james16 Chart Thread | Page 6591 | 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

  • #131,801
  • Aug 13, 2014 1:24am Aug 13, 2014 1:24am
Quoting FxLester
I'll be away for a few months but One last chart for you all. GJ has been carving out this ascending triangle since Jan 2014 suggestive of a breakout to the upside. There is an all-time-high at 175.x. I would be looking to play a breakout and pullback to this level. Really high probability zone in my opinion. Unfortunately I won't be around as I've promised my wife I won't trade while we enjoy our holiday. {image} I'm travelling around-the-world the next 3 months with my beautiful wife so I won't be posting as much. I'll still drop by when I can...
WOW, thats so exciting. Wish you good roads :-)
If not up, then down, otherwise sideways :-)
  • #131,802
  • Aug 13, 2014 1:46am Aug 13, 2014 1:46am
Quoting flash4
thanks mike, i see your point about learning patience i suppose i am just eager to get as much screen time as i can! a key point in your explanation for me was scanning tonnes of pairs. this will help with the chart time and i will have to be picky on each pair!
Backtest a lot!

Forextester is a great way but costs some money. If you are more interested in the majorFX pairs or commodities / indexes / metals then download ninjatrader. Learn the platform in a few days and then backtest there. Personally I think it's much better than Forextester and free for backtesting.

Write up:
- What you are looking for (what kind of setup criteria)
- Where are you looking for the setup.
When you found the setup:
- Why did you enter (pro/cons)
Then manage your trade. At the end:
- Why did you quit?
- Was there a better was of management?
etc. etc

If you do that even a single trade will take time in backtesting....
So eventually during backtesting you will find methods to keep yourself away from the shitty trades and you will also gain confidence in the good ones, and most importantly you will have a kick-ass managment system for the specific setup --> which i find the most important...
It's all psychology...
  • #131,803
  • Aug 13, 2014 1:56am Aug 13, 2014 1:56am
Quoting LamerTrader
{quote} Backtest a lot! Forextester is a great way but costs some money. If you are more interested in the majorFX pairs or commodities / indexes / metals then download ninjatrader. Learn the platform in a few days and then backtest there. Personally I think it's much better than Forextester and free for backtesting. Write up: - What you are looking for (what kind of setup criteria) - Where are you looking for the setup. When you found the setup: - Why did you enter (pro/cons) Then manage your trade. At the end: - Why did you quit? - Was there a...
thanks for the advice lamer
  • #131,804
  • Aug 13, 2014 2:00am Aug 13, 2014 2:00am
Hi All, is there in that hugely high value thread a section focus on EA with PIN Bars ?
thanks to provide the link if any
cheers
  • #131,805
  • Aug 13, 2014 2:06am Aug 13, 2014 2:06am
Quoting courier12
{quote} Hi Mike and Lester: On the topic of risk management, I had a couple of questions regarding slippage especially during news events, since volatility is elevated and slipapge at times can be severe. 1. How many hours before a major news event would u consider not opening a fresh position? The major news events I have are: Fed meetings, US Jobs number, ECB rate, Carney speech, NZD, CAD and AUD Rates and Employment numbers. Anything missed? 2. If already in a position, what are the risk management guidelines you guys suggest before one of the...
I think it depends on your stop loss. If you are a trading with 40-60pip stops then these "minor" 5-30 pip moves that the news cause wont hit you out. If you trade with 15tick or 5tick stops then it will so in this case you definitely have to stay out ;-)
Again - depends on the trade, trading style etc. I might take a pinbar with 40-50pip SL then I dont care about news. But when I touch trade a S/R flip with a 15 tick stop then I do...

Stephen
It's all psychology...
  • #131,806
  • Aug 13, 2014 2:08am Aug 13, 2014 2:08am
Quoting flash4
{quote} thanks for the advice lamer
In the first place I would suggest trading 2014 and 2013.
Market has changed a lot - so be aware - a risk mgm and trade setup might worked in 2007 but not now...
In the beginning of july i backtested some strategies and I started out with the 2014 jan-may data. On various pairs. And only then I went back to 2013 2012...
It's all psychology...
  • #131,807
  • Aug 13, 2014 6:26am Aug 13, 2014 6:26am
Quoting FxLester
I'll be away for a few months but One last chart for you all. GJ has been carving out this ascending triangle since Jan 2014 suggestive of a breakout to the upside. There is an all-time-high at 175.x. I would be looking to play a breakout and pullback to this level. Really high probability zone in my opinion. Unfortunately I won't be around as I've promised my wife I won't trade while we enjoy our holiday. {image} I'm travelling around-the-world the next 3 months with my beautiful wife so I won't be posting as much. I'll still drop by when I can...
Hi Lester,
wish you wonderful holidays....3 months.....that`s why I liked to be a fulltime trader too!
Have a nice day
  • #131,808
  • Aug 13, 2014 7:22am Aug 13, 2014 7:22am
Quoting Neytiri
. {image}
,
Attached Image (click to enlarge)
Click to Enlarge Name: audjpy_exit_8-13-2014 5-46-26 PM.png Size: 20 KB
  • #131,809
  • Aug 13, 2014 7:31am Aug 13, 2014 7:31am
Hello Mike and all,
a few pages before I saw if using a confirming EMA it was the 150 and 365 ema.
May I ask why you don`t use the 200 ema which is much more established as I think.
Or am I wrong?
Thanks in advance.
Have a nice day
  • #131,810
  • Aug 13, 2014 7:33am Aug 13, 2014 7:33am
Hi guys,

Just made another addition to my trading journal here - what do you guys think? Any additional thoughts to share? Any flaws in my setup?

Thanks
  • #131,811
  • Aug 13, 2014 9:13am Aug 13, 2014 9:13am
Quoting doerpn
Hello Mike and all, a few pages before I saw if using a confirming EMA it was the 150 and 365 ema. May I ask why you don`t use the 200 ema which is much more established as I think. Or am I wrong? Thanks in advance.
Hey D

I don't use EMAs myself, but I don't think the actual number one uses is going to define the success of a moving average of the tool. For example the 150 or the 200 is a medium term moving average or agreement of price over time. I think it indicates very much the same thing in terms of using it as a tool. I'd say those that do choose to use a moving average should always use it in supplement to support and resistance and building a larger story on top of it. So certainly if thats the number you are comfortable with go for it

Best
Mike
  • #131,812
  • Aug 13, 2014 9:36am Aug 13, 2014 9:36am
Here is a setup I traded from AUD JPY daily. A pin bar that was rejecting the previous swing low.
What I didn't like at this setup is that the pin bar was smaller than the previous bar. For me usually it's a must that the pin bar should be bigger than the previous bars because this shows strong momentum. However if you zoom out the chart the pin bar still looks big (an above average bar).
The pin bar was rejecting an important swing low. And this setup had space, something most pin bar setups don't have. I still wanted the bar to be bigger than the previous bars but because of the level and the space (and after all it wasn't a small bar) I think it was a good setup.

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


I entered near the Friday close with a limit order (usually I enter on the close but I didn't like the gap). My initial stop loss was ~ at the middle of the bar (below that swing low). I put take profit at 1:1 RR (relative to my initial stop loss). I'm happy with 1:1 RR. I don't know if it's more profitable to have a bigger take profit but what I know is with my style of trading I will have a smaller win rate if I want bigger profits. However my RR is dynamic so most of times the RR is actually better than 1:1. After the first day I moved my stop loss below the new daily bar. After the next day I moved my stop loss again below the new daily bar. And then the setup reached my take profit. Only very rarely I will have a full stop loss. This is the trade management I have found works best with my trading style (it may not be the best trade management for your trading style).
  • #131,813
  • Aug 13, 2014 9:44am Aug 13, 2014 9:44am
Quoting mbqb11
{quote} Hey D I don't use EMAs myself, but I don't think the actual number one uses is going to define the success of a moving average of the tool. For example the 150 or the 200 is a medium term moving average or agreement of price over time. I think it indicates very much the same thing in terms of using it as a tool. I'd say those that do choose to use a moving average should always use it in supplement to support and resistance and building a larger story on top of it. So certainly if thats the number you are comfortable with go for it Best...
Thanks a lot, Mike.
Have a nice day
  • #131,814
  • Aug 13, 2014 9:54am Aug 13, 2014 9:54am
Quoting str8
Here is a setup I traded from AUD JPY daily. A pin bar that was rejecting the previous swing low. What I didn't like at this setup is that the pin bar was smaller than the previous bar. For me usually it's a must that the pin bar should be bigger than the previous bars because this shows strong momentum. However if you zoom out the chart the pin bar still looks big (an above average bar). The pin bar was rejecting an important swing low. And this setup had space, something most pin bar setups don't have. I still wanted the bar to be bigger than...
Hi str8,
thanks for showing and explaining your nice trade. Will learn from it. I`m still developing my trading style but guess I`ll split the position and when 50% of it has reached TP I`ll move SL to BE to have the chance to ride out more of a bigger move which may occur. That`s what I`ll feel confident with.
Have a nice day
  • #131,815
  • Aug 13, 2014 9:57am Aug 13, 2014 9:57am
hi guys,

as i said before, i took the 2 trades as a learning process, although i heard some very good reasoning from the senior members here to not take them

AY was good enough to reach the second FTA where my first target was. Reg. EY, im still waiting on the development.

in both cases, i moved my stops following the new lows. I dont know if i should move them directly to BE, maybe i should leave some more room for the trade to develop....

cheers,
Attached Image (click to enlarge)
Click to Enlarge Name: AY2.png Size: 28 KB
Attached Image
Market can stay irrational longer than you can stay solvent.
  • #131,816
  • Aug 13, 2014 10:06am Aug 13, 2014 10:06am
Quoting doerpn
{quote} Hi str8, thanks for showing and explaining your nice trade. Will learn from it. I`m still developing my trading style but guess I`ll split the position and when 50% of it has reached TP I`ll move SL to BE to have the chance to ride out more of a bigger move which may occur. That`s what I`ll feel confident with.
Yes, you should see what works for you. Management of a trade depend very much of the trading style one has. For someone who's picky and trades only very good setups a trade management might be better than another. For someone who's less picky another trade management might be better. I have found with my trades they shouldn't retrace too much from the entry and they should go quite quickly in the right direction, an enter on the close is optimal for my trading style as opposed to limit orders (if the price retrace too much chances are it will lose) or stop orders (but even this tendency that I observed at my trades can change in time, the market is dynamic).
  • #131,817
  • Aug 13, 2014 1:10pm Aug 13, 2014 1:10pm
Quoting str8
{quote} Yes, you should see what works for you. Management of a trade depend very much of the trading style one has. For someone who's picky and trades only very good setups a trade management might be better than another. For someone who's less picky another trade management might be better. I have found with my trades they shouldn't retrace too much from the entry and they should go quite quickly in the right direction, an enter on the close is optimal for my trading style as opposed to limit orders (if the price retrace too much chances are it...
fully agreed
Have a nice day
  • #131,818
  • Aug 14, 2014 3:10am Aug 14, 2014 3:10am
Quoting dan89
Hey guys, Have not been posting much of late since FX 'died' but here is something im keeping my eye on ...could take a while to play out with current volatility {image} Take care Dan
Just a quick update. BEOB closing below the BRN but just inside of the lower trendline. I would like to see it either bounce up a little back to the BRN or close below today and look for a retrace before going short ...somehow Would of been nice to see that BEOB close below the trendline for a short.

Chart is zoomed in just to show it more clearly.

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 35 KB


Take care
Dan
  • #131,819
  • Edited 6:50am Aug 14, 2014 4:16am | Edited 6:50am
EURCZK 4hour chart

Pending orders set - let's see how this goes

Attached Image (click to enlarge)
Click to Enlarge Name: 86rCxWa.png Size: 24 KB


Edit - Out with profits - the spread on this ridiculous (130 points) so closed this manually.
  • #131,820
  • Aug 14, 2014 8:05am Aug 14, 2014 8:05am
Quoting dan89
{quote} Just a quick update. BEOB closing below the BRN but just inside of the lower trendline. I would like to see it either bounce up a little back to the BRN or close below today and look for a retrace before going short ...somehow Would of been nice to see that BEOB close below the trendline for a short. Chart is zoomed in just to show it more clearly. {image} Take care Dan
As I'm not a great fan of channels I chose this one. Big BEOB that close right at beautiful PPZ. Wathcing closely as it can still go opposite direction, so must react quickly.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCHFDailyBEOB.png Size: 63 KB
If not up, then down, otherwise sideways :-)
30 traders viewing now