No this is not fun.
That's what i do all day long, all day strong.
.
Are you watching cadjpy? 38.2fib + 90.00 round number + breakout-pullback pattern. This is my demo trade, trying to learn touch trade, any comment? Thank you.
james16 Chart Thread
- #61,202
- Apr 19, 2010 7:18am Apr 19, 2010 7:18am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
Hi Nasir,
Are you watching cadjpy? 38.2fib + 90.00 round number + breakout-pullback pattern. This is my demo trade, trying to learn touch trade, any comment? Thank you.
Well just looking at your chart I don't use 38.6, just 50 and 62. Now we are only left with a PPZ and 90.
Looking at where price is coming from. There was a consolidation and then a breakout with that big bearish bar.
Breakout and Pullback. I would my breakout and pullbacks quick. I mean i want one bar breaking the level and next one should quickly comeback for the retest. In your case Pullback trade is on March-26.
So i would pass this one.
But if someone put a gun on my head, i would've moved my stop to BE ASAP.
.
- #61,203
- Edited 7:36am Apr 19, 2010 7:21am | Edited 7:36am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
CJ!! Not my pair.
Well just looking at your chart I don't use 38.6, just 50 and 62. Now we are only left with a PPZ and 90.
Looking at where price is coming from. There was a consolidation and then a breakout with that big bearish bar.
So i would pass this one.
But if someone put a gun on my head, i would've moved my stop to BE ASAP.
.
I have recently added a filter of TL's for late pullback trades.
.
- #61,204
- Apr 19, 2010 7:38am Apr 19, 2010 7:38am
- | Joined Feb 2010 | Status: Make Them Pay | 1,103 Posts
Afternoon all!
Had a very interesting weekend backtesting PA/PPZ, out of 50 trades I got 30 winners, 16 losers, 4 B/E although with backtesting you can't really practice trade management. Overall the starting $1000 grew 49%. This is something I want to do a LOT more.
Nearly all the bad trades were in traffic and ranges and were the 'only just' PA bars.
Quick question about drawing S/R lines in MT4. Do you guys have grid lines turned on or off? I find that when drawing lines my eye automatically is drawn to them, sometimes price seems to react to them as well. I don't know if this is a good or bad thing.
Gridlines or no grid lines - what say you?
Had a very interesting weekend backtesting PA/PPZ, out of 50 trades I got 30 winners, 16 losers, 4 B/E although with backtesting you can't really practice trade management
. Overall the starting $1000 grew 49%. This is something I want to do a LOT more. Nearly all the bad trades were in traffic and ranges and were the 'only just' PA bars.
Quick question about drawing S/R lines in MT4. Do you guys have grid lines turned on or off? I find that when drawing lines my eye automatically is drawn to them, sometimes price seems to react to them as well. I don't know if this is a good or bad thing.
Gridlines or no grid lines - what say you?
Anything can happen.
- #61,205
- Apr 19, 2010 7:42am Apr 19, 2010 7:42am
Afternoon all!
Had a very interesting weekend backtesting PA/PPZ, out of 50 trades I got 30 winners, 16 losers, 4 B/E although with backtesting you can't really practice trade management
Nearly all the bad trades were in traffic and ranges and were the 'only just' PA bars.
Quick question about drawing S/R lines in MT4. Do you guys have grid lines turned on or off? I find that when drawing lines my eye automatically is drawn to them, sometimes price seems to...
But I don't keep the grid lines on because they are put at strange numbers, having nothing to do with what price is telling me.
So, to give you the short answer, no grid lines (MT4 default) on my charts.
CJ!! Not my pair.
Well just looking at your chart I don't use 38.6, just 50 and 62. Now we are only left with a PPZ and 90.
Looking at where price is coming from. There was a consolidation and then a breakout with that big bearish bar.
Breakout and Pullback. I would my breakout and pullbacks quick. I mean i want one bar breaking the level and next one should quickly comeback for the retest. In your case Pullback trade is on March-26.
So i would pass this one.
But if someone put a gun on my head, i would've moved my stop to BE ASAP....
- #61,208
- Apr 19, 2010 8:41am Apr 19, 2010 8:41am
- | Commercial User | Joined Dec 2006 | 1,085 Posts
Nice support resistance zone on EURGBP. I hav etaken a short with 12 pip stop at a touch of this zone which is also at round number. This is a ret into a 4 hr BEOB. Max loss 12 pips. Target approx 50.
This kind of trade is not about being right all the time. It's about making money
This kind of trade is not about being right all the time. It's about making money
- #61,209
- Apr 19, 2010 8:46am Apr 19, 2010 8:46am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
Hi Nasir,
Are you watching cadjpy? 38.2fib + 90.00 round number + breakout-pullback pattern. This is my demo trade, trying to learn touch trade, any comment? Thank you.
just my 2 pips
jon
PATIENCE... DISCIPLINE
hi Lyra, i'm not Nasir but would just like to say that taking a touch trade after such strong PA was very risky. i agree that the 90.00 level is a great level to look for a trade but i would be wary of that massive red bar from friday!! i would be looking for PA right now also if it wasnt for that and the fact that to me the other yen/xxx look like they want to retrace a little more yet??i would like price to close above 91.00 before i had any faith in the breakout continuing.Also cad looks pretty weak across the board.
just my 2 pips
jon
- #61,211
- Apr 19, 2010 9:01am Apr 19, 2010 9:01am
- Joined Apr 2009 | Status: Trader | 2,891 Posts
hi Lyra, i'm not Nasir but would just like to say that taking a touch trade after such strong PA was very risky. i agree that the 90.00 level is a great level to look for a trade but i would be wary of that massive red bar from friday!! i would be looking for PA right now also if it wasnt for that and the fact that to me the other yen/xxx look like they want to retrace a little more yet??i would like price to close above 91.00 before i had any faith in the breakout continuing.Also cad looks pretty weak across the board.
just my 2 pips
jon
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- #61,212
- Apr 19, 2010 9:09am Apr 19, 2010 9:09am
- Joined Feb 2008 | Status: sucker for punishment | 2,444 Posts
But we said the same thing.
.
...just wanted to include a broader outlook.jon
PATIENCE... DISCIPLINE
- #61,216
- Apr 19, 2010 9:39am Apr 19, 2010 9:39am
- | Joined Aug 2007 | Status: I keep my eyes open | 1,108 Posts
talk about J16 method in general.
One Chart is Worth Ten Thousand Words.
- #61,217
- Apr 19, 2010 9:56am Apr 19, 2010 9:56am
u avoid going crazy by being sane.
what i mean is be sane by following the advices/rules mentioned here (reading post #1 etc)
if u become crazy from all these, then u are not fit to trade, u are not good enough....
always remember, if u dont quit, success is inevitable.
You're a smart guy from what I've read from you so far. You're right, it always helps to look at one's own problems from the perspective of people who are much worse off than us. You realize that as long as you're healthy and alive, you've got food to eat, you're surrounded by people you love, there is no reason to feel sorry for yourself.
I like this little quote: "Life is like a hand of cards. You have to play the hand you're dealt, you can't win by folding, and sometimes you must take chances in order to win. " If you can play well with shitty cards, you're the true master!
Good luck to both of us (and all the other great people here
), we're going to make it eventually! I'll never quit no matter how long it takes. I think I'm psychologically slowly getting to the point where the money is not really what's driving me forward, but rather the passion for trading and the desire to figure this all out and prove to myself that I CAN do it. Perhaps some senior member could tell me if that's, from their experience, a good way to approach this? What was and is the biggest motivation for you to trade?
- #61,218
- Apr 19, 2010 10:26am Apr 19, 2010 10:26am
i've just noticed i nice opportunity that i missed earlier today....
a nice IB was formed on the GJ 4h chart just off a BRN 140.00, first smaller trouble area would be around 140.50 and the FTA would be 141.00 (just where the price has reached now)
the EJ also had an IB but it wasnt on such a good location...
a nice IB was formed on the GJ 4h chart just off a BRN 140.00, first smaller trouble area would be around 140.50 and the FTA would be 141.00 (just where the price has reached now)
the EJ also had an IB but it wasnt on such a good location...
- #61,219
- Apr 19, 2010 11:02am Apr 19, 2010 11:02am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I'll never quit no matter how long it takes. I think I'm psychologically slowly getting to the point where the money is not really what's driving me forward, but rather the passion for trading and the desire to figure this all out and prove to myself that I CAN do it. Perhaps some senior member could tell me if that's, from their experience, a good way to approach this? What was and is the biggest motivation for you to trade?
It always was for money!
That emotional detachment from your $$$ is important but forcing the issue won't do you any good.
Treat $10,000 as 10,000 when in your trading account. Once retracted they deserve a lot more, and that's exactly what you should be striving for.
To answer your question, "money" has been the single most important factor that has provided me with the fuel to search success in this business.
g.
I believe . . .
- #61,220
- Apr 19, 2010 11:14am Apr 19, 2010 11:14am
- Joined Jan 2008 | Status: In Fibonacci We Trust | 2,397 Posts
Here is a pattern I have tested on many, many charts and works well. It is a modified double inside formation "Dale's Double" and can be traded as a reversal or continuation. With as many posts as we have on J16, it may have been mentioned before but I know that it has not been mentioned very much. I wanted to share this with the group here. I trade it just like I would the Dale's Double and have had really nice success. Requires 4 bars.
K.I.S.S.
K.I.S.S.
