james16 Chart Thread | Page 4912 | 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

  • #98,221
  • Jul 12, 2011 3:38am Jul 12, 2011 3:38am
Hey guys,
I took a short on CADJPY on the bar marked with an arrow. Pin bar was not perfect. But the confluence was strong. Came off weekly (red) & daily (yellow) PPZ. Off 365 day EMA. I remenber Jim saying this on forum price has a tendency to shoot off 365 EMA. I did make 150 pips. I was wondering would you guys consider this as A setup or was I just being lucky here?
Thanks,
Vinay
Attached Image (click to enlarge)
Click to Enlarge Name: CADJPY.gif Size: 23 KB
  • #98,222
  • Edited 4:49am Jul 12, 2011 4:09am | Edited 4:49am
Quoting equivestor12
Thanks Jon, that gives me alot to think about and work with. I'v started siming my way through 2010. Its tick by tick, so its going to take me some time.

For 2011 I ran 28 pairs week by week. I opened each pair for that week and recorded the trade results on a spreadsheet. I don't really understand the correlations between the pairs so thats where I might be overtrading. I guess it would be like taking a double position. Can you suggest the specific pairs I should backtest or should I run them all for the experience? When working through all...
hi buddy, sos for the delay, iv been away all week.
you can get a correlation table from the oanda website, or if you google it im sure theres many sites that list them...
As for which pairs to back test i would personally stick to the majors as most other pairs will only reflect these anyway. It saves you from data overload also.

jon
PATIENCE... DISCIPLINE
  • #98,223
  • Jul 12, 2011 4:13am Jul 12, 2011 4:13am
Is anyone in any of these EUR trades? I've got EUR/USD, EUR/JPY (took it when EU got to BE, this one at BE as well), NZD/USD (also took when EU got to BE) and GBP/CAD (continuation breakout of 1.5440).

I don't usually jump on market hysteria but I was seeing breaks of key weekly S/R levels all over the place and went for it.. Got to get N/U and GBP/CAD to B/E...
Anything can happen.
  • #98,224
  • Jul 12, 2011 4:35am Jul 12, 2011 4:35am
Quoting mbqb11
I might over think myself on this one, but this could break us out
Boy,how did u do that??MAGIC!!!!!!!
great trade Mike..this fell down like a gravity!!!
  • #98,225
  • Jul 12, 2011 6:19am Jul 12, 2011 6:19am
Was reading some articles of Austin Passamonte, never heard of him before, but James in his first post mentions him.

Here is an paragraph:

Make More
Cut losses short, let winners run. To me that sounds a lot like keeping losses smaller than wins. Do you interpret that aged adage any other way? Can it be interpreted any other way. No, but aspiring traders try mightily to do so.
You cannot and absolutely will not create lasting, sustained success from a core foundation where average losses in relative $ size exceed average wins. You cannot sustain a win rate of +70%, +80% or +90% of your trades over a long period of time. It is a statistical impossibility that no one has ever accomplished, and no one ever will. Regardless of system, method or approach, evolving market conditions will eventually roll around to the most adverse degree possible for awhile. During that stretch of "awhile" your high win rate will be decimated. Just like the balance in your trading account.
If you try to risk -$2 to make +$1, you are lost in the desert and wandering towards a steep cliff. The bottom is a long ways down, and it's going to hurt badly (at best) if you survive the fall.

Makes sense. Man what to do with this RR thing. Drives me crazy.
  • #98,226
  • Jul 12, 2011 6:51am Jul 12, 2011 6:51am
if it close like this...comments?
thnx
Attached Image (click to enlarge)
Click to Enlarge Name: eur aud h4.gif Size: 11 KB
  • #98,227
  • Jul 12, 2011 7:06am Jul 12, 2011 7:06am
I want to share my setup with senior trades like james mike and others , thnx

Muhammad
Attached Image (click to enlarge)
Click to Enlarge Name: 12 jully idi pa trade.gif Size: 40 KB
FxHome
  • #98,228
  • Jul 12, 2011 7:31am Jul 12, 2011 7:31am
now you are getting somewhere.

Quoting Adilius07
Was reading some articles of Austin Passamonte, never heard of him before, but James in his first post mentions him.

Here is an paragraph:

Make More
Cut losses short, let winners run. To me that sounds a lot like keeping losses smaller than wins. Do you interpret that aged adage any other way? Can it be interpreted any other way. No, but aspiring traders try mightily to do so.
You cannot and absolutely will not create lasting, sustained success from a core foundation where average losses in relative $ size exceed average wins. You...
  • #98,229
  • Jul 12, 2011 7:47am Jul 12, 2011 7:47am
Quoting Razorman
now you are getting somewhere.
I don't know. Keeping a journal for 2R targets shows I would make series of losses in a row. I kept it until 10 trades and got tired of having loss after loss after loss (full losses).

So the answer is in either in 'free trades' or higher win rate (if this is possible at all) or I don't know....
  • #98,230
  • Jul 12, 2011 7:53am Jul 12, 2011 7:53am
maybe the problem is the fact that you can't take 10 full losses in a row.
  • #98,231
  • Jul 12, 2011 8:25am Jul 12, 2011 8:25am
Quoting Razorman
maybe the problem is the fact that you can't take 10 full losses in a row.
Yes, in fact it is. Because if 10 losses in a row could occur, then 20 in a row is ok to happen too. Then a few wins and a string of losses again?

So that's why I was thinking maybe in this case my Tp should be HUGE in comparison to SL, because having a set TP is nothing but just hoping, because then I don't exploit on the edge we have i.e. WIPG, SR, BRN etc... thus wins will be very rare. If they are so rare and really just luck, they should be super big like 10R?
  • #98,232
  • Jul 12, 2011 8:25am Jul 12, 2011 8:25am
Quoting mrhb30jr
Hi Mike,

what do you think EUCAD D1,
SELL entry 1.3945 SL above BRN 1.4005 TP 1.3591 (R:R 7:1)
two IB state around BRN and rising TL break out at 3 day candle

brgds,
maxy
hi mike,

hit target 1.3591 .....
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eucad d1.gif Size: 22 KB
Click to Enlarge Name: eucad2 d1.gif Size: 23 KB
  • #98,233
  • Jul 12, 2011 8:30am Jul 12, 2011 8:30am
Can anyone tell me what the BRN is ??

Seen it mentioned a few times now and have no idea...
  • #98,234
  • Jul 12, 2011 8:34am Jul 12, 2011 8:34am
Quoting Strick
Can anyone tell me what the BRN is ??

Seen it mentioned a few times now and have no idea...
BIG RoUND NUMBER
  • #98,235
  • Edited 9:19am Jul 12, 2011 8:35am | Edited 9:19am
Quoting Strick
Can anyone tell me what the BRN is ??
.
check Pinbar's list

Quoting Knight Rider
...
After a retracement, (1.) do you have a maximum number of bars (e.g. weekly/daily) for it to trigger before you would execute a trade on a BUOB or BUEOB? (2.) Would you pass on a trade if there were too many bars before it triggered?
(1.) no, i dont.
(2.) not necessarily
again, u have to find what suits you.
( btw, just say BUOB )
Quoting Syu_z
..
What currency pairs are ideal to trade this strategy? I would just trade daily pin bar so I think I can afford to watch more than 1 pair.
Hello Syu, welcome to the thread.
u can trade any pair.

Quoting james16
been under the weather. feeling better.
hope u continue to feel better Sir
  • #98,236
  • Jul 12, 2011 8:56am Jul 12, 2011 8:56am
Hey all,

Do you know if there's any broker can offer permanent Demo account? currently I am with FXDD but each account can be valid for 3 month only.
----------------------------- Discipline makes the difference.
  • #98,237
  • Edited 9:21am Jul 12, 2011 8:59am | Edited 9:21am
Quoting CavinK
Hey all,

Do you know if there's any broker can offer permanent Demo account? currently I am with FXDD but each account can be valid for 3 month only.

I have had oanda demos for over a year now. I am not sure if there is ever a cut off with them though
  • #98,238
  • Jul 12, 2011 9:01am Jul 12, 2011 9:01am
Quoting Strick
Can anyone tell me what the BRN is ??

Seen it mentioned a few times now and have no idea...
Hey strick, in addition to the long name the big round number is every 500 pips. So on the EU it is going to be .4000, .4500, etc. I have seen a couple people list the little round numbers like .4100 as BRN's so I thought I'd add that.
  • #98,239
  • Jul 12, 2011 9:29am Jul 12, 2011 9:29am
im going to move from Alpari UK to oanda, simply because i can use exact lot size for my risk %
  • #98,240
  • Jul 12, 2011 9:47am Jul 12, 2011 9:47am
Quoting supremeChaos
check Pinbar's list

Yeah, check the list.

It is a pity there is no way of putting a permanent banner in the thread to such basic information.
I understand that new people have no idea who Pinbar is, let alone the signature.
51 traders viewing now, 1 is registered:
Zojahamad