james16 Chart Thread | Page 3008 | Forex Factory

Options

Go to
Permalinks
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

  • #60,141
  • Apr 7, 2010 2:56pm Apr 7, 2010 2:56pm
Quoting ddinnov
Hi guys,

Thanks for the traffic explanation and the vid

I took the NZD/USD in the end and got stopped for about +35 pips in the end (no complaints there)

I can see a pin on EUR/CAD daily that looks quite nice. It's hard to plot S/R levels as it's trending so much - also I don't want to be trying to pick out tops and bottoms at this stage of my trading....

...but it does look quite nice all the same - also it's not in any traffic

What do you guys think?

here is the trend you're trading against.... maybe wait for a retracement and look for PA to get in short?
Attached Image (click to enlarge)
Click to Enlarge Name: trend.gif Size: 16 KB
Many choose unhappiness over uncertainty.
  • #60,142
  • Apr 7, 2010 3:01pm Apr 7, 2010 3:01pm
Quoting neutro
How about stacking up? (adding to a position) You know, a good trader always looks for an entry when others are looking for an exit. Going with the trend and stacking up is really a nice way of confirming the trend and taking chunks of meat off of it.

Nasir is doing it nicely.
Ok currently i am just stopped out on all of my runners.

Now next target is UC. See how this daily closes.

See the trick is to find the first winning trade then it gets pretty much easier to keep on adding in it.
.
Attached Image (click to enlarge)
Click to Enlarge Name: 4.gif Size: 25 KB
  • #60,143
  • Apr 7, 2010 3:10pm Apr 7, 2010 3:10pm
Quoting nasir.khan
Ok currently i am just stopped out on all of my runners.

Now next target is UC. See how this daily closes.

See the trick is to find the first winning trade then it gets pretty much easier to keep on adding in it.
.
Yeah, I know from your charts. The thought process kicked in when I saw you adding when I was getting out. So why should I exit, when I can add more? Once I know the direction (well know is a big word..) ride it and pick up hitchhikers along the way for a complete joy ride.

I'm looking at that UC chart for almost an hour, waiting for 0 GMT to struck for a new day. We may get a runner (or at least a decent run up to 1.0130)
  • #60,144
  • Apr 7, 2010 3:24pm Apr 7, 2010 3:24pm
Quoting Dan Gilbert
here is the trend you're trading against.... maybe wait for a retracement and look for PA to get in short?
bingo, keep those charts zoomed out guys/gals. It makes a world of difference when you are zoomed in every bar looks like it is a biggie

Mike
  • #60,145
  • Apr 7, 2010 3:36pm Apr 7, 2010 3:36pm
Quoting mbqb11
bingo, keep those charts zoomed out guys/gals. It makes a world of difference when you are zoomed in every bar looks like it is a biggie

Mike
My UC is also a bit zoomed in.
.
  • #60,146
  • Edited 4:16pm Apr 7, 2010 3:42pm | Edited 4:16pm
Quoting Dan Gilbert
I hear that. hanging on during 200 pip swings seems impossible to me right now, but I want to be able to not panic in such swings, and ride it to the next BRN...

I just look at pairs like EURAUD and EURCAD and wonder how I only took 1 or two trades inside those 5,000+ pip swings.... when in reality I could have just gripped one nice trade and not looked at it after I got my stop to B/E.... I don't know, just a though!
hi Dan, i know that feeling well!! one thing i did to get me used to keeping trades running was to open a demo acc. and open your possitions without any stops, Dont put a stop on it untill a/ it is about to get you a margin call or b/ you get a new peak/trough to put your stop behind. it is amazing how this simple exercise made me much more relaxed with my trades, i realized that it almost doesnt matter when i enter, if im on the right side of the trend,and if i give it long enough price will come my way. of course this is just an exorcise not a method of trading, but it really did help put things in perspective for me.
hope this helps

jon

p.s. i agree with you on the eu/cad pin, an eezy pass for me as the bar is way too small for me against that down trend. maybe a short possibility on the retracement if we get one..??
PATIENCE... DISCIPLINE
  • #60,147
  • Apr 7, 2010 3:50pm Apr 7, 2010 3:50pm
Quoting nasir.khan
Ok currently i am just stopped out on all of my runners.

Now next target is UC. See how this daily closes.

See the trick is to find the first winning trade then it gets pretty much easier to keep on adding in it.
.

Keep adding and adjusting the S/L on A + trades and Boom! Vegas is open. Which side of the table are you on?
  • #60,148
  • Edited 4:03pm Apr 7, 2010 3:53pm | Edited 4:03pm
Im confused! Is this about the same setup..?

Below is from from Aug31 2005

Quoting RBing
Jim, is that a perfect set up on the daily GBP/USD? I have it right off of the 38.2, weekly s2 and looks like we could get a dlhc.
and Jims reply...

Quoting james16
1. the range of the last bar of the dblhc is monstrous, plus 225 pips. 2. there is a longer term downtrend in place from april. 3. the current correction of the move since april is at a resistence fib level. 4. you are under the 365 ma which is bearish. 5.as you say you do have a dblhc off of a ret of the correction or suuport for that last low to high swing. 6. i would be very careful trading this without a 50 fib ret of the last bar of the dblhc to lower your risk. 7. bottom line is the negatives outway the positives here. 8. thanks for your input....
Then on Sep 16 2005 we have

Quoting phaeton
hello jim,

many thanks for the time u spend and the great insights you are sharing on this forum.

On your last gbp/usd chart,on the pin bar, I noticed a DLHC bar.don't think this has been mentioned.
a double low and higher close bar at arround the 38% retracement on daily charts. does it qualifies for an entry ? the problem would be with finding a good level for the SL (since it was a very long bar...)
good day
Jims reply...

Quoting james16
this kind of stuff just makes my day you are correct about the lenghth/danger of the position. but it was right off of a fib which does make a difference. on the long bars just figure the stop amount and position size accordingly. i did not see this one. thats what i am always trying to point out there are always trades, why not wait for the A trades like this one.
The advice is contradicted?
The first poster had no graph, the second had this
Attached Image
  • #60,149
  • Apr 7, 2010 3:54pm Apr 7, 2010 3:54pm
Quoting g_j_hook@yah
p.s. i agree with you on the us/cad pin, an eezy pass for me as the bar is way too small for me against that down trend. maybe a short possibility on the retracement if we get one..??
we were discussing EUR/CAD

This has worked in the past..........
Attached Image
Many choose unhappiness over uncertainty.
  • #60,150
  • Apr 7, 2010 4:07pm Apr 7, 2010 4:07pm
What's next?

1.0130 to 1.0220 for UC and 83.4 for black gold?
Attached Image (click to enlarge)
Click to Enlarge Name: 2010-04-08_0004.jpg Size: 118 KB
  • #60,151
  • Apr 7, 2010 4:17pm Apr 7, 2010 4:17pm
Quoting Dan Gilbert
we were discussing EUR/CAD

This has worked in the past..........
sorry , i actually meant eu/cad. doh!
iv edited my post now.

jon
PATIENCE... DISCIPLINE
  • #60,152
  • Apr 7, 2010 5:18pm Apr 7, 2010 5:18pm
Quoting Scotty2Cues
Im confused! Is this about the same setup..?

Below is from from Aug31 2005



and Jims reply...



Then on Sep 16 2005 we have



Jims reply...



The advice is contradicted?
The first poster had no graph, the second had this
?? seems you're right ??
  • #60,153
  • Apr 7, 2010 5:32pm Apr 7, 2010 5:32pm
Quoting beebolbod
?? seems you're right ??
you can see Jim sort of talking himself out of it in the first post there lol. Sometimes we look back and realize a great trade we missed. Case in point for me nzd/usd 4hr yest shoot of like a rocket.

That would be my guess as this happens to me, can't nail em all I try to shake it off pretty quick these days(I haven't taken a trade all of april yet and thats when it can start to sneak up on you on the ones you pass on then look back and turned out great)

Mike
  • #60,154
  • Apr 7, 2010 5:34pm Apr 7, 2010 5:34pm
heres the nzd/usd from yest, there was also a pin on another feed, and then this dblhc. I talked myself out of it.

Benji sure didnt
Attached Image (click to enlarge)
Click to Enlarge Name: a2.gif Size: 13 KB
  • #60,155
  • Apr 7, 2010 5:47pm Apr 7, 2010 5:47pm
Quoting mbqb11
you can see Jim sort of talking himself out of it in the first post there lol. Sometimes we look back and realize a great trade we missed. Case in point for me nzd/usd 4hr yest shoot of like a rocket.

That would be my guess as this happens to me, can't nail em all I try to shake it off pretty quick these days(I haven't taken a trade all of april yet and thats when it can start to sneak up on you on the ones you pass on then look back and turned out great)

Mike
Mike, what did you not like about the NZDCAD pin bar yesterday?

Just curious, I need to learn more and more.
  • #60,156
  • Apr 7, 2010 5:48pm Apr 7, 2010 5:48pm
Mike ---it's good to hear for this newbie that you haven't taken any trades this month----I thought it has been on the tough side for me(I have one trade for a scalp)

I thought I was the only one.

The few I saw I was either sleeping or not at the computer.

I was starting to think that I didn't have what it takes.
  • #60,157
  • Apr 7, 2010 5:49pm Apr 7, 2010 5:49pm
Quoting unlv_tj
Mike, what did you not like about the NZDCAD pin bar yesterday?

Just curious, I need to learn more and more.
Hey tJ

My overall issue was mostly with the size of the bar vs how strong the downward move has been(although good divergence and round number). In my opinion if you employ a pretty tight mgmt style these are fine, but I tend to be a bit more lenient in letting things work themselves out. This was similar to the reason I passed on the nzd/usd 4hr bar but in hindsight the bar was fine and I think I was just a bit trigger shy(still happens to me and I try to just listen to my gut as much as possible during the time to enter the trade). So as we can see the nzd/cad has hit the first trouble area, so one might be seeing it breaks and minizing stop loss. So this sort of gets back to what I was saying before. 2 people can call a bar different grades. This is what trips people up too.

Let me know if that makes sense
Mike
  • #60,158
  • Apr 7, 2010 6:10pm Apr 7, 2010 6:10pm
Quoting mbqb11
This was similar to the reason I passed on the nzd/usd 4hr bar but in hindsight the bar was fine and I think I was just a bit trigger shy(still happens to me and I try to just listen to my gut as much as possible during the time to enter the trade).
Looking back on this one I feel the same. I have no problem with passing on a trade and seeing it go to the moon if it's within my rules to pass. And I certainly don't look back and judge whether I should have taken a trade by whether it "worked out", but I think I got gunshy with this bad boy (that was for you Mike ). There was a lot of traffic but it was far enough away to watch for a reversal and the bar was fine. Sometimes when you trade as little as me (with these methods anyway) you can get gunshy after a few days without trading. Especially given the fact that discretionary trading can never be boiled down to an "if x and y then z" approach.

But I much prefer getting the "damn I should have taken that" feeling than the "why on earth did I take that" pit-of-the-stomach cramp.
  • #60,159
  • Edited 6:30pm Apr 7, 2010 6:14pm | Edited 6:30pm
Quote
Bloody psychology!

Why won't I just do what I tell me to do!?


After you have decided on a method you want to test or trade live.

Devolope something like this for your self to follow, just like you are a employee.


Best regards

Dale
Attached File(s)
File Type: xls Trading To Do For James16 Thread.xls   20 KB | 794 downloads
  • #60,160
  • Apr 7, 2010 6:16pm Apr 7, 2010 6:16pm
Quoting mbqb11
hahah Aaron would crack up as he knows weekend mike, vs weekday Mike LOL
I have had the occasional glimpse of weekend Mike....

...and that guy is a BEAST. I want to hang with weekend Mike in Vegas on a Saturday night (and wake up with a tiger in our hotel suite...lol)
30 traders viewing now