a chart that i'm watching for next week
USD/CHF 0.95 BRN and PPZ
USD/CHF 0.95 BRN and PPZ
james16 Chart Thread
- #138,925
- Apr 11, 2016 9:45am Apr 11, 2016 9:45am
- Joined May 2011 | Status: Trader | 1,265 Posts
{quote} NZD/USD D1 BEOVB. See if we can get some action. {image}
'Fail to plan, plan to fail'
Here's a trade which I feel fits the James16 method,
1) EUR/GBP 1 hour chart, Up trend rolling over
2) clear PPZ / flip zone (the red lines)
3) Bearish outside bar (engulfing 21 bars!) (yellow circle)
Sorry for the hindsight post
Let me know what you guys think.
1) EUR/GBP 1 hour chart, Up trend rolling over
2) clear PPZ / flip zone (the red lines)
3) Bearish outside bar (engulfing 21 bars!) (yellow circle)
Sorry for the hindsight post
Let me know what you guys think. - #138,927
- Apr 12, 2016 12:49pm Apr 12, 2016 12:49pm
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
{quote} great to see u being still around M! upcoming uc setup {image} take care, J
best,
J
Hero calls followed by margin calls...
- #138,928
- Apr 12, 2016 1:44pm Apr 12, 2016 1:44pm
Here's a trade which I feel fits the James16 method, 1) EUR/GBP 1 hour chart, Up trend rolling over 2) clear PPZ / flip zone (the red lines) 3) Bearish outside bar (engulfing 21 bars!) (yellow circle) Sorry for the hindsight post
On a side note, just wanted to point out some rookie mistakes i have made this week in an attempt to help others here. I have firmly come crashing back down to earth this week having given back, in monetary terms, half of my gains from last week.
Some of my rookie errors:
- getting into trades/addons waaaay to early, without proper PA confirmation (greed).
- not having my SL's in the appropriate place, way to aggressive at times.
- taking trades based on 1 minute of analysis, so not analysing and planning out each one before taking them (impulse trading).
- revenge trading (not even on the pair i lost on, just picking any pair) having no regard for my system, no real plan, no common sense, just relying on a fair chunk of blind luck.
- basically going against my system/rules, only ticking 2 or 3 of the 5 boxes. Sheesh!
It all comes down to fear and greed. Trading emotionally sux.
Although i still have a few lingering trades going from this ordinary start to the week, i have drawn a line in the sand and will start again, this time with some common sense.
Happy Trading,
Bill
{quote}On a side note, just wanted to point out some rookie mistakes i have made this week in an attempt to help others here. I have firmly come crashing back down to earth this week having given back, in monetary terms, half of my gains from last week. Some of my rookie errors: - getting into trades/addons waaaay to early, without proper PA confirmation (greed). - not having my SL's in the appropriate place, way to aggressive at times. - taking trades based on 1 minute of analysis, so not analysing and planning out each one before taking them (impulse...
I took about 4 trades way too early as well and they haven't taken off yet.
My #1 mistake at the minute is to take too many trades. I see too much opportunity each time I look at the charts.
This can be a frustrating business when you're starting out, like me, and I've nearly walked away a number of times. But I really like what James16 said 'experience is what you get when you don't get what you want'. This week I've had some really decent trades so I'm enjoying it again.
- #138,930
- Apr 13, 2016 2:20pm Apr 13, 2016 2:20pm
{quote} Hi Bill. Thanks for sharing your mistakes. It's great to hear I'm not the only one who makes them.
Glad to hear someone gets something from my posts!
I believe the secret to me enjoying fx week in week out is "less is more."
By that i mean:
1. Trading higher TF's, M1/W1/D1 and nothing lower (i think i have conquered that).
2. Looking at the charts less, say only an hour or so per day maximum. I study them quite a bit more than that because i'm learning AND i find it interesting. My wife doesn't think it's all that interesting though, you should see her face when i start going on about a trade setup, "check this out babe, see this line here, look at the PA around there, how about that beautiful bar coming off a ppz"... etc etc. Blank! It's the same look i get when i start talking Formula One to her lol. I do think my trading will benefit from less time analysing/watching (i have not conquered this yet but i'm working towards it).
The charts start to blur after awhile, probably leading to rash decisions sometimes.
This is just where i'm at, may not apply to anyone else.
Glad you're having a good week. Just keep it going!
On a side note (again), i have recently learnt a couple of things that have frustrated and annoyed the hell out of me, one of which i have investigated further and appears to be fact and that is that Trade Explorers (and the figures they contain) can be doctored/altered/tampered with quite easily. This has deflated me because i have spent the last few weeks looking at other peoples TE's and trying to learn what they do to achieve such results, when in fact it could just be BS. What is the world coming to, fair dinkum! So what's the point of having mine on show anymore, i think i'll just delete it or use it for my analysis. I know i will never look at one the same way again, disappointing.
Anyway, onwards and upwards...
- #138,934
- Apr 15, 2016 6:28am Apr 15, 2016 6:28am
{quote} Great to hear! If you don't mind, what's your AVERAGE monthly return over the past 24 months. Thank you in advance.
. I liked your question. Even if you repeat it it would be good. Probably there is nothing to say.
Those that get up at 5 a.m. rule the world.
- #138,935
- Apr 16, 2016 4:25pm Apr 16, 2016 4:25pm
{quote} My trades can last up to a couple of days but I am generally going for high reward/risk but low probability type entries. So when I enter I expect to nail the turn and not have any drawdown. If I have to sit offside it probably means my trade idea was wrong in the first place so I start to get out of some (but not all) of my position very quickly. {quote} No worries, good luck Bill
A few things you said in this post have me interested in your trading style so i have a few Q's if you don't mind.
Q1: What do you mean by "going for high reward/risk but low probability type entries." To me that sounds like high reward but also high risk with a low probability of the trade going your way, which obviously it can't mean that lol !
Q1: I love the "nailing the turn, no drawdown" mentality. I certainly aspire to that! Could you please supply some recent charts, both historical and maybe ones you're looking to trade this coming week, with reasons for your entry/exit etc (the analysis behind the chart basically).
I, and i'm sure others here would appreciate it
Cheers,
Bill
{quote} you did not understand my sign
could have two meanings. . I'm pleased we both think the same thing.
- #138,938
- Apr 17, 2016 6:55pm Apr 17, 2016 6:55pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
hopefully we get some volatility back into these markets. Been a very slow year so far
Caught this as an 8hr buob fake breakout. Price gapped up today and that was enough for me. Notice price spiking down strong out of the descending wedge which is indicating momentum loss. Then we close back above that wedge
I believe we have some great areas to watch for new moves on both gbp/cad and gbp/aud at the respective new gaps
Caught this as an 8hr buob fake breakout. Price gapped up today and that was enough for me. Notice price spiking down strong out of the descending wedge which is indicating momentum loss. Then we close back above that wedge
I believe we have some great areas to watch for new moves on both gbp/cad and gbp/aud at the respective new gaps
- #138,939
- Apr 18, 2016 6:13am Apr 18, 2016 6:13am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Inserted Video
"Chat with Traders" Tom Dante interview. Discovered James16 group in 2006 (17:57 mark) and was able to learn price action and market structure. I wonder if the "mentor" he mentions at 25:03 is Fudd?
K.I.S.S.
- #138,940
- Apr 18, 2016 10:28am Apr 18, 2016 10:28am
- Joined May 2011 | Status: Trader | 1,265 Posts
OIL/USD H4 BUOVB. Almost home. Watching for short PA around this area and above.
Edit- target hit.
Edit- target hit.
'Fail to plan, plan to fail'