james16 Chart Thread
However, what I mainly wish for is something constructive at the end, which I perhaps can use while moving forward with my DEMO trading practice.Hello everyone.
I'm what you would call a newbie with little experience. I've read a few books on trading, read some threads here on FF and T2W and also read through posts 1-80 in this thread. I think that I have gained some understanding of what James (and everyone else contributing in here) is trying to teach me but in order to know if I'm on the right path or not I decided to create this account just now so that I could share this post with you all.
I'd like share two charts and get some feedback about what they show and what I've doodled on...
Feel free to bash me if I'm doing wrong and praise me if I'm doing something right.
Thanks alot!
Hello Mike ,
I have a question ... You posted your Aud Usd chart with a pattern and you said in it that " I think UP " . Being honest , at the moment I thought that No , it will break to the down side as we had a BRN , PPZ , MASSIVE divergence and on the down side , just the trend line ... WE can see that it broke to the upside !!! Damn ... How did you do that ????
No just kidding anyone who makes trading seem like that is usually full of a bunch of BS I suggest you first stop looking at the H4 & H1 TF and concentrate on the weekly and daily TFs. That is one of the requirements as you should have already read.
If you're talking about a 'live' account then of course you're 100% right.
However, there's really nothing wrong with demo'ing a lower TF and making bad trades. As newbie you're eager to practice and the AAA+ opportunities are seriously rare on the Daily and Weekly.
Getting your ass handed to you on the H1 is a great learning experience, as I found out yesterday... Just as long as it's demo!
Welcome LevSer
It looks to me you are doing good finding setups. Exits are even more important imho. Don't forget that chapter, too
With the GBPUSD chart you could have bought the first pin and kept the stop just below the trend line and been in for the big up move.
Being risk adverse, I think James16 would have banked profits at the congestion area around 1.555 and quickly moved his stop to BE. In fact, reading his charts again he probably wouldn't have taken either pin bar due to them being surrounded in traffic.
I'm not so sure James still uses DBLHC bars as he doesn't seem to mention them on his charts after 2006? Any more experienced members maybe able to clarify?...
Welcome
Nobody is into bashing anyone here.
Well, except a few people that is.
I suggest you first stop looking at the H4 & H1 TF and concentrate on the weekly and daily TFs. That is one of the requirements as you should have already read.
The Trendlines you drew are not real trendlines so, you can forget them for now and concentrate on the above mentioned TFs.
Good luck
If you're talking about a 'live' account then of course you're 100% right.
However, there's really nothing wrong with demo'ing a lower TF and making bad trades. As newbie you're eager to practice and the AAA+ opportunities are seriously rare on the Daily and Weekly.
Getting your ass handed to you on the H1 is a great learning experience, as I found out yesterday... Just as long as it's demo!
I always say this but most people could learn to be profitable by simply learning to take a couple trades a month and building from there. It's all the non sense people do in between the real good ones that end up hurting them. And this isn't to say that you have to always take a few trades a month(which many end up doing anyway). It's just about building that foundation.
Mike
Good advice Mike
I'm also very wary of either trading out of boredom or making pot shot trades based on nothing but greed. That's why I imagine the lower time frames kill people.
I'm sold on the fact that treating this as a business is absolutely the key to succeeding. This thread is excellent at keeping people grounded.
