james16 Chart Thread

Quoting mbqb11

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Hey C

The story in short is what this entire thread is about. I know that answer sucks but it is the truth. You have to just start and learn and make mistakes and see what others have done that works.

Story in short = Bar + Location

Location = confluence, reasons for importance behind the trade.

So as you work through this thread you will catch onto little new things that you never thought of. Everything from Price Pivot Zones, to divergence, to bar size, to round numbers, and the list goes on and on. Being able to put the pieces together...

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Quoting Carnegie

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Allright Mike that actually sounds very reasonable. I have a couple more questions but I'll keep on reading and will post what I don't understand.

And oh, btw. Could you take a look at AUDUSD 1HR chart?
To me, the last two candles are making a two consecutive HIGH.
The story behind why this trade would work out is that it is a strong trending market right now right?

Would you take this trade, and if so, where would entry and SL be?

Thanks!

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Quoting mbqb11

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hey C

I would not touch that market on the 1hr. The best trades were at the 1.0000 area and trading here would just be chasing the market, or trying to pick a top. Best to stand aside and wait for stronger PA in the meantime

Best
Mike

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Quoting Carnegie

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Why is that Mike? The pins seem to work very well on this chart and on the 1hr of it.

Ok I'll stand aside and won't look at the AUDUSD. But I still don't understand why a two consecutive high wouldn't work out here. The market is actually trending higher. Anyway, you know more than I.

Should I totally exclude the AUDUSD and only trade EURUSD + GBP/USD?

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Quoting spookie94

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hey Dan, still looking at I4bs? I miss your posts on those.

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Quoting mbqb11

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It's just that two bar matching highs alone on an hourly chart at 1130 am est before NFP tomm is just not really worth it in my opinion. When you are new you should be following the minimum requirements on the daily/weekly only as outline by Jim on post 1. Being VERY picky. This can not be stressed enough.

As for pairs to watch. Watch as many as you can and then be the most picky. I watch roughly 60 on the daily/weekly.

Best
Mike

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Quoting Sagad

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..
HOW IMPORTANT IS THE TIME FOR DAILY OPEN/CLOSE? (I mean, different brokers use different time feeds right, so this will affect how a supposed Class A trade might look like)
IN UR OPINION, WHAT IS THE MOST APPROPRIATE TIME TO USE? 5am EST? 12am EST?....

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Quoting Carnegie

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Yeah I'm looking at the daily also but I'm trying to catch up with you guys and look to see what you are doing as well. But I would be lying if I said I'm only looking at Daily. I'm sort of used to 1HR..
Allright I'll try to do the same. jeez 60 pairs.. didn't even know there were 60.

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Quoting xmzhang

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Closed my remaining position on the E-G, price broke a 1H-PB @ RNB 8800, I've banked another 81 pip. Total profit: 95 + 81 = 176 pips If price breaks the previous swing low @ 8750-ish then the short term uptrend breaks and price will probably revisit the RNB @ 8700. If 8750 holds as support then the short term uptrend stays intact and price will probably take another shot at the 8800, lets see how this plays out.

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Quoting mbqb11

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It's just that two bar matching highs alone on an hourly chart at 1130 am est before NFP tomm is just not really worth it in my opinion. When you are new you should be following the minimum requirements on the daily/weekly only as outline by Jim on post 1. Being VERY picky. This can not be stressed enough.

As for pairs to watch. Watch as many as you can and then be the most picky. I watch roughly 60 on the daily/weekly.

Best
Mike

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Quoting supremeChaos

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Hey Carnegie,
1 of my first self-help books was authored by a 'Carnegie'.

stuff look daunting only during the first few weeks/months/years (trader-dependent)...
as much as possible, try to instill self-discipline & patience as much as u can, as early as u can.... the reward after a few years will be tremendous.

glad to have another teen around, makes me feel much younger lol
Keep reading & posting Sir!

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Quoting xmzhang

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That's quite a lot, I quess there are some exotic pairs among them with insane spreads, like the EUR/NOK, EUR/SEK etc..

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Quoting mbqb11

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Nice Dan

The good ones will jump out and are worth the wait. I am looking for one last push here myself

Good to see you stop in

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Quoting Carnegie

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AHA! My people helped you, so you HAVE TO HELP ME NOW!!!
No, just kidding.

It's not that it looks frightening, the funny thing is that I've read and read and read and I still can't trade properly.

I'll try to do so but as I wrote before, I tend to just jump on a pin immediately even though there is only the pin there and no confluence or any other indicators telling me to take the trade. Maybe it's greed I don't know..

Haha, yeah I guess I'm still young, even though I hate to admit it.
I will do so, thank you very much!!

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Quoting fxtsun

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Hi Mike,

Correct me if I'm wrong, but It looks like your entry was on the daily TBLHC + resistance turning support (together with the rest of the story)?

Thanks


fxtsun
___________________________________
"Chance favours the prepared mind" - Louis Pasteur

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Quoting mbqb11

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yes it is Pin. I talk about continuations here but of course not as much b/c I think continuation setups are more difficult to grasp. But remember at the end of the day it is the story behind it all.

I also took this continuation bar

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Quoting dmc

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Nice Trade Mike.

I was in on the NZD /USD trade as well as an the Aud/Cad 4hr, I skipped on this one because I did not want to over extend myself on the Aussie - Kiwi pairs which are correlated.

One thing that was tough with this bar was setting a profit targer. There isnt much history byond that level to look for trouble areas. Do you just try to trail out with this type of trade? as it is with the trend?

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Quoting mbqb11

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Hey D

Like the nzd/usd trade I have a rough target in mind and then manage as we go. I closed it around 1.0135 as it is NFP tomm so we may see markets consolidate down, I had errands to run, and I had a nice week so I decided to close up shop. I don't have one set way to do things, so I just try to go with the flow of what I am feeling for each trade. My take profit was shy of 1.0200 if we bursted up there

Hope that helps
Mike

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Quoting mbqb11

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Hey Sun

My chart is a weekly chart if you look. I took the weekly buob. I posted a video a few posts later for you all

Best
Mike

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