01pm
http://img208.imageshack.us/img208/2140/eurcadus9.jpg

Hey guys, is this on the EURCAD Daily a good example of a pinbar? I entered long at the high of the pinbar and set stoploss at the low. DId I play this right?

Thanks!
  • #3,018
  • Mar 21, 2007 7:19pm Mar 21, 2007 7:19pm
Mr. Wizard,

Although it's been a while since I've been around this thread, I still use price action as the trigger in my trading.

I've been averaging 10% a week now on 2% risk trades for a while, but this week I got arrogant and threw some money at trades I've been passing up for weeks while I do well. 20% of my account later I have no idea what got into me. Today was 8% of that!!! rough day!

It happens, Rob Booker(I think) said once that it's easy to make money in the market, but it's hard to not give it back. I find it easy to relate to that.

But I shrugged it off within minutes, it wasn't my strategy, it wasn't my plan, as always I'm confident in my ability to win in this market. I've decided to take the poor judgement seriously... however I'm letting myself off the hook. It sounds like you should do the same!!!

Back to basics for me, if my gut says no... I watch. Patience makes all the difference, as I learnt in this thread 8 months ago!!!

As embarassing as it is to admit my downfall was the USD/CAD! I hopped in front on weak signals trying to go long for pretty much no good reason other than I thought it should. And then I did it two more times... Ridiculous, if your going to hop infront of a truck, at least wait until it looks like it's pulling over!!! As I write that I'm laughing now, it definitely put me back in my place.

Anyhow, fight back. It happens to everyone!
  • #3,019
  • Mar 21, 2007 7:57pm Mar 21, 2007 7:57pm
Quoting Lamdun

Hey guys, is this on the EURCAD Daily a good example of a pinbar? I entered long at the high of the pinbar and set stoploss at the low. DId I play this right?

Thanks!
according to your chart it is showing a pin bar. Yes you played this correct.

Just remember, try to find some confluence and other reasons to play Price action bars. It is more important where these bars are then anything.

Best,
Mike
  • #3,020
  • Mar 21, 2007 8:12pm Mar 21, 2007 8:12pm
G'day wizard,

I can relate to what James said after reading your post. Reading what you say here really hits me hard.

I have been at this for over 3 years and i still struggle and just a bit better than breakeven. I never risk more than 2%, and i miss a lot of good trades.

I don't know how many times people ask me, "are you making money yet?" When i hear that i just want to vomit, because i know that I'm not. The only way i have survived this far is through risking a maximum of 2% per trade. I have had some good months and some bad months and they pretty well even out. How frustrating is that after 3 years?

I'd love to be at the point where i could give you some great advice but I have a long way to go.

Risking too much on a trade is one of the biggest mistakes. Another is lack of confidence in a planned and tested strategy. that strategy includes a method, Money management and you. For me I know very well that i am the biggest obstacle. It isn't the market. It's the way i respond to the opportunities that the market presents to me that's my biggest problem.

Wiz (of Oz)



Quoting the_wizard
Mike,
Thanks for this. I'll have a good read.
I've had a huge loss today and have come very close to blowing another account so I am hurting a lot at the moment.
I just want to say something to those that may be new to this forum and maybe still new to trading. I feel that James has helped me so much that I want to give something back. I am not a good trader yet but for what it's worth I will tell you what I have learnt. It is all I can give right now.
I left work five months ago with the intention of trading for a living. Looking back now, I had no plan and was severely undercapitalised but I was stubborn and believed I could do it.
I managed to last just over two months before wiping out.
Going back to the charts, I came up with a strategy - a forex trend following system involving MA retracement that seemed in my backtesting to have incredible results. I borrowed a £1,000 off someone in my family to trade it whilst still needing desperately to pay the bills.
I took each signal blindly. Some looked frankly awful but I found they still made me money. After a few weeks I had made several hundred pounds but the signals weren't coming so fast. I could get a week without one so I moved into commodities. I thought surely a good system should hold up in all markets. Well, I got badly whipsawed and as I started to lose I started to take more risk - as the money dwindled away I was getting worried. One trade I took 25% risk and lost over £350 in 40 minutes. Well, soon enough, I came back down to below my starting capital. Now I became really afraid. In a moment of madness, I got in a position based on my system, over-leveraged myself again and then panicked when it went against me. I then kept moving my stop away. I couldn't face taking another loser after so many in a row but also I couldn't take the pain of losing so much money and being forced to admit that it was the wrong time for me to embark on my trading career and I needed to go back to work.
Well, I was short the US indexes. My original exit point would have left me with around £700 in my account. After being finally stopped out today because I had no margin, I am left with just over £200.
Looking back at the trades I did, I realise that I would take a position based on a basic signal but would have nothing else to confirm it.
Now I have Jim's words going round and round in my head: "Succesful traders hide in the bushes with a rifle - they don't stand in the open with a shotgun".
As it would happen, I was reading an interview from Market Wizards last night which I would like to quote you:
"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch it's prey. It may hide in the bush for a week, waiting for just the right moment. It will wait for a baby antelope, and not just any baby antelope, but preferably also one that is sick or lame. Only then, when there is no chance it can lose its prey, does it attack. That, to me, is the epitome of professional trading" - Mark Weinstein
What does this mean to me in light of this forum? It means, a dblhc doesn't mean get long - it means: check your daily and weekly fibs, check your trend lines, check your pivot points. Try and time the entry nicely - don't be afraid to let the trade pass you by because you waited. There will be other opportunities.
I think that with this realisation and a good break from this, I may be, hopefully, on the verge of turning a corner.
I'm sorry this post has been so long - it's been cathartic but just incase I've bored you all here is a chart for everyone.
Simple PA led to good chances in this market - I wish I had seen them as they occured!
Good luck and thanks for reading.
Tom
54 traders viewing now