Menu
Sister Sites

Options

Bookmark Thread

First Page First Unread Last Page Last Post

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

Quoting SeekingLight
No, of course not.pppp
I can only recommend to everyone: unless you want to suffer humiliating results like the attached ones, which are the only thing you can expect if you completely ignore fundamentals, you best get to reading up right now!
And this is just a glimpse of the terrible daytrading fate you will suffer.
wow.
what terrible, humiliating results indeed.
if that is the case, i want to be terrible all my life.

this is your 6th post this year.
looking forward to several more before end-2010.
Quoting SeekingLight
No, of course not. If you are in any way inclined to distract yourself from proper trading and wish to add an additional factor of psychological burden and uncertainty, there is NOTHING, I repeat, NOTHING better than the clueless bleating of the sheeps that is commonly referred to as fundamentals.
Unlike a s/r level, you can't verify for yourself whether someone's opinion may or may not be correct about not just what has already happend, but for what will eventually happen. What could be more ideal to put your trust and beliefs in...


That's...
Yes. SeekingLight are consistent with many others about S/R too. Here is another of my polling:
http://www.forexfactory.com/poll.php...lts&pollid=711
Quoting jarroo
I would say 9 times out of 9 it was half. lol

You should try the "free trade" approach (maybe you do). I did that last night and slept like a baby.
Could Jarroo or someone else please explain in detail the so-called "free trade approach". I have seen posts describing the movement of stops to breakeven quickly once one has a profit in the trade, but I have not seen anyone describe exactly how to do it if one wants to. Many trades take off and provide a small profit at first, but if you move the stop to break even after only 30 pips, don't you get stopped out too often?
Quoting marxdhr
Could Jarroo or someone else please explain in detail the so-called "free trade approach". I have seen posts describing the movement of stops to breakeven quickly once one has a profit in the trade, but I have not seen anyone describe exactly how to do it if one wants to. Many trades take off and provide a small profit at first, but if you move the stop to break even after only 30 pips, don't you get stopped out too often?
yes you will have a lot of b/e trades which means you are preserving your capital and then when you hit the runner you can
Quoting marxdhr
Could Jarroo or someone else please explain in detail the so-called "free trade approach". I have seen posts describing the movement of stops to breakeven quickly once one has a profit in the trade, but I have not seen anyone describe exactly how to do it if one wants to....
The seniors from US & Europe are still out, so I'll try.
usually, trades with a 'free trade' stem from a multi-position trade, that is, 2 or more lots/positions per trade.
u exit 1 position in the immediate S/R or PPZ, then the remaining position/s u move the stop to BE (or BE + x; 'x' is a few pips) & see if u get a good move in your trade's favor.
u can have a free trade with 1 position, but it sometimes/often entails a much wider (more than 10-50) stop so as not to get stopped out. (unless u are very picky with setups u take)

Quote
Many trades take off and provide a small profit at first, but if you move the stop to break even after only 30 pips, don't you get stopped out too often?
sometimes u do, sometimes u dont.
there are instances when a 10-50pip stop is too tight & hence u get stopped out, but there are times when a trade takes off with a lot of momentum even with that amount of stop.

just my view..
Hope this helps
I am curious...What is the FDM? I was just talking with my broker and was informed I am not allowed to close one trade at a time if I am using a USA account? I tried and was not able to using FXCM Micro. It kinda sucked having to close 1 losing trade to make a profit on another trade. According t them I can get an account in Britan and not have this probelm. Please send me some links if you have any as to these newer rules in the US, I have been out of trading for about 10 MTS and am not used to the new Obama tactics. Thanks and good Trading!
Jim
Thank you! Jimbo
Quoting marxdhr
Could Jarroo or someone else please explain in detail the so-called "free trade approach". I have seen posts describing the movement of stops to breakeven quickly once one has a profit in the trade, but I have not seen anyone describe exactly how to do it if one wants to. Many trades take off and provide a small profit at first, but if you move the stop to break even after only 30 pips, don't you get stopped out too often?

The "free trade approach", which is the basis for the DIBS method: http://www.forexfactory.com/showthread.php?t=86766 ,

is way to position yourself where your worst outcome on a given trade is a net zero pips. Thus a "Free Trade". Moving to break even quickly after Price moves a certain amount of pips in your favor is considered a free trade. Worst outcome: Zero pips.

Another example; splitting the postion:

Quoting jarroo
That 145.00 I saw as a potential problem, you never know with this chick.

So I played "free trade" style, half at 83 pip other half -83. I thought I was going to get stopped out but I didn't, so I like your 140.00.
This Double Inside Bar setup (Dale's Double) on the Weekly Gbp/Jpy.

I try not to use a fix amount like 30 pips or 50 pips but let the chart tell me by the 1st trouble area, be it major or minor.

My entry short was at 146.55 it hit the 1st minor area of trouble and I closed the 1st half for +83 pips then immediately set stop loss above the entry -83 pip away. And Yes, I'm still in this trade and it was close.lol
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gjweeklydd.gif Size: 22 KB
Click to Enlarge Name: gjweeklydddaily.gif Size: 30 KB
Indicators show the past. Price Action "Indicates" the future.
Hey guys, I usually compile the posts by the seniors and contributing members of J16 every 500 pages (round number! =) ).

Been slow this time cause the software has been screwing up big time. Trying to rectify the annoying little biatch.

Sorry about that.

Get it to you guys soon.
One Mind, Any Market
2 short trades - EURUSD!
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_h4_M.png Size: 79 KB
Still trying to spot good set ups - how about GBP/CAD weekly pin? off 61.8 Fib? and trend line. Also BEOB on Friday daily. BUT going straight into 1.700- oops! Playable if breaks 1.700 hard and good PA?

Thanks

Jez
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcad.gif Size: 14 KB
Hi Guys,
Hope you had a good weekend
The GBP/CHF trade went to 1.6860-90 trouble zone again, I closed half and moved S/L to BE around 6860, I will close the rest around 1.6760 stronger trouble zone.
Quoting djmanu
Hi Guys,
Hope you had a good weekend
The GBP/CHF trade went to 1.6860-90 trouble zone again, I closed half and moved S/L to BE around 6860, I will close the rest around 1.6760 stronger trouble zone.
I also have moved my S/L to BE on this pair, I am not closing half until we get to 1.6807 though...
Many choose unhappiness over uncertainty.
Quoting Dan Gilbert
I also have moved my S/L to BE on this pair, I am not closing half until we get to 1.6807 though...
Great decision to hang in there Dan "Breakout" Gilbert. Let's manage this. I'm still in on them.

Notice anything? Here's what just happened. The people who like to bank their hopes too much on fundies just got taken out.... LOL. Damn, sometimes you gotta love this business. They were told that if GBP gets a 2.0 deviation they should buy and I guess they did. Now the big guys who know the real deal and who not only look at the bigger picture in all things but also look at fundies in a very different way used these "smaller guys" as additional liquidity. Wedge on daily GU about to be broken.. Symmetrical triangle on NZD/CHF H4 about to be broken..

Patience patience patience.
Mbqb11

Just watched your pin bars and break out webinars, very nice! Many thanks
What you do is a reflection of you....what I do is a reflection of me.
Just for my own learning, would this be a A PB, B, C etc.

Also if it were off the 1.700, would it then be an A++ PB.

Thanks
Quoting jspeakman
Still trying to spot good set ups - how about GBP/CAD weekly pin? off 61.8 Fib? and trend line. Also BEOB on Friday daily. BUT going straight into 1.700- oops! Playable if breaks 1.700 hard and good PA?

Thanks

Jez
What you do is a reflection of you....what I do is a reflection of me.
Quoting Dan Gilbert
I also have moved my S/L to BE on this pair, I am not closing half until we get to 1.6807 though...
Here:

1/3 off and remaining with stop@ 1.6990 (BE)
Quoting mbqb11
No one wants to go through the fluctuations as much when you are putting more serious money on the line. Someone who makes 70% a year with a 40% possible max drawdown is fine with that on their 10k account, make that account 1million and lets talk Most people as they grow look for ways to smooth their equity curve and this usually means giving up %R
Anno, I, myself had to tackle with that problem.
The solution(s) come from knowing the differences among the diff. viewpoints of risk. (See My post here:
http://www.forexfactory.com/showpost...5&postcount=27)

As Your acc. grows, its size can change significantly, compare to Your living cost, or all You have, but still not reach Your dream.
It can cause 'tension' in Your trading, because your account risk % is unchanged, but You start to compare it to indifferent things, like above. If You had endless mental capital, it would not be a problem, but most of Us, as being humans, have to deal with problems like that. (That s trading, after the basics.)
This is why so important THE AIM(s) and THE PLAN(s).
You must know what to compare to what. You must compare Your risk to Your next AIM. Not to something else.
Sure, when You PLAN, how to reach Your AIM, You must compare to everything Your risk. Make Models in both directions, as Your acc. grow or get thinner, how does it change compare to everything, and how does it can effect Your mental capital.
After it done, You will see some solutions: - Psych and
- Mathematical ways,
- and combinations.
ciao everybody

just wanna say a very very special GRAZIE! to

LasVahGoose, nasir.khan, supremeChaos, davema

and also a GRAZIE! to all the other gentleman who replied and took part in my advice request as

mike w, calderone, ghous, kk007, TGpop, o99016mh, SeekingLight and Mbqb11

When I started getting interested in this activity, I almost got lost while surfing the web in tons of webs courses books and so on, that was a signal to me that if I wanted to find a way in this I had to ask somebody who walked through the "bomb-field" and reached the safe side, and took advice from him about how to plan a path without too many jumping on to many bombs while walking...thats why I stopped searching for courses and started looking for forums...people with no interest in selling something is the key to give advice about how "to invest" the money I saved for the educational on this activity!!

I forced myself to have only one shot to fire so the target MUST be as clear as possible, so thats why before starting dedicating time and money and efforts on this endeavour I decided to ask for help and advice to the people in this thread.

As some of you suggested I already sent my order to amazon.com to start with martin pring on price patterns and van tharp on financial way to freedom, and also started reading this thread from page 1, year 2005!!!! seems I am running with almost 4 years delay... )

Seems to me you have a sort of devotion and respect for the ones you called the "senior" wich because of sunday was on free time and not on this thread, I really hope and would appreciate they would find a minute to give a piece of advice to a "rookie" like myself when back on this thread... just to have more data to identify the correct target to shoot my single shot of "money and time and effort" at ...

Must tell you this, was really surprised when found your advice to me, I will never stress this point enough, I really appreciated it, I really do, its about your experience wich costs you money and time and pain to somebody you just dont know, wow!! it often even doesnt happen in real life with people you know since years...thank you gentleman, I can not share any forex experience with you at present but if one day you'll be in Rome, just give me a call you'll be my guest for the very best Roman cousine and wine...

thank you
Hi,

I'm currently fine-tuning my charts display on my new screen. I'm just wondering what would be the most logical arrangement for currency pairs on one screen and what setups you guys use. Previously I used to watch 8 major pairs on one 26 inch screen with two boxes for each pair [daily and 4h]. Now I'm going to have three boxes for each pair [daily, 4h and 1h].

Three possibilities come to my mind:

1. I could put all euro pairs together on screen 1, jpy pairs on screen 2, aud pairs screen 3 etc.

2. or screen 1 with majors, screen two with crosses.

3. or a set of correlated pairs on 1 screen, another set of correlated pairs on screen 2 etc.

Do you use fixed display or you just switch from one pair to another?



Please share your thoughts

Greg
Quoting TGpop
.... In my honest opinion, J16 has good setups, but it's best for daytrading, i can't see how people can swing trade the dailies without understanding the capital flows flushing in and out of economies!

Maybe that's just me, pin bars are good.
Well I have only had had one losing month out of 12 doing exactly that(swing trading dailies), completely ignoring fundamentals other than avoiding entries right before NFP reports.

Thanks to my recent aud/nzd and gbp/chf trades I have already recouped last months loss (shy by 1%) today. Granted I don't have a 5-year track record, but I don't see how I could have this performance if fundamentals were paramount to success.

Nathan
9 traders viewing now