james16 Chart Thread

hehe yeh i loveee to tinker unfortunately.

Indeed i have read some of jankones thread, although i didnt pay much attention seems im not really keen on 5 m and 15m charts due to having to work etc. No doubt the same applies to anytime frame though

supermatt,
I was not inferring that u study jankone's thread/method. apologies for not being clear.

i referred u to that thread only because u were interested in MAs like 21ema, which that thread/method uses.

Good position verses excellent pozition

USDCHF Charts

Current 2 day PB (almost a BEOB) is placed at ok confluence

-38.2 fib from swing high(2009.03.08) and swin low (2009.11.22) see weekly chart
-minor PPZ

This isn't a A+++ trade,of course,but I see some potentioal from it because the distance till the next trouble spot area.

So I'm willing to take this one though.First target is 1.0650-40(marked by blue box).There I'll liquidate all my position,because this is a CT,but is very likely to hit this first target because there aren't big obstacole till there.

The fact that we have this PA at this zone,where price stalled for a few days makes it more likely to hit our target(if not ,then who cares,it will be just 2% of my account),it must retrace to get more power for it to go much more higher at 1.000-1.1000.

Now for my other marked area,see weekly chart,there I would like to see my PA

-TL using bar highs
-off of 50 fib ret,defined by late 03.2009 swing high to recent extrem swing low.
-ton of resistance to the left,on the weekly chart this could be seen much more better

Allways when you take a trade remember to look ahead of you(to see if this setup is sustained by confluence) look behind of you (to see how price get there) and look to the left (for seeing the future)

Now guys if we get down to this level (1.000-1.1000). This trade is going to be a no-brainer once we get PA confirmation.A guy could wait for this types of trades and be very successful and I know that they come along more often than you think.

But now again I could be in this trade without waithing for PA,I don't like the term "touch trade" bc can make confusion to newcomers,there is much more beyond this then a simple touch of a line,and all this comes from your experience how much have you putting in this,like bundyraider summarized very well in his post,and I do like his approach.

Human beings are a complex machine, that I do don't understand it completly, they see someone doing a thing aka touch trade and they get excited, jump in without knowing nothing ,get nervous and get out
with even more confusion about this stuff,is like those guys who jump from system to system without knowing nothing about them and at ends blame the system.

This is the only reason you should stick to the basics,I'm a step further I'm adapting the basics things to my one personality,and I do like to be befor a PA get in place(sometimes it never shows) bc it gives me more rum to mange it,it's all about YOU, your confort zone ........

If you get excited about one trade you have made,I'm telling you it won't work for you in a long run.

Maybe I did get involved to emotional in this, you can ignore my post if you want.

and feel free to ask if you have any further question or if something is unclear to you


hope this post have helped someone!

all the best!! I'm off

Thanks for the replies! These were my trades for February; unfortunately, I had applied for a new demo account so I don't have my trades before anymore. Other trades were not filled.

GBPCHF 1D -- Long entry on PB and S&R. Loss.
GBPCAD 1D -- Long entry on PB, S&R and Round number. Loss.
USDCAD 1D -- Long entry on 2-day PB, Fib retrace and Round number. Loss.

GBPUSD 4H -- Breakout from a box, no PA. Win.

Maybe I should go to 4H TF to get more experience trading, because the daily signals are too few... what do you think? I will do this starting Monday.

Did anyone trade the USD/CAD outside bar on Friday?
And if you saw it but rejected it, what was your thoughts?

Or was this just one of those losses and I should accept it as such and move on?

She's also showing a weekly beob. Would the weekly beob override the daily bullish pin? If so, would you trade the weekly or just pass entirely?

Thanks for your post/charts.
This will help us learn in a way & examine your trades as well.

here are some comments, based on your charts
:
gbpchf D1
-price is ranging, looking at your chart.
-fairly small pin, & not an extreme swing low. nose is not protruding that much
-i immediately saw resistance/ppz to the immediate right (bar lows in Jan20ish @ 1.6730ish, bar highs @ Dec.31, then resistance/ppz up to 1.6780)
-recent bars show price is in a downmove (from the swing high pin w/ 1.7100high @Jan.27ish... there were only 3 bullish, green bars & were very minor up bars at that; not to mention the BIG bearish pin 3bars prior your traded pin)

gbpcad
-im not sure, but to me it looks like this pin barely broke to the upside. did u enter 5-10pips (or more) above the pin?
-1.6500 round number directly above the pin
-pin's not that big. nose & body is not protruding that much away from other bars
-considering the swing lows on Oct.2009 & Jan2010, there seem to be a PPZ at 1.6450 - 1.6500
-if u use the weekly pivot indicator in your chart, price is below the weekly pivot (aqua dashed line @1.65541), so price is bearish in that respect.

$CAD
-price is ranging, looking at your chart.
-i dont/cant see this as a 2-day PB..
-VERY small pin, & not an extreme swing low.this is more of an inside bar (looking more closely, MANY, including me, will say this is definitely not a pin; some will say this is a small crappy pinbar)
-i immediately saw resistance/ppz above @1.0500-1.0550
-u should have made a profit here (exit anywhere @1.0500-1.0550)

GBP$ H4
-this was a breakout from a range, it was off an inside bar too
-it's not ideal to trade without PAs if u are new to James16 method.

u should always be aware of immediate PPZs/traffic areas

we are not trying to look for more signals... we are trying to trade the best setups & manage our trades well.
see posts here, here & subsequent posts related to this.

I didn't take it!

why is that? we are in a middle of a traffic if you look closely you would see that we are trading in a ranging market with the upper(1.0750-80) and lower(1.0200) boundary very well established.

Ask yourslef who would enter right in the middle of it, is better to play the top and the bottom of it

hope it was helpful

This is a good way to get rid of lower timeframe buttons. Daily and up, every bar has a story.

Sure PM. So many ways to look at things. All can be valid. Price is just price, we impose the meaning on it with the patterns we see.

The daily triangle seems perfectly valid. They key is that you have looked back over the charts for similar setups and you are confident that over a hundred similar setups you would make money. Whether the individual setup succeeds or fails is then irrelevant. People get hung up on judging a setup by how it performs. I always think 'would a hundred of these make money in the long run?' That way I am always looking for a good edge.

Sorry, went off on a tangent. But the answer is yes. There can be many ways of looking at price that tell the same story.

What do you guys think, could get back to major ppz?

Some great posts lately, (and throughout), much appreciated.



- TTP -

Congrats Sir - you have a folder on my hard drive. Your efforts are appreciated.

Has this software helped you?

I broke down how i see it. With evidence.

Hallo Matt,i took this trade and i have lost 1% of my account.i was quite upset for that....but as many other things in live i started to think about it to understand if it was bad luck or Due to a mistake.As other people said we where in the Middle of nowhere,i found out that if i would have checked the higher Time frame i'd have seen that there was a quasi Beob signaling a bearish strengh.
So nex time, before we take a trade i think it's better to have a look up,and maybe this can help us to thake better decision

About the GBP/USD Pinbar. If you look in the higher time frame, weekly, there is an old support/resistance line where we stoped at + it exactly hit the 50% Fib. Isn't this support a bit stronger to be broken so easily?


http://img525.imageshack.us/img525/2052/gpbv.jpg

Very nice Dan Gilbert.

Please check this weekly chart. There's obviously a weekly BEOB near a PPZ (blue line). In this situation, is price more likely to retrace to the PPZ (1.57) then fall or only retrace next to the 2 former bar lows (1.5550 area) ?

I'm thinking resistance around 1.55-ish... but who knows? I'm short on GU right now but my stop is @ breakeven, so it doesn't even matter

I'm looking at the 1.55-1.56 zone as resistance though for now. if it fails, then I'll look to the next area.

I am a complete beginner so I cannot post anything helpful.

But I do wish to thank you Tia for the recent discusions and Benji for the graet charts posted recently and all the others who are successful and find the time to contribute.