james16 Chart Thread
Long USD (Two Positions) @ 1.1445. Take Profit#1 @ 1.1470 and Take Profit #2 @ 1.1536. Reasons for long here are 1. Pin at swing low--2. Pin formed off support @1.1373 and major fib level.--3. Divergence on this four hr chart and daily--4. Room to run north for profit with sane R/R.
I will move second position to BE as soon as I take profit on first.
K.I.S.S.
This trade never happened for me as it breached the nose of the pin early this morning and the trade was canceled. My observation now is that the 1.1373 support area has held it's ground and I will now be looking for short opportunities on this pair. One final observation here. If this trade would have executed for me, notice that the latest 4 hr bar bounce off the 4hr bar low from 05.11.2009. This is why my forst TP was plotted there @ 1.1470.
K.I.S.S.
Thanks for the words of encouragement Mike, always means alot. But I am just seeing things differently as I learn each day.
Also I know you hear this alot but: HOW BOUT THEM YANKEES! I was there on Monday and Tuesday, great games. My friend even got on the Modells Trivia lolol
Bundyraider, thanks so much for your post on the formations behind the pins. As a newbie learner, I'm definitely going to brush up my formation knowledge and take a look at the "behind the pins" action. Thanks so much for sharing
Mike, I'm also interested in hearing why you have a 60% win rate, is it because you don't move stops to BE, waiting for the big move? In terms of moving stops, I've found that I prefer to either catch a move or get stopped. So often price retraces beyond the BE point and then moves on. Of course, I'm still...
The best thing I've read related win loss % etc is Chapter 6 Understanding Expectancy and Other Keys to Trading Success in Trade your way to Financial Freedom by Van K Tharp. He has an analogy with a snowball fight and trading related to expectancy and money management that is very good. A must read for a new traders. In fact I think the holy grail is a positive expectant system and money management.
5:1 on a 60% win rate would be absolutely phenomenal. At a 60% win rate your trades could go 1:1 and you would still make good money. You don't need 5:1 and beyond on a 60% winrate or even close.
To be honest I don't think most people really understand their methods or win/rate and R:R on the long run of a system.
Mike
Plus the comps lol
My brother is VERY happy with a 1% edge, do the math.
Playing 80k a hour through a machine, about 1200 hands a hour that 1% sure adds up
5:1 on a 60% win rate would be absolutely phenomenal. At a 60% win rate your trades could go 1:1 and you would still make good money. You don't need 5:1 and beyond on a 60% winrate or even close.
To be honest I don't think most people really understand their methods or win/rate and R:R on the long run of a system.
Mike
My brother is VERY happy with a 1% edge, do the math.
Playing 80k a hour through a machine, about 1200 hands a hour that 1% sure adds up
when we going out to vegas on your brothers tab
Guys, to see what can be achieved with the above parameters, enter 1 into the 1st (top) window, and 0.6 into the second
http://www.hquotes.com/tradehard/simulator.html
Then you'll realise why RR1:5 with 60% win rate is not needed.
hey bro,
he was just asking a question which is fine in my thread.
