lol,
Try tattoing a "P" across your chest...
Pip man on the move.
g
actually this is a great idea......... lol
after making the adjustment I'll be like James modifie avatar
I'll upload the new NACHO in a moment
james16 Chart Thread
- #40,921
- Aug 13, 2009 11:02am Aug 13, 2009 11:02am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
actually this is a great idea......... lol
after making the adjustment I'll be like James modifie avatar
I'll upload the new NACHO in a moment
- #40,922
- Aug 13, 2009 11:02am Aug 13, 2009 11:02am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #40,923
- Aug 13, 2009 11:08am Aug 13, 2009 11:08am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
is this the romanian version of superman?
or maybe I'm pointing out that "NACHO" can do it......to beat this pussy market
look at the gurus picture from this thread.....what is it telling you
- #40,924
- Edited 11:30am Aug 13, 2009 11:15am | Edited 11:30am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Haven't talked about the weekly pin on GBPUSD, so I was wondering where everyone was in it (to those that took it of course). I got stopped out for a whopping 12 pips today after being up over 200 at one point. Since I'm still trying to figure out the 'take profit' side of this, should I have moved my stop up even further to get more pips, or did I do the right thing in leaving it around B/E until the weekly bar closed? I couldn't even really use the two-bar stop method on this one, since there wasn't enough bars yet (on the daily). Should I have...
Step 1:
Enter 20 pips below the weekly Pin bar low (the red line on my chart) and watch for a "sustained break"
Step 2:
Take half off at "TP 1" marked on my chart. This would be around 230 pips,
move the SL -230 pips for the remaing half (blue line on my chart) so the worst you get is a BE on the trade.
Step 3:
Let it do it's thing.
***___***
Notice how you are bringing into play the yellow ppz (on my chart) and playing around a less than A+ setup (in terms of space concerns) in a nice well protected environment.
Just one way to have skinned this cat,
Again practice is what makes a man perfect.
Ghous.
I believe . . .
- #40,926
- Aug 13, 2009 11:25am Aug 13, 2009 11:25am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
actually this is a great idea......... lol
after making the adjustment I'll be like James modifie avatar
I'll upload the new NACHO in a moment
I believe . . .
- #40,927
- Aug 13, 2009 11:30am Aug 13, 2009 11:30am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
The NACHO Reloaded
If you look at my avatar you could see that NACHO has just make his first tattoo.
but this is enought for what he can endure for one day.
let's for now focusing on PA
If you look at my avatar you could see that NACHO has just make his first tattoo.
but this is enought for what he can endure for one day.
let's for now focusing on PA
- #40,928
- Aug 13, 2009 11:35am Aug 13, 2009 11:35am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
Here's one you could use.
you are so faster man
hey ghous yours is better and much in professional way has been done
I think I'll keep yours avatar if you don't boder
mine it was realized with paint b/c at the moment I don't have any other software to manipulate images (yesterday I just formatting my PC)
- #40,930
- Aug 13, 2009 12:04pm Aug 13, 2009 12:04pm
Haven't talked about the weekly pin on GBPUSD, so I was wondering where everyone was in it (to those that took it of course). I got stopped out for a whopping 12 pips today after being up over 200 at one point. Since I'm still trying to figure out the 'take profit' side of this, should I have moved my stop up even further to get more pips, or did I do the right thing in leaving it around B/E until the weekly bar closed? I couldn't even really use the two-bar stop method on this one, since there wasn't enough bars yet (on the daily). Should I have...
Hello Grover,
I think that was my riskiest trade this week. I took it mainly because of the location (under a major PPZ 1.7000, round number, fibs, divergence, etc). When I saw that weekly PB I decided to take it.
I am not sure if it's right thinking, but that PB was very small, so I have decided not to get too greedy and take my profit on my first target. On the weekly chart you can hardly understand what price is currently doing. To manage the trade I have zoomed into the 4H. I wanted to make sure of two things:
1. I am entering after price broke a minor PPZ and not getting into it. I want space for my trade to run. I have entered at 1.65660 which acted as a very strong resistance area in the past. I knew that if price breaks it, it would most likely act as resistance and enable me to have a small stop. If price will break that line and come back on me - I don't want to me in this trade anymore.
1. My exit. As you see, the 1.64500 (second orange line) acted as a pivot zone of the past consolidation area on 4H. It is very clear to see that pivot. That will be with no doubt the first trouble area. So I can or take full profit, or trail my stop and take some profit, or move stop to BE at least.
Based on my thought process I have decided to take full profit.
Reasons:
- we are in an uptrend. That trade was only a pullback market makes all the time.
- That pin bar had a very small nose.
200 pips is really nice. You need to protect it from the market hands once you got it. I got out 107 clean pips from that trade and I'm happy. I could enter earlier, but didn't feel good enough for me
http://img233.imageshack.us/img233/3205/tarde2r.jpg
I have noticed Mike uses his two bar stop method when he takes breakout trades or entering trades which go with the trend. What he is actually doing, is keeping the profit the market gives him, and leaves room for it to continue. He can do it because he is actually going with the trend. In this case we have just traded a pullback. That's the reason I say swing lows and highs are the best - you are entering a new trend. When you are trading a pullback, you must be careful and have tight stops.
another possibility is to use the two bar stop method but in a lower time frame. If you see the weekly pin bar, trail your stop every two daily or 4H bars.
Take note you must pay attention to SR areas when you trail your stop. All the idea is to "hide" behind a "barrier" that if it breaks, you do not want to be in the trade anymore. Use that method with common sense like everything else in this business. I believe Mike also doesn't follow this method blindly, but using his sharp common sense.
Hope that helps
Ben
PS - Mike, please correct me if I'm wrong about your exit method.
- #40,931
- Aug 13, 2009 12:06pm Aug 13, 2009 12:06pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #40,933
- Aug 13, 2009 12:37pm Aug 13, 2009 12:37pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #40,935
- Aug 13, 2009 12:51pm Aug 13, 2009 12:51pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
ghous,
Would you take a IPB so late in the day? Just wanted to check.
But that would be because of my inability to "look after" an intra day trade, (assuming "so late in the day" refers to the asian sessions which is night time here where I live) rather than any doubts regarding the validity of the setup.
Quite clearly a good setup doesn't know what time it is.
I believe . . .
- #40,937
- Aug 13, 2009 1:04pm Aug 13, 2009 1:04pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #40,939
- Aug 13, 2009 1:15pm Aug 13, 2009 1:15pm
- Joined Feb 2006 | Status: 'Try-hard' extraordinaire... | 2,151 Posts
Thanks Bundyraider,
Saw your PM read through it once but have not gone through it in detail which it truely deserves.
Will let you know if I have any questions
But GBPCHF have reversed on me. have not taken out my stop yet. The congestion area proofs to be the trouble area and it reversed around that area.
Is there anything else I am missing in my analysis of the entry and management?
You identified there was congestion there. Yet traded into it. Not sure if you seen it as a multi-level problem such as what I've drawn with the pink line (below), but you did see it and knew to manage it very carefully
Experience will show you later on to skip trades like that and be even more pickier , but all you can do now is remember that , ....and next time wait for better opportunities.
You really do have to WAIT A LOT. After posting that last response I was thinking that I should have mentioned that it's taking trades like that that keeps many inexperienced guys in a frustrating break-even trading loop. The trades are "OK" , but they are iffy enough to give frustrating little losses over time that stop you being consistently profitable. "OK" trades happen "a lot". You want to be trading sometimes ...not "A LOT" ....to be profitable in the long run anyway. Look for more excuses NOT to take a trade, as many say.
While your here ....Draw a horizontal line at 1.7850 like I have, then zoom out to the daily chart and have a look what happened around mid to late June at that level. ...And then a again at that level the past couple of weeks. It's definitely a level you would of had to watch out for and use.
...It's a level that's mixed up with another a little higher up (that's why the pink line is so multileveled and messy), so it's actually a zone, but you can see the effect of the zone anyway.
,B
Bundy's status today: "Waiting..."
- #40,940
- Aug 13, 2009 1:44pm Aug 13, 2009 1:44pm
Mainly the lesson on how picky you have to be...
You identified there was congestion there. Yet traded into it....
Though the daily to me was a mess of lows at different levels spanning from 1.800 down to I think 1.7600 where PPZs could be drawn
Lolz maybe I am drawing them incorrectly 
This is something I definately have to learn. Let go of inperfect trades that may be trading right into resistance. BUt sometimes, in all trades, if you try hard enough, it seems you will always find levels that may be trouble spots.
.........