james16 Chart Thread

Revstar,
somehow, in the past, raczekfx's had his fair share of our current experiences.

If we all strive hard enough, he can be 1 of several of our possible future selves.
He is actually 1 of those i look up to in FF.
There are several like him, in this thread, that are talented & generous and whom u can emulate. Go take your pick/s.

Many thanks supreme,

I really appreciate the comments and am grateful that my journey has bought me to this particular forum.To say it has helped me a lot would be a huge understatement!

Daily PB still forming, but the 4hr looks good.

Plus50,

Noticed this one earlier myself... lets see what develops over the day.

Fat Tom

Bulbrokers STS MT4, H4 chart:

just noticed these in $jpy...
3 consecutive PBs (June8; around 98.20 - 98.60) & then 2 consecutive BEOBs a few bars back.
all these within a few days....

If i get the chance, i'll post a chart later.
nothing much, just a small observation of the current $jpy range

nice one, i was wondering how they played out for you. you got in the gb/us about 2 pips before me!! i must be learning something.

lol, i got there too! still short eu with a faily tight stop locking about 90 pips and gb/us closed for + breakfast! hehe
jon

g_j_hook@yah,
aha.... that explains why i didn't see u earlier. lol
u were busy enjoying your pip cereal breakfast....
u were nice not to share some, huh. excellent move jon

4hr DBLHC ??

breaking down and thru 1.38. Support at 1.3730ish. H&S target 1.32.30ish. 1.34ish seems more likely.

Hi Kean,

I am still testing outside bars for ideas around tight stops and retrace entries so bear that in mind when I answer. As always your question sparked some other thoughts, so this is less of a direct reply and more of a riff on what you were talking about.

Outside bars are trickier because, more than any other type of bar, price tends to retrace into them. You can use that to your advantage by looking for a lower timeframe entry with good price action between the 50 and 61.8 fib say. The only time I would do that is with a daily price action bar on the retrace of a weekly outside bar. I'm not that comfortable with retrace entries just yet.

Because retraces are common with OBs then playing a tighter stop is harder. Pinbars, in my observation, tend to provide the kind of hard break that favours a tight stop. Another area OBs often retrace to is the low of the previous bar (in the case of a BEOB and vice versa). It's like anything else, SR levels are crucial.

DBHLC and DBLHC function in this way too. Retrace entries are of course tricky to catch because there is no guarantee price will turn around at this level. Some people have said that they win as many as they lose from this extra entry style so they prefer waiting for the breach. Now a retrace entry after the breach, giving the opportunity to add in to an existing position.... that's something to look into I think.

Regarding what you say about A+ and non A+ setups, I think it's very viable. The only thing I would be wary of is the non A+ setups. I think at the start it helps to learn to be picky picky picky, and a trading plan that allows you to take "non A+" setups may have you stumbling into some crazy bars (like Mike on a Friday night, but that's another story... ) I've been there and done that. Taken bars I had no business taking in any conditions but assuming that my tight trade management would allow me a look-see. It's brutal. For example, the recent EURCAD and EURGBP pinbars (I think) were to my mind less than A+. Jarroo said so too. I didn't touch them. Had I touched them and decided to play them tight then it would have been BE or a small loss. And they eventually paid off. To many people's trade selection criterion these were A+.

I guess my rambling point can be summarised as follows: A trade plan that allows you to take a bar you're unsure about just so long as you "play it tight" could be a recipe for disaster. Pickiness and patience are great. I assume James16 could take almost an of the iffy price action bars we squint at and wonder about and make a profit or get to BE at the very least, but he doesn't want the risk or the hassle. Mike has been trading the 1H successfully for a long time and he's backing off that timeframe now to concentrate on the highers. He even did well with 5M/15M but didn't like the hassle it involved. Ryan prints money (best percentage returns I have ever seen) on the 5M but he wants his life back so he's coming to daily.

The point being, fewer and fewer trades, all easily managed are where all the seniors are. Mike once presented a renowned trading psychology and MM expert with a variable trading plan (so much risk for A+ bars with such and such trading strategy, so much for A bars, so much for B bars) to which the guy's response was "why take anything less than the A+ anyway"

From my research the way to go is to use the advanced techniques to finesse the "A+" bars (I use these grading terms very loosely because I don't quite believe in them. One man's A+ is another man's B-. It all depends on our management style and what you look for). Raczekfx does this with retrace touches off weekly PPZs and high grade daily PA bars. Or Jarroo playing a tight stop on an "A+" bar for higher RR and passing on anything less.

An iffy bar will always be an iffy bar and no amount of trade management will prevent it from being a riskier play. Thinking we can finesse our way out of a lower probability setup is in my opinion a tricky road.

And regarding your question about large stop size, it has never bothered me. A chart is a chart to me and moves are often commensurate with the size of the bar. So a large outside bar with a 500 pip stop may yield me a 500 pip move. On a smaller timeframe the chart could look exactly the same but the pips per bar would be smaller. It doesn't matter to me. In fact I hardly ever look at pips but always at percentage R. Of course there are occasionally mad untradeable bars like some of last year's 900 pip specials, but these are the exception. If you utilise correct money management then whatever the bar size it should still be a fixed percentage of your account. So 500 pip outside bar = 1%, 90 pip pinbar =1%. Then you start looing at the move in relation to the size of the bar and many of them give around 1:1 which is enough, with a good win rate, to be very profitable from.

It's like when people talk about huge spread. Spread is usually related to the average daily move of the pair. So big spreads are cancelled out by big moves. The exception to this is when your broker widens spreads at specific times of low liquidity and news and I tend to stay out during those times anyway.

Hope that helps. Still madly jetlagged and just waking up so will review later and may edit if it's incoherent....

bravo

Seeking Light perhaps? I seem to remember this too... that conversation seems to pop in my head around 4:00pm most trading days (when I start looking through daily charts deciding if anything is worthy of putting some cash at risk)...Good question to ponder...

"Why take anything less than the very best setups?"

Josh

Anyone trade the I46B?

Easy trade, little drawdown after the break (-10 pips). An easy 50+ pips on the 1st half and 2nd at break even. 135.00 is a key level.

Just to clarify Aaron was speaking about Fijitrader

lol...it wasnt mine to share, breakfast was on rac!hehe

great post TiaForex,(i allways thought of you as a women with the Tia bit??. )
i particularly liked this sentence,sums it up perfect.We are often tempted to try and get in every move with dodgy looking bars, a mistake i make myself although thanks to posts like these i suffer less and less. patience is the key here for me, looking for good entries on these bars is one thing but one has to be very carefull that it is not at the detriment of the setup.For many pairs right now a 1h bar size as high as 100 pips or more is quite normal so a large SL should be expected for most of us mere mortals!but that means it can go our way 100 pips a bar too!so why worry too much?!?
cheers
jon
EDIT: does that even make sense??lol

Thanks Aaron for another great reply, there are some great points there for me to ponder. I did set out to just take the A+ set ups and I am now realising that I am starting to drift towards also taking lesser set ups and , like you say...why?...no need! I think that I need to get back on track and have a bit of a clamp down on these iffy bars creeping in. I am learning a great deal from you at the moment and I really appreciate it.... I am now going to read your post again!

Kean

nice one jarroo, iv been waiting to short this pair for over a week now but i missed my chance today concentrating on other pairs!maybe next time
jon
EDIT: i see your 1.6300 is getting a hammering!!

Indeed.....there is room on the train to sit now, right Chaos!?

Oh. I must have been thinking of a different conversation (on this thread)....thanks, Josh

Should have waited for the break of the 1.6300. #4 of James16's "This is Critical". That would have been a smarter play.