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james16 May 15, 2007 2:45am | Post# 3641

one of mine also. the key is catching these as reversals after long runs and at support and resistance as mt points out.

jim

One of my favorite trades...

BUOB on 1H at support...

james16 May 15, 2007 2:49am | Post# 3642

yes im doing everything i can to reach the mighty wizards elite level. LOL. merlin is a great trader. i honestly can count on one hand the number of long term succesful fundy traders i have ever known. WOULDNT TOUCH IT WITH A TEN FOOT POLE. IM NOT SMART ENOUGH.

jim

All this time, I thought James16's avatar was a Santa Claus elf or something......

now I realize it's Merlin's head on a human body.... lol

tdion May 15, 2007 2:51am | Post# 3643

if i had a pip for every one of your posts jim.....

mbqb11 May 15, 2007 2:53am | Post# 3644

if i had a pip for every one of your posts jim.....
2,648 , how big of a line would you be swinging



james16 May 15, 2007 2:59am | Post# 3645

mb has the best avatar on the whole forum. i crack up everytime i see it.

2,648 , how big of a line would you be swinging



mbqb11 May 15, 2007 3:11am | Post# 3646

mb has the best avatar on the whole forum. i crack up everytime i see it.
lol sad thing is how long it took me to make in MSPAINT

SeekingLight May 15, 2007 3:39am | Post# 3647

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One of my favorite trades...

BUOB on 1H at support...
You were / are fighting this with that trade
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SeekingLight May 15, 2007 3:42am | Post# 3648

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Another possible view of 1h (I had my small TF s/r at 2.4127 is what I meant, but usually these are zones, so what can I say )

Looks more like a DBLHC though, no? Did move out

Btw, the tunnel top was put in just now(after the last arrowed bearish bar), although with the lows and the parallel TL for the top you woulda gotten a lineup ahead of time...but even though I like to chart, I am not that rabid a TL drawer, so I wouldn't have seen it coming before just now.
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Mr Trend May 15, 2007 3:48am | Post# 3649

You were / are fighting this with that trade
I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...

SeekingLight May 15, 2007 3:53am | Post# 3650

I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...

Nahhh, I got 15 pips spread on that one, that's two thirds of what it moved

But yea, that is one of my dilemmas still, looking too much (it's not a bad idea to know where you are) at different timeframes sometimes *coughEURCHFcough*
Sometimes helps me to avoid nutter trades against something "big" though

mbqb11 May 15, 2007 3:57am | Post# 3651

I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...

yeah I definitely agree here. Planning and thinking through a trade is one thing, over thinking that leads to a whole new set of problems.

I did incredibly better once I stuck to each individual timeframe in and of itself.

That is what worked for me, I see people doing it both ways. Find your niche.

Hope everyone is making pips

Mike

james16 May 15, 2007 4:31am | Post# 3652

i tend to agree on the smaller time frames. a lot of people may stare in shock at what im about to say but here goes. all of you know how big i am on demo first but there is actually another step to your intraday demo process that i have never mentioned on the public side. perhaps its time.

when your going thru your demo process on intraday, looking at higher time frames is ok to help you early on but....before you ever trade intraday with real money you SHOULD BE ABLE TO TRADE AN INTRADAY CHART PROFITABLY BY ITSELF WITH ABSOLUTLY NO IDEA WHAT ANY HIGHER TIME FRAME IS DOING.

i trade the 15 minute chart on three pairs. mostly just two. eur/usd and usd/jpy. they are the only two i have demoed down that far. yes i demo just like i tell everyone else to do. i trade the mini dow on 5 minute. when i am trading these time frames the last thing i will do is look at anything higher. a lot of people do and it works for them but all it does is freeze me. if you freeze for even a second or let any doubt enter your mind on these time frames your toast. when your looking for 10 to 20 pips with a stop of 10 to 15 pips you better be right and you better be confident.

so far this month i am 9-0 on the 15 minute. i sit for hours waiting for the perfect set up. i keep a trade log and my watching time versus trading time is around 48 hours to a little over 5 hours actually in trades. i dont daytrade to trade, i daytrade to win.

trying to do this with a small account is very difficult and thats why i try to get people to start out larger and build thier account before going intraday. when 10 pips makes you a grand or more its not hard to wait for the best setups and take your profit. your time will seem worth it. sitting for 48 hours to make 50 bucks is tough, real tough. i spent almost a year working my way down to those two pairs on 15 minute and i have been doing this almost 25 years.

are you guys treating it like a business? for your sake i sure hope so. if it takes you several years to reach a point where your making damn good money and doing what you want when you want is it worth it? money to spend and complete freedom is the payoff but its reached by very very few people because very very few people take it seriously. jump from system to system and blow out a 2000 account time after time. been there and done that and i aint going back. hard work, common sense, a business plan and practice practice practice.

jim

I have found that that line of thinking will get a person in trouble. When you trade smaller timeframes, you set your SLs and TPs according to that timeframe. You would've done well on that BUOB tonight...

MIG May 15, 2007 4:44am | Post# 3653

Hi Jim, Is there any chance of posting up a few of your recent trades on the 15min charts?

Mike

james16 May 15, 2007 5:05am | Post# 3654

hello mike,

i have to keep this thread to the longer time frames. couple of reasons. first let me say all of you long timers to this thread know i do not use this thread as a marketing arm for our group. this thread will always be here to help people interested in price action whether the pf stays up or not.

one of the reasons i started the group was to take it deeper so people would not get themselves in trouble. in the group i have profecient students to help me. i wont say who they are but they are in this thread all the time helping. you probably could guess who they are. i care about people and my damn conscience is of mammoth proportions. (thank you mom and dad) so i must be careful so i can live in peace.

im serious about that. i worry all the time about all of you following my stuff.

here are the main reasons.

1. to many newbies here unfamiliar with my stuff. even the pf people will tell you i am very careful in there also. intraday is the biggest killer for new traders.

2. i cant compromise the subscribers.

the basics are here for exactly how i trade. the details are in the pf.
thats as honest as i can possibly be. i appreciate each and everyone of you public or private.

jim

Hi Jim, Is there any chance of posting up a few of your recent trades on the 15min charts?

Mike

PeterFM May 15, 2007 5:19am | Post# 3655

I wanted to wait for Jim's reply before..
 
Hi Jim, Is there any chance of posting up a few of your recent trades on the 15min charts?

Mike
answering you Mike. I had doubts that Jim would post his trades for the simple reason that his 20+ years trading experience will have sharpened his discretion on these short TF trades. It would have been difficult to point out, in a few posts, exactly what was making him feel that these trades would be GOOD trades.
As your # of posts is, obviously, no guide to your actual trading experience, Jim has always insisted that you should work your way back down to the short-term charts after years of profitable trading on long-term charts. Problem for most of us is that we have started the wrong way round, and have to re-educate ourselves away from 5/15 min charts.
I'm fully aware of the danger of seeing a couple of great winning trades on a 15 min chart and thinking 'I could do that' without the full understanding of Jim's thought processes, so I hoped he wouldn't put them up, for my sake, as much as yours.

Goozman May 15, 2007 5:53am | Post# 3656

Great posts Jim!

MIG May 15, 2007 6:27am | Post# 3657

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No problem Jim, i completely understand

Here's a nice trade i made yesterday and just closed this morning. Pin off the 50 fib and profit taken at the 365ema!! lovely jubbly!!
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vasyuta May 15, 2007 12:30pm | Post# 3658

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Nice PB formed on 4H EUR/CAD
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lstd May 15, 2007 1:07pm | Post# 3659

Eur/chf Be Pb
 
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Looks like a nice bearish pin bar off the 61.8% Fibo Exp of the last upswing. Currently though the price does not seem to correspond. What do you think, is it worthwhile putting an order in at the retracement below the pin bar? Thanks!
Click to Enlarge

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mbqb11 May 15, 2007 1:14pm | Post# 3660

Nice PB formed on 4H EUR/CAD
This looks like a nice one and could start some of the retracement on this dive bomb.


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