james16 Chart Thread | Page 1915 | 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

  • #38,281
  • Jul 21, 2009 3:08pm Jul 21, 2009 3:08pm
Quoting Jduester
Nothing worth trading on my daily charts tonight guys....
It s cool playing the trade, Josh

Took USD/JPY pin overnight but stopped out at B/E...Here was my trade:
Short with 1% at 94.05.
Initial stop at 1/2 bar height (94.45)
Stop to B/E after we broke 93.80.
Profit plan was at 93.25 (for 2R, or 2% gain)...

considering this as a detailed lesson.
  • #38,282
  • Jul 21, 2009 3:19pm Jul 21, 2009 3:19pm
Quoting Jduester
Nothing worth trading on my daily charts tonight guys....
Quite quick to move to BE, for me I think its better to let them have room to move. Maybe wait till price gets past a s/r line then move it to BE? Esepcially if your playing the break as retrace is common.
I hear and I forget. I see and I remember. I do and I understand.
  • #38,283
  • Edited 3:56pm Jul 21, 2009 3:24pm | Edited 3:56pm
This NZDJPY weekly buovb/dblhc/2wkPB/tweezer bottom looks interesting...Take 1st TP at 63.35

GregB
Attached Image (click to enlarge)
Click to Enlarge Name: NZD_JPY Spot.png Size: 14 KB
  • #38,284
  • Jul 21, 2009 3:56pm Jul 21, 2009 3:56pm
chart
Attached Image (click to enlarge)
Click to Enlarge Name: nj1.gif Size: 38 KB
  • #38,285
  • Jul 21, 2009 4:02pm Jul 21, 2009 4:02pm
Quoting james16
chart
Nice trade!...so any comments on weekly long on NZDJPY?

GregB
  • #38,286
  • Jul 21, 2009 4:05pm Jul 21, 2009 4:05pm
not much room bates.

if it gives you some mnovement dont hesitate to go to breakeven.

jim

Quoting batesmotel
This NZDJPY weekly buovb/dblhc/2wkPB/tweezer bottom looks interesting...Take 1st TP at 63.35

GregB
  • #38,287
  • Jul 21, 2009 4:08pm Jul 21, 2009 4:08pm
Quoting james16
not much room bates.

if it gives you some mnovement dont hesitate to go to breakeven.

jim
Gotcha...point taken...thanks

GregB
  • #38,288
  • Jul 21, 2009 4:20pm Jul 21, 2009 4:20pm
chart
Attached Image (click to enlarge)
Click to Enlarge Name: nud.gif Size: 33 KB
  • #38,289
  • Jul 21, 2009 4:46pm Jul 21, 2009 4:46pm
Quoting james16
chart
yeah Similar scenario we talked about last night in my chat. Look at gbp/usd if it makes another attempt to break higher and makes another higher high we will have massive divergence. Then it becomes a waiting game
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 14 KB
  • #38,290
  • Jul 21, 2009 5:05pm Jul 21, 2009 5:05pm
Now we are talking about divergence, here is another one
Attached Image (click to enlarge)
Click to Enlarge Name: eurcad.gif Size: 24 KB
You got to know when to hold them, and know when to fold them.
  • #38,291
  • Jul 21, 2009 5:08pm Jul 21, 2009 5:08pm
Quoting mbqb11
... Then it becomes a waiting game
many are waiting, few will be served...
.
Attached Images
  • #38,292
  • Jul 21, 2009 5:12pm Jul 21, 2009 5:12pm
???
Quoting raczekfx
many are waiting, few will be served...
.
  • #38,293
  • Jul 21, 2009 5:19pm Jul 21, 2009 5:19pm
Quoting raczekfx
many are waiting, few will be served...
.
Haha good one I liked that
  • #38,294
  • Jul 21, 2009 5:26pm Jul 21, 2009 5:26pm
Quoting raczekfx
many are waiting, few will be served...
.
But for those who get there, the VIEW is terrific...
Attached Image
I'm pretty much done with all this ...
  • #38,295
  • Jul 21, 2009 5:40pm Jul 21, 2009 5:40pm
Hi,

I've been thinking about the best way progress with leaning and practicing the material here. Initially I thought about having a $500 Oanda account and trading that while I learned. However reading through the thread Im wondering if it would be better to demo with a large account for 6-12 months while I save real money to that large account amount. This way I will be trading the same way and seeing the profits/losses as they will be.

The question is what is descent amount to start trading with given that I will be sticking to dailies and wont be living off or withdrawing any of the funds (i will be compounding). I earn descent money so can save quite a bit in a year. I would like to be able to trade full time maybe in 6-8 years from now. So whats a good amount to have by then to trade full time. I suppose I could work these out based on maybe making 5-10% a month. Just wanted to hear from those who have done it.

Thanks

Tac
I hear and I forget. I see and I remember. I do and I understand.
  • #38,296
  • Edited 6:04pm Jul 21, 2009 5:49pm | Edited 6:04pm
Quoting raczekfx
many are waiting, few will be served...
.
Hey...looks like the lineups we'll see when the FED declares "Force Majeure"!

GregB
  • #38,297
  • Jul 21, 2009 5:51pm Jul 21, 2009 5:51pm
here is what i did.

not for everyone but it worked for me.

1. for almost 8 years i blew small accounts. early on it was a combination of no knowledge and such a small amount meaning nothing. it was the perfect storm new traders fall into. small account combined with no knowledge and over trading.

2. towards the end of that 8 years i knew how to trade but the small account kept me over trading because i did not respect the amount a small move provided. in other words i would watch a win turn into a loss.

3. i quit trading live for a long time and saved my money but i kept demoing like a mad man.

4. when i came back it was with enough money that a small move meant something and as a result of that and the knowledge i had obtained by then things turned around.

5. the final key was following the outline in post 1.

the outline in post 1 is really just simple common sense.

took me a while to find some.

i always wonder how many of you would keep fighting for nearly a decade?

jim



Quoting tac
Hi,

I've been thinking about the best way progress with leaning and practicing the material here. Initially I thought about having a $500 Oanda account and trading that while I learned. However reading through the thread Im wondering if it would be better to demo with a large account for 6-12 months while I save real money to that large account amount. This way I will be trading the same way and seeing the profits/losses as they will be.

The question is what is descent amount to start trading with given that I will be sticking to dailies and...
  • #38,298
  • Jul 21, 2009 6:01pm Jul 21, 2009 6:01pm
Quoting james16
here is what i did.

not for everyone but it worked for me.

1. for almost 8 years i blew small accounts. early on it was a combination of no knowledge and such a small amount meaning nothing. it was the perfect storm new traders fall into. small account combined with no knowledge and over trading.

2. towards the end of that 8 years i knew how to trade but the small account kept me over trading because i did not respect the amount a small move provided. in other words i would watch a win turn into a loss.

3. i quit trading live for a long...
Thanks Jim, Its all there on page 1 as you say, I just find it hard to be motivated playing 1 cent a pip, whats the point. I would rather see demo money and save as you said. I suppose the amounts are a personal thing but to make me take the trade seriously then I would want to trading a 1/2 to 1 standard lot on daily .
I hear and I forget. I see and I remember. I do and I understand.
  • #38,299
  • Jul 21, 2009 6:05pm Jul 21, 2009 6:05pm
Quote
I've been thinking about the best way progress with leaning and practicing the material here. Initially I thought about having a $500 Oanda account and trading that while I learned. However reading through the thread Im wondering if it would be better to demo with a large account for 6-12 months while I save real money to that large account amount. This way I will be trading the same way and seeing the profits/losses as they will be.


I know exactly where you are coming from Tac. I started out (stocks) with real money. No demo. Made some, gave some back. Realized I had no idea what I was doing before any damage was done. I flat out got LUCKY.

It took a long while before I went back live again - and I am very happy I waited. I have not blown up my account, nor suffered a big draw down. (I owe James everything for that!)

Large or small demo - it matters not. I am a BIG believer in what Jim points out over and over again: If you cannot beat the market in Demo, you cannot do it live. Some like the idea of a small grub stake to learn off of. I do not - I simply will not pay tuition like that. I am not saying it is wrong, but why lose a nickel until you've proven yourself in a demo? (Just my 2 cents).

Quote
The question is what is descent amount to start trading with given that I will be sticking to dailies and wont be living off or withdrawing any of the funds (i will be compounding). I earn descent money so can save quite a bit in a year. I would like to be able to trade full time maybe in 6-8 years from now. So whats a good amount to have by then to trade full time. I suppose I could work these out based on maybe making 5-10% a month. Just wanted to hear from those who have done it.

Thanks

What is a decent amount?? Well, hard to answer that. It depends on your expectations, wants and needs.

If you make 100K a year now, you'll need at least twice (more actually) that in gross yearly performance. (Taxes, insurance, blah blah).

So to make the math easy - let's assume you need 20K a month gross. At 5% a month (your number), that comes from a 400K nut.

But I am sure you like raises, so, you'll need to grow the account...

And you'll likely want something set aside in case you cannot trade for an extended period of time. Disability insurance SUCKS.

And if your wife is like my wife, she will want a bit of security around the whole thing... more in the bank and perhaps the house paid for...

But this musing is nothing but mental masturbation.

My take on this is simple - when you are set to go, you'll know it. Time is 100% on your side. Use it to the full!
I'm pretty much done with all this ...
  • #38,300
  • Jul 21, 2009 6:10pm Jul 21, 2009 6:10pm
Quoting StoragePro
I know exactly where you are coming from Tac. I started out (stocks) with real money. No demo. Made some, gave some back. Realized I had no idea what I was doing before any damage was done. I flat out got LUCKY....
Ok thanks Pro, something to think about.
I hear and I forget. I see and I remember. I do and I understand.
29 traders viewing now