james16 Chart Thread

ah yes, sorry didn't think I can do that LOL
Philippines that is not that much "near" But yeah much closer than U.S.
Never been to, my parents like them a lot, being close to retirement age they travel a lot. Say Cebu Island is a fantastic place. I should visit some day

So Supreme, you are a full time trader? Meaning you live only on what you make trading? No other job?

Adilius07,
yes no job, full time trader, but inconsistently profitable still. (this setup is highly UNideal for most)

when i hear "Kazakhstan" i think of horseriding & falconry (hawks, peregrine falcon)
u must be part of the upper-/middle-class in your country, if u & your family travel much. Good for u!!
Cebu is fantastic. Thanks....
come & visit sometime

All you have to do is become consistently profitable wish you luck!

In KZ yes, some rural areas are like you said. It is a national "sport" too. But city life is not like this, we are main oil exporter in the region too. In the city where I live Almaty the salary of 2K is just about enough to get yourself rented appartment, food and pay for gas. Will not save anything.

Adilius07,
Thanks!
yes, i need too.
i got 3 sponsored kids in World Vision. i havent donated for several months now. my goal is to sponsor 5-20+ kids in the near future.

sounds like u are living in another expensive place
(i see u are 29yrs old, we are nearly of the same age)

you sound like me

This is a fantastic thing you do sponsoring kids. Very generous! My dream is to become consistently profitable in Forex, and I will get myself a job in some field where I would feel I do something valuable for people (job not for money, but for the purpose). Because having money and just sitting in front of a computer all days, live in die by the candlsticks is just not right, I think

Could someone please comment on this. I think it looks like a Pb, but for some reason Im not totally convinced. On the other hand someone with more experience might say its great. Thanks in advance. SR

Hello Sjr,
looks like the close is above the open, so it is a bullish pin.
BUT
-it is very small, unconvincing, unappealing.
-in between in what i see as 2 boxes of consolidation --87.00 - 88 range & the 88.00 - 89.00 range.
-Daily & below, IMHO, bias is down. it's possible price will revisit mid- to low 87.00's

having said that, that pin hasnt triggered yet. the concern is 88.20 - 88.50area looks to pose problems, & that price range is right n top of the pin.

always remember, a pinbar (or BUOB, etc) doesnt necessarily/immediately equate to "trade me, it's a no brainer". u have to assess the environment/situation, & see if the odds are in your favor.


***************************
J16 equation
"looks like a PB" is NOT = "trade me"
or
a PB (or BUOB, etc) is NOT always = "trade me"
a good looking PB (or BUOB, etc) is NOT always = "trade me"

Hi Guys,

Read this recently by Steildmayer, one of the pioneers of market profile. I really like it. Speaks to me plenty. I personally can relate to it alot in my own development as a speculator and I'm sure many here who have crossed the consistency threshold and/or are very profitable can relate to the points he made here.

Hope it helps everyone =)
---
The Profile of a Successful Speculator

Trading is being young, imperfect and human; not old, exacting and scientific. It is not a set of techniques, but a commitment. You are to be an information processor. Your trading skills can be developed only by participating in the markets. You need to become a part of the markets, to know the state of the markets at any given time and, most importantly to know yourself. You need to be/patient, confident and mentally tough. The good trader offers no excuses, makes no complaints. He lives willingly with the vagaries of life and the markets. Start by becoming capital safe so that you can participate in the markets on an ongoing basis. Position yourself so that you can't be knocked out of a market by a few setbacks. Continuous involvement prepares you to take advantage of any good opportunity that arises. It also contributes to your self-confidence. It creates a safe environment in which you can experiment and learn, knowing that no experience will be a career-ending one.

As your trading experience grows, you will begin to gain a feel for the market that enables you to sense changes äs they occur, not after. You will develop the ability to recognize opportunities rather than going after dreamt-up trades. You will learn to recognize when you are wrong even before your dollar position tells you so. And you will begin to see, time after time, that when you have exited a trade it was usually the right move to make. In other words, you will begin to experience trading. Now it is time to further sharpen and refine your skills — to work to learn. Try to develop a sense of the price/value relationship underlying the trades you make. You'll find that there are only three possible price/value relationships: price may be at value, above value or below value. If your trades are not buying a price above value or selling a price below value, your trading circumstances will be favorable; the effects of your mistakes will be muted, and it will be relatively easy to recover from them. Mistakes outside these Parameters can be disastrous and career ending. In the early stages of your trading career, don't worry too much about whether you should buy or sell, but rather about how you've executed whatever trade you've made. You'll learn more from your trades this way. Never assume that the unreasonable or the unexpected cannot happen. It can and it will.

Remember that you can learn a lot about trading from your mistakes. When you make a mistake —and you will —don't dwell on the negative. Take your lesson and keep going.Never forget that markets are made up of people. Think constantly about what others are doing, what they might do in the current circumstances, or what they might do when those circumstances change. Remember that whenever you buy and hope to sell higher, the person you sell to will have to see some opportunity at that higher price in order to be induced to buy. You will need a sound approach —one that allows you to win at trading. It's best to try to win on the grind: Plan on taking a small profit from a large number of trades, äs well äs a large profit from a small number of trades. Don't think of yourself äs a take-off artist; rather, think of yourself as marketing an idea whenever you enter a trade. Traders who lose follow one of several typical patterns. Some repeatedly suffer individual large losses that wipe out earlier gains or greatly increase a small loss. Others experience brief periods during which their trading wheels fall off; they lose discipline and control and make a series of bad trades äs a result. The wise trader makes many small trades, remains involved and constantly maintains and sharpens his feel for the market.

For all of this work, he hopes to receive some profit, even if it is small in dollar terms. In addition, continual participation allows him to sense and recognize the few real opportunities when they arise. These generate the large rewards that make the effort of trading truly worthwhile. The program you follow must allow you to have reasonable positive expectations; it must make trading fun and exciting for you. If it does, you will find that the common complaints you hear about the anxiety of trading and the fear of pulling the trigger will not affect you. As your experience grows, your patience and confidence will also grow. You will learn to stand alone and to make the tough trades — but not the tough stupid ones.

Discover what you do well consistently äs well äs what you do poorly. Find a base and build on it. This is how the successful trader is made.

in what way?

hahah... u are right, we need & want less stress, not more.
i hope u do pursue your dream.
i believe we all have a mission.

Thx Supreme. I guess subconsciously that's why I put the chart up to get feedback, as I wasn't convinced myself, but couldnt explain why. Your explanation helps make it much clearer. In time it will become conscious, I hope !!. Cheers SR

Sjr,
i think u mean subconscious,
yes, more chart time helps.
we generally learn much faster by viewing & reviewing pictures/videos.

Keep it up Sir

u are into MP now?
nice post, thanks for sharing!

The location of this PB is pretty good IMO. It's at a swing low, is coming off PPZ and the 88.00 BRN. Only problem is it isn't particuarly big.

I read random shit to destress. I've got OCD about knowing stuff. LOL. So rather than zone in front of the TV, I err... go look for random things like this. and occasionally (quite frequent 'occasionally') come across interesting articles (like this one).

I'll do anything to better my edge. Heh.

I'm attaching something by an apparently renown pit trader who went off floor later on. I hear its pretty popular in speculative literature.
(I'm only like 5 pages into it, so disclaimer on how good it really is ok guys?)
(anyways, he was saying that it's the little little things that have helped him along the way. some of the wording of this article here has helped me connect a few very important dots too... so yeah... hence why I read seemingly random market stuff... =) )

Hope this helps everyone too

Hi Adilius, i was thinking about your chart and how you could have managed it differently.

How about doing this:
When shorting sell 1/2 your intended position size on the break of the bar and sell the other 1/2 of your position size on a 50% retracement of the Set up pin..(opposite for longs) This would give you a better average price! Check your chart below and replay it in your mind with this strategy... i would be interested in other peoples thoughts on this.....

that sounds familiar. but i got amnesia so im not sure if i already have that pdf. i'll just copy it.
thanks again!

just wanna add...
trade & risk management is a personal thing, imho.
each one of us has to test it out to find what suits us..

Just took a EUR/CHF trade on a PB Fakey OR BUOB - confluence with RN, FIB 50%, TL S, TL R=>S from consolidation area.

Prior Daily BUOB on breakout of the consolidation area - correction not a BUOB just a BUB breaking TL R

Cons:
Not a huge candle
Rejection @ 13420 soon after entry
Lack / misreading of Daily bar may not be showing enough buyers in the market
Against major down trend

Pros:
Nice consolidation and confluence
Looks like an initial swing on break of consolidation area which technically fits
Broken Resistance Trend Line

Gotta monitor this one.

Any comments appreciated.