would this count as a Pinbar, or is it a nondecision bar?The shadow extends far below the actual body,but apart from that it looks good to me.
Attached Image (click to enlarge)
james16 Chart Thread
- #106,408
- Jan 26, 2012 4:42pm Jan 26, 2012 4:42pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
And IŽm out already
Took 6 pips after it stalled at the highs of previous bars.
Edit: Probably was the right decision as I would have been stopped out by now, but generally would you let these trades run and get stopped out at BE adn occasionaly catch a runner? or take profits quick?
I assume this was the chart you were looking for comments on? If not let me know
The first thing I just have to say is this is a 30m timeframe. This makes me nervous with new folks. Please remember post 1 and the j16 minimum requirements of daily/weekly. It's to help build a foundation and frankly many never decide to go lower after seeing how little time is needed on the charts with day jobs.
I included a chart with my analysis and a little homework too
Hope it helps
Mike
- #106,409
- Jan 26, 2012 4:44pm Jan 26, 2012 4:44pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike
Thanks a lot for the good explanation
What do you think it does a good deal tomorrow?
Sorry for my bad English
The honest truth is I don't really care what it does tomorrow since the pinbar is not worth trading for me. After that I move on to another chart until something does catch my attention. If I had to guess price moves up to the midpoint of the box before moving down. But because tomorrow is friday we could see some profit taking pushing us up higher into the box. Again though once a trade doesn't fit my criteria I pay no attention to it. Try to keep it simple. A good trade should stand out and say TRADE ME!
Best
Mike
- #106,410
- Jan 26, 2012 5:07pm Jan 26, 2012 5:07pm
Hey Mike
Thanks for the great advice(the midpoint of a box should be a pivotzone right?).About trading the 30min chart :its just penny trades,so no danger there,and I thougt I should take trades on all timeframes to get more experience.
Thanks again
Thanks for the great advice(the midpoint of a box should be a pivotzone right?
).About trading the 30min chart :its just penny trades,so no danger there,and I thougt I should take trades on all timeframes to get more experience.Thanks again
- #106,412
- Jan 26, 2012 5:16pm Jan 26, 2012 5:16pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hey Mike
Thanks for the great advice(the midpoint of a box should be a pivotzone right?
Thanks again
Yep it sure is a PPZ
As for more experience. I believe that it can be more hindering then helpful. Most things in life we think of as more exposure = better experience. For example take any sport. It's all about reps most of the time. People try to do this with trading(its pretty much human nature IMO ). So they say well the more bars I actively trade the better I will become cause I am doing, and then I will learn. This has a role, no doubt. But for the large majority this couldn't be further from the truth. I am not trying to lump you in this category of course at the end of the day it's each owns individual journey. But I can't tell you how much I try to stress people what trading is. And that is waiting. Most people shut down if I talk about them trying to go from over trading to taking 1-2 trades a month. Again I think a lot comes back to expectations , ego and all that good stuff too. But in my view you learn more by sitting on your hands and waiting for the good ones then you do by actively trading so-so setups on all timeframes. Because by doing that you aren't actively training yourself to be picky too. One might think they are, but then people take them all look back and say things like "I would never have taken that one if this wasn't a demo account(insert amount of money here that someone considers small too). I think watching charts is great, in fact I do it all the time. I see setups like that, in my head note what I think and come back and check it out. But when I go to put my actual real money on the line , it's all about MONEY. Every few months I state the challenge for someone to take 1or 2 trades only a month and shut down once you do. I have had very little responses in my inboxes of people doing this. In fact I can count on one hand the amount of people I know that have actively tried this. WHen you can see what a few good trades can do a month it often changes the whole ball game(again coming back to realistic expectations, and a lot of that stuff). At least it has for me over the years. It seems every year that goes by I take on avg less and less trades a month.
In summary it's a fine line b/w experience and all other things. So just be careful.
I ranted a bit here, and this isn't really directed at you as just an in general that comes up often and every day you will see low timeframes posted here by many who are struggling. The first post from James is pure gold and this is just my way of reiterating that in a way that I have found useful. Thanks for letting me springboard of your post. For me as long as someone is demoing(or any amount that is considered a demo) I am going to be the most happy.
Best
Mike
- #106,413
- Jan 26, 2012 5:33pm Jan 26, 2012 5:33pm
Hey Stock
Yep it sure is a PPZ
As for more experience. I believe that it can be more hindering then helpful. Most things in life we think of as more exposure = better experience. For example take any sport. It's all about reps most of the time. People try to do this with trading(its pretty much human nature IMO ). So they say well the more bars I actively trade the better I will become cause I am doing, and then I will learn. This has a role, no doubt. But for the large majority this couldn't be further from the truth. I...
- #106,414
- Jan 26, 2012 5:35pm Jan 26, 2012 5:35pm
Another interesting post fromyou,
I think iŽll see that I limit myself to higher timeframes for now,maybe 4 hour.
Taking 2 trades a month is really limiting but I see what it could do for me, if I limit myself to two trades a month I would have to be veeeery picky to not blow my 2 opportunities out in the first couple of days.Maybe IŽll try this experiment but probably with a higher number of trades maybe 6 or so, that would still keep me out of most trades. I just hope I donŽt get paralyzed by that if you understand what I mean with that.
I think iŽll see that I limit myself to higher timeframes for now,maybe 4 hour.
Taking 2 trades a month is really limiting but I see what it could do for me, if I limit myself to two trades a month I would have to be veeeery picky to not blow my 2 opportunities out in the first couple of days.Maybe IŽll try this experiment but probably with a higher number of trades
maybe 6 or so, that would still keep me out of most trades. I just hope I donŽt get paralyzed by that if you understand what I mean with that.
- #106,415
- Edited 6:22pm Jan 26, 2012 6:03pm | Edited 6:22pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
How did you go managing that trade ? Did you end up reversing the trade to FTA where you started from ? Starting with that BEOEB in the hourly
V
Did not like how it struggled, took half off the table at the bar high and moved to BE. Got stopped out at Be but, this thing now made a daily close above.
- #106,416
- Jan 26, 2012 6:12pm Jan 26, 2012 6:12pm
Hey Stock
Yep it sure is a PPZ
As for more experience. I believe that it can be more hindering then helpful. Most things in life we think of as more exposure = better experience. For example take any sport. It's all about reps most of the time. People try to do this with trading(its pretty much human nature IMO ). So they say well the more bars I actively trade the better I will become cause I am doing, and then I will learn. This has a role, no doubt. But for the large majority this couldn't be further from the truth. I...
Since I read page 1 I literally have not looked at a chart under the D1 time frame. Tough to do given that I was introduced to FX through a tiny prop firm watching 1M charts. 15M charts seemed like an eternity to me.
Yes, at times I have found it frustrating to page through my charts and not see any setups that I like. But it's not anywhere near as frustrating as watching your account balance dwindle or blow up completely.
For me it's counter productive to practice trading in a way that begs me not to take it seriously; "It's only demo, it's just a tiny account, it doesn't matter". I've done that for years already, and it hasn't made me a better trader. I'm far more convinced it's done the opposite.
I have taken Jim's challenge in post 1 seriously, and it (combined with the other great content of this thread) has changed the way I approach a demo account. It absolutely matters. I can't make any real money until I've passed Jim's first challenge: Trade demo using ONLY daily and weekly TFs until you're profitable for 3 consecutive months.
That seems like a long time on a 1M chart, but not in the course of my life
or in the development of a real business.
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
- #106,417
- Jan 26, 2012 6:50pm Jan 26, 2012 6:50pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
Hello every1
I wanted to post a possible TT (examples are a good way to reinforce the concepts about TT) on usd jpy i want to take, with monthly levels Jarroo pointed out a few pages back.
Waiting until price go to monthly HCR, with sl, a x number of pips above previous highs, and good PA confirmation on 4Hr is on my wish list.
Any comments are welcomed, specially from the experts Jarroo and Pinbar.
I understand high probability trades are the first time price goes back to the HCR / LCS, this is going to be (if price reach that level) the third...
Did you take it Hector?
Good for you
- #106,419
- Jan 26, 2012 7:00pm Jan 26, 2012 7:00pm
An SL above that daily HCR would have worked out well.
Did you take it Hector?
Good for you
Where I've been, Ive been. Where I'm going, I'll go. I'm here now.
- #106,420
- Jan 26, 2012 7:23pm Jan 26, 2012 7:23pm
- Joined May 2010 | Status: HCR-LCS SFP | 6,026 Posts
This was my first trade on my official James16 demo account, and I did use HCR for a stop loss. Took half at 1:1 RR for +45 pips and moved stop to BE. Took the second half because it stalled and I wanted a positive first experience.
Good job.
Note how Jarroo was prompting me about not taking any SH or SW but the deep ones. It is easy to get distracted with the Swing Points in the middle.
(Talking to myself here)
We don't want to mess around in the middle.