james16 Chart Thread

But you're not surprised where it went, right ben ?

Totally puzzled by that move, looking around at all the correlations and nothing else spiking or out of the ordinary...

Hi mate

Where did you get that info if you don't mind me asking? I googled it but nadda.

Stop hunters suck lol

but i'd gladly be on there side lol

I have a feeling your entry just got touched eh? Fave 50% just gave a nice touch trade. Already 50 pips lockedi n profit and now let's just see where she rides to.

Damn DarkStar. lol

Nothing out of order there my man. It's straight to the 50% of the initial pin bar as well. I like yours too!

That move on 4h was like looking at the 1 min chart, lol.
At least I got my 2.5R


That was some kind of economic data, effecting only the chf pairs - look at usdchf. Anyway, I thought all the economic info is listed on FF's calender...weird.

I didn't adjust the SL (above the daily pin) so I'm still in

That 50% is a wonder retracement. It seems to work on so many High/Lows, quality PA, etc. And forget about it when its confluenced. Very strong.

I'm also still in, let's see next week ...

"You small account holders, you gotta make a choice, you have to make a choice, if you small account holders are going to watch price reach your first support and resistance area, and leave your stops at losses, because the move between here and here is not enough money to make a difference to you, Stop Right Now. Because it's never going to work for you, you are practicing something that you are never in a million years gonna do, when you have an account where that move does means something to you, you are practicing useless skills, they're not gonna help you a bit"

Just to add my 0.02p if I may...the size of your account IMO should not affect the style of your trading i.e. if you move to BE at first PPZ area on a trade then this should apply regardless of the size. The type of setups you take ie. your trade plan again should not change...you have to dissaccosiate yourself away from the money at stake and focus on trading your plan regardless of the quantums involved. If you are using proper risk management then you should not feel different whether you are trading a small or large account...being emotionless when trading is imperative in order to be successfull IMO, trading your plan (a plan that you know give you an edge and statistically will make a net profit over the long term) is all you need to focus on...in fact trading shoiuld be quite dull as all you are doing is repetition of looking for setups and executing a plan over and over again.

What can change and I think should be different (depending on what your financial goals are) is the time period / frequency with which you apply your trade plan / exit strategy etc. With a large account, you can easily just trade daily charts and above and pick the few A+ setups per month in order to make the return on capital required to live off (agian depending on what your financial needs are) i.e. the % return can be relatively small.

But say you have a small acount e.g. 5k and your aim is to build an account size where you can put a few years money aside for living and trade off the rest to make future 'living funds' then if you just trade daily charts and above you won't get there for a fair few years IMO.

however, if you apply the same trading plan, style and setup methods to lower timeframes you can still pick A+ setups which give you the same % win rate, but now you have a higher frequency of trades and thus a higher % return...and you can get to the stage where you are picking long term trend trades of the lower time frames to obtain very high R/R which again makes growing a small account that much easier to grow faster.

For example, when I'm off I trade Daily, 4H, 1H and 5min (jankone style) and apply the trading plan that I apply to my daily trades i.e same setup criteria, risk amount, exit style etc. However on a good day I can pick 2-3 5min trades and grow my account 10% whereas taking a daily setup which turns into a runner would take ...maybe weeks to make this return.

Now, as everyone says, the lower timeframes are are not as powerful as the higher timeframes in terms of the power of the chart patterns, ppz etcl, however if you are strict enough you can still get the same high probability setups as you can on daily.

However, as Jim states over and over again (to which I agree) for most newbies, trading the daily's is much easier as a way of learning...from my experience it is much simpler to be reviewing charts end of day and putting your orders in overnight and you have much more time to move your stops etc etc. plus you dont need to be sitting in front of your charts. But if you have mastered that then there is no reason you can't apply this successfully to the lower timeframes...it's only your own mindset, fear / greed i.e. the psychology of trading that can get in the way IMO and that IMO is the one biggest thing that stops a trader being successfull - their own mind.

Maybe a bit off topic, but hey thought I'd just share my views.
Have a good weekend all

No economic data...it is pretty well known that the SNB intervene in their currency when it appreciates too much...look at a chart of the EUR / CHF on the daily and you can see how ugly that chart is and where the spikes have occurred in the past.

That's it man. Here's how I play pins anymore; I trade the break down to the first trouble area, in this case 1.6900 for me. After that, I just place an entry at the 50% fib of the original pin with a stop above the 61.8. That second trade is what will give off most of the runners IMO- at the same time it sometimes doesn't show up which is fine.

I'll be trading this one to 1.6750-75 area now that we've seen the 50% retracement and hold down of price. If it runs up again, I get stopped out and have a better inkling on price movement in the direct future.

Common sense is a wonderful thing. lol

Swiss Franc plunges; Traders Suspect Swiss National Bank Intervention
29 janv. 2010 18:58

NEW YORK (Dow Jones) -- The Swiss Franc dropped sharply agains the dollar and euro Friday just after noon in New York trading, prompting fresh suspicions that the Swiss Central Bank may be acting to crimp its recent strength.

The SNB couldn't be reached for comment.

The SNB has a long-standing aversion to Swiss franc strength as it threatens to stoke deflation in the country's economy. The Central Bank is thought to have intervened to weaken the currency several times in 2009.

The SNB could be defending the CHF 1.4700 level versus the euro said a currency strategist at UBS.

With investors possibly turning to the safety of the franc in light of the debt concerns in the euro zone, the SNB may want to be sending a message that it still is in the market, defending the franc, he said, though he stressed he didn't have any concrete information the central bank had actually intervened.


By Bradley Davis , DJ Newswires.

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Sorry for the delay...copy / paste didn't work, had to retype the whole thing.

Interesting they chose to hit NY lunch time session on a friday. I don't get why not wait for a holiday like the yen traders seem to do. Could really do a ton of damage. Anyway, that really sucked lol. Feel especially bad for those that actually trade large though

EURUSD is approaching Weekly PPZ with added confluence of Round Number 1.3700 & Fib 50. Let's see if it gives us price action on daily or 4 hour.

Nice plan. I like it. I like looking at these types of situation on quality PA, which I believe this one is, all be it on my 2nd half position.

Cheers ts63,

haven't seen a 4H bar move like that in a while, held my breath for a couple of secs... lol

Anyway, I've closed out manually at B/E, that big bullish outside bar has messed up the picture for me a bit now and not to keen on going into the weekend at B/E with the chart dancing around like that. Will have to err on the side of caution and live to fight another day.

Good luck to the rest of you guys that are still in.