Possible trade I am watching. Price squeesed in bet 66.66 and 65.00 area. Any views on this chart. May play a break out trade if it gives me good entry.
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james16 Chart Thread
- #93,542
- Apr 13, 2011 5:11am Apr 13, 2011 5:11am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
You won't find many professional retail traders that will take 1,000 pips in a move regardless of how easy it looks on the chart.
In my opinion, most of those traders that are making a living EXCLUSIVELY from trading (and trading their own accounts) will take smaller chunks out of the market.
Those that are likely to catch a 1,000 tick move are either those that are trading pennies (or cents) and really don't care about the outcome because the money means nothing OR hedge fund traders that receive the same salary regardless of...
long time haven't heard a thing from you, hope everithing is ok by your side.
I have to partially agree with you on the subject, you may be right that few retail are able to swing the market and I know from where does this comes from, but you forgot about me.
That's the reason why they don't make as much money as they ought to make. The big money are being made in the swing if you are able to size up the general condition and to thing of it, than you will begin to discover what a small percentage of what you could have made you are actually getting.
The major problem that any trader will encounter is to sit tight, and to endure the pain of correction but in doing so he must be right in sizing up the market. Man who can both be right and sith tight are uncommon. The reason is that you can see a straight move and yet become impatient or doubtful when the market take its time about doing as you figured it must do.
"The market does not beat them. they beat themselves, because though they have brains they cannot sit tight." JL aphorisme (I feel like a suker quoting him)
again nice to see you around
all the best!
- #93,544
- Apr 13, 2011 5:54am Apr 13, 2011 5:54am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Like that chart Pin
Thanks Mike.
Your comment is greatly appreciated and shows me I am moving in the right direction.
- #93,546
- Apr 13, 2011 5:58am Apr 13, 2011 5:58am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Like the potential AUD/NZD has if it can give us a deeper retracement.
Hero calls followed by margin calls...
- #93,551
- Apr 13, 2011 7:42am Apr 13, 2011 7:42am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hero calls followed by margin calls...
- #93,552
- Apr 13, 2011 7:43am Apr 13, 2011 7:43am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
waiting for PBT , then PBS turned PBR and sell the retest
Hero calls followed by margin calls...
- #93,553
- Apr 13, 2011 7:46am Apr 13, 2011 7:46am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
can't get any more 'textbook' setup than this.
edit- J16 textbook I mean
Hero calls followed by margin calls...
- #93,555
- Apr 13, 2011 8:25am Apr 13, 2011 8:25am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
I am amazed by this every time :-)
Mike are you finally branching your live trading into other commodites besides the metals?
Best
Mike
- #93,559
- Apr 13, 2011 9:51am Apr 13, 2011 9:51am
think 'forest vs trees'
or
let's say i wrote a paragraph. it has 5 sentences.
if i ask u to summarize what i said, u dont base your summary on 1 word in the paragraph or even on 1 sentence. u read & understand all the 5sentences, & all the words in all 5 sentences... before u come up with a summary.
or
if u are driving in a busy neighborhood/city,
u dont just look in front of u & just drive.
u take everything into account:
u look ahead of u, to the left , to the right, u look back... u look at the stop light, u look at the pedestrian, u look at...
You're right i am a bit too preoccupied with PA Bar/Criteria and forgot about the story. I will learn more WIPG from now on.See where price might be going before it happens.If i can do this, PA or no PA can still be traded.i was trying to show the difference in the candle arrangement/'traffic' (ellipse) & difference in the protruding cnadle wicks (rectangle).
in gbpcad, the lower wicks were uniform (the wick lows are of almost the same price), the ellipse shows a 'smoother' downmove. also it has more space (yellow diagonal lines)
in eurcad, the lower wicks are not uniform (different prices on the wick lows), the ellipse shows 3 candles that look like a small consolidation box.
do compare the 2 charts to understand exactly what i meant.
Yes, i see what you meant -the choppy wicks low in eurcad means consolidation and that BUOB was at the same level -hence no space.
maybe u can post your winning trades next time. (this will reinforce what setups u need to trade)
i'd like to reiterate that u should only trade setups that look good to you & pass your criteria. u dont need to trade setups like the 4 above.
But i'll post WIPG charts to practice on reading the story - and perhaps if you'd be so kind to comment -that would be great
hope this helps!
