james16 Chart Thread
I'm just a contrary guy..
No divergence on the bottoms
Generally in a down trend
The bottom is close to the 88, but check the gray box - trouble in closer than it appears in your mirror.
It may go places, but not without some stomach troubles...
Just my 2 cents.
.
,but i have to thank you too for your analisys on this pair.......once again you showed me that i have the habit of thaking the most difficult choice,pretending to tell the market what it has to do....instead of following him.
Patience is essential
- #57,243
- Mar 4, 2010 4:04pm Mar 4, 2010 4:04pm
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
I'm just a contrary guy..
No divergence on the bottoms
Generally in a down trend
The bottom is close to the 88, but check the gray box - trouble in closer than it appears in your mirror.
It may go places, but not without some stomach troubles...
Just my 2 cents.
.
the same hereAlthough at the first look it may appear as a good setup,when in doubt with a trade I just look for clues in equity markets.
all the best!!
Although at the first look it may appear as a good setup,when in doubt with a trade I just look for clues in equity markets.
all the best!!
Attachment
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I heard about correlation.....but not that much to understand your post.....could you give me some more information on how you look at equitys??
Many thanks....
Patience is essential
- #57,245
- Mar 4, 2010 4:21pm Mar 4, 2010 4:21pm
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
I heard about correlation.....but not that much to understand your post.....could you give me some more information on how you look at equitys??
Many thanks....
all the best!!
- #57,246
- Mar 4, 2010 4:23pm Mar 4, 2010 4:23pm
This morning i closed a losing trade, I picked a well structured PinBar, but it definitely wasn't an A+ setub, you could actually define it a B+ setup (not even A): it retraced from old bar lows, it was a bullish Pin Bar on a swing low (eventually).
What would have you done if you were me? Would have you entered the trade? And if yes, could it be a winning trade for you? As you can see, the price actually went up a little, I could get some pips from this one, but my problem is that i still use fixed Take Profits, I'm learning on how to put the right ones.
Suggest me on Take Profits and Stop Losses on this trade please.=)
http://img31.imageshack.us/img31/7977/43027306.gif
What would have you done if you were me? Would have you entered the trade? And if yes, could it be a winning trade for you? As you can see, the price actually went up a little, I could get some pips from this one, but my problem is that i still use fixed Take Profits, I'm learning on how to put the right ones.
Suggest me on Take Profits and Stop Losses on this trade please.=)
http://img31.imageshack.us/img31/7977/43027306.gif
- #57,248
- Edited 4:39pm Mar 4, 2010 4:34pm | Edited 4:39pm
whenever equites market are falling risk appetite for more risky pairs is incresing,like yen crosess, I'm just anticipating a fall in equity market so I buy yen
all the best!!
Falling equity markets decrease risk appetite, and so people close carry positions (ie, short yen/francs and long aussie/nzd...sometimes cad or zar, but thats a bit different), which involves buying yen.
Conversely, rising equity markets indicate underlying economic strength and stability (ie, decreasing volatility), which increases risk appetite, which leads to carry positions for the interest rate differential.
(its actually a fair bit more complex than this, once you start taking into account shifts in the riskfree rate, bond markets and so on... but its friday, and close enough is good enough
) When you have to shoot, shoot. Dont talk.
- #57,249
- Edited 6:00pm Mar 4, 2010 5:20pm | Edited 6:00pm
This morning i closed a losing trade, I picked a well structured PinBar, but it definitely wasn't an A+ setub, you could actually define it a B+ setup (not even A): it retraced from old bar lows, it was a bullish Pin Bar on a swing low (eventually).
1. Great setups that punch you in the face and shove money in your wallet
2. Average setups that could go either way
3. Crap setups that we leave for the fish.
Why would you waste your time with the latter two?
What would have you done if you were me? Would have you entered the trade? And if yes, could it be a winning trade for you?
Unfortunately, your chart isnt showing up.
But, given you already said it wasnt a great setup... yes, it could have been a winning trade, in that you could have ignored it and waited for a great one
but my problem is that i still use fixed Take Profits, I'm learning on how to put the right ones.
Short version: look at where price is going, identify things that could stop and reverse it, and either take your profit there or at least shift your stops to breakeven.
When you have to shoot, shoot. Dont talk.
- #57,250
- Edited 5:47pm Mar 4, 2010 5:32pm | Edited 5:47pm
Looks like a bunch of people got stung on the franc crosses. I have like a dozen charts from when I started on Jim's material that tell the exact same story. I'd be so excited at finally finding a pin bar that I couldnt hit the 'submit order' button fast enough!
Unfortunately, little things like location, confluence, trouble areas, momentum and so on.. well, who cares about that crap, THERE IS A PINBAR ON MY CHART!#$%^
These f#%^ckers got me a bunch of times before I figured it out.
I'd be willing to bet that most of the other guys here have a couple of those charts too.
Except Ben.
hi simjas, this is one of those bars that on first glance looks great and can sting us newbies if we are not carefull. the first thing i noticed though is that by my feed you shouldnt really be in the trade as it only broke the bar by 2 pips! that little buffer Mike mention would have saved you in this case.Also by my feed you should be still in it as it hasnt broke the high of the pin yet!?
The next thing i notice is that the bar is not very large, and as we are [b]trading counter trend we would want a more decisive bar, bigger with a longer shadow to really show a reversal situation rather than a pause in the PA. i do like the location though...lots of history around this price zone (check out the monthly/weeklies) BRN and the 50% fib retrace from that big down swing, and to be honest i would have expected a better break to what it gave! Another thing that could have warned us of the lacking momentum in this trade is how price behaved the next day, in a situation like this ( counter trend, not an A+ setup)i personally want a nice hard break to confirm the setup, and when it didnt come and price started to dither around the break i would have been out before a full bar loss.( eezy to say after like!?!?)
this is one of those setups where it pays to take care over the details !!
hope this helps
no need to reinvent the wheel when someone has made a damn good one already
this post would have saved me much frustration in the past. and like fifty bucks, which was half my demo account.
Unfortunately, little things like location, confluence, trouble areas, momentum and so on.. well, who cares about that crap, THERE IS A PINBAR ON MY CHART!#$%^
These f#%^ckers got me a bunch of times before I figured it out.
I'd be willing to bet that most of the other guys here have a couple of those charts too.
Except Ben.
...
The next thing i notice is that the bar is not very large, and as we are [b]trading counter trend we would want a more decisive bar, bigger with a longer shadow to really show a reversal situation rather than a pause in the PA. i do like the location though...lots of history around this price zone (check out the monthly/weeklies) BRN and the 50% fib retrace from that big down swing, and to be honest i would have expected a better break to what it gave! Another thing that could have warned us of the lacking momentum in this trade is how price behaved the next day, in a situation like this ( counter trend, not an A+ setup)i personally want a nice hard break to confirm the setup, and when it didnt come and price started to dither around the break i would have been out before a full bar loss.( eezy to say after like!?!?)
this is one of those setups where it pays to take care over the details !!
hope this helps
no need to reinvent the wheel when someone has made a damn good one already
this post would have saved me much frustration in the past. and like fifty bucks, which was half my demo account.
When you have to shoot, shoot. Dont talk.
- #57,251
- Edited 6:00pm Mar 4, 2010 5:42pm | Edited 6:00pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Hi guys,
Sorry for not posting anything useful, but I'm just wondering how you guys manage multiple charts in MT4? I like to cycle through all symbols every hour, so I've opened up a chart window for each symbol and just ctrl+tab through each. I've saved this in each timeframe as a separate profile.
Problem is if I want to make any tweaks like add an indicator I need to do this for every single window in all profiles, which takes toooo long.
Is there a better way? Can I have just one chart and easily cycle through the symbols on that chart?
Pull up "Navigator" to the side in MT4 then drag-drop your indicator into each chart as you control+tab.
Once you set the parameters the first time you should only have to hit the enter key each time.
... So you end up doing the following....
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
Ctrl+TAB-->Drag-Drop indicator-->Enter key -->
...No easier way, that's practical. It doesn't take that long once your good at it.
The second option is to drag-drop each symbol from the "Market Watch" panel into a chart one at a time. But this is crap, because you're trendlines , etc are stored on a per-pane basis.
What I do now and to me is better than all that, is to keep one set of charts in a profile. Then when it comes to checking a different time frame I hold my mouse over the "H1" for example then just go Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
Ctrl-TAB--->Mouse Click
(In fact you can just hold the 'ctrl' key and drum between Tab--> 'mouse click' ...even easier )
...I do it real fast like a rythm on a set of drums. lol
Takes like ten seconds to change ALL currency charts to the new timeframe.
(edit: ...five seconds.
)...Then I hold down ctrl+tab and watch the time frame buttons.
If I missed one chart, a timeframe button will flick to the "M5" button or whatever every couple of seconds as the charts fly past.
I like to make sure I haven't missed one.I don't want to be entering a trade thinking it's long term when it's only a 1-min chart. lol
I change time frames like this a few times a day when the setups start rolling in on good days. Usually on the hour close.... Or on every 4 hour bar close etc.
The other thing I do is keep monthly and weekly copys of the profiles to have a clean slate to go back to with major Fibs TLs and PPZs already marked.
Bundy's status today: "Waiting..."
- #57,252
- Mar 4, 2010 5:53pm Mar 4, 2010 5:53pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
I think people are getting a bit carried away with the whole 'A trade' vs 'C trade' thing.
For christs sake, A++ is just a way of saying ....A REALLLLY REALLLY GOOD SET UP IN A REALLY REALLY AWESOME LOCATION. That's where this all started.
Classing trades down to B- verses C+ etc is just ridiculous.
No one's ever going to see the same grading.
Anyone trying to get to grips with the basics is just going to have their brain twisting into a pretzel trying to understand whether they should take a trade or not , when it's actually many many times simpler than that.
Bundy's status today: "Waiting..."
- #57,253
- Mar 4, 2010 5:56pm Mar 4, 2010 5:56pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Great posts Jarroo!! - This has really been a "wake-up call" for me how picky you have to be with all the parameters for a a+(++) trade!!
I remember this PDF from awhile back. It's pretty good.
Is it an "end all-be all" type of check list? No. But you can make your own to fit your style.
Its not a bad way to go, especially in the begining.
Hey benem . . . remember this ?
Hello guys, I would give my small contribution to the forum with this little check list found on the net.Some of you will already have it, but many beginners like me will find it useful ... I hope.
See you soon.
Indicators show the past. Price Action "Indicates" the future.
- #57,254
- Mar 4, 2010 5:59pm Mar 4, 2010 5:59pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Too bloody right. LOL
For christs sake, A++ is just a way of saying ....A REALLLLY REALLLY GOOD SET UP IN A REALLY REALLY AWESOME LOCATION. That's where this all started.
Classing trades down to B- verses C+ etc is just ridiculous.
No one's ever going to see the same grading.
Anyone trying to get to grips with the basics is just going to have their brain twisting into a pretzel trying to understand whether they should take a trade or not , when it's actually many many times simpler than that.
These are A+ comments.
(who can resist a crack like tha?)I prefer a more black and white approach. It is either a bar I want, or not. If it is 'close or boarder line, it is not.
I'm pretty much done with all this ...
- #57,257
- Mar 4, 2010 6:18pm Mar 4, 2010 6:18pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
These are A+ comments.
I prefer a more black and white approach. It is either a bar I want, or not. If it is 'close or boarder line, it is not.
Simple...
Set ups that are crap.
Set ups where you play close to your chest and manage tight.
Set ups that you can walk away from and check at the close of every bar.
OR
Set ups where you go "WOAH!!! now THAAAAT is a set up you don't skip!"
(VERY RARE on bar-to-bar basis. i.e "Real-Man's pin, in a PERFECT location")
Bundy's status today: "Waiting..."
- #57,258
- Mar 4, 2010 6:21pm Mar 4, 2010 6:21pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Up to this point I have only traded the EUR/USD, for the last year or so. As I study the methods of J16 I am branching out to other pairs. Does anyone have a handful of recommended pairs that would be good to study and demo? Are there any I should stay away from ect...
Thanks!
Usd/jpy is great. Nice S/R compliance (Over time, different pairs have their time in the sun.)
Bundy's status today: "Waiting..."
- #57,259
- Mar 4, 2010 6:25pm Mar 4, 2010 6:25pm
Up to this point I have only traded the EUR/USD, for the last year or so. As I study the methods of J16 I am branching out to other pairs. Does anyone have a handful of recommended pairs that would be good to study and demo? Are there any I should stay away from ect...
Thanks!
The main criteria for me is volume. Volume means lots of buyers and sellers, so lots of transactions, so no sudden shocks. Volume breeds predictability, and predictablity makes trading alot easier.
But, if I had to expand my draft picks to double the charts...
The starting six
AUDJPY - yay risk aversion
EURUSD - low spreads, high volume, boring
USDJPY - get some movement in your charts
EURCHF - big bad swissie
USDCAD - me like oil. me like gold.
EURGBP - for all your cross-channel needs.
First round draft picks
Second stringers
Then you could add some ranging pairs
Damn you, FF. Always cutting off my quotes
When you have to shoot, shoot. Dont talk.
- #57,260
- Mar 4, 2010 6:27pm Mar 4, 2010 6:27pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.