I don't tell people what to do..., everyone creates its own future/destiny (besides, I don't want to make politicians unemployed)
Sask?, no thanks.
Fiji, NZ, Aussie, Singapore, yes, but -40C is too much of a good thing for me.
ps. aud/usd
.
james16 Chart Thread
- #29,304
- May 6, 2009 12:11pm May 6, 2009 12:11pm
This is a good post and Jarro repeats always. 
James16:
THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there, we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
James16:
THIS IS CRITICAL.
WE MUST LEARN TO:
1. notice a strong s/r area just beyond our pa if it exists.
2. know that if we trade into it we had better be prepared for a quick reversal that could give us a loss if we are not prepared.
if we know its there, we have several choices.
1. get out when it gets there for a small profit.
2. take a small partial profit and move the remainder to BE.
3. stay in with your total position hoping for a break and move your stop to BE.
4. Dont enter until the level has been broken.
What does not kill me makes me stronger. Friedrich Nietzsche,
- #29,305
- May 6, 2009 12:20pm May 6, 2009 12:20pm
Hey mea,
It's all depends how much you know the material. Look I took the AUD/USD. and for me wasn't a loser.
This sounds a bit like the 'advanced' school to me?
I can see I've still got a lot to learn...
When in doubt, sit on your hands...
- #29,306
- May 6, 2009 12:26pm May 6, 2009 12:26pm
Interesting... So you didn't place your entry below the bottom of the PB but just below the close? I may be confused (my usual state!) but I thought the PB wasn't confirmed until price broke below the low of the bar? If I had entered using that criterion it would have been a loser for sure.
This sounds a bit like the 'advanced' school to me?
"Don't trade to trade . . . trade to win." - James16
- #29,308
- May 6, 2009 12:30pm May 6, 2009 12:30pm
Yes, It's very risky entry in the close, but trust me it's better wait for the break. Do demo and a backtest and you will see the lights.
Interesting... So you didn't place your entry below the bottom of the PB but just below the close? I may be confused (my usual state!) but I thought the PB wasn't confirmed until price broke below the low of the bar? If I had entered using that criterion it would have been a loser for sure.
This sounds a bit like the 'advanced' school to me?
What does not kill me makes me stronger. Friedrich Nietzsche,
- #29,309
- May 6, 2009 12:32pm May 6, 2009 12:32pm
Hi everyone!
Many many thanks to all of you guys for your replies.
You realy made me feel better and well. I ll definately try James16 thread. As you all said I ll start from the 1st post. To be honest I don't like higher timeframes and the highest I ever used were Daily and this periodicaly just to check S&R. I never thought I would need to check weekly charts!
I ll start demo trading and maybe later real trading with microlots just for more realistic results.
Also since I m new to this thread, who is James16? Is there a website I can find him? if thats against the forum rules then someone please send me a PM.
Many many thanks to all of you guys for your replies.
You realy made me feel better and well. I ll definately try James16 thread. As you all said I ll start from the 1st post. To be honest I don't like higher timeframes and the highest I ever used were Daily and this periodicaly just to check S&R. I never thought I would need to check weekly charts!I ll start demo trading and maybe later real trading with microlots just for more realistic results.
Also since I m new to this thread, who is James16? Is there a website I can find him? if thats against the forum rules then someone please send me a PM.
- #29,312
- May 6, 2009 12:36pm May 6, 2009 12:36pm
Hi everyone!
Many many thanks to all of you guys for your replies.
I ll start demo trading and maybe later real trading with microlots just for more realistic results.
Also since I m new to this thread, who is James16? Is there a website I can find...
When in doubt, sit on your hands...
- #29,316
- May 6, 2009 12:57pm May 6, 2009 12:57pm
- | Joined Mar 2007 | Status: Fundamentally Technical | 4,446 Posts
Hi Peter,
UC will get back to 1.25 before it moves down much lower. Many of my friends are worried here about losing careers or have lost jobs; no one's buying new cars and expensive goods. I have friends in really state, who haven't sold a house in months. Oil has reached its top (imho) and when it moves down it'll hurt loonie more. Just be patient and wait for a good PA and you'll be rewarded.
R
p.s.
I have a buy order @ 1.1695 ...
Rac, you're the man
Patience + Humility + Study = Success
- #29,317
- May 6, 2009 12:59pm May 6, 2009 12:59pm
Interesting... So you didn't place your entry below the bottom of the PB but just below the close? I may be confused (my usual state!) but I thought the PB wasn't confirmed until price broke below the low of the bar? If I had entered using that criterion it would have been a loser for sure.
This sounds a bit like the 'advanced' school to me?
This is good to highlight - we were both very aggressive on the AUDUSD short last night. Both profitable, but in well before the daily pin trigger point. My reasoning was simply that there was not much room until the prior weekly support. All things considered, it may not be the best mode to copy, but more to show how close we came to a negative trade, and that, if one is aggressive, one cannot be greedy (aka slaughtered)...i.e. one must have a well defined exit. As many say here, waiting for an ideal setup is preferred.
- #29,318
- May 6, 2009 1:09pm May 6, 2009 1:09pm
- | Joined Feb 2009 | Status: Price Stalker | 1,197 Posts
Economists have forecast 9 out of the last 5 recessions