james16 Chart Thread

ghous may have a early entry on the 4 hour BEOB. It could lead into the Weekly BEOB.

i think this is everybody here for now,
Piproo, Gerard212, ghous, Jlr, Jduester, jarroo, widespace, tickticker, adamp, trud, Charmia, Mindset, elvado1, Vourvoul, MinceMeat, gaia, simoncs, letitride, mrmotivator, fendieos, kean, mrsingha, PB_lover, max pips, ady27

thnk u guys
im trading wit ease, no more itchy fingers
opening trades & backing my actions wit facts, fewer bad trades....
hope to grow in my search for supreme knowledge within a couple of months


to all newbies, patience is the key to success

Sure thing Jim, I'll be adding on the (hopefully) way down.

EDIT : Right, im off to mess around in the last of the snow outside. Trade well all.

Notice the break of this 4 BEOB, coincides with the Low of the previous bar Low of the Weekly BEOB.

If the Weekly BEOB breaks put this trade in the J16 text book. Should be fun to watch if it does.

Do you think its risky to enter short on the 4H beob break out pull back?

I just missed the opportunity anyway

im so angry wit myself, need to work on taking partial profit
closed the trades i was in at my 1st tp
and now, it is moving even further

I had a couple of bad weeks recently but have turned this around this week. i had taken a couple of shortcuts - now i have to take the long road back to building up my account again. I am glad though that this happened now whilst my account is small and some important lessons were learnt.

The two main lessons i learnt were:
Trade management - THIS IS VITAL - you must position size every trade you take according to the risk. I was using a broker that didn't allow me to position size correctly. This wiped out 6 weeks gains. If i had been using position sizing i would still have been in profit, despite my errors.
If you are not position sizing your trades now - do yourself a favour and google this or use the search in FF - and change your broker.

Over trading - trying to rush the profits. This meant me taking trades that were sub-standard. Capital preservation is everything - there is no need to take every PA signal that materialises. But naturally as i was making consistent profits, I started to get cocky.

These two go hand in hand. You will have good days and bad, good weeks and bad - but if you get into a losing streak - which happens, then the only way to save yourself is by correct money management. This will carry you through until you figure out what you are doing wrong and correct it.

this is a checklist i put together to help stop me taking those stupid trades. It is fairly generic so if it can help anyone then all good - or use it as a template to make your own. The questions are subjective though and envoke a thought process for me, so you might want to modify them to suit yourself. My intention is to get it laminated and use a dry-marker on it for each trade. (it is Powerpoint2007 - if u can't open let me know)

cheers

Simon

Hi simoncs,

Indeed I can not open your file. Do you have a text version?

Cheers

From everything I've read, the most important thing to do is trade your plan. If you planned to exit at 1st TP, then exit. What if you had stayed in and it came back to stop you out at B/E? Then you would have been angry for not following your plan and exiting at 1st TP...

Alternatively, it seems many here take off some profits at 1st TP and move stop to B/E on remainder, while letting it 'ride' a bit.

Just my 0.02 from experience of being angry with myself for both reasons above.

Josh

Thanks Simon
Printed it, Very helpful
Hari

this is a checklist i put together to help stop me taking those stupid trades. It is fairly generic so if it can help anyone then all good - or use it as a template to make your own. The questions are subjective though and envoke a thought process for me, so you might want to modify them to suit yourself. My intention is to get it laminated and use a dry-marker on it for each trade. (it is Powerpoint2007 - if u can't open let me know)

cheers

Simon[/quote]

Me neither.

Trade I opened last night on audcad, based on 4h chart.

Confluence of factors:
61% fib retrace
Previous swing low
Resistance area between MA's
Round Number - 0.8000

PA trigger - 4h PB

First target was 0.7880, just above the high of Monday's Daily PB.
- hit, stop now moved to BE
Second target, above prior swing low at 0.7775

Pips in the bag http://www.james16group.us/forums/im...es/biggrin.gif

Ah, the old exit debate!

Everyone has their own methods for exiting a trade. There is no right or wrong way to do it. Correction, the only wrong way is if you don't follow your inital trade plan as Josh mentioned.

As we know from all his posts, Jim is someone who like to bag some pips pretty quickly from his trades and then get his stop to BE while trying to let the momentum carry the rest of the position. Personally, I prefer to identify the first area of S/R then place my first TP a few pips away from this. Once this target is hit, I will then move my stop to BE to try and capture a larger move with the second 1/2, 1/3, or whatever I've left on the table, so to speak. This is just a method which which I am comfortable. There's nothing wrong with taking your full TP at the first target. I'd do this more often if I knew which trades were going to run and which were going to reverse on me and take me out at BE, but unfortunately my crystal ball's been on the blink for ages

Profit is profit at the end of the day, so well done on identifying a trade that had the right factors and weight behind it to warrant the risk of your hard earned dollars.

Chris

congrats for a great e/g win . let me guess what, u must done something when price hit 8900....
correct me if im wrong

PS: e/g is not on my trading pairs list, but just opened it for studying today

Yeah, as you say Captial Preservation is key. Reminded me of a quote by Larry Hite in the book Market Wizards:

“There are two basic rules about winning in trading and life. One, if you don’t bet you can’t win. Two, if you lose all of your chips you can’t bet.”

Nice and simple but I think it sums up what you were saying quite nicely.

this is a checklist i put together to help stop me taking those stupid trades. It is fairly generic so if it can help anyone then all good - or use it as a template to make your own. The questions are subjective though and envoke a thought process for me, so you might want to modify them to suit yourself. My intention is to get it laminated and use a dry-marker on it for each trade. (it is Powerpoint2007 - if u can't open let me know)

cheers

Simon[/quote]

have converted to pdf

thnx josh and chris p for ur coments, i think some pips is better dan none, need to focus on entering good trades for now, other than thinking of how to maximise my profit....thnx guys
good luck trading, since im out
hav to wait for the close of the nxt h4 bar to look for trades,dnt trade anything less than h4
cheers

have converted to pdf[/quote]


This is great!

Nice work Simon, thanks.

Steve.