ooooohhhhhhh Mikey.
I nearly made it in to NYC on my way up the coast.
My wife was saying call that cheeky bugger. Wait till the Dolphins play those bastards this year......
james16 Chart Thread
- #35,662
- Jul 1, 2009 1:00am Jul 1, 2009 1:00am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #35,663
- Jul 1, 2009 1:05am Jul 1, 2009 1:05am
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
- #35,664
- Jul 1, 2009 1:07am Jul 1, 2009 1:07am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
The initial break was not good at all. If you placed the entry 10 pips below the low of the BEOB (the buffer) you would have caught it nicely. One of the main reasons we use a buffer above/below our setup is for Price to prove or confirm that 1. the setup is vailid and 2. that a hard break is confirmed or tested. (Hourly Chart, Daily BEOB in green)
Wonder if it's headed back into ranging again like the past weeks..
Ghost Rider - WWTBMD?
- #35,666
- Jul 1, 2009 2:48am Jul 1, 2009 2:48am
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
My scale runs from A to D only
if you traded 4hr, I'd considered that an A+
daily setup sits on daily ppz and in the middle of a trading range. I'd give it a C...
If I was not already in, I'd waited for price to retrace to 6540/6580 area..
Soooo it would be a good test to me on whether I could pass on this daily setup, despite many on the thread posting their success earlier in the day from entering on 4hr... Because, of course, we don't want to miss out on our piece of the pie.
It's a nice perk to see some of the benefits to learning patience on daily for those months of demo, then live. But if you don't develop that patience, then you may take this trade off the daily, which is a much lower probability setup.
I'm not sure I'm getting my point across. Basically, just because we have a great setup on the 4hr does not mean that it is also a great setup 12 hours later on the daily chart.
Disclosure - I didn't take this on 4hr either because I felt the pinbar was simply a breakout and pullback. I was looking for an inside bar sitting on 1.66 to enter long... and that never happened. Good work to all that got it.
- #35,667
- Jul 1, 2009 3:02am Jul 1, 2009 3:02am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
This post resonates with me. It brings back the question "Would there have been a better place to enter?" Until this week, I wouldn't have been able to take this trade on the 4hr. So I would have been looking at the daily, which I don't consider a very good trade setup.
Soooo it would be a good test to me on whether I could pass on this daily setup, despite many on the thread posting their success earlier in the day from entering on 4hr... Because, of course, we don't want to miss out on our piece of the pie.
It's a nice perk to see some...
http://www.forexfactory.com/showpost...ostcount=35490
Ghost Rider - WWTBMD?
- #35,669
- Jul 1, 2009 3:07am Jul 1, 2009 3:07am
- Joined Jan 2008 | Status: Trader | 2,996 Posts
Looking to buy the the nzdusd
- #35,670
- Jul 1, 2009 3:20am Jul 1, 2009 3:20am
So don't feel bad because I'm used to the 4H & 1H and blew it BIG time!! LOL
http://www.forexfactory.com/showpost...ostcount=35490
This 4H bar had a ton of places it could have stopped. Swing highs soon after break. It ploughed right through them this time but what we're looking at is whether 100 of this type of trade would be profitable and in our plan.
Personally I saw a pinbar trading right back into a range. Could have easily given way to a breakout and retest before going long again. So by my trade criteria it was a pass. After I pass it doesn't bother me whether it was a profit or loss.
What can tend to happen, and believe me I have been there, is we see a few of these trades take off without us and then we think "wow I am not missing out next time", we take the next one and....well, you can guess the rest.
This was neither a good nor a bad pin to play. A+ for some B grade for others. And at the end of the day profitable is profitable. But the question to ask is "was this within my plan" because that can be the only vlid question we can ask ourselves.
Not directed at you specifically but a thought sparked off by your post. As someone who initially struggled with seeing trades take off without me this one took a while to get. Many many trades are going to take off without me. And many trades that I take will lose. But I don't judge my trade selection on whether it wins or loses (although if after 6 months I see the same setup performing again and again I might review). I judge my style in terms of consistency over many, many trades.
Great trade for anyone that did take it though....
- #35,672
- Jul 1, 2009 3:49am Jul 1, 2009 3:49am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Remember that just because a trade went into profit doesn't mean you blew it. Far from it.
And at the end of the day profitable is profitable. But the question to ask is "was this within my plan" because that can be the only vlid question we can ask ourselves.
You've just reminded me that my plan is sound because I'd rather not be in a winner, than be in a looser. Thank You!
Ghost Rider - WWTBMD?
- #35,673
- Jul 1, 2009 4:04am Jul 1, 2009 4:04am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
- #35,675
- Jul 1, 2009 4:52am Jul 1, 2009 4:52am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
Ghost Rider - WWTBMD?
- #35,677
- Jul 1, 2009 5:01am Jul 1, 2009 5:01am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
I know Mike passed on the GU for the same reason. I am curious, for those of you that took it, did the range that it was heading back into mean that you pushed your stops to BE early?
This 4H bar had a ton of places it could have stopped. Swing highs soon after break. It ploughed right through them this time but what we're looking at is whether 100 of this type of trade would be profitable and in our plan.
Personally I saw a pinbar trading right back into a range. Could have easily given way to a breakout and retest before going long again. So by my trade criteria it was a pass.
i only took a small bite on this PB short trade. i'm building up an account so i had very tight trail.stops on (which eventually got hit; 2 consecutive short trades).
we had a small discussion last night wherein i offered an alternative view about the H4 gbp$ PB here. i was not able to fully capitalize on my own analysis (which i know was plausible but i was honestly surprised "the market followed my script"), but i'm very happy to have made a decent analysis (thanks to this thread) & that some here, lurking or not (like kinsja) did benefit. (I'm not sure if kinsja did read my post or not).
Basically i consolidated my thoughts/analysis of gbp$ scenario then with what was discussed here at that time. I paid attention to 1.66 (mentioned by albchr) & waited if bullish PA would arise in that area. it did not, plus the fact that the H4 PB formed quickly (my false breakout theory in the above -mentioned post) --- these 2 things told me that there was downward momentum in that current move... hence i took a (late entry) short on gbp$ (& my subsequent 2nd "continuation"/momentum trade). [Note: i had to admit i also used volume analysis, at least my miniscule knowledge about it, lol; a debatable subject i'm not going into & expounding on in this thread]
I'm sure some here had let this gbp$ PB go, & some here are probably still in this trade. My take on this is, if u'll take time to examine PA closely (in this case H4 PB, i dropped down to H1 to see what's going on), u would be able to see if there's a probability of a downmove or not. dropping down at least 1 timeframe gave me additional info from which to decide on whether this PB coming back into a range is tradeable or not.
When Sir james16 mentioned in his June16 eurcad PB video that we can use the james16 method in a RANGING environment & trade well/successfully, i was a little shocked & got highly ecstatic. Sort of a revelation that.... here's a method we can use in ANY market condition. I believe yesterday's gbp$ H4 PB was in that category (Range) & several here were able to trade it successfully & hopefully many more learned from it.
- #35,678
- Jul 1, 2009 5:09am Jul 1, 2009 5:09am
- Joined Mar 2009 | Status: Trader | 25,480 Posts
When Sir james16 mentioned in his June16 eurcad PB video that we can use the james16 method in a RANGING environment & trade well/successfully,
This is precisely what I've done the past couple weeks. Paid off very nicely too...
That's what I'm learning (and love) about the J16 method. It really can be adapted to many market conditions and trading styles.
Ghost Rider - WWTBMD?
- #35,679
- Jul 1, 2009 5:16am Jul 1, 2009 5:16am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
albchr,
Yes Chris, i have you on my mind as 1 of those that have been trading well recently. i can literally imagine your face doing either of these: &/or 
LOL
I hope all of us here continue to learn as we (strive to) earn.
Yes Chris, i have you on my mind as 1 of those that have been trading well recently. i can literally imagine your face doing either of these:
&/or LOL
I hope all of us here continue to learn as we (strive to) earn.
- #35,680
- Jul 1, 2009 5:43am Jul 1, 2009 5:43am
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
boxingislife,
haha... it seems u are hanging around this thread quite well.
I hope u'll soon make your posts & share your thoughts.
haha... it seems u are hanging around this thread quite well.
I hope u'll soon make your posts & share your thoughts.