Sorry ,what is the meaning of BOVB in the chart ?
- #18,222
- Jan 11, 2009 12:54am Jan 11, 2009 12:54am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
I agree 115% with this. Also, I would add this as well:
"Who in the hell wants to actually sit in front of a computer for hours on end?"
Not me. But I found that's what happens when you scalp, or trade short time frames. (In general.)
It's about making a profit....nothing more.
Clockwork
and i like to sit at my computer watching charts all day.
- #18,223
- Jan 11, 2009 1:35am Jan 11, 2009 1:35am
I like to play high probability setups , even those on m1
........ lower blood pressure and more beach/leisure time too I'd presume 
Seriously.....if you are starting out trading price action, take Jim, Chris and Mikes advice and start on at least the daily on a demo. At the very least you'll learn the art of patience.....and that is probably the most important thing you can learn.
With the higher timeframes come higher probability trades.....and that..... if you are starting out is a great confidence builder.
Thats not to dismiss the lower timeframe though.......You can then toy around with the lower timeframes (again on demo) until you find the timeframe that fits in with your own trading personality......some people just can't stomach the size of the stop losses on the weeklies and dailys and feel more comfortable with the 4hr, etc.
Cheers
Dave
- #18,224
- Jan 11, 2009 1:58am Jan 11, 2009 1:58am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ahhhhh......we said "Higher" probability trades Greenhaze
Seriously.....if you are starting out trading price action, take Jim, Chris and Mikes advice and start on at least the daily on a demo. At the very least you'll learn the art of patience.....and that is probably the most important thing you can learn.
With the higher timeframes come higher probability trades.....and that..... if you are starting out is a great confidence builder.
Thats not to dismiss the...
And while following this well outlined actioan plan by Tehuringa, don't be surprised if you decide to replace your temporary hut into a fully built forever palace on the higher tfs
When i started out abt a year ago there was nothing better than the super action of the 5Min, if memory serves me correct it was like watching the "the dark knight" a year before release...
Today I don't like anything better than hanging on to trades for as long as I possibly can on the higher tfs...
Little did I know that fulfilling the "minimum requirements" set out by Jim for this business would take my trading to the level where i always wanted it to be. I tell you, golden stuff this
Minimum Requirments
Regards,
Ghous.
I believe . . .
- #18,225
- Jan 11, 2009 7:37am Jan 11, 2009 7:37am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
Higher timeframes are first in my book and if i see something then i scan lower tfs for better entry. For me It's about how deep can you see without being confused and still understending the logic/sentiment behind the pa movement.
For example if the price is aproaching major support or resistance im going to m1/m5 tf and trying to figure out whats going on , what the momentum tell us , where are the orders stacked. It is helping me to be focused all the time and if i nail it then there is high probability for good R:R ratio. My biggest mistakes are closing trades to early but i'm gettin there slowly
For example if the price is aproaching major support or resistance im going to m1/m5 tf and trying to figure out whats going on , what the momentum tell us , where are the orders stacked. It is helping me to be focused all the time and if i nail it then there is high probability for good R:R ratio. My biggest mistakes are closing trades to early but i'm gettin there slowly
- #18,226
- Jan 11, 2009 9:46am Jan 11, 2009 9:46am
- | Joined Aug 2008 | Status: Dominican PA Trader!!! | 165 Posts
And while following this well outlined actioan plan by Tehuringa, don't be surprised if you decide to replace your temporary hut into a fully built forever palace on the higher tfs
When i started out abt a year ago there was nothing better than the super action of the 5Min, if memory serves me correct it was like watching the "the dark knight" a year before release...
Today I don't like anything better than hanging on to trades for as long as I possibly can on the higher tfs...
Little did I know that fulfilling the "minimum requirements"...
- #18,228
- Jan 11, 2009 11:55am Jan 11, 2009 11:55am
- | Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- #18,229
- Edited 12:37pm Jan 11, 2009 12:15pm | Edited 12:37pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
G/U is hanging on the 1.5100 support. Double high with divergence is giving a clue about further down move if it will break the supp
Not to throw away the 4H setup, but looking at the daily and weekly, i still feel we have room to go up.
the region defined by 1.525 - 1.54 is bound to offer some resistance and i was and am ready for it
Happy trading,
Regards,
Ghous.
I believe . . .
- #18,230
- Jan 11, 2009 12:36pm Jan 11, 2009 12:36pm
USDCAD - IB on daily after break of TL - thinking more downside on this one
CADJPY -pin on weekly - off weekly ppz and 61fib
EURUSD IB on 4hr - and continuation after the previous BEOB
also a number of BUOBs on GBP on weekly so will wait for retraces before they take off (hopefully).
and agree with Jarroo on GBPCHF - think there is more to go 17400-17500, just need a way in
CADJPY -pin on weekly - off weekly ppz and 61fib
EURUSD IB on 4hr - and continuation after the previous BEOB
also a number of BUOBs on GBP on weekly so will wait for retraces before they take off (hopefully).
and agree with Jarroo on GBPCHF - think there is more to go 17400-17500, just need a way in
- #18,231
- Jan 11, 2009 12:44pm Jan 11, 2009 12:44pm
I am still biased on the bullish gear
Not to throw away the 4H setup, but looking at the daily and weekly, i still feel we have room to go up.
the region defined by 1.525 - 1.54 is bound to offer some resistance and i was and am ready for it
Happy trading,
Regards,
Ghous.
it's also and I4B - not that that helps with the direction
May be best to just play the break of the IB, long or short but my bias at the moment is short.
- #18,234
- Jan 11, 2009 2:45pm Jan 11, 2009 2:45pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
wish i knew a way to have this greet every new person to this thread.
if i could just convince all of you to do this you would have a real chance at your dream/s.
if i could just convince all of you to do this you would have a real chance at your dream/s.
Little did I know that fulfilling the "minimum requirements" set out by Jim for this business would take my trading to the level where i always wanted it to be. I tell you, golden stuff this
Minimum Requirments
Regards,
Ghous.
- #18,239
- Jan 11, 2009 3:32pm Jan 11, 2009 3:32pm
- | Joined Oct 2007 | Status: Nomad | 1,144 Posts
wish i knew a way to have this greet every new person to this thread.
if i could just convince all of you to do this you would have a real chance at your dream/s.
Everyone has the authority to edit the first post of their own threads so you could either copy the text into the first post or write a note to refer people to a certain thread post number/page and have them go there.
Some threads that get large have the first post of the thread updated regularly with links to specific posts to keep track.
"Support and Resistance either holds or it doesn't."
-Anonymous hillbilly
- #18,240
- Jan 11, 2009 3:35pm Jan 11, 2009 3:35pm
- Joined Sep 2007 | Status: gone fishing | 5,782 Posts
this post means a lot to me. ive tried hard to do right by people since this ship sailed and i get mostly kudos but im human and i need to hear this from time to time. look for a PM Jim