Can someone tell me what is best platform time for trading pins and other PA paterns? Becose diferent platform time has diferent open and close and it make candles look diferent. Sometimes diferent platforms even do not make a pin due to diferent open/close.
james16 Chart Thread
- #57,062
- Edited 1:06pm Mar 3, 2010 12:52pm | Edited 1:06pm
Hey gang,
so I would like to share some of my bad trades as well, so you can avoid it next time hopefully same as me.
http://img692.imageshack.us/img692/7...trade3outf.gif
1. trade CADJPY: 4hr, PIN, 61.8 fibo touch, nice position, clear SL lvl just above pre-PIN bar and little above PPZ @ 86.15, [email protected]. After trade was triggered, market has moved immediately to 85.65 PPZ lvl. 1/3 of trade was closed and rest was put to BE. On the next bar I have managed to close another 1/3 when bar was making LL. Last 1/3 of trade was closed@BE.
Retrospectively trade was picked on nice place and managed very well. Again it confirmed that PIN usually goes to 1st PPZ, then goes back to PIN enter lvl and reverse in previous direction. Not always, but very often.
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http://img694.imageshack.us/img694/6...rade1lossf.gif
2. trade EURGBP: 4hr, PIN, no fibo, no good position, no BRN. Only reason for a trade was huge spike to 0.9140 and retr back with MACD turning down. When price was rejected around 0.91 and PIN was testing this lvl again I put short order below it. Although it doesnt seem bad till now, putting SL and not increase SL lvl for a spread is huge mistake, not talking that from chart is clear to put SL above these 3 highs test. This trade was full loss, although market never moved above that lvl and its still in range.
Point of this story for me: pick better ones, count with spread when its needed.
Anyway, these are the reasons I can do better next time.
Happy trading to all...
so I would like to share some of my bad trades as well, so you can avoid it next time hopefully same as me.
http://img692.imageshack.us/img692/7...trade3outf.gif
1. trade CADJPY: 4hr, PIN, 61.8 fibo touch, nice position, clear SL lvl just above pre-PIN bar and little above PPZ @ 86.15, [email protected]. After trade was triggered, market has moved immediately to 85.65 PPZ lvl. 1/3 of trade was closed and rest was put to BE. On the next bar I have managed to close another 1/3 when bar was making LL. Last 1/3 of trade was closed@BE.
Retrospectively trade was picked on nice place and managed very well. Again it confirmed that PIN usually goes to 1st PPZ, then goes back to PIN enter lvl and reverse in previous direction. Not always, but very often.
------------------------------------------------------------------------------------------
http://img694.imageshack.us/img694/6...rade1lossf.gif
2. trade EURGBP: 4hr, PIN, no fibo, no good position, no BRN. Only reason for a trade was huge spike to 0.9140 and retr back with MACD turning down. When price was rejected around 0.91 and PIN was testing this lvl again I put short order below it. Although it doesnt seem bad till now, putting SL and not increase SL lvl for a spread is huge mistake, not talking that from chart is clear to put SL above these 3 highs test. This trade was full loss, although market never moved above that lvl and its still in range.
Point of this story for me: pick better ones, count with spread when its needed.
Anyway, these are the reasons I can do better next time.
Happy trading to all...
- #57,066
- Edited 1:46pm Mar 3, 2010 1:13pm | Edited 1:46pm
Yo Nasir, That reminds me....
I just decided to check how you're doing @ the contest and can't find your name amongst the top 3 anymore.. Sup wiv that bruv? Looks like that Vladimir dude is a freak.. LOL .. whew.. Over leveraging at it's best!
I know you're having fun with it... Heh, I hope you bring home the trophy..
I just decided to check how you're doing @ the contest and can't find your name amongst the top 3 anymore.. Sup wiv that bruv? Looks like that Vladimir dude is a freak.. LOL .. whew.. Over leveraging at it's best!
I know you're having fun with it... Heh, I hope you bring home the trophy..
- #57,067
- Mar 3, 2010 1:23pm Mar 3, 2010 1:23pm
I set sell stop order yesterday at 1.0335 and will go break even at 1.0305 if it breaks. It was A+ setup for me.
What do you think? Pros/cons ?
My analysis:
+beautiful pin bar
+Big Round Number 1.0500
+50% fib
+(some, not very good)divergence
+S/R area
+1 year extreme
-first trouble area close but enough time to go break even
Plan:
1, go short at 1.0335
2, take half off at 1.0305
3, go break even(-10pips to allow room for pullback) at 1.0305
4, watch how it goes then, I'll be watching 1.0200 and 1.0070
Cheers,
Mikey
I do not really see any confluence. The round number would be above your SL, so it isn't really a factor here. I would like to have some more confluence, like the bar itself a little higher, bouncing off the BRN with some div to class it an A+++.
But in any case, this is a Good PA bar (looks even better on my feed), at a swing high where it should be. Not A+, but enough to be in the "A category" of my book.
Your management plan sounds pretty good if you ask me. This is purely what james teaches. I love it.
As a side note-
If you are going to accept this bar good enough for YOUR OWN COMFORT ZONE - whatever be the outcome of this trade, winner or loser, it shouldn't bother you, cause there is nothing you can do about it (once you have putted the odds in your favor, it's just a random possibilities game). Take at least 30 like these in a row, then you can tell if this stuff works or not, make your adjustments, etc. A single trade means nothing
Hope that helps,
Ben
- #57,069
- Mar 3, 2010 1:45pm Mar 3, 2010 1:45pm
greetings to all J16 traders from London
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted. But i am happy to say that i finally found home at J16. I have been lurking in the background since Nov last year applying the material only on the dailies. I have never found success like this before + i finally have a life away from the charts
for my first post i must present Jim with an apology. about a year ago i stumbled on your thread and read your first post and thought, aah, another chum trying to claim fame. I was greatly mistaken and would have been here longer if i wasnt such an idiot for dismissing that road. My punishment for not walking this road earlier was yet another year of failure. I seem to have walked off the beaten track (J16), into the jungle and eventually found my way back on the beaten track. I don't know how i have not given up yet but the fire inside for this business must be in my blood somehow, although my success until now wouldn't reflect that. So Jim, please accept an idiots apology.
Now since i started with this material i have found 3 months of success. i still have a heck of a lot to learn (lessons only experience brings). hey here is something that came as a surprise. nobody told me that the initial stages of consistency would be accompanied by a feeling of "OH MY SACK". I keep thinking i am about to hit a massive losing streak. Yes i still make those "wet behind the ear" type mistakes but these are also starting to slowly make sense. Anyway i dont want to offload on a personal diary so this is me saying hello to all of you.
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted. But i am happy to say that i finally found home at J16. I have been lurking in the background since Nov last year applying the material only on the dailies. I have never found success like this before + i finally have a life away from the charts
for my first post i must present Jim with an apology. about a year ago i stumbled on your thread and read your first post and thought, aah, another chum trying to claim fame. I was greatly mistaken and would have been here longer if i wasnt such an idiot for dismissing that road. My punishment for not walking this road earlier was yet another year of failure. I seem to have walked off the beaten track (J16), into the jungle and eventually found my way back on the beaten track. I don't know how i have not given up yet but the fire inside for this business must be in my blood somehow, although my success until now wouldn't reflect that. So Jim, please accept an idiots apology.
Now since i started with this material i have found 3 months of success. i still have a heck of a lot to learn (lessons only experience brings). hey here is something that came as a surprise. nobody told me that the initial stages of consistency would be accompanied by a feeling of "OH MY SACK". I keep thinking i am about to hit a massive losing streak. Yes i still make those "wet behind the ear" type mistakes but these are also starting to slowly make sense. Anyway i dont want to offload on a personal diary so this is me saying hello to all of you.
Oanda is pretty good now. Awesome spreads and obviously decent enough clout to handle big accounts too. Any issues I have with them on those trades have have been my fault. lol
I think a lot of the complaints about them through the ages have been from news traders who get slipped around announcement time (...sorry, not "slipped", obviously I meant..."Ripped off by those rotten B____s")
- #57,072
- Mar 3, 2010 2:03pm Mar 3, 2010 2:03pm
- Joined Nov 2009 | Status: Thx G, Malc, D55, Fontu & Hatch | 3,196 Posts
This is a fact. I closed out a small lot maybe a few months back, after a quick 60 pip spike in my favor from cash rate decision, and I was given the exit as if the spike never happened. Even went through CS and they went through my logs and confirmed that I exited before the spike. Was the biggest BS I've ever been apart of in my short time in the currency world. Other then that though, haven't seen anything I thought was off. Just thought I'd bump your post because I am still pissed about it
DZ
- #57,074
- Mar 3, 2010 2:20pm Mar 3, 2010 2:20pm
- Joined Apr 2009 | Status: Trader | 2,891 Posts
Yo Nasir, That reminds me....
I just decided to check how you're doing @ the contest and can't find your name amongst the top 3 anymore.. Sup wiv that bruv? Looks like that Vladimir dude is a freak.. LOL .. whew.. Over leveraging at it's best!
I know you're having fun with it... Heh, I hope you bring home the trophy..
greetings to all J16 traders from London
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted....
- #57,077
- Mar 3, 2010 2:29pm Mar 3, 2010 2:29pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
greetings to all J16 traders from London
quick onto to myself.
I began walking the path of a trader in june 2006. Like everyone, i have made all the blunders that make this business so challenging. To me this has been the most challenging endeavour i have ever attempted....
welcome from out the shadows
- #57,078
- Mar 3, 2010 2:34pm Mar 3, 2010 2:34pm
Well that's fine. I can't say you are wrong or right about this.
It is just my point of view that if the bar I am trading doesn't bounce off the round number, the BRN doesn't count as a factor.
Price has quite a good tendency attracting to BRNs. Not gonna go deep into orderflow now, but that's what I personally found....
Best to you,
Mikey
- #57,079
- Mar 3, 2010 2:44pm Mar 3, 2010 2:44pm
- Joined Jun 2006 | Status: Vivere! | 1,034 Posts
I'm pretty much done with all this ...
- #57,080
- Mar 3, 2010 3:03pm Mar 3, 2010 3:03pm
You missed my recent posts.
