Gbp/Chf...1:1...I'm done. (pulling off the order after this post get's put up)
Won't ask much from ranging market
g.
I got out earlier at 1.6788.
triple top, nice size 2 day pin, big round number / ppz, 50% fibo and space.
james16 Chart Thread
- #52,581
- Jan 22, 2010 12:12pm Jan 22, 2010 12:12pm
I got out earlier at 1.6788.
triple top, nice size 2 day pin, big round number / ppz, 50% fibo and space.
- #52,582
- Jan 22, 2010 12:13pm Jan 22, 2010 12:13pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #52,584
- Jan 22, 2010 12:33pm Jan 22, 2010 12:33pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Same thing happened on yesterday's GBP/USD Daily PB short trade, (price moved 0.8 of a pip up past my stop then dropped!).
- TTP -
Apply this to your GBP/USD trade and other past setups. Its a fun exercise.
Look for PPZ levels (S/R), Round Numbers (the bold the better), previous Highs and/or previous Lows within the PA setup itself to place your tight stop loss. Using a random 25 pip or 50 pip stop loss doesn't make sense, let the chart tell you where the tight stop loss can be placed.
Indicators show the past. Price Action "Indicates" the future.
- #52,585
- Jan 22, 2010 12:40pm Jan 22, 2010 12:40pm
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
triger's a skirt? boy, I never see that comin...
LOL you caught me
you never know whos behind those pictures
it's better to have this kind of picture they are some sort of stimulant
it helps in your trading activity
wish you the best!!
- #52,589
- Jan 22, 2010 1:08pm Jan 22, 2010 1:08pm
Out at breakeven on that one Jarroo, thanks for asking. Price had moved 40 or so pips positive, so I moved stop to breakeven plus 10 pips for more room. Got taken out, then price reversed and dropped again. Same thing happened on yesterday's GBP/USD Daily PB short trade, (price moved 0.8 of a pip up past my stop then dropped!).
I'm still only on page 400 or so of the thread, so maybe I can find some useful trade management ideas further on. Or with a few more months of taking PBs I'll be able to determine my win rate, and work out my own way of...
is this a demo account? or a live account? was the risk too big? I've found that when the risk is within my comfort level, I'd be less inclined to move my stops, especially when the trade is with the overall trend (I zoom out on the weekly charts), I then give more leeway on the stops and check the charts every few hours until either my stop is hit, or price has formed another minor consolidation, thus forming a minor PPZ in the timeframe that I took the trade in, or I just zoom out and look to the left for consolidations and put my stops behind them, I try not to think about anything else because I've tried advanced trade managements before and can't seem to get my head around it... so I gave up and tried to simplify things... you can call this the lazy way of moving stops lol.
My 2 cents, this might helped me more than it helps you
but also, if the trade is counter trend, or the PA is not too good or not in an important place, you should always remember J16's THIS IS CRITICAL
, it's jarroo's mantra too 
Here's an example, this is the singapore dollar, the setup is located on an important place in my charts.
Jim, I know you're tired from all the hugging and people harrassing you, pushing you too far today... I hope you don't mind me taking the liberty of posting an example for him
- #52,591
- Jan 22, 2010 1:18pm Jan 22, 2010 1:18pm
Apologies if this has been mentioned before...
What do you guys think about a spin-off thread dedicated to daily charts only?
no, really, that would be great, count me in, I'll participate for sure
- #52,592
- Jan 22, 2010 1:21pm Jan 22, 2010 1:21pm
LOL you caught me
you never know whos behind those pictures
it's better to have this kind of picture they are some sort of stimulant
it helps in your trading activity
wish you the best!!
ok ma'am, I believe you this time
- #52,593
- Jan 22, 2010 1:23pm Jan 22, 2010 1:23pm
- | Commercial User | Joined Oct 2005 | 2,899 Posts
Hey g, if this closes as a Weekly PB would you play it to the 1.6500?
I m just saying . . .
Nice trade btw g.
Rumor's are flying again on..... about SNB intervention in eur/chf. (when? you know better
)If that's....., it might pull g/chf along.
It will be very interesting to see dow futures open with a gap on Sunday..
Back to the drafting boar, getting ready a new trading plan
I love round 10200 <-.->
It would be a perfect plan if I had one more '0' in my # of posts
- #52,597
- Jan 22, 2010 1:34pm Jan 22, 2010 1:34pm
AUDCHF - This did not turn out to be a good trade but I decided to hold onto it. After that hugh bear bar there may be bearish potential. I limited my loss with a SL order, did I not?
EURAUD - After a big bull candle I have a bullish feeling for a bit. The pair may struggle around a bit fo a while therefore I have a big SL to give room. I speculate that the USD gaining strenght and AU correlate a bit with EU and EU seems to be a grizzly now this pair may have potential for at least correction. If not I will be stopped out.
GBPCHF - Free trade. Irisked 100 pips I want to see 230 before the 50% level drops the whole thing to the upside. At 200 pips I move my SL to 100 and make another decision later.
Kiwi - waiting for bigger correction to scale in again a decent short. AU the same. EU the same. I am bearish on these as USA strikes back.....
Beast - in since 146.61. I am holding to this one fo now to. Already free trade.
Have a good weekend!
EURAUD - After a big bull candle I have a bullish feeling for a bit. The pair may struggle around a bit fo a while therefore I have a big SL to give room. I speculate that the USD gaining strenght and AU correlate a bit with EU and EU seems to be a grizzly now this pair may have potential for at least correction. If not I will be stopped out.
GBPCHF - Free trade. Irisked 100 pips I want to see 230 before the 50% level drops the whole thing to the upside. At 200 pips I move my SL to 100 and make another decision later.
Kiwi - waiting for bigger correction to scale in again a decent short. AU the same. EU the same. I am bearish on these as USA strikes back.....
Beast - in since 146.61. I am holding to this one fo now to. Already free trade.
Have a good weekend!
Kind Regards
zol
- #52,598
- Jan 22, 2010 1:36pm Jan 22, 2010 1:36pm
When I frst read this I thought maybe thats a good idea as there may be less distraction from other time frames IF you are in the earlier learning stages, however to me this thread is not about the time frame.
Its more about learning Patience and Discipline once you have the basic knowledge that Jim set out to teach. It's about learning from the more senior guys about what makes a good set up or not. It's about seeing how other people with experience go about trading this way and growing a circle of like minded friends.
I can see how a daily...
so what do I have to say about a separate thread? now I no longer think that it is a good idea... (yes, I'm that easy, that's why I need a trading plan!)
This happens to me all the time. "If only I would have placed my stop loss above (or below) the given setup I would have been fine." I would say to myself. So I do tend to apply this principle when high quality setups are presented.
Your tight management approach it is a valid one. Here's some ideas on this style:
Tight trade management can be defined as anything tighter then the ideal stop loss placement . . . which is above or below the given PA setup.
Look for PPZ levels (S/R), Round Numbers (the bold the better), previous Highs...
i also have big problems with too tight stop losses. Usually when my sl is hit then the price go in my direction and im saying to myself why couldnt move the sl just a few pips higher/lower