james16 Chart Thread

Thanks dkmb92

Good work on remaining patient. This is what we get rewarded for.

Best
Chris

I'm with you on the jpy crosses ghous. There's just nothing there that I want to risk my $$'s on. Too much traffic to try and force its way through.

Here's a thought for those of you who may be struggling to decide which trade to take if a potential opportunity presents itself on one or more crosses with the same currency:

Take todays example on gbp/jpy and eur/jpy. Now imagine for a second that these pin bars are at swing lows with acres of space to move into. Now your money management rules only allow you, for example, to risk 2% of your account at any one time in the market. So what do you do? Do you split your risk between the two?

Clockwork touched on this in his thread yesterday... Surely the best thing to do would be to take the trade that has the most potential, ie trade the stronger of the two currencies. For that we need to look at the cross between those pairs, in this case eur/gbp. Looking at the daily chart it's quite easy to see that the euro is the stronger of these two currencies recently. So it would be best in this case to risk your capital on the eur/jpy as this should have a greater chance of success.

That said, I'm not touching either of these today. Eur/Jpy has more potential, but I'm not trading a 4h BUOB at a swing high. If we'd seen a 4h BUOB off 120 yesterday, that would have got me in.

Hope this helps.
Chris

I can relate, as I'm an over trade addict as well, so don't feel alone.

she is 140 pips up for me....just is really FINE ART TRADING

wow - 4hr pin from yesterday 200 pips up and now daily pin formed and weekly pin forming. this must be A++++ trade !

nice daily tht was!!!!!!

holy pips!! gj monthly looks fishy .any tots senior members?

H4 H&S on USDCAD?

yes bundy, It doesn't get much better than that pb on the 4hr.....I was in a short at the time banked it and switched, went to bed, woke up with great joy...on a roll....

cheers

Matt

GBP/JPY - these are the trades I need to WAIT for in future. pure magic.
not worth taking the risk on lesser ones that deplete my account anymore

The trade played out

Did anyone have interest in this?

I see lower highs with 9100 area below

It seems interesting, swing low + PPZ.
But, is it in traffic?

That's a very good spot on observation Santana (I can speak only as a noob). We trade here PA but there are plenty of correlations in the market and even between pairs. They do sometimes break but most of the time they move in tandem.
DJ is sitting at the very important level, bears look exhausted, it has been a constant meltdown for more than a year. Some good quality shares and blue chips are really cheap, if nothing dreadful happens today it will be a first week closing with some gains. Is it a time for a bear market rally, before everybody will realise that actuall economy still sucks ? In my opinion it is.

That whole situation reminds me some quote (can't remeber who was saying this and how exactly it went)...
If your barber is telling you to buy shares cause you can do a great business of your life it's high time to think about selling your equities and moving assests into a secure place. If every newspaper is feeding you every morning with headlines like: "the boom is over" "great depression" "the worst recession in 20 years" it's probably time to start some shoppings
To win is to be ahead of the crowd.


I would be grateful if raczek could put some of his expertise on this topic.

I'm a noob myself, a complete beginner on recovery process.
I've blown two accounts and now I'm back on the healing path. All my trades are on demo, even this EUR/CHF which brought easy 450 pips was demo. As I'm following the first page rules.However I don't regret I haven't taken it on a real account cause I know when I will be confident and grown enough to a business this kind of trades will be coming to me anyway. I was happy with the trade cause it brought enough profits to close another positive week and prove this stuff really KICKS !!!

James, Mike, Ghous and other seniors I'm really grateful for all your job cause thanks to you I can change not only as a trader. I'm going now through the whole thread (after reading a fantastic summary by Jduester). I pull every chart on my MT4, zoom it in to see how it looks on my feed, going through the mental process of putting a trade with S/L and T/P then I zoom out the chart and see the final effect. It's gonna be ages before I will analyse all of them, I don't mind. I'm changing my habits (it hurts like hell) but also doing this is changing my mindset. Not so long time ago I would be crazy missing such the opportunity like this in EUR/CHF, half-assed chasing the price, throwing money all over the place to eventually end up with another loss.
Sorry folks, some of you may have enough of this AA type of confession of mine.
Hope you won't cut this post as a result.
Have a great weekend !

Thanks James and group! First time in my multiple year trading career I have been profitable three months in a row. Plus I can take the rest of the month off. It's amazing how simple it was. I'm crying tears of happiness/success..

There were important news for CAD at 12pm so I wouldn't take it.

as it is 4HRS time frame, not for me at this stage but will follow it up and save on my files.
Happy trading !

sorry to quote myself, but this is something that i am really interested in. so if anyone has any info on this will you please help a fellow j16'er out? i really dont know that much about futures & nothing about options. thx.
btw, wkly & mthly pins on g/j, woohoo!