Pinbar's trading journal.
After demoing the J16 systems for 3 months, I have started to trade small lots on my live account. I would like to express my sincere gratitude to, Jarroo, Mike, James16 and many others for their unselfish, courteous & caring advice and teachings.
Here is my first trade on H4 live.
Account equity $3,100
1: BUOB on USD/CHF H4 Aug 17 2010
EP 1.0417 SL 1.0393 TP1 1.0456 lot size 0.02
Results: I was stopped out at 1.0393 for -24 pips -$4.62
The BUOB was the seduction here and the 1.0400 area where price appeared to have found support at on the H1 time frame.
However, the PA bar was simply not big enough to push it through the FTA at 1.0456 before stopping me out, and I failed to spot this area of resistance on the H4 TF, or at least, I considered it insignificant. Had I placed the SL below the setup bar, I would not have been stopped out, but the merit of this trade was the small 24 pip SL just below the 1,0400 and I was not willing to risk a larger SL on this trade.
The point is, if the PA bar is not worthy of the SL, I should consider if the trade is worth taking in the first place.
THE LESSON HERE IS
I shall pay more attention to PA bar size.
http://www.forexfactory.com/showthre...2331&page=4791http://cdn.forexfactory.com/attachme...0&d=1282022565
http://cdn.forexfactory.com/attachme...4&d=1282029892
Here are Jarroo's comments which sum this up well.
----------------------------------------------------------------------------------------------
That was the main lesson taken from Pinbar's trade, it had some good points but the Best points of an "A" trade were missing . . .Bigger in size, deeper swing Low, supportive confluences, etc.
Even though the 4 hour BUOB on the Usd/Chf did not become invalid, meaning its Low was not breached, it does not mean that this BUOB was a good one to take. It just means that sub-bar PA will work out from time to time and that PA is a powerful thing.
So when we and Pinbar see another setup like this one, with all of its "A" category criteria missing . . .we will simply pass on this one even if it works out.
----------------------------------------------------------------------------------------------
Equity: $3,095,38
After demoing the J16 systems for 3 months, I have started to trade small lots on my live account. I would like to express my sincere gratitude to, Jarroo, Mike, James16 and many others for their unselfish, courteous & caring advice and teachings.
Here is my first trade on H4 live.
Account equity $3,100
1: BUOB on USD/CHF H4 Aug 17 2010
EP 1.0417 SL 1.0393 TP1 1.0456 lot size 0.02
Results: I was stopped out at 1.0393 for -24 pips -$4.62
The BUOB was the seduction here and the 1.0400 area where price appeared to have found support at on the H1 time frame.
However, the PA bar was simply not big enough to push it through the FTA at 1.0456 before stopping me out, and I failed to spot this area of resistance on the H4 TF, or at least, I considered it insignificant. Had I placed the SL below the setup bar, I would not have been stopped out, but the merit of this trade was the small 24 pip SL just below the 1,0400 and I was not willing to risk a larger SL on this trade.
The point is, if the PA bar is not worthy of the SL, I should consider if the trade is worth taking in the first place.
THE LESSON HERE IS
I shall pay more attention to PA bar size.
http://www.forexfactory.com/showthre...2331&page=4791http://cdn.forexfactory.com/attachme...0&d=1282022565
http://cdn.forexfactory.com/attachme...4&d=1282029892
Here are Jarroo's comments which sum this up well.
----------------------------------------------------------------------------------------------
That was the main lesson taken from Pinbar's trade, it had some good points but the Best points of an "A" trade were missing . . .Bigger in size, deeper swing Low, supportive confluences, etc.
Even though the 4 hour BUOB on the Usd/Chf did not become invalid, meaning its Low was not breached, it does not mean that this BUOB was a good one to take. It just means that sub-bar PA will work out from time to time and that PA is a powerful thing.
So when we and Pinbar see another setup like this one, with all of its "A" category criteria missing . . .we will simply pass on this one even if it works out.
----------------------------------------------------------------------------------------------
Equity: $3,095,38
