whats your take on UJ and EJ?
james16 Chart Thread
- #133,133
- Nov 25, 2014 8:44am Nov 25, 2014 8:44am
- Joined Mar 2009 | Status: Hobby Trader | 4,477 Posts
I didn't trade this but had my alarm set. Woke up and was too lazy. Would have been a nice trade.
My PPZ drawn from the daily chart. A 4 hour BUOEB closed above the 2.0 and the PPZ. I think this is good example of J16 at its best and how to trade a continuation bar.
My PPZ drawn from the daily chart. A 4 hour BUOEB closed above the 2.0 and the PPZ. I think this is good example of J16 at its best and how to trade a continuation bar.
- #133,135
- Nov 25, 2014 8:50am Nov 25, 2014 8:50am
{quote} I took this trade on the 4 hr chart. I just wanted to the trade the breakout from the PPZ. The stop loss was set at 30 pips. There were 3 bearish candles and I was expecting the price to go downwards. And after that it so happened that the market posted a pin bar with a huge spike to the upside that took my stop loss away and then the market moved downwards. While the market respected this PPZ and moved downwards I was not expecting the pin bar with a huge spike to the upside. So taking a trade just based on breakout from the PPZ has not...
A very short post as I passed by while Im at work and saw your post.
I doubt you should question your analysis or trade plan or anything for that matter.
That's the hard part of "being wrong but not letting this affect you" - at least to me.
You (and I
) speculated that the 1.40-ish level, which acted as a strong support and was broken by a strong bearish candle, would act as a resistance.Then a 4H bearish PB off the 1.4050 level shook you off.
The thing is: you were right. It ended as a loss but you and your method were right. (So far. Let's see how price will then behave in the next fex hours / days).
The only "error" I could see is a too tight SL: price respected 1.4050 more that 1.4000...
Personally, I consider any trade outcome not according to the dollars, but to my "predictions" if I may call them that way.
Focusing on the money amount made me lose perspective (my aim is 5-6% a YEAR. I don't care if I have a negative month.). My job is to keep my losses small so they can be covered by my future gains. To do so, I need to learn trading before considering making money
Take care
Slow & steady
- #133,136
- Nov 25, 2014 8:52am Nov 25, 2014 8:52am
{quote} hi Prasad, A very short post as I passed by while Im at work and saw your post. I doubt you should question your analysis or trade plan or anything for that matter. That's the hard part of "being wrong but not letting this affect you" - at least to me. You (and I
Slow & steady
- #133,137
- Nov 25, 2014 9:27am Nov 25, 2014 9:27am
- Joined Aug 2010 | Status: Tööröh | 14,292 Posts
sold E/A (Im still short €uro].... stop in red, entry blue, target green.... almost 400 pips move without any certain retrace so far. Range trading here, risking 120 for 215... anyway dont gonna give it much space, trying to move stop to entry a.s.a.p or let me stop out for -120
all in all E/A can be a beast and walk another 150 pips without any shake.. lets c
all in all E/A can be a beast and walk another 150 pips without any shake.. lets c
Hero calls followed by margin calls...
- #133,139
- Nov 25, 2014 10:00am Nov 25, 2014 10:00am
{quote} hi Prasad, A very short post as I passed by while Im at work and saw your post. I doubt you should question your analysis or trade plan or anything for that matter. That's the hard part of "being wrong but not letting this affect you" - at least to me. You (and I
Thanks for your comments on this one. I do agree with you that stop loss was an issue here as I went in for a 30 pip stop loss on a 4 hr chart. But still the bottom line is if I had waited for some PA this would have been a winning or a break even trade. The problem with trading is someone can teach you a method but it is hard to teach patience and to overcome the urge to trade more. However I have to test my strategy to trade off PPZ's with some confluence(at least two more signals like BRN or FIBs or PA) and stop pulling the trigger once I see good design on the chart.
I did went through some posts by a guy called "Seneca Pilot" on another thread that is called "Ramblings of a forex junkie" . He speaks about some important price levels and may be I could use some of those levels as additional confirmation to my PPZ's. I have been impressed with his notes on trading that go beyond his particular strategies.
I could just use pins and outside bars in my trading and ignore the rest but my mind strangely seeks out everything in terms of 3 and I am after that 3rd strategy that I can use successfully trading long term.
- #133,140
- Nov 25, 2014 10:05am Nov 25, 2014 10:05am
{quote} Thanks for your comments on this one. I do agree with you that stop loss was an issue here as I went in for a 30 pip stop loss on a 4 hr chart. But still the bottom line is if I had waited for some PA this would have been a winning or a break even trade. The problem with trading is someone can teach you a method but it is hard to teach patience and to overcome the urge to trade more. However I have to test my strategy to trade off PPZ's with some confluence(at least two more signals like BRN or FIBs or PA) and stop pulling the trigger once...
there are limits to everything.