Oil looks mighty fine, retreating from a BRN ($100) and the 150 MA at a swing-high double-top.

james16 Chart Thread

I have a question for the senior members. In the situation displayed on the chart, where price has pulled back from a RN on three previous occasions and the overall trend is in your favor, if a large PB or BEOB forms in the (blue) target area would ...

james16 Chart Thread

I took the eur/gbp BEOB trade at the swing-high. I entered and exited the trade while sleeping. I woke up to a nice surprise. I passed on the eur/usd trade because of the short PB and too much traffic. I do think that the odds of success are ...

james16 Chart Thread

That is an excellent question. My typical routine is to check my trades at the end of each day, week, and month. Other than that, I only check my trades a few times per day. My larger stops and my technique of always taking full profit before the ...

james16 Chart Thread

I was just chuckling while reading an article. The following is a quotation from an article regarding commodity prices: "Perhaps the reason I don't understand the hedge funds' strategy is because it's not really a strategy at all — it's simply a ...

james16 Chart Thread

I have never heard of my method on this forum either, but it seems to work for me. The way that I look at it, I am catching 100-pip moves. What do I mean by that? By trading in the 20-80 or 80-20 level range, my average gains are 50 to 60 pips -- at ...

james16 Chart Thread

Where did you enter the trade? Like Michal, I entered at 1.5220, but I then exited at 1.5280 for a full profit. As I already explained, I like the "meat-in-the-middle," because I do not like to challenge round numbers. Typically, I enter past the ...

james16 Chart Thread

Interesting. I had the very same problem, but I used a different approach. I began trading the James16 style of setting a SL at BE as quickly as possible and then taking a quick profit at TP1 and then letting the trade run to TP2. But I kept getting ...

james16 Chart Thread

During my months of demo trading, the number one reason for my trade failures was trading into traffic -- so I am very cautious with such trades. So, to answer your question, I would wait to enter the trade until price pierces the edge of the ...

james16 Chart Thread

That makes sense as something to consider. Thank you for the reply.

james16 Chart Thread

I understand the issue regarding your first two points, but what is the significance of a Friday bar? I just did a quick search of this thread. The general consensus is that you play Friday bars just like any other bars (at least on time frames of ...

james16 Chart Thread

Well, if you are really looking for a reason not to take the trade: It is not a true PB because the open and close prices of a PB should be within the inside of the previous bar. In fact, the close price of the bar is not within either two previous ...

james16 Chart Thread

I will try to save you guys a potential headache that I just avoided. I am presently opening a live account after performing demo trades for awhile. I had a tech guy from my forex broker remotely access my computer to deal with something. He noticed ...

james16 Chart Thread

I have noticed that there is a division of thought between reviewing other time frames when making a trade. Right now, I follow the advice of James16 in post number 16,519, for the reasons that you gave (getting analysis paralysis by second-guessing ...

james16 Chart Thread

I seldom try to trade through round numbers, unless the trade is quite compelling. I know that everyone has their own strategy, but I try to target "the meat in the middle" -- i.e., the 50 or 60 pips between the round numbers at the 20 to 80 level ...

james16 Chart Thread

I would not have taken that trade because of the lack of space. Your explanation (if I understand the concept correctly) is also a very good narrative of why that rule works (i.e., not trading a price bar without adequate space). In other words, ...

james16 Chart Thread

Dang, that is a great deal of traffic to push through! Just remember that traffic is one of your worst enemies. While the trade might work in this particular instance, the probabilities certainly work against you over the long term if you make a ...

james16 Chart Thread

IMO, there is no such thing as "too conservative" in this game. Too conservative means missing a few opportunities, which is better than making borderline trades and then missing your money. If you get the itch to trade during quiet times, ...

james16 Chart Thread

I developed a habit of triple-checking all trade entries to prevent order-entry mistakes: 1) Before placing the trade, I double-check the prices on the trade entry box. 2) After placing the trade, I double-check the prices by flipping back-and-forth ...

james16 Chart Thread

Hello everyone: My first post here. I began trading about four years ago, blew out an account over the course of a year or so, and then took an extended leave of absence. Every six months or so, I would surf the web in search of a method that might ...

james16 Chart Thread