james16 Chart Thread | Page 5013 | 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

  • #100,241
  • Aug 9, 2011 10:23pm Aug 9, 2011 10:23pm
Hi i am new here and have been studying the 1st post for 2 weeks now.

Does anyone know when James16 says small account size and large account size. How much are we looking at?
  • #100,242
  • Aug 9, 2011 11:03pm Aug 9, 2011 11:03pm
Quoting ventin75
Does anyone know when James16 says small account size and large account size. How much are we looking at?
Can you afford to trade full lots? You have a large account.
Mini lots? Small account.
Microlots? Micro account.
Live trading with no demo? No account.

As a really, really rough wirintg-on-an-iphone-and-wanting-to-kill-myself guide, with 2% risk, a 50-100 pip stop and $10/pip standard USD lots, those roughly work out to $25-50k/$2500-5k/$250-500
When you have to shoot, shoot. Dont talk.
  • #100,243
  • Aug 9, 2011 11:14pm Aug 9, 2011 11:14pm
august has been a crazy month since day one, i took the audjpy trade and its killing me at the moment, and i see most other pinbars are also not working today having a flick through
  • #100,244
  • Aug 9, 2011 11:48pm Aug 9, 2011 11:48pm
Quoting deankenny21
august has been a crazy month since day one, i took the audjpy trade and its killing me at the moment, and i see most other pinbars are also not working today having a flick through
I here you, I decided to play with the EUR/AUD pinbar. Took more of a Jarroo type trade off the 1.3913 weekly level that has been acting as solid support and resistance for last two days. It worked out well for me but I wouldn't be surprised to wake up tomorrow and see more then half of this pinbar retraced. So the small position I have left is pretty much at break even. I had a really good day with the AUD/USD yesterday so I don't want to push my luck too much trading in the opposite direction of these big moves from the week.

Best of luck with your trade

Jacob
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EA August trade.png Size: 95 KB
Click to Enlarge Name: 5.gif Size: 21 KB
  • #100,245
  • Aug 10, 2011 12:27am Aug 10, 2011 12:27am
Guy's am I the only one who's passing all these nice bar on daily TF? Because they are near at our FTA? Or am I just being to picky it paralyze my trading?
  • #100,246
  • Aug 10, 2011 1:22am Aug 10, 2011 1:22am
Quoting TransPorter
Guy's am I the only one who's passing all these nice bar on daily TF? Because they are near at our FTA? Or am I just being to picky it paralyze my trading?
hello Kabayan,
dont concern yourself much of how others trade, because it mainly doesn't have an effect on you & your trading.
it's best to focus on how u trade, because that's what matters most.
we are all different, so we will naturally trade differently.

btw, being picky & disciplined can only be good to your trading. So u should be happy
  • #100,247
  • Aug 10, 2011 1:28am Aug 10, 2011 1:28am
Quoting supremeChaos
hello Kabayan,
dont concern yourself much of how others trade, because it mainly doesn't have an effect on you & your trading.
it's best to focus on how u trade, because that's what matters most.
we are all different, so we will naturally trade differently.

btw, being picky & disciplined can only be good to your trading. So u should be happy

Almost exactly the same words I sent just a few minutes ago by PM to one guy

Nice day to all.
Follow my trading on Twitter and FB: @pumlitch
  • #100,248
  • Aug 10, 2011 1:44am Aug 10, 2011 1:44am
Quoting supremeChaos
hello Kabayan,
dont concern yourself much of how others trade, because it mainly doesn't have an effect on you & your trading.
it's best to focus on how u trade, because that's what matters most.
we are all different, so we will naturally trade differently.

btw, being picky & disciplined can only be good to your trading. So u should be happy
Kabayan! Thank you for the uplifting words.
  • #100,249
  • Aug 10, 2011 2:41am Aug 10, 2011 2:41am
All the best everyone for whichever trades u took.
i am on GBPNZD BEOB today.(my 2nd demo trade of the month,1st trade closed up with a short profit and was happy with that decision)
will manage this trade in discretional manner.will be on chart from time to time.
also good for traders who are on GBPAUD BEOB.missed the retrace entry @ 1.58.
Attached Image (click to enlarge)
Click to Enlarge Name: gn.gif Size: 15 KB
  • #100,250
  • Aug 10, 2011 3:23am Aug 10, 2011 3:23am
Quoting Pumlitch

Almost exactly the same words I sent just a few minutes ago by PM to one guy
it's great to know i have the same perspective as u have.
  • #100,251
  • Aug 10, 2011 4:35am Aug 10, 2011 4:35am
My rationale for not taking any of the big bars on a lot of the charts was that the move has already happened. Yes technically it might be a BEOB or PB but the price reacted at a level then completed the move in the same bar. I considered taking them as chasing the market. Being late to the party and selling after a lot of selling has already taken place. That's not to say the direction they are indicating may be incorrect just that I'd hold out for a better entry.

My views on Risk/Reward ratios for trades has changed recently after some of Mike's posts but I still can't ignore that a lot of the moves have very little room to FTA, so the reward seems too small.

I guess as has been said before it's down to individual risk appetite, experience and confidence.
  • #100,252
  • Aug 10, 2011 5:09am Aug 10, 2011 5:09am
watching

the big event happened - BoE talk/report. No planned events incoming, so coast is vaguely clear. The M5 one left long time ago(fta was .885 and was reached already).
Attached Image(s) (click to enlarge)
Click to Enlarge Name: eurgbpH1.JPG Size: 218 KB
Click to Enlarge Name: eurgbph4.JPG Size: 217 KB
Click to Enlarge Name: eurgbpm5.JPG Size: 163 KB
Click to Enlarge Name: eurgbpM1.JPG Size: 187 KB
  • #100,253
  • Aug 10, 2011 8:43am Aug 10, 2011 8:43am
Quoting mbqb11
only cause I know everyone's gonna be trading anyway.

Here is a breakdown of how I am trading two of them. If you follow me you have no one to blame but yourself. I risk 2% a trade and my net exposure will be less then that if they both break. This is what I mean about not over exposing onself and getting too attached to one idea. Does it limit my upside? sure does. But I am always thinking about what I can lose first.

It's up to the market after this
Hi Mike,
A question on position size. Is your position size 2 % based on the entry level and the opposite end of the PB. So once the trade is triggered you will move the SL at the relevant place as discussed. Here onwards, if the trade turns against you your loss will be less than 2 % as you have already moved the SL as per the plan.

Cheers
Novice.
PS these big PB and the volatility did get me worried and as such only entered EURNZD which I am still managing.
  • #100,254
  • Aug 10, 2011 9:01am Aug 10, 2011 9:01am
Quoting novice198
Hi Mike,
A question on position size. Is your position size 2 % based on the entry level and the opposite end of the PB. So once the trade is triggered you will move the SL at the relevant place as discussed. Here onwards, if the trade turns against you your loss will be less than 2 % as you have already moved the SL as per the plan.

Cheers
Novice.
PS these big PB and the volatility did get me worried and as such only entered EURNZD which I am still managing.
yep that is exactly correct. I do this with most of my trades as it how I am comfortable managing my risk. So in this case my net effective loss if I don't move my stops beyond what I showed you guys is less then one full bar loss.

Hope that helps
Mike
  • #100,255
  • Edited 11:14am Aug 10, 2011 11:01am | Edited 11:14am
Quoting mbqb11
only cause I know everyone's gonna be trading anyway.

Here is a breakdown of how I am trading two of them...
Hi Mike, just wondering if your sell stop got hit with GBPNZD? Or whether anyone else is in this. I ask because I took a more aggressive entry and, of course, got taken out (totally my fault). I've now got some buys and it's nearing the BRN, excitement!

/psd

EDIT: AvanishDemo beat me to it by 5 minutes, I'm not very quick on the ol' draw when it comes to posting haha

EDIT 2: Just want to confirm the decision to go short was already made before I read Mike's post just like AvanishDemo - I'm not expecting to be given signals or trading advice here. Teach a man to fish and all that.
Attached Image (click to enlarge)
Click to Enlarge Name: 20110810 gbpnzd live 18.jpg Size: 129 KB
  • #100,256
  • Aug 10, 2011 11:25am Aug 10, 2011 11:25am
I know this is wild market but this one got my attention: Big BUOB, wedge broken, divergence.
Attached Image (click to enlarge)
Click to Enlarge Name: an.gif Size: 23 KB
  • #100,257
  • Aug 10, 2011 11:30am Aug 10, 2011 11:30am
I'm done for now, closed out of the longs on GBPNZD as there's enough excitement for one day. Catch up on the rest of today's action when I wake up, see if the Big 2 got breached. Cheerio!

/psd
  • #100,258
  • Aug 10, 2011 12:57pm Aug 10, 2011 12:57pm
Hi guys
See some of my today trades,they are rocks. Any one in these trades
Attached Image(s) (click to enlarge)
Click to Enlarge Name: aj.gif Size: 18 KB
Click to Enlarge Name: ej.gif Size: 16 KB
Click to Enlarge Name: en.gif Size: 16 KB
Click to Enlarge Name: gu.gif Size: 16 KB
  • #100,259
  • Aug 10, 2011 1:23pm Aug 10, 2011 1:23pm
Quoting AvanishDemo
Wat at first look sheen in the sky..becomes an asteroid coming my way..

took a bit more over half bar loss(GBPNZD BEOB)..as price wasn't moving in favour & NZD pairs were moving straight down..
alrite no prob.

Question to Mike:
Mike..
js like u,i also liked the GBPNZD BEOB..yes there were other setups as well but it was my personal decision as i took this trade (before reading ur post itself)..n later felt good that u also took the same(infact every1 likes it when they take a trade..js to see later some senior member also took the same trade which...
Hey AV

The best way I can put it is that I simply stick to my guns. I don't try to over extend myself and I trade the charts. Based on how I trade that never really puts me open to too much exposure. Case in point the above two trades that even with full losses I would be under a full bar loss. I take the volatility into account and understand that things can change quick. What happens is people see movement and jump in at will. This is fine if you understand that you will prob smile big or frown big. I do this on a few aggressive accounts with a small stake.
"
This branches of this
http://www.forexfactory.com/showthre...01#post4851701

Yes things are volatile but anyone who has been around knows this isn't really unusual. Markets are pretty cyclical and have periods of intense volatility, periods of dead(then people start posting do we thing trading is over, will we ever see volatility again) and periods of in between.

Hope this helps in a small way
Mike
  • #100,260
  • Aug 10, 2011 1:25pm Aug 10, 2011 1:25pm
Quoting psd
Hi Mike, just wondering if your sell stop got hit with GBPNZD? Or whether anyone else is in this. I ask because I took a more aggressive entry and, of course, got taken out (totally my fault). I've now got some buys and it's nearing the BRN, excitement!

/psd

EDIT: AvanishDemo beat me to it by 5 minutes, I'm not very quick on the ol' draw when it comes to posting haha

EDIT 2: Just want to confirm the decision to go short was already made before I read Mike's post just like AvanishDemo - I'm not expecting to be given signals or trading advice...
Very glad to hear you made your own decision first. Following anyone else does nothing for someone long term.

Yes my trade got hit on both the pairs and just waiting and watching. I knew my risk going in and knew the points I would cut out. The rest isn't up to me until new information prints that changes my plan.

Hope that helps
Mike
136 traders viewing now