My first month live (actually three weeks) and my trading account ended up plus one percent. My first week, I was up 4.5% and I felt like a trading god, but then the market quickly humbled me. I made a number of mistakes that I will not make again, ...

james16 Chart Thread

The one thing that gives me pause on that trade is the wickedly strong trend -- parabolic on the weekly and monthly charts. I trade within the parameters of a single chart (e.g., daily chart for daily trade), with one exception. I always check the ...

james16 Chart Thread

The daily PB has no space (i.e., side-to-side price movement). A hangman is often a bearish signal. The weekly PB is the type to play (off the weekly chart). See this post for the types of PBs to trade. Good luck. url

james16 Chart Thread

It is difficult to tell whether the BEOB bar on your chart closed within the lower third of the bar. It did not come close to closing in the lower third on my chart. If it did not, then that is also another reason not to take the trade. In addition ...

james16 Chart Thread

Thank you for the explanation. Last July, I read everything recommended in post number one, the first several hundred pages of posts, and the posts of the senior members up to about post number 2500. I took more than fifty pages of notes that I ...

james16 Chart Thread

Are breakout trades part of the James16 method? I thought that this method was all about playing price reversals based on PA. Don't get me wrong. I would love to learn to play breakouts. I just did not think that this was part of the program. Am I ...

james16 Chart Thread

Mike: I was thinking the same thing, so I did a search of your prior posts under the search term "Russell." I found your reply to someone who spent six hours searching through the weekly charts on the Russell 3000. You mentioned a faster way to scan ...

james16 Chart Thread

If you look closely, you will see that today's bar will never become a PB. No matter where price closes, the open will always be above the eye of the previous bar. So, no need to worry about it. But I am glad that you posted, because I learned a ...

james16 Chart Thread

That is a good point, because PA trades are based on market sentiment, i.e., other traders watching their charts. I will need to demo those trades first. Thank you for the input. The last thing that I want to do is change a method that is working ...

james16 Chart Thread

After the Friday close, it became a price action wasteland! Unless you trade equities like aserbfx, I suppose. I was so bored that I downloaded Metatrader 5 and looked over the 6H, 8H, and 12H charts. Nothing there, either. I have heard good things ...

james16 Chart Thread

I simply avoid exceeding my maximum risk exposure. For example, if I had a $10,000 account and my risk factor per trade is two percent, then I never risk more than $200 per trade. I find that my per trade risk averages between 1.5 and two percent. ...

james16 Chart Thread

I know that there are some great proprietary platforms out there. I used GFT years ago, before I got back into forex (courtesy of this thread). It was a real pleasure to use that platform, as opposed to MT4. GFT no longer accepts retail clients. It ...

james16 Chart Thread

Personally, I would rely on PA to scale into a position from a lower time frame, so that you have momentum (and a higher probability trade) on your side. Otherwise, why take the risk? BTW: I have not attempted scaling in on a lower time frame. So, ...

james16 Chart Thread

Good call on eur/cad. That almost-PB was invalidated by today's low.

james16 Chart Thread

That oil/usd trade garnered me 50 pips last night, but I forgot that traders must use much larger lots for futures. Another rookie mistake. Oh well, I earned enough for a cheeseburger and a beer. [BTW: That is something that really irks me about ...

james16 Chart Thread

I am a relatively new trader, but my thoughts for what they are worth: you are trading (1) against the overall trend (2) with a relatively small PB (which indicates lack of momentum) (3) against quite a bit of traffic from January. Price is also ...

james16 Chart Thread

Better to be out of a trade and wishing that you were in it, than to be in a trade and wishing that you were out of it.

james16 Chart Thread

If I may ask, what was the PA for your entry? I can see price sitting right on the pivot zone on the daily chart and I can see price stalling on the 4H chart, but I do not see any PA. I have been pondering on how to go long on that monthly PB. I ...

james16 Chart Thread

You are braver than I am. I tend to let my trades run, but a PB is a high-momentum trade. When I see that much sideways action day-after-day plus a major retrace in price after entry, I bail. IMO, a high-probability trade can evolve into an average ...

james16 Chart Thread

That -- plus the relatively modest size of the PB compared to surrounding bars -- is exactly why I avoided that trade. Notice the awful traffic areas that price needed to bull its way through for a successful trade. The areas outside the channel are ...

james16 Chart Thread