james16 Chart Thread

UPDATE: Chart below

Mike, anyone else in this ?



Take care
Dan

If I have this tracked correctly, 171.03 is my next target short. I have been in and out of this one a couple of times already. Flat now and will be looking short again if I can get positioned smartly around 171.90 before the next drop.

K.I.S.S.

Hey dan

I didn't take this one myself, i know a bunch of people who are tracking it similar though, it looks to be working out fine, i'd prob get my stop above the current weekly high if it was me who was in and see if it can just fall off a cliff

Keep us posted

Mike

Will do

Can I ask, any particular reason you didnt take it ? Always learning

Take care
Dan

Hey Dan

I didn't have my charts marked up coming back from vacation. I just didn't really see this one like that so I passed. But it all looks great to me. I miss great ones all the time!

Best
Mike

I drew the pattern a little differently, but our charts are similar. I would have liked to have seen the close below the BRN as you mentioned. However given how EURO closed on most pairs today, the bounce at the BRN looks a lot like profit taking to me. I would love to see EJ make it down to 136.xxx

I considered this one closely, but ultimately I decided on the EURUSD BEOB at the swing high as I thought it had more room to the downside, and I only wanted to open one EURO position.

.

I hate holding position over the weekend because of the gaps. Think I may just close it and re-enter on monday.

Take care
Dan

whats ur take for the E/U, i feel like this.................

your chart looks great to me leo

I'm leaning towards G/U's lovely weekly bearish pin

Hey there,
I was looking at that one, too.
It has a DBLHC and some space above

Thanks so much

I trade fakeouts most of the time. Nowadays, I am also trying to identify breakout setups. I hope I will be able to master it soon.

Neytiri

Hey Neytiri!

Just be careful. In my experience there is two kind of trading. Trend or Counter-trend. You can also call it Momentum/breakout or Swing. Although the main thing is that at one type you buy after a green candle while at the other you buy after a red candle. IMHO the types differ in everything. The whole psychology is different - there was a time when I tried to learn breakouts, but I simply couldn't accept the fact, that i'm buying at a high price and I'm trying to sell it for even higher. ("Why would i want to buy at high, when i can buy it low?" - i was thinking.) At breakout trades I also found the stop placement much harder which resulted in smaller RR.

My point being:
- At the james16 every trader besides Mike trades swings / countertrends / buys on a red candle. I.e. James sees a PA (BEOB) signaling short. Then he waits until the intraday trend brings price up to a certain point where he sells into it. He is trading with the daily Bias / daily trend - but on the shorter TF (1H) he trades countertrend, cause he sells on a price which is going higher. This results in one thing: With being able to wait a small retracement at the BEOB he could enter with a tighter stopp, and now he gets a better RR.
- Jarroo does at some point the same: He waits for price breakoing a level and closing above. Then on the next day he waits for a pullback (just like james) and he fades (counter trend trades) that short term intraday move. As a result jarroo gets a 20-30 pip stop and shoots for 5R+ trades.

If i could give you one single advice that would be to simply draw S/R lines and watch how they play out. Watch how price respects it on the 1H. Markets are choppy most of the time - they do nothing but chop/swing between s/R levels. Just look for this s/r levels wait for some PA, or whatever, enter with a small (max 30pip stop) and get rich. There is no need to over-complicate trading with 100 entry/exit/management rules. It's not a mechanical stuff and it never will be.

All in all: Stick with the swing type, demo trade it and if you are good live trade it. If end up as a trader for living i guarantee you, you will have plenty of time to test other systems/strategies or whatever you want

Cheers,
Stephen

Personally I have better results with breakout/continuation trading than with pin bars (especially small pin bars) and fake outs. Actually I don't even trade small pin bars or fake outs (I tried it on demo but the variance was big, many were winners but also many were losers). I trade the patterns like wedges, channels, triangles, boxes and strong PPZs. What I do different than what is taught in this thread is that I don't trade trend line breakouts if the trend line isn't part of a pattern and I don't wait for a J16 PA bar like an outside bar I wait only for a nice close outside the breakout area. I also look for space. Many times a strong PPZ appears to don't be respected any more but there is no space. I don't take these trades. If I didn't take into account space I think I would be losing. Big pin bars with space are also nice but they didn't come so often. A big advantage I think with breakout/continuation trades is you're trading with the trend and the trend may be more stronger than a PPZ or a trend line that it's part of a pattern. Something that I observed it that single swing highs and lows aren't that strong. The price rejected that swing high or low only one time so it's not sure it's a very strong level. I don't trade breakouts of single swing highs/lows and also don't trade small pin bars or fake outs. Another thing I do is I'm not greedy and don't wait for the completion of the whole pattern (actually I think more times than not the pattern isn't fully completed). If I get a 1:1 RR I'm more than happy and I usually take full profit (I only need to win at least 50% to make a profit).

Here is an article that may help you (I think the statistics are from S&P 500 only buy you will have an idea about breakout patterns):
http://samuraitradingacademy.com/7-b...tion-patterns/ (the article is interesting because it seems to me the patterns aren't completed with that high of a frequency but I may be wrong, I didn't do any statistics myself).

GBPSEK 4 hr chart pin bar with confluence.

Interesting price action around a very decent price level on USDJPY...

... sllooowwww