james16 Chart Thread

And Mikey knows what he is doing.

chart

When I read what Jim says, e.g., the above chart, and hear him say "this stuff is dirt simple, folks," I invariably find myself saying, "He's right, he's right, he's right," and it gives me confidence.

Thanks, Jim, and everyone else who makes this thread such a great resource for those, like me, were previously wandering the forex wasteland. Props to all of you!

On another note, ghous, are you still in that loonie-swissy long trade? What are your plans if you are?

I am and have my stop sitting under the BUOB on the 4 hr. I look at this BUOB on the 4hr as a continuation signal and believe if it fails, the trade should be closed. Would appreciate any advice/comments from folks.

Hoping for another intervention. (By the SNB, not my family and friends, though that might be good too).

I thought about this trade, but as you can see, my FXDD charts did not give me a pin bar. With it being Friday and all, i decided not to chance it. Guess i need to change brokers so i don't miss all these trades. I see this difference all the time.

That is a "two-bar pin bar." Definitely tradeable imho. I love these things! If you look at the first top of the triple top on your chart there is nother 2-bar PB that went well.

Those bars on your chart represent the same movement as others. The only difference is where how the time is represented. You have the same action on your chart, you just need a way to recognize it.

edit - johnnyonthespot beat me to it

Just trying to live up to my moniker.

yea i saw the same thing on my FXDD... so broker timing is going to skew things a little bit.. some people on other brokers might see perfect pinbar setups, while others have to try little harder to make it out..

forex.com had an accurate one, but mt4 showed same

I recieved a great question today and i thought my reply might be of benefit to some of you struggling with how to approach this business.


THE QUESTION....

I won't keep you to long as I know you are a busy man.I would have left this message on the thread but thought it may of got lost before you could see it.My question is on MM.I know you are a firm believer in taking some off the table at first resistance.and setting SL to BE.Doesn't a loss eat up a lot of your profit from prior trades?Or do you get out before the trade goes to far against you?I know there is discrepency involved here..but just a basic answer would be great.
Thanks again for all you do for us!I have had 3 trades in a little over 2 months,both were profitable.It's easy to have patience when you look at this business as you describe it!!THANK YOU,and godbless......

THE ANSWER..............

great question and a simple answer but it wont seem simple to you for a while. it will however if you keep the focus of only taking the best set ups. how do you know the best? after practicing for a while.
ok the answer.

i literally know with almost certainty that when i enter a trade its going to do one of two things virtually every time.

1. give me a profit either full or partial

or at the least

2. give me a chance to get my stop to breakeven because i understand simple side to side support and resistance. understanding this had a great deal to do with the decision to take the trade in the first place.

i go months at times without taking a loss from daily charts BECAUSE i know before i enter its a near sure thing. the losses i do take whether daytrading or not are still for the most part less than A PLUS set ups. (yes i still screw up).

those losses usually come after a very long run of winners and im feeling over confident. (yes im just like the rest of you)

since i trade with a very large account im only looking for 2 or 3 slam dunks every month. there are ALWAYS 2, 3 or more "money in the bank" set ups every month.

its actually very easy when you trade like that when you start out on daily charts IF you keep that ultra picky attitude. The hard part is for small account holders to be picky ( been there done that)

being that picky is 180 degrees different than the way 99 percent of people trade.

this is what i teach people to do.

a certain percentage try it and give it there best for 6 months or a year and a very high percentage of them find out it works.

a certain percentage refuse to try my way because they want it all and they want it now (thank you freddie mercury). many of them return when they are beat up, bruised and whipped. those are the ones i enjoy seeing make it the most. i have a bunch of them and they are my pride and joy.

once someone finds out my way works (from there own hard work) on long term charts they then have a thought.

"i just proved i can do it on daily charts so if i follow the same business plan perhaps i can do it on 4 hour"

(many never see a need to go to 4 hour or less. daily gets to easy and profitable for them to even waste there time)

Since they now "know how" to make it work making it work on a lower time frame is simply a matter of following the game plan NO MATTER HOW LONG IT TAKES.

So what does good money management mean to me?

1. never risking more than 3 percent of my account on any one trade.

and

2. being so picky and aware of the best set ups that losing that 3 percent is highly unlikely. less than a 10 percent chance.

DO I always follow my own advice?

NO, but i do most of the time.

jim

damn that went as fast as the nuts with the real trillion of our money.

The different brokers with different shapes has been talked about during this thread many many times, what James advises is this, chose your feed, and play what you see, over time it all pans out.

I deleted the post since I thought it was kind of a distraction to the thread, but here it is again.


http://www.pagetutor.com/trillion/index.html

good lvg. i thought that was pretty darn cool. a picture is certainly worth a thousand words.

jim

yes and if it bugs you new people on demo that your charts dont match mine or most eithers just go get a demo account at ibfx. what most of you dont know is i use tradestation but since most of you dont i use met4 in this thread.

jim

YES!!! you guys are starting to make me a believer in these things. i can manipulate charts much easier with tradestation and these two day pin bars are under some serious research at my place.

jim

lol

I trade 2 day pins all the time, I have found them to be every bit as reliable as a normal Pinocchio Bar.

hey clock whats up man. i sent you some mail yesterday. yeah your one of the reasons i started looking closer.

jim

Ditto.

Jaroo combines bars all the time too.

I've probably taken just as many two-bar pins as single bar ones. ...On all time frames.

Comes back to what Mr Trend pointed out recently too, about releasing yourself from the pre-defined bar patterns we push here.

You do get good at putting the raw price movements into context. Lop-sided outside bars etc. lol

I trade a lot of inside bars that are actually two bar pins as well. ...They're the easy IBs to trade.