james16 Chart Thread | Page 3111 | 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

  • #62,201
  • Apr 28, 2010 6:46pm Apr 28, 2010 6:46pm
Quoting fxeturn
I noticed that some of you guys seem to only try to catch 1 bar whenever going into a trade, or was I wrong? So nobody really rides the profit or there's just too little to risk to reap the rewards (chicken out)? I'm not against anything but I'd like to understand what's the difference that makes one satisfied with taking 1 bar of 50 pips and the other who rides all the bars along the way for 500 pips.

By the way, I'm 27
Hey FX

There are a lot of different styles here. I try to do what I believe is the best at the time. Sometimes that means I am in for a quick trade, sometimes I ride a trade out for days. Some people can not stand losers at all so they tend to have very high win rates and overall very small wins. Do whatever is comfortable is the best thing.

Best
Mike
  • #62,202
  • Apr 28, 2010 6:49pm Apr 28, 2010 6:49pm
Quoting mbqb11
Do whatever is comfortable is the best thing.
Wrong.

I've tried that and it doesn't work.
  • #62,203
  • Apr 28, 2010 6:50pm Apr 28, 2010 6:50pm
Quoting Ted1983
Wrong.

I've tried that and it doesn't work.
hahaha well not WHATEVER. But certainly certain personalities and styles will make up your trading better. It is a LOT a LOT a LOT of trial and error.


But touche

Mike
  • #62,204
  • Apr 28, 2010 6:56pm Apr 28, 2010 6:56pm
Quoting mbqb11
certainly certain personalities and styles will make up your trading better.
best, mike,

im afraid i lost you on this point as well.
  • #62,205
  • Apr 28, 2010 6:59pm Apr 28, 2010 6:59pm
Quoting mbqb11
ughh really? Where do we do this, I'll gladly stop trading if it's that easy
Ok... 4X=0 was right I don't mean stop trading I mean there are other ways to trade if your capital is small to the point where to get "rich" you need to up the aggression and risk and not sit back waiting for daily charts to throw you an A+++++ pinbar which you will end up "riding" for a reward risk of 0.5. That's an awful risk to take!

Put it this way: if the stock market is shifting downwards as a whole and the telecoms sector was an underperformer and AT&T was one of the hardest hit then it's safe to assume I could short this for a profit. If I choose a sensible entry with a tight SL based on S/R and trade it on margin adjusting my entry to, say, 5% risk even the "tide" of the market alone will prob carry this down to a breakeven target. If it carrys on going as I predict, I could easier make 20%-30% on that entry. Talk about trend trading - eat your heart out Dan LOL!! You do this over a year with about 3-5 positions on at once. That's how you can kill 50% per year!!!!!!

4X=0 knows what I'm talking bout.
  • #62,206
  • Apr 28, 2010 7:06pm Apr 28, 2010 7:06pm
Quoting 4X=0
best, mike,

im afraid i lost you on this point as well.
I don't see why.

Here's an example. How do you think how may can play basketball and how many are making money with basketball? I'd say that less than 0.0001% make money out of the people that can play. So what makes trading different I just don't understand.

Nobody would rush to play basketball against pros and then complain that they cannot beat them. Thats because pros are certain people with certain skills and certain methods. The trading is not different, its one of the activities that people can do during their life and it needs a lot of time and dedication to be professional at it.
  • #62,207
  • Apr 28, 2010 7:08pm Apr 28, 2010 7:08pm
Quoting datogio
I don't see why.

Here's an example. How do you think how may can play basketball and how many are making money with basketball? I'd say that less than 0.0001% make money out of the people that can play. So what makes trading different I just don't understand.

Nobody would rush to play basketball against pros and then complain that they cannot beat them. Thats because pros are certain people with certain skills and certain methods. The trading is not different, its one of the activities that people can do during their life and it needs a lot...
sounds like a choice between "trading" and "investing". choose your poison.
  • #62,208
  • Apr 28, 2010 7:08pm Apr 28, 2010 7:08pm
Quoting triggerju
Put it this way: if the stock market is shifting downwards as a whole and the telecoms sector was an underperformer and AT&T was one of the hardest hit then it's safe to assume I could short this for a profit. If I choose a sensible entry with a tight SL based on S/R and trade it on margin adjusting my entry to, say, 5% risk even the "tide" of the market alone will prob carry this down to a breakeven target. If it carrys on going as I predict, I could easier make 20%-30% on that entry. Talk about trend trading - eat your heart out Dan LOL!!...
I diagree that this is the way to make big bucks. The wider the stop required then the less size, relative to your account, is on the trade.
Why not use your sector analysis in conjunction wiht candlesticking and PA setups? Then we'd be mashing 100% returns into the ground.
  • #62,209
  • Apr 28, 2010 7:09pm Apr 28, 2010 7:09pm
Quoting datogio
How do you think how may can play basketball and how many are making money with basketball?
OMG its contagious
  • #62,210
  • Apr 28, 2010 7:09pm Apr 28, 2010 7:09pm
Thought I'd post this setup. Shows PB on the Daily and BEOB on the 4H.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: NZDCAD_Daily.jpg Size: 147 KB
Click to Enlarge Name: NXDCAD_4H.jpg Size: 149 KB
  • #62,211
  • Apr 28, 2010 7:12pm Apr 28, 2010 7:12pm
Quoting datogio
I don't see why.

Here's an example. How do you think how may can play basketball and how many are making money with basketball? I'd say that less than 0.0001% make money out of the people that can play. So what makes trading different I just don't understand.

Nobody would rush to play basketball against pros and then complain that they cannot beat them. Thats because pros are certain people with certain skills and certain methods. The trading is not different, its one of the activities that people can do during their life and it needs a lot of...
Hey all look I do understand the idea of comfort zone in your head etc etc and that will help you success, it takes trial error etc but here's the point: just because you like a method doesn't mean it will grow your account. You may love A+ pinbars on weeklys, but gaining 200 pips from one will prob require a 200 pip SL anyway - don't be fooled - larger amount of pips DOES NOT mean more profit - it's all about your position sizing and risk reward. So you can like any method, 100's of methods, but which one realistically will get you to your financial goal??? If you are growing you account by 50% per year (and that's a big IF coz many can't stick it out anyway) and it does what you want then ok, fine. If you have a $250 mini account, forget it.
  • #62,212
  • Apr 28, 2010 7:13pm Apr 28, 2010 7:13pm
Quoting ted1983
why not use your sector analysis in conjunction wiht candlesticking and pa setups? Then we'd be mashing 100% returns into the ground.

exactly!!!!!!!!!!

Trumpets please!!!! Ted got it!!!!
  • #62,213
  • Apr 28, 2010 7:16pm Apr 28, 2010 7:16pm
Wishing you all a good night - time for ZZZZs.

Whatever you trade, trade well.

Trig
  • #62,214
  • Apr 28, 2010 7:16pm Apr 28, 2010 7:16pm
Quoting ghous
Funny thing is you still don't know how to pronounce my name
Goose?? lol

I've known that it's Goss for a while, but everytime I read someone referring to you I read it as goose still. Habits die hard.
Bundy's status today: "Waiting..."
  • #62,215
  • Apr 28, 2010 7:16pm Apr 28, 2010 7:16pm
Quoting triggerju
exactly!!!!!!!!!!

Trumpets please!!!! Ted got it!!!!

Me so clever!!!
  • #62,216
  • Apr 28, 2010 7:28pm Apr 28, 2010 7:28pm
and since some people are more happy miserable this is to cheer them up

Inserted Video
  • #62,217
  • Apr 28, 2010 7:30pm Apr 28, 2010 7:30pm
Quoting triggerju
Hey all look I do understand the idea of comfort zone in your head etc etc and that will help you success, it takes trial error etc but here's the point: just because you like a method doesn't mean it will grow your account. You may love A+ pinbars on weeklys, but gaining 200 pips from one will prob require a 200 pip SL anyway - don't be fooled - larger amount of pips DOES NOT mean more profit - it's all about your position sizing and risk reward. So you can like any method, 100's of methods, but which one realistically will get you to your financial...
I agree, that was my point, mini account is good for training IMO, it's unrealistic to feed the illusions that one day someone will build it to million, but anything is possible. People are so different.

For me the successful method is to do something that is right most of the time and doesn't generate any significant emotional discomfort. But it's impossible to find the way of trading without any emotional discomfort during the execution. To do something well you have to find golden edge between you and the task that you have to do. That's why its so important to find or modify the method that is in harmony with your emotions and with the market.
  • #62,218
  • Apr 28, 2010 7:30pm Apr 28, 2010 7:30pm
PB at swing low, PPZ with bullish divergence. Looking for a break above 50 fib. 1st TP at 61.8, then set to BE and hopefully it'll reach around 1.5500 for 2nd TP.

Attached Image (click to enlarge)
Click to Enlarge Name: gch4429.gif Size: 21 KB


Mike, thanks again for the quick fix.
  • #62,219
  • Apr 28, 2010 7:38pm Apr 28, 2010 7:38pm
Inserted Video


183 million views, wow.
  • #62,220
  • Apr 28, 2010 7:38pm Apr 28, 2010 7:38pm
Quoting mbqb11
and since some people are more happy miserable this is to cheer them up

http://www.youtube.com/watch?v=S519z...layer_embedded
LOL. I like that one.


The thing is, all of us have been in those frustrated "This isn't fair" periods while learning to trade and can see it bubbling through the posts every time they come along.

Quoting 4X=0
http://www.youtube.com/watch?v=_OBlgSz8sSM

183 million views, wow.
Been there done that with my sister! Wow, had forgotten that memory. lol
Bundy's status today: "Waiting..."
64 traders viewing now