This is a short-stock trade idea for next week.
I noticed a lot of you keep trading journal. I think it is a great thing to analyze self performance over time. I will do the same
I have seen the enemy, and it is me.
james16 Chart Thread
- #70,821
- Aug 8, 2010 2:29am Aug 8, 2010 2:29am
- #70,822
- Aug 8, 2010 2:32am Aug 8, 2010 2:32am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #70,823
- Edited 3:03am Aug 8, 2010 2:38am | Edited 3:03am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
- #70,824
- Aug 8, 2010 2:52am Aug 8, 2010 2:52am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
Anyone can share ideas on keeping journals or some software that can help? Much appreciated.
For now I just enter all trades in excel and I have a separate folder in my PC called "My trades" where I save screenshots of all my trades (before and after)
Hope this helps.
- #70,825
- Aug 8, 2010 3:17am Aug 8, 2010 3:17am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Ghous!
I notice that you rarely seem to draw horizontal PPZ lines.
And just seem to use the rectangle function to mark off traffic.
Are you just eyeballing the PPZ on weekly and remembering them or just eyeballing the areas on the TF you are working on?
Looks really simple compared to what I am doing but then again, of course you have practiced a lot.
Note in the daily chart I still have that horrifying feeling, I am missing PPZ at the green rectangle areas.
Any tips appreciated.
yeah I don't draw horizontal lines on my chart. First because I don't touch trade I only go into the details of location and round numbers when I see a PA setup that I feel is good enough. Secondly an obvious PPZ does jump out at me without a horizontal line indicating that and it could be due to the chart time yes.
It just takes some time, but then of course you might want to keep using horizontal lines if you find them useful. A few lines on the chart sure don'tt clatter the chart.
g.
I believe . . .
- #70,826
- Aug 8, 2010 3:30am Aug 8, 2010 3:30am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Anyone can share ideas on keeping journals or some software that can help? Much appreciated.
The best thing you can do is to keep a journal where everyone can see your trades. It keeps you from taking foolish trades or trades that go against your stated rules because you then hate to post such trades up at your journal and let the world know you've been fishing outside your trading parameters. It also helps because people who read through your journal often congratulate you on great trades (which boosts confidence) and have advices and suggestions to offer if you enter in a loosing streak which again helps.
An excel spreadsheet alongside a journal to do the math and statistics also helps.
g.
I believe . . .
without reading any other post but yours, i tend to agree with your superstition.
i know in the past i have seen that people have traded hilariously big outside bars as if thats what they spend all day waiting for. to me it would be about RR, and to see someone factor in the huge size of the bar to create their position size and then move their stop up out of being anxious, it seems wasteful and backwards. its like paying 100,000,000 dollars for great live insurance and then living in your panic room. abnormally huge bars are funny to me.
I finished reading your thread Jim. It was very interesting to read about your journey. I was inspired to back test your style of trading (price action usage; such as, double tops, double bottoms, pin tops, etc.) on a gbp/jpy day chart. The results of my price action trading were amazing! I simply scrolled to a random place in the chart and started back testing your theories. After about 100 back test trades, my win to loss ratio stood at 82:18! Nearly 80% win rate, with only using price action! No news, no trend lines, no mvas, emas, or anything...
Another way to practice is to use your back tester, Watch the PA,
And paper trade it, To see how you do. Or download a manual backtest EA.
You can pause it, And put in S/R line, Or Fib lines. It can be a great training tool.
Here is a link, Of the backtester program I use.
http://www.forexmt4.com/BacktestTrader/
Spike
Will, Knowledge, Discipline, And tenacity=Success
- #70,830
- Aug 8, 2010 6:39am Aug 8, 2010 6:39am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
OMG, it just dawned on me that a Pinbar is in fact many times a Head & Shoulders (reversal pattern) on the lower time frame! WOW!!! 
- #70,831
- Edited 7:20am Aug 8, 2010 7:15am | Edited 7:20am
hey Pb,
yeah I don't draw horizontal lines on my chart. First because I don't touch trade I only go into the details of location and round numbers when I see a PA setup that I feel is good enough. Secondly an obvious PPZ does jump out at me without a horizontal line indicating that and it could be due to the chart time yes.
It just takes some time, but then of course you might want to keep using horizontal lines if you find them useful. A few lines on the chart sure don'tt clatter the chart.
g.
Just great to hear this remark of yours concerning drawing lines on the chart. My first working method of analyzing price charts was to draw the supply and demand lines according to a top-down approach, starting from the higher timeframes down to the lower timeframes . After that I began to look for PA patterns in the vicinity of these drawn lines. But when there are to many lines on the chart the whole picture becomes messy and one tends to lose the overall picture. Because you always first start looking for a PA pattern and then look at its specific position in the overall chart, I decided to delete all the lines from the lower timeframes except for one higher timeframe. Now when I see a PA pattern, I first look at its position within the higher timeframe lines and if there no interaction I start to zoom into the lower timeframes and start to look for some interaction at wellknown positions (fib. levels, RNB,BRN, PPZ etc..).
May the force be with you,
Pipcrawler
- #70,832
- Aug 8, 2010 7:17am Aug 8, 2010 7:17am
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
OMG, it just dawned on me that a Pinbar is in fact many times a Head & Shoulders (reversal pattern) on the lower time frame! WOW!!!
Yeah, I discovered that also last year.
Sort of takes a bit of the mystery out of it, eh?
- #70,833
- Aug 8, 2010 7:37am Aug 8, 2010 7:37am
First Trouble Area.
Greetings,
Pipcrawler
- #70,834
- Aug 8, 2010 7:37am Aug 8, 2010 7:37am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #70,836
- Edited 8:02am Aug 8, 2010 7:50am | Edited 8:02am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
All this time I thought it meant: First Target Area.http://cdn.forexfactory.com/images/icons/icon9.gif
Greetings,
g.
I believe . . .
- #70,837
- Aug 8, 2010 7:53am Aug 8, 2010 7:53am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #70,838
- Aug 8, 2010 7:54am Aug 8, 2010 7:54am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
OMG, it just dawned on me that a Pinbar is in fact many times a Head & Shoulders (reversal pattern) on the lower time frame! WOW!!!
g.
I believe . . .
- #70,840
- Aug 8, 2010 8:25am Aug 8, 2010 8:25am
- | Commercial User | Joined May 2009 | 5,751 Posts
These are definitely not incorrect.
As long as a fib ret starts at a swing high and ends at a swing low, the fibs are valid.
What I think I understand from this person's post who critiqued your chart is that the swings that are used to draw the fibs need to be distinct and and less over lapping and this though isn't totally wrong either.
Looking at your chart the difference between the 2 swing highs that you have used is pretty small while the swing low is the same for both rets hence the 2 pair of fib levels don't differ a great deal...
I posted to Naked thread his chart also i didnt say the name of person.I posted for educate reasons.i didint offensive or something like that lol
As you know if you draw Fib you must looks last highers swing and lower if you want larger Fib we need most Higher Swing.I posted that to advice him to look better on chart and maybe to read books about Fibing to undestand better Fib. I didnt tell his chart is wrong (for me is wrong) and from some books i read nothing more...
I dont work with Fibs i work totaly naked ...
Cheers and green pips
Petar
"Buy on fear, sell on greed !!!