james16 Chart Thread

Hey D

Way to go! Just a word of caution on setting monthly goals or often I hear people having daily/weekly goals. Don't force yourself to take trades just to try to make a minimum goal you have in mind. While wanting to attain certain targets is good the market is the ultimate dictator of those targets. What's crucial is to follow your trade plans. If some months that gives you 10% and other months 1% as long as you follow your rules. Let the trades take care of themselves and things fall how they will

Keep it up brotha!
Mike

Thanks Mike, I hope you will post your charts in the future, it really help! Thanks!

absolutely P, i'm trying to get more plugged in here I promise lol

FX markets are pretty choppy after their huge runs. That's good though as some nice breaks will come if we are patient too(or be sure to trade sideways markets with that in mind)

I'm liking eur/aud and gbp/sek to watch

eur/aud is showing great divergence as we get under the BRN. I'd like to see us pullback to it again and squeeze a bit more. My preference is to the downside of course with PA. Gbp/sek i like the channel and it's good to look at tops/bottoms for clues

here are those charts i posted for the group friday and today

Mike

Trade 3. Pretty much a break even trade. Entered 2 candles before market closed for the weekend. Went back over my strategy and decided to not open any trades after Friday 8am Australian time (Market closes 8am Saturday). Reason is I don't want to be involved with the dodgy random profit taking candles that occur before the market closes. My trades are usually over within 2-4 candles so this way I won't be holding trades over the weekend. The trader whose strategy I'm pretty much copying doesn't hold 8H trades over the weekend and I think that's a pretty good idea.

Anyway, do you guys have any thoughts about holding trades over the weekend when trading from <D1 charts?

I probably would not hold anything under a weekly time frame over the weekend. Perhaps a daily time frame where I had already banked pips and wanted to hold a partial ongoing trade.

Hi guys,

Here's my humble analysis on AUDCHF.

Cheers.
K

Just a thought...

i'd agree with you verbal. I think that's the capping point for this market right now and a more significant TL to play a break of

I think TLs are one of the most misunderstood confluence tools. If we use say just a TL as our main confluence tool to look for PA, it's gotta be pinpoint strong and pivotal.

I'd watch this one myself too

Mike

I'm glad to hear that someone else is cautious of weekends too.

Final update to my last trade - it would have hit my take profit. Regardless, I'm still happy I got out when I did. Just something I'm taking note of for when I tweak my strategy in the future.

simple example of an intraday play i'll be watching

we have price at a nice PPZ in a consolidation. On the hourly momentum is dying so i'll watch for longs. but ONLY if we can get nice PA to signify that pop higher

Here we go again. GBP/CAD short. Tight stop as per my strategy. Not too concerned about the 1.8100 level as it hasn't played much of a role in the recent past.

Hidden bearish divergence on UC weekly:

Follow up to my 4th trade. Some crazy moves happening right now.

Watching this one.

This looks interesting.

I was looking at this one right now. Looking to sell at 96? Or the channel?

I am just frustrated with trading. Whenever I study the charts I see either price moving into traffic or good setups that have already come and gone. I opened a $250/- micro account and decided to start trading with real money but James16 PA is so stringent it is hard to find good trades. I am not happy with the low leverage that this offers but for a beginner i think this is good enough.

The advice of this thread is to stick to only daily and weekly but dont you all think that a very good setup on 4 hr or hourly can trump a weak setup on Daily. I am not sure but I do think that a A setup on 4hr has a better chance than a B setup on Daily...probably it is hard to tell with my experience.

It seems like it is easy but when try to trade real time it is not. If you are doing a job and try to trade it is possible to trade only on Daily and Weekly. I wish I could build a huge account starting with this 250.....

Hey P

You hit on some important points that i'll give you my opinion on and hopefully gives you some direction

-Firstly james always talks about small accounts and how most people lose because of small accounts. When a dollar amount on a trade becomes WORTH something you will trade differently. Now I agree with james but also know that if you can trade that account true that it doesn't matter in theory. But in real time most people have trouble with this. Let's for example take a trader who open a $1000 account and risks 3% a trade. That's $30. Now depending on ones financial situation of course that might be worth something. But for most people you spend $30 before you even get out your front door and it's meaningless. So waht does that person do? A bunch of things. They just let that trade stop them out looking for higher profit. They take more $30 trades to try to compensate to make more. They increase their risk per trade. And that trader is a losing trader

Now the catch is that trader may actually do very different if that trade was worth $300, 500, 1000, 3000$ etc. You will trade differently. When the $ amount of that trade is something that is significant OR you are able to see % returns for % returns(meaning a 1% increase is a 1% increase and not blinded by the dollar amount as you build your account) you will trade different. Take that same trader who says man if I can just get one trade a month, i'd be making 3% on my account and 3000$ a month. That trader doesn't care if they take 1 trade a month or 20 trades. They are so focused on being smart with each situation that this frustrate leaves you.

Now onto timeframes. One thing people forget is that when we say stick to daily/weekly it isn't that they are better than 4hr or 1hr etc. No one timeframe is better. You are very right when you say it's better to take an A+ 4hr trade than a B daily trade. It's all about the quality of the setup. When i'm searching through all my charts be it forex, equities, futures i'm just looking for high quality setups. It may be on the hourly or it may be on the monthly. Why we stress the daily/weekly is simply because MOST people that come to this thread, or are struggling are struggling because they are on 5min timeframes trying to trade every thing that moves. If you are being picky and you add the 4hr and hourly into the mix that's exactly the message we are trying to get across with the daily/weekly minimums.

But the reality of building a huge account(again huge is different for different people) with 250 in any short period is just not realistic. You are better of saving your money and demoing until you have saved enough where taking a couple trades a month means something. You'll never trade the same again

Hope this helps and this is encouraging words and I hope you take that from it as opposed to it being a downer

Mike

Hi Mike,
I like your detailed and well-founded explanations! This is the most useful thread I ever joined. Thanks, thanks and thanks!
May I add that its a good idea to experience with a small real account instead of a demo one. So one is more picky, carefull and concentrated from the begin on - if not than cash is away....
That´s what helped me.
Good trades to all.