"Whether you think you can or can't, you're right." Henry Ford
- #11,903
- Jul 22, 2008 12:35pm Jul 22, 2008 12:35pm
- | Joined Jul 2008 | Status: Trader | 1,836 Posts
but exits ... not so much 
this is how i feel today:
!!!!!
my course in forex psychology began last week ...
i saw some entries i thought i would give a whirl on my demo account. with all seriousness and "planning" ... off i went placing entries via the conservative method discussed in the forum. i am halfway through my 2nd read of the thread and have asked a couple questions clarifying exits. receiving enough information and answers to my questions, i felt (at the time) that i had enough fortitude to stick to the game plan (using s/r as my s/l not letting the potential for DD's get in my way, etc.).
then, i was in profit, and then, i started the over-analyzing game ... you know what happens next ...
funny, i was willing to risk "x" amount of pips when i entered the trades (using the high/low +5-10 pips of the PB's and appropriate MM), but as i found myself in profit (a few with LOTS of profit and a few that needed more time to mature ...) i no longer wanted to see my plan through ... ugggh!!!
when i decided to begin demoing, i thought i would effortlessly follow all of the advice, wisdom, lessons, guidelines found throughout this thread ... alas, it is not to be for these trades ...
i'm wondering if journaling my trades, reasons for entering/exiting helps? i know from reading this thread there are a few of you that had similar experiences when you first started trading james16 ... how long did it take for you to start trusting yourself when making the trades and leaving your inner- out of it?
this is how i feel today:
!!!!!my course in forex psychology began last week ...
i saw some entries i thought i would give a whirl on my demo account. with all seriousness and "planning" ... off i went placing entries via the conservative method discussed in the forum. i am halfway through my 2nd read of the thread and have asked a couple questions clarifying exits. receiving enough information and answers to my questions, i felt (at the time) that i had enough fortitude to stick to the game plan (using s/r as my s/l not letting the potential for DD's get in my way, etc.).
then, i was in profit, and then, i started the over-analyzing game ... you know what happens next ...
funny, i was willing to risk "x" amount of pips when i entered the trades (using the high/low +5-10 pips of the PB's and appropriate MM), but as i found myself in profit (a few with LOTS of profit and a few that needed more time to mature ...) i no longer wanted to see my plan through ... ugggh!!!
when i decided to begin demoing, i thought i would effortlessly follow all of the advice, wisdom, lessons, guidelines found throughout this thread ... alas, it is not to be for these trades ...
i'm wondering if journaling my trades, reasons for entering/exiting helps? i know from reading this thread there are a few of you that had similar experiences when you first started trading james16 ... how long did it take for you to start trusting yourself when making the trades and leaving your inner-
out of it?
"Believe nothing you hear and half of what you see." Proverb
- #11,904
- Jul 22, 2008 12:58pm Jul 22, 2008 12:58pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Sorry to get off course here but just wondering if anybody uses Jim's method with the Ichimoku Kinko Hyo method? If yes, does the Ichi method complement this PA stuff?
I will never forget when the result of a bounce of the ichimoku cloud is a hammer.
So confluence of fibo-lines, pivot support/resistance and also ichimoku work good together imho.
- #11,907
- Jul 22, 2008 1:33pm Jul 22, 2008 1:33pm
Hi guys,
Can someone please comment on the AUD/US weekly? IMHO it's a perfect pinbar at a high along with divergence. It has also pullback so I'm very tempted to enter my short now.
My only hesitation is the strong uptrend but hey....most pinbars are against trends. But what the heck do I know, I'm just a newbie. I'd like to hear from the experts
i also shorted the nzdusd weekly pinbar, waiting for a sustained break of 0.7580
hope it helps
- #11,908
- Jul 22, 2008 1:37pm Jul 22, 2008 1:37pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Interesting how people see differently. There's no way I'd touch that pin right now. I bet we see a stall around 9630 and then watch it do what EURJPY did last week...
- #11,909
- Jul 22, 2008 1:37pm Jul 22, 2008 1:37pm
So confluence of fibo-lines, pivot support/resistance and also ichimoku work good together imho.
It might be interesting to backtest Jim's PA with fibo-lines, pivot point and MA support/resistance he mentions throughout his thread only, and than with the s/r of the ichimoku method. Doing that with the same (as much as it can be..) trading rules and see what yields a better PF/Win rate...
My next project after I just finished reading this whole thread^^
btw special thanks to jim and mike for this great thread...
- #11,910
- Jul 22, 2008 1:44pm Jul 22, 2008 1:44pm
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
I agree. There's very strong resistance at that area that might turn into support. Anyone taking the weekly pin should take that area into consideration.
- #11,911
- Jul 22, 2008 1:51pm Jul 22, 2008 1:51pm
- Joined Apr 2006 | Status: Mmmm pips. | 1,418 Posts
Booked a nice 40 pips profit on my short though.
Mr. Trend
- #11,912
- Jul 22, 2008 2:04pm Jul 22, 2008 2:04pm
- | Joined Mar 2007 | Status: Zoom out | 1,425 Posts
Never say never.
- #11,913
- Jul 22, 2008 2:37pm Jul 22, 2008 2:37pm
- Joined Oct 2007 | Status: Trader | 3,461 Posts
Thanks and a very nice example!
It might be interesting to backtest Jim's PA with fibo-lines, pivot point and MA support/resistance he mentions throughout his thread only, and than with the s/r of the ichimoku method. Doing that with the same (as much as it can be..) trading rules and see what yields a better PF/Win rate...
My next project after I just finished reading this whole thread^^
btw special thanks to jim and mike for this great thread...
http://www.james16group.us/Guests/guestmaterial.html
- #11,914
- Jul 22, 2008 5:42pm Jul 22, 2008 5:42pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
There's nothing wrong with day trading a daily bar. Just another way to trade.
Bundy's status today: "Waiting..." 
- #11,918
- Jul 23, 2008 12:24am Jul 23, 2008 12:24am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
but exits ... not so much
this is how i feel today:
my course in forex psychology began last week ...
i saw some entries i thought i would give a whirl on my demo account. with all seriousness and "planning" ... off i went placing entries via the conservative method discussed in the forum. i am halfway through my 2nd read of the thread and have asked a couple questions clarifying exits. receiving enough information and answers to my questions, i felt (at the time) that i had enough fortitude to stick to the game plan (using s/r as my s/l not letting the potential for DD's get in my way, etc.).
then, i was in profit, and then, i started the over-analyzing game ... you know what happens next ...
funny, i was willing to risk "x" amount of pips when i entered the trades (using the high/low +5-10 pips of the PB's and appropriate MM), but as i found myself in profit (a few with LOTS of profit and a few that needed more time to mature ...) i no longer wanted to see my plan through ... ugggh!!!
when i decided to begin demoing, i thought i would effortlessly follow all of the advice, wisdom, lessons, guidelines found throughout this thread ... alas, it is not to be for these trades ...
i'm wondering if journaling my trades, reasons for entering/exiting helps? i know from reading this thread there are a few of you that had similar experiences when you first started trading james16 ... how long did it take for you to start trusting yourself when making the trades and leaving your inner- out of it?
i followed a strategy that was recommened to me by Mike on this forum only, he gave me the wise advice of using PPZs as my stops as i move along the trend, the general idea is that once a trend is inplace it will tend to find "minor" res/supp on PPZ levels around the chart when it does it will temporarily retrace then continue the uptrend breaking the PPZ each time untill a time comes when the trend is no more strong enough to contiue the momentum and the opposite party steps in. it does make a lot more sense to me than those stupid numbers derived from my money managment that i used to trail my stop with...here is a chart to help you get started, an Eu trend on the daily a few years back so you can see how to manage it.
http://i81.photobucket.com/albums/j2...s/cadjpy-2.gif
the red marks illustare your stops that you may want to use, the idea behind such a setup is that when a trend is in place it is defined by a high higher than the previous one and lowe higher than the previous low for an uptrend and vice versa for a downtrend, if for example you move your stop to the thrid stop (couting from the bottom of the chart) as you see price move away from this low a stop here is a good idea beacuse if price does come back to it it demolished the trend as per the standard definition and it's better to get stopped out with some pips in the bag...
Hope this was worth some help...
ps ps the first red line from the bottom explains a negitive stop at first when you take the trade which then moves to a breakeven on the next red line and thus contiues to move up as you ride the trend. this strategy worsk for me as i like to ride trends along as much as possible
Regards,
Ghous,
I believe . . .
- #11,919
- Jul 23, 2008 12:46am Jul 23, 2008 12:46am
- | Joined Jul 2008 | Status: Trader | 1,836 Posts
this is a really good response and your chart is crystal clear. thank you so much.
as i stated i am on my 2nd read of the thread and just after posting i resumed, picking up where i left off (around july 2007 and forward) ... lo and behold it was like the thread responded to my questions too! (also, the thread was super busy back then ...)
while i definitely need more practice/patience w/ using s/r's for my stops (was monkeying and monkeying w/ them right b/f i manually closed out my winning trades), i need even more practice keeping my darn mitts away from the mouse whenever i am tempted to mess around w/ my trade instead of letting the market kick me out when it's time.
cheers and happy trading.
p.s. there was a dozen j16 signal bars on various pairs on the daily charts today ... i am proud to say i decided (after reviewing the pro's and con's) only to paper-trade 2 and demo one w/ small lot. and i do confess ... i was tempted to go crazy ... 
as i stated i am on my 2nd read of the thread and just after posting i resumed, picking up where i left off (around july 2007 and forward) ... lo and behold it was like the thread responded to my questions too! (also, the thread was super busy back then ...)
while i definitely need more practice/patience w/ using s/r's for my stops (was monkeying and monkeying w/ them right b/f i manually closed out my winning trades), i need even more practice keeping my darn mitts away from the mouse whenever i am tempted to mess around w/ my trade instead of letting the market kick me out when it's time.
cheers and happy trading.
p.s. there was a dozen j16 signal bars on various pairs on the daily charts today ... i am proud to say i decided (after reviewing the pro's and con's) only to paper-trade 2 and demo one w/ small lot.
and i do confess ... i was tempted to go crazy ... Hi Fxgrinder i too was facing this kind of a problem a few days back, but i have just abt eliminated it,
i followed a strategy that was recommened to me by Mike on this forum only, he gave me the wise advice of using PPZs as my stops as i move along the trend, the general idea is that once a trend is inplace it will tend to find "minor" res/supp on PPZ levels around the chart when it does it will temporarily retrace then continue the uptrend breaking the PPZ each time untill a time comes when the trend is no more strong enough to contiue the momentum and the opposite party steps in. it does make a lot more sense to me than those stupid numbers derived from my money managment that i used to trail my stop with...here is a chart to help you get started, an Eu trend on the daily a few years back so you can see how to manage it.
http://i81.photobucket.com/albums/j2...s/cadjpy-2.gif
the red marks illustare your stops that you may want to use, the idea behind such a setup is that when a trend is in place it is defined by a high higher than the previous one and lowe higher than the previous low for an uptrend and vice versa for a downtrend, if for example you move your stop to the thrid stop (couting from the bottom of the chart) as you see price move away from this low a stop here is a good idea beacuse if price does come back to it it demolished the trend as per the standard definition and it's better to get stopped out with some pips in the bag...
Hope this was worth some help...
ps ps the first red line from the bottom explains a negitive stop at first when you take the trade which then moves to a breakeven on the next red line and thus contiues to move up as you ride the trend. this strategy worsk for me as i like to ride trends along as much as possible
Regards,
Ghous,
"Believe nothing you hear and half of what you see." Proverb
- #11,920
- Jul 23, 2008 1:43am Jul 23, 2008 1:43am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
closing 60% of the usd/cad long trade at +50 and letting the remainder run...
I believe . . .