james16 Chart Thread

Quoting Neytiri

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{quote} To me your post was almost clear. I think it is sometimes packed with so much information that some beginners including myself find it difficult to understand in the first read. The only statement that I was finding it difficult to understand was \" when I do plan on trading a PA bar, then it really has to be special enough to not allow for any cheeky alterations to negate any space concerns as such\" which means that When you are making j16 trades, large price action bars at great locations obviates the need for improvisations that have...

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Quoting ghous

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{quote} Nice! This one was great to watch for me and is quite similar to the CAD/CHF you posted in the way price built up to that fake out. Obviously too gappy and exotic for a trade but worth the watch {image} g.

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Quoting ghous

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{quote} Actually you'll notice Mike taking initial breakouts of strong patterns and consolidation boxes and it makes perfect sense. If price is really popping out of a major compression it may not require that pull back at all specially if you have a nice PA bar as your trigger i.e a big outside bar with a clear strong close above the consolidation. Waiting for a pull back is better, in fact needed, when we're talking about price breaking out of a major region without a prior buildup. As that means there will still be some orders in favor of the...

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Quoting stark1

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{quote} This is a real focus for me at the moment as well. I've been seeing too many trades take me out at BE then go off to do whatever I thought they would. From a 'protecting capital' perspective this is fine, like you say, but not so great for growing my account - especially when I called it correctly in the first place. I read somewhere the other day (maybe the Fail Better thread?) that a problem with going to BE is that that level is often arbitrary and means nothing to the market. The way that we use s/r to enter should mitigate that to some...

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Quoting prasad99

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{quote} May be deep down we dont want to succeed or we may not really believe that we can be hugely successful or there might be a lot of other factors at play. The biggest psychological block that ever is there in this world is the feeling that it will take years to master. Just that one wrong belief can kill all our success at trading. I do understand that it will take some time to learn a trade or skill but there is a lot of psychology also involved. Sorry for the rant...

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Quoting Chelski

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{quote} Hi Ghous, How would you have traded EURUSD? The bar that broke back down was so powerful on the daily I couldn't see an entry (I don't come down to the smaller TF's) The daily bar finally closed in all that choppy sideways area so i left it. Thanks, Chelski {image}

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Quoting prasad99

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{quote} I agree with you, going break even is nothing to the market. We do that so that we do not have any losing trades but as I said it is not an optimal method of trading. When we get the ability to select only the \"best setups\" we can use the logic to move our stop loss to break even but then you have to keep analyzing and get the ability to select the A trade setup. Also I feel that once you master all the basics of this method which may take one month to 3 months and after that it is just a matter of psychology. I mean you should be able...

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Quoting jibson007

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A probabilistic mind-set pertaining to trading consists of five fundamental truths. 1. Anything can happen(No matter how probable your Edge could be.) 2. You don't need to know what is going to happen next in order to make money(i.e. your Edge will put you on the overall winning side after a specific number of trades you have taken stretched over a period of enough time ) 3. There is a random distribution between wins and losses for any given set of variables that define an edge( i.e. Each trade setup taken is unique from the other no matter how...

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Quoting ghous

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{quote} Hey Chelski, I did the same. Even the fall back down under the HHR was closer to a rounded retest than more of a spike which I would have oreferred. When it did decide to play the fake out, it just dropped like a stone and you're right in that there was no entry on the daily as price closed way below. The consolidation box right under the HHR was also a major concern. Looking at this, I think it would have been a pass for me anyways. {image} g.

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Quoting Neytiri

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cma weekly fakeout with divergence {image} {image}

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Quoting ghous

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{quote} good find. That is a nice BEOB g.

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Quoting ghous

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{quote} Great story developing on the EUR/CAD.

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Quoting ghous

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Great story developing on the EUR/CAD. {image} g.

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Quoting str8

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{quote} Price accelerated into the level. I never play breakouts if I see price accelerates. The reverse is available for reversals like pin bars or fake outs. If I see price accelerates I'm more willing to play a fake out/pin bar than if it doesn't accelerate. I want to also see a bull/bear trap for breakouts. Many times this comes in an outside bar forming but it's not always the case (and not 100% of outside bars represent a bull/bear trap but a good rule of thumb is to trade if you see an outside bar and price doesn't accelerate into the breakout...

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Quoting prasad99

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{quote} I agree with you, going break even is nothing to the market. We do that so that we do not have any losing trades...Sorry for the rant...

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