My J16 Style Trades

Yes, you will get stopped out in this case.

But when they run, you get in with tiny stop, and get very big win.

I personally don't risk alot on these trades, but that's something each person would have to play with, how much there willing to risk on this type of setup.

Thanks a lot Mr Smith. Yes I think risking 0.5/1% at max is fine because the one that works out would give easy 2,3,5%...

I will monitor my charts for these setups now, will also update you on my progress later. Thanks!

Me again. Mr Smith, I'm looking at my charts and I see that this way to manage trades would many times give me a huge profit. However, because the stop is placed before a bar closes that also makes the chances of being stopped out higher.

So I thought this. What if I set my SL just in the half range (50%) of the signal bar? As I see most of the time if setup is strong the ratracement is not deep (not more that 1/3 of a signal bar).

The advantages of this are:

1) SL should be some distance away from the still open bar,
2) My SL is reduces by HALF from the regular way of setting SL behind the signal bar.

Would you comment/recommend anything based on your experience, please?

To be honest I've never done it that way, I think it has it's benefits tho, but it's obviously not as rewarding, kind of hard for me to say much about it as I haven't forward or backtested it with a larger stop, maybe a good thing to do, to compare over a few year period.

Oh question for you, I notice you trade stocks, I just opened a IB account, so I now have ability to trade stocks, I'm interested in shorting stocks, are you shorting using options? or just regular shorting of the stock?

thanks

Ok, I will trade as always (with SL behind bar) but will always make a note of retracement's length. Maybe over some significant number of setups I would make a decision about validity of having a stop in 50% range or less. Thanks Mr. Smith.

About stocks. I trade only options (right now only demo). I do have live account, but still afraid to pull a trigger, lol, lost a few account before...
I have never in my life shorted a stock, always done it with options, so can't say much neither. And I think in the future I would only trade equity by options, this is truely a great tool, so why not use it. Have you try options? They are complex to learn, but everyday I become more and more comfortable with them, of course still a lot to learn about this instrument though.

I've never traded options, I need to spend a bunch of time getting my head around how they work. I started reading your journal and will check out the links you posted for options. THanks

Took daily pin on yen.

stop at 81.95

Busy, will post chart later.

Here is chart.

Targetting 83.00

Got stopped out of this UJ,

I know it was bank holiday, and huge trend down, with tiny pin, but, over the long run the reason I take these, is I make alot more then I lose with this type of setup.

But it's probably better if we avoid these types of setups witih so much against them, pls don't start taking them without demoing long term your outcome, I guess just becareful, don't let me influence you.

Took daily pin on euro long, still holding.

Pretty busy lately, so most times my post will be after the fact, but obviously I can't lie as I have myfxbook to back me up, i'll be back to earlier posts when I can.

Took a couple small losses on scalps last couple days, that's about it for me.

SOrry for the boring post.

I'm all flat for now.

Plan for next week is going to be waiting for retraces of some of the daily setups we have, find some lower tf pa to get short on euro etc.

I'll be quick to close out, and ultimately looking for longs down a bit.

cool, gl with that

what does myfxbook abs gain actually mean :s

I actually have no idea what it means.

My account is up .65%, so the "gain" is the real one, abs gain, I cannot figure out what that's for, as it says .85% at the moment, and I'm not up that much.

Just letting anyone know that might be wondering what's going on, I will not be trading for some time due to family matters.

I hope to be back trading in a few months.

Thanks to all for the fun debates etc.

Regards Mr Smith

I figured it out mate it's just the best gain ever made on the acc

My family problems are sorted out, I'll be focusing on trading again now.

My new years resolution has been to be extremely picky, so for anyone watching, I'm afraid it's going to be quite boring here now, I'll be lucky to take 1 trade per week.

Regards
Mr Smith

Welcome Back. I'm looking forward to seeing your journal resume.

Also, here is a Van Tharpe article that I think you will enjoy:

An article by Van Tharp:

http://www.currensys.com/forums/view...php?f=28&t=200

Good Trading and poker are meant to be BORING

Good poker is actually very boring. If you are in a tournament with about 1000 other people, it will probably take you 4-5 hours to get to the end of the tournament at Internet sites (and perhaps a day or two in live tournaments with a dealer). During that time, if you are good, you probably do not play more than 30% of the hands you see. Professionals actually say that people who play more than 30% are very aggressive and could be setting themselves up for disaster by playing less than mediocre hands. You could go hours without playing a hand. Perhaps you'll start to play a few hands, but then you'll have to fold because someone raises a hand you have that is not particularly strong.

But when the action does come it can be very dramatic and exciting. It's a real down when your AA loses to QQ because the last card turned up is a Q. It it's really great when you get that Q. People thrive on the ups and downs of playing.

Good trading is equally boring. In fact, if you do it right and just follow your system, there is none of the excitement of the few extreme moments in poker. Well, perhaps you might get excited when a stock goes up (or down) 5-10 points in a day.

I've been researching personality types and trading and there are many types of traders who cannot tolerate the boredom of good trading. They must have some excitement. And if they don't find it in the markets, then they'll make it for themselves. The results are usually disastrous. And if you put all of your chips at stake whenever someone raises, no matter what kind of hand you'll have, you'll also get a quite bit of excitement (probably extreme
disappointment) but it will probably end early with you being eliminated from the tournament.

The same goes for trading - how often do you throw position sizing fundamentals out the window and risk more than you should?"

Thanks for the info Shep.

I'm watching Pound, nice sell off and daily beob, I'm going to be waiting for a retrace to 6245-6275, blue area and look for some setups short on the one hour, I dont' like the daily beob on it's own, as there is to much traffic to the left.

I'll only be taking this 1hr setup if it lines up very nicely, nice clean run up with a nice big fat 1hr pin that breaks hard, most likely no trade, lets see how it unfolds.

Update on pound, as we can see here, my blue area just got touched, but there was no solid PA for my entry, so no trade, price did as I expected but rules kept me out, trying to stick to some solid rules to try keep my win rate very high.

Next plan is waiting for retraces on the majors to hopefully get some nice pa short.