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  • #181
  • Nov 23, 2007 2:53pm Nov 23, 2007 2:53pm
Quoting Tiki Trader
Well if daily closes like it is, and it most likely will, it is pinnish, but not technically a PB or even a very good one at that... I think I would ignore it as a PB... But looking at the monthly chart, moving right back up there to the 224 area makes a lot of sense... and then some more dropping... and also on a H & S pattern, the pattern is not complete until price reaches the neck line... see chart enclosed... so actually I think I will start looking for my place to go short and just try and have patience and let it go to my target... and I really think I say target has to be 217.00... that is where the line goes... and I have been predicting well lately eh !!!
For the bar closing today, I think you are right on that, but it still does entail that price had to rebound and that the bulls are coming back into effect. The target of 217 that you just showed does look like a great target and I think, realistically, it will be hit and hit soon at that. Nice analysis Tiki! At 221, there is support that is going to be strong because it's based on the weekly timeframe charts. Once that is broken, I see your target, along with mine, being easily achieved. This is because the next support after that, based on my charts, will be first at the neckline that you drew, and then secondly, at 216.00. That leaves quite a bit of room for our targets to be hit before any real support acts out. I think that 224, if it is hit is going to be a great sport to short again for the long run.
I dream, therefore I become.
  • #182
  • Nov 23, 2007 3:04pm Nov 23, 2007 3:04pm
I agree............ now, let's see if I can hang on and let it ride out once I find a place to short...

Ok, seems it is weekend.... so I am going to to do some weekending !!!


Quoting mike w
For the bar closing today, I think you are right on that, but it still does entail that price had to rebound and that the bulls are coming back into effect. The target of 217 that you just showed does look like a great target and I think, realistically, it will be hit and hit soon at that. Nice analysis Tiki! At 221, there is support that is going to be strong because it's based on the weekly timeframe charts. Once that is broken, I see your target, along with mine, being easily achieved. This is because the next support after that, based on my charts, will be first at the neckline that you drew, and then secondly, at 216.00. That leaves quite a bit of room for our targets to be hit before any real support acts out. I think that 224, if it is hit is going to be a great sport to short again for the long run.
  • #183
  • Nov 23, 2007 3:49pm Nov 23, 2007 3:49pm
Quoting Tiki Trader
And now we have some othe nice Pins to think about... like EUR/USD and USD/CHF !!
These are fantastic pin bars, which is perfect because I have been thinking that we needed retracement before moving upwards again. I just wasn't sure as to when and honestly, I was becoming kind of uncertain that it even would. This should have the power to take us down to 1.4600 or maybe just a little higher. That is where the support lies based on this system. I'll post a chart in a bit, but for now I have to go do some things before tongiht rolls around.
As for the Usd/Chf, the same goes. Just the exact opposite, that's all.
I dream, therefore I become.
  • #184
  • Nov 23, 2007 4:09pm Nov 23, 2007 4:09pm
I closed one of my gbp/jpy short trades in hopes that we will see a higher price on sunday going into monday- around 224. I will look to place more short orders there if price action allows me to. I closed the trade from 223.57 at 223.48 for a gain of a humble 9 pips. lol. The other trades are in the positive- for the most part. I am up 244 pips on the first followed by +49, +74, +62, and finally a negative of -62 pips. It's been a slow week at best and hopefully next week will hold more profit.

Hopefully the gap doesn't come out too negative for me- I guess we will see on sunday. Have a good weekend everyone.
I dream, therefore I become.
  • #185
  • Nov 23, 2007 4:10pm Nov 23, 2007 4:10pm
I plan on opening trades on the Eur/Usd and the Usd/Chf on sunday night. This pin bar that formed should push price down and up, respectively, to create the retracement that has been needed for these pairs to resume.
I dream, therefore I become.
  • #186
  • Nov 24, 2007 12:03pm Nov 24, 2007 12:03pm
I'll be posting another position on sunday night as well; the Eur/Chf. I saw this opportunity from over at the J16 thread, and it looks great to me. These trades are all countertrend, but we are in need of a retracement to move onwards. With that said, I think we could possibly gain at least 150 pips out of all of these trades.
I dream, therefore I become.
  • #187
  • Nov 24, 2007 12:30pm Nov 24, 2007 12:30pm
I like the EUR/CHF too... !! But I don't think of it as a counter trend trade... zoom back on your daily charts, and you will see that the dominant trend really is up... I think we have come to the end of the correction, and now is the time to get back onto the trend direction... This one I am going to watch carefully... !!! If it works out... I want it to do some REAL good for my account for a change !!!

Quoting mike w
I'll be posting another position on sunday night as well; the Eur/Chf. I saw this opportunity from over at the J16 thread, and it looks great to me. These trades are all countertrend, but we are in need of a retracement to move onwards. With that said, I think we could possibly gain at least 150 pips out of all of these trades.
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  • #188
  • Nov 24, 2007 12:53pm Nov 24, 2007 12:53pm
Quoting Tiki Trader
I like the EUR/CHF too... !! But I don't think of it as a counter trend trade... zoom back on your daily charts, and you will see that the dominant trend really is up... I think we have come to the end of the correction, and now is the time to get back onto the trend direction... This one I am going to watch carefully... !!! If it works out... I want it to do some REAL good for my account for a change !!!
You are right Tiki, I was just plain wrong as I didn't look too far into it. The others are countertrend, but this trade could play out to reach, at least, the previous highs. This could take a while though. I am not really sure, but do you know if you collect positive interest on this pair while buying? If so, that just makes it all the better. 1.6800 is a great target to start out at in my opinion. This was the previous high before the retracement, and if it really does continue the former trend after this correction then it normally would move higher than the previous high or at least to it. That's around 500 pips, which is fantastic. Once we compound the position, we could make a lot more than that as well.
I dream, therefore I become.
  • #189
  • Nov 24, 2007 1:16pm Nov 24, 2007 1:16pm
Since I have such a small account I have never really worried about the interest... I believe in my oanda account I will get charged interest if I win the trade... if I lose, they pay me some... but as far as the trade goes, I don't think any interest comes into play until I either win or lose... either way... I just don't care.... life is expensive... we all have to pay the fees... My idea in life is just to find a way to keep making more and more money so that I at some point just don't have to worry about the fees. or gasoline prices or whatever...

ON another note... when I was young, I always heard that a person should be making x1000, whatever their age is... if you are 25 years old, you ought to be making 25 K per year... I at 51 should be making 51 K per year... but that was a long time ago... and my thought on that now is that one should be making x2000 the age per year if you want to have the chance to be comfortable and not worry about costs... and that is a minimum !!! And I for now, am behind just a bit... You are younger, you have a chance to make sure you don't fall behind !! Don't blow it like I did by majoring in something like MUSIC !!! Like I did !!!!
  • #190
  • Nov 24, 2007 1:39pm Nov 24, 2007 1:39pm
Quoting Tiki Trader
Since I have such a small account I have never really worried about the interest... I believe in my oanda account I will get charged interest if I win the trade... if I lose, they pay me some... but as far as the trade goes, I don't think any interest comes into play until I either win or lose... either way... I just don't care.... life is expensive... we all have to pay the fees... My idea in life is just to find a way to keep making more and more money so that I at some point just don't have to worry about the fees. or gasoline prices or whatever...

ON another note... when I was young, I always heard that a person should be making x1000, whatever their age is... if you are 25 years old, you ought to be making 25 K per year... I at 51 should be making 51 K per year... but that was a long time ago... and my thought on that now is that one should be making x2000 the age per year if you want to have the chance to be comfortable and not worry about costs... and that is a minimum !!! And I for now, am behind just a bit... You are younger, you have a chance to make sure you don't fall behind !! Don't blow it like I did by majoring in something like MUSIC !!! Like I did !!!!
I do agree that the interest fees aren't really a big deal, but over time they do add up.

As for how much you should be making based on how old you are, 100% agreed. People can't live even a mediocre life if they are only making, say, 20,000$ a year. Gas prices alone and almost a quarter of that is gone. Once you move into the necessities, your broke. As for basing yourself on that price 'quota', I wouldn't necessarily think to do that however. That's because, no matter what, you will always end up feeling a bit behind.

And believe me on this, Tiki, I want to change the world. I don't mean to change the world for everyone, but even if I could for just a few people, then I think that I have done my job. I honestly don't feel that your success is based on what you are doing or have done in college or anything like that. Success, to me, is based on your actions throughout your time here. For instance, so what if I can pull straight A's through school, if I didn't really have to try for it. To me, that means nothing, whereas what I've done for other people means everything. I've noticed that money will fall into place the more you act out your ambitions. It sounds ridiculous, but I have found it to be true. People start to know who you are and you gain recognition through it. I've had quite a few job offerings just based on how I've treated people in the past; Offerings that I doubt I would have recieved even with a degree.

I feel that too much weight is being put onto college these days. I have seen some brilliant people throughout my life without a degree, and yet I have also seen some very unintelligent (for lack of a better word and not to sound ignorant to anyone that may read this) with a degree.
I dream, therefore I become.
  • #191
  • Edited 1:51pm Nov 24, 2007 1:40pm | Edited 1:51pm
Quoting mike w
Although I got stuck with an overall loss on the Eur/Jpy trade I took earlier, I still think that we will see more downside to this. This is because we just faced resistance and could not move through. This also was just a retracement from the previous downwards move. I didn't think the retracement would last that long and move that high, however I would be willing to say that it is going to keep with its previous trend downwards now. I am going to wait for a clear pattern within price action before selling again.

I'm on page two of your journal and just reviewing your strategy.
Should I continue on through all of the posts or jump to the end
read backwards to learn at an accelerated pace...? lol

I guess I should also ask, would it be worthwhile to read any of
Vegas' posts (where ever) to learn the basics of the dynamic fibs?


Dr. D.
  • #192
  • Nov 24, 2007 1:45pm Nov 24, 2007 1:45pm
Quoting Tiki Trader
Since I have such a small account I have never really worried about the interest...
Even with a small account, you should look into these things. This is because over time it does add up. I absolutely hate being short, for instance on the Gbp/jpy, for long periods of time because the swap that goes against me is just money going out the door. That's why I am so leary of keeping those positions over the weekend. It does add up and quickly at that. I'll open up my platform and tell you how quickly it has in the past few days. Since the 21st, when I opened the first trade that I still have open and along with the others, the negative swap has been -231.00$. Yes, the trades are worth far more than that, but you can still see my point as to how it affects your account very quickly.
I dream, therefore I become.
  • #193
  • Nov 24, 2007 1:49pm Nov 24, 2007 1:49pm
Then let me ask in all nosyness... where did you get the money for such a BIG account ??? According to your photo... you are early 20s ???

Quoting mike w
Even with a small account, you should look into these things. This is because over time it does add up. I absolutely hate being short, for instance on the Gbp/jpy, for long periods of time because the swap that goes against me is just money going out the door. That's why I am so leary of keeping those positions over the weekend. It does add up and quickly at that. I'll open up my platform and tell you how quickly it has in the past few days. Since the 21st, when I opened the first trade that I still have open and along with the others, the negative swap has been -231.00$. Yes, the trades are worth far more than that, but you can still see my point as to how it affects your account very quickly.
  • #194
  • Nov 24, 2007 1:51pm Nov 24, 2007 1:51pm
Quoting fourxtrader
I'm on page two of your journal and just reviewing your strategy.
Should I continue on through all of the posts or jump to the end
read backwards to learn at an accelerated pace...? lol

Dr. D.
Hi Fourxtrader, if you want to learn and are serious, start at the beginning. The system is to be accredited to Vegas, a member here on forexfactory, and so you should go over his threads and learn from there as well. I have summed it up fairly well, but I have also adapted the methodology to be used by me; This means that mine is different from the way he had originally used. With that, I don't only base my trades on this system alone. I am discretional in my trades as well. I use price action as the driver of this system - along with anything else involving trading. If you are not familiar with price action, you absolutely need to go to the James16 Price Action thread. There, you will learn more about trading than you ever would with any system or methodolgy. After you are familiar with both, then re-read everything again. If you should have any questions, just ask.
I dream, therefore I become.
  • #195
  • Nov 24, 2007 1:58pm Nov 24, 2007 1:58pm
Quoting Tiki Trader
Then let me ask in all nosyness... where did you get the money for such a BIG account ??? According to your photo... you are early 20s ???
Yes, I'm 20 years old. I actually used to be quite a nutcase about money. When my parents would give me money back in the day for lunch and whatnot, I saved it and just ate when I got home. I've worked an incredible amount of hours since I was 16 on a fairly good job and so I started a small account and then just worked my way up after learning. I am not going to lie, I have gotten very lucky as I didn't lose my account on times when I should have; but instead, doubled it by gambling. I also gamble quite a bit playing games such as poker, because I have a knack for understanding people. I have been really into psychology for a long time and it has paid off. I'm no expert at body language, but I do understand fairly well as to when people are being honest or not as I have learned quite a bit about how people act and react to situations that come about. This is another income that I've used to gain a large amount of money in a short amount of time, although now I use good money management so as not to lose what I've earned.

I still gamble from time to time though.
I dream, therefore I become.
  • #196
  • Nov 24, 2007 2:13pm Nov 24, 2007 2:13pm
Then why are you studying at school ?? You should be trading full time.. !!

Gambling is fine too as long as it is throw away money you don't mind losing... that is entertainment... that's fine...

I hope I will soon get to the point where the swap and interest will be important to me... but I am a long ways off yet...

When you are 40, your views on many things will have changed... and money will be far more important...

I have worked many hours just as you when I was 16 or 18 or whatever... I worked two jobs to put myself through college.... I never saved though, and that was a downfall.. I am paying the price for it... someday you will get married too and have kids etc... and life will become far more expensive... lets hope you are smart enough to keep trading forex... it will be far more satisfying than any career you come up with out of school... ( I think ) and will offer you far more moneywise...

I want to change the world too... If you really were to ask me, you would be surprised what I would tell you I would do if I had large resources... but I have to get the resources first... that means I take care of #1 first... that's ME !!!

Next year MUST be the beginning of profitablility for me in forex, otherwise I will begin to think it will only be an expensive hobby... well, I don't lose much anymore... but my account has not grown... it must do so next uear !!!

Quoting mike w
Yes, I'm 20 years old. I actually used to be quite a nutcase about money. When my parents would give me money back in the day for lunch and whatnot, I saved it and just ate when I got home. I've worked an incredible amount of hours since I was 16 on a fairly good job and so I started a small account and then just worked my way up after learning. I am not going to lie, I have gotten very lucky as I didn't lose my account on times when I should have; but instead, doubled it by gambling. I also gamble quite a bit playing games such as poker, because I have a knack for understanding people. I have been really into psychology for a long time and it has paid off. I'm no expert at body language, but I do understand fairly well as to when people are being honest or not as I have learned quite a bit about how people act and react to situations that come about. This is another income that I've used to gain a large amount of money in a short amount of time, although now I use good money management so as not to lose what I've earned.

I still gamble from time to time though.
  • #197
  • Nov 24, 2007 2:20pm Nov 24, 2007 2:20pm
Quoting Tiki Trader
Then why are you studying at school ?? You should be trading full time.. !!

Gambling is fine too as long as it is throw away money you don't mind losing... that is entertainment... that's fine...

I hope I will soon get to the point where the swap and interest will be important to me... but I am a long ways off yet...

When you are 40, your views on many things will have changed... and money will be far more important...

I have worked many hours just as you when I was 16 or 18 or whatever... I worked two jobs to put myself through college.... I never saved though, and that was a downfall.. I am paying the price for it... someday you will get married too and have kids etc... and life will become far more expensive... lets hope you are smart enough to keep trading forex... it will be far more satisfying than any career you come up with out of school... ( I think ) and will offer you far more moneywise...

I want to change the world too... If you really were to ask me, you would be surprised what I would tell you I would do if I had large resources... but I have to get the resources first... that means I take care of #1 first... that's ME !!!

Next year MUST be the beginning of profitablility for me in forex, otherwise I will begin to think it will only be an expensive hobby... well, I don't lose much anymore... but my account has not grown... it must do so next uear !!!
Right now, the only job that I am holding is trading- other than a few that aren't consistent such as mechanical work for friends and stuff like that. It's putting me through college at the moment and I plan on keeping it as a career throughout my life. The only reason I am in school is to have something to fall back on. I like to keep my options open in case something would happen that is totally out of the ordinary.
I agree with you that you have to take care of yourself first and foremost as well, because if you don't, you'll tend to wear yourself out.
Honestly Tiki, I think it's going to be profitable for you. Through our PM's and everything else, you have fantastic ideas. I think your going to understand to put them into effect and then, there will be no looking back after that.
I dream, therefore I become.
  • #198
  • Nov 24, 2007 2:25pm Nov 24, 2007 2:25pm
Then I say you are on the right track... not so many who can put themselves through college with Forex !! Means you have to be profitable too, or else... !!!

Must be neat to tell people you don't have to go to a real job everyday !!!

And danged right I better be profitable next year... I'm going to be really pissed if I am not !!!!!!!

Quoting mike w
Right now, the only job that I am holding is trading- other than a few that aren't consistent such as mechanical work for friends and stuff like that. It's putting me through college at the moment and I plan on keeping it as a career throughout my life. The only reason I am in school is to have something to fall back on. I like to keep my options open in case something would happen that is totally out of the ordinary.
I agree with you that you have to take care of yourself first and foremost as well, because if you don't, you'll tend to wear yourself out.
Honestly Tiki, I think it's going to be profitable for you. Through our PM's and everything else, you have fantastic ideas. I think your going to understand to put them into effect and then, there will be no looking back after that.
  • #199
  • Nov 24, 2007 2:32pm Nov 24, 2007 2:32pm
Quoting Tiki Trader
Then I say you are on the right track... not so many who can put themselves through college with Forex !! Means you have to be profitable too, or else... !!!

Must be neat to tell people you don't have to go to a real job everyday !!!

And danged right I better be profitable next year... I'm going to be really pissed if I am not !!!!!!!
Your right on that, I HAVE to be profitable or else bye bye to school and back to normal jobs. That puts a stress on the learning curve I deal with. It's all good though, because it's better than breaking my back doing something else.

I don't really tell people what I do and I don't know why either. People get different opinions if you tell them you do something "out of the box". This is because people change when they start to think of dollar signs - Believe me on that. First hand, I've had friends turn on me thinking they could make a buck. It's unreal, but oh well, I guess that is life.

Oh and you will be. I have full, unwaivering faith in that just by what I've seen and read coming from you.
I dream, therefore I become.
  • #200
  • Nov 24, 2007 2:35pm Nov 24, 2007 2:35pm
Stress is good for you !!! Until it gives you high blood pressure... then you better slow down after that !!!

Quoting mike w
Your right on that, I HAVE to be profitable or else bye bye to school and back to normal jobs. That puts a stress on the learning curve I deal with. It's all good though, because it's better than breaking my back doing something else.

I don't really tell people what I do and I don't know why either. People get different opinions if you tell them you do something "out of the box". This is because people change when they start to think of dollar signs - Believe me on that. First hand, I've had friends turn on me thinking they could make a buck. It's unreal, but oh well, I guess that is life.

Oh and you will be. I have full, unwaivering faith in that just by what I've seen and read coming from you.
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