james16 Chart Thread

Yes. Have closed half and moved stop to breakeven on the remainder.

- TTP -

Good man and a nice end to the week for me, another $200.

[quote=james16;17907]PLEASE TAKE THE TIME TO READ THIS ENTIRE FIRST POST SLOWLY AND WITH FOCUS. MANY OF YOU ARE DAUNTED ABOUT TRYING TO READ THIS ENTIRE THREAD. IF YOU WILL READ THIS FIRST POST AND THEN GET INVOLVED WITH THE CURRENT POSTING THE OLD TIMERS CAN GET YOU UP TO SPEED IN SEVERAL WEEKS. FOR THOSE THAT DECIDE TO READ THE WHOLE THING IT WILL CERTAINLY NOT HURT YOU. TAKE YOUR TIME AND ENJOY THE RIDE. IM HERE VIA EMAIL AT ANYTIME.

Hi James16

I am newbie to forex and to trade markets as well

would like to ask you info about your online course on james16group.com

just went thru reading the first pages of this thread and the info on your web james16group.com

how is the online course organized and structured?
step by step from zero to trading?
download material?
books? videos?
on line tutors?
on line lessons?
do you follow up the students?
can I arrange studies according my time or do I have to follow a schedule?

would you please inform me if its ok to start with your course on the web or do I have to study some "basic materials" before subscribe with you? If this is the case would you please suggest me what basics books do I should go for before attend your course? There is so much stuff on line that it seems to me a gamble to find the right (good) material from the right people...

your help much appreciated and many thanks in advance

woodstock

cool guys glad you made some pips!

Hey simjas,

First of all, it's important you understand why this isn't an A+ trade, and I think you already got a bunch of great replies on it.
Just for the record, I did not take this bar live, but I like demoing any less than A+ setups just for the sake of tarde management practicing. On my feed, that bar never broke lower and my order did not trigger.


Lets pretend for a moment that this was an A++ setup, it broke, and failed.
SO WHAT? THAT MEANS ABSOLUTELY N-O-T-H-I-N-G !

The thing is, trading is just a complete opposite world from our real world. To be a successful trader, you must have a completely different WAY OF THINKING.
These are just words, and I think it can be confusing in some degree.

Here is an example -
In real life it is usual that more work, more efforts, more time, more thinking, more perfection = always lead to a better result. In real life, every result we get is a direct reflection of our efforts = the results we get are up to us.
In trading, no matter how much time you are going to re-analyze, re-think and no matter how much you are going to be picky, discipline, and patience - the result of the next trade is never going to be depending on these things.

Now it's a bit tricky here, so bear with me. These factors I have mentioned above, WILL DEFINITELY INCREASE YOUR ODDS TO BE PROFITABLE OVER A SERIES OR TRADES (IN THE LONG RUN). BUT IT WILL NEVER GUARANTEE THE RESULT OF THE NEXT SINGLE TRADE.
The core problem is that not all trader truly accept risk. Therefore, the can't accept a losing trade.
Mike is probably one of the best trades I know, and he still has loses. The key is that he know he doesn't need to be perfect and right every time, but he is right only enough to be profitable. And accepts his losers to be just losers because that's what it is and nothing more. He would never doubt his skills every time he loses, and never hesitate to take the next trade because he had a loser. He knows that the possibilities are in his favor even so he can't surely know the outcome of the next trade.

You see, no one, but absolutely no one can tell you for sure what is going to happen in the future. Trading is to some degree a gambling game. That's the truth. It's about playing a possibility game|business. The only thing we can do, it use the technical way of reading the market we learn here, in order to build a methological EDGE that would put the possibilities in our favor. That's all. That's what trading is.
* BTW, when I say treat is like a business and not a video or gambling game, I simple mean not taking unnecessary risks. But no matter how much you would like to prevent a gamble, you can never know what's going to happen next. A great pin bar off a round number with tight management is not more than just putting the odds in your favor when gambling.

Having a technical method of approaching the market is just a very small part of the story, and that's the reason that there is no holy grail, and that's the reason why there is no only one correct way of analyzing the market, and that's also the reason why 10000 people can trade the same technical "system", and only one would be profitable. The hard thing is to execute your technical system as it is, on a series of trades, without letting your emotions interrupt you.

TRULY ACCEPTING the above, is a different way of thinking.
I'll give an example from my own experience -
There was a time when I was waiting to take only A++ trades, and as a result, I missed many many winner runners leaving without me. After such a long time of standing on my hands, waiting for my A++ setup to form, I finally got it. Now what happened to me is that I was so waiting for that bar to come, that once I pulled the trigger after such a long time, I, IN MY MIND, GUARANTEED TO MYSELF A WINNER TRADE. AS A RESULT, MY MIND ACTUALLY DID NOT SEE THE POTENTIAL RISK INVOLVED. I got to a point, that in some way I was truly convinced that after such a long time of waiting and seeing other setups leave without me, I was deserving a winner. BUT WHAT I DID NOT UNDERSTOOD BY THAT TIME, IS THAT THE MARKET DOES NOT GIVE A HECK ON WHAT I THINK OR WHAT'S GOING THROUGH MY MIND. IT TRULY DID NOT CARE ABOUT ME. AND WHEN THAT TRADE BECAME A LOSER, IT BROKE ME MENTALLY. AND I LOST MY CONFIDENCE.

You are not an idiot, and there should be no pain my friend. There is nothing you can do once you are following a profitable edge. It's like playing flipping coins, when you know you have A 90% win possibility. You lose the first time, then you go broke before you play another 9 times and all of them would be winners.

The only thing you can, and should do is improving your edge, and know to follow it no matter what, without being hard on yourself and getting mentally effected like it seems to be in this case.
You did not yet learned to build your edge to it's best, and that might take time. Just read the comments you get on the thread and adjust accordingly.

imo that was a good bar at a good swing point. But when you trade against the trend, I would like to have some more confluence protecting me. Others would never trade CTs no matter what. But everyone is different. Find your own way, but don't be so hard on yourself. I know I tend to do so, and that's mainly because I am trying to be perfect. And as I said, perfection doesn't belong to the trading world in this aspect, not like in real world. It's a different way of thinking.
To be able to trust your technical edge, put a trade and walk away, not caring even a bit about the result of the next single trade IF YOU TOOK AN A++ TRADE AND FOLLOWED YOUR PLAN, that's just a mental shift that take time to master, and I am still not done with it either.

That's why trading is a marathon and not a sprint. I know that personally I'm a fast leaner, and I can grasp any technical method very fast - but the reality is that isn't even 10% of what trading is about. Changing habits and way of thinking is much more harder, and can never be done overnight. It's a process that takes time and experience.

We are blessed to be here because here we can find a GREAT edge that allows you to be right almost every time. But many won't be able to use it correctly. On the other hand, there is probably a trader somewhere there with a darn bright mindset what trades a crappy poor method, with much more losing possibility, but still manages to make money from it. That's the truth.

Hope that helps,

Ben

[quote=woodstock;3525315] I'm as newbie as you here, but i can tell you that you can find some AWESOME stuff on the James16Group guests section, and i suggest you to follow those links on the first page (edit: the first page of this thread),expecially the first one that takes you to another bounch of other links.

Read all this stuff you will have a basic on what is going on here (at least it's like that to me). I suggest to stick with this for a month or two.

=)

free hug to everyone here

How many people waiting for this pin to form? =P

I placed a buy stop on USDJPY yesterday at 89.40 based on daily chart BUOB, woke up this morning to a triggered trade up 87 pips. Took half my profit off the board, am letting the other half ride with a 30 pip trailing stop. What a pleasant Friday surprise!

I'm surprised no one has been posting updates on this!

- on live account
- S/L moved to breakeven after 30 pips
- 1/3 position closed at 90.00
- looking to close another 1/3 position at 90.50
- going to trail the last 1/3 position manually behind daily bar lows

Quite a big SL though? What's your plan?

well it's on auto-pilot now.... just need to check the charts before market close tonight!

Great post (another one), benji.

You sound a lot like Mark Douglas

Well you and I caught it Dan. I am thinking it is heading to test the 150MA.

Well it hasn't closed as a pin yet, but if it does you simply adjust your position size so you don't lose more than 1% or whatever your threshold risk parameter is. Your stop loss shouldn't decide if you take the trade or not but how much you buy or sell.

Nathan

yes, 150 ema, then it will test the 92.00 strong PPZ level... I'm already in a winner trade and only 1/3 of my position is remaining, so I have no worries at this point!

Hey Dan, Great vid and post earlier back, forgot to mention it.

Me too. Did you read my post just above your original post? We are both sitting pretty on it. I'm letting a quarter of my original position ride with a 30 pip trailing stop. Great way to end the week. Congratulations!

well, i did it in a little other way, i took PB on 4H chart yesterday. Maybe taking this PB i was simply lucky, but i moved SL to BE very quickly.
Anyway i had TP at 88.90 so my position is closed now, and i think it's a biggest mistake here.
“cut your losses and let your profits run” - i think i will print it and put somewhere before my eyes.
In fact i'm very happy with that trade.

Thinking of SL as a percentage at risk (rather than a number of pips) I don't think the size of the bar is that relevant. If it was you'd never enter on higher timeframes!

Given the higher timeframe bar we're talking about (and the fact they tend to be more reliable), even as a fraction of the PB I'd be looking at keeping the SL fairly tight - certainly not a whole bar, for example.

Rough plan:

 

1. Entry: 1.5215
2. Initial SL: 1.4985 (15 pips below BRN and also around 50% retrace of PB)
3. Trouble 1: 1.5345
4. Trouble 2: 1.5530

If any seniors have more suggestions about appropriate points, I'd love to hear them (please? )

I wasn't sure, for example, if the close of the previous week (which is between T1 and T2) would be considered worth looking at as its own area of potential trouble at this higher timeframe.

Now just need to see if the PB actually closes nicely.

olpip

Thanks man. Probably my favorite video on youtube.

Yeah I saw it after I posted, good work. This is my first live trade in a week and a half. Feels real good to be in the market, but I also think my over-trading habits can be officially pronounced dead .... maybe.