{quote} Just click \"reply to thread\"
Thank you
james16 Chart Thread
- #128,503
- Oct 31, 2013 12:00pm Oct 31, 2013 12:00pm
Hi Anybody took the trade on AUD/CAD pair today. I took this trade based on strong PPZ , big round number and very good confluence provided by FIB. It was a great trade on weekly but it lacked PA so I took this trade based on PA from a lower chart. Simply could not stay out of this trade because of a move down the round number 1.0000 and major PPZ. I am so far 60 pips into this trade and will be moving my stop to break even. {image}
Which time frame did you enter on? The hourly BEOB a couple of hours back?
When the going gets weird, the weird turn pro.
- #128,504
- Oct 31, 2013 12:07pm Oct 31, 2013 12:07pm
{quote} ...Meaning, when I do plan on trading a PA bar, then it really has to be special enough to not allow for any cheeky alterations to negate any space concerns as such. With these trades my entries are pretty traditional. The dynamics of fake outs are slightly different in the sense that I am often tempted to simply delay the entry till we cross over a close by trouble area, as simply the fact that price blows past it, adds more confluence to the setup. Then again the trigger bar isn't a PA bar, so that flexibility actually helps because I...
Perhaps everyone else is cleverer than me, but yes, that's too confusing - primarily the first sentence. Could you clarify it if you have time please?
Thanks
When the going gets weird, the weird turn pro.
- #128,505
- Oct 31, 2013 12:12pm Oct 31, 2013 12:12pm
{quote} Nice job sir
Yes from the hourly chart. The weekly time frame provides a very good big picture and also swing high and low points. The PPZ, the BRN and the FIB on the weekly were all text book quality so had to pick the PA from a lower chart to enter the trade. I would not be repeating this so easily.
- #128,506
- Edited 12:36pm Oct 31, 2013 12:25pm | Edited 12:36pm
Ok, so here's my trades from the last couple of days for those of you with nothing better to do :nerd:
CADCHF on the weekly. PBT&CB last week and has just come back to 87.00. Actually gave us a 1h pinbar a couple of hours ago (just shy of 87.00), but it hasn't really done much since then. Stop moved in tight just above the pin for a few pips loss if it doesn't hold. And if I'm honest, it doesn't look good at the moment.
GBPAUD on 4h. Normally I wouldn't trade into all that traffic but the bar just looked sooooo good. And happily, it was! In my experience such strong pins usually make it at least getting to BE pretty straight-forward.
EURUSD on 4h. Took this..last night (?) because of the location and the size of the bar. Initially it stalled, but it turns out we were waiting on whoever it was at the Fed to say whatever it was, and then we dived. Fundementals? Pah, it's all in the charts...
Anyway, hope that helps someone. Any questions on a crisp tenner to the usual address please.
CADCHF on the weekly. PBT&CB last week and has just come back to 87.00. Actually gave us a 1h pinbar a couple of hours ago (just shy of 87.00), but it hasn't really done much since then. Stop moved in tight just above the pin for a few pips loss if it doesn't hold. And if I'm honest, it doesn't look good at the moment.
GBPAUD on 4h. Normally I wouldn't trade into all that traffic but the bar just looked sooooo good. And happily, it was! In my experience such strong pins usually make it at least getting to BE pretty straight-forward.
EURUSD on 4h. Took this..last night (?) because of the location and the size of the bar. Initially it stalled, but it turns out we were waiting on whoever it was at the Fed to say whatever it was, and then we dived. Fundementals? Pah, it's all in the charts...
Anyway, hope that helps someone. Any questions on a crisp tenner to the usual address please.
When the going gets weird, the weird turn pro.
- #128,507
- Oct 31, 2013 12:26pm Oct 31, 2013 12:26pm
{quote} Yes from the hourly chart. The weekly time frame provides a very good big picture and also swing high and low points. The PPZ, the BRN and the FIB on the weekly were all text book quality so had to pick the PA from a lower chart to enter the trade. I would not be repeating this so easily.
When the going gets weird, the weird turn pro.
- #128,508
- Oct 31, 2013 1:08pm Oct 31, 2013 1:08pm
{quote} Hey man, repeat away! I'm sure ghous and jarroo (not to mention your account balance) would approve of that sort of thing
Yea well...I have tried my best to limit the trades that I take. After getting into this thing called trading this is the first week where I have gone without losing a trade honestly.
By the way I love your quotation
(when the going gets weird......)
- #128,509
- Oct 31, 2013 1:21pm Oct 31, 2013 1:21pm
{quote} Yea well...I have tried my best to limit the trades that I take. After getting into this thing called trading this is the first week where I have gone without losing a trade honestly. By the way I love your quotation
And thanks, I'd love to take the credit, but it belongs to the warped genius that is Hunter S. Thompson
When the going gets weird, the weird turn pro.
- #128,510
- Oct 31, 2013 2:13pm Oct 31, 2013 2:13pm
{quote} No way. That's very cool...congratulations. Maybe go to the beach tomorrow so you don't f*ck it up!
- #128,512
- Oct 31, 2013 4:26pm Oct 31, 2013 4:26pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
{quote} Hey Nej I am currently at breakeven and watching the BRN and previous swing point to move stops again. Gotta wait a bit here see what happens next. A safe move would be above todays high but I am not quite ready for that yet Great job Mike {image}
and todays current chart. Notice price now pulled back to where we would expect and I can logically lock in profit
- #128,514
- Oct 31, 2013 7:31pm Oct 31, 2013 7:31pm
- | Commercial User | Joined Aug 2006 | 12,004 Posts
Hello traders. I took a full bar loss with this one. Iīd like to ask how you see this scenario. Pinbar back then at USDTRY was obviously great and the big round number and minor PPZ seemed like a high probability take profit level. I donīt like to cut losses or lock profits quite aggressively and the move just surprised me. Is this really just that kind of a move we couldnīt have predict at all and need to be prepared for? - Nuclear {image}
I don't see anything wrong with that trade , in fact I took the same one. I do believe I should have stuck to and taken the eur/try that day as it had more confluence and a stronger close but since I had a belief they would move largely the same i took the usd with the more room to run as you show. BUT I don't think taking a full bar loss on most situations is the best course of action. I took a loss above the high as indicated on the chart and believe at the worse a stop above the second days high keeps you in the game much better. After price puts those retraces in having to sweat it come all the way back up there when there is nothing else to pull us down(in terms of s/r or confluence) is more of a hope game in my book.
Same thing happened with aud/usd that I am in. Notice price retraced first to the pivot. At that point when my order triggers I know that's where my stop is going allowing me to cut half my risk nearly from the start with logical precision. Because for the times price comes back up above an area like that and shoots back down is not worth that additional risk that you will save in the long run in my experience. Granted this is advanced stuff to test and analyze but it can make a world of difference from my perspective and is a game changer.
As traders we play in a world of uncertainties. The more you are able to control those uncertainties by utilizing logical progressions(from your entry to exits in this case) the more you will feel in control and find a deeper consistency to your trading that smooths out all those uncertainties. It comes back to a lot of the cliche like "live to trade another day" "cut your losses" THe problem is most places don't explain how to do this. With PA and what we do here we can put that into practice. And then those cliches become a reality that can help you succeed. It's like how James says he gets to b/e quick because he knows with an extreme high probability(im talking 90% + ) where price is likely to go. By doing this hes always keeping himself and tipping the game in his favor. That's just another way of doing the same as above how I do it. My style just varies a bit. So make sure whatever decisions you are making(like keeping your stop in place) has a true edge for you in the long run over taking a small loss and moving onto the next one.
Hope thats not too heavy
Mike
Hi
Took this pin bar trade few days back still on a loss! any comment on the stop loss placements? and validity of the trade mike? still learning these stuff thanks
my first target was near the first round number and second one is there in the chart. thanks?
Took this pin bar trade few days back still on a loss! any comment on the stop loss placements? and validity of the trade mike? still learning these stuff
thanksmy first target was near the first round number and second one is there in the chart. thanks?
- #128,517
- Nov 1, 2013 2:20am Nov 1, 2013 2:20am
Hi Took this pin bar trade few days back still on a loss! any comment on the stop loss placements? and validity of the trade mike? still learning these stuff
Al
Hi Anybody took the trade on AUD/CAD pair today. I took this trade based on strong PPZ , big round number and very good confluence provided by FIB. It was a great trade on weekly but it lacked PA so I took this trade based on PA from a lower chart. Simply could not stay out of this trade because of a move down the round number 1.0000 and major PPZ. I am so far 60 pips into this trade and will be moving my stop to break even. {image}
I took Gold as well:
Regards.