"Luck favors the prepared mind"
james16 Chart Thread
- #42,602
- Aug 30, 2009 8:48pm Aug 30, 2009 8:48pm
C'mon guys... you're messing with my statistics.
One more person joins us and I'm gonna start buying...
Ok let me try to make up the statistics again...5 against 1000.
How do you like it now?
- #42,603
- Aug 30, 2009 8:51pm Aug 30, 2009 8:51pm
Sounds Great to me. How's that rac? I think we're in good shape with those stats!
Believe it or not ...I knew that you are going to say that.
Ok let me try to make up the statistics again...5 against 1000.
How do you like it now?
"Luck favors the prepared mind"
- #42,606
- Aug 30, 2009 8:57pm Aug 30, 2009 8:57pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
James big guy, I can't thank you enough for what you have shared. The daily and weekly charts serve as great guides.
.
.
btw.. just about to close this...
- #42,608
- Aug 30, 2009 9:03pm Aug 30, 2009 9:03pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
While we all know that an election was held in Japan over the weekend, I was shocked when I opened my charts about an hour ago and saw the attached image of USD/JPY. The same applied to CAD/JPY AND AUD/JPY. I have few questions. I could ask "did you see that?!!" i.e. is did these meteorites pass through all charts across the globe or are they unique to my borker. Secondly, what can we conclude going forward? What will happen if any of these charts create pinbars at the close of the 1DAY charts today? Simply put I'm struggling to interpret what...
That is a bad data feed spike. Oanda corrects those pretty fast. If a move like that occurred on a spike we would have some serious bigger issues to worry about
Mike
- #42,611
- Aug 30, 2009 9:18pm Aug 30, 2009 9:18pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Hey welcome back tehuringa.
Now here is a guy who knows an A+ setup when he see one. He's got the pip count to prove it....
Fantastic..... 3-month R&R?
Another refreshing posts.... almost caught u posting live.
Thanks Sir Dave.
- #42,612
- Aug 30, 2009 9:22pm Aug 30, 2009 9:22pm
- Joined Feb 2009 | Status: Borderline yahoo & oh-no! | 6,607 Posts
Amen...
.btw.. just about to close this...
not leaving some for the 140's, for now?
(u must be expecting a significant bounce at 150 perhaps, since it's the first revisit since July)
- #42,614
- Aug 30, 2009 9:38pm Aug 30, 2009 9:38pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Sorry there raczekfx
You now need to buy.
A51
- #42,615
- Aug 30, 2009 11:21pm Aug 30, 2009 11:21pm
Hi Ben,
You speak English immaculately. I would never have guessed it wasn't your first language.
You're going down very similar avenues that I went down a few months ago and I wanted to offer just a gentle warning based on my experience.
Keep it simple.
All your thoughts are good thoughts, and wanting to understand the reason why PA appears is a very valid line of thought. But when you start looking into it you'll realise that there are many many reasons why a particular PA setup can appear. Joelcf has a great post on this. And then you start...
Hey Aaron,
Thanks again for this useful post.
Actually, yea my nature is to search search for logic and understanding behind every tiny thing I do. In this case I have got so deep in what I THINK is causing the outside bars, just to try to explain why I prefer them instead of DBHLCDBLHC bars.
But basically, whatever the reason will be...if the bottom line is that I can read price through this bar, and understand from it that bulls have more power, it enough for me.
When I trade, I do not think about all these things - I keep it simple.
Once I get logic behind the setup in general, I can treat it more like a robot when I actually trade.
I believe that trading is very simple, and that's why I keep it that way.
I separate between the logic that I search for, to the action of trading itself. I was always thinking about this stuff, so I have proved to my self that I can make the separation successfully.
I understand though what you are trying to say about simplicity and over complex. That's ok, my trading will remain simple
Thank you though for sharing this. It helped me understand a few thing plus opened this discussion for others to give their opinions (I see Joel cooked me a post as well
).Take care Buddy,
Ben
Edit: The simple reason for doing this, is basically to use any knowledge that I can get, in order to improve and get better results of anything I ever do (trading or whatever).
Maybe I got to this stage too fast, but feel that I didn't miss anything in the way...at least for now
- #42,616
- Edited 11:58pm Aug 30, 2009 11:25pm | Edited 11:58pm
@ nAVIN2007 - Thank you
@ 2mas - Great story. Thatks for the link.
@ jarro - Yea I got your point. PA alone is only one part of the story, I know. I have stopped using EMA's and fibs because they don't really help me. As more as my charts are cleaner and simpler, I do better.
I will continue testing and checking all sorts of ways to enter these bars...until I get the way that fits me the best.
HAHA cool....exactly what I have said here:
Ben
@ 2mas - Great story. Thatks for the link.
@ jarro - Yea I got your point. PA alone is only one part of the story, I know. I have stopped using EMA's and fibs because they don't really help me. As more as my charts are cleaner and simpler, I do better.
I will continue testing and checking all sorts of ways to enter these bars...until I get the way that fits me the best.
Understanding is one thing... and trading pin off of support live, without peeing in the pants is another. They're two different things. Trust me....
I know at least two guys from this forum (don't worry, i won't tell who you are), who PM me every other day. They can run circles around me with their understanding of PA, yet they keep losing dollar after dollar...
It takes time/years (and many won't ever get there) to master your psyche and emotions.
Quite a few authors made millions on great...
so true(although I haven't met anyone who has actually peed themselves
That's why when Jim says it is all whats going on b/w your ears, he ain't lying.
Takes time folks, but then it really does become second nature it feel. That is what consistency is and why you see certain traders do the SAME things over and over and over......
This is really important to me. I agree with you that at least 50% of trading is psychology, and that is why I always try to push these copyrighted books into my posts and PMs. Understanding simple rules and facts is very easy, but applying it and using common sense is the real thing. IMO, it is all about psychology and common sense (and money management - can't ignore it).
I agree that confidence is really important factor in trading. I hear many traders say that they have a low win rate, but a huge R:R, so it doesn't...
- #42,617
- Edited Aug 31, 2009 12:52am Aug 30, 2009 11:42pm | Edited Aug 31, 2009 12:52am
Not necessarily. On a daily bar, it could be a sharp move upwards in the first hour, then 23 hours of gradual descent. An inside bar could be a combination of a few big orders to form the first bar during a period of market quiet, and then thousands of orders battling for market position on the inside over a tight spread.
Without access to order book info from at least one large liquidity provider, if not several, you really dont know. It is far too easy to read too much into simple bars, something I am often guilty of.
[size=1](interesting...
This isn't going to be a long post, because basically all the things I have said in my post are conclusions of taking my time to think...nothing is a fact or a proved thing I studied (hope no one got me wrong). So all I can do is purely learn from this post.
But basically it shows me that there is probably no clear answer, and maybe it's better to just learn from my back testing results without involving all sorts of theories that aren't perfectly right - keep it simple.
I will just keep going..
I really appreciate this post. Although I don't have a lot to say, I got a lot out of it.
Thank you
your posts are really great.Ben
- #42,619
- Edited 2:49am Aug 31, 2009 1:31am | Edited 2:49am
ok guys...I thought first that it can drive people crazy trying to do this...but I just have to post it.
Remember the post I have made on about entries on the retrace to the round number? Remember the GBPCHF chart?
So this is how it looks on the 30min chart on my demo testing account....till now this went 300 pips, meaning 10R. Make your own conclusion.
On the 4H I got a BEOB, and then placed a sell limit order on the round number. Trailing with the BAT indicator on the 4H.
Please don't think I'm crazy
I know it's crazy, but simple as well and practice PA on high TFs with a regular entry! anything else on demo only if at all please.
Ben
Remember the post I have made on about entries on the retrace to the round number? Remember the GBPCHF chart?
So this is how it looks on the 30min chart on my demo testing account....till now this went 300 pips, meaning 10R. Make your own conclusion.
On the 4H I got a BEOB, and then placed a sell limit order on the round number. Trailing with the BAT indicator on the 4H.
Please don't think I'm crazy
I know it's crazy, but simple as well and practice PA on high TFs with a regular entry! anything else on demo only if at all please.Ben
- #42,620
- Aug 31, 2009 1:37am Aug 31, 2009 1:37am
- | Joined Jan 2009 | Status: Trader | 1,036 Posts
Hey Pips
That is a bad data feed spike. Oanda corrects those pretty fast. If a move like that occurred on a spike we would have some serious bigger issues to worry about
Mike
But it hasn't been corrected yet... I would add that neither PFG nor FxPro show this bad print because neither start recording Sunday data until after this point...I'm guessing someone entered an order thinking 87.XX, but typed and triggered 78.xx...just speculation. Question is... was there a buyer and a seller at that price, which (to me, at least) would make it a valid trade/price...well, I happily bought at that price
Josh