james16 Chart Thread | Page 4459 | 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

  • #89,161
  • Feb 15, 2011 10:59pm Feb 15, 2011 10:59pm
Quoting vasmiza
Hi Adilius,

James also places those same BE trades in the win column. When you break even you are neither better off or worse off. This can be a significant edge when you consider the fact that +90% of traders are losers.

Because I am trading a small account the 2% doesn't seem that big but can you imagine if you are trading a bigger account and your up $5,000- $10,000 and you watch it go into the red. Psychologically not a lot of people can handle that kind of loss with the bigger account. I guess this physcholgical aspect can come into play...

Good point Harry.

I think the thing is, we should not think of our trades and profit in monetary terms but simply as a percentage of our equity. This way, a large account or a small account are exactly the same. There is no difference in my mind.
  • #89,162
  • Feb 15, 2011 11:01pm Feb 15, 2011 11:01pm
Quoting Pinbar
Woooooooooo

Hey Adi, Don't go skydiving without a parachute.

I think Jim means to use a physical SL not a mental one.
A mental SL has no point as you can't watch a trade 24 hours a day.
Hi Pinbar, no no I meant the Breakeven. Moving SL to Breakeven.
I learned the hard way that physical SL is a must of course. There is no doubt about this in my head... but my dizzy head is questioning the BE concept now, lol, do you move to BE quickly or how you do it? For example as I noticed Mike is not that quick with BE, instead he slowly reduces risk. How you do it?
  • #89,163
  • Feb 15, 2011 11:05pm Feb 15, 2011 11:05pm
Quoting Adilius07
Hi Pinbar, no no I meant the Breakeven. Moving SL to Breakeven.
I learned the hard way that physical SL is a must of course. There is no doubt about this in my head... but my dizzy head is questioning the BE concept now, lol, do you move to BE quickly or how you do it? For example as I noticed Mike is not that quick with BE, instead he slowly reduces risk. How you do it?
Well, what is wrong with how the big guy does it with the fibo?

Also, every situation of each trade is going to be different depending on traffic but, I see Mike and other people not just going to BE but, going to BE at logical areas.
  • #89,164
  • Feb 15, 2011 11:14pm Feb 15, 2011 11:14pm
Quoting Pinbar
Well, what is wrong with how the big guy does it with the fibo?

Also, every situation of each trade is going to be different depending on traffic but, I see Mike and other people not just going to BE but, going to BE at logical areas.
This is how I think now too yes. Going to BE at FTA. Man this is best! But how to do it with daily TF, babysitting it? Ok ok, I am starting this old song of mine again lol... ok will think about it more
  • #89,165
  • Feb 15, 2011 11:18pm Feb 15, 2011 11:18pm
Quoting Adilius07
This is how I think now too yes. Going to BE at FTA. Man this is best! But how to do it with daily TF, babysitting it? Ok ok, I am starting this old song of mine again lol... ok will think about it more

Hang on in there Adi...The doubt can drive us mad.
I think the only way to iron it out is demo.
  • #89,166
  • Feb 15, 2011 11:21pm Feb 15, 2011 11:21pm
Quoting Pinbar
Good point Harry.

I think the thing is, we should not think of our trades and profit in monetary terms but simply as a percentage of our equity. This way, a large account or a small account are exactly the same. There is no difference in my mind.
Definitely,

If you treat this like a business and are serious about it, all account sizes should be treated with the same respect no matter how big or small. Because I've blown a number of 1K accounts it has become very difficult for me to treat these small accounts with the same respect.

My new strategy is to grow my savings account till it has become of reasonable size. in the meant time I am just demoing and perfecting my method. I'm in no hurry....

  • #89,167
  • Feb 15, 2011 11:28pm Feb 15, 2011 11:28pm
Sorry if someone's already mentioned this. NzdUsd is looking interesting for some PA action off 0.7550 area.
Attached Image (click to enlarge)
Click to Enlarge Name: 110216 nzdusd d.gif Size: 24 KB
  • #89,168
  • Feb 15, 2011 11:48pm Feb 15, 2011 11:48pm
Quoting 5.25
Glad to have read this Jim. I've been beating myself up with this little setup

Tomek
lol Great chart, Tomek. .

It's the mark of a disiciplined trader in my book. The runners will come . .they always do . .

Taking a free trade approach is not a bad way to go either.


Jim
Indicators show the past. Price Action "Indicates" the future.
  • #89,169
  • Feb 15, 2011 11:53pm Feb 15, 2011 11:53pm
Quoting jarroo

Some other comments on the chart.

Jim
This was not a crazy prediction about the 1.0 BRN becoming Resistance . .at least on the 1st time back . .
Attached Image (click to enlarge)
Click to Enlarge Name: audusd15a.jpg Size: 96 KB
Indicators show the past. Price Action "Indicates" the future.
  • #89,170
  • Feb 15, 2011 11:59pm Feb 15, 2011 11:59pm
Quoting KissFan
Yea a few false starts with my shorts ate a couple of percent out of my account Jim. Once the turn happened at 3861 I quickly recovered. I have pretty much made euro my baby. Easiest PA for me and also you really get a feel for an instrument's essential nature when you spend 4 hrs a day watching it. I hope that I can give some better advised opinions to our group here by looking mostly at one cross. Best to you buddy!

K.I.S.S.

Yeah, its a great pair. I'm liking all the Usd pairs better than many of the crosses. . .like I said before, they color within the lines.

I always enjoy your posts, Kissm-man . .
Indicators show the past. Price Action "Indicates" the future.
  • #89,171
  • Feb 16, 2011 12:07am Feb 16, 2011 12:07am
Quoting Pinbar
Hang on in there Adi...The doubt can drive us mad.
I think the only way to iron it out is demo.
Yep. You're right. Well for now I do it with BE - which is proven to work for me! But as a businessman I must search for the ways to widen my profits while limiting risks...
  • #89,172
  • Feb 16, 2011 12:14am Feb 16, 2011 12:14am
Quoting vasmiza
Hi Adilius,

James also places those same BE trades in the win column. When you break even you are neither better off or worse off. This can be a significant edge when you consider the fact that +90% of traders are losers.

Because I am trading a small account the 2% doesn't seem that big but can you imagine if you are trading a bigger account and your up $5,000- $10,000 and you watch it go into the red. Psychologically not a lot of people can handle that kind of loss with the bigger account. I guess this physcholgical aspect can come into...
Great post Harry.

It reminders of a quote that I haven't used in awhile . . .

"Novice traders continually monitor, analyze and adjust their trades to maximize their profits.

Professional traders continually monitor, analyze and adjust their trades to reduce and minimize their risk or losses."
Indicators show the past. Price Action "Indicates" the future.
  • #89,173
  • Feb 16, 2011 12:23am Feb 16, 2011 12:23am
Quoting jarroo
Great post Harry.

It reminders of a quote that I haven't used in awhile . . .

"Novice traders continually monitor, analyze and adjust their trades to maximize their profits.

Professional traders continually monitor, analyze and adjust their trades to reduce and minimize their risk or losses."
Great quote! This is what we all should remember!
  • #89,174
  • Feb 16, 2011 12:38am Feb 16, 2011 12:38am
Quoting johoma
Sorry if someone's already mentioned this. NzdUsd is looking interesting for some PA action off 0.7550 area.

Yeah, I mention this one earlier. I like the tightness of the consolidation on the Weekly.

That .7500 BRN is sure acting its part as a BRN. I would like to see a strong close below the .7500 just to convince me it wants to go lower.

The Daily sure does look interesting . .let's see what develops.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: nu16.jpg Size: 123 KB
Click to Enlarge Name: nu16dd.jpg Size: 123 KB
Indicators show the past. Price Action "Indicates" the future.
  • #89,175
  • Feb 16, 2011 12:55am Feb 16, 2011 12:55am
Quoting Pinbar
This is basically what Jim was doing using the 50 to trail the SL but at some stage he changed to the 38.2. Probably as price got away from the entry and broke through some former resistance and Rns.

http://www.youtube.com/watch?v=0IK79sIJeu0

This is not how James16 manages his trades, I'm not sure where you got this idea. Jim may have been discussing different trade managment styles or something.

Ghous recent post on the Usd/Chf IB is more like how James16 manages his trades.

Quoting ghous
A lot of people have these concerns regarding trade management. We know our FTAs and major trouble areas have to be incorporated in our trade management decisions. For a trader who isn't taking full profit at the FTA and is 'hoping to see' his trade become a runner, its these little hints that you gather from price action and behavior that can give you a heads up on where price is likely to go and if holding on to the trade is viable.

The information we have so far on this tells us that price still has a good chance of making it through...
Attached Image (click to enlarge)
Click to Enlarge Name: jjjjeuryes2.gif Size: 45 KB
Indicators show the past. Price Action "Indicates" the future.
  • #89,176
  • Feb 16, 2011 12:57am Feb 16, 2011 12:57am
Quoting jarroo
This is not how James16 manages his trades, I'm not sure where you got this idea. Jim may have been discussing different trade managment styles or something.

Ghous recent post on the Usd/Chf IB is more like how James16 manages his trades.
the last sentence in the chart is gold: "...using my head instead of hope."
meine augen sind die sterne
  • #89,177
  • Edited 1:16am Feb 16, 2011 1:01am | Edited 1:16am
Quoting aserbfx
the last sentence in the chart is gold: "...using my head instead of hope."

Yeah that's a good one . .his got alot of them.

I still go through his charts all the time.


Am I the only one that does this???
Indicators show the past. Price Action "Indicates" the future.
  • #89,178
  • Feb 16, 2011 1:27am Feb 16, 2011 1:27am
Quoting jarroo
Great post Harry.

It reminders of a quote that I haven't used in awhile . . .

"Novice traders continually monitor, analyze and adjust their trades to maximize their profits.

Professional traders continually monitor, analyze and adjust their trades to reduce and minimize their risk or losses."
Thanks for the compliments,

All I'm doing is regurgitating what you, Mike, James and other seniors have been saying for years.

This is one quote I need to post up.

Cheers
  • #89,179
  • Feb 16, 2011 1:46am Feb 16, 2011 1:46am
Anyone entered EU longs at the support level?
So much talking about EU shorts and in the meantime its going steadily up.
I still think price can fall for stop orders stacked around 1.3400 before any/if substantial move up. Nonetheless we have first test of this strong support and bounce is fully expected.
Attached Image (click to enlarge)
Click to Enlarge Name: EU.PNG Size: 35 KB
  • #89,180
  • Feb 16, 2011 1:50am Feb 16, 2011 1:50am
Quoting jarroo
Yeah that's a good one . .his got alot of them.

I still go through his charts all the time.


Am I the only one that does this???
I can bet my bank you aren't

g.
I believe . . .
60 traders viewing now