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My first week as a breakout trader. Just one day ended with loss. I guess most credit goes to the tsunami for cool moves and the demo account which gives me fast execution.
Trade Smart
james16 Chart Thread
- #91,901
- Mar 18, 2011 7:32am Mar 18, 2011 7:32am
- #91,902
- Mar 18, 2011 7:32am Mar 18, 2011 7:32am
Hey 5
Azam
Tomek
Hey Azam, I'm tempted if anything to satisfy my curiosity. I'll confirm on the thread closer to the date. I'm still working PB, BEOB and BUOB at swing highs and swing lows quite successfully. I don't want to put a spanner in the works by attending
Tomek
My main trading methodology is J16 and that will not change (unless someone discovers the holy grail), but I'm constantly trying to manage trades better in terms of exits, SLs, etc. Sometimes you attend an event like this and someone says something very small, but it registers in your brain and enables you to increase your trading ability.
Anyway I'm not sure 100% I will be there yet, will know closer to the time.
Take care
Azam
- #91,908
- Mar 18, 2011 8:38am Mar 18, 2011 8:38am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hi everyone *gives a respectfull nod to Jim - yknow like bobba fett in the cantina lol)
That weekly GPBJPY pin was going to be my first chart post you beat me to it! lol. Im very excited about that too but im scared of trading on fridays for some reason...not sure why..have I read somewhere thats not a good idea?
I've been reading this thread for a while now and although im a complete noob with no previous trading experience, this week I've amazed myself and actually done ok. The week before was when I opened my account and made a dozen silly...
Firstly VERY glad you went to demo and treating this right. This is crucial and no one wants to listen and take it slowly and eventually they realize it's a rough road if you don't. So good on you for taking that advice from James. Maybe someone else will see your post and say the same for themselves instead of blowing a live account.
I don't think there is anything to fear by the charts this week. I just look at it as a chart still but am aware of the volatility. IF a bar is going to be good enough to play for me on the weekly it will be one I will play. The one I have my eye on personally is usd/jpy and eur/jpy only depending how they close. Which my guess is not good(a guess long way to go today)
I think it would do you very good to read up on position sizing and MM(money mgmt). Seems you are sort of shooting from the hip on position size and stop location. In my view your stop should be placed where it is logical point you no longer want to be in a particular trade. For example I place mine on the opposite side of the price action I am trading. Others use retracement points. BUT the key is your stop size dictates your position size, not the other way around.
If you want some info on position sizing just shoot me a message I will dig it up
Welcome again and enjoy the weekend
Mike
- #91,914
- Mar 18, 2011 9:51am Mar 18, 2011 9:51am
Hi everyone!!!
Is it a IPB if it close like this (I know still long way to go, just planing....)???
What is the main thing what we have to see when play a IPB?
I know location, and PPZ, and swing high/low, and RN ....but the candle form?
Thank you
( I am new, just learning on demo, hopefuly for 3 month)
Mónika
Is it a IPB if it close like this (I know still long way to go, just planing....)???
What is the main thing what we have to see when play a IPB?
I know location, and PPZ, and swing high/low, and RN ....but the candle form?
Thank you
( I am new, just learning on demo, hopefuly for 3 month)
Mónika
- #91,915
- Mar 18, 2011 11:17am Mar 18, 2011 11:17am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #91,916
- Mar 18, 2011 11:41am Mar 18, 2011 11:41am
- | Joined Jul 2010 | Status: MAKE IT HAPPEN | 2,220 Posts
- #91,918
- Mar 18, 2011 12:10pm Mar 18, 2011 12:10pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
- #91,919
- Mar 18, 2011 12:26pm Mar 18, 2011 12:26pm
Love this kind of setups...
Breaks the 1.40, we have previous resistance..comes down and then we have a BUOB that got rejected at 1.40 BRN, previous resistance acts as support and up we go ....
Os.
Gbp/Usd daily PB brought 150 pips this week so im happy any way
Have a great weekend every one
- #91,920
- Mar 18, 2011 12:39pm Mar 18, 2011 12:39pm
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi everyone!!!
Is it a IPB if it close like this (I know still long way to go, just planing....)???
What is the main thing what we have to see when play a IPB?
I know location, and PPZ, and swing high/low, and RN ....but the candle form?
Thank you
( I am new, just learning on demo, hopefuly for 3 month)
Mónika
Go through my posts with the keyword IPB and do the same with Jarroo's posts.
Obviously it may never close as a good shaped IPB but my main worry is actually the location. And the reason is the same as what I gave to Avanish for the IPB before the bar in consideration.
I see price finding resistance off the 1.95 but I don't see it as the most important level. Looking to the left, 1.9250 seems more of a level and an ideal PPZ to have an IPB off of.
Now what this does is it changes the complete story. What at first appeared to be a rosy IPB at a swing high and off a RN turns out to be a typical "price breaks through resistance, pulls back to the level and finds support" phenomena.
Not proposing a shoot off to the moon, but I am at least confident that it isn't a short call.
You have to understand there are lot a of things that we consider when looking for IPBs (reading through my and jarroo's IPB posts will help in this regard). Just one of them or a couple don't make an IPB setup tradable for me.
Talking from my experience with them, not being picky with these is going to get you into a very deep hole.
Let us know if anything's still unclear.
g.
I believe . . .