james16 Chart Thread | Page 6483 | 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

  • #129,641
  • Jan 26, 2014 11:45am Jan 26, 2014 11:45am
Quoting dan89
{quote} Hey mate, Well in my opinion (and from past experience) when a struggling trader asks for proof of results, that person is not really asking for a successful trader to PROVE his results but to provide confidence and reassurance that trading successfully can be done. It’s that reassurance that gives a struggling trader the motivation to continue practising and getting better. The actual results are irrelevant it’s what the results provide psychologically. Delta just wants some reassurance that FX trading CAN be done. Telling him to 'F***...
If you read other threads from FF you will see there are people who think this thread is a scam and j16 and the other traders from here are not winning.

I think traders aren't making enough backtesting. I was entering at the market close until I backtested other entries and found that I have better results with stop orders when trading pin bars. Backtesting can give you a clue if you're winning or not.

It's not easy at all to be profitable. Even if someone else is winning this doesn't guarantee that simple playing his strategy will make you win since there are a lot of ways to make trade management. I can't win with the touch trading strategy I've found from another thread but I wouldn't say the trader who teaches it is not a winning trader since he can skip many trades that I don't skip, take many trades that I don't take or have a different trade management (he also is aware of news while I don't watch news). It's just me who can't win with the strategy. This doesn't mean others can't win with it.
  • #129,642
  • Jan 26, 2014 11:50am Jan 26, 2014 11:50am
Quoting str8
{quote} I don't think there are many profitable traders but if you're a winning trader I don't understand why would you be interested in other's results. I'm only interested in my results.
actually ta is a field in itself and there are benefits in joinig a community . you don't want to reinvent hot water and patent it afterwards. there are at least 4000 ideas to be tested in technical analysis. forexfactory has now i think close to 200000 members. the downside is that most of the people lie about their results. they took the optimistic cocaine stuff with an overdose.
  • #129,643
  • Jan 26, 2014 12:02pm Jan 26, 2014 12:02pm
Quoting ghous
{quote} Not justifying your failures or worse still convincing yourself i.e "believing" that it can't be done.
i know it can be done for sure. but i bet that you cannot do it.
  • #129,644
  • Jan 26, 2014 12:16pm Jan 26, 2014 12:16pm
just a reminder guys let's keep things friendly as always. This is a big thread so we get a lot of big personalities. I'm all good with discussion just remember to respect each other during it.

Hope everyone had a nice weekend
  • #129,645
  • Jan 26, 2014 12:17pm Jan 26, 2014 12:17pm
Quoting albus999
{quote} BlazG, i think the PB is small aside from that its sitting on a major PPZ and trading against the wedge pattern. Besides it happened on a friday which would suggests some profit taking. I would wait for further confirmation on this as i'm biased on the bulls side for now. Al. {image}
Very very good Albus

Gotta be careful with a bar like this for sure. These are ones that new traders are going to get hurt on more times then not


Mike
  • #129,646
  • Jan 26, 2014 12:19pm Jan 26, 2014 12:19pm
Quoting Beserker
{quote} Thanks for the welcome Mike, looking forward to my next stage in forex education. So, that's Sunday planned. On the couch with my laptop, cup ( or several ) of coffee, wife moaning about me 'looking at charts at all day' Cheers, Steve
LOL

Maybe she'll enjoy reading the charts with you
  • #129,647
  • Jan 26, 2014 12:22pm Jan 26, 2014 12:22pm
Quoting michosz
What do you thing about GOLD ?? On D1 location is good in my opinion, but we have pinbars on W1. http://charts.mql5.com/3/690/gold-d1...markets-as.png
gold is interesting for sure

I am watching silver more closely since it hasn't fully tipped its hand yet

I prefer to watch for a break of the major TL and the beautiful PPZ and boxing. A giant BUOB here would be killer
Attached Image (click to enlarge)
Click to Enlarge Name: a.gif Size: 27 KB
  • #129,648
  • Jan 26, 2014 2:12pm Jan 26, 2014 2:12pm
Mike

Hello

What is your opinion?
Attached Image (click to enlarge)
Click to Enlarge Name: eurcaddaily ib 06012013.png Size: 53 KB
  • #129,649
  • Jan 26, 2014 2:41pm Jan 26, 2014 2:41pm
May I ask that you have a look at USDSGD with me, please?

I see an interesting price action (false break of the inside bar, with a bearish pinbar, and then inside bar again)
I believe it is happening at a key level (1.28 BRN, confluence: fibo 38% of the last major move, and a clear weekly resistance).

Trade idea: short stop entry at a blue area (break the low of the pin), take profit at orange area (FTA), stop loss at red area
Risk 75 pips to make 50 pips.

Reasons against the trade: blue area can also be considered a trouble zone, last weekly bar has a bullish close, it is counter-trend on D1, R ratio is poor (though that's OK if probability is high).

What do you think? :-)
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 78 KB
Michal9
  • #129,650
  • Jan 26, 2014 3:28pm Jan 26, 2014 3:28pm
Quoting michal9
May I ask that you have a look at USDSGD with me, please? I see an interesting price action (false break of the inside bar, with a bearish pinbar, and then inside bar again) I believe it is happening at a key level (1.28 BRN, confluence: fibo 38% of the last major move, and a clear weekly resistance). Trade idea: short stop entry at a blue area (break the low of the pin), take profit at orange area (FTA), stop loss at red area Risk 75 pips to make 50 pips. Reasons against the trade: blue area can also be considered a trouble zone, last weekly bar...
I don't trade USDSGD but think your analysis is spot on. Not sure I would call 1.28 a key level especially considering 1.2858s were the bigger picture highs - that would be my "key level". If anything I'd look for PA there.

My primary concern would be the pin bar that formed on 1/16 with a high of 1.2750s (just below your blue area). Note it was taken out by a BUOB that blew through it so you'd undoubtedly still have short traders there thinking that was the high and will be looking to get out by bidding that area.

That's my take, anyways.
If you can't tell what the herd is doing...you probably are the herd.
  • #129,651
  • Jan 26, 2014 3:55pm Jan 26, 2014 3:55pm
Quoting felixcattus
{quote} I don't trade USDSGD but think your analysis is spot on. Not sure I would call 1.28 a key level especially considering 1.2858s were the bigger picture highs - that would be my "key level". If anything I'd look for PA there. My primary concern would be the pin bar that formed on 1/16 with a high of 1.2750s (just below your blue area). Note it was taken out by a BUOB that blew through it so you'd undoubtedly still have short traders there thinking that was the high and will be looking to get out by bidding that area. That's my take, anyways....
Thanks a lot. Very interesting comment you made on where likely the shorts are, waiting for a chance to get out even... thanks again Felix.
Michal9
  • #129,652
  • Jan 26, 2014 4:02pm Jan 26, 2014 4:02pm
Quoting michal9
May I ask that you have a look at USDSGD with me, please?
Hi michal9....the pair is in triangle with the price at the resistence level...but the most important , the weekly is still in bullish trend, meanwhile the daily is rather a doji than a PB !
Attached Image (click to enlarge)
Click to Enlarge Name: USDSGD.png Size: 48 KB
Nothing personal,just business
  • #129,653
  • Jan 26, 2014 5:12pm Jan 26, 2014 5:12pm
Quoting michal9
May I ask that you have a look at USDSGD with me, please? I see an interesting price action (false break of the inside bar, with a bearish pinbar, and then inside bar again) I believe it is happening at a key level (1.28 BRN, confluence: fibo 38% of the last major move, and a clear weekly resistance). Trade idea: short stop entry at a blue area (break the low of the pin), take profit at orange area (FTA), stop loss at red area Risk 75 pips to make 50 pips. Reasons against the trade: blue area can also be considered a trouble zone, last weekly bar...
Michal, I see price sitting on a Box midpoint unable to break however should the price break the low of the PB/doji then it would first go to my fta drawn then finally to the major ppz there. If in a trade such as this i would look for a quick break and a very tight management with price moving quickly to the target. However i prefer to wait for a bullish price pattern on the PPz or a break of the TL with bearish PA. My thoughts on it.

Al.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 86 KB
  • #129,654
  • Jan 26, 2014 5:16pm Jan 26, 2014 5:16pm
GBPCAD BEOB
Attached Image (click to enlarge)
Click to Enlarge Name: gbpcaddaily002.png Size: 51 KB
  • #129,655
  • Jan 26, 2014 5:23pm Jan 26, 2014 5:23pm
GBPUSD BEOB with div closing on the 6500BRN. quite dodgy and tricky. just watching this.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusddaily004.png Size: 52 KB
  • #129,656
  • Jan 26, 2014 5:30pm Jan 26, 2014 5:30pm
Quoting michal9
May I ask that you have a look at USDSGD with me, please? I see an interesting price action (false break of the inside bar, with a bearish pinbar, and then inside bar again) I believe it is happening at a key level (1.28 BRN, confluence: fibo 38% of the last major move, and a clear weekly resistance). Trade idea: short stop entry at a blue area (break the low of the pin), take profit at orange area (FTA), stop loss at red area Risk 75 pips to make 50 pips. Reasons against the trade: blue area can also be considered a trouble zone, last weekly bar...
Hey mate,

I've been keeping that pending order below the first pin for a whie. I know that FTA is pretty close, but for me this is much long term trade mainly because the look on the weekly:
Attached Image (click to enlarge)
Click to Enlarge Name: usdsgdweekly.png Size: 31 KB


So I will be looking for another touch of the down side of the triangle, which would give around 1:10 R:R. Since the trade is high risk I will risk no more than 1%, probably 0,5% (which, still, will be compensated by the possible high R:R)
Twitter @raitchev
  • #129,657
  • Jan 26, 2014 7:52pm Jan 26, 2014 7:52pm
Quoting deltatrade
{quote} i know it can be done for sure. but i bet that you cannot do it.
Then you actually can't. Good luck with whatever else you decide to do in your life.

g.
I believe . . .
  • #129,658
  • Jan 27, 2014 2:18am Jan 27, 2014 2:18am
Quoting raitchev
{quote} Hey mate, I've been keeping that pending order below the first pin for a whie. I know that FTA is pretty close, but for me this is much long term trade mainly because the look on the weekly: {image} So I will be looking for another touch of the down side of the triangle, which would give around 1:10 R:R. Since the trade is high risk I will risk no more than 1%, probably 0,5% (which, still, will be compensated by the possible high R:R)
Hey Raitchev, I am glad to hear you have an order there... it is reassuring to see experienced trader doing what I was plannig :-)
Thanks Albus and others for your inputs, too.
Now I need to decide what to do.

Some people believe they can predict the market. Well, I can influence the market! You see... if I decide to pass on this trade, USDSGD will fall like a rock.
If I trade it, it will go straight up. [ I could not resist making this joke... ever felt like this? ] That's OK, learning & taking time.
Michal9
  • #129,659
  • Edited 3:09am Jan 27, 2014 2:52am | Edited 3:09am
Quoting michal9
stop loss at red area Risk 75 pips to make 50 pips. ... What do you think? :-)
hi,

The part I've bolded would be my concern. Trade analysis aside, not sure it's healthy to make a habit of taking trades where your risk outweighs your possible profit? Not saying you are making a habit of it of course But i would pass on this trade for that reason, unless I could find a better entry on a lower time frame.

Cheers,
Beserker
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,660
  • Jan 27, 2014 3:05am Jan 27, 2014 3:05am
Quoting albus999
GBPUSD BEOB with div closing on the 6500BRN. quite dodgy and tricky. just watching this.
Watching this too. Made some pips on the way up last week ( took entry on the break of the BUOB on the 21st )- didn't trust this BEOB though.

I have price in a channel between the weekly 1.6300 and 1.6600 S/Rs. Looking for more definitive price action round either of these before taking another trade.

By the way, what's the '6500BRN'?
We are what we repeatedly do. Excellence, then, is not an act, but a habit
64 traders viewing now