Thanks again your posts always give us newbies a serious insight to trading!
Tom
james16 Chart Thread
- #39,261
- Jul 29, 2009 9:17am Jul 29, 2009 9:17am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #39,262
- Jul 29, 2009 9:27am Jul 29, 2009 9:27am
Tom, no way you can consider yourself a newbie. In fact what you did many more "experienced" traders are not pulling off.
2 months trading (7weeks J16 - 18% acct drawdown in first week alone before finding this thread... up 4% now including recouping the initail drawdown!!)
oh and £200 acct...
definently newbie...
Thanks tho!!!
Tom
- #39,264
- Jul 29, 2009 9:39am Jul 29, 2009 9:39am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
BUOBs and BEOBs at confluence.
I put this down the main reason as being countertrend here as the reason why it failed, when your trading 1HR you have to be certain of super strong levels especially countertrend, you will get way more pinbars like this that fail out.
Shit happens and losses happen though, I trade hourlies and always am at 1:1 and my win rate lately hovers around 68-72%. So I mean losses happen, I am never concerned about pinbars failing or stuff failing once I have my rules. I am more concerned about staying disciplined...
Okay that's what I was thinking too but wanted to see it. Yep it's easy stuff and it's funny to see ppl thinking 20+% a month is not real lol. Maybe not for them but most people are wrong in the market anyway.
Keep taking CT trades, I need more money
- #39,266
- Jul 29, 2009 9:57am Jul 29, 2009 9:57am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi ya Everyone..
just wanted to get some input to see if i'm starting to get the jist of this..
weekly chart- now bouncing off strong resistance 1.0750.. looking for a reversal..
daily chart- reversal bar..bouncing off strong weekly support..MACD divergence..next resistance 1.10..
cheers..
Adrian
Your analysis is fine, but I would just be careful that bar is not a traditional reversal bar(j16 style). We would call in a neutral bar here. This is definitely a prime area to look for a trade, but I think waiting for more clear signals is the better plan
Best
Mike
- #39,267
- Jul 29, 2009 9:59am Jul 29, 2009 9:59am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Kissing the next major support zone,
Through this and 1.4's next...
Ghous.
Also at the bottom of the daily consolidation. UsdChf
Which is at the top of the daily consolidation, with some bearish divergence.
I think your on to something ghous.
Daily BEOB on the Euro and Daliy BUOB on the Swissy. Both with some divergence, Fib confluence and round numbers.
Its nice have a 4 hour bearish PB confirming into a Daily BEOB on the Euro.
Indicators show the past. Price Action "Indicates" the future.
- #39,268
- Jul 29, 2009 10:03am Jul 29, 2009 10:03am
Hey Adrian
Your analysis is fine, but I would just be careful that bar is not a traditional reversal bar(j16 style). We would call in a neutral bar here. This is definitely a prime area to look for a trade, but I think waiting for more clear signals is the better plan
Best
Mike
I took me £55 profit and ran after reading that!!
I'll get there one day!!
Adrian
- #39,269
- Jul 29, 2009 10:16am Jul 29, 2009 10:16am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
just to show what i mean by developing as a trader..
I am horrible at holding positions long term but I am trying to change that.
I do scalp.
I hate going negative..
but as a learning process I am demoing some trades. I will show you one.
Its not important to me weather this trade works or not but it is a lesson in sticking with the original plan till pa tells me otherwise.
I entered on the break of first pin & I thought this was a good area so wanted to give it some time.
It went to 1st supp as you would expect & this is where i normally...
good push down today.
1st target reached.
next area is 84 then 82.
Very nice jeff.
Just wanted to highlight more on the strength of the 87.00ish level. Its a very heavy confluenced level. PPZ level, 61.8, RD, 150 ema, with the down trend . . . wow, anything else?
Indicators show the past. Price Action "Indicates" the future.
- #39,270
- Edited 10:54am Jul 29, 2009 10:24am | Edited 10:54am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Wow... How can you do this?
There are so many possible PPZ obstacles in the middle. How did you break them all???
Also, the pinbar you used, also have the nose outside the left eye a bit.. haha!
How did you make them allow you taking profit???
haha... you must teach me all these..
By devising a plan and sticking to it.
A nice pin bar (maybe not by the pip but if you know this stuff well you would know it was tradable) which was headed into a traffic zone with lot's of minor ppzs...
Took some profit earlier on and moved my SL quickly to BE when the trade was at +35, leaving price to do what it wants in a space which would not allow it to hurt me in anyway.
Another day price would have bounced off any of those red lines you mentioned Kk and would have got me out, but it's sweet to have days when price busts through a traffic zone with authority and never looks back.
Sometimes you just need to let price do what it wants to in a strong escape proof caging with MM wiring....
....because again entry and exit can never play a role as important as your money management and individual psychology lining up with your personal inclinations.
Ghous.
I believe . . .
- #39,271
- Jul 29, 2009 10:32am Jul 29, 2009 10:32am
Very nice jeff.
Just wanted to highlight more on the strength of the 87.00ish level. Its a very heavy confluenced level. PPZ level, 61.8, RD, 150 ema, with the down trend . . . wow, anything else?
absloutely.. Its these reasons I realy want to ride this down..
wife has just be online shopping again....
- #39,272
- Jul 29, 2009 10:36am Jul 29, 2009 10:36am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
absloutely.. Its these reasons I realy want to ride this down..
wife has just be online shopping again....
- #39,273
- Jul 29, 2009 10:45am Jul 29, 2009 10:45am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
This is public service - be very careful, you could end up like this:
Inserted Video
Management Games : Any of the Sims, Railroads, Roller Coaster Tycoon 3 (A lot lately) Civilisations, Football manager 2009 is prob my fav. Any game that can be paused before bars close = great for trading.
I used to play left4dead and teamfortress2 but it's hard to concentrate on trading when your in the middle of capping the flag. What would happen is I would wake up at 6AM, it would be a S U P E R S L O W London open and then I'd nearly forget about the charts lol.
I'm pretty much done with all this ...
- #39,274
- Jul 29, 2009 10:48am Jul 29, 2009 10:48am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
This is public service - be very careful, you could end up like this:
- #39,275
- Jul 29, 2009 10:49am Jul 29, 2009 10:49am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I knew you were on to something ghous.
Daily BEOB on the Euro and Daliy BUOB on the Swissy. Both with some divergence, Fib confluence and round numbers.
Its nice have a 4 hour bearish PB confirming into a Daily BEOB on the Euro.
.
I believe . . .
- #39,276
- Jul 29, 2009 10:51am Jul 29, 2009 10:51am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
This is public service - be very careful, you could end up like this:
http://www.youtube.com/watch?v=-jBKKV2V8eU
(effaced an emoticon from Sto's post to accommodate 5 laughing A$$es.)
Jeez...
I believe . . .
This is public service - be very careful, you could end up like this:
http://www.youtube.com/watch?v=-jBKKV2V8eU
Hilarious..
- #39,279
- Jul 29, 2009 10:59am Jul 29, 2009 10:59am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hey guys,
Just want to update on my demo on dallies....
Your progress doesn't need a separate post to be highlighted.
Kindly refrain from posting unnecessary stuff.
Ghous.
I believe . . .
- #39,280
- Jul 29, 2009 11:34am Jul 29, 2009 11:34am
Great going Tac,
Your progress doesn't need a separate post to be highlighted.
Kindly refrain from posting unnecessary stuff.
Ghous.
Im hoping there is a setup tonight that I can put on and let it run for 2 weeks, come back from holiday and......
I hear and I forget. I see and I remember. I do and I understand.