MIKE
tell me you are in ???
I have 27 open charts and I don't know how it happen, don't check this one even one time.I'm just curious how many charts you are looking every day? Maybe 27 is to much for newbie.
james16 Chart Thread
I have 27 open charts and I don't know how it happen, don't check this one even one time.I'm just curious how many charts you are looking every day? Maybe 27 is to much for newbie.
What do you think about the following Daily Pinbars if it close like it is now: EURUSD, USDCHF, GBPCHF (2 days PB) ?...
E/U is at a sweet round number 1.4000
G/CHF is at 1.7000 round number too... which has been rejected a few times.
I highlighted the first trouble areas as I seen them.
Just my thoughts.
-- Danny
- #52,383
- Jan 21, 2010 11:28am Jan 21, 2010 11:28am
ouuuu no...
I'm just curious how many charts you are looking every day? Maybe 27 is to much for newbie.
Hi Strateg119
You don't need to be looking at 27 pairs. As a fellow beginner, here is what I'm doing. (Its based on an exercise in Trading in the zone by Mark Douglas - cannot recommend it enough, get it and read it). The purpose of this exercise is not to see how big you can make the account or how many pips you can make, but to develop consistency, discipline and an appreciation of probabilities (i.e. your edge).
20 Trades (demo)
10 pairs; pinbars; Outside Bars and Double Bars HC/LC only. Daily or Weekly Only. J16 manager EA is used also. 3 positions on each trade.
Once the trade is sprung, I do not touch it. The EA adjusts SL to B/E at +30p and that is it - hands off. Do Not Touch.
This week so far I have taken 5 trades. Out on one at B/E. One reached TP3. One reached TP1 then fell back to B/E. The last two reached TP1 with 2 positions still on, each in profit (SL at B/E).
The account is 3.5% in profit (540p) with 4% (620p)on the table.
The lesson though is that without the parameters of the Trade Plan, I would definitely have tinkered to bits with these trades as they went live, I would have hovered over them and started to micro manage them and probably even turned them into losers. I am learning so much about myself and trading by just letting price on these trades do whatever it wants.
Sorry about the long post - hope you find it useful.
- #52,384
- Jan 21, 2010 11:29am Jan 21, 2010 11:29am
ouuuu no...
I'm just curious how many charts you are looking every day? Maybe 27 is to much for newbie.
well, i personally watch about 17 ish pairs but i hav organised them in a way that suits me
27 is definately not too much, it depends on the individual
some experienced traders trade only 1 pair and make a killing .... its subjective imo
all you need to do is practice, practice & practice some more .... things will get organised & easier for you
since i know what im looking for, it only takes me 5-10 mins to scheme thru charts & close if nothing interests me
Simplicity is the key to success
Hey Manu, these are the 2 that interest me... 3 hours until close though...
E/U is at a sweet round number 1.4000
G/CHF is at 1.7000 round number too... which has been rejected a few times.
I highlighted the first trouble areas as I seen them.
Just my thoughts.
-- Danny
Just my thoughts.
http://picnac.com/images/3031ggcc.gif
- #52,386
- Jan 21, 2010 11:33am Jan 21, 2010 11:33am
- | Commercial User | Joined Feb 2005 | 2,875 Posts
i wanna see one. whats up bundy.
Whoah ...Dude. What would ya do??? That's a small car charging at you!!!
Seen a big koala today...
- #52,389
- Jan 21, 2010 11:42am Jan 21, 2010 11:42am
EURCHF trade go triggered by BEOB on 4H. Thight SL and is already at BE. Well, I may end up stopped out but can not lose any more so I won.
I am interrested in this EA and already put a buy limit to 55657. Waiting for it to pul back. This bar did happen on the strong support level so I am waiting.
I am in this kiwi for a while and it did go down. I am out with 80% of my position and will take a new short on a pull back if I like price action.
Same on EU. I am bearish and unloaded 80% of my positions and will short this again on correction. If it goes well.
I am interrested in this EA and already put a buy limit to 55657. Waiting for it to pul back. This bar did happen on the strong support level so I am waiting.
I am in this kiwi for a while and it did go down. I am out with 80% of my position and will take a new short on a pull back if I like price action.
Same on EU. I am bearish and unloaded 80% of my positions and will short this again on correction. If it goes well.
Kind Regards
zol
- #52,390
- Jan 21, 2010 11:58am Jan 21, 2010 11:58am
- | Commercial User | Joined Feb 2005 | 2,875 Posts
well said and from the mouth of a local.
i rode a dirt bike constantly thru those forests as a kid in the early 70's kiss.
back then there was nothing between conroe and houston but forest.
i lived in river plantation right on the san jacinto.
now its one giant city.
jim
i rode a dirt bike constantly thru those forests as a kid in the early 70's kiss.
back then there was nothing between conroe and houston but forest.
i lived in river plantation right on the san jacinto.
now its one giant city.
jim
There are tens of thousands of acres of national forest here in Conroe. No telling how big these things can get. I find tusks from time to time when I ride through there on my dirtbike. My daughter has a nice necklace that she sports with a 6 inch tusk. The only place that I allow my kids to ride is a 850 acre tract that is high fenced. These feral hogs are not a joke by any means and are extremely dangerous to humans. The good news is that much of this meat finds its way to the needy in our area.
K.I.S.S....
- #52,393
- Jan 21, 2010 12:11pm Jan 21, 2010 12:11pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
despite all the doubt from others in this thread, I took this trade regardless... SL @ b/e... first profit target around the 91.92 zone
There wasn't alot doubt on the Usd/Jpy Daily BUOB just that the location could have been better. The better the setup the higher probability of a great result.
If this was Texas hold'em we like to have Aces or Ace/ King suited to go all in. This setup is Queens or Jacks.
At a swing low, nice PPZ level confluencing with the 91.00 and off the 38 Fib.
Nice Trade Dan and good target.
PA Rules!
Indicators show the past. Price Action "Indicates" the future.
- #52,395
- Jan 21, 2010 12:22pm Jan 21, 2010 12:22pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
It shouldn't surprise me how whenever I take a step back and focus on taking only the best setups vs. ok setups (which I did early this month and it cost me) the effect it has on my equity. I should know better as long as I have traded, yet I can always count on the markets to "remind" me of this fact...........
Indicators show the past. Price Action "Indicates" the future.
Just looking for some thoughts on how everyone would rate this possible pin bar on the EU. It looks great to me with round number (1.4100), fib retrace (38.2) off the huge rally it was in, and macd divergence. I'm thinking a bounce to support around 1.4200? Happy trading!
1) First area/zone of resistance is around 1.4200 - 1.4250 area
2) It is more of a neutral bar vs. a great pin bar
3) Proper stop would be around 120+ pips when the possible return (if first
resistance area rejects) is 50-60+ pips.
4) Fighting a huge drop and the current downtrend
If it were off of 1.4000 and a better pin I would consider it, but I think the better play is to short it again after it gets back to the 1.4250 or even 1.4300 area.
I understand I may receive 50 emails tomorrow telling me how well the trade worked out.........
........but I have no interest in this one.Nathan
