james16 Chart Thread

...or is the wizard just trying to throw a little humour onto the thread? Youre still my hero whatever the case, keep going you make me smile and where are your charts today! Yours truly, Raz

Seeking, Mike,

Thanks for your replies. My post, whilst completely truthful was slightly tongue in cheek. People in life always tell me they never know when I am being serious - I guess it's my defence mechanism.

Seeking, your post was very helpful and I read it carefully. I know that the root of my problems lies in certain fundamental "issues" that I have.

I first got into trading at the height of the dot com boom. My sister, who I have always looked up to, was investing in shares and they were performing well. My sister was always the sensible type - she worked hard for her money. I was twenty years old and I knew nothing about the stock market but that it was going up and people were profiting. I guess from that point on I thought, this is how you get rich.

I lost my father when I was three years old and my mother has suffered from severe depression my whole life. Both my sisters had moved out at the time and looking back now, I think I just subconsciously felt that while they were happy in what they did, they weren't a success. One went to college. The other went straight into work. They earned an average income. But I wanted to be a success. I felt like my dad was gone and now I was head of the family and I had to make my mother proud. I had to go to a good university and get a good job. But I never had it in me. Looking back on my life I think I can say that I never really tried because I was always afraid of failing. In every area of my life where I could have made something of myself, I always let it go. And as you described, Seeking, I always put a "hard to meet condition" before my personal goals thereby excusing myself for not being able to accomplish them at the time.

Anyway, my first attempts at trading just lost me money. But I wanted to be a success so much I lied to everyone I loved, telling them that I was making money when infact I wasn't. Getting everyone's hopes up when infact all I was doing was losing more and more and being forced to realise that while I acted confident on the outside, inside I knew I was a complete failure.

Several years on, when I started reading and learning more about trading and really studying the charts I made the transition to trading not for the simple reason of making money and being rich but for a less material success. Suddenly, I didn't care about the money anymore - I just wanted to be right. To succeed at something. To be important. To command respect.

Later on, even this changed. The more I read, the more I wanted to be like the men I admired so much. Suddenly I had no respect for anyone that worked in a 9-5 - working to get someone else rich: the very essence of capitalism. I respected traders. Because to me, trading represents an inner battle played out against fellow men. The battle to control one's actions and emotions, to demonstrate versatility, to accept defeat graciously and to punish weakness unforgivingly. To improve and learn and to understand that process will never stop. To put 100% on the line and to be prepared to fail 99%. To be the best you can be and to be rewarded. I wanted to live and die by the sword. So I came to love the game.

But that is just what it was to everyone else. A game. A big casino. In the time it had taken me to lose thousands, I had seen the successes both my sisters long term boyfriends had made of their lives. I had seen one go from a penniless but hard working student to a high earning doctor. The other had gone from being unable to speak English and unable to even get a menial job in the UK to chancing upon a junior position at one of the worlds largest software companies and working himself into a position of real power and authority with a wage to match. In a sense, he was dealt a hand and played that hand to its full.

And where was I? Would I ever be like them? I am 27 - I have no money and a massive amount of debt. I have a terrible credit rating. No mortgage. Not even a deposit for a house.

But there it was - that last bastion. Trading - the last real rags to riches story. The ability to go from nothing to everything just by using your skill.

I know now that I wasn't ready to go full time at this. But the reason I left my job was not because I was overtly confident - it was because I am overtly impatient. I just could not go into the city and sit there day after day doing a job I hated.

I felt it was time to show everyone that I could do something. And whether I failed or not, I was doing the one thing I had never been able to do before: taking action. I left my job with just under £1,000. The rest is history. I lost it. Borrowed the same again. Lost that. My mother wants me to be happy so much that she would lend me ten times that in an instant. But I can't take it, knowing that I will let us both down.

Somewhere along the line I have lost sight of why I am trading. I started out to make money, then I found the love of trading and now I am trying to make someone proud and prove myself - to fill a bigger pair of shoes than mine.

The truth of this is that I want so much to be a success but I am scared stiff of being a failure.

wow..hmm hope u can achieve what u want. all the best.remember to have fun.who know someday u'll replace Merlin as funky wiz

Hello all and especially Jim,
Just started reading this thread a couple of days ago. Now up to page 71 - phew.

I've read these setups time and time again but not sure it's sunk in yet. There seems to be two options for entering the pin setup - either on a break or retracement depending on one's risk tollerance conservative/agressive.

My question is: Based on the chart below captured just minutes ago on a 4hr chart, am I too late for a short entry? and did I even get the setup correct?

Thanks

http://avifine.com/images/GBP240.bmp

my chart doesnt look anythng like yours I have no pin setup on 4hr, anyone else see it? I am actually waiting to see if there is a HUGE bounce off daily pivot and a close giving us a wicked pin on cable, eur and maybe aussie...well time will tell good luck!

Heya CR
That's okay, it's a 4h PB and it's at a swing high. You woulda entered as we moved below the low of that bar. So far we moved out around 35 pips and are now making a counterpin on 1h, but haven't activated that yet.

Quite frankly today is a bit jazzy...

Anyway. You could aim for around 1.9900 in this example, where a couple of 4h highs are at. Or 1.9830ish, the top before we broke out.
Or simply trail a stop behind each bar that descends down.

Currently the question most likely is whether you'd just have been stopped for 0 already anyhow, since price jumped back in the pins face so ferociously just now and some folks like to move up stops pretty soon.

Either way, yea, it was a setup and yea at a good spot and worth a shot.
Daily might just end up as a mini-PB or doji as well unless we get a booster back up. Right now I don't trust anything...that rumble was a bit too much for my ole nerves..

Hi Calulated risk, yeah I've got the same 4HR pin on my setup; often valid pins occur at the end of trends and signal the start of a new trend. Best to check what the price action is doing on higher time frames.

Speaking of which, I've been trying to post a chart two days now....let's try again...


Hm, nope, still getting

gbpusd_170407_weekly_buob.gif:
Upload of file failed.

Hi all,
Just wanted to share a newbie experience, been trading forex for a little over a year now, blew my first account ($5000) . Now my second is down from $28000 to $5,126. Tried most of the crap in the market spent almost $6000 on crap that I can see it's results in my bleeding account.
I vowed not to try any more trash, but heard about price action from a very successful trader, searched online and ran into your extremely valuable thread. Since 3 weeks I am reading it every single day, reached page 132, with James and people like Habeeb, Mike, Wizard, seekinglight and many others are now like a close friends, I try to guess how are they going to reply to questions before reading their reply.
I'd like to thank you all, and to share my first live trade with no worries, for the first time I place a trade and leave the pc and feel relaxed and confident. I entered as James like, on the break of the pin @118.55 now +30 pips.

Sorry guys it's the USD/ JPY 4 hrs chart, just failed to upload it many times.

Hey Seeking Light, Razldzl, and Trumpcard,
Thanks for your input.

I too was having difficulty loading a chart using the insert attachment feature. I gues it's something to do witht the recent trgan bugs FF have been experiencing.

Solution:
If you have your own website put the image in a folder there and use the insert image icon to load the image from your http:// address.

alternatively, if you have yahoo account etc the should be a file where you can store images online. put your image there and do the same as described above for a personal website.

Happy Pipin

Hey 2mas

Thanks for sharing your story, very similar to mine actually, price action is the way to fly, stick with it!!

Look forward to seeing you posting more

all the best
Dingo

Hey Wiz

Thanks for the most honest post you made, you seem to be acutely aware of yourself which is a good thing.

I dont have much advice for you as I am not one of the big players here but just wanted to encourage you to stick with it, you seem like a great guy and i know a lot of ppl here want to see you succeed.

keep up your great posts and keep your head up

dingo

Nice daily pin forming off of 50% retracement on U/J. Couldn't upload for some reason.

Looks like a few daily "pins" are forming but will need to wait and see then try to pick the best ones. lol

Rick

New day has started on my charts anyways, (interbank) Here are the daily pins that I was talking about in my other post, remember I am new to this so these may not be correct.
usd/jpy,(also is on the 150 ma)
eur/jpy
gbp/jpy
eur/chf
aud/jpy
aud/usd (iffy)

Good/bad?

Let me know
Thanks
Rick

rick,
you're spot on!
good calls.
i went through the charts last night and found so many good setups.
but i'd had a few beers and decided to stop being unsociable and go and see the gf.
come back this morning and many of them have triggered and all i see is missed opportunities to make lots of pips...
still, it gives you a real confidence boost when you see that what you thought would happen, actually does!
tom

Hey razldazl,
thanks a lot, hope you made good pips from those pins, especially the GBP/JPY move, went long from 235.60 and kept reading Seekinglisght's posts about "Why It Pays To Hold Trades "till it hit my target at 238.10. Thanks seek

Hey 2mas,

no problem, glad to see it rang home! Way to go on that long!
If you hit the big $1M before me, can I come ride the Yacht with you?

Keep it up & take care out there,

SeekingLight

hey 2mas,
great work! I got stopped with 20 pips as I put a 50 trail on it, the thing is gbpjpy really needs a very big sl most of the time, not sure how to get around that. Seeking a question for you if youre reading this, for example last night we had a nice pin on the gbpjpy daily confirming the 4hr trade, wouldnt you take that as a signal to stick with it or would you exit as you (if you had) originally planned...anyway again great work 2mas. I am currently long jappy on the daily pin it was in a fabulous position off the 200 ema, daily pivot, two fib confluences...so if it doesnt work I am going to COMPLAIN to the management lol just kidding of course...have a great day everyone