james16 Chart Thread

Quoting albchr

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Morning everyone. For those of you who PM'd me to wish me good luck going live, I told you I'd keep you posted as I go. Well, here's my first trade so far. I actually didn't expect it to get quite this far but kept with it and managed it along the way.

A 3 part trade with 1/3 profit taken at each check mark. The top check mark was to be my final TP point but after seeing this mornings climb, I've decided to stay in and watch what happens. I'm not big on holding over the weekend (too new to this still) but I might just let this one ride if it doesn't...

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Quoting squeezy

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yup, already in it , and stop now at be +1 after taking half at +30 pips
waiting for the close of my next 4hr bar to trail my stops to lock in some more pips

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Quoting bfd

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I took that pin on GBP USD which had fib confluence Looks like its been blown out of the water....how do you guys resist the temptation to move your stop saying to yourself "its going to turn around any minute now" Just to get back a bit of your loss.

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Quoting ephisi

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as we can see GU closed below the 4hr gann and its on its way back up. In consonance with my previous analysis. Hopefully we can takeout 1.6000. Asia markets are up and still optimistic of global recovery.

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Quoting ephisi

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For those who took the GU trade.GU is showing a divergence but Refuses to drop. The macd and qqe are dropping drastically but price is not dropping. This to me means Its simply coming out of overbought conditions gathering steam to blast through 1.6000. hopefully.
As long as GJ is bullish GU is gonna have the hardest time of its life trying to go bearishs. GU 4hr gann has refused to turn bearish(flip).

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Quoting Shermenator

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I am actually looking just for shorts

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Quoting squeezy

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ok i see, no problem then goodluck with that,
yeah! hipster, i got burnt on the long gbpchf yday from my post of the dblhc on the daily chart, i was able to tighten my stops though, took me out for -64pips, lol
oh! im learning though,

nice trade albchr, cant wait to go live as well, goodluck on future trades,
cheers

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Quoting squeezy

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nice trade albchr, cant wait to go live as well, goodluck on future trades,
cheers

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Quoting Shermenator

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You see the more price goes up the larger the probabilty that the market takes profits takes place. When a portion of the people that bought at the bottom of the up move take profits they sell so since most of the buyers have already being consumed by the market the few remainder buyers will most likely get raned over.

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Quoting Surfer

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Hi all

First post here for me. Have read most of the thread over the past 6 weeks and am just amazed my the quality of the information and the willingness of some of you to share and help. There is a fantastic feel about this thread. I have learnt a lot and wish to thanks the founder Jim and the other regular contributors.

My next post will feature a chart with some observations and open questions. Hopefully it will stimulate discussion and learning for me and others.

Look forward to spending more time here.

Surfer

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Quoting hipcio

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Where do You see the TP area, Shermenator?

Peter

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Quoting albchr

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Thanks squeezy but please don't rush going live. My personal situation has forced me to go live now. I've been demo trading since Sept and in all honesty, I'd feel MUCH better demo trading for another year or so.

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Quoting Shermenator

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I am looking for the 7930 area to take some profits and reduce the risk but 7890 is the goal...

Keep in mind that it also comes down from what timeframe you wait for the price action since that determines the targets as well and your stop. I am an Intraday full time trader so I mostly trade 1 hour and 4 hour for a living ( occasionally I take daily trades). So I am seeking price action from this timeframe for now but if the higher timeframes later on give the trades ,I will participate as well by adding to my position or such.

Attachment ...

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Quoting hipcio

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Thank You - for the explanation,

Peter

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Quoting Shermenator

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You see the more price goes up the larger the probabilty that the market takes profits takes place. When a portion of the people that bought at the bottom of the up move take profits they sell so since most of the buyers have already being consumed by the market the few remainder buyers will most likely get raned over.

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Quoting shahram261

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thanks for reply
what i understand from your words are below and pls correct me if i am misunderstand:
1- do it as a fun and hobby is not proper approach. ( hobby cost money and pays money)
2- if you know you are trading for a living then it encourage you to gain money.
3- you mean for first year you should have different source for your bills and expenses?
4-
you mean cash all your investment and bring all in this bussiness?

sorry for asking but i needed more clarification.
regards

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Quoting Surfer

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Have attached a chart of the A/U with comments. Here are some additional observations and comments/questons. How many of these swings should we have caught?

At 'A' we have a BUOB but we didn't have an up-trend at that stage and also it was right up against resistance just to the left of box 2. Who would have taken that trade? If so, on a break of the high or on a retrace? I would pass due to the lack of trend and the resistance.

At 'B' we have made a HH and now a HL so we are in an uptrend. There is no J16 bar formation though. Any takers there?...

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