Mr. James16, thank you for the update on Post #1.
- Post #25,462
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- Mar 30, 2009 11:38pm Mar 30, 2009 11:38pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Yes, I would consider that a hard break. 
Indicators show the past. Price Action "Indicates" the future.
- Post #25,463
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- Mar 30, 2009 11:47pm Mar 30, 2009 11:47pm
Yes, I would consider that a hard break.
I'm quick to move my stops up because I'd rather get out at breakeven and then see it run in my favor than not moving my stops up and taking a loss.
- Post #25,464
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- Mar 30, 2009 11:48pm Mar 30, 2009 11:48pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Thats the break I was looking for. Price hit 1.4335 and I moved my stops up to breakeven. I may take some profit at 1.4350 and then 1.4400. Free trades are what it's all about
I'm quick to move my stops up because I'd rather get out at breakeven and then see it run in my favor than not moving my stops up and taking a loss.
Indicators show the past. Price Action "Indicates" the future.
- Post #25,465
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- Mar 31, 2009 12:30am Mar 31, 2009 12:30am
Recent pin bar with confluence. Rejected at 50% Fib, and sitting on both the 150 & 365 EMA.
If the current bar can break to downside, might be able to take a few quick pips on the way to the 1.1450 area.
At least I only "looked."
It was probably a "C" set up at best anyway.But seriously guys, I know you can't tell by my posts/questions sometimes, this thread and Silent Service have given me a real wake up call regarding a trading philosophy.
I've spent every day off from work in front of the charts for the past 2 months, trying moving crossovers, stochastics, etc... and having my eyes glaze over trying to keep up with 15 minute charts while chasing 20 pips.
I'm still not ready to go live by any stretch of the imagination. But thanks to Jim, Mike, Chris & countless others, I at least feel I have a fighting chance. Because now I realize I have to fight and beat my own bad habits and misconceptions about how to make this work.
This isn't a race to the finish line for me; it's a journey, like the one I'm on now living abroad. But if I had opened a live account with the "methods" I was practicing before I found this thread, I would have reached the finish line very quickly indeed. Account balance: $0.
A big thank you to everyone for at the very least, delaying that result and if I can stay out of my own way, preventing it entirely.
- Post #25,466
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- Mar 31, 2009 12:44am Mar 31, 2009 12:44am
- | Commercial Member | Joined Feb 2005 | 2,875 Posts
great post uber,
jim
jim
I did not take this trade in my demo, as I'm supposed to be focusing on Daily/Weekly.....but it's hard to break old habits.
At least I only "looked."
But seriously guys, I know you can't tell by my posts/questions sometimes, this thread and Silent Service have given me a real wake up call regarding a trading philosophy.
I've spent every day off from work in front of the charts for the past 2 months, trying moving crossovers, stochastics, etc... and having my eyes glaze over trying to keep...
- Post #25,467
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- Mar 31, 2009 1:06am Mar 31, 2009 1:06am
The more obstacles I overcome the better man I become.
- Post #25,469
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- Mar 31, 2009 3:21am Mar 31, 2009 3:21am
- Joined Jan 2008 | Status: Member | 2,996 Posts
I am now looking to postion myself in a smaller timeframe with some price action and catch the wave up ....
- Post #25,470
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- Edited 4:57am Mar 31, 2009 4:45am | Edited 4:57am
- | Joined Mar 2009 | Status: Total Newbie | 67 Posts
sorry. thats my fault.
the small one you see is the sunday bar. we ignore that bare here.. i didnt even see it sorry.
to look at all the basics go to the start of the thread. you will find a lot of info that will give you a base to start with.
that I will now not repeat having been so graciously and gently corrected by yourself and others on this thread. Thanks again for your help, consideration and forebearance.Just to see if I am on the right lines now, the EJ is back to the 50% fib on the daily. I might expect it to bounce off this line so should I be looking for confirming PA on the 4H or is it too risky for a total newb like myself to consider short TFs like that.
- Post #25,471
- Quote
- Edited 5:09am Mar 31, 2009 4:57am | Edited 5:09am
I have read most of the first 200 pages of this thread - so its not as though I'm trying to get a free ride here....
Newbie errors are what makes us good traders.....if we learn from them. And it's why Jim recommends three profitable months on demo before going live. Those newbie errors don't have to cost you a cent.
Good job on ploughing through the first 200 pages. That dedication will really serve you well....
As for what you added when you edited your post, I can only recommend what is serving me. Only trade price action on daily and weekly timeframes to start with. No matter how sweet the 4h trade, keep the discipline and pass on it. Review the bars at daily close and weekly close and trade them if they are tradeable. Don't chase entries through lower TFs if you miss the original moves. Fewer opportunities? Sure. But much more reliable signals and less of a chance to hand your profits back.
- Post #25,472
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- Mar 31, 2009 5:12am Mar 31, 2009 5:12am
- | Joined Mar 2009 | Status: Total Newbie | 67 Posts
As for what you added when you edited your post, I can only recommend what is serving me. Only trade price action on daily and weekly timeframes to start with. No matter how sweet the 4h trade, keep the discipline and pass on it. Review the bars at daily close and weekly close and trade them if they are tradeable. Don't chase entries through lower TFs if you miss the original moves. Fewer opportunities? Sure. But much more reliable signals and less of a chance to hand your profits back.
- Post #25,473
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- Mar 31, 2009 5:16am Mar 31, 2009 5:16am
- Joined Mar 2009 | Status: Member | 25,480 Posts
Thats the break I was looking for. Price hit 1.4335 and I moved my stops up to breakeven. I may take some profit at 1.4350 and then 1.4400. Free trades are what it's all about
I'm quick to move my stops up because I'd rather get out at breakeven and then see it run in my favor than not moving my stops up and taking a loss.
Ghost Rider - WWTBMD?
- Post #25,474
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- Mar 31, 2009 5:19am Mar 31, 2009 5:19am
- | Joined Dec 2008 | Status: Member | 185 Posts
- Post #25,475
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- Mar 31, 2009 5:21am Mar 31, 2009 5:21am
- Joined Mar 2008 | Status: shoe shine boy | 1,146 Posts
- Post #25,477
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- Edited 5:53am Mar 31, 2009 5:42am | Edited 5:53am
Hi all,
I read this thread regularly since I trade ( 1m...
) and think that there is absolutely great information to be found.
I was looking now at EURUSD 1H. There is a pin bar. If anyone with experience would like to comment as to wether this would look like a good probability set-up for a short, I would be grateful.
I would read it as closed below resistance, and there is room to the downside.
I would see the resistance zone from 1.3280 to 1.3330
Best,
AO
I read this thread regularly since I trade ( 1m...
) and think that there is absolutely great information to be found.I was looking now at EURUSD 1H. There is a pin bar. If anyone with experience would like to comment as to wether this would look like a good probability set-up for a short, I would be grateful.
I would read it as closed below resistance, and there is room to the downside.
I would see the resistance zone from 1.3280 to 1.3330
Best,
AO
- Post #25,478
- Quote
- Mar 31, 2009 5:47am Mar 31, 2009 5:47am
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Wassup Mike, like the new wheels was this another drive by pip hunt.
- Post #25,479
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- Mar 31, 2009 6:08am Mar 31, 2009 6:08am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
here is one of those bars you like..
i think Mark might be looking as well..
I believe . . .
- Post #25,480
- Quote
- Mar 31, 2009 6:18am Mar 31, 2009 6:18am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi all,
I read this thread regularly since I trade ( 1m...
I was looking now at EURUSD 1H. There is a pin bar. If anyone with experience would like to comment as to wether this would look like a good probability set-up for a short, I would be grateful.
I would read it as closed below resistance, and there is room to the downside.
I would see the resistance zone from 1.3280 to 1.3330
Best,
AO
I would'nt even bother with pins like these, look at it's size relative to the bar beside it. You want the Pin to shout at you so you don't dare miss it, the ones with the perfect shape instantly tell you what to do next...
Secondly you probably missed the minor ppz at 1326, look what price did off it.
Regards,
Ghous.
I believe . . .