james16 Chart Thread
Well location wise it would be considered juicy but time of day(late friday notorious for just profit taking) and size would actually have me real worried about it.
Not to rain on the parade
Mike
Hi guys,
Been following for quite a while, just wondering your thoughts on this chart? Nice looking pin at daily ppz, with good room to move. Next problem area I see is around 1.6589.
I do like the location and swing low, but after such a strong move down we need some big bold PA to counter act that move.
Your target is a bit aggressive, I could say that the 4 hour PB's 1st target was already hit.
Welcome btw, Jack.
Just take the trend trades it's so much easier and makes so much more money, if you are are going to CT it at least do it when the market is sideways at a extreme.
CT trading again? What happened on that last one
Being able to do that, especially on a 5 min chart is a very special and valuable ability in my opinion. That the top of controlling your emotions. Controlling emotions is a very hard thing for humans to do, and I would even say a rare audibility.
Ryan, what do you think helped you the most reaching this stage? Is it experience mainly? (successful experience = confidence).
Sometimes I have another psychological barrier which expressed by not being able to pull the trigger. Then after seeing price do exactly what I knew it will do, I think to...
If you skip trades deep down inside you do not have the confidence on what you are doing, if you did you would not skip it. Think about driving a car at 80mph with other cars around you going 80mph, that's a lot more risk then taking a dumb trade in the market The power of Price Action. James16 talks about being able to trade in these consolidation areas. Here is a great example of one. Time and practise is the name of the game.
Thanks again for sharing this Ryan.
Just bookmarked this post. I have to do some more thinking. I think the only way to take control at the end of the day is through experience. Would be interesting to check this post again at some point in the future.
if I get stopped who cares, if it goes my why who cares lol. I really do trade this way, If I had 10 million I would do it the same too as I have 0 care of what happens now.
lol sorry for attacking this thread today. just so much good opportunities.
Here is another one which could make a great deal to your account if managed correctly. I missed it.
It's just pure quality of price action bars at the right locations. Nothing fancy.
Tight management with a big enough account is all you need if you have the right mindset. Catch the best three from all these opportunities, and you are more than fine for this month.
Sept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...
You just HAVE to get to a point when you have 0 guessing going on...
Sept 11th 2001, I had about 11k in stocks. I was trading off a service that was $500 per stock pick. I had no idea what I was doing and I had 500 shares of ctxs. It was wall street stratagys I think. Anyway I bought the shares like the service said to do and it was working good so far, I was up a few 1000 so I was like great making money. Well then the plans crashed and I was STUCK in that trade, when it opened back up I was down about $7,000. Back then I was broke as hell so I just watched my not going out, eating everymeal at home for 6 months...
That's because....
.. I can't believe people are doing it for 30+ years and I can get all this experience at this stage for free. This is insane.
