What I like most about the J16 thread is th nasir.khan signal service/trading room!
K.I.S.S.
nasir don't be embarrassed
james16 Chart Thread
- #53,941
- Feb 4, 2010 7:29am Feb 4, 2010 7:29am
- Joined May 2009 | Status: LIFE ITSELF | 1,058 Posts
nasir don't be embarrassed
- #53,943
- Feb 4, 2010 7:38am Feb 4, 2010 7:38am
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Still waiting for my Eur/Chf to shoot north...
Possible spots to look for some PA. Who knows.
Indicators show the past. Price Action "Indicates" the future.
- #53,948
- Feb 4, 2010 8:50am Feb 4, 2010 8:50am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Hey Kiss,
Take that pin and go short. lol
bro!K.I.S.S.
- #53,950
- Feb 4, 2010 9:01am Feb 4, 2010 9:01am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
What could go wrong here??
Nothing i think.
Look at the size of previous three bars comparing to the current one.
.
- #53,951
- Feb 4, 2010 9:07am Feb 4, 2010 9:07am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
All I can say is
K.I.S.S.
- #53,952
- Feb 4, 2010 9:15am Feb 4, 2010 9:15am
Last week I already thought that EURUSD might possibly go up to the 1.40/ppz/50% fib confluence zone before resuming its current downtrend. Yesterday, it reached that point, and for some reason I had forgotten to enter a limit sell order. I discovered the touch too late, and I went looking for a safe entry based on a lower timeframe.
*NOTE: this is a demo exercise, and nothing that I would consider doing with live money before having proven extensively on demo that I can be consistently profitable with this sort of trades. No use throwing money away unnecessarily.*
Anyway, on the M15 chart, it seemed I was looking at a break downwards of a mini ppz, so I entered as shown. As you can see, price went down hard soon afterwards and never looked back. Stop went to b/e + 1 quickly.
Part 2 will follow soon.
*NOTE: this is a demo exercise, and nothing that I would consider doing with live money before having proven extensively on demo that I can be consistently profitable with this sort of trades. No use throwing money away unnecessarily.*
Anyway, on the M15 chart, it seemed I was looking at a break downwards of a mini ppz, so I entered as shown. As you can see, price went down hard soon afterwards and never looked back. Stop went to b/e + 1 quickly.
Part 2 will follow soon.
It's not about how much you make, it's about how much you don't lose.
- #53,954
- Feb 4, 2010 9:26am Feb 4, 2010 9:26am
So after a while, my trade was going strong. I decided to find an entry point for a second position, which I found. Why add, you might wonder?
Well, in my view, fiber was at least going to go lower than the recent swing low of 1.3850, and even if it would fail to do so and go back up, my first position was already so much in profit, that a 1R loss of my second position would mean I'd still come out this trade a winner. If fiber was indeed going to go lower, I would be winning double the money. Worth the risk, I should think.
My second entry was based on a minor ppz on M15 (again), which was triggered to the pip. Stoploss on this position was soon set to B/E + 1 too, and the waiting for the break of 1.39 began.
Well, in my view, fiber was at least going to go lower than the recent swing low of 1.3850, and even if it would fail to do so and go back up, my first position was already so much in profit, that a 1R loss of my second position would mean I'd still come out this trade a winner. If fiber was indeed going to go lower, I would be winning double the money. Worth the risk, I should think.
My second entry was based on a minor ppz on M15 (again), which was triggered to the pip. Stoploss on this position was soon set to B/E + 1 too, and the waiting for the break of 1.39 began.
It's not about how much you make, it's about how much you don't lose.
- #53,955
- Feb 4, 2010 9:40am Feb 4, 2010 9:40am
Well, the Asia session sure did pay off when I looked at my trade this morning. As a matter of fact, the whole day so far has been quite nice for my trade. Will monitor further progress closely.
I started this demo account with a ficticious 3k last week, taking trades risking 1% only. This trade sure covers all those small losses I incurred last week while figuring out how tight I can set my stoplosses on touches, and then some.
*Again I would like to emphasize that this is a demo trade, I also demo J16 PA on daily and weekly, and so should everyone else who is new or is struggling to get profitable. This is just a micromanaged trade based on macro timeframe price action + ppz, for informational purposes only.
*
I started this demo account with a ficticious 3k last week, taking trades risking 1% only. This trade sure covers all those small losses I incurred last week while figuring out how tight I can set my stoplosses on touches, and then some.
*Again I would like to emphasize that this is a demo trade, I also demo J16 PA on daily and weekly, and so should everyone else who is new or is struggling to get profitable. This is just a micromanaged trade based on macro timeframe price action + ppz, for informational purposes only.
* It's not about how much you make, it's about how much you don't lose.
I don't monitor this pair, but that's as easy it as it gets in terms of a setup...you can set the entry, stoploss and take profit and walk away with the knowledge that you have a high chance of returning at some point with pips in the bank.
I would highly recommend that anyone beginning their venture of trading price action setups go back over their charts and look at previous setups and identify where the first trouble area is - do this over and over again so it becomes second nature. Keeping a record off this is a good idea IMO too i.e. noting...
it would be fun
- #53,960
- Feb 4, 2010 10:01am Feb 4, 2010 10:01am
Hi James16,
I must say i am one of those who took this trade, watched it get to the first Support Area, 1.0550, moved S/L to just below entry and left it to run hoping it would go south further........unfortunately came back and found S/L hit...i really cursed and cursed and cursed............WHY?...
[quote=lovejoy80;3429966]
I would highly recommend that anyone beginning their venture of trading price action setups go back over their charts and look at previous setups and identify where the first trouble area is - do this over and over again so it becomes second nature. Keeping a record off this is a good idea IMO too i.e. noting the date, pair setup, where will price go...where did price go (Jim did a thread on this in the PF from memory).
I would also highly recommend newbies watch the 'rants and raves' video...