I am long at 1.2655. TP1 at 1.2730 and TP2 at 1.2830 Stop at 1.2599
If price dont get to any of that points above, I'll close all positions before market closes.
ty in advance,
1. 1.27 (just hit) moved stop to be @1.26326
2. 1.3060
I am long at 1.2655. TP1 at 1.2730 and TP2 at 1.2830 Stop at 1.2599
If price dont get to any of that points above, I'll close all positions before market closes.
ty in advance,
1. 1.27 (just hit) moved stop to be @1.26326
2. 1.3060
Sorry reczekfx, but I don't understand. You had this resistance on the DJ, so you waited for it to approach, and then went long on GBP/JPY? Or you waited for it to turn around, and then hopped onto the GBP/JPY? Interesting stuff, trying to learn this sort of thing, but is just a tad over my head atm Appreciate the ideas though
you have check post 22701
These are not ideas, but a rock solid system supported by the PA.
I don't trade on ideas....
Sorry reczekfx, but I don't understand. You had this resistance on the DJ, so you waited for it to approach, and then went long on GBP/JPY? Or you waited for it to turn around, and then hopped onto the GBP/JPY? Interesting stuff, trying to learn this sort of thing, but is just a tad over my head atm Appreciate the ideas though
you have check post 22701
These are not ideas, but a rock solid system supported by the PA.
I don't trade on ideas....
the only way you have to study James16 PA theory is to read the thread, starting from the beginning! In the first pages you can find some basic principles, but if you want to learn more you've to read, read read, and demoing demoing demoing..
You can also join James16 Private Forum..
I wouldn't recommend a private forum for him. Reading this thread a couple of times and mastering J16PA is what I advice first if he's that new.
This thread is like kindergarten and elementary school, and private forum is more like university.
You don't go straight to university after you just started walking.... unless you want your head to grow bigger than the rest of your body....
the only way you have to study James16 PA theory is to read the thread, starting from the beginning! In the first pages you can find some basic principles, but if you want to learn more you've to read, read read, and demoing demoing demoing..
You can also join James16 Private Forum..
I wouldn't recommend a private forum for him. Reading this thread a couple of times and mastering J16PA is what I advice first if he's that new.
This thread is like kindergarten and elementary school, and private forum is more like university.
You don't go straight to university after you just started walking.... unless you want your head to grow bigger than the rest of your body....
Nice analogy too, between school & J16. but where's high school? we can skip some levels or advance/get accelerated, can't we?
lol... it was left out on purpose to see if anyone care to notice... and I have to pay you a complement. Observant people are in those 3% of traders who make money in this business...
Nice analogy too, between school & J16. but where's high school? we can skip some levels or advance/get accelerated, can't we?
lol... it was left out on purpose to see if anyone care to notice... and I have to pay you a complement. Observant people are in those 3% of traders who make money in this business...
Why do you want to constantly bet on a strong DJ when it's been thrown abt by the major companies it consists of??
Not so much strong, but rather its behavior around certain areas of SRs. Besides when everyone throws a towel... can we say 'we hit the bottom'? Wonder what some people who traded equities for 20years + have to say about that...?
and this is why...
I longed all these plus gj at 6pm est and based on anticipated bounce in dow futures after it posted 300ps drop today.
I promise, I won't mention dow futures here anymore....
.
Why do you want to constantly bet on a strong DJ when it's been thrown abt by the major companies it consists of??
Not so much strong, but rather its behavior around certain areas of SRs. Besides when everyone throws a towel... can we say 'we hit the bottom'? Wonder what some people who traded equities for 20years + have to say about that...?
and this is why...
I longed all these plus gj at 6pm est and based on anticipated bounce in dow futures after it posted 300ps drop today.
I promise, I won't mention dow futures here anymore....
.
Rac,
Please dont stop posting your method dealing with S/R zones and DJ futures. I am just now starting to get the hang of it and its awesome when I do something and then see you post about the same thing I have done. Just builds my confidence more.
My apologies darewood, but a promise is a promise.. .
Let's concentrate on PA instead, which is much more reliable imho anyways..
Rac,
Please dont stop posting your method dealing with S/R zones and DJ futures. I am just now starting to get the hang of it and its awesome when I do something and then see you post about the same thing I have done. Just builds my confidence more.
My apologies darewood, but a promise is a promise.. .
Let's concentrate on PA instead, which is much more reliable imho anyways..
Rac, do you still consider the 2nd arrow from the right as resistance and first arrow from the right as support?
breaking those three pinbars to the upside validates your blue line as support and at the same time it gives me signal to rush in with more longs.
hope this helps.
Thanks Rac. It sure helps me to understand better. And I had one more Q about the same chart. Don't we have another PPZ right above the are upside PBs. When I see this it would mean for me no trade as it directly against a PPZ. And this might be the box condition that always mentioned by Jims (J16), the new line that I draw is sort of middle area. What your process of thought when you first see this? I still don't get what to do in the middle of the box. Hope you can clear this up for me I've looked up past charts and demo the area, it where...
This is what happens when you guys start to trade on smaller (4hr) tf before you master higher tf first....
You endup questioning yourself over and over and see many more ppzs than necessary..
Make your trading simple otherwise, you will never enter a trade or close for 10pips once you're in it. That's not trading, That's torture.
This is what my gj chart look like.
Isn't it easier to trade off daily.... when you get on the bus around one of those SRs?
.
Hi all,
i noticed i nice beob (i think) on usdchf. Attached there is the chart. There is a confluence of PPZ, and 2 Fibo ret; any comments? Will it go to test the trendline?
I think i will play it (demo) at the break of the bar..
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
Rac, do you still consider the 2nd arrow from the right as resistance and first arrow from the right as support?
breaking those three pinbars to the upside validates your blue line as support and at the same time it gives me signal to rush in with more longs.
hope this helps.
Thanks Rac. It sure helps me to understand better. And I had one more Q about the same chart. Don't we have another PPZ right above the are upside PBs. When I see this it would mean for me no trade as it directly against a PPZ. And this might be the box condition that always mentioned by Jims (J16), the new line that I draw is sort of middle area. What your process of thought when you first see this? I still don't get what to do in the middle of the box. Hope you can clear this up for me I've looked up past charts and demo the area, it where...
This is what happens when you guys start to trade on smaller (4hr) tf before you master higher tf first....
You endup questioning yourself over and over and see many more ppzs than necessary..
Make your trading simple otherwise, you will never enter a trade or close for 10pips once you're in it. That's not trading, That's torture.
This is what my gj chart look like.
Isn't it easier to trade off daily.... when you get on the bus around one of those SRs?
.
I wish I could of been eligible with the 25 they gave me, I made almost 4000 percent last month I'm in the competition this month now that I'm over 500, but I don't think I can be aggressive and as willing to lose 500, as I was 25. (wow looking at that leader board really makes me sad lol)
you're good.
i opened speculative account with them, in last week of Jan for the same purpose, but unfortunately kept one trade over the weekend (went wrong), so when the contest started on Feb. 1st, I was below required minimum. At the end of Feb, I ended up with 296%, but yours 4000.........
Hi all,
i noticed i nice beob (i think) on usdchf. Attached there is the chart. There is a confluence of PPZ, and 2 Fibo ret; any comments? Will it go to test the trendline?
I think i will play it (demo) at the break of the bar..
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
I wish I could of been eligible with the 25 they gave me, I made almost 4000 percent last month I'm in the competition this month now that I'm over 500, but I don't think I can be aggressive and as willing to lose 500, as I was 25. (wow looking at that leader board really makes me sad lol)
you're good.
i opened speculative account with them, in last week of Jan for the same purpose, but unfortunately kept one trade over the weekend (went wrong), so when the contest started on Feb. 1st, I was below required minimum. At the end of Feb, I ended up with 296%, but yours 4000.........
Every time I post live trades before my stop gets moved to be, it works against me....
oh well.... what the heck....
.
Scary, scary...
it worked nicely as well as all the other trades, but it sure has effect on psychology as Bundy said.... so no more live signals...
.
Quote:
Originally Posted by raczekfx
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
Now I'm being told this is not the end of it... interesting....
Every time I post live trades before my stop gets moved to be, it works against me....
oh well.... what the heck....
.
Scary, scary...
it worked nicely as well as all the other trades, but it sure has effect on psychology as Bundy said.... so no more live signals...
.
Quote:
Originally Posted by raczekfx
imho, we'll get a pullback to about 1.1760/80 first, as fiber will probably retraces to 1.2570 as well.
Regardless, I will play fiber short on another 2670 failure and swissy long on either 1 or 4hr pin break..
Now I'm being told this is not the end of it... interesting....
I am trying to learn what you do, but I don't really understand it. The DJ hit 6600 level, so would that be an area to consider looking for a good long entry on xx/JPY pair? Looks like there is a lot of support there... but I don't really understand this method at all :P Any ideas? Ty
I won't even look at yen crosses today....
Not before Non Farm news is out. Tomorrow might be a different story, but not today. I have posted a couple of times in the past on my trading before payroll numbers are released. You'd have to do some digging...
I may go good size long tomorrow on au, nu, eu and gu, but not today....and since this has nothing to do with PA......
apologies for cryptology but there are many tools for different work..
Mark,
Thanks for the PM.
Hey, did you went long at this time?
Almost the same situation like March 2.
If you meant yen then no.
I had a small positions in aussie and kiwi since 5, but flat now, too busy with zulutr,,
Tomorrow's busy day with payroll data. Regardless of the outcome I have a bias for weak $ and rally. We'll see. Trade wisely...
Read through your posts today, awesome stuff. I really like your ideas and they make a lot of sense. A lot of stuff I had been trying, but wasn't sure if it was exactly wise, or profitable, but good to see you do the same things with great success. I hope to eventually get that stuff down, its really impressive, some of those entries with no drawback, and the ones where you aren't even seeking PA, yet work so well . My mind is racing with so many more ideas now, that I think I need to lay down, but just wanted to say ty.
Welcome.
It all comes with practice, time and strong desire to succeed.
If you're not a quitter, you will succeed.
I am trying to learn what you do, but I don't really understand it. The DJ hit 6600 level, so would that be an area to consider looking for a good long entry on xx/JPY pair? Looks like there is a lot of support there... but I don't really understand this method at all :P Any ideas? Ty
I won't even look at yen crosses today....
Not before Non Farm news is out. Tomorrow might be a different story, but not today. I have posted a couple of times in the past on my trading before payroll numbers are released. You'd have to do some digging...
I may go good size long tomorrow on au, nu, eu and gu, but not today....and since this has nothing to do with PA......
apologies for cryptology but there are many tools for different work..
Mark,
Thanks for the PM.
Hey, did you went long at this time?
Almost the same situation like March 2.
If you meant yen then no.
I had a small positions in aussie and kiwi since 5, but flat now, too busy with zulutr,,
Tomorrow's busy day with payroll data. Regardless of the outcome I have a bias for weak $ and rally. We'll see. Trade wisely...
Read through your posts today, awesome stuff. I really like your ideas and they make a lot of sense. A lot of stuff I had been trying, but wasn't sure if it was exactly wise, or profitable, but good to see you do the same things with great success. I hope to eventually get that stuff down, its really impressive, some of those entries with no drawback, and the ones where you aren't even seeking PA, yet work so well . My mind is racing with so many more ideas now, that I think I need to lay down, but just wanted to say ty.
Welcome.
It all comes with practice, time and strong desire to succeed.
If you're not a quitter, you will succeed.
Mark,
Sometimes, you take trades without PA in minor S/R in 4h...
But when you take in monthly and weekly PPZ or S/R your probabilities of succeed increase dramatically
Am I right?
pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today
It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.
Mark,
Sometimes, you take trades without PA in minor S/R in 4h...
But when you take in monthly and weekly PPZ or S/R your probabilities of succeed increase dramatically
Am I right?
pin off minor support working against 4hr beovb.
tag of war is going on. We'll we hit 2780 (my st tp) later today
It would be very nice... we'll see. Worse comes worse we'll get stopped out at BE plus some..
.
I'm in this for the long haul and hopefully I've already proved that I'm not afraid to put in the hours - I think I've been on the wrong road though, and you're right, it's time to step back and unlearn some stuff. I have ploughed my way through what for me were some incredibly complex and I think probably very scholarly books (anyone read Fibonacci Analysis by Constance Brown for example) but none of it seems to have helped.
"Tortured soul" is right...
J16 is a simple method, so I'm sure with time and practice you will succeed.
Below is a curve of pure j16 trades on one of my conservative accounts over 8 month period. Well, first 30 trades were pure 16 (pins, beovb, etc..) 31-70 are still J16 trades but traded only around good confluence or ppzs.
You're not alone here. Take time to digest this material and demo until you can trade bars with your eyes close. As someone already mentioned, it's well worth studying it.
I can assure you this curve had a different slope few years ago.., but I didn't know James then...
I'm in this for the long haul and hopefully I've already proved that I'm not afraid to put in the hours - I think I've been on the wrong road though, and you're right, it's time to step back and unlearn some stuff. I have ploughed my way through what for me were some incredibly complex and I think probably very scholarly books (anyone read Fibonacci Analysis by Constance Brown for example) but none of it seems to have helped.
"Tortured soul" is right...
J16 is a simple method, so I'm sure with time and practice you will succeed.
Below is a curve of pure j16 trades on one of my conservative accounts over 8 month period. Well, first 30 trades were pure 16 (pins, beovb, etc..) 31-70 are still J16 trades but traded only around good confluence or ppzs.
You're not alone here. Take time to digest this material and demo until you can trade bars with your eyes close. As someone already mentioned, it's well worth studying it.
I can assure you this curve had a different slope few years ago.., but I didn't know James then...
Hello guys.
I read a lot of post about how important it is to move SL to BE as soon as first S/R level is reached. The problem is that I'm stopped out at BE very often with this approach.
BE looks like artificial level to me, so if we use PPZ for entering our trades and for PT projection, isn't it better to hide SL behind next S/R level instead of immediate moving to BE?
Thank you
alter
Being stopped at BE is part of this business and happens a lot if you're ultra cautious. You can minimize it by being very picky with your setups or as you mentioned, keep sl behind previous s/r. Just be prepared for drawdowns if you use second approach. I don't mind being stopped out at BE, but I'm really happy If I catch a good trade, like g/chf last Thursday or g/j on Friday. With g/j, I simply set buy order above daily pin and set tp 100ps higher where I expected price to have some difficulties. When I woke up and checked the trade it was already closed, but I really appreciated the fact that it was a good trade with 0 drawdown.
Just keep practicing and you'll get what you want one day..
.
Hello guys.
I read a lot of post about how important it is to move SL to BE as soon as first S/R level is reached. The problem is that I'm stopped out at BE very often with this approach.
BE looks like artificial level to me, so if we use PPZ for entering our trades and for PT projection, isn't it better to hide SL behind next S/R level instead of immediate moving to BE?
Thank you
alter
Being stopped at BE is part of this business and happens a lot if you're ultra cautious. You can minimize it by being very picky with your setups or as you mentioned, keep sl behind previous s/r. Just be prepared for drawdowns if you use second approach. I don't mind being stopped out at BE, but I'm really happy If I catch a good trade, like g/chf last Thursday or g/j on Friday. With g/j, I simply set buy order above daily pin and set tp 100ps higher where I expected price to have some difficulties. When I woke up and checked the trade it was already closed, but I really appreciated the fact that it was a good trade with 0 drawdown.
Just keep practicing and you'll get what you want one day..
.
Uhh. a little confused. You posted a 4Hr chart showing 17 Bars that formed a Daily Pin. 17*4=...
OR
were you refering to the Long Tail Low Candle as 'the Pin'?
Nice Trade though.
apologies for lousy job with rectangle. if should be 6*4 or look like below.
4hr was shown to make next res zone stand out little better. Since it was friday, there was no intention to marry the trade.
.
Uhh. a little confused. You posted a 4Hr chart showing 17 Bars that formed a Daily Pin. 17*4=...
OR
were you refering to the Long Tail Low Candle as 'the Pin'?
Nice Trade though.
apologies for lousy job with rectangle. if should be 6*4 or look like below.
4hr was shown to make next res zone stand out little better. Since it was friday, there was no intention to marry the trade.
.
That 7400 looks nice. But, an indecision bar with UJ? Something smells funny, other than UJ is consolidating.
Right..
I have a bias for yen crosses to go much higher. They will most likely follow CHFs, but when...?
It remains to be seen.
The ideal scenario (for me) would be for dj to break that daily pin and stall around 7020/60. Then a bounce from that area to next tp around 7800. If that sees the light, we should also get a nice grandma bus, full of longs jpy and chfs crosses..
That 7400 looks nice. But, an indecision bar with UJ? Something smells funny, other than UJ is consolidating.
Right..
I have a bias for yen crosses to go much higher. They will most likely follow CHFs, but when...?
It remains to be seen.
The ideal scenario (for me) would be for dj to break that daily pin and stall around 7020/60. Then a bounce from that area to next tp around 7800. If that sees the light, we should also get a nice grandma bus, full of longs jpy and chfs crosses..
I'm no expert, but you bought it when I was looking to sell. That doesn't mean anything but...
1. you bought it on retrace to area of confluence (day-week ppz, rac's favorite retrace - 50fib of 8hr pin)
2..forgot what I was gonna say here
3. I remember... Since you're trading on 1hr TF, I assume you're profitable on weekly and daily TF? If not, you'll find your account grow much faster if you move up a notch.. Trust me.
Anyways, just in case you're curious about my trading plan at a time you went long. If not, just ignore this part below:
I missed that short (aggressive off confluence), but then I got PA (4hr beovb) off of ppz few bars later. Waited for a break, and then a retrace and then finally got my trade last night when I saw price exhausting...
I guess every trader sees different things.. perhaps you' I just got lucky and your long could've gone through the roof... but there was still one problem with that .... FOMC.
From my limited observation - nothing goes through the roof, before that's out of the way... and yes I expect fireworks later today...
You guys watch that e/chf and g/chf....
Happy trading.
Quote:
Originally Posted by 786 trading
I bought at G/U last night and it hit my stop loss. I bought it on previous two candles break out and thought trend is continuing upward. But it hit my stop loss.
I am trying to find why it was bad trade.
Thanks in advance for everybody.
Hello flyer,
No, I didn't know it was going to retrace, but I'm glad it did since I missed my speculative entry the day before and I didn't want to chase it.
As you probably noticed, my stop was set at 1.4125, just above 2 -4hr bars high and weekly ppz (purlple line on my chart). Should I have your entry, I would still place my stop at 1.4125, but would probably cut my order size in half. When you look at 1hr, price started to form kind of 'arch' last night. That usually adds to my confidence...
I always hide my stops behind good (imo) ppz
damn... just missed fiber long.
Quote:
Originally Posted by flyer415
Rac,
i took that GU trade short last night at 1.3995 prior to that minor retrace. I put a SL just behind what i thought was the ppz at 1.4066. Got stopped out by a few pips then found out this morning that it decided to go where I thought it would.
1. Was my SL too tight? I normally go with a 100 SL or max on the PB.
or
2. Was I dreaming in thinking that a ppz existed at 1.4050.
or
3. Just the way it went.
Did you know it would retrace and should I have waited for after the retrace?
I'm no expert, but you bought it when I was looking to sell. That doesn't mean anything but...
1. you bought it on retrace to area of confluence (day-week ppz, rac's favorite retrace - 50fib of 8hr pin)
2..forgot what I was gonna say here
3. I remember... Since you're trading on 1hr TF, I assume you're profitable on weekly and daily TF? If not, you'll find your account grow much faster if you move up a notch.. Trust me.
Anyways, just in case you're curious about my trading plan at a time you went long. If not, just ignore this part below:
I missed that short (aggressive off confluence), but then I got PA (4hr beovb) off of ppz few bars later. Waited for a break, and then a retrace and then finally got my trade last night when I saw price exhausting...
I guess every trader sees different things.. perhaps you' I just got lucky and your long could've gone through the roof... but there was still one problem with that .... FOMC.
From my limited observation - nothing goes through the roof, before that's out of the way... and yes I expect fireworks later today...
You guys watch that e/chf and g/chf....
Happy trading.
Quote:
Originally Posted by 786 trading
I bought at G/U last night and it hit my stop loss. I bought it on previous two candles break out and thought trend is continuing upward. But it hit my stop loss.
I am trying to find why it was bad trade.
Thanks in advance for everybody.
Hello flyer,
No, I didn't know it was going to retrace, but I'm glad it did since I missed my speculative entry the day before and I didn't want to chase it.
As you probably noticed, my stop was set at 1.4125, just above 2 -4hr bars high and weekly ppz (purlple line on my chart). Should I have your entry, I would still place my stop at 1.4125, but would probably cut my order size in half. When you look at 1hr, price started to form kind of 'arch' last night. That usually adds to my confidence...
I always hide my stops behind good (imo) ppz
damn... just missed fiber long.
Quote:
Originally Posted by flyer415
Rac,
i took that GU trade short last night at 1.3995 prior to that minor retrace. I put a SL just behind what i thought was the ppz at 1.4066. Got stopped out by a few pips then found out this morning that it decided to go where I thought it would.
1. Was my SL too tight? I normally go with a 100 SL or max on the PB.
or
2. Was I dreaming in thinking that a ppz existed at 1.4050.
or
3. Just the way it went.
Did you know it would retrace and should I have waited for after the retrace?
I am REALLY struggling to stick to Daily charts, I keep going down in timeframes and my account suffers for it. its like a yo-yo up and down.
I'm not sure how long it will take to sink in that Daily is the way to go...
Sometimes it takes few accounts, sometimes longer... and this is not a joke..
I think you need to develop a patience and take only the best setups.
You can also change all your charts to daily tf and only check them (refuse to go lower) at 5pm est (that's a start of a new day for me). It only takes 10-15 min to scout 30 markets for daily setups... You can throw your daily setups in this thread at the end of the day. I'm sure there will be many to comment on it.
Trading off daily can be very profitable ... with time and practice.
I am REALLY struggling to stick to Daily charts, I keep going down in timeframes and my account suffers for it. its like a yo-yo up and down.
I'm not sure how long it will take to sink in that Daily is the way to go...
Sometimes it takes few accounts, sometimes longer... and this is not a joke..
I think you need to develop a patience and take only the best setups.
You can also change all your charts to daily tf and only check them (refuse to go lower) at 5pm est (that's a start of a new day for me). It only takes 10-15 min to scout 30 markets for daily setups... You can throw your daily setups in this thread at the end of the day. I'm sure there will be many to comment on it.
Trading off daily can be very profitable ... with time and practice.
not yet waiting to.. just before fomc
pullback to 2780 - 2840 would be good imho. flat out just above
ok
here are my some of my trades for fomc (I posted my watch list bias in pf before fomc)
nice trades
1. bought fiber @ 3132 (manual order before the news)
2. set buy limit fiber 3080 (never triggered)
3. set buy limit fiber 3162 (triggered after fomc)
4. sold u/cad 2709 (manual entry before fomc)
5. bought cable at 3974
bad trades
6. set buy e/chf 5626 (closed for a small profit)
7. bought g/chf at 6275 (almost stopped out, closed for a small loss)
not yet waiting to.. just before fomc
pullback to 2780 - 2840 would be good imho. flat out just above
ok
here are my some of my trades for fomc (I posted my watch list bias in pf before fomc)
nice trades
1. bought fiber @ 3132 (manual order before the news)
2. set buy limit fiber 3080 (never triggered)
3. set buy limit fiber 3162 (triggered after fomc)
4. sold u/cad 2709 (manual entry before fomc)
5. bought cable at 3974
bad trades
6. set buy e/chf 5626 (closed for a small profit)
7. bought g/chf at 6275 (almost stopped out, closed for a small loss)
after recording low of 3840 earlier in the morning price have played with my 4hr pzz (I have lowered tf to 1hr to better show those tests - bounces )
I simply bought one of those bounces, since I expected dejavu from Dec. 2008 (similar PA on us based crosses)
Hi I entered the USD/CAD short when it broke off the weekly BEOB this morning...Had to endure the immediate drawdown of up to -130 I think but now I closed most of it for a nice +145 pips, the rest moved to B/E and a more aggressive target...pheeww, that was a tough one.
My question to raczekfx or other more senior members or PF members is...was it stupid to enter a trade before the pending FOMC meeting
If it was, I would not be in a trade. A retrace allowed me to carry out this weekly setup with much more weight. Luckily for me it happened; there are times we don't get a retrace, hence miss a trade if we're not in on the original brake.
after recording low of 3840 earlier in the morning price have played with my 4hr pzz (I have lowered tf to 1hr to better show those tests - bounces )
I simply bought one of those bounces, since I expected dejavu from Dec. 2008 (similar PA on us based crosses)
Hi I entered the USD/CAD short when it broke off the weekly BEOB this morning...Had to endure the immediate drawdown of up to -130 I think but now I closed most of it for a nice +145 pips, the rest moved to B/E and a more aggressive target...pheeww, that was a tough one.
My question to raczekfx or other more senior members or PF members is...was it stupid to enter a trade before the pending FOMC meeting
If it was, I would not be in a trade. A retrace allowed me to carry out this weekly setup with much more weight. Luckily for me it happened; there are times we don't get a retrace, hence miss a trade if we're not in on the original brake.
Are you not trading candlestick confirmations at all mate?
Nice little IB/proxy pin setting up on Oanda's 3H chart if you're interested.
A lot of my friends trade like you, but I sh*t myself everytime if I try hehe, how d'you determine your stops?
Interesting friends you've got....
I do all the time, but I also trade break outs, retraces and my very own Rdb.
It takes time to build up confidence, but once you get it... it's yours to keep till market characteristics change.
stops?
behind S/Rs, pins and other setup bars.
if I got my 3760 trade, it would've been @ 3785
The guy that sits next to me trades the same way; it's impressive that you run your positions as long as you do given your entry, most of the traders I know take profit as soon as the order flow turns against them.
Its a personality thing I guess, I like to wait for the candle, although I miss a lot of trades this way. When I daytrade I read the orderflow so I sometimes trade like you, I still sh*t my pants until I'm well onside haha.
I don't know about you, but most traders I know never made any money. This is the sole reason, I don't read posts that say: I'm long, I'm short, I'm..... full of it.
It's just a noise for your brain. Trust me, your brain can be master of its own destruction. I don't remember when was the last time I read someone's journal.
The sooner you find your own way by implementing j16 method, the sooner you will be...... diapers free... (sorry for the expression, i couldn't resist)
It's sad, but 90% of people posting on FF will never make any real money. New guys, who just started this journey and trade on 1hr or lower are very important for the big guys. They constantly supply them with cash and pay for their toys. After all it's a zero sum game (business)
ok, enough of me here for some time. trade wisely.
Are you not trading candlestick confirmations at all mate?
Nice little IB/proxy pin setting up on Oanda's 3H chart if you're interested.
A lot of my friends trade like you, but I sh*t myself everytime if I try hehe, how d'you determine your stops?
Interesting friends you've got....
I do all the time, but I also trade break outs, retraces and my very own Rdb.
It takes time to build up confidence, but once you get it... it's yours to keep till market characteristics change.
stops?
behind S/Rs, pins and other setup bars.
if I got my 3760 trade, it would've been @ 3785
The guy that sits next to me trades the same way; it's impressive that you run your positions as long as you do given your entry, most of the traders I know take profit as soon as the order flow turns against them.
Its a personality thing I guess, I like to wait for the candle, although I miss a lot of trades this way. When I daytrade I read the orderflow so I sometimes trade like you, I still sh*t my pants until I'm well onside haha.
I don't know about you, but most traders I know never made any money. This is the sole reason, I don't read posts that say: I'm long, I'm short, I'm..... full of it.
It's just a noise for your brain. Trust me, your brain can be master of its own destruction. I don't remember when was the last time I read someone's journal.
The sooner you find your own way by implementing j16 method, the sooner you will be...... diapers free... (sorry for the expression, i couldn't resist)
It's sad, but 90% of people posting on FF will never make any real money. New guys, who just started this journey and trade on 1hr or lower are very important for the big guys. They constantly supply them with cash and pay for their toys. After all it's a zero sum game (business)
ok, enough of me here for some time. trade wisely.
..
Is this the year we break 1.60 & head for eur$ 2.00? Let us observe this year & the next
don't get too excited...
We won't. Europe has way too many problems and as US (even though she already bankrupt) emerges from today's chaos, Europe will be lagging behind.
My bias for fiber: to be around 1.16-1.20 later this year.
This is too much......
Bankers must be reading our dear thread.
As soon as dow hit solid resistance, they all sold yen crs and $ based crosses... (shakeout...)
At least we know when to take partial or total profit.
It will be interesting to see how the day progresses.
another push higher in fiber and cable and lower close or
run for 3750 ?
.
I am short EU (don't ask), two mini lots, entries at 534 and 518. Now what!! Should i close with loss or wait? SL at 650.
Thanks for your advise;
Seb
price is in the middle of the range.
This is what I would do if I didn't have a clue what to do next.
1. close right away
2. hedge the order and
when price approaches 3718, sell the long leg with tight stop and vice versa
when price approaches 3416, sell the short leg with tight stop.
I do it all the time in a ranging market, collecting points between ppz, but this topic is beyond what's being discussed here.
Whatever you do, I hope it works out for you just fine. Personally I'm leaning towards 34 for today.
Hi raczek, in the second case, why should u sell at 3416, this is close to the sup line of the range, shouldn't u be buying it..... Sorry if i didn't understand. Also, by the long leg u mean the bullish bar?
THNX;
Seb
By sell, I meant 'close' the short leg of your trade. By long leg, I meant your long position, you'd opened.
I think, I had a post with attachment in this thread somewhere how I do it. I believe Habeeb also mentioned it before.
Demos are fun and can contribute greatly to your confidence in the method.
I still use them, as a matter of fact have 3. One for j16 method, one for my own R-db and one for j16 @ ppz only (kind of aggressive method)
one below is my j16 demo using asymmetrical leverage .
..
This really does work great I must say. Works a lot more often then you'd think. ...
As long as you are careful and know PA well, you should do ok..
I was almost caught with my pants down on mar 18. Had a blackout for some reason and hedged my long fiber positions. A couple of hours before the news closed short leg for a small loss and was very happy with the long leg outcome. Should I've waited till after the news, perhaps, I'd be still working it out. Hedge is alright, but sometimes simple hard stop is much less of a headache.
What do you mean by hedge, if you don't mind me asking? You take a position, and then hedge it was something completely opposite, then sell the opposite one when you think its time for your first position to take off? I never thought of this for forex, but I suppose it is probably still something that can help. Ty
yes, take opposite position on the same cross (instead of a SL) in a ranging market.
1. plan your trade
2. execute your plan
3. never chase the trade
re: 1
plan was to sell cable when it retraces to 50/61fib at 4630 after Beovb setup which formed yesterday
stop was set 25pips above at 4655 (above ppz and 61fib)
re: 2
order: sell limit, set your tp, have a nap
re: 3
no need to, if you have a plan
it happened while asleep.
do we get a break lower today? That would be great, if not we'll make another plan. Always be prepared and have a plan... it will set you free one day..
.
Hi Raczekfx
any chance of a follow up on this EJ, my daily closed as what looks like a bullish Pin, and has broken long, possibly looking to hit 134.40 area or at least a continuation of the bull run.
MPP
Sure,
If you followed my posts for some time, you'd probably know that I trade at specific areas, not necessarily waiting for a break of pins, beovbs, etc.
That trade would be categorized as short terms counter trade.
entry 132.80
exit 131.80 (previous 1hr ppz and bars low) No need to hope for more.
On a contrary If I was still long (my swing trades) from a weekly consolidation breakup around week of feb 18, my stop would be around 130.30 area (129.80 - check monthly chart to find out why).
Such pin bars are best traded when they close below the ppz.
This one closed above it so technically not A+
Cheers,
Ghous.
It would've been if it was off 3730 (imoo), but
i think we'd have to wait for (that rally every analyst is looking for on the front page of FF) a bit longer... (I could be wrong...)
.
I'm sure you're watching U.S. indexes move into former support
of course, how often do we get price at important resistance like that?
Here are just a few, I'm in.. (just scalping 40-80 pips today here and there - while waiting for a real PA)
1.3561
1.4530
1.4291
&
1.3357
p.s. just like these below.
break, retest, boom.. etc. (learned it from Mike - mbqb11, light years ago...in Dunster Castle )
It would've been if it was off 3730 (imoo), but
i think we'd have to wait for (that rally every analyst is looking for on the front page of FF) a bit longer... (I could be wrong...)
.
Trading plan for fiber from yesterday after replying to someone.
1. we've got our pa setup
2. wait for rac's favorite retrace
3. stop above PA or 61 if you're ultra cautious
4. sell
5. tp? if yes, take some or full profit
This is exactly why most of successful traders following j16 method, ignore the news (I meant analysis) written by 'analysts'...
If they were good traders, they wouldn't have to earn a living by writing stories. When they wrong, they twist a story around and come out with a new analysis, correction theory or another b.s.
Once I realized that only 3-5% of folks make it in this business, I questioned myself, why even bother reading. Most of them are wrong anyways.....
Don't get me wrong. Reading news is fun, but use it only for entertainment purposes
We've got our PA and that alone should be sufficient information for us to make this business successful. And if anyone wonders why PA works, there is no secret really. You and I don't move this market. It's the banks and funds buying and selling and when they do that, PA tips us off....
This is exactly why Jim stresses trading on a higher TF until you get good....
If you look at the ship from up close (1 min charts), you don't know where it's heading. When you jump on a plane and look from a distance (daily tf) you know exactly where it's heading or if perhaps it's turning)
With that thought... Have great weekend all. Trade wisely...
.
Mark, waiting a bounce in Dow or you will hold your short positions?
I was waiting for it to go to 7740, but right now I don't think it will go that low, unless someone irresponsible open his mouth again.
anyhow, closed fiber 3310 and reversed to long 3279
also long e/chf 1.5193 (5% on this one)(check the daily chart and look for jim's post/email in the pf )
looking to buy yen crosses....
re my entries.... It's better to wait for a meaningful PA, trust me. Right now there is nothing indicating longs and I'm just scalping 40-50 pips here and there...
When you say "your favorite retracement" as mentioned in the post above are you referring to taking a Fib retracement of the PA bar itself as opposed to using swing highs/lows?
If so, do you use this methos to fine tune your entry? I've never really considered using fibs in this manner.
Hi Santa ... and welcome to the forum
yes, fib ret of the PA setup, not the bar itself. Setups like BEOVbs, Buovbs and pins at swing low/high or close enough.... Sometimes it never happens and it breaks hard, never looking back, but when I do get a retracement, it allows me to go in with larger position and smaller risk. Yes, it's used to fine tune my entries.
ive been playing with this one for a long time. lol
yup, these are cool, I had lots of success with these. Thanks for the indicator you've uploaded to the PF. It's priceless...
I had my friend recompiled it and he came up with this one-sure bar indicator. I love it, no noise, just one bar and a huge black hole.....
.
I would be careful with rac's method, he's very aggressive and I believe has a genetic instability (some of that big bad voodoo mojo thing), gotta have something in your blood to trade like him lol.
That's right very aggressive and contrary to DJ, very, very unstable... keep out....stay away, don't follow.... don't ask....LOL
..
Guys, remember the USDCAD setup i posted?:
I'm now up 258 pips.
Daily charts are really the kindest these days. More consistent setups IMHO
Very nice Mr. D.
I'm still in it (long) from my Rdb with 30ps stop @ 1.2180, from This post....
You just can't ignore certain areas, even if you took your setup from weekly Beovb, if you don't want to give away too many pips (practice, practice, practice)...
I will be closing this long very soon though (maybe 10-50 more ps) as I'm looking for $ fortunes to turn around again....(tonight?, anyone? )
I know, you're talking about gj, but I have to confess I took that 1pb e/j retracement around the left eye with 16ps stop (above left eye high).
I was looking for a bounce to around 2810/10 but that pin changed my plans.
This trade however was an Intra-day scalp targeting previous bar low, for a quick 50-60ps paycheck...
My longer term shorts on e/j and g/j hit my targets just after 3am est...
Rac....man you are always in the "ZONE ".....fantastick....can never get enough of your posts....
baz
Hey Baz
Before you thank me, thank James first...
My entire trading is based on his method with a small twist here and there thanks to R&D...
He's not telling us everything yet (and I'm glad for that), but if you watch his videos few times, you should have more than few A-HA moments, which should empower you to do some research and eventually come up with a good and profitable trading plan for yourself. I'm glad that James does things the way he does instead of spoon feeding us...
He's method is such a gem, that I'll be looking for a new broker real soon. One of my brokers is fxcm and even though they claim not to, I suspect, I'm being on manual execution. If that was not the case, why would my market orders take 2-3 minutes to open in a slow moving market...
good thing these guys don't understand PA, otherwise my orders would be in a waiting queues for 4hrs....lol
hey G5,
it's really a personal dec. whether you hold your trade for days, weeks or hours.
when I take a trade, even if it's off weekly I always have my ppz drawn and set my profits tps before they are hit. Remember what you see, post, etc... is being watched by thousands of traders, this is why you have to be smarter (more unique is perhaps a better word) to have the edge. The reason ppz, fibs, tl and everything else works is because it's self fulfilling prophecy, nothing else. Millions are watching those levels and pull triggers simultaneously. This is THE ONLY REASON why FIBS, EMA and everything else works. If you remember this, you'll ahead of the game and in the small % of people who make few cents here and there. The rest is only a following crowd. And if you're a follower.... it reminds me of a heard being led to a slaughter (excuse my expression).
Many will disagree, but who cares (everyone is entitled to their own opinion). For me trading is 80% based on psychology, 10% on knowledge and 10 on bar formation. This is exactly why people with PHDs fail this business more often than a group of 5 year olds....
Once you see emotions and perceive the market as a breathing, living organism, instead of the random numbers, you will again have a chance to be better than those who jump at every single 1hr pb, not knowing why it happened where it happened..
apologies for the long rant...
anyways, below are my weekly zones, I watched and used for determining where price could have some difficulties and perhaps bounce...
Quote:
Originally Posted by G550
Hey Rac-
I am the unluckiest trader when it comes to taking profit....
lol....
got my 50 pips from Here, so I'm flat for now. Got a take kids to piano lessons, hence I didn't want to push my luck with shorts at 2650, but if we get a 4hr pb when I'm back, I'll reevaluate.
I'd like to see one more test of 310s and 410s on cable and fiber before committing... It may never come as dj is due for a nice bounce tomorrow imho. We'll see... we don't have to trade everyday.
Rac,
I would assume you would enter on the retrace at 2630/2640? It coincides with 50Fib and PPZ (I mean the 2630/40 area, not the PB as the PB itself off from PPZ and 61.8Fib) - Good confluences. Or you had already in from 2720 Just my assumption.
Thanks Rac!
No, I'm not in yet.
I'm watching 8 others us/based crosses to tip me off when the us weakness kicks in...
It could be either at the area mentioned or a pin break. I have no means to know.. just reading the 'tape' for now.
Thanks Rac. Thought you was in since the retest of the break (studied your past charts and one of your method is retest entry like Mike). I am myself waiting for yen crosses breakout. I have few questions actually mostly about stop loss placement but I'll PM you later if you don't mind Thanks again!
hey arcus,
you wont' be able to pm me for some time (appol). I have to catch up with PMs and emails first and I don't have much time to do that right now.
Stops are easy.
Scenarios:
1. pin breaks and retraces. plan is to go in short as close to the left eye as possible with stops just above it. It would be fair size position.
2. pin breaks and I'm in on a break. smaller position stops still above left eye.
3. pin doesn't break and retraces back to rac's favorite. It'll be good size position with stops above it.
I'm still in Cad on the 2nd half. My 1st half was 32 pips. I have mentioned in an earlier post that I will give a little more leeway to an "A" category trade on the 2nd half. The key being, it's on the 2nd half.
So I moved my stop loss on the 2nd half 22 pips above my entry. To many times Price will retrace and test the break and then continue on.
I've done the same with the Eur/Chf.
v. nice.
Something I still have to work on. I usually take part profit as quickly as you, but for the second half I set (almost alwyas) a TP. With cad it would be all out @ 2430/40. There is nothing wrong with it and I can't complain, but I'm well aware of the fact that sometimes I miss huge runners and have to look for another opportunity (PA) to get back in a trade (more work and not as simple).
On the other side, sometimes TPs work better (like last week g/j and e/j PBs ), especially when weekly PPZs are involved, e.g. last week short on WPB break (all out) TP at 2710 saved me lots of pips...
We never stop learning, I guess...
.
If it gets thru 1.4773 resistance then i will be looking at holding the trade for 1.4900. (long term trade)
brave decision before NFP...
My limit hit @ 4790 with a .......... 10ps trailing stop (4780)... was taken out 4820 for 30ps. ....(@ trsl).
will see later what uncle sam brings us at 0730
4950 looks like a good tp if we get some action past NF
1. limit buy 15-20ps away from current price (as of 8:28)
2. crosses involved: eu, gu, gj, ej and uj
3. sl 20-30ps, tp for half at 30ps profit, sl moved to be on remainder
4. question is long or short limit...? I know the answer but it would be signaling... (in the PF)
AS GOD IS MY WITNESS WILL SOMEONE PLEASE EXPLAIN TO ME WHY PEOPLE VOTE LIKE THIS.
can you tell me dutch because im not from an area like that.
how do these people get elected?
jim
it's simple..
people get brainwashed everyday by ads, TVs, useless news stations, which only feed fear and chaos into people's brains (or what's left of them). These days it's so easy to manipulate people, it's really scary. If it was mandatory for citizens to 'unplug' their brains for 15 min every day and spend this time on either meditation, concentration or simply relaxation, guess what would be the turn out at the poll stations.....
It would be ZERO. No one in their right mind would go to the polls, because people would see right through those candidates, who only pretend to care, before they're elected.
Sad, but true. It's got a be a reason why Fiji, wanted to escape from it all...
Hi all,
That wasn't the best week for me, enough to say I've screw up BIG WAY (I know it's strong wording). BUt it's true, first I didn't take profits on eur/jpy of the table, I was hypnotised watching hundred pips turning into loser I'm sick when I think about it, then I have made worse, I overtraded in revenge loosing almost three weeks gains on the account and now profit/loss is as it was after first profitable setup.
This is demo but I feel like I've lost a real monies. Is so hard to win that battle with your ego, it pricks you...
Ok. Why invent the wheel when there is a solution.
I was in the same boat few years back and no matter what I tried, it didn't work as expected. Too many losses on profitable setups, etc. It was sickening...
And then one day it hit me when I was watching James's video where he moved to BE on weekly setups once (i think) 30ps in profit.
Once I realized why he does that, it has changed my trading by 10 folds.
The issue was that having a small account I didn't care much about moving to BE to quick and I was getting stopped out for -50, -100ps quite often and on a good setups, believe it or not. Big deal right, a $50 or $100...
One day I'm sitting and thinking... Jim must be the lucky guy.... if his 30 pips are worth my monthly salary. And then suddenly something lit up in my brain ....
I had a day dream about having the same account as his and allowing my positions to be stopped out at -100..
That would be around 10-20k LOSING TRADE. This one vivid dream has changed the way I trade FOREVER. I don't have a huge account, but I'm sure treating it like I do. Once you do that you WILL NEVER LET YOUR PROFIT TURN INTO A LOSS. Prevent the losses and your account will grow happily ever after...
It's good to know that one may has to go through it and grow up to the task like you Rac and Jim and other senior members. Of course it doesn't guarantee anything for my case but that loss after hard earned profit...
% gain is relative to your trades selection and discipline. I don't pressure myself to do 1 or 5% every month. Whatever comes, I'll welcome it. I don't necessary agree with some comments I've read in the past, what's good and what's not, but everyone is entitled to have an opinion. What's more important to me is: was I following my plan (you must to have a plan). anyways It's getting late and I got a run. Just keep doing what you doing with some extra emphasis on stops and profit targets and you'll do all right over the years. Just treat your demo like it was real account.
btw. here are some of my demo trades based on my j16 aggressive method project for the last 40 days or so...
have a good one.
ps.
yes, i was grew up on the banks vistula river.
Without a good CCBJ's lov'n texan, I won't be able to start.
Next time, I visit relatives in Austin, I'll bring a case and we go over few basic setups..
Rac,
That is just awesome. You have a great handle and understanding of your method of trading. From the pdf file, it looks like you were trading within a reasonable risk/trade too, which makes it legit. Well done!
Josh
Nothing to get excited about..
It's just a demo Josh for one of my trading methods, perhaps one of the most aggressive (and still WIP), but you're right; One needs to understand what he's doing in order to achieve anything. It took me quite a 'few' months to get comfortable with it and psychology is a major component here.
Raczek, thanks A LOT for sharing that. Could you cast some light on the following, please:
1. Most of your positions were 10-12% of the a/c balance - was that purely on/for demo?
Those results are on demo, but they're a copy of one of my aggressive live account. I place live trades first then copy them on demo, so my live account has actually slightly better results. Less risk on live, but there are times, certain setups(ej weekly pin bar) I don't have problem with using up to 6-7%. I then don't have to trade for a week or so..
Quote:
Originally Posted by Forex007
2. Some of your trades were profitable, but RR was 0.05 to 0.1 - was that savvy trade management or mainly luck (that you exited earlier and the trade did not happen a big loser)?
I don't care much about RR (at certain level you won't either) If I don't see price doing what I expected it to do, I'm out. With time and practice you can almost tell if the floor is almost ready to fall off on you... just by watching it act. You then have to act quickly
Quote:
Originally Posted by Forex007
3. Is there any logic/methodology behind some trades having SL and TP, some just SL, some (many) - neither? Isn't it dangerous to have a "naked" position (without SL)?
Yes, I'm logical by nature. If I don't know what I'm doing, I don't do that at all.
50% times I have SL, other 50 I have opposite limit order waiting (hedging positions, especially in a ranging market). I prefer hedging over SL in consolidating markets. I may get stuck with a hedge for few days, but sooner or later I will work it out.
e.g. short gu trade on last friday.
Had a bad short trade @4760, but instead of sl i had limit buy gu @ 4790
Last night I closed my longs (5000 rejection) @4919 and added extra short lot. Closed all shorts tonight @4678 an hour or so ago. Both trades returned good profit, but It required some patience.
This chart is taken from my post in the pf earlier today...
hope this helps. If it doesn't, don't worry about it. Just follow j16 the way Jim, Mike and many others great traders explain it on this thread, until you find something that works for you.
Quote:
Originally Posted by krue
I was wondering if the trades were triggerred based on PA setup, I looked at his trades both the first and end of Mar., seems I could not find Jim16 setups in most cases(
Some were, some were not. Other were taken near ppz, and other like 1min trade on g/chf was based on tip I received.... I trade mostly around j16 method, but i don't follow it it to the letter. It's a zero sum business and you have to have some edge to be ahead of the crowd if you want to make a living out of it...
When you hedged your short with that buy limit you did'nt close the short from 4760 at all until the 5000 rejection? In fact if I am not misconstruing your words here you actually did'nt close the short till price made it's way below 147 which is you closed it at a profit, right?
I also wanted to corroborate...you hedge only when you know that when price goes against you it's not a big move but just a temporary delay in your master anticipations to show off their colors. For instance had there not been the 5000 round number and you would...
that's correct. top purple line was a part of my trading plan. bottom purple also belongs to it.. since I'm short again...
75 pips is a HUGE trade at $50 to $100 a pip, but at $.50 to $1.00 a pip its not overwhelming. ..
That's the problem with many new traders and a sign that they don't treat trading seriously.
In our circle of traders-friends there are several, who trade at only $10-15/pip and manage 50-75pips day-in and day out.
I still remember when back a couple of years ago I carried company BBs, pagers, sat phones... you name it, being available 24hrs on call and didn't even come close to their daily income...
Folks, respect your 'pips' even if you only trade at 0.1$/ps. One day you will be grateful for that.
I am keeping a spreadsheet of all my trades and demo trades to build my confidence.
add two extra tabs: 1. your projected tp (first resistance area once you're in a trade), 2. actual high price hit before retracing. Compare these numbers to your exit.
It'll help
well done josh, I see it the same way, and am passing as well. Better ones will come. But you have marked off where it might have trouble. Trading or not trading it then just comes back to ones game plan
Mike
That's the plan, but there is still that little voice whispering, we're going to revisit 3800 one more time....
Sorry Jim, I disagree, eveything you teach told me to stay out of this trade (PA pointing into a brick wall). I prefer to have not traded this than have a 30 pip loss.
Mark mm
it all depends how you approach that pin. There a couple of schools for every pin..
.
Quick question for you mark,
On average how many daily pins do you go down to the lower TF's and work off the retracement?If I had to guess you probably take advantage of all of them huh?
Almost none. I showed 1hr to make fib retracement stand out better. I usually take a quick look at the location (low) of the left eye plus fibs. Those are my reference points. Not saying, I'm trading retracements all the time.
Ok after looking at the weekly a see a Pin going the other way and I take it James would trust a weekly over a daily. In my humble opinion I see this moving down ...
Are you sure...?
I desperately need to know what everyone thinks before the market opens...... I want to go in big and .....
.... and in the meantime, have a Happy Easter!!!
.
.
.
How are you deriving that target? Just the fib %50? I can see a clearer PPZ above that, so I'm presuming you expect it to gravitate the rest of the way to the 50%?
Monthly neutral bar is telling me traders are not fully committed to push it cable higher any time soon and for the target..
I didn't include chart. here it is: (Note the target matches price close for March.)
p.s. what hipcio showed on his chart looks like a perfect arch too me.... and arches can be very profitable.., but what do I know...
.
I like 1.4600 as the first target. ...For similar reasons to GJ Hook.
But then once we hit there, the chart won't look happy, so a push way lower would then seem inevitable. ....after the usual whipsawing. Things are looking very bearish for the pair.
BTW. You seen GBP AUD? Chart looks pretty on the 4hr.
1.4650 for me. I'm a bit ahead on this one since after seeing price behaviour last Friday, I shorted both cable and fiber at market open. At BE plus some.... stress free..
never traded g/a , so I don't have a 'feel' for it..
Quote:
Originally Posted by G550
Hey Rac-
What exactly is an arch and how is it interpreted? Tried to google it but no luck.
Thanks!
-G5
My own price interpretation (a tribute to the great ancient empire of Rome) .... just treat it as H&S
Thank You,
and if I could ask one more question
where would You expect TP on UJ short?
Peter
i don't have any position in uj, but if I was short...
i'd be out on half around 96.20 and then would watch equities and risk aversion for a chance to see uj at 93.50.
I doubt we'll see uj past that level, but who knows.
If they prove obama wasn't born in US, things might get really, really ugly....
I wouldn't be surprised to see Yellowstone super volcano eruption....
Thank You very much,
my position is only one mikro, so
I will try to be very picky around 9620
Peter
Anytime Piotrek,
Just watch the equities. We're getting something that looks like a 38day pinbar on dow futures...
When it breaks upwards... we might get quick bounce on yen crosses.
off course not and below is just an artist interpretation, but it sure would be very nice....
... plus there is 300ps ppzone ahead (138-141). It will be tough, but who knows, who knows...
... I will do a search and see what's that stuff is about.
I traded knife for over two years with not bad results.
It's the superior tweak of the infamous vegas guy. It works very well in a trending market, but I ran into some problems in a wild swings, like we're experiencing right now.
It is only my opinion off course, but If I were you, I would just commit 100% of my time to j16PA method. Once you get enough practice here, you will never look anywhere else.
Trust me...
p.s. i think knife was a bit too conservative for my persona...
I look also at fibo and pivot and hope for ema 150 second line res.
Peter
Regardless of J and G opinions, I just couldn't resist pounding of 97.80 area which eventually formed two consecutive pins - gone long on uj (and since I trade yen crosses together I also took g/j and e/j)
.
I am phobic to Fundis so maybe Mark (Rac) will come up with your answer,
...
Me to, I only care about long term interest direction (who's pausing, who's changing). This, plus mass psychology bind together with PA around ppz is the core of my trading. Everything else is unnecessary noise imho.
1.break of a daily ppivot
2.retrace to rac's favorite
3.blind entry short
4.stop above 61fib and ppz confl
5.free trade now with some profit locked
6.tp? everyone knows, I posted in reply to hipcio few days ago
p.s. now that I think about it. it's somehow similar to what James was talking about in his BEST EVER webinar last night..., or perhaps I'm seeing things... quite possible..
.
I liked Your trade so much - I could not watch it patiently and ... I am also in free trade now - though I do not have any profit locked - I hope - yet
Peter
If you move your stop to BE+1 then you lock in some profit..
1ps profit is better than a loss. And one day you may find that one pip be worth $1000.... I know, James' pips are worth that much from time to time...
Oh man... Lotsa fun. Someone sent a youtube link for a german scale C5 Galaxy the other day fricken awesome. Massive model. Four scale jet engines screaming away. lol
lol... not this time. RF(rac's favorite) would probably be good for 40-60ps only this time. That's less than half of hipcio's move on ucad....
See what I meant by not this time Rainmaker?....
It was a hint for going long on fiber. Too bad my limit buy @ 3090 never got filled....
I bought it 'manually' at 1.3125 (when I wrote previous post) and had limit buy @ 1.3168... for another half.
Got a love it when a week end like this.....:-)
p.s. Second part of the plan remains a mystery and may not come true right away, but a tr plan was made a couple of days ago (when I saw two days consolidation) to long fiber till 3250-34 (first part) and reverse to short all the way to 2450.
I'm now very curious about the second part...
I didn't want to post this trade earlier so any potential 'takers' won't get burnt, should cable keep on marching higher. Besides it's Friday and almost every one has gone home (market not very liquid).
It did worked nicely however.
.
What about this weekly PB on EUR/JPY, comfirmed by a daily PB ?
The weekly chart shows a retracement (fib level) and EUR/JPY have now good place to take off. Let's see.
It could be just me, but the first thought that came to my mind while seeing your daily chart is:
G..It looks like e/j is getting ready to break 126 level.
Be glad to,
This one is one of the latest. 30% PAU Extra 330L. DA 50 canister setup, all Futaba Radio gear and Hitec Servo,s. Very sweet ariplane to fly.
Very nice plane.
It will take me a year or more before I will get the skills to fly it..lol
I just got my DX7 tx yesterday.