The supermatt price action rollercoaster

The time has come and I have created a Journal for my trading.

First a bit about myself. I am 24 (male) from Australia sorry I am not a sexy female trader from Australia who trades in a bikini Anyway I have only been studying forex for about 8 or 9 months but may as well just say its been a year. I came across the J16 ways probably 3 or 4 months ago, and prior to that did the whole indicator thing but I guess its almost a necessity to go down that path as I think you learn what everything is about and then decide to ditch it later. (which I did )

I love price action and clean charts and I love the j16 way of trading. I wouldnt have it any other way. I did open up a live forex account a while back and traded a small account. I lost $50 and felt terrible due to the way my emotions just got totally out of hand. It was incredible the amount of stupid irrational things I did as soon as I had a losing trade, like drop down to 5 min timeframe and trade any old way to try make my loss back ( clearly I lost more ) You all know what I am talking about and it SUCKS!! Worse thing in my life to experience. Never felt so out of control! I learnt a lot going through that. Its nothing compared to what Jim lost and many others but hey I felt it still in my own way! even lost sleep over it. dam!

I was a noob back then, I still am. I however am thankful I had enough brains to leave live trading before I lost it all and spend more time on education and finding James16 to better myself as a trader!.

The reason I am starting this journal is I am sick of screwing around on demo. I have restarted my demo account that many times due to several reasons.
A few of them being taking trades that DONT agree with J16's minimum requirements. Such as taking touch trades, going to lower time frames and all that and sometimes getting burnt. I wouldn't have the balls to do them on live yet so why should I do them on Demo.

I just want to put together month after month of following the daily and weekly chart and sticking to a set of rules and not taking trades I wouldn't take if i was trading live! I want to have up to date data of what I would be like if I was trading live. It is totally inaccurate what I have been doing lately and it really annoys and frustrates the hell out of me. I guess these last few months have been me trying to put that into practice but still drifting away into other methods vs sticking with one sole method. How are you ever suppose to own anything if you are always drifting away to another method. Its just counter productive in my view.

I am one of those people though who easily drifts methods when I see someone post up the way they trade, like some of the more experienced members on j16. I get sidetracked on what they are doing as it seems so easy looking at their charts, when I should only focus on what I am trying to achieve! I guess I want it all now and I don't want to wait. I want to be great NOW, I want to take all these crazy touch trades the guys take in j16 but it doesn't work that way so I am working towards the BIG end picture. One step at a time.

If it is good enough for Jim it is MORE than good enough for me!

I currently find myself every wkend reading through jims posts to try and regain direction after I just confuse myself and lose concentration of what I am doing during the week lol! I shouldn't have to do that as I am focused and find inspiration through jims posts every time I read them! Hopefully after the weeks go by I should be able to just stick to a game plan and just do it.

I need to have a simple trading plan. Like really simple. I am the kind of person who analyzes everything 1 billion times over and changes his mind every 2 seconds. It kinda annoys me! My plan going forward is this

"Play only pin bars and outside bars on daily, weekly timeframe at obvious swing high and swing lows. "

Nothing complicated, just wait for them!

My goal is to demo this for a few months. Keep working my part time job to save money and maybe in a year or so fund my live account with a decent capital base for a 24 year old!

Thanks for reading I will be updating this all the time with charts!

oh yeh and I know there are a million journals on here but I just created this for myself but am more than happy if you want to follow

It was a crazy day on the markets yesterday / today
Haven't seen this kind of action for a long time.
Seems to be anything with yen in it had huge volatility and resulted in late reversals causing pin bars.
There is no point posting every chart of every yen pair as they all look the same and if yen is going to go up on Monday then they all are going to go up

I am not sold on all these pins, all the closes were not convincing in my view. None the less I will be keeping an eye on the open on Monday morning and maybe even put a buy stop in above the pin of my choice.

There is a good confluence at around 146 so If I was going to enter this could be a potential trouble spot. Anyway I am not so sure about all these yen crosses. Be careful

Again I really dont know about trading these huge pins. I have seen them before and they are highly suspicious and I think we might get a breather after yesterdays/todays extreme moves. I duno just a guess

light sweet crude pin. Probably more so in a consolidation pattern but I like looking at other markets such as futures etc aswell as fx

I agree.... the above pin doesnt count.... not a good one although big.....

But I sure like the one on GBP/JPY daily..... !!!!

Subscribed!

We're gonna get this stuff buddy. Write up some solid, specific rules. Post EVERYTHING. It rocks at month end being able to go back and see what you did.

i have been reading the silent service thread of late. All about simple support and resistance mixed with pinbars. It is similar to j16 but I like reading through other threads to see how other traders trade, as i havnt found what kind of trader I am yet.

Well i am still very confused on what I am doing. I just keep trying to find a way to see clarity to my charts. Everything seems to look like its to cluttered even when i have nothing on my charts.

I am more and more beginning to think i will just look for pins, outside bars that are obvious and at swing highs and lows. I really need it simple.

Once i start drawing lines on my charts and trying to match points up i just get confused and cant see. We will see how it goes i guess.
Kinda a very frustrating time at the moment and I am abit down. Every trade I seem to do loses.

My buy and sell stops have been getting triggered by a pip or so then reversing immediately then I have a losing trade basically straight away. not ideal.
I'm thinking i may increase the distance away to maybe even 20 pips for a limit order !

In conclusion I think but am not entirely sure lol all I will be doing is simple simple simple stuff. man its what i need to do
pin bars , outside bars, swing highs lows. Thats it.

I keep repeating myself lol but hey as i said, i always end up doing 200 circles round and round before I settle on something.

well my corn beob finally broke and I took the eg beob aswell
both made some pips on so pretty happy. finally.

Well done!


I assume this isn't happening any more?


lol

lol, i was thinking about it last night. If i see a big bar of any sort im guna just play it if i think it has potential. I was feelin it on eg because there was a 2 day pin bar at a swing high and then that beob at a minor swing high possibly telling me it was guna break the 2 day pin. ah well

Hello fellow Aussie,

I have read your journal and it's so funny as your story sounds much like mine. I am now debate PA and Support and Resistance... have been thinking of joining the paid membership J16 as I feel I need the support. I will keep watching your journal to see how your going. Maybe I can learn something from you also.

good to see another aussie!
yeah i sure am confused, I think its very hard in the beginning stages to just force yourself to stick to one thing and trust it works out. If we new in 6 months time that we would be taking good trades then we would probably have the confidence to stick with it.

I just think it doesn't help on the j16 forum to have all these guys posting random charts on lower timeframes with all these crazy setups on them. If I only saw charts of daily timeframe with only pa then I would have a lot more patience. I know i should just do my own thing but its not easy when you are so involved with a good thread and with a huge amount of drive to learn to trade.

Apart from me screwing around and being a jack arse on demo taking trades i wouldnt take on live it will be 2 months since I have even see a good daily pa setup. I mean surely that is just going way to long. You have to make money in this business and im sorry to say I just cant see how that could be done in the current market conditions. This month doesnt even look like offering a trade in forex on the daily.

Just as well I look at other markets to because I doubt forex is the be all and end all of trading.

magisana- what are you debating over? what kind of support and resistance trading you want to do? are you trying to find your own style at the moment?
I thought of joining pf but im not sure. I guess it would be good to see some new material but I cant really afford that expense at the moment.

So what are we to trade... bad setups? Check out J16 Guest Section the "Rants and Chart" Video again... it'll make you feel better. (I'm halfway thru... his videos always help center me again if I get off kilter. If we only make a few percent for now each month, then that's cool right? 2% a month is 26% at the end of the year.... 5% a month is nearly 80% a year.

Then we get better... drop time frames, trade riskier setups, trade more bar patterns, touch trade, formations, trends, the works... and all of a sudden the account is growing, and we're making that 10% + a month.... and looking back wondering how we were ever so foolish....

Patience is what we are developing now. Without it we will never become better traders.

Now go get em Daily bar ends in less than an hour!

damn dood its about time you got your journal on.. now you can be like me and have no trades for 3 months!

then you can say your a break even trader! awsome we are supposedly doing better than 95% out there!

haha im being silly of course.

lol thanks for droppin by stoiter!
we could all "trade" for a year and not take a trade and be a b/e trader (ie winner) but I doubt that is very practical

Just have re watched j16 rants video again as per clarksons recommendation
always good to watch and gives me abit more clarity.

Still not entirely sure of what i want to do yet as clockworks thread is good to.
I think I will still look to do j16 specifically though. I attached the silent service method overview in the pdf below if anyone is interested in having a look.

I agree with plotting long term s and r off weekly but I just feel more stressed out drawing them vs just watching 1 timeframe i guess. Im not sure what to do. dam

I like one of the quotes clockword said

"The goal is to make money, not waste a shitload of time"

lol. i thought that was great. I may even make it my signature

I also came across this martin pring video on his bar analysis. Its fairly basic but I found it good non the less

https://admin.na3.acrobat.com/_a51591369/p77721057/

Hi All,

Matt, I think you are on the right track looking for pin and outside bars at resistance levels. That is exactly what I have been looking at since mid October. What I have found so far is this - the good signals come but they take their time!

Have a look at this chart, we got a great bearish engulphing bar at resistance late in Oct, then mid November gave us a bar that provided a trading range for many days, the break of the lows of that bar kept price moving down until finally in late November an excellent pin bar off of a support level formed. So that's what? Say 2 or three signals in a month!

I think watching the daily for signals is a robust way to trade and that you must be willing to wait and watch and then act when the signals do appear. Just zoom out and draw your S/R levels then wait and see what price does at these levels (watching for your signals). :nerd:

Please pardon me that there is an indicator on this chart. I just wanted to post without having to completely redo a chart I had already done up. You could most certainly of traded this chart without the AO I was just using it a a conformation/second entry point for my blog (shameless self promotion LOL).

Good Trading to you all,

Dan

p.s. I was extremely dissapointed to learn you were not a bikini clad female named Matt.

haha yeh sorry to disapoint with the whole bikini thing. thanks for posting that up. I know a few of us caught the beob. One of the very few good signals of late. Its always alot easier when there is a defined trading range.
Well hopefully this week is abit better!

Not sure if you have this already or not - it has been posted several places on this forum. I'd like to share it here anyway. Its a fun little toy to help pratice trading.

Likin gold? 60 dollar drop today... man...

Didnt get to the charts yesterday, busy busy but doesnt look liek I missed much. Pissy pin on EU (But beauty triple top...) And that's about it...


Talk to ya soon, I'm off to work. (ah... you just came online. lol)