NZD/JPY....closed looking pretty good today
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james16 Chart Thread
- #100,442
- Aug 15, 2011 8:30pm Aug 15, 2011 8:30pm
Thanks for the earlier response, Mike.
Here's another question. With the AUDUSD Weekly, I see what looks like a pinbar. However, is it really a 'cherry ripe for the picking', to borrow your phrase?
Here's why I ask... FTA happens to be too close for a profitable trade. Have I got my analysis right or am I overlooking something?
Oh, and one more thing... consolidation and congestion mean the same thing, don't they?
Regards,
Frxter
Here's another question. With the AUDUSD Weekly, I see what looks like a pinbar. However, is it really a 'cherry ripe for the picking', to borrow your phrase?
Here's why I ask... FTA happens to be too close for a profitable trade. Have I got my analysis right or am I overlooking something? Oh, and one more thing... consolidation and congestion mean the same thing, don't they?
Regards,
Frxter
- #100,443
- Aug 15, 2011 8:36pm Aug 15, 2011 8:36pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Thanks for the earlier response, Mike.
Here's another question. With the AUDUSD Weekly, I see what looks like a pinbar. However, is it really a 'cherry ripe for the picking', to borrow your phrase?
Oh, and one more thing... consolidation and congestion mean the same thing, don't they?
Regards,
Frxter
Yes consildation and congestion mean the same thing.
The thing about a FTA is that by itself doesn't mean anything beyond it being the first trouble are. We decide how to use that information. I use it in many different ways. For example my bar didn't close as a pin, but your feed did so i wrote notes according to yours. Here is a case where price is bumping up on a clear box underside and BRN. Now some people may choose to not trade into this(me generally) but if you do and it can break it you have a great area to help you manage your trade. Likewise if it bounces hard off this area we now have great areas to manage this trade too(see chart).
So while this may not be the "cherry" that doesn't make it a bad trade, it means how do we want to use this info as a trader(if at all). The cherry concept is the most basic intro to what I believe are the easiest to spot and play pinbars. But we can play these bars in tons of different locations with the proper story.
Hope this helps
Mike
- #100,447
- Aug 16, 2011 6:22am Aug 16, 2011 6:22am
Hello everybody,
Since starting out recently, I have been noting down some observations about myself.
1. I check and re-check current P/L every so often (I'm trading off the weekly charts, mind you!)
2. Feel uneasy if price seems to stall - keep hoping price moves somewhere, for crying out loud, even if it is against my position!
Seriously.
3. I find myself trying to fit bars into one of the Price Action category (BUOB/BEOB/Pinbar/DBHLC/DBLHC/IB)
4. Look for patterns that would indicate change in direction (haven't found any, of course!)
5. Calculate, or rather project, how much I'd earn if I increase position size by a factor of 10, 100, etc!
6. Scan 20 different charts in descending order of timeframes - starting with Monthly and ending up with 5-min charts for possible trade opportunities!
7. Dream of a life of luxury and freedom to indulge in hobbies
8. Type out this post which may annoy some!
Have any other newbies felt the same way? Or, would any of the seniors remember if they went through a similar phase? If so, how did u overcome these obvious drawbacks? Any response appreciated.
Since starting out recently, I have been noting down some observations about myself.
1. I check and re-check current P/L every so often (I'm trading off the weekly charts, mind you!)
2. Feel uneasy if price seems to stall - keep hoping price moves somewhere, for crying out loud, even if it is against my position!
Seriously.3. I find myself trying to fit bars into one of the Price Action category (BUOB/BEOB/Pinbar/DBHLC/DBLHC/IB)
4. Look for patterns that would indicate change in direction (haven't found any, of course!)
5. Calculate, or rather project, how much I'd earn if I increase position size by a factor of 10, 100, etc!
6. Scan 20 different charts in descending order of timeframes - starting with Monthly and ending up with 5-min charts for possible trade opportunities!
7. Dream of a life of luxury and freedom to indulge in hobbies
8. Type out this post which may annoy some!
Have any other newbies felt the same way? Or, would any of the seniors remember if they went through a similar phase? If so, how did u overcome these obvious drawbacks? Any response appreciated.
- #100,448
- Aug 16, 2011 6:29am Aug 16, 2011 6:29am
we all have done that I am sure...the only way to get to the bigger size IMHO is to prove to yourself that you can make it all work with the small size... increase it slightly and prove again. with the increase in size does come more emotion! it is practise and practise and sticking to the rules!
wait for the good ones and trade within your own rules... allow the dream come to you rather than the other way round.
and finally this is a long game... if you make a quick buck then you will lose that same buck equally quickly! (I know no exceptions to this!!)
good luck
- #100,449
- Aug 16, 2011 6:35am Aug 16, 2011 6:35am
the only way to get to the bigger size IMHO is to prove to yourself that you can make it all work with the small size... increase it slightly and prove again. with the increase in size does come more emotion! it is practise and practise and sticking to the rules!
wait for the good ones and trade within your own rules... allow the dream come to you rather than the other way round.
and finally this is a long game... if you make a quick buck then you will lose that same buck equally quickly! (I know no...
9. Frantically refreshing the last page of James 16 Chart Thread for newer posts
yeah that never stops!
- #100,451
- Aug 16, 2011 6:38am Aug 16, 2011 6:38am
What Salisa said. You're not alone. 
the only way to get to the bigger size IMHO is to prove to yourself that you can make it all work with the small size... increase it slightly and prove again. with the increase in size does come more emotion! it is practise and practise and sticking to the rules!
wait for the good ones and trade within your own rules... allow the dream come to you rather than the other way round.
and finally this is a long game... if you make a quick buck then you will lose that same buck equally quickly! (I know no exceptions...
When the going gets weird, the weird turn pro.
- #100,452
- Aug 16, 2011 6:52am Aug 16, 2011 6:52am
What Salisa said. You're not alone.
BTW, I read somewhere about the Power Hours being between 8AM and 12PM EST - during these four hours both London and New York trading sessions are open simultaneously and therefore, there is a pronounced momentum in trends. Is that true and if so, is it relevant to how we look at short TF charts? Sorry if this has been addressed elsewhere in this thread - I probably didn't get that far.
- #100,456
- Aug 16, 2011 7:12am Aug 16, 2011 7:12am
Yes, there is more liquidity when the sessions cross over. I'm in London so don't know what that is EST. But it's not an excuse to trade shorter time frames. Daily and weekly is the key at this stage.
Best advice I can give is to read as many posts in the thread as you can, especially Jim's (James16), and watch as many of his webinars/tutorials you can get your hands on. Everything you need to know is in there.
And I know it's not what anyone wants to hear, but it sounds to me like you're in a hurry, man. Relax: patience is the key, and a 'get rich quick' thought process is gonna blow your account faster than anything else. Like Salisa said, sit back, take time to learn your trade and let it come to you.
Best advice I can give is to read as many posts in the thread as you can, especially Jim's (James16), and watch as many of his webinars/tutorials you can get your hands on. Everything you need to know is in there.
And I know it's not what anyone wants to hear, but it sounds to me like you're in a hurry, man. Relax: patience is the key, and a 'get rich quick' thought process is gonna blow your account faster than anything else. Like Salisa said, sit back, take time to learn your trade and let it come to you.
Good to know that, stark1. Thanks.
BTW, I read somewhere about the Power Hours being between 8AM and 12PM EST - during these four hours both London and New York trading sessions are open simultaneously and therefore, there is a pronounced momentum in trends. Is that true and if so, is it relevant to how we look at short TF charts? Sorry if this has been addressed elsewhere in this thread - I probably didn't get that far.
When the going gets weird, the weird turn pro.
- #100,457
- Aug 16, 2011 7:29am Aug 16, 2011 7:29am
Yes, there is more liquidity when the sessions cross over. I'm in London so don't know what that is EST. But it's not an excuse to trade shorter time frames. Daily and weekly is the key at this stage.
Best advice I can give is to read as many posts in the thread as you can, especially Jim's (James16), and watch as many of his webinars/tutorials you can get your hands on. Everything you need to know is in there.
And I know it's not what anyone wants to hear, but it sounds to me like you're in a hurry, man. Relax: patience is the key, and...
LOL. In a hurry to learn enough stuff before I start my next contract. So, yeah... I agree - patience is key.Have been reading Jim's posts from page 1 and Mike's recent posts as well. Thanks for the advice.
- #100,459
- Aug 16, 2011 7:31am Aug 16, 2011 7:31am
Great tip there with the colour, Salisa.
Would you care to share your thought process when entering the first trade? Looks like u anticipated resistance at .8882 for the first trade and u got that right? And with targeting 8700ish area... Is it because it appears to be a significant PPZ?
With regards the 8700.. yes exactly its the ppz (big round number too) that I am looking at here. I will watch how it behaves today though as it does seem to be finding some resistance. I am not panicking yet!
although if it breaks the 8800 significantly then I will be watching a little more closely.hope that helps
- #100,460
- Aug 16, 2011 7:44am Aug 16, 2011 7:44am
Ok the first one is kind of a zen trade! The price is tearing up and there is a peak a few days before at what I call a natural price (similar to big round numbers - so 1234, 8880, 7070). In fairness it is a raw punt but I put such a tight stop on it that I don't really lose much when they don't work but the price often moves rapidly the other way so you can be 'off risk' early and re-evaluate. I will get in trouble on this thread if I advocate these type of 'gamble' trades so tread carefully... the pin is more relevant to the rules.
With regards...
