Dislikedmany thanks
yeah, i think we need some backtesting over major pairs for a period of at least 2 years (daily charts) to prove the validity of my ideas. i'm gonna do it as soon as possible. i just want to add some new thouths about what i wrote before. in particular, the backtest should identify which option is better between:
a) open the trade at the break -OR- at the close of the bar (assuming that we still consider FULL bar lenght for calculating R/R take profits AND breakeven). <----- at a first impression, this aggressive entry...Ignored
There's obviously more to it than that and this targeting system is why space is so sought after, i.e. there are NO (obvious) bar highs/lows nearby and it can become a runner.
It's good to stimulate debate and in some systems RR is important but i think it's important to note that this J16 method is sound and works.
When i started with J16 a couple of years ago, before i had an enforced break from learning to trade, i spent WEEKS waiting for setups. It was boring. And then when i got one i wanted a runner. I spent ages doing this, watching trades come back on me, moving stops too early, closing trades too quickly etc etc. the account built slowly. not losing but not winning enough either.
It was then i realised that entry was one thing, exit was another. Banked pips are good but clever trade management is more important and what James teaches works.
If i'd stuck to the teachings i'd have got it sooner but like all new traders the waiting killed me. I wanted to try stuff.
There is NO SUBSTITUTE for practice and testing and hours in front of charts. I firmly believe that even if you are handed the holy grail, unless you've tested it you'll still get stuff wrong. Mistakes are part of learning. Make them on the demo account