james16 Chart Thread

Anyone else watching this pair ? Mike ..opinions please



Take care
Dan

Is it too early to go long on this pair? as others are still waiting for Retracement to jump on board

Hey alegargano,

Best thing to do is to view is FF profile and click on this posts/charts/files tab so that you can go through his post etc.

Take care
Dan

Hey Fx4real,

Personally Im waiting for a retracement and PA just because ive been burned many times with false breakouts. However with this entry method you will miss some setups that just take off without a retracement - atleast you have not lost any money thought.

Take care
Dan

looks interesting...

cocoa future

If you want to be a high frequency trader it's difficult to win more than 60% (assuming a 1:1 RR). And if you have a win rate between 50 and 60% you will always ask yourself this question: "am I really a profitable trader or I have these results because of positive variance?" because of your small edge (assuming a 1:1 RR, if you have that win rate with 2:1 RR you have a big edge).

If you want a high win rate it's possible if you watch strong levels for a breakout (strong trend lines, strong PPZ and strong patterns) and big pin bars with space (and when I say big pin bars I also say bars bigger than the previous bars, these don't happen so often). You have to be picky, if you want to trade more watch other markets or other time frames.

If the breakout bar closes far from the source I usually skip the trade (you want to enter near the source), so yes, you can say many times you are entering too late if the source is far from the breakout bar (the move may be over). An example is the AUD NZD daily box breakout. If you're one of the traders who want big RR, high win rates aren't possible. However if you're happy with something like 1:1 RR I saw a lot of times a breakout of a strong level/pattern will give you that profit. Many in this thread look for a PA bar to play a breakout but I have good results without PA bars (I never enter though without a close outside the breakout area). Personally I prefer breakouts than reversals because of "space". Almost all breakouts have "space" while many pin bars are in traffic (or there are in space but they are smaller than the other bars which means there isn't a clear bias that price will reverse).

Hello Fx,
Here is my chart. I have just above trend line and round number that tell me to stay away.
I will be watching with you and learning as I really don't know what to do

Cheers.

thanks vanilla.sky for the comments.. thats d reason i skipped 2 and 4 , and for 1& 3 you are right the pin are small compare to what we should look for but it is with the trend and there is some space so have taken some chance , let's see how it works next week.. till then happy weekend

thanks Dan

Hello.
Some set ups based on weekend close. Please let me know your comments.

1. AUDJPY - PBT&CA very slightly on W1 but on D1 we have signature so I am planning to enter long on touch to the line with stop loss on low of the signature bar and TP on BRN above. My concern is about lot of bearish bars on weekly.



2. GBPCAD - PBT&CB. The issues is that after break through, upper LCR the price touched lower LCR line what seems to me that the trade is already 'consumed'. Will enter at touch of the upper LCR with stop on high of last candle and tp near lower LCR.

great use of confluence

james would be proud of that one

looks good Dan, let's see how we react around here and let price action show the way

Hey everyone!

I've just finished checking the stock markets, I didn't really like any one of them.
So that leaves me with my open trades JBSS and VASC.

JBSS: Sold at $25.95

Price rejected RN 26, re-tested the left eye, but didn't manage to break out lower.
Stop loss is now at 26.30.
If price doesn't break below 25 in the coming week, I'm out.



VASC: Bought at $20.10

Price didn't really make it to my SL moving level, but since it got spared by only a couple cents, I'll go ahead and move the SL anyway.
SL now at 19.25.
Price really shouldn't go below $20, but I'll wait for price to go past $21, before moving my stop up to $19.90.



Good luck the coming week!
W

Waiting for bearish price action to short at green zone.

great chart on my watch list. Beautiful divergence RN and TL. Let's see if we get some PA

might be late for me to get I prefer another test of the bottom

Hi buddy!

I would be careful with the jarroo method / system.
I tend to find some terms there complete bullshit, however the main idea - (support turns to resistance) is great.
Instead of blindly drawing these magical monthly and weekly levels try to get better at drawing S/R lines on the
- Daily
- 4h
- 1h
charts. Don't follow too many pairs. Just a few (like the 7 majors). Draw the levels, and just watch whether price reacts to the level, or it completely disregards.
Do this for a few months and you have a profitable trading system.

At the moment I have exams to take care of, but as soon as Im free I will post some charts with nice levels
Stay tuned!

Cheers, Stephen

Here was a quick trade I took friday while I was away in Atlantic city for my little brothers bachelor party

This is just using simple s/r and price action bars. It's also important to understand the type of environment you are in.

I got in at 22 mark where all the bar highs where. This was almost to the penny. I set a take profit at 21 since I would be away but it triggered today. I wanted to manage it down to the 20.50 area or low of the beob but I was a bit tired from this weekend and forgot to change it LOL

Notice the MOST important parts of this trade for me is the HUGE beob. And the accuracy of the previous resistance level.

Just an example:

(1) You can see it from the daily - something is not right - price made the same high for 3 days. We got some major supply there.

(2) Same stuff on the 1H - you draw the level

(3) Breakout. What did we learn? Resistance turns to support.

(4) You place a limit order / or you wait for PA (in this case we had a nice pinbar on the 1H)


It was not an A+ S/R flip (the breakout day washed away our nice S/R), but it worked. )

Cheers
Stephen

EURSEK - Daily. Starting to box up, already clear S & R halfway through the box, strong MACD divergence, I know people who will trade this just on the divergence alone and people who teach it this way, it really should just be added confluence, price action needs to come first. Worth keeping an eye on though imo.