james16 Chart Thread

approaching major supply, if we break it ill buy the retest for sure ;-p

Liking it

british arm on weekly is ready for a breakout.

how du u play your line? placing buystop or buying a retest?

buystop

Just been re-watching this training video. I've felt myself starting to run a little bit before I can walk the last week or two, and I think the patience has gotten the better of me on an occasion or two in regards to waiting for a daily or weekly setup to show itself.

I've been watching the moves that euro and the jpy's have put in the last week, and felt like I'm missing out on making pips. Really need to work hard on my patience.

Yeah mate sitting on your hands is hard thing. I think you need to make a rule that you will ONLY manage the trade in the tf you took it, which should be daily or above...
The problem is when others are making tons of pips you feel like you are missing out..especially if you get involved in one if those intra day threads where people trade everything that moves.

Yeah, I know what you mean.

I entered this GBP/Usd on Friday..put my plan in the chart. any feedback from seniors is welcome..

EDIT: looking back at this I feel that I have been sucked in my buying a buob at the top of the range and should now just cut the losses.

How long you been following the J16 thread decentchap?

on and off since last year but i have started demo since last month on it...something seriously wrong?

Nothing wrong my end. Just chatting, and trying to get to know some of the regular names on the thread a bit more, and I see your name a fair bit.

OK, I thought your question arose from looking at my chart..so i thought there was something seriously wrong with the chart.
I have been busy with various things so haven't been able to learn trading regularly. I have also spent fair bit of time on reading about Ryanmcd's method, Dibs from Peter Crowns, fti's thread(all good methods but not suited to me due to time constraints and personality) etc..Finally I feel settled in what I am doing and hoping to learn and prosper..

Hi! I'm VielGeld and I am a market loser. I've been following this thread for a week or two now and have been impressed with the amount of available info. I wish to bring my trading to a profitable level with the fine gents of this forum. Nice to meet'cha!

That said, I have a Q: the recommended time frame in this thread is daily bars. However, I have myself to be more of a very low time-frame trader. Think in the order of 30s to 5m charts at most. I am not, however, a scalper; I simply prefer playing momentum trend following, just in a very short time frame.

So my question is: does anyone here have advice for such a time frame?

Hello everyone, I just joined this forum and this is my first post. First of all I just want to thank James16 and all the others who have made this thread so educational and friendly for forex newbies like myself. I've learned a bunch of things here already and I'm not even close to getting through this whole thread.

I do have another motive for writing in this thread however, and that is to ask a few questions, hopefully some of you may be able to answer. First of all, some background about myself.

I'm a 25 year old guy, still living at home so I have no bills or rent to pay. I saved up about £7000 and left my job so I could become a full time forex trader. A little crazy according to some, but I want to become a full time trader so badly. I studied forex for months and then opened a demo account. I demo traded without a clear strategy for 2 weeks, just to figure out how it all works. Then I made a strategy and have been trading with that strategy for a week.

I trade the hourly charts, even though a lot of people recommend I trade daily and weekly. I just do not have the patience required to trade daily charts, and don't think I could do it at this stage.

My plan is to continue demo trading, and if I can consistently make a small profit each week (say £50), consistently, then I will go live after 3 months with maybe a £1000 or £1500 account. My goal is not to become a millionaire quickly, but to just make a small profit consistently to give me confidence, but of course, in a few years I do want to be making enough money to live off comfortably.

Anyway, my strategy is the following. I first look for a trend in the hourly charts. If a trend is present my aim is to trade with the trend. i.e. if the trend is going up, then I look to go long. The first thing I look for is either a pinbar or a reversal pattern e.g an engulfing pattern, star pattern, evening star pattern etc.

The second requirement is that this candlestick pattern must occur on either a support or resistance line.

The third requirement is that the pattern should also line up with either a fib retracement level or an ema . If it does not line up with either of these, then I will wait for a confirmation candle before entering e.g. If I see a bullish engulfing pattern on a resistance line but it does not line up with either a fib level or ema, then I will only enter if the following candle is also bullish.


My stop loss is usually 30/40 pips. When I go live, I am planning to risk no more than 2% of my account on one trade. This is how I am demo trading. I opened a £3000 demo account with fx pro (it won't let me open a demo account with any less). I trade all major currency pairs. I move my stop loss to break even as soon as I reach half of my intended profit target (usually twice as much as my stop loss).


My questions are:

1. I am having problems deciding my target profit. How can I predict by how much the market will move in my favor?

2. There are so many support and resistance lines on each chart. With all those horizontal lines, how do you know which ones are worth taking notice off. Usually I just plot as many lines as I see, and the chart ends up looking very messy.

3. With fib levels, how do I find the swing high and low? Do I zoom right out and then plot it or do I just plot it within a zoomed graph?

4. And finally, is my strategy actually any good?


I spend most of my day looking at charts, placing trades or reading about forex, and enjoy it a lot. I know this is right for me, but psychologically it is very tough. People say that demo trading involves no emotion but that is not the case for me. I get very, very stressed sometimes and one losing trade can ruin my whole day. Even though I'm only demo trading, this means everything to me because if I am not successful demo trading, then I cannot go live, it's that simple. Therefore, everything depends on me doing well in demo trading, and psychologically that is just huge.

Anyway, I would really appreciate the help from the successful traders here. Just want to know if I'm on the right track.

What about the possibility of GBPCAD continuing down?

Ultimately I don't think you made a bad trade, in the larger technical sense. I mean you have the signs and the setup, then you have your confirmation point. You got the first part right, but the second part wrong. The task is to try to isolate the point where resistance/supply is coming from, and find its break point to confirm the move. That's not always easy or obvious.

In this case I would want to enter long over 6075 and go for 6175, for best fit. 6200 is a real possibility if 75 breaks though.

For now, there is resistance in place, but I wouldn't want to be a seller here, lets put it that way. Sells in place up near your target area.

I can't tell you what to do about your trade, but this is my perspective on the pair.

IMHO, it would be beneficial for u to study this thread's material.

just a very quick reply before i go

havent traded gbp$ lately, but...
assuming price does go up towards 1.62. i think price can eventually go past 1.62, so factor in that possibility in your trade management.

Yeah. Don't use it for learning to trade the way this thread teaches when learning

I used to trade off the tick charts and 15m charts before learning what this thread has to offer. I'm having to unlearn a number of years worth of constant trading action, and learn the skill of patience and waiting for the A+ trade to arrive.