you make it look so easy benji. I always just find someway to over analyse and muddle myself up
Mike
james16 Chart Thread
- #42,342
- Aug 27, 2009 9:50am Aug 27, 2009 9:50am
Hi Joel,
Sorry what signal did you skip on this one? Is it the BUOB?
[quote=joelcf;2997801]This might have to be my new favourite quote.
True, but I am also a massive nit when it comes to this stuff. Still somewhere in the concious incompetance stage of things - im a dumbass at it, but at least i realise it now - so I dont trust myself to take anything less than the A+++ trades
I skipped this one, for instance.
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Sorry what signal did you skip on this one? Is it the BUOB?
[quote=joelcf;2997801]This might have to be my new favourite quote.
True, but I am also a massive nit when it comes to this stuff. Still somewhere in the concious incompetance stage of things - im a dumbass at it, but at least i realise it now - so I dont trust myself to take anything less than the A+++ trades
I skipped this one, for instance.
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- #42,343
- Aug 27, 2009 9:52am Aug 27, 2009 9:52am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
As Mike would say -
"Pure Money Make"
Do I really have all these horrible catch phrases? I am going to have to watch it.
- #42,344
- Aug 27, 2009 9:57am Aug 27, 2009 9:57am
Yours are good thoughts and I seriously agree with them, BUT there's another point.
You miss the base principle of levels tested in the past (supports and resistances or ppz if you prefer) which not always match with big round numbers (don't forget that 1.03, 96 etc. are still round numbers, and they are very strong, see charts above).
If they do it's ok, easier life, but if they don't you have to pay attention, because you could incurr in a loss (see USDJPY example in my post above).
Again, my 0.2c
Have a nice day.
Yea, that's right.
No one is wrong, just different styles.
I didn't not say that I do not pay attention to them. To quote myself, I have said that most of the time I do not base my entries only on pure PPZ levels. I said I do pay attention to them when I manage my trades, so basically I can't take a loss by not trading off them, right?
Just to clarify, when I say round numbers, I pay most attention to them on lower time frames. Lets say 4H and lower, and I have a reason for that.
The lower time frame bars contain much less data than the daily and weekly bars. They can be many different reasons for a 1H bar to close as a pin bar, but it won't have the same meaning of a daily pin bar. That is because the lower time frame bars are much more effected by the marked "noise", like news, SL, TP orders, etc. You need some thing to support these bars.
On daily and weekly I am not so concerned about these numbers...also not on breakout trades. That is simply because in these situations I have other factors that support my trade.
Have a nice day as well
Ben
- #42,345
- Aug 27, 2009 9:57am Aug 27, 2009 9:57am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike,
Just wanted to say Thank you
I went back to see your video that you created: PinbarIntroduction.wmv
(err I remember that was you right? lolz)
and finally had a clear idea of the location I am looking.
Thank you
it will be great to meet my 10 - 20% target per month.
Cheers.
Great location + Super PPZ at a big whole number and a PA is good enough for me to take the trade hehe
You are quite welcome, and I am happy you are having some lights click on. There will be many more along the way. Just focus on learning to trade, demoing and being discipline/patient. But that last line about 10-20% target scares the crap out of me(to be completely honest). One of the WORST things new traders learning to be profitable can do is set these goals. Especially these very high goals. There are many posts in here about what is realistic vs what isn't. Every trader, different results for sure. My focus of this post is, don't think about the WHAT COULD BE'S. Focus on ONE thing only. Becoming profitable. Picking good trades. The profits WILL take care of themselves.
Again glad to see you are making progress, makes me happy, truly.
Best
Mike
- #42,346
- Aug 27, 2009 9:58am Aug 27, 2009 9:58am
Oh, one more thing!
When it comes soccer it's got to be Everton, Aberdeen and Boca Juniors of course!
When it comes to NFL it has to be Miami Dolphins I'm afraid. Dan Marino and Mark Duper and all that!
And for the Aussie version of the code it's got to be Adelaide Crows. That's my buddies team so he got me into them when I lived there for a bit.
Cheers
especially after losing 6-1 on the opening day of the season.
liverpool all the way!!!
- #42,347
- Edited 10:43am Aug 27, 2009 10:05am | Edited 10:43am
You miss the base principle of levels tested in the past (supports and resistances or ppz if you prefer) which not always match with big round numbers (don't forget that 1.03, 96 etc. are still round numbers, and they are very strong, see charts above).
I think another thing people miss is that many of the transactions we are talking arent one way. And so round numbers arent always obvious...
I'll tell it in story form, since Sto was a jerk about my art skills
I'm an aussie selling my pale ale to americans, cause yall make rubbish beer (except Kona Breweries!). All my costs are in AUD, so I clearly dont want your silly paper money, I want aussie dollars. I call the bank, say I want the nearby exchange rate of, say, 85 US cents on the dollar, so I can manage my costs. The bank says 'peice of cake, you can buy AUD for your USD at 0.8500. Big number, shows up as a bigass PPZ at the .8500 round number on the AUDUSD chart.
Now let's say i am an importer. I buy $100m worth of US plutonium. Mr Burns pays for the parts, material and labour in his plant in USD, so doesnt want silly kangaroo money. So he calls the bank, and says he want to lock in the future exchange rate at A$1.30 for each US dollar. Big round number, 1.3000, right? Obvious on a chart of USDAUD, but that isnt the instrument we trade.
What's the rate that will show up on your AUDUSD chart as a big fat PPZ, stopping you out every time?
This is dead simple, once you think about it. i'd wager that 95% of people dont. The point isnt to know what it is, the point is dont dismiss a ppz because it isnt a 'round number'
(and with that, night all
) When you have to shoot, shoot. Dont talk.
- #42,348
- Aug 27, 2009 10:08am Aug 27, 2009 10:08am
[quote=Pirabuji;2998337]Hi Joel,
Sorry what signal did you skip on this one? Is it the BUOB?
Combine those two 4H bars and you get a nice 4H pin, right off the PPZ
I'd do a chart, but I cant ever get that stupid periodcon thing to work. It hates me.
Sorry what signal did you skip on this one? Is it the BUOB?
I'd do a chart, but I cant ever get that stupid periodcon thing to work. It hates me.
When you have to shoot, shoot. Dont talk.
- #42,349
- Aug 27, 2009 10:10am Aug 27, 2009 10:10am
Hi Gurus and fellow traders.
Was wondering if one of the seniors could clue me up on a pinbar question.
Are pinbars that form during news spikes as valid as those formed during normal trading. I have been searching to see if this has been answered before but could not find it. Sorry if it has been addressed previously.
Love the thread by the way.
A51
Was wondering if one of the seniors could clue me up on a pinbar question.
Are pinbars that form during news spikes as valid as those formed during normal trading. I have been searching to see if this has been answered before but could not find it. Sorry if it has been addressed previously.
Love the thread by the way.
A51
- #42,350
- Aug 27, 2009 10:13am Aug 27, 2009 10:13am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi Gurus and fellow traders.
Was wondering if one of the seniors could clue me up on a pinbar question.
Are pinbars that form during news spikes as valid as those formed during normal trading. I have been searching to see if this has been answered before but could not find it. Sorry if it has been addressed previously.
Love the thread by the way.
A51
No gurus here for sure
BUTThe answer is yes. Reason being? I don't bat an eye to news. Means nothing to me.
As James says " I avoid news like the plague." Meaning he doesn't pay attention to it. Let the charts do the talking
Hope t hat helps
Mike
- #42,351
- Aug 27, 2009 10:24am Aug 27, 2009 10:24am
Hey A51,
No gurus here for sure
The answer is yes. Reason being? I don't bat an eye to news. Means nothing to me.
As James says " I avoid news like the plague." Meaning he doesn't pay attention to it. Let the charts do the talking
Hope t hat helps
Mike
Thanks for that and thanks for the quick response.
I do dissagree however. There are a few Gurus in here.
I'd also like to add that I have been reading this thread for some time and I didnt think that such a close knit community could exist in cyberspace.
Feels more like a family. You should all be proud of this forum.
A51
- #42,357
- Aug 27, 2009 11:18am Aug 27, 2009 11:18am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey Mike
Thanks for that and thanks for the quick response.
I do dissagree however. There are a few Gurus in here.
I'd also like to add that I have been reading this thread for some time and I didnt think that such a close knit community could exist in cyberspace.
Feels more like a family. You should all be proud of this forum.
A51
It is crazy how close we are here. Few bumps in the road, but they don't last long
Mike
- #42,358
- Aug 27, 2009 11:28am Aug 27, 2009 11:28am
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I'm pretty much done with all this ...
- #42,359
- Aug 27, 2009 11:51am Aug 27, 2009 11:51am
- | Commercial User | Joined Feb 2005 | 2,875 Posts
well said.
welcome to the Family
It is crazy how close we are here. Few bumps in the road, but they don't last long
Mike
- #42,360
- Aug 27, 2009 12:01pm Aug 27, 2009 12:01pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
Entry, as you might recall was at Midnight EST last night. Price jabbed through the support and round number 1.9500 - a substantial Round Number PPZ combination. There isn't a fib retrace, as we are at an extreme.
11 hours later a minor retrace finished with a small PB. It is not a great PB, but the location is almost perfect.
Up 260 Pips on the initial order on the 4 hr PB and 80 pips risk.
Added to payload on the 11AM entry and am at BE+ on it (40 pips risk). Those bar bottoms are right on another round number (1.9400). And they broke thru. This one is up 2R as I type this.
This has real potential to be the trade of the month.
...
11 hours later a minor retrace finished with a small PB. It is not a great PB, but the location is almost perfect.
Up 260 Pips on the initial order on the 4 hr PB and 80 pips risk.
Added to payload on the 11AM entry and am at BE+ on it (40 pips risk). Those bar bottoms are right on another round number (1.9400). And they broke thru. This one is up 2R as I type this.
This has real potential to be the trade of the month.
...
I'm pretty much done with all this ...