james16 Chart Thread | Page 1512 | 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

  • #30,221
  • May 17, 2009 5:50am May 17, 2009 5:50am
Quoting Jduester
Krue
I would fully agree with what BJohn wrote on this topic. I have an idea of what is possible for my specific strategy based on my demo results, but I don't focus on the results. I focus on being patient and disciplined to only take the best setups. By doing that, the results will speak for themselves.

Your post reminds me of something Jarroo wrote a while back... Always remember this quote...
i would suggest you guyz check out my strategy page,there couple of plan's there that have helped lot's of newbies and pro trader's here....
Imanuel Parsifal
  • #30,222
  • May 17, 2009 7:53am May 17, 2009 7:53am
I found only one trade that I would consider A setup. EURAUD 2 week PB, 1.7500 weekly PPZ, 61.8 fib ret..
1.8500 is next area to watch for potential target.
Attached Image (click to enlarge)
Click to Enlarge Name: euraud2w.jpg Size: 122 KB
  • #30,223
  • May 17, 2009 10:17am May 17, 2009 10:17am
Quoting alter
Raczekfx why would you risk just 0.05% if there is the best probability setup. You get 3 or 4 such a setups per month so even if they all are winners and your RRR would be 2/1, you would make just 0.4 % per month or 4.8% per year.
Regarding point B , would you recommend to trade H4 or H1 charts?
Obviously , one would find much faster if system works or it does not , then on the weekly.
Thank you
alter
Correction!!!
I meant 0.5% risk on a trade for someone who can't watch the charts at all times, but wants to participate in the market and trade off daily charts. On the best setups I can even go as high as 8%(if I'm correct Darkstar went even 10% on certain setups.. Mike?), but then again I'm glued to the screens until stops are at BE (hence my rate of return exceeded my wildest dream this year…lol)
I can't really nor do I want to recommend anything. I know what I’m capable of, I know my strengths and weaknesses and can only ‘advise myself’. If you comfortable with 1hr, go ahead and trade it. Statistically speaking, if you do so while you still struggle to learn the behavior of currencies, your chances of survival in a long term are NIL.
  • #30,224
  • May 17, 2009 11:17am May 17, 2009 11:17am
Haven't had a chance to trawl recent posts so not sure if this has been flagged.

Weekly BEOB at swing high with close below channel, bearish div on stochs.
Attached Image (click to enlarge)
Click to Enlarge Name: Picture 1.png Size: 78 KB
Money & Pain Respect the market, protect your capital, be patient
  • #30,225
  • May 17, 2009 11:18am May 17, 2009 11:18am
Quoting raczekfx
Correction!!!
I meant 0.5% risk on a trade for someone who can't watch the charts at all times, but wants to participate in the market and trade off daily charts. On the best setups I can even go as high as 8%(if I'm correct Darkstar went even 10% on certain setups.. Mike?), but then again I'm glued to the screens until stops are at BE (hence my rate of return exceeded my wildest dream this year…lol)...
that was for one specific system he used exploit a rare occurring inefficiency. He later ditched due to lack of trades. His main system was run at 2% risk and had a very high expectancy.

There were some great posts on the subject. My take is simply a trader that is not yet profitable should stop thinking about the what IFs of trading. On what they should Aim for, and instead focus everything on simply learning to trade right. This is why like mark said, if youa re struggling going to the lower timeframes so you can up your position size and potentially gain more is a recipe for disaster. Rac has been at this for a LONG time, it did not come over night.

My return varies from month to month, and I never aim for X% a month or a year. I simply aim to trade the best I can with my methods. If I end up down for the month, I don't try to make up for it next month. Just because I made X% last year doesn't mean I will make it this year. Trying to tweak a spreadsheet starting with 10k/20k/30k/ to what you need to get your million in 1 year, 2 year, 3 years, is playing with fire.

Focus on trading right, the profits will come and take care of themselves.

Mike
  • #30,226
  • May 17, 2009 11:52am May 17, 2009 11:52am
Quoting mbqb11
that was for one specific system he used exploit...
Mike,

Can you post the link to the Monte Carlo simulation thingy, I somehow deleted the link ( )

Regards.
Jig
  • #30,227
  • May 17, 2009 12:19pm May 17, 2009 12:19pm
Everyone wants to get rich - and of course get it accomplished in a few years. (I know for a fact, I'd like to!) Funny thing about that - it can take more that a few years just to put the right personal tools together to begin to accumulate assets in an account.

There is a magic pixie dust for us though. It is called "Hard Work and Discipline." Learn the craft, get *really good at it*, and you'll have a chance if you are really committed and create a real business. Stop fixating on percentages unless you talking MM.

I do not post here often, but for the lurkers and new ones - this is the right place to be. There are some great teachers here. Pay attention. Ask questions. Put into practice that what you learn over and over again. Then you'll have a real shot at getting what you want.

Want to read an instructive book? Check out Warren Buffets Biography. A few things stand out in my mind - he works like an absolute dog. When it comes to business he is as serious as a hear attack, and he is definitely NOT nice about it. And he is infinitely patient. Here is the Buffet jewel of all jewels: He noted that he often is brought deals. Some of them are difficult to do, and carry a lot of risk. His idea is to avoid them - why? Because there are plenty of 6 inch bars he can step over with ease, rather than trying to leap the 7 footers. The best do it this way.

Nice place you have here Jim. I really like the open floor plan, and the pool is the bomb! Anyone know where the Keg is?
I'm pretty much done with all this ...
  • #30,228
  • May 17, 2009 12:25pm May 17, 2009 12:25pm
No business would go ahead without expected projections. You need to at least have an idea of what profits you will make, realistcally. I agree looking at monthly % is to short term, unless you are looking back through your trading history, not hoping on the future, but you should have an idea what annual percentage you can get.
Economists have forecast 9 out of the last 5 recessions
  • #30,229
  • May 17, 2009 12:32pm May 17, 2009 12:32pm
Just some thoughts A/U 7300 level 50 fib I will look for pa to go long reaching 38 fib appears quite possible.U/C reaching a point of strong resistance still looks like more downside lookin to short.U/J was very kind to me last week exited my position for a watersking trip no internet if i had a six figure account would of stayed home anyway if it doesnt bomb will look for short around 96 level this imho can still be a pip maker!Go Lakers game 7!!!!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: latestpicture.gif Size: 18 KB
Click to Enlarge Name: next.gif Size: 18 KB
Attached Image
  • #30,230
  • May 17, 2009 12:37pm May 17, 2009 12:37pm
Quoting markmm
No business would go ahead without expected projections. You need to at least have an idea of what profits you will make, realistcally. I agree looking at monthly % is to short term, unless you are looking back through your trading history, not hoping on the future, but you should have an idea what annual percentage you can get.
Unfortunatly this is not the case until you know what you are doing. And it is far from a one size fits all scenario. It will vary so greatly that until you have data behind your own methods thinking and wondering is preventing more valuable time from being spent on doing. And i say this from being in those shoes.

Mike
  • #30,231
  • May 17, 2009 1:02pm May 17, 2009 1:02pm
Yeah, just wondering how you treat it as a business from that respect, I guess trading in unique there.
Economists have forecast 9 out of the last 5 recessions
  • #30,232
  • May 17, 2009 1:12pm May 17, 2009 1:12pm
Quoting markmm
Yeah, just wondering how you treat it as a business from that respect, I guess trading in unique there.
It is unique but doesnt mean you cant treat it as a businss. Bu yes it isnt like opening a subway franchise. Still have to have a business mentality. After you spend a lot more time these questions will clear up and many of your former view points will greatly change. That is ok and part of the learnig curve.

Best
Mike
  • #30,233
  • May 17, 2009 1:14pm May 17, 2009 1:14pm
Quoting Jigsaw
Mike,

Can you post the link to the Monte Carlo simulation thingy, I somehow deleted the link ( )

Regards.
Jig
sorry out right now but just google monte carlo simulation coMes up

Mike
  • #30,234
  • May 17, 2009 1:20pm May 17, 2009 1:20pm
Quoting StoragePro
Everyone wants to get rich - and of course get it accomplished in a few years. (I know for a fact, I'd like to!)...
Whoa, it's SP, it's a long time since I see you in this thread, how's the PF going?

The few posts about not having % expectations monthly or years has just felt like a punch in the nose for me, for a few weeks already I'm dreaming about such % monthly, quarterly, or anything timeframely... I forgot about what I was looking for, to trade right, I'm playing with my own mind and just got served right, I hope I remember it loud enough not to get drown in this % swamp again.

BTW keg's dry, everyone just loves monday they try to stay sober after the weekend's over
  • #30,235
  • May 17, 2009 1:55pm May 17, 2009 1:55pm
Quoting mbqb11
It is unique but doesnt mean you cant treat it as a businss. Bu yes it isnt like opening a subway franchise. Still have to have a business mentality. After you spend a lot more time these questions will clear up and many of your former view points will greatly change. That is ok and part of the learnig curve.

Best
Mike
I agree with you, I just havent got enough trading time under my belt to have a history. I think when your'e at this stage your always tempted to get excel out and let the compounding get you excited even when you think you are being conservative and long term with the figures. Im 100% sure reality will not match the spreadsheet.
Economists have forecast 9 out of the last 5 recessions
  • #30,236
  • May 17, 2009 2:53pm May 17, 2009 2:53pm
Hey Mike, or any of you advance folks out there, mind looking over my previous post, 30164, see what you guys think!

Thanks
  • #30,237
  • May 17, 2009 3:17pm May 17, 2009 3:17pm
Quoting frankm7
Hey Mike, or any of you advance folks out there, mind looking over my previous post, 30164, see what you guys think!

Thanks
Hey Frank

Your analysis is sound, it is just a more aggressive way to trade then waiting for Price action. It is more Raczefx`esque , but certainly fine way to learn to trade. When I say more aggressive that doesn't mean BAD or WRONG, which is often associated with that word. Just keep testing it to see if it will work for you in the long run.

Have a great week!
Mike
  • #30,238
  • May 17, 2009 3:18pm May 17, 2009 3:18pm
Quoting PipGator
I see a lot of interesting setups today and wanted to share my thoughts and see what others think. My favorite at this time is NZD/JPY. There is a BEOB on the daily and weekly charts. The weekly BEOB is at a swing high.
I agree, PA has painted quite interesting pictures mainly in yen crosses. The movements were quite brisk and most of the downward pressure looks like being down now. Maybe experts and seniors will throw in some gold nuggets about the action. To me the likely scenario, break of the bar down, movement 50-80 pips and then strong retracement. Almost all are very close to the next availabe S/R. Downward moves are looking quite overdone.
1. NZD/JPY

Attached Image


2.AUS/JPY bar closed at the next S/R level ?any space for move
Attached Image


3.CAD/JPY
Attached Image


4.CHF/JPY
Attached Image
  • #30,239
  • May 17, 2009 3:39pm May 17, 2009 3:39pm
For everyone in the daily AUD/USD BEOB short, it looks like there is a 2 day pinbar which could serve as a continuation signal. I haven't looked into using pins as continuation signals, but this seems like a good sign for those of us that are short.

Does anyone here use pins as a sort of continuation signal when you are currently in a trade?
Attached Image (click to enlarge)
Click to Enlarge Name: au.gif Size: 11 KB
  • #30,240
  • May 17, 2009 3:42pm May 17, 2009 3:42pm
Nice weekly pin. Off from .7000, 50 ema and solid ppz.
Attached Image (click to enlarge)
Click to Enlarge Name: 54.gif Size: 23 KB
50 traders viewing now