james16 Chart Thread

Alexandra,
small bet.... consolidation, then down. 125 - 130 area, the possible next area/station/range. & down further, who knows?
just my 'scenario imagination' turned on.

Chaos, LOL - Indeed, this may be our next train, although it seems I am on the other track.

That I46B (or any other PA) sure would look better in the green area. Nice confluences of Fibs and round number (140.00).

Alexandra,
I'm sure u have no worries..
since we are talking of figurative trains here, we can ride on both at the same time.
Apparently, u are still riding the current in-demand train which is going up, squeezing out all the pips u can.

jarroo,
Aha..... jarroo's crystal ball.
Let's see if this eurjpy train can still chug along northward (& probably give Alexandra et. al. further green pips).

Yes, there appears, however, to be a throng gathering at 137 to exit the train. The conductor may have to free up some baggage room before ascending to the next destination.

Eyes on USDCHF 1.0850 for PA direction

Nothing in it for me till 1.1 is in sight...

With the recent discussion on IB, I'll like to give my opinions on how i view them and by all means... please comment on it.

I tend to look for PB or other PA on Daily chart, then go down to 4H chart to look for any PA confluence.

Then I wait for breakout in 1H. However, I wait for candle close out of breakout lvl for confirmation.

From backtest

Daily :
http://i102.photobucket.com/albums/m114/LSS7788/mn.gif

4H : IB IMO, is like a boost to momentum.
http://i102.photobucket.com/albums/m...S7788/mn4h.gif

1H : I highly doubt I would be able to hold the position to the next day due to my tight trade management. (Please ignore the Fibo drawing there)
http://i102.photobucket.com/albums/m...S7788/mn1h.gif

I tend to zoom into my entries but really, we can play it simple by looking at one TF only.

The first attempt to break D2 negative pin bar on GBP/USD didn't end up as i wanted, hope the second attempt will bring some fast pips

It's great approach. I've seen many use it quite successfully. They use higher PA as an . . dare I say . . . indicator.

Ex. The Weekly PB on the G/U. So we would look for bearish PA on the Daily, 4hour and even the houly as a "confluence" with the Weekly bearish PA (PB).

Nice LS.

Jim

I like it, datogio. Very Nice.

Yep nice, but all we need now is a strong break

There's the break I like, i'm in.

I'm in too

Smashing through the 1.6300 is key, if it doesn't I'll look for a possible out or break even.

the same plan here

EDIT: I'm out in BE , will try later on London session.

back again

Retesting the break or entry. Good sign.

Hi gang,

I want to tread lightly out of the respect I have for the other traders here, and especially Dr James16. I’m focused on the markets, open of the week. I will use this post to elaborate in a bit.

I almost missed these trades myself but meant to post the charts prior to entry.

Reply better soon,


Ok, I can hardly keep my eyes open right now, Trading on the west coast can mean some late hours.

I want to reply tonight, then make further improvements in the morning.

Actually the above is a lead in. Prior to taking any entry, I am looking for some sort of event to trade into, or from on a daily chart. One reason is that I am often to tired to make objective decision in the middle of the night.

Next I am looking for an entry on a smaller time frame, 4 hour or 1 hour.

Then I watch the entry bar to see how it performs, After I am in a trade I often start checking the news to see what is happening. The reason being for example; if an unexpected event has taken place in the markets I will keep more of my position on then normal.

My objective is to build a position in the markets and let it run using the daily chart as my guide.


Each position entry I take is a very small percentage of my account and I am looking to get to break-even or a paid for trade within a bar or two, if not, I'll drop the trade like a hot potato.

All the one hour and four hour entries I take are a result of different methods I have learned over the years.

There is no guess work when I trade them and to try and explain all of them would not be practical.

I hope I am not coming off wrong.



Anyway

The double 4 hour inside bar entries I believe stand on there own, especially when traded with the daily trend.

I am forward testing them and making notes as I go and hope we can all learn to use them together.

The idea as to why I think they work is: The Forex markets are the most volatile right? So if they stop moving for two inside bars, why? There must be an event the market is looking towards.


I am a student of pin bars and hope to add them to the entries I use after I understand them.

I am thankful that I am welcome here and have great respect for all of you on this thread.


Dale