Joel ,Tia
You were right on this. I need to learn patience
You were right on this. I need to learn patience
james16 Chart Thread
- #41,602
- Aug 20, 2009 7:54am Aug 20, 2009 7:54am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Joel ,Tia
You were right on this. I need to learn patience
Wouldn't it just chap your a$$ if it went anyway
Trouble Maker mode: OFF
I'm pretty much done with all this ...
- #41,604
- Edited 8:25am Aug 20, 2009 8:03am | Edited 8:25am
Trouble Maker mode: ONWouldn't it just chap your a$$ if it went anyway
Trouble Maker mode: OFF
Seriously though, it's a good point. We can't judge the viability of a trade setup by whether it worked out or not. Sounds mad doesn't it? But think of it this way. When we enter the market it can only go one of two ways. Up or down. So sometimes we'll make bonehead moves and be right.
Those are very dangerous times.
We want an edge that can be measured across a hundred trades. I always ask myself "if I took this setup a hundred times would I end up profitable". Getting to a place where you don't judge the success of your trades by whether they are profitable is trading maturity.
For example, I've been guilty of seeing a setup posted on a forum by a guy I look up to and entering on it. Sometimes they go to the moon. Are they within my rules? Not even close. Those are failed trades to me. Once when I did that, the trade made 5R. Still a failed trade. Why? Because I broke my rules and was led around by my nose by a forum post.
My view of what's a moronic trade has changed. And it has very little to do with whether they win or lose.
- #41,606
- Aug 20, 2009 8:09am Aug 20, 2009 8:09am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Anyone else think this is on?
You can be helped better if we hear your thoughts and why you'd take the trade.
(Then MBQB11 will find 50 reasons not too...
)
I'm pretty much done with all this ...
- #41,607
- Aug 20, 2009 8:10am Aug 20, 2009 8:10am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
lol.....quiet in the back there.
Seriously though, it's a good point. We can't judge the viability of a trade setup by whether it worked out or not. Sounds mad doesn't it? But think of it this way. When we enter the market it can only go one of two ways. Up or down. So sometimes we'll make bonehead moves and be right.
Those are very dangerous times.
We want an edge that can be measured across a hundred trades. I always ask myself "if I took this setup a hundred times would I end up profitable". Getting to a place where you don't judge...
I'm pretty much done with all this ...
- #41,609
- Aug 20, 2009 8:27am Aug 20, 2009 8:27am
What do YOU think.
You can be helped better if we hear your thoughts and why you'd take the trade.
(Then MBQB11 will find 50 reasons not too...
yeah nervous now! Ok - swing low and major historical ppz and with the daliy trend
good shape pin in terms of longish nose but I accept that the positioning of it is't perfect at the body is almost the same size as the previous bar!
1st trouble at 0.9880 2nd at1.009 3rd at 1.03
I like the levels but I would probably like to see a better defined bar (stronger PA) which is why I am trying to get feedback on whether I am looking trades that aren't there!!
- #41,611
- Aug 20, 2009 8:55am Aug 20, 2009 8:55am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I'm pretty much done with all this ...
- #41,612
- Aug 20, 2009 9:02am Aug 20, 2009 9:02am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi Guys,
Just wondering if this is a good trade.
I think not, cause there seems to be some conflict btw Daily & Weekly.
Daily Pin bar + 50% ret. Looked like PPZ there too.
Stochastic oversold too.
However, weekly had that huge ass engulfing.
My thoughts were that since weekly was saying "down" chances are that the tide would be pushing downward.
Hence, Daily Pin... not so good.
Comments please! Noob here
Daily on left. Weekly on right.
CADJPY; Daily (left); Weekly (right)
We want our pin bars to protrude away from the vicinity of PA, meaning they need to stand out from the charts and not be tucked up amongst the bars next to it.
So location was a concern,
Furthermore, look what the pin bar was headed straight into? Yes you guessed it. A distinct ppz.
A quick break would have given the setup more weight, but clearly the pin bar high and the other high that lined up with it proved to be a major hurdle given that they were right on a responsive ppz.
Wouldn't rate that as even a B setup...
Ghous.
I believe . . .
- #41,613
- Aug 20, 2009 9:13am Aug 20, 2009 9:13am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ok - swing low and major historical ppz and with the daliy trend
good shape pin in terms of longish nose but I accept that the positioning of it is't perfect at the body is almost the same size as the previous bar!
1st trouble at 0.9880 2nd at1.009 3rd at 1.03
I like the levels but I would probably like to see a better defined bar (stronger PA) which is why I am trying to get feedback on whether I am looking trades that aren't there!!
You would know yourself that this one doesn't come anywhere close to those trades, and that realization is so very important,
Enough said...
I believe . . .
- #41,614
- Aug 20, 2009 9:14am Aug 20, 2009 9:14am
You've nailed quite a few good trades recently Salisa,
You would know yourself that this one doesn't come anywhere close to those trades, and that realization is so very important,
Enough said...
- #41,615
- Aug 20, 2009 9:18am Aug 20, 2009 9:18am
I hope you people can help me out here. I agree that that charts you posted make it look simple BUT I couldn't get up the courage to enter the cable trade due to the traffic on the left (see my blue highlighted area). I thought that the last pb would've had to get way past this area to give a decent R:R. Sadly, this is the way of most of my potential trades. I find it all too easy to find reasons not to trade. Sure, it protects my account, but I miss out on a hell of a lot. In hindsight, I should've entered this trade. What would the pros on here...
Hi TotalNewbie,
Just to let you know that I too passed on this trade... Reason why - it's far from an A trade in my opinion. Sure these trades will work out sometimes and completely ignore a significant PPZ, but hey, thats why the market cannot be predicted 100% of the time.
Believe me when I say I passed on this trade for a reason. I've taken far too many failed B-C trades in my time just like this one trading directly into PPZ's... I've lost far too much money on them to even bother contemplating risking anymore on trades like that. To me it just doesn't seem worth it knowing that you are trading into an area where you fully expect price to turn.
Regret is one of the drawbacks of trading everyone has to deal with. It just gets easier and easier when you can look back on the money you lost taking trades like this in the past!
Anyway one last thing because I'm guessing that you don't feel you're getting enough A trades and your clicking finger is getting itchy... I suffer from the same problem
When I see an opportunity like this I know I have 3 options..
1) Wait until price cuts through the pivot zone (in this case 1.65) before placing my sell stop. (I do this rarely)
2) Wait until price cuts through the pivot zone, then move down to a lower timeframe to see if price retests it.. If you get solid price action then take the trade short. (I do this more often)
3) Check other crosses. (I do this all the time)
If you look you'll see that GBP/CHF and GBP/JPY both had similar pins forming at the same time. I personally took G/J because it looked like a much better trade to me.. Yellow line shows exit, See chart.
Hope this helps.
Mark.
Time for a new chapter
- #41,616
- Aug 20, 2009 9:23am Aug 20, 2009 9:23am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Thanks folks - you wait for long enough and you start to see things!!
And that can happen if you're too "involved".
Being out is just as important as being in and is an essential element in your trading...
Just sit back, know your trades and cherry pick them as they come along...it doesn't get any simpler than this...for the person in the right frame of mind.
You've done it in the past Bro, it's one of those times where you need to shake your head and get back on track.
Ghous.
I believe . . .
- #41,619
- Aug 20, 2009 9:58am Aug 20, 2009 9:58am
Hi Cyrus,
We want our pin bars to protrude away from the vicinity of PA, meaning they need to stand out from the charts and not be tucked up amongst the bars next to it.
So location was a concern,
Furthermore, look what the pin bar was headed straight into? Yes you guessed it. A distinct ppz.
A quick break would have given the setup more weight, but clearly the pin bar high and the other high that lined up with it proved to be a major hurdle given that they were right on a responsive ppz.
Wouldn't rate that as even a B setup...
Ghous....
Somehow.... it didn't "look" right to me.... but i just couldn't find the words for it.
In other words, the pin should be located in a place where there is sufficient room to run before encountering a PPZ.
Thanks! =)
One Mind, Any Market
- #41,620
- Edited 10:49am Aug 20, 2009 10:33am | Edited 10:49am
- Joined Jul 2007 | Status: Screw Long Term 5min For Life! | 1,259 Posts
I love your stuff Ryan. Always have. Good to see you here again.
You mentioned spending years not understanding why you were losing. I quote that often to people as an example of the level of perseverance it takes to get profitable. When you finally got profitable and looked up, what were the reasons you were losing over those five years? And what changed?
I've read your post history twice and I don't think it's something you've ever written about. It'd be a great insight into a winner's psychology.
It goes back to the 1st 2 people I had as montors, they got a nice run up 1997 - 2000, the other one could trade great just not his own money
Mentor #1 took 64k and made over 8 million, Derick Lenord watch a wade cook video he's on it making 145k in one day off dell options, well he was in the right place at the right time and now is broke and in jail. I posted the deal before.
Mentor #2 Showed me a lot of price action such as Wave's Fib's and a setup called the Gartley 222 butterfly that was very nice. He is still great at TA just can not trade his own money and runs a hedge fund, He pointed me to Mentor #3
Mentor #3 Smartest person I have ever talked with, very down to earth and no BS, showed me what to do and even walked me through it on the phone and I still lost lol, He told me "Ryan you will know if you can trade or not in 6 months, some people just never can" He is correct about that too but after about 6 months I was winning and winning a lot I would say 75% or bette but not making any money that's when I really got pissed off. How the hell can I win most of the day and still end up damn broke!!! Well it was my MM and RR that was crap, once I fixed that my stress went away and the money started stacking up. Funny thing is when I called him about 6 months after the year he spent teaching me I told him "You know I was winning and still losing money but I started understaing this RR stuff and now I am doing okay" He just laughed and told me "You had to get that down on your own
" We are still good friends and I chat with him every week or too and he still trades the 3min S&P e-mini.
Keep taking CT trades, I need more money