'Fail to plan, plan to fail'
james16 Chart Thread
- #134,801
- May 4, 2015 8:17pm May 4, 2015 8:17pm
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #134,802
- May 5, 2015 1:31am May 5, 2015 1:31am
- Joined May 2011 | Status: Trader | 1,265 Posts
AUD/JPY STopped out by what I suspect was RBA interest rate news spike. However, I am back in short after spike looks to have settled around 95.00 BRN area. I see I am trading into a lot of traffic, but looking to pick up a few pips around that TA and maybe beyond.
'Fail to plan, plan to fail'
- #134,804
- May 5, 2015 4:29am May 5, 2015 4:29am
- Joined May 2011 | Status: Trader | 1,265 Posts
'Fail to plan, plan to fail'
- #134,805
- Edited 5:06am May 5, 2015 4:49am | Edited 5:06am
- Joined May 2011 | Status: Trader | 1,265 Posts
AUD/NZD Daily. Here's a case study. Look at this. Do you or I need to go through this much pain by trading into a major S/R zone? You can see my first entry is at 1.03800. I entered again twice higher up to try to catch price going down in line with previous major trend. A bit silly, and far to stressful. Better I stayed out of this trade. Having said that, I am still in it, and it may well come back down and give me some profit around first trouble area that I am foolishly trading into. Lesson: A retrace entry is the way to play this one if at all, or maybe a sell stop below bar/support zone. All a learning experience and thank gawd this trade's on demo. 
'Fail to plan, plan to fail'
- #134,807
- May 5, 2015 9:46am May 5, 2015 9:46am
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
hey Mike,
Would you say this is a good divergence setup?
Its not really being curbed by a RN above, yet the 90 number is a prominent feature intersecting with the TL underneath.
Thanks in advance!
Donaciello
Edit: The arrow in there was meant to point out a wick fill I traded recently.
I've seen a couple of your wick fill trades and this one really reminded me of one in EUR/USD you caught about a year ago.
Would you say this is a good divergence setup?
Its not really being curbed by a RN above, yet the 90 number is a prominent feature intersecting with the TL underneath.
Thanks in advance!
Donaciello
Edit: The arrow in there was meant to point out a wick fill I traded recently.
I've seen a couple of your wick fill trades and this one really reminded me of one in EUR/USD you caught about a year ago.
It's a sport, an artform and a science.
Hey J16'ers. I'm looking for some practical advice on screening for trades and hope its OK to digress from the usual thread topics for a moment. I've googled this and its one of those things where there is a tonne of results but not very pertinent. As I'm following only J16 trading I thought it'd be more useful (to me 
) to ask traders following the same path, instead of starting yet another thread.
My specific question is about how best to use our screens, trading set-up, software, whatever, when we are engaged in "trading". I'm fine with the J16 material, but when I sit down to trade, I feel like I'm making it more work than it should be. If anyone would be happy to shout out some tips or ideas based on what has worked for you, I'd appreciate it, either in the thread or by PM. Here is a bit more info about my "set-up" so I can explain myself a bit better.
I have one desktop PC with 3 x 27" monitors (1920 x 1080). I'm trading CFDs using Pro Real Time - my broker also offers MT4 but to trade through that the spreads are wider (yes, really).
Ideally, I'll be at my desk "trading" for 4 days per week, 2 - 3 hrs in the morning from the London open, and maybe another 2 - 3 hrs in the afternoon from the New York open (I'm in Europe). This time includes ongoing learning from the thread.
I'm looking for set-ups on 30 pairs (actually that includes gold, silver, some indices, etc). I am mainly looking at weekly, daily and 4 hr charts, but do zoom down to 1 hr for trade entry. I'm quite picky.
I have my trade platform on one screen, shared with a browser for this thread, etc. On another screen I have 9 charts which are open big enough to monitor without expanding their window. On the third screen, I have all the other charts which are tiny and of virtually no (visible) use - it just means I can see the chart window and maximise each one when I want to scan for trades after the 4 hr bar has completed.
The reason I know I have a problem is that (most of the time) I feel fatigued (and a bit frustrated) while "trading" and just know that I am not working in a very efficient way. I'm also finding it tedious having to keep expanding the chart windows for 30 different pairs, each for several different time-frames.
I suspect my problems are due to:
- trying to see the trade happen in real-time, rather than set levels to open orders automatically;
- I could also be getting overwhelmed with trying to deal with too many pairs to begin with; and
- I'm not using my screens in the best way, I haven't learned a "work-flow" for what I want to achieve, and/or I'm not using the right tools or software.
For the record, I don't think I necessarily need 20 monitors - I'm not scalping after all, and if anything, I feel that trading off daily and 4 hr charts means that you could get away with even just one monitor.
What I'd really like is a big virtual whiteboard, that has all my pairs in a grid, with some kind of additional info (that I can enter) for each pair such as what levels I'm looking at and where the market is relative to that level. I know price alerts sound like the answer, and I am using them, but amazingly ProRealTime is limited to 20 alerts (I'm getting the feeling that ProRealTime could be a big part of my problem too).
I'm hoping that I can gain some insight in to what you DO when you are at your desk trading, which will allow me to explore ideas that I haven't thought about yet. If nothing else, its been helpful to formulate and express the difficulties I'm having. Thanks in advance
FP
) to ask traders following the same path, instead of starting yet another thread.My specific question is about how best to use our screens, trading set-up, software, whatever, when we are engaged in "trading". I'm fine with the J16 material, but when I sit down to trade, I feel like I'm making it more work than it should be. If anyone would be happy to shout out some tips or ideas based on what has worked for you, I'd appreciate it, either in the thread or by PM. Here is a bit more info about my "set-up" so I can explain myself a bit better.
I have one desktop PC with 3 x 27" monitors (1920 x 1080). I'm trading CFDs using Pro Real Time - my broker also offers MT4 but to trade through that the spreads are wider (yes, really).
Ideally, I'll be at my desk "trading" for 4 days per week, 2 - 3 hrs in the morning from the London open, and maybe another 2 - 3 hrs in the afternoon from the New York open (I'm in Europe). This time includes ongoing learning from the thread.
I'm looking for set-ups on 30 pairs (actually that includes gold, silver, some indices, etc). I am mainly looking at weekly, daily and 4 hr charts, but do zoom down to 1 hr for trade entry. I'm quite picky.
I have my trade platform on one screen, shared with a browser for this thread, etc. On another screen I have 9 charts which are open big enough to monitor without expanding their window. On the third screen, I have all the other charts which are tiny and of virtually no (visible) use - it just means I can see the chart window and maximise each one when I want to scan for trades after the 4 hr bar has completed.
The reason I know I have a problem is that (most of the time) I feel fatigued (and a bit frustrated) while "trading" and just know that I am not working in a very efficient way. I'm also finding it tedious having to keep expanding the chart windows for 30 different pairs, each for several different time-frames.
I suspect my problems are due to:
- trying to see the trade happen in real-time, rather than set levels to open orders automatically;
- I could also be getting overwhelmed with trying to deal with too many pairs to begin with; and
- I'm not using my screens in the best way, I haven't learned a "work-flow" for what I want to achieve, and/or I'm not using the right tools or software.
For the record, I don't think I necessarily need 20 monitors - I'm not scalping after all, and if anything, I feel that trading off daily and 4 hr charts means that you could get away with even just one monitor.
What I'd really like is a big virtual whiteboard, that has all my pairs in a grid, with some kind of additional info (that I can enter) for each pair such as what levels I'm looking at and where the market is relative to that level. I know price alerts sound like the answer, and I am using them, but amazingly ProRealTime is limited to 20 alerts (I'm getting the feeling that ProRealTime could be a big part of my problem too).
I'm hoping that I can gain some insight in to what you DO when you are at your desk trading, which will allow me to explore ideas that I haven't thought about yet. If nothing else, its been helpful to formulate and express the difficulties I'm having. Thanks in advance
FP
- #134,809
- May 5, 2015 11:57am May 5, 2015 11:57am
Hey J16'ers. I'm looking for some practical advice on screening for trades and hope its OK to digress from the usual thread topics for a moment. I've googled this and its one of those things where there is a tonne of results but not very pertinent. As I'm following only J16 trading I thought it'd be more useful (to me
Personally, I hook up my laptop to a 50 inch TV and usually trade from my living room sofa with a wireless mouse and keyboard on my coffee table. My girlfriend and I don't watch too much TV so it's not really an issue, and at night I keep my laptop next to my bed so I can check charts in the night or immediately upon waking up.
I generally watch hourly and higher time-frames and click through at the end of every closing period. Yes it is tedious. My biggest dream in life is for a metatrader update that allows you to scroll through pairs and change time-frames without using a mouse.
Hey J16'ers. I'm looking for some practical advice on screening for trades and hope its OK to digress from the usual thread topics for a moment. I've googled this and its one of those things where there is a tonne of results but not very pertinent. As I'm following only J16 trading I thought it'd be more useful (to me
I'm not trading live yet, so I didn't invest anything yet in my trading work station. Currently I use a 27" monitor (2560 x 1440) and I trade H4, D1 and some W1. I just have chart on the whole screen.
Perhaps you could look into an ultra wide monitor. Like the Dell UltraSharp U3415W. It has 34" 3440 x 1440 resolution, and you could split the monitor into two or three charts
Had to be me. Someone else might have gotten it wrong.
- #134,811
- May 5, 2015 1:25pm May 5, 2015 1:25pm
{quote} Hey Reza After watching my webinar excerpt you can see that you did the right thing here on the usd/cad. In my view the only true place to buy is on a retrace. When we think about the story of this bar we have not much to base it on but that last small point of Support(left eye). You did exactly what you should do IF you choose to play this bar. Again I would want to see a stronger story but that is also trader dependent too. I'm glad the video helped and this is the same type of concept as in the video Best Mike
i wasn't sure to enter it on retrace or break, but retrace seems more convincing, more because of 1.21 key area. anyway i close it after break of 1.2050 with Small loss which i'm fine with it. i made this trade on another demo account only to forward test retrace entries. need more patience and practice.
- #134,812
- May 5, 2015 1:33pm May 5, 2015 1:33pm
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
{quote} Appreciate your respond mike. it's really encouraging to get respond from you
I was looking at the pair intraday and found on the H1, a descending TL touched four times.
This TL soon intersects with RN 1.21 and with the current bullish move off 1.2, I'm closely watching this chart:
It's a sport, an artform and a science.
- #134,813
- May 5, 2015 2:01pm May 5, 2015 2:01pm
{quote} Hi Reza, I was looking at the pair intraday and found on the H1, a descending TL touched four times. This TL soon intersects with RN 1.21 and with the current bullish move off 1.2, I'm closely watching this chart: {image}
thanks to mention that, that's good area to watch but according to my trade plan i'm not allowed to go under daily TF!
i will monitor that to see what happen.good luck
- #134,814
- May 5, 2015 2:46pm May 5, 2015 2:46pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
hey Mike, Would you say this is a good divergence setup? Its not really being curbed by a RN above, yet the 90 number is a prominent feature intersecting with the TL underneath. {image} Thanks in advance! Donaciello Edit: The arrow in there was meant to point out a wick fill I traded recently. I've seen a couple of your wick fill trades and this one really reminded me of one in EUR/USD you caught about a year ago.
- #134,815
- May 5, 2015 3:10pm May 5, 2015 3:10pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey J16'ers. I'm looking for some practical advice on screening for trades and hope its OK to digress from the usual thread topics for a moment. I've googled this and its one of those things where there is a tonne of results but not very pertinent. As I'm following only J16 trading I thought it'd be more useful (to me
Hey FP
Great topic as it's not one of the often discussed things. I think depending on your style trading will dictate a lot of this but perhaps you can pull something from what others do.
I've had all the setups. From just a few giant monitors, to a lcd tv with charts, to 4 monitors connected and a laptop and netbook on the side. After many years now i've settled in on just 3 monitors like yourself. I have my laptop and netbooks but that's mostly if i'm in another room etc.
Like you i've fiddled with many ways of displaying and tracking my charts. For me I found it all overload. I used to stretch my MT4 across 3 monitors and create boxes for my intraday pairs. Had a profile for daily/weekly charts. One for monthlies etc. OVERLOAD. Most charts I wasn't even actively seeking a trade on. It was silly frankly and caused me much of that same feeling as you have.
Current setup is still 3 monitors but it's much more simplistic now. One has my mt4 , one has my equities broker, the other is my browsing/forums/other stuff. I have another dedicated computer for other stuff and touch in rarely.(see pic below for an idea)
I found simply minimizing pairs I am watching on the appropriate timeframe much easier. Since I am very picky many times it's a much smaller watchlist that's quite easy to keep up with. I set sound alerts at important areas. Scan my dailies once a day at day end. Weeklies once a week on sunday. On my equities broker I run through the russell 3000 each sunday as well and create a watchlist of stocks i'll look to trade on mondays open or need to place orders for.
I trade the 1hr/4hr/daily/weekly/monthly. So i'm watching a LOT of stuff and find it easier now then i did when I tried to have a chart up for everything. I'd honestly want to puke if I had to look at my old setup.
I think when you will find things most easy when you are fully comfortable with how you want to pursue your trades.
Again keep making adjustments and finally you'll settle into a groove. It takes time. I used to stay up all hours trying to trade the europe through the US sessions too. That was burnout waiting to happen and that's when I got even more proactive on setting alarms. Getting away from lower timeframe charts and becoming more picky
Best of luck
Mike
- #134,816
- May 5, 2015 3:14pm May 5, 2015 3:14pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Appreciate your respond mike. it's really encouraging to get respond from you
Just keeping those losses small is a huge part of success in my eyes. You always here about cutting losses short but you need a practical way. Using areas like that to time your entries is how you can do that.
At the end of the day trades, work and they don't work. Once you fixate more on that aspect things get easier
Best
Mike
- #134,817
- May 5, 2015 3:36pm May 5, 2015 3:36pm
Hey J16'ers. I'm looking for some practical advice on screening for trades and hope its OK to digress from the usual thread topics for a moment. I've googled this and its one of those things where there is a tonne of results but not very pertinent. As I'm following only J16 trading I thought it'd be more useful (to me
Hi FP,
my super fancy trade station? Oanda's crappy trading platform, which has the advantage to be accessible from anywhere, the pc I am on at the time I trade or check trades, and the few charts I currently monitor.
I mostly trade on weekly & daily: I check PA setups & price location each sunday + sometimes at evening (France too).
Then the trades I am in or the charts I want to keep an eye on on lower TF (H8, H4, rarely H1), I save them as a specific profile on the trading platform, and basically check them once in a while while I am at work.
So I am far from any multiscreen setup
take care
Slow & steady
- #134,819
- Edited 9:51pm May 5, 2015 6:09pm | Edited 9:51pm
- | Joined Feb 2011 | Status: Aspiring J16 trader | 343 Posts
hey Mike, Would you say this is a good divergence setup? Its not really being curbed by a RN above, yet the 90 number is a prominent feature intersecting with the TL underneath. {image} Thanks in advance! Donaciello Edit: The arrow in there was meant to point out a wick fill I traded recently. I've seen a couple of your wick fill trades and this one really reminded me of one in EUR/USD you caught about a year ago.
I've placed the SL at 90.77 going in, and plan to move to 90.07 as price moves away from the area.
I'll close if the hourly closes above my TL, reaches way beyond it.
Price should keep going with momentum and I'll get out at (TP)89.25
UPDATE:
Stopped out:
It's a sport, an artform and a science.
