james16 Chart Thread | Page 3118 | 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

  • #62,341
  • Apr 29, 2010 2:18pm Apr 29, 2010 2:18pm
Quoting mbqb11

Remember this is a thread where we see tons of NEW traders who have no concept of anything but shotgun trading on 5 min timeframes. When you achieve a certain level with this material and understanding of the market in general you know how to survive and learn and do things right until you can possibly make it.
Agreed. 5 mins and the like is death. 1hr is minimum anyone can really keep good at.

Quoting mbqb11

You can watch 100s of charts on daily weekly INCREASING the opportunities(and hell some people just don't want to check charts more then once a day). If you watch 20 forex pairs on daily/weekly you are severely limiting yourself and this is the same thing you are saying. More pairs = more opportunities. It is easy to scan 100 charts for a daily/weekly close, impossible(IMO) to scan 100 charts on the hourly. So there are many ways to increase exposure to trading opportunities.
Not true!! Here's the problem: most people CANT trade 100s of things. Most people can only trade a few FX pairs as they dont have the cash to open multiple accounts, and the spreads in some FX pairs make them cr*p to trade! I'm lucky enough to live in UK which allows spreadbetting/CFD trading on anything under the sun from 1 account. Many people cannot and I understand their problem.

Quoting mbqb11

What happens is most people read something about forex, go to the 15 min chart and trade till they are blown out. They don't realize how crucial patience, discipline is b/c they are constantly "in a trade". It's more of the feeling then it is the actual mindset of a trader, which IMO is what the higher timeframe to start is about. It is to clear out so many(and I see this everyday as I deal with many NEW traders0 bad habits.
Then really maybe people need to teach THAT on this thread instead of honking out chart after chart of dubious setups!! Maybe someone needs to teach the newbies about "you dont need to always trade to be a trader" and "rifle your shots" and "even if you sit on your hands for weeks its ok until that perfect setup comes" etc... they need to hear that, not "start with weeklies/dailys and spend the first few years making tiny account growth". These are 2 seperate issues, truly.

Oh and Mike it's great to hear 90% of your trades are intraday charts - SENSIBLE intraday charts, not 5mins/15mins etc It proves my point which I am not making to hurt anyone, get angry at anyone, be horrible to anyone, just that I think there is a world of pins in 1hr 4hr (ESPECIALLY 4hr) that people are giving up.

Thanks

Trig
  • #62,342
  • Apr 29, 2010 2:20pm Apr 29, 2010 2:20pm
Quoting datogio
I exactly know where my opportunities and edge are and they definitely are not in time frames.

YES!! EXACTLY!! The edge is in your PA ability. So every timeframe is tradable. Simple.
  • #62,343
  • Apr 29, 2010 2:21pm Apr 29, 2010 2:21pm
Quoting Ted1983
Here ya go.

The trade isn't performing.
(Back underwater after being up 25pips)

edit: And that last Dan Gilbert post is putting me off even more.
Thanks a lot Ted,

Regards

Glynn
"Fail to prepare, prepare to fail."
  • #62,344
  • Apr 29, 2010 2:22pm Apr 29, 2010 2:22pm
Quoting triggerju
YES!! EXACTLY!! The edge is in your PA ability. So every timeframe is tradable. Simple.
LOL you want to find out, the only way is to try it.

success my friend only you know what is right for you.
  • #62,345
  • Apr 29, 2010 2:23pm Apr 29, 2010 2:23pm
Quoting Ted1983
Care to elaborate?

IMO timeframes are indistinguishable, just that trading costs grow to be a too large proportion of targets.
Most good methods look at more than 1 TF for charting i think. (Or zoom out considerably on a smaaler chart).
Trading costs? On FX majors? What? 1-2pips on EUR, 3 on EURJPY, 3 on Cable? Seriously? Even on 4hr that's nothing. True, on many instruments dropping down in frames is VERY expensive yes, but the FX majors? No. It don't get cheaper! I see you are from UK, you probably spreadbet no doubt, you still can trade 2-3pips. Hell, even one major UK spread company is now offering 1 point on the Dow Jones! Imagine it, trading tax free on 1 point Dow Jones!! That thing ranges 100's points per day/week. Expensive to drop down frames?????????????!
  • #62,346
  • Apr 29, 2010 2:24pm Apr 29, 2010 2:24pm
Quoting triggerju
I'm lucky enough to live in UK which allows spreadbetting/CFD trading on anything under the sun from 1 account.

Care to mention who you use?
I've looked into a couple of spread betting acc's but the spreads look poor, on spot forex at least.
Also do any of them allow you to plugin MT4 or Ninja? (That would be freakin sweet).
  • #62,347
  • Apr 29, 2010 2:24pm Apr 29, 2010 2:24pm
Quoting triggerju
Agreed. 5 mins and the like is death. 1hr is minimum anyone can really keep good at.


Thanks

Trig
Hey Trig

Again it all comes down to our beliefs. Some of what you say I will just respectfully disagree and that is OK! As for 5mins is death I know a few very successful 5 min PA traders. So it just shows you it can work anywhere and it can fail anywhere. Also we do promote rifle trading and all the likes but as you can imagine a thread with 7 million views 60,000 pages and the countless personalities there is only so much you can control day in and day out without having to refrence back tons of old posts and keeping the noise down. But we have a great place here where we can all voice our views and opinions in a non threating and understanding way, and that is bar none to me.

Thanks
Mike
  • #62,348
  • Apr 29, 2010 2:26pm Apr 29, 2010 2:26pm
Quoting triggerju
Trading costs? On FX majors? What? 1-2pips on EUR, 3 on EURJPY, 3 on Cable? Seriously? Even on 4hr that's nothing. True, on many instruments dropping down in frames is VERY expensive yes, but the FX majors? No. It don't get cheaper! I see you are from UK, you probably spreadbet no doubt, you still can trade 2-3pips. Hell, even one major UK spread company is now offering 1 point on the Dow Jones! Imagine it, trading tax free on 1 point Dow Jones!! That thing ranges 100's points per day/week. Expensive to drop down frames?????????????!

I think you're kidding yourself tbh.
Even if you take 100 pips average per trade a 2 pips spread is, well 2%, LOL. That's BIG.
Most people think 50 pips is a swing trade, so they're fooked from the get go imo.

edit: If you're talking about IG index hows the service overall?
Their charting looks ghey!!!
  • #62,349
  • Apr 29, 2010 2:30pm Apr 29, 2010 2:30pm
Quoting mbqb11
Hey Trig

Again it all comes down to our beliefs. Some of what you say I will just respectfully disagree and that is OK! As for 5mins is death I know a few very successful 5 min PA traders. So it just shows you it can work anywhere and it can fail anywhere. Also we do promote rifle trading and all the likes but as you can imagine a thread with 7 million views 60,000 pages and the countless personalities there is only so much you can control day in and day out without having to refrence back tons of old posts and keeping the noise down. But we have...
5mins? My hat off to them. And you Mike. This is a gret place for everyone. It's good to debate. Speaking of which, election debate in the UK
  • #62,350
  • Apr 29, 2010 2:34pm Apr 29, 2010 2:34pm
Quoting Ted1983
I think you're kidding yourself tbh.
Even if you take 100 pips average per trade a 2 pips spread is, well 2%, LOL. That's BIG.
Most people think 50 pips is a swing trade, so they're fooked from the get go imo.

edit: If you're talking about IG index hows the service overall?
Their charting looks ghey!!!
2 pips aint a prob to give up if you believe in, drum roll please... Risk Reward Ratio LOL let's not get into that again, but that's where we differ. I will pay 2 pips on a 50pip win if I risked 20(inc spread). See? LOL!

No I'm not talking bout IG but IG is the oldest and prob most reliable SB company in the world. They started the whole thing. I best not plug who I use as it prob against rules but google around you will find some great spreads on major instruments. It's getting better (cheaper) all the time.
  • #62,351
  • Apr 29, 2010 2:36pm Apr 29, 2010 2:36pm
Quoting Ted1983
Their charting looks ghey!!!

NEVER NEVER NEVER NEVER trust SB companies charts (or even the companies for that matter) - they are cheeky chappies trying to take your money mostly but as long as you read your statements and dont miss a trick with your orders they can be kept in line.

But never never bother with their sh*t charts!
  • #62,352
  • Apr 29, 2010 2:38pm Apr 29, 2010 2:38pm
Quoting Ted1983
Care to mention who you use?
I've looked into a couple of spread betting acc's but the spreads look poor, on spot forex at least.
Also do any of them allow you to plugin MT4 or Ninja? (That would be freakin sweet).

Prospreads used to use Ninja, not sure if do anymore.

No MT4 to my knowldge.

But why? You don't need to plug anything into anything. Use good chart software and run your SB platform alongside, no?

As for spreads, in this day and age, if FX is your thing, you can pay the same on majors to what you pay in the "real" market. YOu mentioned IG, they even let you trade inside bid (I THINK - don't quote me on that) on FX.... I mean, what more do you want?! LOL
  • #62,353
  • Apr 29, 2010 2:43pm Apr 29, 2010 2:43pm
Quoting Ted1983
Care to mention who you use?
I've looked into a couple of spread betting acc's but the spreads look poor, on spot forex at least.
Also do any of them allow you to plugin MT4 or Ninja? (That would be freakin sweet).

Ok last post for now, got things to do: just to say Ted you really should SB these days if you can, for FX it ain't any different to the real market, on tight spread major pairs. Especially against USD. Seriously, don't pay tax on your hard earned pips only to let work-shy lazy bums up and down Broken Britain take it from you in forms of benefits to pay for thier beer, cigarettes and Sky tv. Britain is built on these people these days. You learned/studied/worked too hard on charts for that to happen. Sod 'em. Don't let the b*stards take it. Stupid government.

Take care for now

Trig
  • #62,354
  • Apr 29, 2010 2:51pm Apr 29, 2010 2:51pm
I notice GFT UK is claiming 0.5 spread on the S&P, and 1 pip (variable) on EUR/USD. Might give them a try.

I have an account with IBFX at the moment, the spreads are LOL and the range of instuments is equally LOL, so a change might be imminent anyway.
  • #62,355
  • Apr 29, 2010 3:01pm Apr 29, 2010 3:01pm
Quoting triggerju
Then really maybe people need to teach THAT on this thread instead of honking out chart after chart of dubious setups!! Maybe someone needs to teach the newbies about "you dont need to always trade to be a trader" and "rifle your shots" and "even if you sit on your hands for weeks its ok until that perfect setup comes" etc...
Trig
I really can't think of another place where this is promoted as much as it is here. I see you are very new around here (march 2010). Stick around and you'll see. Or start reading this thread from the begining. There is a very informative first post with some references. I was "smart" when I arrived here and dismissed some of those suggestions/requirements as unnecessary. Well, after a year I think they are here in the best interest of new people. And they don't make the journey longer. They make it shorter.

I'm not rich yet. But the unpredictable forex is getting more and more predictive. I was fortunete enough to find this place before any other. And I really believe I would not last a year without it. Trade whatever timeframe you want. But please don't mess with new peoples heads. Yes you can be successful on low time frames, but majority of newbees can't be until they master some needed skills. And this place is about helping a lot of people survive forex and not about making only one of them super successful.

If this makes any sense to you.
P
  • #62,356
  • Apr 29, 2010 3:08pm Apr 29, 2010 3:08pm
Hi

Here is my favourite setup for a few weeks now and this is how i see it.
Very good H&S pattern with broken neckline at 92 (i could imagine 92 being a strong option barrier in the future).
The neckline is broken and price formed weekly BUOB (+ already triggered monthly BUOB) with high at 94.30. On daily 94.30 area was rejected 4 times now but support at 93 round number showed that bulls are still strong at the moment. Swing lows are very spikey and i expect some large buy orders above the 94.30 resistance. I guess carry traders are building their position and there is good potential for a runner with good trade management.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: uj_w.GIF Size: 22 KB
Click to Enlarge Name: uj_d.GIF Size: 24 KB
  • #62,357
  • Apr 29, 2010 3:08pm Apr 29, 2010 3:08pm
Quoting triggerju
Ok last post for now, got things to do: just to say Ted you really should SB these days if you can, for FX it ain't any different to the real market, on tight spread major pairs. Especially against USD. Seriously, don't pay tax on your hard earned pips only to let work-shy lazy bums up and down Broken Britain take it from you in forms of benefits to pay for thier beer, cigarettes and Sky tv. Britain is built on these people these days. You learned/studied/worked too hard on charts for that to happen. Sod 'em. Don't let the b*stards take it. Stupid...
A bit off topic but just like to add with regards the tax treatment of using an SB...profits being tax free is simplified...they are free from capital gains tax but if you rely on the profits to live off i.e. as your main source of income and thus classed as a 'professinal gambler' then the profits can be liable to income tax...(this is not accounting advice, just what I know from other people who have come across this). SB's are good for small accounts (and this is what they are desgined for - retail traders 'betting' in their spare time and mostly losing!)) but when your account is large enough that you trade full time (i.e. when the tax bill would make a difference) then professional gamblers from my experience don't use SB.
  • #62,358
  • Apr 29, 2010 3:10pm Apr 29, 2010 3:10pm
Canceled my pending order on this 4hr GBP/ CHF trade. Wasn't at the best swing low point but at a good area with a nice Bar. With Trend. Perhaps turning over.

I canceled my order though because it did not trigger within the next bar.. Looks like it is working nicely now. Sorry I don't have a more current chart but take a look. It also may close as a BUOB for the daily.

My plan was to move stop right below round number when price reached second green line.

I still think cancellign the order was a smart thing to do. Although momentum may have been building it also coudl mean there wasnt any momentum to begin with in another trade.

Attached Image (click to enlarge)
Click to Enlarge Name: ea.gif Size: 12 KB
  • #62,359
  • Apr 29, 2010 3:16pm Apr 29, 2010 3:16pm
Quoting lovejoy80
but when your account is large enough that you trade full time (i.e. when the tax bill would make a difference) then professional gamblers from my experience don't use SB.
Still a lOOOOOOng way off pro gambler status. Don't even desrerve ordinary gambler staus !

I thought pros would be more likely to go with CFDs.
  • #62,360
  • Apr 29, 2010 3:22pm Apr 29, 2010 3:22pm
Hi Mike! Hello James! I hope you remember me. I use to be member of your group. Lost some money due to my crazy temper. I thought i gonna give it up But I couldn't! I was trying to look at the market from several different points and i was trying to learn more systems based in order flow, breakouts and I must sey than good old pin bar and Outside bar is the best confirmation.
They are important and more people use it , more playable they are
So it is good staff James and Mike, you give to us useful info, thanks for that!
I have developed my little system and i use PA for the entry as well
73 traders viewing now