james16 Chart Thread | Page 6513 | 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

  • #130,241
  • Mar 18, 2014 2:07am Mar 18, 2014 2:07am
Quoting wnabo
Gradually harvesting pips of trades in profit. Please could somebody tell me how you guys do it? Or at least point me in the right direction where I can find out how. Thanks all.
Well I try to earn pips.
Then i try to repeat it.
Again.
And again.

... kidding. Depending on your knowledge you just could start opening a demo account, playing a bit with the software.
Start trying to answer simple questions like:

What is a Stoploss? What is a Buystop and sell limit order? What do i actually do whenever i go long or short on for example EURUSD? what did I just buy and sell and how much units of it did i trade?

Also go to the pages of the regulars here to check their analysis to be able to create your own very individual entry/exit system.

For example Mike's : http://www.forexfactory.com/search.php?searchid=8923004

Dont mind asking.

Best,
Jonas
Hero calls followed by margin calls...
  • #130,242
  • Mar 18, 2014 2:21am Mar 18, 2014 2:21am
Quoting Dinta
{quote} that sentence is gold (for me, at least). thanks Jonas, that was really helpful. rgds, Dinta



Attached Image (click to enlarge)
Click to Enlarge Name: audnzd_m15_180314.png Size: 38 KB


best,
Jonas
Hero calls followed by margin calls...
  • #130,243
  • Mar 18, 2014 2:34am Mar 18, 2014 2:34am
Quoting PhAnTi'
{quote} Well I try to earn pips. Then i try to repeat it. Again. And again. ... kidding. Depending on your knowledge you just could start opening a demo account, playing a bit with the software. Start trying to answer simple questions like: What is a Stoploss? What is a Buystop and sell limit order? What do i actually do whenever i go long or short on for example EURUSD? what did I just buy and sell and how much units of it did i trade? Also go to the pages of the regulars here to check their analysis to be able to create your own very individual...
Thanks a lot. I came across it on this thread somewhere I cant find it again and I dont know how I'll ever find it again. Im aware of the tecniques moving ur stop loss to breakeven and putting the rest on a trailing stop. I also know about the option of closing out a portion gradually and letting the rest run. But the way it was talked about harvesting pips gradually, it sounded like he was'nt closing out a portion of his lots (which would make you have fewer lots to garner the remaining pis) but actually using the same number of lots to stay in the trade while taking portions of profit. I dont even know how thats possible. But I had to rush, thought I bookmarked the page. Now I cant find it anywhere?
  • #130,244
  • Mar 18, 2014 6:25am Mar 18, 2014 6:25am
Attached Image (click to enlarge)
Click to Enlarge Name: audnzd_m5_180314.png Size: 31 KB

Attached Image (click to enlarge)
Click to Enlarge Name: audnzd_h4_180314.png Size: 45 KB

Attached Image (click to enlarge)
Click to Enlarge Name: audnzd_w_180314.png Size: 58 KB





Best,
Jonas
Hero calls followed by margin calls...
  • #130,245
  • Mar 18, 2014 7:16am Mar 18, 2014 7:16am
Quoting MapleLeaf
{quote} Tell me ONE PERSON in this WORLD, who made a living for the last 10 years, trading EXCLUSIVELY RETAIL FOREX from his home (and not associated to any of the BROKERS and not linked to any of the trillion dollars manipulating VULTURE hedge founds like PIMCO, Morgan and Stanley, Goldman Sachs, you name it...)... Tell me ONE PERSON. You won't find anyone... And I'm not asking about a 20 or 30 years record. Just 10 years... You won't find anyone... Even if you gave 10 guys, or 20... 20 guys In millions, it would a ridiculous small number... But...
There are unbeatable games like roulette or other casino games. Unless you find a way to cheat you will lose money at every casino games.
There are other games like poker where you can win because you're not playing against the house but against other players. If the rake isn't too high and the other players are worst than you the game can be beaten. At sports betting you can win if you find value bets. You must be very good in estimating the results of a sporting event though with a probability.

In forex trading the broker is making their money from the spreads or commissions (unless they are market maker and also trading against you). This means you can win if you can estimate with a probability where price is going. The market isn't random at all. Look at support and resistance and at other patterns how well they are respected. There is a huge advantage in forex over poker. You are not forced by playing blinds to play marginal hands. If a setup is marginal you can skip it. Wouldn't it be nice in poker to only play the premium hands and have guaranteed callers every time? Maybe there are traders who can win if they take many trades but I can't. So I only take big bars. I don't even look at small pin bars. I'm a very low-frequency trader. On the higher time frames like daily and weekly I was only able to find 4 setups this year that I liked: USD TRY daily 27 January (big outside bar), GBP JPY weekly 2-7 February (pin bar), GBP AUD weekly 12-17 January (this was a loss but the low hasn't been taken yet, other traders who took this may still have positions opened, I liked the big BUOB and the big up trend) and GBP NZD daily last Monday (outside bar and trend line break).
  • #130,246
  • Mar 18, 2014 3:01pm Mar 18, 2014 3:01pm
Quoting PhAnTi'
{quote} NYC? .... wish I could spend my holidays there sometime... anyway don't gonna drop my 2 cents to this topic, I'm here to trade. Everybody should decide for himself how to trade,what to trade and especially how much to trade. This Website is not to grow up people, it is more about talking about systems and charts. So what's your guys line today? Any setups building up? Best, Jonas
I hear ya Jonas, it wouldn't be the first convert we got so i don't mind helping anyone as long as they are respectful to everyone

Here is a trade I just closed

Nice big buob closing over major PPZ at parity. Pretty simple took a retrace trade here

these are my PF charts of course


Hope all is well my friend

Mike
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 3-9-2014 6-08-08 PM.jpg Size: 194 KB
Click to Enlarge Name: 3-18-2014 3-58-06 PM.jpg Size: 182 KB
  • #130,247
  • Mar 18, 2014 5:47pm Mar 18, 2014 5:47pm
Quoting dimosar
{quote} ...so what do you suggest? nobody can make it? and if a few do how do they do it?
Hey,

this is business mate. Very hard to achieve success. It doesnt matter if it is trading (yes, odds are against you in comparision with value investing for example). But you can achieve your goals but it is not easy. If it was easy everybody could make a shitload of money. It would paradise. And world is not paradise for everyone. The same in trading.
You can learn it as anything else. I have almost zero probability of becoming good dentist. But it doesnt mean nobody can be a good dentist. We dont say here that if you do this or this you make your first milion. Try it, maybe trading is for you. And maybe not. Maybe you make money or it can be fun for you. It is good to be sceptic about your money.

Good luck mate.
Lose small, win BIG
  • #130,248
  • Mar 19, 2014 2:55am Mar 19, 2014 2:55am
Quoting PhAnTi'
{image} {image} {image} Best, Jonas
Phanti.. In how far dou you consider to fundamental news?
The interest rates are changed to NZD since March 12. From 2.5 -> 2.75. This could change the cash flow in the coming months.
Do you take the news into account, or don't cosider fundamentals?
  • #130,249
  • Mar 19, 2014 3:04am Mar 19, 2014 3:04am
Quoting MrWeiss
{quote} Phanti.. In how far dou you consider to fundamental news? The interest rates are changed to NZD since March 12. From 2.5 -> 2.75. This could change the cash flow in the coming months. Do you take the news into account, or don't cosider fundamentals?
I dont consider them at all. I try to avoid trading at EZB/FED days, but Im with the technicals, altough the Fundamentals play a very important role of course.
Hero calls followed by margin calls...
  • #130,250
  • Mar 19, 2014 5:41am Mar 19, 2014 5:41am
Hello Guys!
What do you think about BUOB at aud/jpy?
Attached Image (click to enlarge)
Click to Enlarge Name: audjpydaily.png Size: 57 KB
  • #130,251
  • Mar 19, 2014 6:17am Mar 19, 2014 6:17am
Quoting mbqb11
{quote} ....Here is a trade I just closed....
Nice one Mike, as always.

may i ask how you came about the retrace entry?
from James' earlier post, retrace is guided by fib ret of the major bar (in this case, BUOB)... but it seems to me you entered on a more conservative retrace.
thanks for answering.

Dinta
  • #130,252
  • Mar 19, 2014 8:41am Mar 19, 2014 8:41am
Quoting Dinta
{quote} Nice one Mike, as always. may i ask how you came about the retrace entry? from James' earlier post, retrace is guided by fib ret of the major bar (in this case, BUOB)... but it seems to me you entered on a more conservative retrace. thanks for answering. Dinta
Hey Dinta

A retrace entry is simply another way into a possible trade . The 3 types mainly are entry on a close, entry on a retrace , entry on a break. All with their advantages and disadvantages

A retrace entry is not guided by just one thing but like most things in trading depends on the situation. I do not use fibs as personally you can just see what % retrace you are at after awhile. The confluence I used for my retrace entry was S/R

This trade for me was a break of a MAJOR PPZ and closing above parity. So once price closes above this area if my trade is correct entering on a retrace or open of the next bar makes more sense for trade mgmt. Price actually gapped down sunday open and I entered a bit under where my chart shows( I replicate my trades live via that chart). So the idea was really to take a retrace or entgry on close to the major PPZ that we were now above

Hope that helps
Mike
  • #130,253
  • Mar 19, 2014 8:56am Mar 19, 2014 8:56am
Quoting mbqb11
{quote} ...( I replicate my trades live via that chart). ....
Hi Mike...it's been a while since I've been on the forums, hope all is well!! I'm going to ask a dumb question, how do you replicate your trades? Do you just enter the same trade on a demo chart that you do on your live o are you able to enter it some other way?

The reason I ask is that I chart on FxPro MT4 but trade on Oanda. I've been normally drawing my entries and stops with the line tool...it's a bit of a pain in the @#%$$@#. I'm thinking I should probably just enter the same demo trade on FxPro that I enter on my live account....
  • #130,254
  • Mar 19, 2014 9:01am Mar 19, 2014 9:01am
Quoting Donkey
{quote} Hi Mike...it's been a while since I've been on the forums, hope all is well!! I'm going to ask a dumb question, how do you replicate your trades? Do you just enter the same trade on a demo chart that you do on your live o are you able to enter it some other way? The reason I ask is that I chart on FxPro MT4 but trade on Oanda. I've been normally drawing my entries and stops with the line tool...it's a bit of a pain in the @#%$$@#. I'm thinking I should probably just enter the same demo trade on FxPro that I enter on my live account....
Good to see you old friend hope all is well too

Yeah what I do is enter my trade on my live brokers as normal and then just go over and do it on FXpro for the group. I essentially get similar entries since I don't trade anything under the hour timeframe so it's only tricky sometimes. I then post and use that chart in real time so the group can follow me and I can do my videos etc. It's easy this way too if you are looking for a better way to track on your charting broker as well

Hope that helps
Mike
  • #130,255
  • Mar 19, 2014 9:31am Mar 19, 2014 9:31am
Attached Image (click to enlarge)
Click to Enlarge Name: silver_d_190314.png Size: 69 KB




best,
J
Hero calls followed by margin calls...
  • #130,256
  • Mar 19, 2014 10:01am Mar 19, 2014 10:01am
Quoting mbqb11
{quote} Good to see you old friend hope all is well too Yeah what I do is enter my trade on my live brokers as normal and then just go over and do it on FXpro for the group. I essentially get similar entries since I don't trade anything under the hour timeframe so it's only tricky sometimes. I then post and use that chart in real time so the group can follow me and I can do my videos etc. It's easy this way too if you are looking for a better way to track on your charting broker as well Hope that helps Mike
Thanks Mike. As I hit enter on the original question I realized that had to be it....not sure why I never considered that before.

BTW, very much looking forward to the changes to the J16 site. I'll be starting up a new journal over there in the not too distant future that will be a little different than most of the ones I've seen. Looking forward to becoming more active with the group.
  • #130,257
  • Mar 19, 2014 10:09am Mar 19, 2014 10:09am
Quoting Donkey
{quote} Thanks Mike. As I hit enter on the original question I realized that had to be it....not sure why I never considered that before. BTW, very much looking forward to the changes to the J16 site. I'll be starting up a new journal over there in the not too distant future that will be a little different than most of the ones I've seen. Looking forward to becoming more active with the group.
great D, looking forward to it
  • #130,258
  • Mar 19, 2014 10:21am Mar 19, 2014 10:21am
Hey guys.

Been some time, since I last visited this forum, but i will never forget that you guys gave me so much.
I guess it's time for me to give it back. I will start posting soon.

Take care.
Stephen
It's all psychology...
  • #130,259
  • Mar 19, 2014 10:22am Mar 19, 2014 10:22am
Quoting mbqb11
{quote} Hey Dinta A retrace entry is simply another way into a possible trade . The 3 types mainly are entry on a close, entry on a retrace , entry on a break. All with their advantages and disadvantages A retrace entry is not guided by just one thing but like most things in trading depends on the situation. I do not use fibs as personally you can just see what % retrace you are at after awhile. The confluence I used for my retrace entry was S/R This trade for me was a break of a MAJOR PPZ and closing above parity. ....
thanks Mike, that was awsome.
i took another look at your analysis and that PPZ level does makes the difference here.
am pretty sure u've got a 3rd eye ...
  • #130,260
  • Mar 19, 2014 10:32am Mar 19, 2014 10:32am
Quoting LamerTrader
Hey guys. Been some time, since I last visited this forum, but i will never forget that you guys gave me so much. I guess it's time for me to give it back. I will start posting soon. Take care. Stephen
good too see you too Stephen
106 traders viewing now