james16 Chart Thread
In general I agree, but for each new setup there are new and very different variables. Pros and Cons, always, and you really don't know which will win until you are in a trade...
Hi, I have been having problems with breakout trades for awhile now, I see good opportunties but don't know how to trade it.
currently there is a good opportunity I see brewing up on AUDUSD, how would you guys play the trade?
I have listed out my thought process and question on the picture below please click on it to get a closer view.
mike? jaroo? snowly? gungriffin? the list goes on and on, but so far I only remember these names, feel free guys
I think you can play them both ways. I played this breakout last month and later played the retest of the breakout. Worked out pretty well in both instances.
same for women.
do all women look alike? no. each one is unique, has a different feature (variable).
do all beautiful women look alike? no. each one is unique, has a different feature (variable), but u can still classify them as 'beautiful' (A+ setup)
each one has Pros & Cons too
Some of the cleverest people I dealt with were the bond traders. They never looked at four hour or daily charts - only monthly. Their analysis of the markets were the closest I have come to that elusive 90% figure which gets talked about here.
I spent three years trying to get 100 winning trades in a row and I proved something to myself.
Yes, same with women lol
However, if my GOAL was to (what's the word....) to ok, to make love with as many women as possible, I would not search for A+ only as it will be really hard or close to impossible to make love with 9 out of 10 Playboy's models (90% win rate).... I would take all that are OK thus quickly moving to my GOAL.... and realizing success...
(as essentially, your analogy translates to "damn, i cant trade/identify A+ setups, so i'll just trade the non-A+ setups so i can accomplish trading success" which is totally contradictory to your earlier points & posts which says u want to stay disciplined/picky with your trades)
Hey boys and girls, don't take Mike & Jarroo too seriously, they are not
Liberace fans.
Phew, this thread is quickly moving into the other realm after those two, J16 & Bemac, instigated this infection. LOL
it will be really hard or close to impossible to make love with 9 out of 10 Playboy's models (90% win rate)....
Fridays We seem to have gone from Liberace to Playboy in the space of a page or two... with a detour through floppy disks.
...
Sure. On my j16 stuff, a touch over 26% over the last financial year.
But I also only traded lightly for the first two quarters, then very lightly for the next Q, then not at all for the last Q. So I kinda got lucky that I had a few big runners and seemed to line up my honeymoon with a 3 month period of chop and slop that would have probably been flat or worse.
Overall, am I happy with it? Sure. Except for one completely retarded move. But we wont talk about that. It's not stellar performance, but I also didnt really put much time into it. Which...
I agee with J.W. this can be traded both ways. I can see James16 and Mike trading this as a outright breakout play due to the only fact that these multiple bar Highs are lining up almost to the pip. Clear straight breakout situataion.
I will tend to wait for Price to Break Through and Close Above this level to confirm that this Resistance level is transitioning from Resistance to Support . . . and take a touch trade at the Close long on the retrace. . .with a tight S/L.
So until Price can Close above this level it will stay as Resistance....
...
Whole point was that, if someone can do it, he should not kill himself trying to accumulate fantastic 1000% but rather search for the ways to trade larger account. That's all.
. . if it was that easy and anyone could do it... well, everyone would be doing it. But it isnt the late 90s anymore.
perception.
i see & i call that striving for excellence. or at least, a 'challenge' i impose unto myself.
(without going into details) i've done it before, so i cant see why i cant do/why i wont strive for it again.
Nothing is impossible. Impossible is nothing.
hey Jarroo..i m also waiting for this one..to PBT n CA..1.0780..i have already marked this box
n then a TT..i m loving it..
till then we wait..
feels good that im with u..
n thanks for the Vouch.
We seem to have gone from Liberace to Playboy in the space of a page or two... with a detour through floppy disks.
DISKS.
LOL
Liberace, Playboy, floppy disks, and a couple of flailing traders.
Where will it all end? My money is on the flailing traders.
Thanks for this post joel, it made me laugh just when I needed to.
Ahhh . . the 90s . .when everyone was a bull market genius. ...
I asked him . .How can a company have a P/E ratio of 140 when it doesn't have any "E" ? He said, "I don't know but its up 20% from last week . ." . .lol
...
How much did you make
so, did he lost his 'E'? (equity)
is he still Envesting?
feels like Friday
oh, i shy away from such questions because it's private stuff.
on 1 of my accounts, i made only almost 10% (still inconsistent & impulsive.... & i've been testing different trade/risk managment styles, so a roller coaster year; not to mention i got a LOT of family issues to deal with, which have definitely been detrimental to my trading)
but to be honest with u, my current stats are 'meaningless' to me.
until i get back all of my losses from 2006 (year i started trading......
