james16 Chart Thread

I have the 89 ma as supporting it, but it has broken through the 79 and it still hasnt broken through the 61% retrace on my daily. (i might be putting too much weight into this.) Anyway, I'm trying to take each trade and find a reason NOT to trade it. How would you order these in terms of importance/

Price Action
Pivot Points
Support and Resistance
Round Numbers
Fibbonaci
Divergence

Support and Resistance - or PPZ levels I rate up at the top.

Round Numbers - or better said; Big Round Numbers - right up there at the top because they are usually inherent PPZ levels.

Price Action - as confirmation of our location.

Fibbonaci - only when they are confuencing with PPZ levels/ BRNs.

Divergence - only when it confluences with our setup.

Pivot Points - mainly used with Stocks and Futures, not forex.

Fibs, MAs, Trendlines, Diverg, etc are confluencing tools that line up with our PPZ and BRNs.

Hi, where is the actual entry?

I very much appreciate your explanation.

Well the day is still young, but the price broke over the RN and retraced. If price stays at the current level, do you like a short from a pin bar?

That's a BRN, 1.3000 . . a RN would be 1.3100, 1.2800, 1.3300, etc. I view BRNs as stronger than RNs.

I like it . it fits a story of Support turning into Resistance once Price broke through and closed below.

But I like the 1.3075 . .its a much stronger Support level. . .but the 1.3000 could hold as Resistance. . .Just need some strong PA at the 1.3000 to confirm it.

This BEOB on the 4 Hour which was supported by the Weekly wedge formation . . break out pull back with PA. . The 1.0000 BRN (parity) played an important role once it broke through.

any comments about this beob on h4 ej?
came back from minor ma 38, currently below rn 108, swing high, ej in downtrend.
contra: near support.

Jarro, How do you highlight the spots on mt4?

I use the Rectangle tool.

some patience you got there...

I'll say he does . .and confidence in the setup, levels, etc . .

Looks like the .9880 may work out better. The .9880 is a Daily Low.

HI James and other senior members,

thanks a lot for all the informations provided here. I get a lot of knowledge from this thread. I was having trouble with entries and after i waited long enough for good setups now I manage to get good entries but i am not sure how to manage it properly after entering so that I can make profit out of it. the trades that I enter goes for about +50 to 80 pips most of the time but i end up sl, break even of with 10 or 20 pips.I have a question regarding exit and trade management. lets say we enter a standard lot which give 10$ for a single pip with 50 pips stop loss... its 500 dollars worth stop loss with may be 1000 or 1500 reward.(1:2 or 1:3 r:r) so what happens is when i have a loosing trade i loose 500 dollar and when trade go in my direction i take fractional profits...so when price hit my first target i cut 1/3 or half of my lot size the only the another half lot is running for target 2...and another loss happen i loose 500 again... seems like i loose that full lot of 500 when i loss and i dont get the benefit of that full lot value when i am in profit.... Another issue is if I keep a fixed target and sl and never move sl or target for that full R:R sometimes the price will go just near the target and turn back. please ignore my ignorance and thanks a lot for ur kind reply.....

yeah, approaching support.
107.50-80 would be my PPZ/line in the sand.
i think it will continue its current upmove... if ever a choppy move towards 109/110.

This show the importance of the first or second time back approach.

I'm short into this on retrace to 108.00 RN ...look like good opport. for a few pips

ahh I see! Thanks, I was looking at the wrong chart, lol. got it.

could you please explain the logic again why last week you added more long positions and desregarded that big BEOB aroun ppz 1.34500...

Thanks

Cheers V

Morning all

Is it just me that has a gap in every pair from 2gmt to 8 this morning?

To the people who read this post, What I want to show you in this post is just one thought among many of people`s thoughts.
I dont have a intention to recommend or teach my trading style,, I also have a lot to learn and there are ton of great traders better than me in this j16 thread. I just want to share my thought with one who is struggling with to pick up PA right now, because I myself struggled to do it for a very long time. And I post this because I want to digest my thought for myself,education for myself,
so if I write something wrong or not enough , please correct me. and I`m sorry in advance for my bad English.

For a long time I had have a tendency to overtrading. I tended to pick up so many PA and PPZ which is not so great quality and stopped out a lot. I think ,it`s really difficult only to pick up a great PA&PPZ. I don`t know what other people fell about it though, for me myself, Picking up only a great PA&PPZ was maybe most struggled part in learning about PA trading.

4hCharts(FXDD)
2010.9.10.0400
USDCHF4h bearish Pinbar
EURCHF4h bearish Pinbar
GBPCHF4h bearish Pinbar

Those PAs were my demo account trades which I took last year and finished as 3 lost trade.
At that time I had been working on my trading style , still had`t had my own style(rules) enough yet.
I think, if I face with those PA right now, I would not take any of them(because I won`t take bearish PA which closes above EMA25(yellow dot line) and then,on EURCHF Pinbar , I won`t take it too, because its size are too small for me and I think S&R(daily)is not strong enough ,I myself drew it though
But back on 2010.9.10 I took all 3 of them and lost them all.
it`s a bad experiene, it made me feel Im stupid. though,I learned something and made one rule from that exprecience.
Rule No.xx on 4h PA Trading, I won`t take multiple positions at one time. I will take only one single trade when I find PAs in many pair at one time(choose a most good one) and won`t take next trade before that trade(1st position) reachs at least SL=BE or end up hitting SL.
This rule is simple and works effectively for me.
If I have had this rule already back on 2010.9.10 , I wouldn`t have taken 3 those Pinbars and gotten 3 losing trades but I only would have taken 1 of them(3 Pinbars) and instead of 3 losing trade, I probably would have be able to finish with only 1 losing trade.

to be continued...