james16 Chart Thread

Yep, just being patient now and waiting for the stars to align and then get the timing right!
Bill

Buying USD/CAD H1 TF

K.I.S.S.

Sell AUD/USD M5 TF

K.I.S.S.

So here's one i'm looking at. All comments welcome as always.
AUD/SGD. Price topping out in clear downtrend. 1st chart is W1, 2nd chart shows D1 price boxing.
Will be looking for shorts after a BO south (a sustainable strong move upward seems less likely). See what happens...

Happy Trading

K.I.S.S.

A few pages ago i posted a trade/chart based on the MONTHLY T/F. I have just shorted again based on a retrace of a nice BEOB on the H1. Patience is the key for that M1 trade, sheesh

K.I.S.S.

not a great risk reward if you had your stop that low

Good point sir. The trade was changed to a break even stop once the price moved toward the target. Thank you for the comment. I should have noted on my post.

K.I.S.S.

Hi,

Nice location, locked a profit with nice PA.



Adhav

The problem with this pair going north is that solid downtrend, right now it's working hard into a headwind.
Having said that, there's a good sign on the W1. Perhaps price has completed its full retrace and is now headed north?

For me though, given that downtrend, i won't be going long until there's a break of the W1 BUOB (there's some good space above that to make some serious pip-a-dee-doo-daas...
Bill

Thank you Bill , we think the same. Only in the W1 have a breakout of the trendline to give a strength of a view long......but ,same you say, have a solid downtrend and not easy to reverse.

Thank you for explanation.

The important message here for me is a "dont want to loose my money first of all" methology.
Maybe one of the reasons why I am still struggling, is that I am too profit oriented.
Thanks for inspiration.

James

Greetings everyone. Hope all is well.

USD/JPY H4 PB. Buy order set for retrace. This may have taken off without me. Let's see.

Update: Closed trade for 15 pip loss. Sell limit order 109.59 to go short.

James, the 1st thing you need to know is that i looked at trading currencies for the first time ever in August last year, so i am no expert! I joined FF then to see what currency trading was actually about, i had no idea. Without a doubt i still have plenty to learn! But i have been a fairly successful share trader for the past 10 years and as i integrate more of that style into currencies, the results have been better, more consistent.

I don't have set, rigid maximum loses and profit targets. I will always set a SL (i do have a maximum % i am prepared to lose and if the potential trade i'm looking at could move beyond that then i won't take that trade) and i set a (usually optomistic) TP for every trade, but with the profits, i let them run - until i sense a change. I certainly don't have a set "1%" or "3%" or "10%" etc. PA will always be king for me and by analysing the chart, you can nearly always see what price if "highly likely" to do, day to day.

So to help clarify things a bit, what i was going to say in this post before i started the rambling above is this:
I always start off with 0.1 lots (as my confidence and bank balance grows i intend to increase this) because if price goes against me, it's not much money to lose. But if price goes my way like i expect, i then add more lots... then more lots if price is still going my way... then more. "Cut your losing trades and add more to the runners." It has worked so well in shares i'm frustrated and flabbergasted it took me 6 months to employ this method in currencies. As i said i'm still learning!!

Some examples. I have 3 trades going at the minute. Each entry is 0.1 lots:
Short EUR/JPY, M1 DBHLC with 5x entries. Not sure how many pips up but it's going well (see example chart).
Short GBP/NZD, 4-day BEOB with 2x entries about 200 pips up with a few more sell stops placed.
Short USD/SGD, W1 BEOB with 3x entries about 120 pips up with a few more sell stops placed.

My point is, with lower investment(s) but adding more to the winners/runners, you can still make good profits with less initial risk. There's a lot less stress because by the time you have a decent amount of money invested, say 0.5 lots or more, you should have moved your first few lots to a nice profit. The attached EUR/JPY trade is a great example of what i mean.

Trading the J16 way but with smaller lots but feeding more lots into the runners has worked well for me this past month. Also, i highlighted the word expect above, this is important. What i mean is upon reading/analysing a chart, if i'm not sure of where price if highly likely to go, i stay out. If there's some hoping, i stay out. When you can "see" where price is almost certainly going, i invest. It doesn't always work out well of course lol but generally you get some great runners - those ones where you make the better money.

Other things that are essential for me:
1. ALWAYS go with the trend.
2. J16 method using only M1, W1 or D1 T/F's (using H4 and H1 for better entries - i'm getting better at this but far from perfect).
3. Support, resistance, price pivot zones etc., are all crucial to success. Learn and use them well (again, i'm still learning).
4. Knowing that price goes up and down constantly so don't panic, stick with the plan, zoom out and watch the longer term PA.

Wow, a simple post has turned into "War and Peace." Hope it helps anyway.

Happy Trading,
Bill

P.S. Welcome back GB

Profit locked in. Good to be on this freight train south. Looking to TP at next demand area which looks to me to be around 107.60 (weekly) and below. G'day Bill! Good to be back. Nice post.

I love trading this pair Adhavan. Hope you made good $ with that short. I think it has turned and could be headed back toward 1.3218 again.

K.I.S.S.

price reach to 94,0. from there we go up. first to 95,4, after that 96,35 and maybe 97,0

Busy chart