3000 posts for this thread....good stuff Big James!!
- #2,985
- Edited 12:48pm Mar 20, 2007 12:07pm | Edited 12:48pm
- | Joined Mar 2007 | Status: Trader | 7 Posts
Hello to all,
My first question pertains to contradicting PA on smaller time frames. I mainly use the daily chart to enter on the Right eye of a pin formation - at a high/low, or a 'rising w' (small retrace of said high/low), with Fib confluence, and always WITH the trend. Sometimes, while waiting for the Daily pin's Right eye to fully form, the 3 hour (oanda), 4 hour, or 1 hour charts have solid counter pin formations. Add to this the daily's reflection of a slightly sinking Right eye (on an uptrend), and I now have cause for concern. So I exercise the greater part of valor, and use discresion - I run. I take a small loss, usually no more than 10 - 40 dollars and wait for another entry. In almost every case, I wake up the next morning to find the most beautiful pin, just smugly sitting there safely out of reach, mocking me 
.
Once a good pin has formed (with a S.L. of less than 2% of my Net worth), I usually make 150 - 200 pips before cashing in. However, I have come to realize that entering a pin formation is more art then science. So my question is this: after entering on the Right eye of a daily chart's pin formation - with the support of the 1, & 4 hour charts, 12 hours later you begin to receive conflicting PA in the form of a solid counter pin formation on the 4 hour chart, what would you do? Do you ride it out, or fall back and wait for better opportunities.
Second question: I'm looking for an honest retail broker w/ good execution. What brokers do guys/gals use? (I reallize that this thread may not be the best place for this question, but I'd rather hear from individuals who use the same/similar strategy as myself.)
Many Thanks,
Pip Squeak
- #2,986
- Mar 20, 2007 12:25pm Mar 20, 2007 12:25pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey Pip,
Glad to see you are doing so well!
I'll throw in my 2 cents. I think if you are trading off the daily charts, exit off the daily charts. If you let every 1 hour 2 hour 4 hour pin bar the oppoosite way spook you out of a position, it gets hard to hold on. If those counter pins are very good trades, you could also take them the other way while holding your other position thinking more longer term. Of course you also have the option of dropping down timeframes to find a better exit. So if you have been in a daily trade, and are looking to exit, droppin gdown to the 4 hour can be helpful.
You stated it perfectly when talking about price action. It really is more an "art". You have to figure out the type of trader you are, and what your strengths are and play of those. I will say this, that for me I used to exit way to early because these lower time frame opposing PA bars would spook me. I have now learned to be more patient and go with the flow(you have to give profits to gain profits). It has made me more patient and disciplined.
Continue to play around with it on demo till you find your comfort zone, no dobut you will.
As for broker, I would check out Oanda, due to their position granularity. For a longer term trade they should be fine, or FXSOL.
Best,
Mike
Glad to see you are doing so well!
I'll throw in my 2 cents. I think if you are trading off the daily charts, exit off the daily charts. If you let every 1 hour 2 hour 4 hour pin bar the oppoosite way spook you out of a position, it gets hard to hold on. If those counter pins are very good trades, you could also take them the other way while holding your other position thinking more longer term. Of course you also have the option of dropping down timeframes to find a better exit. So if you have been in a daily trade, and are looking to exit, droppin gdown to the 4 hour can be helpful.
You stated it perfectly when talking about price action. It really is more an "art". You have to figure out the type of trader you are, and what your strengths are and play of those. I will say this, that for me I used to exit way to early because these lower time frame opposing PA bars would spook me. I have now learned to be more patient and go with the flow(you have to give profits to gain profits). It has made me more patient and disciplined.
Continue to play around with it on demo till you find your comfort zone, no dobut you will.
As for broker, I would check out Oanda, due to their position granularity. For a longer term trade they should be fine, or FXSOL.
Best,
Mike
Hello to all,
My first question pertains to contradicting PA on smaller time frames. I mainly use the daily chart to enter on the left eye of a pin formation - at a high/low, or a 'rising w' (small retrace of said high/low), with Fib confluence, and always WITH the trend. Sometimes, while waiting for the Daily pin's left eye to fully form, the 3 hour (oanda), 4 hour, or 1 hour charts have solid counter pin formations. Add to this the daily's reflection of a slightly sinking left eye (on an uptrend), and I now have cause for concern. So I exercise the greater part of valor, and use discresion - I run. I take a small loss, usually no more than 10 - 40 dollars and wait for another entry. In almost every case, I wake up the next morning to find the most beautiful pin, just smugly sitting there safely out of reach, mocking me
Once a good pin has formed (with a S.L. of less than 2% of my Net worth), I usually make 150 - 200 pips before cashing in. However, I have come to realize that entering a pin formation is more art then science. So my question is this: after entering on the left eye of a daily chart's pin formation - with the support of the 1, & 4 hour charts, 12 hours later you begin to receive conflicting PA in the form of a solid counter pin formation on the 4 hour chart, what would you do? Do you ride it out, or fall back and wait for better opportunities.
Second question: I'm looking for an honest retail broker w/ good execution. What brokers do guys/gals use? (I reallize that this thread may not be the best place for this question, but I'd rather hear from individuals who use the same/similar strategy as myself.)
Many Thanks,
Pip Squeak
- #2,989
- Mar 20, 2007 1:12pm Mar 20, 2007 1:12pm
Mike's advice above is right on the money.
I've recently made some changes to my trading ways and have started to let profits run. (it's the only way...)
I used to have the problem that you guys talked about, to get spooked out of trades or take profit too soon.
But the bottom line is, if you have confidence in your system (which in this case is James16 PA) and you only go for the best setups, there's no reason to be skeptical about your trade regardless what you see in lower timeframes. And the main point is that the higher the timeframe, the stronger the signal IMO. Weekly > Daily > H4 > H1 (I wouldn't even bother on the hourly charts to start)
I took a few weekly trades a couple of weeks ago, and they went against me in a hurry. A couple of them were looking pretty ugly especially on the Daily chart. But I trusted my entries and stuck with them for hundreds of pips of profit in the end. (and I still exited too soon. could've made a good chunk more
)
It's pretty hard to control your emotions. It takes practice to get a little de-sensitized to the whole process. (I'm still working on it....)
Good luck,
Tom
I've recently made some changes to my trading ways and have started to let profits run. (it's the only way...)
I used to have the problem that you guys talked about, to get spooked out of trades or take profit too soon.
But the bottom line is, if you have confidence in your system (which in this case is James16 PA) and you only go for the best setups, there's no reason to be skeptical about your trade regardless what you see in lower timeframes. And the main point is that the higher the timeframe, the stronger the signal IMO. Weekly > Daily > H4 > H1 (I wouldn't even bother on the hourly charts to start)
I took a few weekly trades a couple of weeks ago, and they went against me in a hurry. A couple of them were looking pretty ugly especially on the Daily chart. But I trusted my entries and stuck with them for hundreds of pips of profit in the end. (and I still exited too soon. could've made a good chunk more
)It's pretty hard to control your emotions. It takes practice to get a little de-sensitized to the whole process. (I'm still working on it....)
Good luck,
Tom
- #2,990
- Mar 20, 2007 1:22pm Mar 20, 2007 1:22pm
- | Commercial User | Joined Feb 2005 | 2,875 Posts
money is on the money. 
Mike's advice above is right on the money.
I've recently made some changes to my trading ways and have started to let profits run. (it's the only way...)
I used to have the problem that you guys talked about, to get spooked out of trades or take profit too soon.
But the bottom line is, if you have confidence in your system (which in this case is James16 PA) and you only go for the best setups, there's no reason to be skeptical about your trade regardless what you see in lower timeframes. And the main point is that the higher the timeframe, the stronger the signal IMO. Weekly > Daily > H4 > H1 (I wouldn't even bother on the hourly charts to start)
I took a few weekly trades a couple of weeks ago, and they went against me in a hurry. A couple of them were looking pretty ugly especially on the Daily chart. But I trusted my entries and stuck with them for hundreds of pips of profit in the end. (and I still exited too soon. could've made a good chunk more
It's pretty hard to control your emotions. It takes practice to get a little de-sensitized to the whole process. (I'm still working on it....)
Good luck,
Tom
Mike's advice above is right on the money.
I've recently made some changes to my trading ways and have started to let profits run. (it's the only way...)
I used to have the problem that you guys talked about, to get spooked out of trades or take profit too soon.
But the bottom line is, if you have confidence in your system (which in this case is James16 PA) and you only go for the best setups, there's no reason to be skeptical about your trade regardless what you see in lower timeframes. And the main point is that the higher the timeframe, the stronger the signal IMO. Weekly > Daily > H4 > H1 (I wouldn't even bother on the hourly charts to start)
I took a few weekly trades a couple of weeks ago, and they went against me in a hurry. A couple of them were looking pretty ugly especially on the Daily chart. But I trusted my entries and stuck with them for hundreds of pips of profit in the end. (and I still exited too soon. could've made a good chunk more
It's pretty hard to control your emotions. It takes practice to get a little de-sensitized to the whole process. (I'm still working on it....)
Good luck,
Tom
Great info. It seems that whenever I'm away from my computer for any length of time, everything works out well. It's only when I'm "on top of things", over analyzing the hourly charts, that things get ugly real quick. Thats it, from now on I'm sticking to my guns. If the setup looks solid on the daily, I won't even look at the hourly, (unless I'm trying to time the perfect exit).
All the best,
Jake
- #2,994
- Mar 20, 2007 3:00pm Mar 20, 2007 3:00pm
You know, with all this talk about pins, it almost seems like that's all the J16 group is. In the private group, are other formations discussed? Is the pin bar still the most discussed setup? Or is that just what James is allowed to share with the public?
Actually even in this public thread, there are many more formations discussed. If you go to the beginning of the thread and read through the first few pages, you'll see many of them. (double bar low with a higher close, bullish outside bars etc etc)
There are quite a few of them in this thread.
I hope that helps.
Edit: Mike beat me to it.
