Hello, i'm absolutely newbie in forex, 3 months of learning, reading, practicing, and learning and reading and practicing, but i am the lucky one as I found this thread at my very beginning. I follow very restrictly rules given by James16, and what is most important for me, what i have learned is AWARNESS of WHY am I loosing or winning. Thanks to this thread, members that are still willing to give support i am sure i'm on the right way to be succesfull in this business. This month so far i shorted pin on eurjpy at 133.344 and closed at 131.824 and cadchf at 0.9946 with 60 pips locked so far and still going (now 109 pips), those were my only trades this month, and what makes me happy the most isthat i am finally AWARE of what and why is going on. Thank You James16, Mike, Jaroo, Ghous, Dan, Nasir, Dober_Man and every one that are here making this thread so helpfull! Once again THANK YOU.
james16 Chart Thread
- #52,762
- Jan 25, 2010 2:26pm Jan 25, 2010 2:26pm
- Joined Nov 2007 | Status: Conscious Incompetence | 3,274 Posts
Don't wish it were easier, wish you were better. ~ Jim Rohn
, However still more to come..I hope
- #52,766
- Jan 25, 2010 3:01pm Jan 25, 2010 3:01pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #52,767
- Jan 25, 2010 3:19pm Jan 25, 2010 3:19pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
I'm pretty much a get out and hope to get back in later kind of trader when we are counter to the larger trend or ranging. I look at this pair as trading in a range right now. (daily) I'll lock in and hope for more if I am trading with the larger trend. Either way there are pros and cons. The discretionary part of J16 is the most challenging for me.
K.I.S.S.
)
Many choose unhappiness over uncertainty.
- #52,769
- Jan 25, 2010 4:25pm Jan 25, 2010 4:25pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
jarroo > Please check and comment the attached USD SGD chart
This pair does appear to be turning over, meaning the trend may be turning from down to up (Higher Lows). So your Inverted H&S maybe a valid one.
Your Price projections look good. But the Inverted Pin Bar that ghous has pointed out maybe in play. So a break of the Inverted H&S maybe delayed.
The 1.4050 PPZ level supports the IPB nicely. It just depends on the strength of the bullish movement from last week.
Check all the ghous' post on IPB, he was done an interesting study of these formation. You'll be glad you did.
Pulled off Au and Nu pending orders when price opened above the orders and kept going on to hit my "would be" TPs...
Usd/Sgd however was a decent move...
g.
Indicators show the past. Price Action "Indicates" the future.
- #52,771
- Jan 25, 2010 4:33pm Jan 25, 2010 4:33pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #52,772
- Jan 25, 2010 4:34pm Jan 25, 2010 4:34pm
Anyone brave (or stupid?) enough to take the daily pin on AUD/USD?
Why would I take it?
It's a pin off the 9100 PPZ
I'm bearish AUD/USD
Why I wouldn't take it:
Heading into a trendline, a VBRN (very big round number
), close bar lows and general traffic.
I wont be taking this one but I've noticed some around here are braver than I so feel free to give your analysis if you're planning to take this one.
Why would I take it?
It's a pin off the 9100 PPZ
I'm bearish AUD/USD
Why I wouldn't take it:
Heading into a trendline, a VBRN (very big round number
), close bar lows and general traffic.I wont be taking this one but I've noticed some around here are braver than I so feel free to give your analysis if you're planning to take this one.
- #52,773
- Jan 25, 2010 4:41pm Jan 25, 2010 4:41pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Anyone brave (or stupid?) enough to take the daily pin on AUD/USD?
Why would I take it?
It's a pin off the 9100 PPZ
I'm bearish AUD/USD
Why I wouldn't take it:
Heading into a trendline, a VBRN (very big round number
I wont be taking this one but I've noticed some around here are braver than I so feel free to give your analysis if you're planning to take this one.
edit: for all the reasons u posted
Many choose unhappiness over uncertainty.
- #52,774
- Jan 25, 2010 5:02pm Jan 25, 2010 5:02pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
This is my first post in this topic, was this a valid trade or did I just get lucky?
Cable Daily.
yes that pin is very valid. But your arrow is pointing 2 bars over from the pin? or was that just an error. The pinbar is 2 bars back from your arrow. Just making sure
Best
Mike
I am still in the GBP/CHF and Eur/Aud Daily trades
Jus thought I would post how I am managing an reducing my risk since both of these trades are in drawdown right now but at some key S/R levels and can still work out. If not whihc is jsut as liekly I cannot take a full bar loss.
G/C - I initall used a bar break stop to reduce risk right off the bat with this oe becasue of the support below. Price did hit that support and has now reversed hard the other way. Since my stop is reduce I am now goign to leave the trade be and hope that price does what it has done before at this level ( blue boxes) retrace to entry and continue down. If not I am not taking a full loss ( maybe I should have went to break even in hindishgt but this trade could still work out.
E/A - Intially moved my stop to right behind the support level of 1.55 now lookign to reduce stop further behind blue line. Hopefully that smallish daily pin provieds some strenth upward tomorrow.
Any other thoughts on managing these - my main cocnern is now reducing risk especially on G/C becuase I may have held too long.
Jus thought I would post how I am managing an reducing my risk since both of these trades are in drawdown right now but at some key S/R levels and can still work out. If not whihc is jsut as liekly I cannot take a full bar loss.
G/C - I initall used a bar break stop to reduce risk right off the bat with this oe becasue of the support below. Price did hit that support and has now reversed hard the other way. Since my stop is reduce I am now goign to leave the trade be and hope that price does what it has done before at this level ( blue boxes) retrace to entry and continue down. If not I am not taking a full loss ( maybe I should have went to break even in hindishgt but this trade could still work out.
E/A - Intially moved my stop to right behind the support level of 1.55 now lookign to reduce stop further behind blue line. Hopefully that smallish daily pin provieds some strenth upward tomorrow.
Any other thoughts on managing these - my main cocnern is now reducing risk especially on G/C becuase I may have held too long.
- #52,776
- Jan 25, 2010 5:10pm Jan 25, 2010 5:10pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Indicators show the past. Price Action "Indicates" the future.
- #52,777
- Jan 25, 2010 6:42pm Jan 25, 2010 6:42pm
- | Joined Sep 2009 | Status: Making Money > Being "Right" | 1,811 Posts
Many choose unhappiness over uncertainty.
- #52,778
- Edited 8:23pm Jan 25, 2010 7:00pm | Edited 8:23pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
To the General Membership of Readers...
Perhaps you haven't realized but I sure appreciate having...
Jarroo & Mike (Mbqb11) to offer two (albeit slightly) different viewpoints of the same scenario.
Ghous & Dan also offer other insights &...
then there are the diehard fans not only but including Kiss, LVG, DobeR and, lest we forget, James, The Man.
All this & respect for others too. It can be achieved!
BMc says
you guys.
I'm know there are more but you don't want to read the entire list of who catches my attention.
Perhaps you haven't realized but I sure appreciate having...
Jarroo & Mike (Mbqb11) to offer two (albeit slightly) different viewpoints of the same scenario.
Ghous & Dan also offer other insights &...
then there are the diehard fans not only but including Kiss, LVG, DobeR and, lest we forget, James, The Man.
All this & respect for others too. It can be achieved!
BMc says
you guys.I'm know there are more but you don't want to read the entire list of who catches my attention.
- #52,780
- Jan 25, 2010 7:20pm Jan 25, 2010 7:20pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
To the General Membership of Readers...
Perhaps you haven't realized but I sure appreciate having...
Jarroo & Jim (Mbq11) to offer two (albeit slightly) different viewpoints of the same scenario.
Ghous & Dan also offer other insights &...
then there are the diehard fans not only but including Kiss, LVG, DobeR and, lest we forget, James, The Man.
All this & respect for others too. It can be achieved!
BMc says
I'm know there are more but you don't want to read the entire list of who catches my attention.