...but I'm glad I can pinpoint this failed trade and a reason. PG
g.
I believe . . .
james16 Chart Thread
- #129,561
- Jan 16, 2014 5:50am Jan 16, 2014 5:50am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
g.
- #129,562
- Jan 16, 2014 5:53am Jan 16, 2014 5:53am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
{quote} I aint no superhero Maybe elmer fudd
I actually pictured yourself as very similar to that adorable dude before I saw you. Its natural I think. lol
And going by that, wonder what some people think of me through by my avatar
g.
I believe . . .
- #129,563
- Jan 16, 2014 8:00am Jan 16, 2014 8:00am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Executed a long today on Cad/Yen. Great swing point, Great fake out scenario, Decent amount of space, a decisive trigger bar and a clear cut target for the move.{image} g.
g.
I believe . . .
- #129,564
- Jan 16, 2014 8:50am Jan 16, 2014 8:50am
{quote} Hey P, Its about analyzing the path of least resistance for price. The trade wasn't a touch trade in the hopes of seeing price blow past a resistance point. It was triggered via a solid bullish story. With that liquidity vacuum produced by one sided selling earlier, and much support sources down under (LLS, fake out consolidation, 95.00 RN) Price was always going to choose the upside to move through. Its the same logic that applies to your A+ pin bar setuos when you decided to hold them past an FTA thinking that it has more muscle and is...
I have added some explanation to your chart. I see what is your point of you. I see that your SL is far enough to not be hit easily and it is very logical level for it. But I see too many trouble areas to open this trade. When I saw it for the first time I thought you have misclicked the order button. Im pointing it out, because I didnt understand your action very well. Now your action is clearer for me. Thank you for explaining it.
Lose small, win BIG
- #129,565
- Jan 16, 2014 10:36am Jan 16, 2014 10:36am
{quote} Hi aioico, here´s my opinion. The bar itself is relatively small and the nose doesn´t protrude much above highs of other bars or the trendline. Right now we´re in consolidation so there´s not much space. So based on this it would be no trade for me. When you enter such trade, you should move your stop to BE pretty quick. But i think that this area is not that bad, you have here trendline (marked green) and it had some importance in past (marked orange). Anyways, just my opinion. Still in the learning process.
Thanks Mav!!!!
This is still very early in the day, so keep in mind this is just thinking out loud. I have minimal time to post these days, but here is an alternative way to use price action. This is not 100% James16 (but highly related) and if the forum frowns on these posts I have no issue with removing it.
Many times you can use price action to give you a head start on a possible channel break. Although I completely understand Mike's trading style with respect to partial profit taking (not doing it), I think he can appreciate what I am doing here. At times I do this as a way to book a small profit on half of a position and then let the remaining half ride for a potential large R return. A bonus is the positive carry when long the N/U.
On the N/U we possibly (remember the day is far from over) have a pin bar in line with the ascending trend line and minor support. I expect if we close as such we may return back to resistance in the .8380 - .8400 zone. At that point I would take half off for a profit, move the remaining half to break even and see if resistance gives way. If it does, the natural place to tuck a stop is under .8400 at which point I would monitor the trade (giving it room to possibly go higher). Initial stop to me is as obvious as it gets - just under .8300, which is a round number, under minor support and the ascending trendline.
Attachment 
Many times you can use price action to give you a head start on a possible channel break. Although I completely understand Mike's trading style with respect to partial profit taking (not doing it), I think he can appreciate what I am doing here. At times I do this as a way to book a small profit on half of a position and then let the remaining half ride for a potential large R return. A bonus is the positive carry when long the N/U.
On the N/U we possibly (remember the day is far from over) have a pin bar in line with the ascending trend line and minor support. I expect if we close as such we may return back to resistance in the .8380 - .8400 zone. At that point I would take half off for a profit, move the remaining half to break even and see if resistance gives way. If it does, the natural place to tuck a stop is under .8400 at which point I would monitor the trade (giving it room to possibly go higher). Initial stop to me is as obvious as it gets - just under .8300, which is a round number, under minor support and the ascending trendline.
Attachment
- #129,571
- Jan 16, 2014 5:28pm Jan 16, 2014 5:28pm
{quote} I liked this one. It's a tough pair but a very strong area to buy off. I am not at b/e myself but only looking to target the exact area you marked because this pair is choppy(as opposed to the market being fluid which one could look for a bigger move in general with less choppiness to be expected. Nothing wrong with passing on this one either though but wanted to let you know you know your chart looked good. Here was my original chart from the PF Best Mike {image}
{quote} Thanks Mav!!!!
Mav
- #129,574
- Jan 17, 2014 3:44am Jan 17, 2014 3:44am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
I believe . . .
- #129,576
- Jan 17, 2014 6:21am Jan 17, 2014 6:21am
- Joined Jan 2008 | Status: <<--(-$-)-->> | 5,571 Posts
Hi, Yes, sorry I was looking at this Level on the Monthly. Seemed pretty significant. {image}
g.
I believe . . .
- #129,578
- Jan 19, 2014 2:14am Jan 19, 2014 2:14am
- Joined Feb 2009 | Status: kiki soso largyalo | 2,243 Posts
meine augen sind die sterne
- #129,580
- Jan 19, 2014 7:23am Jan 19, 2014 7:23am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
Hi Guys, hi Mike, i would start looking for shorts next week. What do you think? {image}
best,
Jonas
Hero calls followed by margin calls...