james16 Chart Thread | Page 6640 | 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

  • #132,781
  • Oct 29, 2014 1:41pm Oct 29, 2014 1:41pm
Quoting mbqb11
{quote} sure is Winston I was watching the initial break of the rising TL but price kinda just trickled out. Not all that interesting. We can see price sqeezing too. SOMETHINGs gonna happen. Just gotta wait for solid PA here Nice charts recently bud Mike {image}
Hi Mike, what are the orange dot lines ?cheersXam
  • #132,782
  • Oct 29, 2014 1:47pm Oct 29, 2014 1:47pm
Quoting Xamarass
{quote} Hi Mike, what are the orange dot lines ?cheersXam
ok undestood; RN !
  • #132,783
  • Oct 29, 2014 2:32pm Oct 29, 2014 2:32pm
FOMC statement...good move on AUD/USD... BE for now. 100+ pips

Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSDH4.png Size: 65 KB
  • #132,784
  • Oct 29, 2014 4:18pm Oct 29, 2014 4:18pm
Is that a valid sell signal on AUDJPY with 80pips space or would you wait for a return to the resistance of 96?
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYDaily-20141029.png Size: 28 KB
  • #132,785
  • Oct 29, 2014 5:12pm Oct 29, 2014 5:12pm
Quoting Verbal
Is that a valid sell signal on AUDJPY with 80pips space or would you wait for a return to the resistance of 96? {image}
Hi Verbal. My feed is a bit different. My daily candle won't close until 1000pm MST. But I though I'd comment. Your pinbar is just ok. There is some traffic below with the RN of 95.500 and that FTA.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYDailyj16102914.png Size: 59 KB
  • #132,786
  • Oct 29, 2014 5:18pm Oct 29, 2014 5:18pm
Quoting Verbal
Is that a valid sell signal on AUDJPY with 80pips space or would you wait for a return to the resistance of 96? {image}
Hi Verbal,
I was thinking about this trade too but what worries me are those bar highs right below the entry(marked in purple on my chart). If those will be broken we have a great chance to see 95. At this point is no trade for me but also because I've taken enough trades this month and 2 are still open.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2014-10-29 at 23.16.53.png Size: 91 KB
  • #132,787
  • Oct 29, 2014 7:16pm Oct 29, 2014 7:16pm
Oanda feed. Candle close at 1000 pm MST in about 3 1/2 hours.

Attached Image (click to enlarge)
Click to Enlarge Name: NZDCHFDaily102914.png Size: 66 KB
  • #132,788
  • Oct 30, 2014 12:04am Oct 30, 2014 12:04am
Woke up and we have a break. AUD/CAD BE for now....

Attached Image (click to enlarge)
Click to Enlarge Name: AUDCADH4.png Size: 23 KB
  • #132,789
  • Oct 30, 2014 3:29am Oct 30, 2014 3:29am
Quoting mbqb11
{quote} Hey Phil Welcome to the thread as well too Few comments on the above. Their is nothing wrong wtih trying to get tight stops based on daily charts. This is what James calls day trading a daily chart. BUT the key to remember here is that not all situations will a 30 pip stop loss make sense. So james might have a 15 pt stop or a 50 pt stop etc. It depends on where your entry is. So we can't take every pinbar throw up a 30 pt stop and take profit and think that trade makes sense. For example the times a small stop makes sense is where your...
Hi mike,thanks for your great reply.
  • #132,790
  • Edited 3:59am Oct 30, 2014 3:48am | Edited 3:59am
Took a loss on this one. Indecision at resistance. Entered on the break of the indecision candle. Ideally would have liked the indecision bar to be a little higher up.

Attached Image (click to enlarge)
Click to Enlarge Name: Trade 5 A.png Size: 28 KB


Price moved nicely my way before turning around 10 pips before my target and stopping me out. In hindsight, I should have probably gotten to break-even before it retraced, but there wasn't really a trouble area in this trade. Not sure about when to move to break-even when there's no obvious place to do so and price hasn't even hit my 1:1 R:R yet.

Attached Image (click to enlarge)
Click to Enlarge Name: Trade 5 B.png Size: 28 KB
Confluence is king.
  • #132,791
  • Oct 30, 2014 7:01am Oct 30, 2014 7:01am
Thanks for explanations to my drawing, especially for your detailed answer, Mike.

Quoting mbqb11
{quote} If anything selling a retrace to the box top(top red box area) is a more profitable and easier play then trying to trade into the next level of potential support(middle red box) Hope this helps and again welcome to the thread! Mike {image}
Continuing the theme about the retrace. What is best way to do it?
For example, if play every PB at 50% retrace - of course, we will miss some opportunities, but on the other hand - we'll have much better R:R, and also have more freedom with moving our stops to B/E, cause if price go to the end of PB, we already cover the value of the stop.
Is it OK to enter on retrace on every suitable PB, at 50% (or a little bit closer, for instance 40% ret, if there is some minor PPZ at this level)? Judging by my experience about 70-80% success PB make such retrace. Or 38% / 62% / scheme, when 1 order place at ret and another at low/high PB will be more appropriate?

Today it was situation with almost the same patterns on AUD pair. So, how to deal with such occasions? If I have my risk - 2% per trade, should i divide this risk value between all trades with the same symbol? (for example, if I play 3 pairs, which connects the same symbol, i have to risk 2% / 3 = 0.67% / per trade?) Or it's better to choose superior setup from all and play just it with normal 2% risk?

If I'm not confused, earlier in this thread you wrote, that you look for many diiferent forex pairs and also stocks, etc. Do you track most popular fx pairs (like majors and cheap crosses, or also crosses with 10p. spread, like */NOK, */SEK?) And what list of stocks you use for tracking?)

Thanks in advance.
I apologize for my English, unfortunately, it is not native for me. =)

Dmitry
  • #132,792
  • Oct 30, 2014 8:52am Oct 30, 2014 8:52am
Quoting DmAlenn
Thanks for explanations to my drawing, especially for your detailed answer, Mike. {quote} Continuing the theme about the retrace. What is best way to do it? For example, if play every PB at 50% retrace - of course, we will miss some opportunities, but on the other hand - we'll have much better R:R, and also have more freedom with moving our stops to B/E, cause if price go to the end of PB, we already cover the value of the stop. Is it OK to enter on retrace on every suitable PB, at 50% (or a little bit closer, for instance 40% ret, if there is some...
I deal with retraces by dividing my big trades into several smaller. On each retrace, but I'm not using Fibonacci only supports and resistances on lower TFs, I'm placing one small trade. It works for me.

When economical events are causing identical setups across currency it's best to pick that one that looks best to trade (or 2, 3 but not all of them). Pinbar doestn't mean anything by its own, you should look on larger picture.
  • #132,793
  • Oct 30, 2014 1:04pm Oct 30, 2014 1:04pm
Hi Mike and Others,

I am newbie and I am not a full time trader.. I am trying to be fulltime trader in future, becoz this is my business for upcoming days.. I wouldn't come to this mind set unless I read James's words, I felt the worth of his words, after lost most my real money, how it was worthfulllll..... When I was start the trading, I invest only 160$ and have a imagination it will be 1000$ within three months.. For that fool thought i lost around 145$ within two day, then I stay away from forex..

That time i have chance to read James's thread ( I would thanks to Ghous to given intro), read thread, read thread and read the thread......... Even though I am not become a master, I have a clear Idea to handle the forex as much as I can.... after two months demo trading, again I logged into same real account without inverst new amount ( I already have 15$)..

And starting trading with real money... When others see my account they will laugh, But for me it was big chance to develop my patients...Now my first target is built my account to Initial level, somehow I acheived it.. Now I have 26$...Because I will find my money where I am lost it..

This small account gives me a lot of experience

First I came out the mentality that big players (Who have large amount) only get succeed in forex market
Patients and build confidence. I think the both things only come when we trade with real money
and trying to find answers for

Quote
"Which time frame(s) do you trade? Which currency pairs? Do you trade only pin bars, or engulfing bars as well? What percentage of your account will you risk per trade? Will you ever exit a trade manually, or wait until it hits either your SL or TP? Will you move your stop loss to break even at the first trouble area? Will you take partial profits? What percentage of your account are you willing to lose before you stop trading, take a step back and reassess what you're doing? Do you take news releases into consideration?"


In this thread, I am learning a lot of things.. Hands up James and Mike for your extremely support...

Now I am in mind that I become a full time forex trader because this is my business

Here I said about my experience, Sorry friends if i say anything wrong..

Adhavan
  • #132,794
  • Oct 30, 2014 1:43pm Oct 30, 2014 1:43pm
I see a lot of people entered short on pinbar AUDJPY. A little late but my insight on AUDJPY.

AUDJPY D1
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYmicroDaily.png Size: 61 KB


AUDJPY W1
Attached Image (click to enlarge)
Click to Enlarge Name: AUDJPYmicroWeekly.png Size: 53 KB


So there was a pinbar on resistance, it's true but sloped support was really near like ~30 pips.
  • #132,795
  • Oct 30, 2014 2:43pm Oct 30, 2014 2:43pm
Quoting Adhavan
Hi Mike and Others, I am newbie and I am not a full time trader.. I am trying to be fulltime trader in future, becoz this is my business for upcoming days.. I wouldn't come to this mind set unless I read James's words, I felt the worth of his words, after lost most my real money, how it was worthfulllll..... When I was start the trading, I invest only 160$ and have a imagination it will be 1000$ within three months.. For that fool thought i lost around 145$ within two day, then I stay away from forex.. That time i have chance to read James's thread...
Hey Ad Welcome here. Enjoy this monster thread all the best for your way to successful trading
Slow & steady
  • #132,796
  • Oct 30, 2014 6:13pm Oct 30, 2014 6:13pm
Hey guys

I'm also a newbie to this method and have spent the past few weeks digesting the material of this thread. Just wanted to begin by saying thanks to those that have contributed to the thread over the years with all the excellent learning material that's in here. I definitely agree with the points raised about the importance of patience and discipline when trading with small accounts. Like Adhavan, I had hopes of building up a small account into a reasonable size within a few months and consequently risked more than 2.5% on trades; taking trades with no confluence etc. Whilst nobody hopes for losses I think these experiences of losing most or all of your account help to get across the importance of money management, and patience to stay out of the market and wait for the right setups to occur. Just my 2 cents anyway

My setups are still very raw and I plan to keep reading over the thread to improve accuracy on setting up support and resistance levels, PPZs, perfecting when to take trades and when to stay out etc., but I've been looking at two possible setups on the AUD this evening - a bearish outside bar on the EURAUD that closed below recent bar lows, and a bullish outside bar on the AUDJPY that closed above recent bar highs. Both directions are supported on the weekly TF. Is anyone else in these trades right now?

Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 16 KB


Attached Image (click to enlarge)
Click to Enlarge Name: Image2.png Size: 20 KB
  • #132,797
  • Oct 30, 2014 6:14pm Oct 30, 2014 6:14pm
Quoting Liquidity
{quote} This post is directed to you, but also to everyone who feels like they're not making progress in forex. I've been there, it sucks. First of all, if you're trying to build a huge account from $250, you've got the wrong ideas about forex. Even if you double your account in a year, (which is an amazing achievement), you'd likely still be unhappy because it's not a 'huge account' yet. You've got to start thinking in percentages. % risk per trade, % drawdown, % trades won, etc. Let's say you risk 2% per trade with an average R:R of 1:2. In a...

Liquidity

Thanks for your suggestions and advice. I do get the essence of what you are saying and trading is definitely not easy. I do agree with you that we should treat this as a business and manage risk in terms of percentages which is crucial. But in all of these details we should not forget the core skill or ability to select the best setups.

I am starting with a $250/- account but it is just a start. I don't intend to build my trading account just with trading profits but I do a regular full time software job that pays me around 5 figures. Also I am planning to take a part time job over weekends as software job is only for five days in USA. My plan is to build the trading account with my current software job and a part time job while I trade with a small account. I know it is not easy and I do get migraines sometimes but nothing is easy in life.

A micro account is ok for beginners and I want to apply money management once the account gets to 5k. At this point of time I just want to focus on taking good trades and get easy with trading real money. I have only done paper trading on and off for 4 years and have resisted all temptation to trade with real money. Now I feel that I can identify pin bars, outside bars and breakouts from major ppz's I have some confidence to trade with real money.

Though I may tweak my strategy as I get more experience initially my focus will be to move my stop loss to break even and not to take any losses. After that if price moves in my direction then it is good and if it goes against I will have nothing to lose. Identifying the first trouble area and moving the stop loss to break even are very crucial skills in trading after selecting the initial setup in my opinion.

I may succeed or fail at this after trying for a year or two but right now i am streamlining all my resources (financial, psychological, spiritual ) everything that I have to accomplish trading success and a build a good trading account. Astrologically the next 8 months is very good to me so it is crucial for me to build a good trading account during this period. Indian astrology places a lot of emphasis on the nature of time and things are easy when time is in your favor.
  • #132,798
  • Oct 30, 2014 6:37pm Oct 30, 2014 6:37pm
I wonder if anybody is watching this pair. I am watching for some PA....on this one.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 65 KB
  • #132,799
  • Oct 30, 2014 6:55pm Oct 30, 2014 6:55pm
Attached Image (click to enlarge)
Click to Enlarge Name: AUDNZDDaily103014.png Size: 53 KB
Quoting prasad99
I wonder if anybody is watching this pair. I am watching for some PA....on this one. {image}
On the list for sure. Tomorrow is Halloween Friday so I'm enjoying some Cabernet.
  • #132,800
  • Oct 30, 2014 6:57pm Oct 30, 2014 6:57pm
Last week was very good. This week nothing got me too excited. Holidays coming up so.....
62 traders viewing now