I don't need easy. I just need possible.
james16 Chart Thread
- #127,682
- Sep 8, 2013 3:02pm Sep 8, 2013 3:02pm
- | Joined May 2010 | Status: Trader | 1,100 Posts
great chart to watch {image}
Nice chart !Cant believe I missed this one when scanning the charts. I usually focus on the H1 but im stating to include the H4 and Daily.
I think OB was talking about his 1hr SFP that he took back on Aug-27. He had about 50 pips profit and was holding out for more. {quote} Maybe his TP was overly optimistic. {image} Regards, Eric.
yes, cougar73, you are correct! that was exactly what happened to my trade. TP too far away compared to the SL (even considereing the original SL before trailing)so the price backfired on to me ang stopped me out.
i hope you was more sucessful than me on this one :-)
- #127,685
- Sep 8, 2013 5:34pm Sep 8, 2013 5:34pm
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #127,689
- Sep 9, 2013 6:40am Sep 9, 2013 6:40am
Hi ferox,
Definitely read the first 200 pages of the thread. I don't know what your experience level is with trading the items you listed, but I don't normally trade those myself so I can't advise on these spreads.
If you're wanting to trade futures/indexes you may want to check out the resources on http://www.bigmiketrading.com .
What you could do is after you read some on the thread...is go demo those items...paying attention to the higher time frame Price Actions (weekly/daily). Then play the "Where is Price Going, Where did Price Go (WIPG-WDPG)" exercise on Gold, Silver, and the Indexes to see if you have understood the j16 materials. After you have watched the price actions, try to see if you can pick the next weekly/daily direction...paper trade it...then check over the next few days to see if you were correct.
After you feel like you have a handle WIPG-WDPG, Demo it for 3 months on daily to see if you can trade it profitably. If you can't trade it profitably on daily on demo...DO NOT go to live money. You'll just be wasting your capital.
After a 3 month demo can be traded profitably, you can go live with a small amount of money.
If the demo didn't go well, go back to WIPG-WDPG and see if you can pick up on where the mistakes are being made on the demo.
Regards,
Eric.
1. Where should I go from here in terms of the learning experience?
2. Any good brokerage to recommend? I'm getting large spreads on fxprimus for xauusd (30), xagusd (60), dj (510), s&p500 (60) for example. Is this normal?
If you're wanting to trade futures/indexes you may want to check out the resources on http://www.bigmiketrading.com .
What you could do is after you read some on the thread...is go demo those items...paying attention to the higher time frame Price Actions (weekly/daily). Then play the "Where is Price Going, Where did Price Go (WIPG-WDPG)" exercise on Gold, Silver, and the Indexes to see if you have understood the j16 materials. After you have watched the price actions, try to see if you can pick the next weekly/daily direction...paper trade it...then check over the next few days to see if you were correct.
After you feel like you have a handle WIPG-WDPG, Demo it for 3 months on daily to see if you can trade it profitably. If you can't trade it profitably on daily on demo...DO NOT go to live money. You'll just be wasting your capital.
After a 3 month demo can be traded profitably, you can go live with a small amount of money.
If the demo didn't go well, go back to WIPG-WDPG and see if you can pick up on where the mistakes are being made on the demo.
Regards,
Eric.
" Be always employed in something useful." - Benjamin Franklin
- #127,691
- Sep 9, 2013 7:16am Sep 9, 2013 7:16am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
every Saint has a past. Every Sinner has a Future
- #127,693
- Sep 9, 2013 7:35am Sep 9, 2013 7:35am
Hi Mario,
The 4hr BUOB that you're showing is there because of the poor results that US reported on last Friday's Non-Farm Payroll report.
There isn't anything wrong with basing a trade on a BUOB...as long as you understand the story behind it. Also, how long ago did the BUOB happen? If it happened within the last four hours, then that adds to the story. But, when did this BUOB actually happen in linear time...almost three days ago! That's a gutsy move trading with a 36hr old BUOB.
Looks like you Short is still intact, I hope you didn't lose much on the Buy.
Best,
Eric.
The 4hr BUOB that you're showing is there because of the poor results that US reported on last Friday's Non-Farm Payroll report.
I am trading XAUUSD, and I would like to ask the PF for their suggestions or help for my below chart.
If you can see from the chart posted here it is a 4 hour chart for today.
I saw a BUOB on the 4 hour chart, and placed a Buy in 1387 level this morning, and expected a rise in the price to 1391 and through to at least 1396, as from what i can see it is a tight range. It did touch 1391, but i did not expect the falling down to 1383 as there was a strong BUOB. Would anybody assist in sharing or perhaps give a feedback, or criticism to my analysis, whether it was wrong as to why price did go down?
Or perhaps is it a trick?
I would really welcome any feedback.
Looks like you Short is still intact, I hope you didn't lose much on the Buy.
Best,
Eric.
" Be always employed in something useful." - Benjamin Franklin
- #127,694
- Edited 9:05am Sep 9, 2013 8:03am | Edited 9:05am
- | Joined May 2010 | Status: Trader | 1,100 Posts
{quote} What I am trying to say is, "Don't get hung up on low time frames - Daily = Less stress !"
If someone is stressed out trading a certain timeframe then move to a different one that suits you. I used to get so frustrated on the daily timeframe because of how slooooww it moves. Thats why I moved down the the Hourly and im trading soo much better now, no stress at all.
Ive recently decided to include the Daily and 4H. Im currently in a daily trade and I can feel some of the frustration/impatience creeping back a little. You have to trade a TF and Method with a plan that suits you and the way you think as an individual.
Im not sure I 'buy' the concept of lower TF = less noise anymore, I know I used to, but moving down the the lower TFs has proven to me that the same J16 concepts and methodology can be applied in the exact same way to any timeframe.
Here is a current Daily trade im in, I missed the hourly setup as pointed out by Mike
but im currently at Breakeven.
Take care
Dan
regarding the USDJPY, didn't notice we were discussing it until after I placed my sell stop. My thought process:
1. D1, noticed the BEOB forming at top of brn + fib.
2. Wanted to try fine tuning the enter for the 1st time. H4, pin developed and a BEOB after that.
3. H1, BEOB just formed. Sell stop just below hourly 150ma, SL above BEOB. Identified FTA possible in-between the 150ma and 365ma but targeting the 365.
Questions:
1. Can someone critique my thought process?
2. As mentioned, didn't notice the few previous post talking about this pair. Is using TL a big part of j16 now?
3. Related to (2), how has j16 evolved (if any) after 6380 pages from the first 100?
1. D1, noticed the BEOB forming at top of brn + fib.
2. Wanted to try fine tuning the enter for the 1st time. H4, pin developed and a BEOB after that.
3. H1, BEOB just formed. Sell stop just below hourly 150ma, SL above BEOB. Identified FTA possible in-between the 150ma and 365ma but targeting the 365.
Questions:
1. Can someone critique my thought process?
2. As mentioned, didn't notice the few previous post talking about this pair. Is using TL a big part of j16 now?
3. Related to (2), how has j16 evolved (if any) after 6380 pages from the first 100?
- #127,698
- Sep 9, 2013 9:04am Sep 9, 2013 9:04am
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Mike and others as well, am I seeing this correctly? I like the BO up possibility but what do you think about that box and especially the middle of it? all the best! {image}
It doesn't play much into the short term thinking of the BO pattern. But it is a good reason why price may be stalling where it is and "boxing" once again
Best
Mike
- #127,699
- Sep 9, 2013 9:49am Sep 9, 2013 9:49am
- Joined Sep 2006 | Status: Trader | 10,704 Posts
{quote} I wonder how many people are consistently profitable ? Problem is there are so many people here handing out advice, telling others how they should trade, what they are doing wrong etc etc. Funny thing is its those same people who cannot trade profitably themselves - some of them have been at this for years. Sad thing is I was going through my own posts and I have on occasion done the very same thing. Im glad most of my charts go unnoticed in this thread because I am NOT a profitable trader. [color=#ff0000][b]If anyone has 'learnt' anything...
{quote} What I am trying to say is, "Don't get hung up on low time frames - Daily = Less stress !"
Ignored
Hi mate,
If someone is stressed out trading a certain timeframe then move to a different one that suits you. I used to get so frustrated on the daily timeframe because of how slooooww it moves. Thats why I moved down the the Hourly and im trading soo much better now, no stress at all.
Ive recently decided to include the Daily and 4H. Im currently in a daily trade and I can feel some of the frustration/impatience creeping back a little. You have to trade a TF and Method with a plan that suits you and the way you think as an individual.
Im not sure I 'buy' the concept of lower TF = less noise anymore, I know I used to, but moving down the the lower TFs has proven to me that the same J16 concepts and methodology can be applied in the exact same way to any timeframe.
................................................................................................................................................................................................
Dan - okay noted -thanks for your comments above
Turnip
every Saint has a past. Every Sinner has a Future