james16 Chart Thread | Page 6495 | 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

  • #129,881
  • Feb 11, 2014 4:34am Feb 11, 2014 4:34am
Quoting Berserker
{quote} Small question re. mechanics of partial profits. Do you open two positions at half your normal size, and then close one when you reach FTA? Cheers
This will depend on the broker. I use Oanda so I open two half positions with same SL and different TP. One position has TP set at FTA other has TP at second nearest S/R. Then I move SL manually. I don't touch TP of the first half. Second half I might adjust TP, close half of second half manually at some point and letting run only 1/4 of full position.
However other brokers offer more sophisticated orders e.g. "move SL to X when price reaches Y", partial TP etc.
  • #129,882
  • Feb 11, 2014 9:31am Feb 11, 2014 9:31am
Quoting michal7
{quote} This will depend on the broker. I use Oanda so I open two half positions with same SL and different TP. One position has TP set at FTA other has TP at second nearest S/R. Then I move SL manually. I don't touch TP of the first half. Second half I might adjust TP, close half of second half manually at some point and letting run only 1/4 of full position. However other brokers offer more sophisticated orders e.g. "move SL to X when price reaches Y", partial TP etc.
Thanks for the rundown.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,883
  • Feb 11, 2014 11:41am Feb 11, 2014 11:41am
Quoting Berserker
{quote} Congrats on your first live trade! Well done - Start as you mean to go on! Ok, to crunch the numbers, I entered at 1.5205, which was a good few pips past the top of the pinbar to allow for spread and to confirm the move. Looking now, I see that the trade actually went 1.5316, which would have been over a hundred pips profit, but i was only in this at half my usual position, so would have only see £50 profit, so I should have said around £40-£50 profit, instead of 40 pips. Apologies if this confused anyone, I had been awake for...
I have never heard of my method on this forum either, but it seems to work for me. The way that I look at it, I am catching 100-pip moves. What do I mean by that? By trading in the 20-80 or 80-20 level range, my average gains are 50 to 60 pips -- at full postion. That full position is the equivalent of catching a 100 to 120 pip move at half-position, which is what you may average if you take half profit at TP1 and then get stopped out at BE for the remainder or perhaps get no profit at all by going to BE too early (which is why I tend to let trades run).

PB trades are high-momentum trades, so they should also be high probability trades. If a trade loses momentum and starts to chop around, only then do I look to eject either at BE or for a minimal loss. Here is an excellent post that I reviewed last night, explaining why different traders trade in different ways.

http://www.forexfactory.com/showthre...92#post2800592

According to this post, I began trading like James16 with tight stops, but evolved to trading more like Mike (mbqb11) with larger stops. lol

Having said that, I am now looking for strategies to catch longer trends -- perhaps by re-entering the market after a success trade at quarter or half position with larger stops. Time to demo again!
Forex is for the lifestyle.
  • #129,884
  • Feb 11, 2014 11:58am Feb 11, 2014 11:58am
I was just chuckling while reading an article. The following is a quotation from an article regarding commodity prices:


"Perhaps the reason I don't understand the hedge funds' strategy is because it's not really a strategy at all — it's simply a computer algorithm. Right now, hedge fund computers are buying across the sector, and they'll keep buying until the market stops going higher. At that point, they'll sell until the market stops going lower, then reverse again. And so on.

There's no thinking involved — just computers reacting to movements in price. The machines are driving the markets. Sometimes there's an underpinning of fundamental reality woven into the distortion field created by the computers. But many times, there is not.

That's why trying to come up with an explanation for why prices are doing what they are doing is often an enormous waste of time and mental energy."


This is why I like trading PA, S/R, and confluence.
Forex is for the lifestyle.
  • #129,885
  • Feb 11, 2014 2:22pm Feb 11, 2014 2:22pm
Quoting Tail Gunner
{quote} I have never heard of my method on this forum either, .... Time to demo again!
Thank you very much Tail Gunner, an excellent post, and a brilliant link. I've certainly been given a lot to think about today re. exit strategies from yourself and Michal7, and I think on balance the thing to do is keep with my current strategy of full profits, tailing my loss at SR points. Not because I think it's a better way to do it than yourself or Michal7's methods, but because I've only been using my method for a short amount of time.

The post you linked made me realise that I need to spend some time with a strategy before I can see if it works, if I'm comfortable with it, if I can work with it etc. Chopping and changing to each new method I read about - no matter how good they seem - is nothing but a short cut to frustration! It's great that you have a method that works for you, but from what you say you have put your dues in to find it - and I'll have to the same. I just can't expect to read soemthing on here, copy it and hey presto I'm Jesse Livermore. If that was the case, we'd all be rich

And I know I'm taking liberties picking your brains some more, but if you don't mind - How did it feel taking your first live trade? Have you become so well drilled on demo that it was an emotionless mechanical process, or where you glued to the screen from the minute you opened to the minute you closed?

Thanks
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,886
  • Edited 5:49pm Feb 11, 2014 3:12pm | Edited 5:49pm
Quoting Berserker
And I know I'm taking liberties picking your brains some more, but if you don't mind - How did it feel taking your first live trade? Have you become so well drilled on demo that it was an emotionless mechanical process, or where you glued to the screen from the minute you opened to the minute you closed? Thanks
That is an excellent question. My typical routine is to check my trades at the end of each day, week, and month. Other than that, I only check my trades a few times per day. My larger stops and my technique of always taking full profit before the next 00 level allow me to not be glued to the screen all day like a day trader.

When I first began trading demo, I found that a frequent review of my trades led to second-guessing myself and unnecessarily and detrimentally fiddling with trades -- not to mention wasting my time. Why review pending trades, when you can learn by reviewing your trading notes or the posts from senior members of this thread?

Yes, I am currently reviewing my trades somewhat more frequently now that I am live (every few hours), but more out of curiosity than apprehension. I still have the sense that this is the end of a long sick joke. Forex has lured me in yet again, only to smash my account! Obviously, I still have some psychological issues from my old trading days. In fact, my avatar is from the opening scene of "Apocalypse Now" -- just to remind myself how I usually felt trading in my pre-James16 days.

Inserted Video


So, to answer your question, yes it is a rather unemotional process for me. Then again, I am temporarily trading live at the twenty percent level (until I successfully trade for a few months without a monthly loss) for exactly that reason, i.e., to eliminate a trader's biggest enemies (fear and greed).

In hindsight, I would have done three things differently before going live:

1. Thoroughly reviewed my trading notes from this thread, which I am now doing.

2. Joined this thread earlier to exchange information, which I am now doing.

3. Opened my live account about a month before going live to set up everything properly (you do not need to fund your live account immediately).
Forex is for the lifestyle.
  • #129,887
  • Feb 11, 2014 3:47pm Feb 11, 2014 3:47pm
Quoting Tail Gunner
Obviously, I still have some psychological issues from my old trading days.
"Break even... shit. I'm only in Break Even. Every time, I think I'm gonna wake up back in profit..."

Thanks and good to know you are getting past your Willard days! Great advice and experience - and good to see things working for someone following James16 advice with diligence.
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,888
  • Feb 11, 2014 5:09pm Feb 11, 2014 5:09pm
Quoting Berserker
{quote} "Break even... shit. I'm only in Break Even. Every time, I think I'm gonna wake up back in profit..."
Another quote re. why a break even trade falls into the win column


Quoting james16
i know its frustrating but i think your doing the right thing. people that start out like this have a much better chance of long term success imho. in 2 years you will know the charts and set ups so well that you will have more trades simply because you know them. never forget that if and when "you make it" you will be 1 of 3 to 5 people standing in a crowd of 100. you guys/gals trying like hell to be picky and do this right should never forget that during the journey. what your attempting to do is not easy. the methods taught in this thread are...
I have to admit I haven't read it these last few weeks - and I learned that balance is the real thing, equity means nothing, and yes, winners do pay for the losers Anyway, that's life
Slow & steady
  • #129,889
  • Feb 11, 2014 10:13pm Feb 11, 2014 10:13pm
THAT moment....
Attached Image (click to enlarge)
Click to Enlarge Name: usdsgddaily.png Size: 30 KB


Patience, Patience....
Twitter @raitchev
  • #129,890
  • Feb 11, 2014 10:18pm Feb 11, 2014 10:18pm
Quoting raitchev
THAT moment.... {image} Patience, Patience....
.

Attached Image (click to enlarge)
Click to Enlarge Name: Hats+off+to+you+sir+_7163990b4f3a977689286e8655533874.jpg Size: 73 KB


g.
I believe . . .
  • #129,891
  • Feb 12, 2014 5:00am Feb 12, 2014 5:00am
Entered yesterday. 180p already!
Thank you, James16!!! You are the Man!
Thank you all, guys!
For today I'd read 215 pages of this thread and nothing can stop me from reading all pages. It's something amazing!
6 trades from 27 jan (600p). Not every possible trades, Just best ones. My riflegun waiting patiently
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_weekly.PNG Size: 15 KB
  • #129,892
  • Feb 12, 2014 5:58am Feb 12, 2014 5:58am
Quoting hackmer
Entered yesterday. 180p already! Thank you, James16!!! You are the Man! Thank you all, guys! For today I'd read 215 pages of this thread and nothing can stop me from reading all pages. It's something amazing! 6 trades from 27 jan (600p). Not every possible trades, Just best ones. My riflegun waiting patiently {image}
Good stuff - I'm in this trade too! Really small position though due to the size of the stop I had to take. The test will be if I can hold my nerve over the next few weeks to see if it goes where I hope, which is the dizzy heights of 173 ( got some trouble coming around 169 - 170 I reckon, if it gets that far... ). Just got to keep from messin' with it
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,893
  • Edited 6:05am Feb 12, 2014 6:03am | Edited 6:05am
EURUSD - Short - Daily
Took this last night at daily NY close due to pinbar bounce of downtrend. I'm 40pips in profit seems to be holding around 40 -50pips, so have moved to BE. Again, all the exit dilemma's crowding my head. If I was Michal7 I'd have some pips by now

Might move stop down if I see some resistance forming over next few hours - as it is, don't see we've cleared anywhere significant yet... Might go looking on 4H and 1H for some near term S/R lines. It's pretty much still in the 'pop'.


Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-d1-alpari-uk-ltd-2.png Size: 48 KB
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,894
  • Feb 12, 2014 6:15am Feb 12, 2014 6:15am
Eur-Cad Daily, Aud-JPY Weekly & GBP-JPY Weekly. The easy one, Eur-Cad made a quick pop this morning to close out the trade at my TP +56. Aud-Jpy, missed my TP by 8 pips over night. I had already locked in some profit, but decided to close it after saving the image to lock in +37. I'm sure it take back off now....

GBP-Jpy Weekly is still open with the SL at BE.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Eur-Cad-Daily.png Size: 133 KB
Click to Enlarge Name: audjpyweekly.png Size: 91 KB
Click to Enlarge Name: GBP-JPY-Weekly.png Size: 120 KB
  • #129,895
  • Feb 12, 2014 6:53am Feb 12, 2014 6:53am
Quoting Berserker
EURUSD - Short - Daily Took this last night at daily NY close due to pinbar bounce of downtrend. I'm 40pips in profit seems to be holding around 40 -50pips, so have moved to BE. Again, all the exit dilemma's crowding my head. If I was Michal7 I'd have some pips by now Might move stop down if I see some resistance forming over next few hours - as it is, don't see we've cleared anywhere significant yet... Might go looking on 4H and 1H for some near term S/R lines. It's pretty much still in the 'pop'. {image}
Hi there! I'm in this trade too. Almost BE already(entry at 1.3618, SL now at 1.3635) but not profit yet. My first TP is at 1.3560 so few pips and I'm there. 2nd Tp at 1.3505.

I also wanted to go short EURGBP but changed my mind. Should have not.

Also I'm still in AUDNZD trade but it's not going anywhere, loosing my nerve here...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-02-12 at 13.46.59.png Size: 65 KB
Click to Enlarge Name: Screen Shot 2014-02-12 at 13.51.36.png Size: 43 KB
Click to Enlarge Name: Screen Shot 2014-02-12 at 13.52.30.png Size: 33 KB
  • #129,896
  • Feb 12, 2014 7:17am Feb 12, 2014 7:17am
Quoting michal7
{quote} Hi there! I'm in this trade too. Almost BE already(entry at 1.3618, SL now at 1.3635) but not profit yet. My first TP is at 1.3560 so few pips and I'm there. 2nd Tp at 1.3505. I also wanted to go short EURGBP but changed my mind. Should have not. Also I'm still in AUDNZD trade but it's not going anywhere, loosing my nerve here... {image} {image} {image}
Looks like the momentum has slowed a bit - Stalled 3 pips away from your 1st TP! I've moved my stop down to 1.36080 - rationale being that we have just hit what I see as an S/R ~1.3577. So keeping ~30 pips away from there to give it space to move, and have moved stop to the 50% retracement of today's downward movement, which is also the 150ema on the 4H. I have confidence that there's still legs here though - I would be disappointed to exit with only 20 pips., but it's better than a loss! Free trade now

EURGBP - My S/R line is in a different place from yours, so didn't see it as a good opportunity, but yes, looked like it was
We are what we repeatedly do. Excellence, then, is not an act, but a habit
  • #129,897
  • Feb 12, 2014 7:58am Feb 12, 2014 7:58am
Quoting michal7
{quote} Hi there! I'm in this trade too. Almost BE already(entry at 1.3618, SL now at 1.3635) but not profit yet. My first TP is at 1.3560 so few pips and I'm there. 2nd Tp at 1.3505. I also wanted to go short EURGBP but changed my mind. Should have not. Also I'm still in AUDNZD trade but it's not going anywhere, loosing my nerve here... {image} {image} {image}

I've took both trades to.
AUDNZD As i saw on MN chart the pinbar touched the major support. That's why i've taken the long position with 1% risk SL under the Januar low. From my point of view this short movement you expect could only be the corektive reaction. Thats why i passed.
  • #129,898
  • Feb 12, 2014 8:06am Feb 12, 2014 8:06am
Quoting Neytiri
{image}
Follow up ...
Attached Image (click to enlarge)
Click to Enlarge Name: 2-12-2014 7-28-30 PM_gbpchf.png Size: 32 KB
  • #129,899
  • Feb 12, 2014 8:08am Feb 12, 2014 8:08am
Quoting Neytiri
{quote} Follow up ... {image}
Nice.

And how did that GU long did for you?

g.
I believe . . .
  • #129,900
  • Edited 8:25am Feb 12, 2014 8:15am | Edited 8:25am
Quoting MrWeiss
{quote} I've took both trades to. AUDNZD As i saw on MN chart the pinbar touched the major support. That's why i've taken the long position with 1% risk SL under the Januar low. From my point of view this short movement you expect could only be the corektive reaction. Thats why i passed.
I also took AUDNZD long from pin bar on 24th of January, took 1/2 off at 1.0655, 1/4 off at 1.0837 and rest hit my TP at 1.09. That same day we got a big pin bar and then we got a pin bar also on weekly, that's why I entered thinking that even if it's just a retrace we should get to 1.0730. I usually don't look at monthly so I missed that pin bar there. I've lowered my risk a bit already. Price is ranging now so I'm waiting wheter it breaks up or down so I can act.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-02-12 at 15.12.29.png Size: 34 KB
Click to Enlarge Name: Screen Shot 2014-02-12 at 15.20.37.png Size: 39 KB
35 traders viewing now