Simplicity is the key to success
james16 Chart Thread
- #28,303
- Apr 28, 2009 2:11am Apr 28, 2009 2:11am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Really great stuff Jarroo - I learned a lot from that post...
Indicators show the past. Price Action "Indicates" the future.
- #28,304
- Apr 28, 2009 2:12am Apr 28, 2009 2:12am
Brilliant!
As you spend more and more time taking and managing your trades you'll understand that it isn't always abt "A PPZ in sight" it's more abt the belief that it should or should not break.
This is what Jarroo's doing all the time with his less than A+ setups.
You're on your way to greatness, I'd second that after Jarroo.
i appreciate it
u guys r really making my day, im smiling here ( wish u cld see me)
still need fine tuning though, but with time it stick like glue
Simplicity is the key to success
- #28,305
- Apr 28, 2009 2:19am Apr 28, 2009 2:19am
Lets's look at the Daily, same pair. Any one see a Daily DBHLC with a retrace to the previous bar low?
men! i mean, dnt know wat to say
i owe my new & improved style of trading to the whole j16 crew but i dnt want to blow my horn yet, want to be consistent 1st
im extending my demo trading b4 going live till maybe next yr, want to see a lot of scenarios until they become repititive & ill know how to handle them
sure u r still holding ur eurusd short, jst checked the h4 tf
seems to be battling wit 1.31 area, goodluck
thnx again guys
Simplicity is the key to success
- #28,306
- Apr 28, 2009 2:23am Apr 28, 2009 2:23am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
wow!!! thnx jarroo
men! i mean, dnt know wat to say
i owe my new & improved style of trading to the whole j16 crew but i dnt want to blow my horn yet, want to be consistent 1st
im extending my demo trading b4 going live till maybe next yr, want to see a lot of scenarios until they become repititive & ill know how to handle them
sure u r still holding ur eurusd short, jst checked the h4 tf
seems to be battling wit 1.31 area, goodluck
thnx again guys
Indicators show the past. Price Action "Indicates" the future.
- #28,309
- Apr 28, 2009 2:34am Apr 28, 2009 2:34am
Thanks for the reply Mike! 
As a newbie I really appreciate your taking time out to comment... was just hoping I didn't post a stupid question.
The more I demo, the more I see its importance. I always hoped I'd be a disciplined, picky trader. One important thing I've noticed in this setup tho, is that in trading this touch off S/R I can use very low SL for potentially high profits, meaning I'd know very soon if I traded "wrong" (i.e. my assumptions leading to this trade were invalidated, like if it seemed to be a good break through the fib/support). In this case I also had quite a strong bias since I'd been studying this pair intently for a while. I'll keep close tabs on this kind of thing.
Thanks again for the reply
As a newbie I really appreciate your taking time out to comment... was just hoping I didn't post a stupid question.
The more I demo, the more I see its importance. I always hoped I'd be a disciplined, picky trader. One important thing I've noticed in this setup tho, is that in trading this touch off S/R I can use very low SL for potentially high profits, meaning I'd know very soon if I traded "wrong" (i.e. my assumptions leading to this trade were invalidated, like if it seemed to be a good break through the fib/support). In this case I also had quite a strong bias since I'd been studying this pair intently for a while. I'll keep close tabs on this kind of thing.
Thanks again for the reply
- #28,310
- Apr 28, 2009 2:34am Apr 28, 2009 2:34am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
sure u r still holding ur eurusd short, jst checked the h4 tf
seems to be battling wit 1.31 area, goodluck
thnx again guys
Indicators show the past. Price Action "Indicates" the future.
- #28,311
- Apr 28, 2009 2:40am Apr 28, 2009 2:40am
fxpro.com
but your logo might not always change if your templates are copied over from another broker. It may say the wrong name I believe(dont quote me on that).
Mike
WARNING: Don't follow me as I'm just learning 
- #28,312
- Apr 28, 2009 2:41am Apr 28, 2009 2:41am
- Joined Apr 2009 | Status: Trader | 4,214 Posts
I couldn/t believe one can write such a nonsense, but hey-ho if you look around and start to read "analytical" columns after one attempt you should bin it. "Swine flu" is an answer for price movements today?
For me it would be like rather the fact that S&P500 index closed last week with a hanging man pattern after 6 consecutive weeks of a constant growth and it's ready for some retracement (if not test of the previous bottom)
Here is a chart to look at:
Attachment
I don't ignore swine flu...
If you think chart patterns determine the markets you can think again. Sure, traders trade chart pattern, and prices react, but patterns are not the driving force of the market. Also If you believe that swine flu has to have thousands of casualities to cause havoc, you only have to look to Mexico city where casualities are nowhere near that figure and you can see the havoc it is already wreaking there; 20 million alone in one city affected and all schools closed with businessess likely to follow, and look how the peso dropped against the USD. It's all about perception. Fear and greed is what determines market movement. At the moment there is fear setting in. The swine flu problem is not going to disappear overnight.
Meanwhile, we trade the chart patterns!!
- #28,314
- Apr 28, 2009 2:42am Apr 28, 2009 2:42am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Thanks for the reply Mike!
As a newbie I really appreciate your taking time out to comment... was just hoping I didn't post a stupid question.
The more I demo, the more I see its importance. I always hoped I'd be a disciplined, picky trader. One important thing I've noticed in this setup tho, is that in trading this touch off S/R I can use very low SL for potentially high profits, meaning I'd know very soon if I traded "wrong" (i.e. my assumptions leading to this trade were invalidated, like if it seemed to be a good break through...
You are correct too. You can have a smaller stop size thus a larger position size. Usually methods like that generally have a lower winrate but your winners will far exceed those losers. The main drawback isnt really in the method rather in the fact that it is appealing which often will lead that new trader down a path of over trading. But if you remain discipline and patient and put it through the testing phase you will protect yourself in a much better way
Best
Mike
- #28,315
- Apr 28, 2009 2:47am Apr 28, 2009 2:47am
- Joined Apr 2009 | Status: Trader | 4,214 Posts
"20 million alone in one city affected"
should have read "one large city alone affected(with 20 million population)".
I wouldn't want to spread fear!
- #28,316
- Apr 28, 2009 2:48am Apr 28, 2009 2:48am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE
- #28,318
- Apr 28, 2009 2:51am Apr 28, 2009 2:51am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
this stuff is good eh!!??
didnt take it as i had possitions in the yen.
very well done
- #28,319
- Apr 28, 2009 2:58am Apr 28, 2009 2:58am
- Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
A good confirmation and/or aggressive entry of a high quality PA setup, like this Weekly BEOB AUD/Cad, is the retrace to the previous bar Low. But it has to be after the break. (chart)
It is much like a Pin Bar retracing to the left eye and then moving in the right direction. Again, it must be high quality PA setup, meaning it has strong supportive confluences (at a swing High/Low, at strong PPZ, Fib levels, round numbers, etc.,) But most importantly, it must be after the break.
- #28,320
- Apr 28, 2009 3:00am Apr 28, 2009 3:00am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
PATIENCE... DISCIPLINE