james16 Chart Thread | Page 4698 | 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

  • #93,941
  • Apr 18, 2011 4:22am Apr 18, 2011 4:22am
Quoting jarroo
Hey SG...
Thanks Jim, perfect

Quoting supremeChaos
hello Sgrb1....

why do u check the charts every 20 minutes?
Hey SC,

To answer your question, I guess it's because 95% of the time I'm not in anything so I'm just skirting around the lower timeframes checking out price action around BRNs, PPZs etc. Which recently has lead to a couple of unworthy trades..

Thanks for the suggestions

SG
  • #93,942
  • Apr 18, 2011 4:31am Apr 18, 2011 4:31am
Quoting Pinbar
AUD/NZD looking promising on the daily.

Too bad this H4 BUEOB did not close above the 1.33000 level, it would have been nice to see have a better close.
Someone mentioned this in the webinar yesterday. This is a great example of why I touch trade. Great level. Almost no chance of that getting through there without a bounce.
  • #93,943
  • Apr 18, 2011 4:39am Apr 18, 2011 4:39am
Quoting Pinbar
Hey SC. they censor in the Philippines also?
Thought it was just, Iran , where I am and Pakistan.
hahah, no. i do self-censorship.
just trying to reduce the lag as internet here is crap/relatively slow/average in speed.

Quoting Sgrb1
...
To answer your question, I guess it's because 95% of the time I'm not in anything so I'm just skirting around the lower timeframes checking out price action around BRNs, PPZs etc. Which recently has lead to a couple of unworthy trades..
...
ok, that inevitably would tempt u to overtrade.
try your (our ) best to avoid that.
  • #93,944
  • Apr 18, 2011 4:45am Apr 18, 2011 4:45am
Morning guys

Just having a look at this chart with a view to a possible set up if it closes like this.

Advice/comments would be greatly appreciated.
(Still not taken a trade using PA yet but thats ok. I am waiting patiently , or trying to ! )

Fantastic webinar by the way Wiz, - greatly appreciated.

Thanks in advance

Malarky
Attached Image (click to enlarge)
Click to Enlarge Name: eurchf.gif Size: 22 KB
  • #93,945
  • Apr 18, 2011 4:57am Apr 18, 2011 4:57am
Quoting supremeChaos
hahah, no. i do self-censorship.
just trying to reduce the lag as internet here is crap/relatively slow/average in speed.


ok, that inevitably would tempt u to overtrade.
try your (our ) best to avoid that.

Oh, I see. I was thinking it was kind of weird.

I shall be getting a fiber optic connection in the next few months.
Not sure how good even fiber is in China, in the sticks in Harbin.
I think the winter is so cold here, even the light will freeze. LoL
  • #93,946
  • Apr 18, 2011 4:57am Apr 18, 2011 4:57am
Hi Everyone

I watched the compounding spreadsheet video on the guest area and had a few thoughts. (Thanks Fiji)

I'm maybe getting ahead of myself, but im always sceptical and like to plan ahead. I'd like to get as many mental ajustments that I might need out of the way sooner rather than later. I hope no one minds my putting down my beginner thoughts for comments. I just want the mindset that all you good traders have and to know how you think.

One day I will start with a small account. With my main focus being of course to increase the balance to a reasonable size.
What is a realistic expectation for profit when trading weekly/daily charts. Is 1% a month optimistic? I appreciate I might be asking how long a peice of string is, because of individual ability/market conditions etc. but what would be a "poor" return and what would you consider to be Exceptional? I'm also in no rush I know it will take years and years to learn this, im not even thinking so much about money to be honest I just want to be a good trader.

However I would like to make money with this one day as do we all, to improve the quality of life for myself and family...even if it only gives me a little every month to cover rising petrol prices!

People talk about overtrading which is somethining i've yet to experience,
My point of view is if I could set a realistic target and figure out how many pips I need a month once a target is achieved I can turn my computer off for the rest of the month/week and not get greedy. (perhaps it could also be dangerous stressing about not having enough pips also?)

If this is a bad way to think about things let me know all comments and thoughs welcome :-) and forgive my inane ramblings.

Cheers
Atemi.
  • #93,947
  • Apr 18, 2011 5:14am Apr 18, 2011 5:14am
Quoting Malarky
Morning guys

Just having a look at this chart with a view to a possible set up if it closes like this.

Advice/comments would be greatly appreciated.
(Still not taken a trade using PA yet but thats ok. I am waiting patiently , or trying to ! )

Fantastic webinar by the way Wiz, - greatly appreciated.

Thanks in advance

Malarky
Wouldn't sell a BEOB at a swing low there and trading into the PPZ.

We want to sell on a BEOB at a swing high and coming off a PPZ.
  • #93,948
  • Apr 18, 2011 5:21am Apr 18, 2011 5:21am
Quoting atemiwaza
Hi Everyone

I watched the compounding spreadsheet video on the guest area and had a few thoughts. (Thanks Fiji)

I'm maybe getting ahead of myself, but im always sceptical and like to plan ahead. I'd like to get as many mental ajustments that I might need out of the way sooner rather than later. I hope no one minds my putting down my beginner thoughts for comments. I just want the mindset that all you good traders have and to know how you think.

One day I will start with a small account. With my main focus being of course to increase the balance...
Atemi,

My personal thought on this is you need to forget about how many pips are reasonable or how much percent you should be looking to make.

I've been there and done that. I had the excel sheet out in the beginning trying to work out how much my account would grow if I made X% each month and it never works like that.

The thing I've found is that returns are not as consistent as we would all like. This might be different to what others believe but it's my experience that you need to average out returns over a long period of time.

Also, if you start self imposing targets on your trading then you may find that you get disheartened in the difficult times (when you fail to hit target) and over exuberant in the good ones (when you meet or exceed target) rather than remaining calm and collected.

The best advice I can give you is just focus on trading well. The money will follow.

The one thing to remember that passes over the heads of a lot of newbies is that a WINNING trade is not necessarily a good one and a LOSING trade is not necessarily a bad one.

Whether you win or lose on a trade is completely irrelevant. All that matters is whether what you are doing has an edge over time.

Say you went SHORT the EUR/USD into a huge support level, a BRN, a 50% fib and whatever other confluence we can throw at it. It might collapse through that area and you might get a big winner. And then you go away thinking "wow, I just killed it, what a great trade". Problem is, you won't realise until you have been at the game a while that this kind of trade probably has no edge over time.
  • #93,949
  • Apr 18, 2011 5:22am Apr 18, 2011 5:22am
Quoting Pinbar
Wouldn't sell a BEOB at a swing low there and trading into the PPZ.

We want to sell on a BEOB at a swing high and coming off a PPZ.
Thanks Pinbar

Yes I see what you mean now.

Now I am starting to see the PA bars a bit more clearly, I need to start
looking for them in the right areas !! (work in progress !)

Appreciate your help

Kind Regards

Malarky
  • #93,950
  • Apr 18, 2011 5:27am Apr 18, 2011 5:27am
Quoting the_wizard
Atemi,

My personal thought on this is you need to forget about how many pips are reasonable or how much percent you should be looking to make.

I've been there and done that. I had the excel sheet out in the beginning trying to work out how much my account would grow if I made X% each month and it never works like that.

The thing I've found is that returns are not as consistent as we would all like. This might be different to what others believe but it's my experience that you need to average out returns over a long period of time....
uhm good post.... thumbs up....

vouched !
Hero calls followed by margin calls...
  • #93,951
  • Apr 18, 2011 5:29am Apr 18, 2011 5:29am
Quoting Malarky
Thanks Pinbar

Yes I see what you mean now.

Now I am starting to see the PA bars a bit more clearly, I need to start
looking for them in the right areas !! (work in progress !)

Appreciate your help

Kind Regards

Malarky

Don't worry about it, we have all done it.

I was exactly the same, first I couldn't find any PA then I saw it all over the place and at places we don't need them.

I think it is like buying a new car.

I once bought a new blue SAAB in the UK, until I bought this car I had never seen one. I got in the car and then I started seeing them all over the place and they would always flash their headlights at me even in the middle of the day. I found out later there is a rather large SAAB fan club in the UK. LOL

Watch out for them BEOBs at swing lows, especially the ones flashing their headlights at you. LOL
  • #93,952
  • Apr 18, 2011 5:33am Apr 18, 2011 5:33am
Quoting the_wizard
Atemi,

My personal thought on this is you need to forget about how many pips are reasonable or how much percent you should be looking to make.

I've been there and done that. I had the excel sheet out in the beginning trying to work out how much my account would grow if I made X% each month and it never works like that.

The thing I've found is that returns are not as consistent as we would all like. This might be different to what others believe but it's my experience that you need to average out returns over a long period of time.

Also,...

Great Post Wiz...Very logical.

Perhaps the only exception is the big guys, "Make 10 pips a day" thang.
  • #93,953
  • Apr 18, 2011 5:36am Apr 18, 2011 5:36am
Great webinar yesterday wiz. Would you have considered the eurcad ~1,3765-1,3770 level a good place for a touch?

pat

Attached Image (click to enlarge)
Click to Enlarge Name: eurcad2.gif Size: 24 KB
  • #93,954
  • Apr 18, 2011 5:39am Apr 18, 2011 5:39am
Quoting plund
Great webinar yesterday wiz. Would you have considered the eurcad ~1,3765-1,3770 level a good place for a touch?

pat

Attachment
I don't trade the crosses really. Also, that level looks like price has washed it a bit. I prefer it to have seen price respect it pretty cleanly (particularly in recent trade).
  • #93,955
  • Apr 18, 2011 5:45am Apr 18, 2011 5:45am
Quoting mbqb11
hey Zinger

... it is certainly a nice area to watch. Pinbar is also watching into this area so he will smile to see this. Now it is a waiting game. Price is moving strong so this area may hold as support or if we break through an area to look to hold as resistance.

Keep posting
Mike
Hey,
finally I took this one because of this confluence and STRONG PPZ for at least a little bounce, and did ~100 pips.

GL
-Zinger-
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 49 KB
  • #93,956
  • Apr 18, 2011 5:46am Apr 18, 2011 5:46am
Quoting the_wizard
I don't trade the crosses really. Also, that level looks like price has washed it a bit. I prefer it to have seen price respect it pretty cleanly (particularly in recent trade).
Thanks, Yes that was what i was thinking as well.

pat
  • #93,957
  • Apr 18, 2011 6:04am Apr 18, 2011 6:04am
Does this suprise you ? ))
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif18042011.gif2.gif Size: 28 KB
  • #93,958
  • Apr 18, 2011 6:13am Apr 18, 2011 6:13am
We Can see the 15 min micro of the last 1 hourly chart ,

Enjoy! and watch that 1.42500 level eh !For some nice bullish PA? maybe, Maybe Continuation of Bearish PA for further down move ?
Attached Image (click to enlarge)
Click to Enlarge Name: eur usd.gif18042011.#3.gif Size: 28 KB
  • #93,959
  • Apr 18, 2011 6:26am Apr 18, 2011 6:26am
Quoting zinger
Hey,
finally I took this one because of this confluence and STRONG PPZ for at least a little bounce, and did ~100 pips.

GL
-Zinger-

There is no PA setup there yet, the bar has not closed.
We do not yet know if this bar is going to close a BUEOB or BEOB or even a bearish PB.

We wait for a PA bar to close and trade the break of that bar.
  • #93,960
  • Apr 18, 2011 6:28am Apr 18, 2011 6:28am
I'm aware of that, just took increased RISK in this case because of strong lvl.
Still watching this... this time for valid PA.

Cheers
-Zinger-

Quoting Pinbar
There is no PA setup there yet, the bar has not closed.
We do not yet know if this bar is going to close a BUEOB or BEOB or even a bearish PB.

We wait for a PA bar to close and trade the break of that bar.
56 traders viewing now