james16 Chart Thread

Here is the other pair I am looing at ...I will only take the setup that offers the best price action

Nice. The USD/CAD is showing similar action.

A little bit. lol

Yep if we get some cad strenght that will bring the eurcad down aslong as the eurusd does not show it wants to go up because if that takes place I might get cought in a range trade...and I honestly see room for the eur to fall to the 1.37 area and expect some cad strenght today so hopefully that pair runs the eurcad

A second bounce is usually more reliable, because added to the support level is fresh evidence of respect of the ppz in terms of recent bar lows.

I like my first touch trades in circumstances like Gj currently, with so many odds indicating a highly unlikely sustained move off the bounce of ppz. You get in...bag in 40-70 pips and continue to stay with the overall momentum. However I still felt like giving Gj a go merely because of the strentgh of the ppz, more risk follows in terms of a wider stop.

Here's Nu 1h to better explain the "bounce" phenomena as I percieve it.


Regards,
Ghous.

Did you take a look at the Monthly?

Monthly is incidental for now...a lot can change in 7 days.

First target hit, 40 pips bagged, stop moved...

So how u play this is look for a second bounce of a ppz and go in the direction of the bounce?

nice ghous, already in off the 1hr tf, im waiting to see hw it closes on 4hr, among a couple others....
cheers

Hmm I wouldn't recommend it. It's a very "esoteric" translation, that can easily be misleading IMO. Better check out Shobogenzo-Translations from Nishijima

Take care,

Marco

lot of goot setupd possibly on 4hr bars, eurjpy, gbpjpy, euraud, audjpy.... lets see in 25mins

as well as audchf and usdcad

Hey Ghous,

So you played the touch off the 155 following the 4hr pin with divergence. Very nice, BUT, where was your initial SL and why?

I also like these pullbacks at round numbers following PA but my SL is very tight (15pips max) giving an excellent R:R and good expectancy based on my testing. In the GBP/JPY price moved 30 pips lower than that 4H pin?

Thanks

Hi there,

I just wanted to tell you about some recent developments in my trading-life which some of you might interest.

In the past my trading looked a lot like this: I took trades of daily charts, set me an alert that I get an SMS on my mobile once I'm into a trade and then I'd watch it. Or I'd watch it anyway because I wanted to be THERE when I got into a trade. So I watched the markets a lot before I even got into a trade and even more once I was in. Then I did lots of fancy stuff, moving stops to breakeven quickly, taking some money, trailing my stops, setting targets and whatever. I've been a profitable trader doing this for years now.

Now I had some thoughts about this lately and asked myself if that's really the best way to trade for me. Did it pay off to watch market action so closely? I went thru my well recorded trades in my trading-log...and guess what I'd have probably done a lot better just turning off the screen and going to the beach. But I couldn't really believe it, so I thought okay fuck it, let's give it a damn try!

And oh boy this month is not only more profitable than the last few, it's the best trade I've ever done! I've traded a much more relaxed life with more profits against the stressfull stuff I did in the past.

Do you know how my day looks now? Don't laugh. I get up in the morning, start up my charting-software. I check open positions, have a look if there's something to be done, check if there's anything I want to risk my money on and then (we're talking about 20-30 minutes here) I turn off the computer and I'm done for the day. I managed to not even LOOK at any quotes during the day, which is a hard thing if you're browing some websites.

This has taken a lot of stress off me. I've got a much better sleep again and feel like a new born baby. It's incredible how much more relaxed your trading becomes if you don't confront your brain with what's your money doing 100 times a day. I mean think about it. Everytime you check your position your brain evaluates this information. Even if you're experienced, something's happening there, and to some level even if you're doing this for years, if you see your position a couple of hundred dollars or more in the red, you think "fuck!" even if it doesn't bother you much anymore...

Well don't know, maybe this helps someone. Really I finally got now what I wanted my trading to be like. A way to have more free life and less stress. To trade to live, not to live to trade. This is hard to do because you might start thinking you should work a lot more for your money than 30 minutes a day...but no, you don't have to. Really. Funny thing really is, most of you would get more $ turning off the screen instead of messing trades up

Take care,

Marco

Yes, I got in on both of these trades, and just got out on a small pinbar on 1h chart. Since I was going against the trend I was ready to to jump out on any sign of reversal

One of the primary reason for me to jumping into GBP/CHF trade was price test 1.7900 area 4 times last week and today's daily bar closed with a decent size bearish (pinbarish) bar. This told me the market sentiment have changed.

I also got into EUR/GBP trade because of Bullish pinbar. The pinbar itself is not a very good one. However, since this pair moves opposit direction of (GBP/CHF), I also took this one.

As I'm writing this, both pairs took off in my direction another 70 pips....but I'm happy with what I got.

Well that is inspiration Marco

I aim to get to your position but am still fighting my need to 'fiddle' with my trades once they are open. I have lost count of the number of times I have said to myself at the end of a day - "If only I had just left it..."

Matt

I believe this is the correct Price Projection for Head and Shoulders.

just a shout out....

i see Trader888 online & watching this thread...
Good to see u around Sir.
Lurk less, post more.

Hm, did Jim mean Jarroo?..

No clues, but one never knows...